Record Details

THE HISTORY OF GOVERNMENT DEBT JUSTIFICATION

Economics and Management

View Archive Info
 
 
Field Value
 
Title THE HISTORY OF GOVERNMENT DEBT JUSTIFICATION
 
Creator Sokolov, Boris; Saint Petersburg State University
Sokolova, Yana; Saint Petersburg State University
 
Subject government debt; erosion of capital; demand-side economics; financial crisis
 
Description The objective of the paper is to study the evolution of attitudes toward government debt over the period of human history from the Middle Ages to present day. This article is especially relevant in light of recent events. The skyrocketing government debt has recently led to the lowering of credit ratings in the USA, Greece and Italy, which may cause a significant economic downturn. To reach the established objective, the following research methods were employed: comparative analysis and synthesis, historical and logical approaches, observation and aggregation. As a result of conducted research, the history of the national debt justification was divided into five basic stages. The authors critically analyze the theory of capital erosion and demand-side economics. Detailed study of the first four stages showed that attitudes toward public debt evolved from total rejection to approval and all-round justification. However, global financial crisis indicates the transfer to the fifth stage, in which sovereign debts require reasonable restrictions and international regulation.DOI: http://dx.doi.org/10.5755/j01.em.17.3.2109
 
Publisher Kaunas University of Technology
 
Contributor —
 
Date 2012-08-08
 
Type —
—
 
Format application/pdf
 
Identifier http://www.eejournal.ktu.lt/index.php/Ekv/article/view/2109
10.5755/j01.em.17.3.2109
 
Source ECONOMICS AND MANAGEMENT; Vol 17, No 3 (2012); 922-928
EKONOMIKA IR VADYBA; Vol 17, No 3 (2012); 922-928
 
Language en
 
Rights Autorių teisės yra apibrėžtos Lietuvos Respublikos autorių teisių ir gretutinių teisių įstatymo 4-37 straipsniuose.
Copyright terms are indicated in the Republic of Lithuania Law on Copyright and Related Rights, Articles 4-37.