"Why do societies vary in their tolerance for deficits and public debt? This groundbreaking book shows the power of deep historical expertise to illuminate a central issue of our times."—Isaac Martin, UC San Diego"Deficits and Debt in Industrial Democracies provides a sweeping yet detailed exploration of the politics of debt in the postwar period. In some countries, supportive governmental institutions help political actors win taxpayer consent and resolve conflicting social interests; whereas in others, the struggle for fiscal consolidation seems futile. Gene Park, Eisaku Ide and their collaborators enlighten us about these national, long-term patterns of fiscal performance with their insightful comparative case studies of seven advanced economies. This impressive work is highly relevant to anyone concerned about the future of advanced industrial democracies in a debt-ridden world."—Cathie Jo Martin, Boston University