Questioning Credible Commitment (eBook, ePUB)

Perspectives on the Rise of Financial Capitalism
Redaktion: Coffman, D'Maris

• Format: ePub

Produktbeschreibung

Financial capitalism emerged in a recognisably modern form in late seventeenth- and eighteenth-century Great Britain. Following the seminal work of Douglass C. North and Barry R. Weingast (1989), many scholars have concluded that the 'credible commitment' that was provided by parliamentary backing of government as a result of the Glorious Revolution of 1688 provided the key institutional underpinning on which modern public finances depend. In this book, a specially commissioned group of historians and economists examine and challenge the North and Weingast thesis to show that multiple commitment mechanisms were necessary to convince public creditors that sovereign debt constituted a relatively accessible, safe and liquid investment vehicle. Questioning Credible Commitment provides academics and practitioners with a broader understanding of the origins of financial capitalism, and, with its focus on theoretical and policy frameworks, shows the significance of the debate to current macroeconomic policy making.

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Produktdetails

• Verlag: Cambridge University Press
• Erscheinungstermin: 12. September 2013
• Englisch
• ISBN-13: 9781107424838
• Artikelnr.: 52968499

Inhaltsangabe

1. Introduction D'Maris Coffman and Larry Neal; 2. Could the crown credibly
commit to respecting its charters? England, 1558-1640 Ron Harris; 3.
Contingent commitment: the development of English marine insurance in the
context of New Institutional Economics, 1577-1720 Adrian Leonard; 4.
Credibility, transparency, accountability and the public credit under the
Long Parliament and Commonwealth, 1643-53 D'Maris Coffman; 5.
Jurisdictional controversy and the credibility of common law Julia Rudolph;
6. The importance of not defaulting: the significance of the election of
1710 James Macdonald; 7. Financing and refinancing the War of the Spanish
Succession, then refinancing the South Sea Company Ann M. Carlos, Erin K.
Fletcher, Larry Neal and Kirsten Wandschneider; 8. Sovereign debts,
political structure, and institutional commitments in Italy, 1350-1700
Luciano Pezzolo; 9. Bounded leviathan: fiscal constraints and financial
development in the Early Modern Hispanic world Alejandra Irigoin and Regina
Grafe; 10. Court capitalism, illicit markets, and political legitimacy in
eighteenth century France: the example of the salt and tobacco monopolies
Michael Kwass; 11. Institutions, deficits, and wars: the determinants of
British government borrowing costs from the end of the seventeenth century
to 1850 Nathan Sussman and Yishay Yafeh; Index.