Description
Discover 'Pawned States,' an insightful trade paperback published by Princeton University Press that delves into the intricate dynamics of foreign lending and emerging nations. Condition: Brand New, ISBN: 9780691231525, published in 2022, this compelling book by Didac Queralt explores how the reliance on external public finance shaped the political and fiscal landscape of developing countries throughout the 19th century. This expertly written analysis uncovers how easy access to foreign loans, while seemingly beneficial, has frequently undermined state capacity and led to chronic fiscal instability in regions like Latin America, Asia, Africa, and the Middle East. Drawing on original data and powerful case studies, Queralt meticulously documents the impact of 'extreme conditionality' imposed by international investors—leading to foreclosures that eroded essential tax bases and perpetuated fiscal disequilibrium. This work combines quantitative analysis with qualitative insights to illustrate how borrowing from foreign lenders often distorts institutional development and hinders local leaders from expanding tax capacity or creating robust political structures. 'Pawned States' is essential reading for those interested in international finance, fiscal policy, and the historical implications of sovereign lending on state development. Enhance your understanding of global financial dynamics today!