Additional Detail
Nowadays, the idea that the way a country borrows its money is connected to what kind of government is has comes as a surprise to most people. But in the 18th century it was commonly accepted that public debt and political liberty were intimately related. In A Free Nation Deep in Debt, MacDonald explores the connection between public debt and democracy in the broadest possible terms. He starts with some fundamental questions: Why do governments borrow? How do we explain the existence of democratic institutions in the ancient world? Why did bond markets come into existence, and why did this occur in Europe and not elsewhere?James MacDonald, "A Free Nation Deep in Debt: The Financial Roots of Democracy"
MacDonald, a former investment banker, examines the historical linkage between political freedom and public debt, showing why representative governments have been able to borrow more cheaply from citizen lenders than autocratic heads of state who do not consider their citizens to be equals.
Date & Time
Thursday, April 29, 2004 ▪ 12:00 AM