The Unfinished History of the Indebted Nation-State

This book traces the genesis of the indebtedness of the nation-state in the West, arguing that it is a phenomenon which preceded the emergence of capitalism. Even prior to the emergence of the capitalist mode of production, the ruling class of feudal landowners in the West were dependent on credit, and had to repay the loans provided by their international creditors. Those monetary loans were unavoidable, both for the defence of the emergent territorial state against its rivals and for its expan