Jerome Roos
- Published in print:
- 2019
- Published Online:
- May 2019
- ISBN:
- 9780691180106
- eISBN:
- 9780691184937
- Item type:
- chapter
- Publisher:
- Princeton University Press
- DOI:
- 10.23943/princeton/9780691180106.003.0001
- Subject:
- Business and Management, Public Management
This introductory chapter first sets out the book's purpose, which is to contribute to debates on the power of finance and the consequences of contemporary patterns in international crisis management ...
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This introductory chapter first sets out the book's purpose, which is to contribute to debates on the power of finance and the consequences of contemporary patterns in international crisis management for social justice and democracy. It does so by revisiting a seemingly simple question whose answer has nonetheless eluded economists for decades: why do so many heavily indebted countries continue to service their external debts even in times of acute fiscal distress? The chapter then presents a brief history of sovereign default followed by discussions of why governments repay their debts, the three enforcement mechanisms of debtor compliance, and consequences for international crisis management.Less
This introductory chapter first sets out the book's purpose, which is to contribute to debates on the power of finance and the consequences of contemporary patterns in international crisis management for social justice and democracy. It does so by revisiting a seemingly simple question whose answer has nonetheless eluded economists for decades: why do so many heavily indebted countries continue to service their external debts even in times of acute fiscal distress? The chapter then presents a brief history of sovereign default followed by discussions of why governments repay their debts, the three enforcement mechanisms of debtor compliance, and consequences for international crisis management.
Jerome Roos
- Published in print:
- 2019
- Published Online:
- May 2019
- ISBN:
- 9780691180106
- eISBN:
- 9780691184937
- Item type:
- book
- Publisher:
- Princeton University Press
- DOI:
- 10.23943/princeton/9780691180106.001.0001
- Subject:
- Business and Management, Public Management
The European debt crisis has rekindled long-standing debates about the power of finance and the fraught relationship between capitalism and democracy in a globalized world. This book unravels a ...
More
The European debt crisis has rekindled long-standing debates about the power of finance and the fraught relationship between capitalism and democracy in a globalized world. This book unravels a striking puzzle at the heart of these debates—why, despite frequent crises and the immense costs of repayment, do so many heavily indebted countries continue to service their international debts? The book provides a sweeping investigation of the political economy of sovereign debt and international crisis management. It takes readers from the rise of public borrowing in the Italian city-states to the gunboat diplomacy of the imperialist era and the wave of sovereign defaults during the Great Depression. The book vividly describes the debt crises of developing countries in the 1980s and 1990s, and sheds new light on the recent turmoil inside the Eurozone—including the dramatic capitulation of Greece's short-lived anti-austerity government to its European creditors in 2015. Drawing on in-depth case studies of contemporary debt crises in Mexico, Argentina, and Greece, the book paints a disconcerting picture of the ascendancy of global finance. It shows how the profound 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—with devastating social consequences and far-reaching implications for democracy.Less
The European debt crisis has rekindled long-standing debates about the power of finance and the fraught relationship between capitalism and democracy in a globalized world. This book unravels a striking puzzle at the heart of these debates—why, despite frequent crises and the immense costs of repayment, do so many heavily indebted countries continue to service their international debts? The book provides a sweeping investigation of the political economy of sovereign debt and international crisis management. It takes readers from the rise of public borrowing in the Italian city-states to the gunboat diplomacy of the imperialist era and the wave of sovereign defaults during the Great Depression. The book vividly describes the debt crises of developing countries in the 1980s and 1990s, and sheds new light on the recent turmoil inside the Eurozone—including the dramatic capitulation of Greece's short-lived anti-austerity government to its European creditors in 2015. Drawing on in-depth case studies of contemporary debt crises in Mexico, Argentina, and Greece, the book paints a disconcerting picture of the ascendancy of global finance. It shows how the profound 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—with devastating social consequences and far-reaching implications for democracy.
Anja Dalgaard-Nielsen
- Published in print:
- 2006
- Published Online:
- July 2012
- ISBN:
- 9780719072680
- eISBN:
- 9781781701386
- Item type:
- chapter
- Publisher:
- Manchester University Press
- DOI:
- 10.7228/manchester/9780719072680.003.0006
- Subject:
- Political Science, European Union
The third phase of Germany's conversion process lasted from 1999 to the outbreak of war in Iraq in the spring of 2003 and the first major EU-led intervention of the same year, Operation Artemis in ...
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The third phase of Germany's conversion process lasted from 1999 to the outbreak of war in Iraq in the spring of 2003 and the first major EU-led intervention of the same year, Operation Artemis in Congo. Changing constellations of proponents and opponents and changing issues characterised the three phases that gradually moved Germany away from principled military abstention to a policy of conditional engagement in the full spectrum of out-of-area engagements. In the years after the Kosovo War, it became clear how different logics defined the limits and possibilities of the new German willingness to engage in international crisis management. It revealed how the dispatch of German soldiers to distant trouble spots had become possible on the condition, however, that Germany's partners participated and that the mission served a clear and primarily humanitarian purpose.Less
The third phase of Germany's conversion process lasted from 1999 to the outbreak of war in Iraq in the spring of 2003 and the first major EU-led intervention of the same year, Operation Artemis in Congo. Changing constellations of proponents and opponents and changing issues characterised the three phases that gradually moved Germany away from principled military abstention to a policy of conditional engagement in the full spectrum of out-of-area engagements. In the years after the Kosovo War, it became clear how different logics defined the limits and possibilities of the new German willingness to engage in international crisis management. It revealed how the dispatch of German soldiers to distant trouble spots had become possible on the condition, however, that Germany's partners participated and that the mission served a clear and primarily humanitarian purpose.
Anja Dalgaard-Nielsen
- Published in print:
- 2006
- Published Online:
- July 2012
- ISBN:
- 9780719072680
- eISBN:
- 9781781701386
- Item type:
- chapter
- Publisher:
- Manchester University Press
- DOI:
- 10.7228/manchester/9780719072680.003.0008
- Subject:
- Political Science, European Union
This chapter looks at how the Bundeswehr, which throughout the 1990s remained structured and equipped for territorial defence, struggled to dispatch and sustain ever greater numbers of troops abroad. ...
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This chapter looks at how the Bundeswehr, which throughout the 1990s remained structured and equipped for territorial defence, struggled to dispatch and sustain ever greater numbers of troops abroad. While pointing to problems arising from the current composition and funding of the Bundeswehr, the chapter explains how Germany is in the midst of implementing a military reform that will enhance the ability to participate in international crisis management.Less
This chapter looks at how the Bundeswehr, which throughout the 1990s remained structured and equipped for territorial defence, struggled to dispatch and sustain ever greater numbers of troops abroad. While pointing to problems arising from the current composition and funding of the Bundeswehr, the chapter explains how Germany is in the midst of implementing a military reform that will enhance the ability to participate in international crisis management.
