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How foreign lending weakens emerging nations In the nineteenth century, many developing countries turned to the credit houses of Europe for sovereign loans to balance their books and weather major fiscal shocks such as war. This reliance on external public finance offered emerging nations endless opportunities to overcome barriers to growth, but it also enabled rulers to bypass critical stages in institution building and political development. Pawned States reveals how easy access to foreign lending at early stages of state building has led to chronic fiscal instability and weakened state capacity in the developing world. Drawing on a wealth of original data to document the rise of cheap overseas credit between 1816 and 1913, Didac Queralt shows how countries in the global periphery obtained these loans by agreeing to "extreme conditionality," which empowered international investors to take control of local revenue sources in cases of default, and how foreclosure eroded a country's tax

Prescient essays about the state of our politics from the philosopher who predicted that a populist demagogue would become president of the United States Richard Rorty, one of the most influential intellectuals of recent decades, is perhaps best known today as the philosopher who, almost two decades before the 2016 U.S. presidential election, warned of the rise of a Trumpian strongman in America. What Can We Hope For? gathers nineteen of Rorty's essays on American and global politics, including four previously unpublished and many lesser-known and hard-to-find pieces. In these provocative and compelling essays, Rorty confronts the critical challenges democracies face at home and abroad, including populism, growing economic inequality, and overpopulation and environmental devastation. In response, he offers optimistic and realistic ideas about how to address these crises. He outlines strategies for fostering social hope and building an inclusive global community of trust, and urges us t