Didac Queralt, "Pawned States: State Building in the Era of International Finance" (Princeton UP, 2022)
How foreign lending weakens emerging nations In the nineteenth century, many developing countries turned to the credit houses of Europe for sovereign loans to balance their books and weather major fiscal shocks such as war. This reliance on external public finance offered emerging nations endless opportunities to overcome barriers to growth, but it also enabled rulers to bypass critical stages in institution building and political development.
Pawned States: State Building in the Era of International Finance (Princeton University Press, 2022)' reveals how easy access to foreign lending at…
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