Pawned States: State Building in the Era of International Finance (The Princeton Economic History of the Western World, 108)

Are you interested in learning about the historical impact of foreign lending on developing countries? Look no further than Pawned States: State Building in the Era of International Finance. This gripping book from The Princeton Economic History of the Western World series explores how easy access to foreign loans in the nineteenth century affected the growth and stability of emerging nations. With a wealth of original data and insightful analysis, author Didac Queralt reveals the chronic fiscal instability and weakened state capacity caused by reliance on external public finance.

One of the key takeaways from Pawned States is the concept of "extreme conditionality." Queralt demonstrates how international investors took control of local revenue sources when countries defaulted on loans, resulting in foreclosure that eroded tax bases and caused lasting fiscal disequilibrium. Through a combination of quantitative analysis and qualitative historical research, Queralt paints a panoramic picture of the impact of overreliance on external capital on tax capacity, power-sharing institutions, and bureaucratic apparatus in Latin America, Asia, Africa, and the Middle East.

Don't miss out on the eye-opening insights offered by Pawned States: State Building in the Era of International Finance. Gain a deeper understanding of the relationship between foreign lending and the development of fragile fiscal institutions and autocratic politics in the developing world. Start reading today and take a step closer to becoming an informed global citizen.

Click here to order your copy of Pawned States: State Building in the Era of International Finance and embark on a journey through history and finance.