Roos, Jerome E.

Why Not Default?: The Political Economy of Sovereign Debt

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ISBN 13:
9780691180106
author:
Roos, Jerome E.
format:
Hardback
publisher:
Princeton University Press
language:
English
Publication Year:
2019
Pages:
416
Dimensions:
23.5 x 15.5 centimetres
Genre:
Business, Economics, General
Condition:
New
Availability:
Item usually sent within 10 working days
£43.07

Description

The European debt crisis has reignited debates about the power of finance and its relationship with democracy in a globalized world. Jerome Roos' book, Why Not Default?, explores the puzzle of why heavily indebted countries continue to service their international debts despite frequent crises and immense costs of repayment. Roos' investigation takes readers through centuries of debt crises, from the rise of public borrowing in Italian city-states to the wave of sovereign defaults during the Great Depression. He sheds new light on recent turmoil in the Eurozone, including the dramatic capitulation of Greece's anti-austerity government to its European creditors in 2015. Drawing on in-depth case studies of debt crises in Mexico, Argentina, and Greece, Roos paints a disconcerting picture of the ascendancy of global finance. This book shows how the transformation of the capitalist world economy over the past four decades has endowed private and official creditors with unprecedented structural power over heavily indebted borrowers, enabling them to impose painful austerity measures and enforce uninterrupted debt service during times of crisis.

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