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Bounded leviathan: fiscal constraints and financial development in the Early Modern Hispanic world

Irigoin, Alejandra and Grafe, Regina (2013) Bounded leviathan: fiscal constraints and financial development in the Early Modern Hispanic world. In: Coffman, D'Maris, Leonard, Adrian and Neal, Larry, (eds.) Question Credible Commitment: Perspectives on the Rise of Financial Capitalism. Macroeconomic policy making. Cambridge University Press, Cambridge, UK, pp. 199-227. ISBN 9781107039018

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Financial capitalism emerged in a recognisably modern form in late seventeenth- and eighteenth-century Great Britain. Following the seminal work of Douglass C. North and Barry R. Weingast (1989), many scholars have concluded that the 'credible commitment' that was provided by parliamentary backing of government as a result of the Glorious Revolution of 1688 provided the key institutional underpinning on which modern public finances depend. In this book, a specially commissioned group of historians and economists examine and challenge the North and Weingast thesis to show that multiple commitment mechanisms were necessary to convince public creditors that sovereign debt constituted a relatively accessible, safe and liquid investment vehicle. Questioning Credible Commitment provides academics and practitioners with a broader understanding of the origins of financial capitalism, and, with its focus on theoretical and policy frameworks, shows the significance of the debate to current macroeconomic policy making.

Item Type: Book Section
Official URL:
Additional Information: © 2013 Cambridge University Press
Divisions: Economic History
Subjects: D History General and Old World > DP Spain
F History United States, Canada, Latin America > F1201 Latin America (General)
H Social Sciences > HC Economic History and Conditions
H Social Sciences > HG Finance
Date Deposited: 07 Jun 2013 12:24
Last Modified: 10 Oct 2021 23:05

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