Clauses & Controversies

Ep 102 ft. David Gill

Mar 13, 2023

Professor David Gill discusses the UK's default on US debts post-World War I, its impact on financial markets and diplomatic relations, and how it influences national debt policies today. The podcast explores the complexities of sovereign debt defaults, the Johnson Act's influence on debt repayments, ethical dilemmas in debt repayment, and lending in political contexts.

40:14

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Episode guests

David Gill

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Quick takeaways

Britain's post-WWI default to the US had minimal financial repercussions but significant diplomatic impact.

David Gill's book highlights the lasting effects of sovereign debt defaults on policy and international relations.

Deep dives

Introduction of the Podcast and Guest

The podcast celebrates its 100th episode with guest David Gill, after multiple attempts to have him on the show. David shares an intriguing story in his book, 'The Long Shadow of Default,' diving into Britain's post-World War I debt default to the United States. The podcast reflects on its origins during the pandemic, aiming to engage students through insightful content.

Introduction

6min

Sovereign Debt Defaults: Revisiting Historical Consequences

9min

The Johnson Act's Impact on Debt Repayments

8min

Navigating Sovereign Debt Challenges

9min

Lending in Political and Strategic Contexts

9min

The Long Shadow of Default The sovereign debt literature has somehow managed to overlook one of the biggest, most enduring debt defaults on record, involving one of the world’s richest democracies. We’re talking about the United Kingdom’s failure to pay its First World War debts owed to the United States. We talk with David Gill (University of Nottingham) about his wonderful new book, The Long Shadow of Default (Yale University Press), which focuses on the origins and consequences of this largely overlooked episode. We talk about the consequences of default for the U.K. in financial markets (basically none), the consequences for diplomatic relations between the U.K. and U.S. (much more significant), and on how this episode shapes national policies regarding sovereign debt to this day. Producer: Leanna Doty

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Clauses & Controversies

Ep 102 ft. David Gill

Episode guests

Podcast summary created with Snipd AI

Quick takeaways

Deep dives

Introduction of the Podcast and Guest

Overview of 'The Long Shadow of Default'

The Debt Amount and Economic Fallout

Political and Moral Implications of Sovereign Debt

Remember Everything You Learn from Podcasts