The Nexus of Public Debt and Private Finance

Forging the International Monetary Order

Bibliographic Data

ID7166602
AuthorsRamaa Vasudevan (0000-0001-5052-7247, Colorado State University, corresponding author)
Year2025
Volume37
Issue2
Pages637-656
Publication date2025-03-15
Peer ReviewedYes
Open AccessNo
TypeARTICLE
VenueReview of Political Economy (JOURNAL)
Journal identifiersISSN: 0953-8259 • E-ISSN: 1465-3982
PublisherInforma UK Limited (PUBLISHER • GB)
DOI10.1080/09538259.2024.2321452
OpenAlexW4392585994
LanguageEN
Citations received2
References cited43

The contested alliance of state and finance embodied in public debt forms a nexus that has shaped the emergence of capitalism, and has also strengthened and transformed as capitalism developed. The state’s recourse to debt is the foundation for the emergence of a powerful financier class, but this powerful class of financiers has also come to depend on the state to provide the fodder for its continual growth. This paper investigates the key role of this nexus in constituting the international monetary hierarchy and by ordering relations between advanced capitalist countries and enforcing the financial subordination of the periphery through a comparative-historical analysis of British hegemony in the 19th century and US hegemony in the 20th century

Debt · Economics · Forging · International economics · International finance · Macroeconomics · Monetary economics · Monetary policy · Economic Theory and Policy · Fiscal Policies and Political Economy · Global Financial Crisis and Policies · Finance

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