The New Palgrave Dictionary of Economics

2018 Edition
| Editors: Macmillan Publishers Ltd

National Debt

  • Barry Gordon
Reference work entry
DOI: https://doi.org/10.1057/978-1-349-95189-5_692

Abstract

In its modern sense, national debt emerged first in Florence and other Italian city-republics of the 15th century. Thereafter, the practice spread throughout Europe and was taken up by leading nation–states, including Spain, France and Holland. In England there were moves towards a more orderly system of public borrowings after the advent of William of Orange in 1688. The first permanent arrangements were introduced in 1715 (Dickson 1967). Assumption of state debts and establishment of related provisions for funding were undertaken by the Federal Government in the United States in 1790, with Alexander Hamilton the principal architect of the structure (Kimmel 1959).

This is a preview of subscription content, log in to check access.

Bibliography

  1. Dickson, P.G.M. 1967. The financial revolution in England: A study in the development of public credit, 1688–1756. London: Macmillan.Google Scholar
  2. Gordon, B. 1976. Political economy in parliament, 1819–1823. London: Macmillan.CrossRefGoogle Scholar
  3. Gordon, B. 1979. Economic Doctrine and Tory Liberalism, 1824–1830. London: Macmillan.CrossRefGoogle Scholar
  4. Hansard, T.C. 1819. Parliamentary debates, vol. 40. London.Google Scholar
  5. Hilton, B. 1977. Corn, cash, commerce: The economic policies of the Tory Governments, 1815–1830. Oxford: Oxford University Press.Google Scholar
  6. Kimmel, L.H. 1959. Federal budget and fiscal policy, 1789–1958. Washington, DC: Brookings Institution.Google Scholar
  7. Schumpeter, J.A. 1954. History of economic analysis. New York: Oxford University Press.Google Scholar
  8. Smith, A. 1776. In An inquiry into the nature and causes of the wealth of nations, ed. E. Cannan. New York: Random House.CrossRefGoogle Scholar

Copyright information

© Macmillan Publishers Ltd. 2018

Authors and Affiliations

  • Barry Gordon
    • 1
  1. 1.