Public Debt, Inequality, and Power: The Making of a Modern Debt State / Edition 1

by Sandy Brian Hager

Overview

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Who are the dominant owners of U.S. public debt? Is it widely held, or concentrated in the hands of a few? Does ownership of public debt give these bondholders power over our government? What do we make of the fact that foreign-owned debt has ballooned to nearly 50 percent today? Until now, we have not had any satisfactory answers to these questions. Public Debt, Inequality, and Power is the first comprehensive historical analysis of public debt ownership in the United States. It reveals that ownership of federal bonds has been increasingly concentrated in the hands of the 1 percent over the last three decades. Based on extensive and original research, Public Debt, Inequality, and Power will shock and enlighten.

Product Details

ISBN-13:	9780520284661
Publisher:	University of California Press
Publication date:	06/24/2016
Edition description:	First Edition
Pages:	174
Product dimensions:	5.90(w) x 9.00(h) x 0.50(d)

About the Author

Sandy Brian Hager is Postdoctoral Fellow at the Weatherhead Center for International Affairs at Harvard University. He has published in various journals, including New Political Economy and Socio-Economic Review.

Table of Contents

List of Illustrations vii

Preface ix

1 Introduction: Public Debt, Inequality, and Power 1

2 The Spectacle of a Highly Centralized Public Debt 14

3 The Bondholding Class Resurgent 34

4 Fiscal Conflict: Past and Present 55

5 Bonding Domestic and Foreign Owners 70

6 Who Rules the Debt State? 83

7 Conclusion: Informing Democratic Debate 96

Appendix: Accounting for the Public Debt 105

Notes 123

Bibliography 143

Index 153