New Arrivals/Restock

Why Not Default?: The Political Economy of Sovereign Debt

flash sale iconLimited Time Sale
Until the end
18
09
27

$13.50 cheaper than the new price!!

Free shipping for purchases over $99 ( Details )
Free cash-on-delivery fees for purchases over $99
Please note that the sales price and tax displayed may differ between online and in-store. Also, the product may be out of stock in-store.
New  $27.00
quantity

Product details

Management number 201823689 Release Date 2025/10/08 List Price $13.50 Model Number 201823689
Category

The European debt crisis has rekindled debates about the power of finance and the relationship between capitalism and democracy. Why Not Default? by Jerome Roos investigates the political economy of sovereign debt and international crisis management, showing how creditors have unprecedented power over heavily indebted countries, enabling them to impose painful austerity measures and enforce uninterrupted debt service. This has devastating social consequences and implications for democracy.

Format: Paperback / softback
Length: 416 pages
Publication date: 02 March 2021
Publisher: Princeton University Press


The European debt crisis has reignited longstanding debates about the power of finance and the complex relationship between capitalism and democracy in a globalized world. Why Not Default? delves into a perplexing puzzle at the core of these discussions: why do many heavily indebted countries persist in servicing their international debts, despite frequent crises and the enormous costs associated with repayment? In this compelling and insightful book, Jerome Roos conducts a comprehensive investigation into the political economy of sovereign debt and international crisis management. He takes readers on a journey from the rise of public borrowing in Italian city-states to the era of gunboat diplomacy and the wave of sovereign defaults during the Great Depression. Roos vividly portrays the debt crises experienced by developing countries in the 1980s and 1990s and sheds new light on the recent turmoil within 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, Why Not Default? paints a disconcerting picture of the growing influence of global finance. This important book reveals how the profound transformation of the capitalist world economy over the past four decades has granted private and official creditors unprecedented structural power over heavily indebted borrowers, enabling them to impose painful austerity measures and enforce uninterrupted debt service during times of crisis. The consequences of these actions are devastating, with far-reaching implications for democracy.

The power imbalance between creditors and heavily indebted countries has led to a situation where creditors can dictate terms and conditions to borrowers, often at the expense of social welfare and economic stability. This has resulted in devastating social consequences, including poverty, inequality, and social unrest. Moreover, the enforcement of debt service measures has eroded democratic institutions and limited the ability of governments to govern in the interests of their citizens.

The European debt crisis has exposed the fragility of the global financial system and the need for reform. The crisis has highlighted the importance of transparency, accountability, and democratic governance in the management of international debt. It has also demonstrated the need for a more equitable distribution of wealth and resources across the globe.

In conclusion, the power of creditors over heavily indebted countries poses a significant threat to democracy. The European debt crisis has reignited debates about the power of finance and the complex relationship between capitalism and democracy in a globalized world. Why Not Default? provides a comprehensive investigation into the political economy of sovereign debt and international crisis management, shedding light on the reasons why heavily indebted countries continue to service their debts and the devastating social consequences of these actions. The crisis has exposed the fragility of the global financial system and the need for reform, highlighting the importance of transparency, accountability, and democratic governance in the management of international debt. It has also demonstrated the need for a more equitable distribution of wealth and resources across the globe.

Weight: 640g
Dimension: 155 x 236 x 27 (mm)
ISBN-13: 9780691217437


Correction of product information

If you notice any omissions or errors in the product information on this page, please use the correction request form below.

Correction Request Form

Product Review

You must be logged in to post a review