William R. Summerhill's Inglorious Revolution: Political Institutions, Sovereign PDF

By William R. Summerhill

Nineteenth-century Brazil’s constitutional monarchy credibly devoted to pay off sovereign debt, borrowing time and again in overseas and family capital markets with no default. but it didn't lay the institutional foundations that non-public monetary markets had to thrive. This learn exhibits why sovereign creditworthiness didn't unavoidably translate into monetary development.

“Using an unlimited array of archival facts, Summerhill convincingly indicates that political dedication to a safe public debt used to be neither beneficial nor enough to insure monetary improvement in nineteenth-century Brazil. A must-read for monetary and fiscal historians and for somebody attracted to the politics of economic development.” —Jean-Laurent Rosenthal, California Institute of Technology

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Inglorious Revolution: Political Institutions, Sovereign Debt, and Financial Underdevelopment in Imperial Brazil (Yale Series in Economic and Financial History) by William R. Summerhill


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