States Of Credit

"The fundamental idea of this interesting book is well-defined and convincing--size mattered in the construction and implementation of political institutions that represented debt-holder interests. The book combines game theory and case studies with a novel use of comparative analyses to test the ma [...]
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"The fundamental idea of this interesting book is well-defined and convincing--size mattered in the construction and implementation of political institutions that represented debt-holder interests. The book combines game theory and case studies with a novel use of comparative analyses to test the main hypotheses. It leaves readers with a provocative suggestion: the road to stable sovereign finances was not paved by republican city states per se, but by their entrenched town oligarchies."--Regina Grafe, Northwestern University"States of Credit evaluates a novel conjecture regarding the relations between political representation and public debt. It is an important contribution to the literature."--Avner Greif, Stanford University