The Rising Tide of Debt

Rögnvaldur Hannesson
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Rögnvaldur Hannesson: Norwegian School of Economics

Chapter 1 in Debt, Democracy and the Welfare State: Are Modern Democracies Living on Borrowed Time and Money?, 2015, pp 1-14 from Palgrave Macmillan

Abstract: Abstract In this chapter, the development ofgovernment debt in the traditional OECD member states since the Second World War is traced. Some countries were saddled with a large debt as a legacy of the war, but their debt as percent of GDP gradually fell until the mid-1970s. After the energy crisis of 1973 the debt began to rise in most countries. In many countries the debt has continued to rise ever since, almost without interruption, and in some countries it has reached world war proportions. Some countries have managed to reverse the debt accumulation, all of them relatively small.

Keywords: Central Bank; Welfare State; Government Debt; Debt Level; Sovereign Wealth Fund (search for similar items in EconPapers)
Date: 2015
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-137-53200-8_1

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DOI: 10.1057/9781137532008_1

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