Political Economy of Public Debt

Three Centuries of Theory and Evidence

Inbunden, Engelska, 2017

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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.

Produktinformation

Utgivningsdatum2017-02-24
Mått156 x 234 x undefined mm
FormatInbunden
SpråkEngelska
SerieNew Thinking in Political Economy series
FörlagEdward Elgar Publishing Ltd
ISBN9781785363375

Tillhör följande kategorier

Finansiering inom Ekonomi och ledarskap
Ekonomiska system inom Ekonomi och ledarskap
Ekonomisk politik inom Ekonomi och ledarskap
Ekonomisk historia inom Ekonomi och ledarskap

‘The Political Economy of Public Debt is a work of extraordinary historical sweep that looks beneath the surface; it does neither describe, nor prescribe, but explains.. . .The book’s in-depth analysis of the causes and evolution of public debt over 300 years provides a fuller understanding of intergenerational, intragenerational, economic and political effects of public debt.. . . In this far-reaching and insightful book, Salsman has provided an important and timely analysis of public debt. Its mix of history, economics, and political science will be of appeal to anyone wishing to understand the historical context from which public debt evolved. With painstaking accuracy Salsman’s lucid analysis helps us to understand why public debt, which had been created to finance wars until World War II, still remains a financing mode in peacetime for the virtually unbridled power of democracies.’