The Communist World of Public Debt (1917–1991): The Failure of a Countermodel?

Étienne Forestier-Peyrat () and Kristy Ironside ()
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Étienne Forestier-Peyrat: Sciences Po Lille
Kristy Ironside: McGill University

Chapter Chapter 13 in A World of Public Debts, 2020, pp 317-345 from Palgrave Macmillan

Abstract: Abstract This chapter looks at the construction of a communist community of public debt in the twentieth century. Despite emerging as some of public debt’s most vehement critics in the early years of that century, communist governments made relatively conventional use of public debt to fund economic initiatives, foster bonds within the socialist bloc, and gain political influence. As these regimes’ economies stagnated, they borrowed heavily from capitalist lenders and ran into economic troubles in the 1980s, but they did not repudiate their debt, as the Bolsheviks had in 1918. Instead, they accepted technical solutions to their economic woes, which, in turn, helped to erode their already tenuous popular legitimacy in Eastern Europe.

Date: 2020
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Persistent link: https://EconPapers.repec.org/RePEc:pal:psitcp:978-3-030-48794-2_13

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DOI: 10.1007/978-3-030-48794-2_13

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