Public Debt And The Birth Of The Democratic State

Author : David Stasavage
Publisher : Cambridge University Press
Page : 224 pages
File Size : 55,6 Mb
Release : 2003-04-28
Category : Political Science
ISBN : 9781139439879

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Public Debt and the Birth of the Democratic State by David Stasavage Pdf

This book develops new theory about the link between debt and democracy and applies it to a classic historical comparison: Great Britain in the eighteenth century which had strong representative institutions and sound public finance vs. ancient regime France, which had neither. The book argues that whether representative institutions improve commitment depends on the opportunities for government creditors to form new coalitions with other social groups, more likely to occur when a society is divided across multiple political cleavages. It then presents historical evidence to show that improved access to finance in Great Britain after 1688 had as much to do with the development of the Whig Party as with constitutional changes. In France, it is suggested that the balance of partisan forces made it unlikely that an early adoption of 'English-style' institutions would have improved credibility.

Author : David Stasavage
Publisher : Unknown
Page : 210 pages
File Size : 41,5 Mb
Release : 2003
Category : Debts, Public
ISBN : 6610433852

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Public Debt and the Birth of the Democratic State by David Stasavage Pdf

This book develops new theory about the link between debt and democracy and applies it to a classic historical comparison: Great Britain in the eighteenth century which had strong representative institutions and sound public finance vs. ancient regime France, which had neither. The book argues that whether representative institutions improve commitment depends on the opportunities for government creditors to form new coalitions with other social groups, more likely to occur when a society is divided across multiple political cleavages. It then presents historical evidence to show that improved access to finance in Great Britain after 1688 had as much to do with the development of the Whig Party as with constitutional changes. In France, it is suggested that the balance of partisan forces made it unlikely that an early adoption of 'English-style' institutions would have improved credibility.

Author : James Macdonald
Publisher : Princeton University Press
Page : 574 pages
File Size : 49,9 Mb
Release : 2006-05-22
Category : Business & Economics
ISBN : 9780691126326

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A Free Nation Deep in Debt by James Macdonald Pdf

For the greater part of recorded history the most successful and powerful states were autocracies; yet now the world is increasingly dominated by democracies. In A Free Nation Deep in Debt, James Macdonald provides a novel answer for how and why this political transformation occurred. The pressures of war finance led ancient states to store up treasure; and treasure accumulation invariably favored autocratic states. But when the art of public borrowing was developed by the city-states of medieval Italy as a democratic alternative to the treasure chest, the balance of power tipped. From that point on, the pressures of war favored states with the greatest public creditworthiness; and the most creditworthy states were invariably those in which the people who provided the money also controlled the government. Democracy had found a secret weapon and the era of the citizen creditor was born. Macdonald unfolds this tale in a sweeping history that starts in biblical times, passes via medieval Italy to the wars and revolutions of the seventeenth and eighteenth centuries, and ends with the great bond drives that financed the two world wars.

Author : Giuseppe Eusepi,Richard E. Wagner
Publisher : Unknown
Page : 0 pages
File Size : 47,8 Mb
Release : 2017
Category : Debts, Public
ISBN : 1786438038

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Public Debt by Giuseppe Eusepi,Richard E. Wagner Pdf

Over the past decades, economists have witnessed with growing uneasiness their failure to explain the ballooning of public debt in most countries. This book provides an alternative orientation that explains why concepts of public debt that are relevant for authoritarian regimes are not relevant for democratic regimes. Using methodological individualism and micro-economics, this book overcomes flaws inherent in the standard macro approach, according to which governments manipulate public debt to promote systemic stability. This unique analysis is grounded in the writings of Antonio de Viti de Marco, injecting current analytical contributions and formulations into the framework to offer a forthright insight into public debt and political economy.

Author : Nicolas Barreyre,Nicolas Delalande
Publisher : Springer Nature
Page : 593 pages
File Size : 42,5 Mb
Release : 2020-10-26
Category : Business & Economics
ISBN : 9783030487942

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A World of Public Debts by Nicolas Barreyre,Nicolas Delalande Pdf

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.

Author : Sandy Brian Hager
Publisher : Univ of California Press
Page : 173 pages
File Size : 42,5 Mb
Release : 2016-06-24
Category : History
ISBN : 9780520284661

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Public Debt, Inequality, and Power by Sandy Brian Hager Pdf

Introduction : public debt, inequality and power -- The spectacle of a highly centralized public debt -- The bondholding class resurgent -- Fiscal conflict : past and present -- Bonding domestic and foreign owners -- Who rules the debt state? -- Conclusion : informing democratic debate -- Appendix : accounting for the public debt

Author : David Stasavage
Publisher : Princeton University Press
Page : 207 pages
File Size : 47,8 Mb
Release : 2011-07-05
Category : Business & Economics
ISBN : 9781400838875

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States of Credit by David Stasavage Pdf

States of Credit provides the first comprehensive look at the joint development of representative assemblies and public borrowing in Europe during the medieval and early modern eras. In this pioneering book, David Stasavage argues that unique advances in political representation allowed certain European states to gain early and advantageous access to credit, but the emergence of an active form of political representation itself depended on two underlying factors: compact geography and a strong mercantile presence. Stasavage shows that active representative assemblies were more likely to be sustained in geographically small polities. These assemblies, dominated by mercantile groups that lent to governments, were in turn more likely to preserve access to credit. Given these conditions, smaller European city-states, such as Genoa and Cologne, had an advantage over larger territorial states, including France and Castile, because mercantile elites structured political institutions in order to effectively monitor public credit. While creditor oversight of public funds became an asset for city-states in need of finance, Stasavage suggests that the long-run implications were more ambiguous. City-states with the best access to credit often had the most closed and oligarchic systems of representation, hindering their ability to accept new economic innovations. This eventually transformed certain city-states from economic dynamos into rentier republics. Exploring the links between representation and debt in medieval and early modern Europe, States of Credit contributes to broad debates about state formation and Europe's economic rise.

Author : James M. Buchanan
Publisher : UNC Press Books
Page : 328 pages
File Size : 45,9 Mb
Release : 1987
Category : Business & Economics
ISBN : 0807841900

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Public Finance in Democratic Process by James M. Buchanan Pdf

Recipient of the 1986 Nobel Prize in economics, James Buchanan has won international recognition for his pioneering role in the development of public-choice theory. Among his works that the prize committee specifically cited was Public Finance in Democratic Process, which first appeared in 1967. As James C. Miller, director of the U.S. Office of Management and Budget, notes in his foreword, "This book is perhaps the best compact exposition of Buchanan's theory of public choice."

Author : Fausto Piola Caselli
Publisher : Routledge
Page : 362 pages
File Size : 50,6 Mb
Release : 2015-10-06
Category : Business & Economics
ISBN : 9781317314226

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Government Debts and Financial Markets in Europe by Fausto Piola Caselli Pdf

Contains essays by historians of economic and financial history. It illuminates the relationships between government indebtedness and the development of financial markets in Europe from the late Middle Ages to the late twentieth century.

Author : Barry J. Eichengreen,Asmaa El-Ganainy,Rui Esteves,Kris James Mitchener
Publisher : Oxford University Press
Page : 321 pages
File Size : 46,6 Mb
Release : 2021
Category : Business & Economics
ISBN : 9780197577899

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In Defense of Public Debt by Barry J. Eichengreen,Asmaa El-Ganainy,Rui Esteves,Kris James Mitchener Pdf

Debt in service of the state -- States and the limits of borrowing -- Democratization and globalization -- Caveat emptor -- Managing problem debts -- Successful consolidation -- Warfare to welfare -- Cycles of debt -- Oil and water -- Missed opportunities -- Debt to the rescue -- COVID-19.

Author : Barry R. Weingast
Publisher : Hoover Press
Page : 60 pages
File Size : 55,9 Mb
Release : 2024-07-02
Category : Competition, International
ISBN : 0817957235

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The democratic advantage by Barry R. Weingast Pdf

Author : Richard M. Salsman
Publisher : Edward Elgar Publishing
Page : 336 pages
File Size : 47,6 Mb
Release : 2017-02-24
Category : Electronic
ISBN : 9781785363382

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The Political Economy of Public Debt by Richard M. Salsman Pdf

How have the most influential political economists of the past three centuries theorized about sovereign borrowing and shaped its now widespread use? That 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.

Author : M. Ayhan Kose,Peter Nagle,Franziska Ohnsorge,Naotaka Sugawara
Publisher : World Bank Publications
Page : 403 pages
File Size : 51,5 Mb
Release : 2021-03-03
Category : Business & Economics
ISBN : 9781464815454

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Global Waves of Debt by M. Ayhan Kose,Peter Nagle,Franziska Ohnsorge,Naotaka Sugawara Pdf

The global economy has experienced four waves of rapid debt accumulation over the past 50 years. The first three debt waves ended with financial crises in many emerging market and developing economies. During the current wave, which started in 2010, the increase in debt in these economies has already been larger, faster, and broader-based than in the previous three waves. Current low interest rates mitigate some of the risks associated with high debt. However, emerging market and developing economies are also confronted by weak growth prospects, mounting vulnerabilities, and elevated global risks. A menu of policy options is available to reduce the likelihood that the current debt wave will end in crisis and, if crises do take place, will alleviate their impact.

Author : Wim Blockmans,Daniel Schläppi
Publisher : Routledge
Page : 414 pages
File Size : 47,8 Mb
Release : 2017-03-02
Category : History
ISBN : 9781317144212

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Empowering Interactions by Wim Blockmans,Daniel Schläppi Pdf

The emergence of the state in Europe is a topic that has engaged historians since the establishment of the discipline of history. Yet the primary focus of has nearly always been to take a top-down approach, whereby the formation and consolidation of public institutions is viewed as the outcome of activities by princes and other social elites. Yet, as the essays in this collection show, such an approach does not provide a complete picture. By investigating the importance of local and individual initiatives that contributed to state building from the late middle ages through to the nineteenth century, this volume shows how popular pressure could influence those in power to develop new institutional structures. By not privileging the role of warfare and of elite coercion for state building, it is possible to question the traditional top-down model and explore the degree to which central agencies might have been more important for state representation than for state practice. The studies included in this collection treat many parts of Europe and deal with different phases in the period between the late middle ages and the nineteenth century. Beginning with a critical review of state historiography, the introduction then sets out the concept of 'empowering interactions' which is then explored in the subsequent case studies and a number of historiographical, methodological and theoretical essays. Taken as a whole this collection provides a fascinating platform to reconsider the relationships between top-down and bottom-up processes in the history of the European state.

Author : Bartolomé Yun-Casalilla,Patrick K. O'Brien,Francisco Comín Comín
Publisher : Cambridge University Press
Page : 495 pages
File Size : 53,8 Mb
Release : 2012-05-24
Category : Business & Economics
ISBN : 9781107013513

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The Rise of Fiscal States by Bartolomé Yun-Casalilla,Patrick K. O'Brien,Francisco Comín Comín Pdf

Leading economic historians present a groundbreaking series of country case studies exploring the formation of fiscal states in Eurasia.