Public Debt and the Birth of the Democratic State: France and Great Britain 1688-1789

ISBN-13: 9780521809672 / Angielski / Twarda / 2003 / 224 str.

David Stasavage; Randall Calvert; Thrainn Eggertsson

Opis

Does establishing representative democracy increase commitment to repaying public debt? This book develops a new theory about the link between debt and democracy and applies it to a classic historical comparison: eighteenth century Great Britain (which had strong representative institutions and sound public finance) vs. ancien regime France (which had neither). The study asserts that whether representative institutions improve commitment depends on the opportunities for government creditors to form coalitions with other groups. It is relevant to developing country governments with implications for government policy where credibility is a concern.

Recenzje

Review of the hardback: '… remarkably rich book … intelligent and innovative … a very comprehensive book on an interesting subject … I have learned quite a few interesting things on the evolution of public debt management over the centuries and I have a feeling that many of us who discuss the pros and cons of public debt today would gain some useful insights by reading this book.' History of Economic Ideas

Spis treści

1. Introduction; 2. A model of credible commitment under representative government; 3. Historical background: sovereign borrowing in Europe before 1688; 4. Trends in French and British sovereign borrowing 1689–1789; 5. Partisan politics and public debt in Great Britain: 1689–1789; 6. Partisan politics and public debt in France: 1689–1789; 7. Stability of representative institutions in France and Great Britain; 8. Conclusion.