Open Access (free)

This book describes the explosion of debt across the global economy and related requirement of political leaders to pursue exponential growth to meet the demands of creditors and investors. It presents a historical account of the modern origins of capitalist debt by looking at how commercial money is produced as debt in the late seventeenth and early eighteenth centuries. The book identifies the ways in which the control, production, and distribution of money, as interest-bearing debt, are used to discipline populations. It focuses on the histories of the development of the Bank of England and the establishment of permanent national debt with the intensification and expansion of debt, as a "technology of power", under colonialism in a global context. The book investigates the modern origins of debt as a technology of power by focusing on war, the creation of the "national" debt, and the capitalization of the organized force of the state. It addresses the consequences of modern regimes of debt and puts forward proposals of what needs to be done, politically, to reverse the problems generated by debt-based economies. The book utilizes the term "intensification" rather than spread or proliferation to think about both the amplification and spatial expansion of debt as a technology of power during the era of European colonialism and resistance. Finally, it also presents a convincing case for the 99" to use the power of debt to challenge present inequalities and outlines a platform for action suggesting possible alternatives.

Open Access (free)
War, National Debt, and the Capitalized State
Tim Di Muzio and Richard H. Robbins

conquests (O’Brien 1988; Brewer 1989). But this could not have had any effect and, indeed, would have destroyed the economy without an expansive monetary supply first occasioned by the Bank of England issuing loans originally backed by silver coinage (Carruthers 1996; Davies 2002; Wennerlind 2011). What is often forgotten is that before the sovereign was made subordinate to Parliament, financing war was the personal responsibility of royal authority. With relatively strict limits placed upon taxation, and with a limited money supply, this meant that if the sovereign

in Debt as Power
Open Access (free)
War economies, peace economies and transformation
Jenny H. Peterson

with explosive media reports, dramatic Hollywood recreations, countless non-governmental organisation (NGO) programmes and masses of academic research reveal an increasing concern over these economies, and have in turn led to a growing interest in and need for policies which limit the degree to which commodities can be used to either finance war, or become a dominant motivation for individuals to take up arms. Seen as a major threat to peace, stability and development, the international community has increased its focus on creating and improving upon policies which

in Building a peace economy?
Open Access (free)
Tim Di Muzio and Richard H. Robbins

—which was war—is already stamped with the financial machinations of the Dutch empire, Italian city-states of the fourteenth and fifteenth centuries, the Atlantic slave trade, and the conquest of North America and India by capitalized joint-stock companies such as the East India Company. The main argument in this chapter is that the invention of a funded long-term national debt was principally born not to finance wars to aggrandize the power of the Crown per se but more importantly to aggrandize the power of what Justin Rosenberg (1994) has called “the empire of civil

in Debt as Power
Anuschka Tischer

, if we do not merely focus on the development of France itself, we still have to pose the question what the French subsidies meant for European history and the states system. Financial needs, and in particular the necessity to finance war, are seen as key for understanding the modern state-building process.49 Usually, this factor is analysed from two perspectives: first, how a ruler was able Les Hollandois manquent de tout cela’, in Bescheiden uit vreemde archieven omtrent de groote nederlandsche zeeoorlogen 1652–1676, ed. by H.T. Colenbrander, vol. 1 (1652

in Subsidies, diplomacy, and state formation in Europe, 1494–1789
Open Access (free)
Practices, conflicts, and impact in the sixteenth century
Philippe Rogger

no entries for the word. In the Enzyklopädie der Neuzeit, on the other hand, a specific article defines subsidies as ‘moneys of aid or support’ paid to one power by another by contract, while also noting that the payment of subsidies was a ‘common means of financing wars in the early modern period’.9 Although the same reference work also contains an entry on pensions and rightly points out the ambiguity of the term, there is no substantial consideration of the significance of pensions as a form of transnational royal money transfer.10 This lacuna is remarkable

in Subsidies, diplomacy, and state formation in Europe, 1494–1789