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Author : James M. Buchanan,Richard E. Wagner
Publisher : Washington, D.C. : American Enterprise Institute for Public Policy Research
Page : 88 pages
File Size : 40,5 Mb
Release : 1967
Category : Business & Economics
ISBN : STANFORD:36105129755448
Author : Giuseppe Eusepi,Richard E. Wagner
Publisher : Edward Elgar Publishing
Page : 192 pages
File Size : 45,8 Mb
Release : 2017-06-30
Category : Business & Economics
ISBN : 9781786438041
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 : James Macdonald
Publisher : Princeton University Press
Page : 574 pages
File Size : 53,7 Mb
Release : 2006-05-22
Category : Business & Economics
ISBN : 9780691126326
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 : Edward Elgar Publishing
Page : 224 pages
File Size : 49,6 Mb
Release : 2018
Category : Electronic
ISBN : 9781788117937
The original chapters in this book connect the microeconomic and macroeconomic approaches to public debt. Through their thought-provoking views, leading scholars offer insights into the incentives that individuals and governments may have in resorting to public debt, thereby promoting a clearer understanding of its economic consequences.
Author : David Stasavage
Publisher : Cambridge University Press
Page : 224 pages
File Size : 47,5 Mb
Release : 2003-04-28
Category : Political Science
ISBN : 9781139439879
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 : Richard E. Wagner
Publisher : Edward Elgar Publishing
Page : 209 pages
File Size : 45,8 Mb
Release : 2012-01-01
Category : Business & Economics
ISBN : 9780857934604
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.
Author : Nicolas Barreyre,Nicolas Delalande
Publisher : Springer Nature
Page : 593 pages
File Size : 52,7 Mb
Release : 2020-10-26
Category : Business & Economics
ISBN : 9783030487942
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 : Daniel Bin
Publisher : BRILL
Page : 224 pages
File Size : 45,6 Mb
Release : 2019-10-14
Category : Social Science
ISBN : 9789004408722
In The Politics of Public Debt Daniel Bin analyzes how fiscal and monetary policies and the administration of public debt related to class, labor, and democracy during the period of neoliberal financialization in Brazil. Sustained by state action, the politico-economic context allowed the establishment of a macroeconomic framework that favored finance capital. It was characterized by the expropriation of workers’ incomes through a system involving public debt and taxation, capable of deepening labor exploitation. Decisions about public debt and related policies are analyzed in terms of their implications for economic democracy. The book raises the hypothesis that the 2016 coup within the Brazilian capitalist state sought to overthrow the political forces that were no longer able to administer this model.
Author : Richard E. Wagner
Publisher : Cambridge University Press
Page : 129 pages
File Size : 41,7 Mb
Release : 2019-05-30
Category : Business & Economics
ISBN : 9781108758338
Economists commit a category mistake when they treat democratic governments as indebted. Monarchs can be indebted, as can individuals. In contrast, democracies can't truly be indebted. They are financial intermediaries that form a bridge between what are often willing borrowers and forced lenders. The language of public debt is an ideological language that promotes politically expressed desires and is not a scientific language that clarifies the practice of public finance. Economists have gone astray by assuming that a government is just another person whose impulses toward prudent action will restrict recourse to public debt and induce rational political action.
Author : Richard E. Wagner
Publisher : Boston ; Toronto : Little, Brown
Page : 526 pages
File Size : 46,5 Mb
Release : 1983
Category : Business & Economics
ISBN : IND:39000001704886
Author : R. Hannesson
Publisher : Springer
Page : 115 pages
File Size : 55,7 Mb
Release : 2015-04-24
Category : Political Science
ISBN : 9781137532008
Why is it that government debt in the developed world has risen to world war proportions in a time of peace? This can largely be attributed to governments maintaining welfare expenditures beyond what tax revenues allow. But will these governments refrain from doing what is necessary for economic growth for fear of losing their electorate?
Author : Richard Abel Musgrave
Publisher : Unknown
Page : 412 pages
File Size : 50,6 Mb
Release : 1986
Category : Finance, Public
ISBN : UOM:39015013421857
Author : David Stasavage
Publisher : Unknown
Page : 210 pages
File Size : 44,5 Mb
Release : 2003
Category : Debts, Public
ISBN : 6610433852
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 : Wolfgang Streeck,Armin Schäfer
Publisher : John Wiley & Sons
Page : 465 pages
File Size : 52,9 Mb
Release : 2013-05-09
Category : Political Science
ISBN : 9780745670089
In a world of increasing austerity measures, democratic politics comes under pressure. With the need to consolidate budgets and to accommodate financial markets, the responsiveness of governments to voters declines. However, democracy depends on choice. Citizens must be able to influence the course of government through elections and if a change in government cannot translate into different policies, democracy is incapacitated. Many mature democracies are approaching this situation as they confront fiscal crisis. For almost three decades, OECD countries have - in fits and starts - run deficits and accumulated debt. As a result, an ever smaller part of government revenue is available today for discretionary spending and social investment and whichever party comes into office will find its hands tied by past decisions. The current financial and fiscal crisis has exacerbated the long-term shrinking government discretion; projects for political change have lost credibility. Many citizens are aware of this situation: they turn away from party politics and stay at home on Election Day. With contributions from leading scholars in the forefront of sociology, politics and economics, this timely book will be of great interest to students and scholars throughout the social sciences as well as general readers.
Author : Rudiger Dornbusch,Mario Draghi
Publisher : Cambridge University Press
Page : 384 pages
File Size : 54,9 Mb
Release : 1990-11-30
Category : Business & Economics
ISBN : 0521392667
As Europe proceeds towards economic and monetary union, fiscal convergence and the prospect of a common money are at the centre of discussion. This volume from the Centre for Economic Policy Research brings together theoretical, applied and historical research on the management of public debt and its implications for financial stability.
