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Questioning Credible Commitment
Perspectives on the Rise of Financial Capitalism

$99.00

Part of Macroeconomic Policy Making

D'Maris Coffman, Larry Neal, Ron Harris, Adrian Leonard, Julia Rudolph, James Macdonald, Ann M. Carlos, Erin K. Fletcher, Kirsten Wandschneider, Luciano Pezzolo, Alejandra Irigoin, Regina Grafe, Michael Kwass, Nathan Sussman, Yishay Yafeh
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  • Date Published: October 2013
  • availability: In stock
  • format: Hardback
  • isbn: 9781107039018

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  • 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.

    • Presents a broad analysis of the multiple factors leading to a state's financial credibility, revealing the origins for financial capitalism and the significance of the credible commitment debate to current macroeconomic policy making
    • Explores government borrowing and confidence in state credit-worthiness; in the current environment of concerns over national debts, economists and policymakers can learn much about the mechanisms of governments' credibility as borrowers
    • Features contributions from an interdisciplinary range of historians and economists
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    Product details

    • Date Published: October 2013
    • format: Hardback
    • isbn: 9781107039018
    • length: 298 pages
    • dimensions: 284 x 157 x 19 mm
    • weight: 0.55kg
    • contains: 29 b/w illus. 21 tables
    • availability: In stock
  • Table of Contents

    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.

  • Editors

    D'Maris Coffman, University of Cambridge
    D'Maris Coffman is the Mary Bateson Research Fellow at Newnham College, Director of the Centre for Financial History and Affiliated Lecturer in the History Faculty, University of Cambridge.

    Adrian Leonard, University of Cambridge
    Adrian Leonard is a Bateman Scholar at Trinity Hall and an Affiliated Researcher at the Centre for Financial History, Newnham College, University of Cambridge.

    Larry Neal, University of Illinois, Urbana-Champaign
    Larry Neal is Emeritus Professor of Economics at the University of Illinois, Urbana-Champaign, Research Associate of the National Bureau of Economic Research and Visiting Professor at the London School of Economics and Political Science.

    Contributors

    D'Maris Coffman, Larry Neal, Ron Harris, Adrian Leonard, Julia Rudolph, James Macdonald, Ann M. Carlos, Erin K. Fletcher, Kirsten Wandschneider, Luciano Pezzolo, Alejandra Irigoin, Regina Grafe, Michael Kwass, Nathan Sussman, Yishay Yafeh

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