States, Debt, and Power
'Saints' and 'Sinners' in European History and Integration
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Product details:
- Publisher OUP Oxford
- Date of Publication 19 June 2014
- ISBN 9780198714071
- Binding Hardback
- No. of pages796 pages
- Size 251x180x51 mm
- Weight 1514 g
- Language English 0
Categories
Short description:
States, Debt, and Power deals with one of the most pressing political and policy issues of the 21st century: the so-called 'crisis of debt' with its effects on perceptions of state power and of the relevance and value of democratic politics and of European integration.
MoreLong description:
States, Debt, and Power argues for the importance of situating our contextually influenced thinking about European states and debt within a commitment to historically informed and critical analysis. It teases out certain broad historical patterns. The book also examines the inescapably difficult and contentious judgements about 'bad' and 'good' debt; about what constitutes sustainable debt; and about distributive justice at times of sovereign debt crisis. These judgements offer insight into the nature of power and the contingent nature of sovereign creditworthiness. Three themes weave through the book: the significance of creditor-debtor state relations in defining asymmetry of power; the context-specific and constructed character of debt, above all in relation to war; and the limitations of formal economic reasoning in the face of radical uncertainty. Part I examines case studies from Ancient Greece to the modern Euro Area and brings together a wealth of historical data that cast fresh light on how sovereign debt problems are debated and addressed. Part II looks at the conditioning and constraining framework of law, culture, and ideology and their relationship to the use of policy instruments. Part III shows how the problems of matching the assumption of liability with the exercise of control are rooted in external trade and financial imbalances and external debt; in financial markets and vulnerability to banking crisis; in the character of the 'private governance of public debt'; in who has power over indicators of sustainability; in domestic institutional and political arrangements; and in sub-national fiscal governance. Part IV looks at how the problems of mismatch between liability and control take on an acute form within the historical context of European monetary union, above all in Euro Area debt crises.
Dyson's major accomplishment is to offer a readable synthesis of a highly demanding topic - debt and European cooperation - which lies at the very heart of our European political history.
Table of Contents:
Prologue: The Perils of Sleepwalking
Contextualizing Debt: History, Morality, and the Triple Structural Dimension
The Nature of Sovereign Creditworthiness: Hierarchy, Sovereignty, and Responsibility
Moralizing Credit: Bad Debt, Good Debt, and the Troubled Conscience
Part I: Debt and Political Rule in European History
The Evolution of Public Debt
Financial Repression, Debasement, and the Historic Arc of Default
Theological Traces and Social Contexts
The Dynamics of Public Debt in Historical Perspective: The Limitations of Economic Reasoning
Part II: Law, Culture, and Statecraft
Law, Public Debt, and the Paradoxes of Power
Economic Cultures, Ideologies of Debt, and State Virtue
Space, Time, and Statecraft: Saints, Fallen Angels, False Prophets, Redeemers, and Sinners
Part III: State Liability and Territorial Control
States and Financial Markets: The Imbalance of Power
Professional Consensus, Political Silence, and Sovereign Creditworthiness
The Dynamics of External Imbalances and Debt
Which Truth? The Power of Indicators and Probabilistic Reasoning about Public Debt
Public Debt Dynamics: Political Will and State Capacity
Public Debt and Multi-Level Statehood: Sub-National Fiscal Governance, Structural Imbalances, and 'Stand-Alone' Fiscal Capacity
Part IV. Sovereign Creditworthiness and European Integration
Still the 'Old' Europe? Historical Legacies and Long-Term Political Challenges
The Achilles Heel of Post-War European Integration: Endogenous Preference Formation and the Boundaries of Creditor-State Power
Epilogue: History as Oracle
Glossary
References
Index
