States and the Masters of Capital

Winner, 2025 Francesco Guicciardini Prize for Best Book in Historical International Relations, Historical International Relations section, International Studies Association Today, states’ ability to borrow private capital depends on stringent evaluations of their creditworthiness. While many presume that this has long been the case, Quentin Bruneau argues that it is a surprisingly recent phenomenon—the outcome of a pivotal shift in the social composition of financial markets. Investigating the f