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How have the most influential political economists of the past
three centuries theorized about sovereign borrowing and shaped its
now widespread use? This important question receives a
comprehensive answer in this original work, featuring careful
textual analysis and illuminating exhibits of public debt empirics
since 1700. Beyond its value as a definitive, authoritative history
of thought on public debt, this book rehabilitates and reintroduces
a realist perspective into a contemporary debate now heavily
dominated by pessimists and optimists alike. The book
simultaneously explicates and critiques the most prominent theories
concerning why states borrow in the first place, whether or not
they borrow productively, the incidence of their debts, why they
sometimes borrow too much and why they often default, whether
explicitly or implicitly. The author classifies major public debt
theorists as pessimists, optimists or realists. This book also
examines the influence of regime types, especially why most modern
welfare states tend not only to over-issue bonds but also to incur
even larger implicit obligations via unfunded, off-balance sheet
liabilities. Scholars and undergraduate and graduate students in
economics and political science, as well as policymakers, will find
this analysis of public debt and public spending insightful and
revealing.
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