3min chapter

Past Present Future cover image

History of Ideas: Hume

Past Present Future

CHAPTER

The Three Ways the Debt Story Could End

The French Revolution illustrated that the way to make vast long-term borrowing secure is to bureaucratize it. A state that has that level of bureaucratic drive behind it will just keep going through the ups and downs of debt servicing. Argentina at the start of the 20th century should have been, was on course to be, one of the world's great powers,. It has been ruined by periodic default.

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