Who Controls the Public Debt? A Critical Review of Sandy Brian Hager’s Public Debt, Inequality, and Power

Who Controls the Public Debt? A Critical Review of Sandy Brian Hager’s Public Debt, Inequality, and Power
Mouré, Christopher. (2024). Working Papers on Capital as Power. No. 2024/02. August. pp. 1-10. (Article - Working Paper; English).

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Alternative Locations

https://capitalaspower.com/2024/08/moure-a-critical-review-of-sandy-brian-hagers-public-debt-inequality-and-power/, https://www.econstor.eu/handle/10419/301396/

Abstract or Brief Description

Hager’s project examines the historical development of US public debt ownership and its political implications. His main innovation is to approach the topic from the perspective of disaggregated social class and frame questions of public debt ownership in terms of social inequality and power. He tackles four questions: who are the owners of the public debt; what are the distributional effects on income and wealth; what are the implications of increasingly foreign public debt ownership; and what is the relationship between debt-ownership concentration and political influence. He argues that the increasingly unequal power of bondholders undermines the ability of the US government to pursue a more equitable and democratic fiscal policy, which is essential to tackling a range of social issues (including inequality itself). The project is illuminating and has important political implications, though due to the narrow scope of the project, Hager gives light treatment of some key aspects of the relationship between debt and power.

Language

English

Publication Type

Article - Working Paper

Keywords

capital as power distribution policy public debt ownership

Subject

BN Money & Finance
BN Power
BN Policy
BN Region - North America
BN State & Government
BN Value & Price
BN Business Enterprise
BN Capital & Accumulation
BN Comparative
BN Conflict & Violence
BN Cooperation & Collective Action
BN Crisis
BN Distribution
BN Ideology
BN Institutions

Depositing User

Jonathan Nitzan

Date Deposited

14 Aug 2024 19:04

Last Modified

22 Aug 2024 00:16

URL:

https://bnarchives.yorku.ca/id/eprint/832

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