Debt Cancellation in the Classical and Hellenistic Poleis: Between Demagogy and Crisis Management

Abstract

This article discusses the way the ancient Greeks dealt with public and private debts, focusing on one specific aspect: debt cancellation. On the one hand, ancient Greeks were aware of the risks entailed in debt relief as a tool for fuelling civic strife: sources describe it as a demagogic or even criminal action often in association with the political agenda of tyrants. On the other hand, however, Greeks knew well also the benefic effects of debt cancellation in coping with financial and political crisis. In late accounts of archaic history, debt relief is the solution to civic strife and the foundation act of political order. Some public decrees of the Hellenistic period attest debt relief as a communal decision of the polis, dictated by the necessity of preventing or solving ongoing or imminent crises. This second meaning and purpose of debt cancellation should perhaps urge us to reconsider from a different perspective the “politics of debt” in today’s Europe.     

Central Government and the Modernization of the British Fire Service, 1900-38

At the beginning of the twentieth century, there was no suchnotion of a ‘national and onerous’ fire servicein Britain. Organized fire protection was a purely local functionleft to the discretion of local authorities, voluntary organizations,and private enterprise. By the outbreak of the Second WorldWar, although there remained in excess of 1,450 local brigades,the service had been accepted as of national importance, particularlyin view of the threat posed by aerial bombing and incendiaryfires to British towns and cities. This paper traces the developmentof central government intervention within the fire service duringthe first four decades of the twentieth century, contrastingthe peacetime and wartime impetuses for reform, and locatingreform within wider debates about the nature and practice oflocal government. Although financial, technological, and organizationalfactors were important influences on the professionalizationand modernization of the service, the threats posed to the nation'swartime economic capacity and public morale were, ultimately,decisive factors in compelling local authorities to maintainprofessional fire brigades.     

当代俄罗斯史学中动乱学研究的新趋向

苏联解体后,俄罗斯学界开始反思20世纪初的革命,在深化对17世纪初大动乱研究的基础上,形成一种以“动乱”取代“革命”的话语,采用多学科综合研究的方法,构建以“动乱—帝国”为模型的俄国国家系统性危机理论体系的动乱学研究范式。该范式强调,17世纪初、20世纪初和20世纪末发生的历史事件是俄国国家制度的三次系统性危机(即动乱),前两次危机都以建立帝国而结束,俄国历史在“动乱—帝国”的周期性节律中循环。动乱学的提出,是21世纪“俄罗斯学”和“帝国学”研究热潮下的产物,也是一部分俄国学者对当前俄罗斯向何处去的一种回答。但作为建构一门新学科的尝试,其学科体系尚待进一步深化。     

Place and the Politics of Virtue: Clerical work,corporate anxiety,and changing meanings of public womanhood in early twentieth-century Montreal

Women's entrance into corporate offices in the late nineteenth and early twentieth century provided a focus for debate about changing meanings of public womanhood in the 'Modern' city. Working in the financial district, in the heart of downtown, women in clerical professions challenged formulations of respectability which posited public, urban space as threatening to female virtue. Yet the corporations for which these women worked traded quite literally on their reputations, and as such had a great need that their employees of both sexes be understood as respectable and upstanding citizens. Drawing on the popular press and employee files from a selection of key corporations in early twentieth-century Montreal, I examine how women's presence in, and use of urban space was mediated through ideas about 'respectability'. I submit that both corporations and women seeking clerical employment drew on ideas about respectable womanhood based in expectations of corporeal control and sexual restraint, even as these ideas were changing.     

Europe's twentieth century in retrospect? a cautious note on the Furet/Nolte debate1

This article takes up the “Furet/Nolte debate” over the meaning of fascism and communism for our time. It does so in order to sketch out the dilemmas that confound the construction of meaningful narratives of the twentieth century, where persistent obstacles attend the enclosure of twentieth‐century events within an integrated and coherent whole. For at least two reasons, I suggest, the correspondence of Ernst Nolte and the late François Furet is instructive in identifying the nature of these obstacles more precisely. First, Furet himself is the author of what is currently construed as being one of the most ambitious (albeit contested) attempts to narrate the twentieth century, by taking the “illusions” engendered by faith in the Marxist–Leninist project as its organising principle. Second, the positions adopted by Nolte have been contested in the public sphere as being acutely emblematic of problems latent in the attempt to enclose communism and fascism together in a narrative of mutual complicity. The correspondence between Furet and Nolte therefore provides a fruitful context in which to treat a set of related problems bearing upon the relation between historical truth and reconciliation, between history and memory, and between the contemporary world and the advent of totalitarianism. As I conclude, a key point which has to date been overlooked in discussions of this kind is the coincidence of attempts to establish a historiographic framework for the twentieth century with efforts to undertake a settling of accounts with socialism.     

Public Assistance and Promotion of Local Rail Projects.

In the second half of the nineteenth century, and again in the middle of the twentieth century, federal, state, and local governments were involved in large-scale subsidizing and promoting of railroad infrastructure for economic development purposes. In the 1800s, public financial involvement centered on the expansion of railroads to develop the West. In the 1960s, 1970s, and early 1980s, public financial assistance focused on preserving rail freight services, and on restructuring the then oversized national rail network. In the 1990s and beyond, rail improvements and the need for public assistance are likely to be more incremental, with mostly local projects. Case study research was conducted on six local freight rail service projects, all of which had public sector investment. Five attributes were identified whose presence was associated with project success, or conversely, whose absence may have reduced the likelihood for project success. These success attributes should be used as an adjunct to sound economic analysis, and incorporated within future policies governing selection of local rail projects to receive public assistance.     

Bingo or fiasco? The global financial situation is not guaranteed

The 1998 Russian debt default following the Asian financial crisis sent a signal to global capital markets that no country from now on could be seen as 'too big to fail'. The concern which followed Russia's crisis raised two questions: first, with regard to the relevance of the interest rate in the presence of highly lever-aged securities; and second, over the question of the protection of a country or institution from bankruptcy while simultaneously making sure that any rescue would not encourage either further risk-taking from investors or more badly managed policies from emerging market economies. Moreover, the moral hazard question, coupled with the sheer size of private capital flows, led international institutions to consider involving the private sector in solving financial crises. This article describes why a situation has now been reached where no future guarantee can be given to countries or financial institutions, implicitly or explicitly, that their debts will be bailed out.     

Folklore for a New Century

Folklore as a discipline had promising beginnings in the late nineteenth and early twentieth centuries. By the end of the twentieth century, however, the academic study had begun to fade in academies, and the substantive content had lost a great deal of public interest. Three books deal with the practice of folk studies and ask the question of where folklore might go in the twenty-first century. One looks at the theoretical history of the discipline, while the other two have an ethnographic bent and open up folk materials to embodied and reflexive analysis.     

The shaping of the American Empire

This paper creates a traditional, counterfactual, historical geography that proposes the rise of an American Empire in the 1800s instead of the British. The industrialization of the British world-economy of the early 1800s, victory in the Napoleonic Wars, and the consequent success of the British Empire fundamentally depended on cotton textiles, thus on American cotton agriculture. Cotton was, to the economies of the nineteenth century, very much like oil is to those of the late twentieth and early twenty-first enturies. The development of the American cotton South after 1800 was based heavily on the reproduction of slaves within the South. Had Jefferson ended slavery, as he at one time considered, I suggest that an alternative America would have arisen in which Jeffersonian idealism would have encouraged family farms as the principal units of agricultural production. I further argue that, absent the availability of cheap British manufactures, the Philadelphia School of Protectionists would also have likely triumphed early and an American industrial development based on internal growth fueled by cotton grown on family farms would have allowed America to come to dominate the world-economy of the late 1800s. Protectionist policies would have similarly excluded French manufactures and the industrial development based on cotton the French were also attempting in the late 1700s would have failed just as did that of Britain. French military victory in the Napoleonic Wars would not have produced a French world-economy. An America without serious global opposition would not have resisted annexing all of Mexico and Canada in the 1840s and expanding aggressively into Asia via the Pacific basin and Hawaii to create an American Empire.     

Africa's Next Debt Crisis: A Relational Comparison of Chinese and Western Lending to Zambia

Africa faces a new debt crisis fuelled by Chinese and Western lending. At the forefront is Zambia, which defaulted on Eurobond payments in 2020. The article sets the developing Africa-wide crisis within a relational comparison that draws the current Zambian moment together with the financial collapse of the 1980s. By placing Chinese lending within a comparative global frame, we make three contributions. First, Zambia provides a “spatial fix” for capital, but such African borrowing is not passive and shapes hegemonic struggles between China and the US. Thus secondly, Africa's relationship with debt is co-constituent in the remaking of the global economy, as signalled by the contested execution and interpretation of development-as-modernisation. Finally, a relational comparison of the two debt crises demonstrates that global capitalist hegemony is, partly, engineered by the consent and coercion of African governments, yet the human costs of borrowing are fully borne by the world's poorest.     

Financial Inclusion or Subordination? The Monetary Politics of Debt in Cambodia

Financial inclusion is a leading driver of household debt across the global South. Although critical geographers have analysed this debt through the lens of financialisation, few have examined it in terms of monetary politics. This is a salient issue, because poorer nations often have limited control over their monetary policy due to their dependence on foreign currencies, which can adversely affect the structure of their financial markets. Building on the concept of monetary dependency from scholarship on financial subordination, I analyse the monetary politics of debt in Cambodia. Drawing on elite interviews and ethnographic research, I argue that Cambodia's extreme monetary dependence on the US dollar has shaped monetary and fiscal policies that compel poorer households to take on private debt to pay for their basic needs. This paper advances critical geographies of debt and development by studying financial subordination and its impact on financial inclusion in the global South.     

近代早期的国际竞争与财政动员:关于西荷与英法的比较研究

在16-18世纪西方各国的竞争中,财政动员能力对竞争的走势起着决定性的作用。财政动员主要包括税收和公债两个相互联系的方面。考察尼德兰革命期间的联省共和国和西班牙、18世纪的英国和法国的财政史可以发现,各国的政治-社会结构对财政动员的效率产生了不同的影响,这体现在税收体制的合理性和公债信用之上,而公债信用之优劣也直接反映在公债利率上。相比而言,英国与联省共和国的政治制度使其税收更具合法性基础并提升了其公债信用,从而能够更好地动员民间财政资源;西班牙和法国王权受制于其政治-社会结构,在国际竞争中受其低效的财政动员的拖累。     

THE DEBT/TAX CHOICE IN THE FINANCING OF STATE AND LOCAL CAPITAL EXPENDITURES*

ABSTRACT. State and local governments commonly finance investment in public capital by issuing bonds and by using current revenues. This paper presents a model of state and local governments' reliance on borrowing in which the optimal share of debt in the financing of capital investment depends on the relative costs of tax and debt finance. Equations are derived and estimated for spending on public capital and the share of debt in the financing of that spending. The results reveal that the level of private incomes plays an important role in both the capital investment and financial decisions of the jurisdiction. Even after controlling for Sunbelt-Snowbelt differences in incomes, grants, outstanding debt and certain demographic factors, the results indicate that state and local governments located in the Snowbelt rely more heavily on bond issues to finance capital investment. Finally, the estimated invariance of the level of state and local capital investment to the share of debt in the financing of the investment suggests that investment decisions are not greatly affected by factors influencing the willingness to issue bonds.     

Making Banks Fit for the People: Confidence,Democracy, and the Rise of Banking Alternatives in America, 1880–1914

At the turn of the twentieth century, many Americans lacked confidence in the nation's banks. In various ways, privately owned or operated banking institutions were viewed to be adverse to the interests of “the people.” Still, beginning in the late nineteenth century, deposit banking came to be accepted as a vital “public service.” This article explains how that happened and illustrates how multiple people-oriented alternatives gradually emerged. While these have been explored previously, this article demonstrates how new ideas about the importance of banking facilitated the emergence of a broad movement aimed at popular participation and control. To reveal this history and to gauge popular ideas, it favors materials that appeared within the public sphere. This approach demonstrates how underlying confidence issues motivated a broad movement that aimed to democratize banking institutions.     

Professional advantage and public health: British veterinarians and State Veterinary Services, 1865-1939

At the beginning of the twentieth century, municipal authorities in England and Wales, and in Scotland, began to develop systems of veterinary public health which encompassed both the welfare of animals and the safety of meat and milk intended for human consumption. This paper examines the motives behind veterinary attempts to extend the integration of human and animal health considerations within the public health framework in the inter-war period. In 1938 the Ministry of Agriculture implemented a national administrative structure for the management of animal diseases which absorbed the veterinary personnel of the municipal authorities, whose own veterinary public health activities largely fell into abeyance. As a result, the ideal of veterinary public health disappeared from British public health practice after 1939, and lost its force as a professional political cause. The mid-century disappearance of animal health from consideration in British public health programmes was one of a complex of historical strands which contributed to the late-twentieth-century emergence of public health crises over such animal-borne diseases as salmonellosis, Escherichia coli infection, and bovine spongiform encephalopathy.     

‘I don't think it was such an issue back then’: changing experiences of pregnancy across two generations of women in south-east England

Based upon in-depth interviews with recent mothers and their own mothers in London, England, this article uses a cross-generational perspective to examine the changing experiences/perceptions of pregnancy over the late twentieth and early twenty-first century. Pregnancy is a biological process, but exists within social, economic, political and cultural realms and is both spatially and temporally located. In this article we argue that advances in gender equality, maternity benefits, technological innovation and mass media have meant that pregnancy is now increasingly experienced in the ‘public’ sphere, whereas, in earlier twentieth century Britain at least, it was often relegated to the realm of private or domestic life. However with these changes have come new types of surveillance in the form of scientific ‘advice’, medical technologies and media dissemination of cultural ‘norms’ regarding appropriate dress, lifestyle and behaviour during pregnancy. Based upon the findings of our research we examine these changes from two different perspectives: firstly a Foucauldian notion of surveillance in relation to ‘medical’ advice on diet/lifestyle during pregnancy, and secondly new expectations regarding body image and clothing in the context of the emergence of ‘pregnancy chic’ and the figure of the ‘celebrity mum’.     

The stretched rubber band: banks,houses, debt and vulnerability in Australia

This article analyses the development of residential capitalism and financialisation in Australia. It outlines the series of economic vulnerabilities developing in the financial system, centred on household debt and inflated property markets. It then analyses why policy-makers have done so little to restrict the growth of household debt and house prices. I argue that financial policy-makers have underestimated the financial vulnerabilities building up in Australia – as evidenced by the slow take-up of macroprudential policies. I outline four reasons: first, the excellent profit performance of the major banks; second, the policy predilection for idealised economic liberal regulation; third, the development of a politico-housing complex; and, finally, the growing role of household debt in ameliorating distributional conflict by underpinning growth.     

Constructing the sidewalks: municipal government and the production of public space in Los Angeles,California, 1880–1920

The process of creating public spaces has been one of defining what constitutes public activities and how they can occur. This was as true for the sidewalks as for spaces such as the roadbed, parks and markets. The sidewalks in the late nineteenth and early twentieth centuries were used for commercial, political and social activities. During this period, the Los Angeles municipal government and urban residents constructed hundreds of miles of sidewalks along with other street improvements. In response to differing claims to the sidewalks and varying interests in the purpose of the streets, the city began to emphasize pedestrian circulation and through its process, the pedestrian was defined as the public for which the sidewalks were provided. As sidewalks were legally defined as public ways, the more clearly and narrowly the notion of the public was construed, and fewer activities had guaranteed access. In this paper, we explore different types of claims to sidewalks in the late nineteenth and early twentieth century. We discuss sidewalk provision, abutters' use and responsibility, and the regulation of commercial and speech activities. The examination of municipal response to conflicting demands by property owners, merchants, political and charitable organizations, and other interested parties about sidewalk use helps us to better understand the process by which public space and public activities were defined.     

What do we need to bring about a financial crisis? A long-term look at the development of banking systems,money supply and crises 1850–2010

Financial crises are not a new phenomenon. We had them in the 18th century; there were several well-known ones in the 19th century, not to mention the crisis which started the Great Depression of the 1930s. The recurrence of financial crises in the last decades has revoked a wave of research on the topic among economic historians and economists. Still, it has been difficult for us to really understand how these crises emerge, why they have been so severe recently and why they have occurred so often in the last decades. This paper tries to explain the phenomenon by asking, how is, and how was the volume of money stock determined, and why does scarcity of money, and thus rising interest rate, not check excess borrowing and creation of speculative bubbles - and then emerging crises.     

‘Diogenes in search of an honest man’: the genesis of the industrial inch,the first global standard of length

This paper discusses the evolution of the metrology of interchangeable manufacture, and the genesis in the 1930s of the industrial inch, the first global standard of length. I argue that standardization of industrial products during the nineteenth century was a major factor in the change from the proprietary metrologies of earlier interchangeable manufacture to public metrologies based on national length standards. This evolution is placed in the context of the different cultures and techniques of American and British mechanical engineering. Internationalization of manufacturing in the early twentieth century then provided impetus for agreement on a single global industrial standard of length. In exploring these developments, I emphasize the importance of the needs of user groups in the construction of effective standards, and the related subjugation of metrological purity to pragmatism and practicality.