Mountains of Debt: Crisis and Change in Renaissance Florence, Victorian Britain, and Postwar AmericaLike the United States today, Renaissance Florence and Victorian Britain were the richest, most dynamic economic systems of their times. Yet each succumbed to a fiscal crisis brought on by public debt and taxation and eventually fell into long-term economic decline. Now, public debt and taxation dominate the America policy agenda. Must the United States follow the same dismal pattern of fiscal crisis and economic decline? Mountains of Debt argues that it is not too late for the United States to change directions and suggests a comprehensive program for reform of American fiscal institutions that would reduce the deficit problem and at the same time reverse the long-term structural trends that are both the cause and the effect of the fiscal crisis today. Offering proposals for reducing the deficit, this new analysis could alter the current course of the United States economy. |
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... perhaps makes the Florentine experience seem more relevant and the problems of the United States today less unexpected. It is common knowledge that Victorian Britain became the dominant economic power of the nineteenth century because ...
... perhaps makes the Florentine experience seem more relevant and the problems of the United States today less unexpected. It is common knowledge that Victorian Britain became the dominant economic power of the nineteenth century because ...
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... perhaps the most obvious) in Ricardo's day. Ernst Engel, the nineteenthcentury German statistician, showed that economic growth, even in a closed economy, also produces structural change. Engel's Law holds that as income rises, the ...
... perhaps the most obvious) in Ricardo's day. Ernst Engel, the nineteenthcentury German statistician, showed that economic growth, even in a closed economy, also produces structural change. Engel's Law holds that as income rises, the ...
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... Perhaps the clearest barometer of this stress is the new mountain of debt. Structural Change and Fiscal Crisis Throughout this essay I will talk about the problem of fiscal crisis, a condition in which the fact of growing public debt ...
... Perhaps the clearest barometer of this stress is the new mountain of debt. Structural Change and Fiscal Crisis Throughout this essay I will talk about the problem of fiscal crisis, a condition in which the fact of growing public debt ...
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... perhaps other governments) for which no direct good or service is supplied. Transfer payments include some farm subsidies, unemployment benefits, Aid to Families with Dependent Children, and social security benefits. Government finances.
... perhaps other governments) for which no direct good or service is supplied. Transfer payments include some farm subsidies, unemployment benefits, Aid to Families with Dependent Children, and social security benefits. Government finances.
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... perhaps most true about taxes. Tax systems are complex because taxes must perform many tasks. First, taxes need to raise revenue so that government will have resources to allocate and transfer. Taxes do not fall equally on all ...
... perhaps most true about taxes. Tax systems are complex because taxes must perform many tasks. First, taxes need to raise revenue so that government will have resources to allocate and transfer. Taxes do not fall equally on all ...
Contents
Mountains of Debt and the Heart of Florence | |
Britain and the Industrial Revolution | |
The Odious Tax and the Standing Miracle | |
The American Century and the American Crisis | |
The Changing Structure of American Government | |
The New Mountains of Debt | |
Saddle Points | |
Changing Directions | |
NOTES | |
BIBLIOGRAPHY | |
INDEX | |
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Mountains of Debt: Crisis and Change in Renaissance Florence, Victorian ... Michael Veseth No preview available - 1990 |
Common terms and phrases
baby boom banks Black Death budget capital catasto change and fiscal Ciompi cloth commune’s consumption Corn Laws corporate Cosimo costs created deficit domestic dowry fund economic growth effect entrepreneurs example factors federal fifth element finance financial markets firms fiscal balance fiscal crisis fiscal imbalance flat tax Florence’s Florentine economy florin foreign government’s growing guilds important incentives income tax increase Industrial Revolution innovations institutions interest investment labor living standards longterm manufacturing Medici Medici bank Monte Commune Monte shares Napoleonic Wars national debt needed outlays pattern Peace of Lodi Peel’s percent perhaps period political population postwar private sector problem production profits programs public debt Renaissance Florence rigid rise role saddle point shift shortterm social insurance social security structural change tax burden tax expenditures tax rates tax reform tax system trade trend U.S. economy United Victorian Britain wealth workers world economy