From Debt Dirigisme to Debt Markets in France and India

Anush Kapadia () and Benjamin Lemoine ()
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Anush Kapadia: Indian Institute of Technology
Benjamin Lemoine: CNRS, IRISSO

Chapter Chapter 15 in A World of Public Debts, 2020, pp 373-403 from Palgrave Macmillan

Abstract: Abstract Today, the method by which governments borrow has been normalized to a narrow set of market-based techniques. There is only one legitimate method: to hang out its shingle like any market agent and try and sell its bonds. This chapter uses two historical cases to contest this common sense, that of India and France. It traces how non-market techniques of raising debt through various legal mandates served as a bulwark for postwar industrial policy in both nations. These non-market techniques had their own forms of discipline complete with legitimating discourses. Yet as economies began to open, the institutional conditions under which debt dirigisme worked began to be chipped away. While they might have been repaired under different discursive conditions, the global rise of neoliberal common sense meant that “normal” crises were written up as systemic ones, and a new set of technocrats in both constituencies capitalized on the opening to establish a new, market-based common sense on raising debt.

Date: 2020
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Persistent link: https://EconPapers.repec.org/RePEc:pal:psitcp:978-3-030-48794-2_15

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DOI: 10.1007/978-3-030-48794-2_15

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