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Books > Business & Economics > Finance & accounting > Finance > Public finance
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A World of Public Debts - A Political History (Paperback, 1st ed. 2020)
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A World of Public Debts - A Political History (Paperback, 1st ed. 2020)
Series: Palgrave Studies in the History of Finance
Expected to ship within 10 - 15 working days
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This book analyzes public debt from a political, historical, and
global perspective. It demonstrates that public debt has been a
defining feature in the construction of modern states, a main
driver in the history of capitalism, and a potent geopolitical
force. From revolutionary crisis to empire and the rise and fall of
a post-war world order, the problem of debt has never been the sole
purview of closed economic circles. This book offers a key to
understanding the centrality of public debt today by revealing that
political problems of public debt have and will continue to need a
political response. Today's tendency to consider public debt as a
source of fragility or economic inefficiency misses the fact that,
since the eighteenth century, public debts and capital markets have
on many occasions been used by states to enforce their sovereignty
and build their institutions, especially in times of war. It is
nonetheless striking to observe that certain solutions that were
used in the past to smooth out public debt crises (inflation,
default, cancellation, or capital controls) were left out of the
political framing of the recent crisis, therefore revealing how the
balance of power between bondholders, taxpayers, pensioners, and
wage-earners has evolved over the past 40 years. Today, as the
Covid-19 pandemic opens up a dramatic new crisis, reconnecting the
history of capitalism and that of democracy seems one of the most
urgent intellectual and political tasks of our time. This global
political history of public debt is a contribution to this debate
and will be of interest to financial, economic, and political
historians and researchers. Chapters 13 and 19 are available open
access under a Creative Commons Attribution 4.0 International
License via link.springer.com.
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