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Deficits, Debt, and Democracy - Wrestling with Tragedy on the Fiscal Commons (Hardcover)
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Deficits, Debt, and Democracy - Wrestling with Tragedy on the Fiscal Commons (Hardcover)
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This timely book reveals that the budget deficits and accumulating
debts that plague modern democracies reflect a clash between two
rationalities of governance: one of private property and one of
common property. The clashing of these rationalities at various
places in society creates forms of societal tectonics that play out
through budgeting. The book demonstrates that while this clash is
an inherent feature of democratic political economy, it can
nonetheless be limited through embracing once again a constitution
of liberty. Not all commons settings have tragic outcomes, of
course, but tragic outcomes loom large in democratic processes
because they entail conflict between two very different forms of
substantive rationality; the political and market rationalities.
These are both orders that contain interactions among participants,
but the institutional frameworks that govern those interactions
differ, generating democratic budgetary tragedies. Those tragedies,
moreover, are inherent in the conflict between the different
rationalities and so cannot be eliminated. They can, as this book
argues, be reduced by restoring a constitution of liberty in place
of the constitution of control that has taken shape throughout the
west over the past century. Economists interested in public
finance, public policy and political economy along with scholars of
political science, public administration, law and political
philosophy will find this book intriguing. Contents: Preface 1.
Budgeting: The Elusive Quest for Fiscal Responsibility 2. Budgeting
and Political Economy: A Theoretical Framework 3. Budget Deficits,
Ricardian Equivalence, and Macro-Micro Supervenience 4. Property
Rights, Societal Tectonics, and the Fiscal Commons 5. Parliamentary
Assemblies as Peculiar Market Bazaars 6. Taxation, Fiscal Politics,
and Political Pricing 7. Regulation as Alternative Taxation 8.
Public Finance for a Constitution of Liberty Bibliography Index
General
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