3min chapter

Past Present Future cover image

History of Ideas: Hume

Past Present Future

CHAPTER

The Dangers of Refusing to Pay Your Debts

Hume argues that the British state should be willing to renege on its debts. Hume is completely aware that a default could have all sorts of damaging and unforeseen consequences. But he argues it's less dangerous than the alternative, which is either being in-hocked to foreigners or not having any way out. The fear that Hume has is that this way of funding an economy leads longer term to a complete loss of control.

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