Public Debt, Inequality, and Power: The Making of a Modern Debt StateA free ebook version of this title is available through Luminos, University of California Press’s open access publishing program for monographs. Visit www.luminosoa.org to learn more. 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. |
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Public Debt, Inequality, and Power: The Making of a Modern Debt State Sandy Brian Hager Limited preview - 2016 |
Public Debt, Inequality, and Power: The Making of a Modern Debt State Sandy Brian Hager Limited preview - 2016 |
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Adams Adams’s Americans analysis argued assets bondholding class bottom 99 percent budget capital capitalist chapter cheap credit concentration in ownership corporate ownership David Hume debates debt held decades deficit democratic distribution domestic owners dominant owners Economic empirical federal government federal government’s Federal Reserve federal tax fiscal conflict foreign owners foreign ownership government bonds government borrowing government spending growing inequality holdings households and large Ibid income inequality increased interest payments intragovernmental debt investment investors Jonathan Nitzan Keynesian large corporations Marktvolk ment money managers mutual funds National neoliberal Niall Ferguson nineteenth century ownership concentration ownership structure percentages of GDP Piketty political economy Prasad progressive taxation public debt ownership public finances public indebtedness Reserve’s Rudolf Goldscheid savings bonds sectoral balances Shimshon Bichler Staatsvolk Streeck Thomas Piketty top 1 percent top percentile top percentile’s share transfer payments Treasury market Treasury securities United wealth and income wealthy households