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- W4296624844 abstract "Abstract The appetite of investors for foreign government bonds reflected the belief that the projects so funded would yield hard-currency receipts needed to pay the money back. Because foreign finance was devoted to infrastructure investment in the context of an expanding world economy, this expectation was often met. But there also were instances when things went spectacularly awry—where investment projects were ill conceived, bondholders and borrowers were poorly served by banks and promoters, money was squandered, and worse. This chapter presents examples of both outcomes. Japan used its borrowing capacity to foster economic and financial development, succeed on the battlefield, and in so doing lend legitimacy to the state. Other empires, such as China and the Ottomans, were less successful at mastering external debt and were ultimately forced to sacrifice sovereignty as the price of market access." @default.
- W4296624844 created "2022-09-23" @default.
- W4296624844 creator A5058776340 @default.
- W4296624844 date "2021-11-01" @default.
- W4296624844 modified "2023-09-29" @default.
- W4296624844 title "Caveat Emptor" @default.
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- W4296624844 doi "https://doi.org/10.1093/oso/9780197577899.003.0005" @default.
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