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WHY NOT DEFAULT: THE POLITICAL ECONMY OF SOVEREIGN DEBT

Political Science

Law, Government & Politics

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B2B GT

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B2B & B2C

<P>This title explains how creditors came to wield unprecedented power over heavily indebted countries—and the dangers this poses to democracy. 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 why, despite frequent crises and the immense costs of repayment, so many heavily indebted countries continue to service their international debts. It investigates the political economy of sovereign debt and international crisis management and uses history to shed new light on recent turmoil inside the Eurozone. Using case studies, this volume paints a disconcerting picture of the ascendancy of global finance and shows how the profound transformation of the capitalist world economy over the past four decades has endowed creditors with unprecedented power over borrowers, with devastating social consequences and far-reaching implications for democracy.</P>

Why Not Default?: The Political Economy of Sovereign Debt

College Freshman

College Senior

Why Not Default?

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Front Cover.
Half Title Page.
Title Page.
Copyright Page.
Contents.
Tables, Figures, and Boxes.
Acknowledgments.
Other Frontmatter.
Why Not Default?.
Introduction: The Sovereign Debt Puzzle.
The Theory of Sovereign Debt.
1: Why Do Countries Repay Their Debts?.
2: A Critical Political Economy Approach.
3: The Structural Power of Finance.
4: Three Enforcement Mechanisms.
A Brief History of Sovereign Default.
5: The Making of the Indebted State.
6: The Internationalization of Finance.
7: From Great Depression to Financial Repression.
The Lost Decade: Mexico (1982&#x2013;1989).
8: Syndicated Lending and the Creditors&#x0027; Cartel.
9: The IMF&#x0027;s &#x201C;Triumphant Return&#x201D; in the 1980s.
10: The Rise of the Bankers&#x0027; Alliance.
11: &#x201C;The Rich Got the Loans, the Poor Got the Debts&#x201D;.
The Great Default: Argentina (1999&#x2013;2005).
12: The Exception That Proves the Rule.
13: From IMF Poster Child to Wayward Student.
14: The Rise and Fall of the Patria Financiera.
15: &#x201C;Even in a Default There Is Money to Be Made&#x201D;.
The Specter of Solon: Greece (2010&#x2013;2015).
16: The Power of Finance in the Eurozone.
17: Anatomy of a &#x201C;Holding Operation&#x201D;.
18: The Establishment Digs In.
19: The Socialization of Greece&#x0027;s Debt.
20: The Defeat of the Athens Spring.
Conclusion: Shaking Off the Burden.
Appendix: A Word on Methodology.
Notes.
References.
Index.

Why Not Default?: The Political Economy of Sovereign Debt.css-1p8rvzy{position:absolute;padding-left:8px;}

Why Not Default?: The Political Economy of Sovereign Debt