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The Communist World of Public Debt (1917–1991): The Failure of a Countermodel?

In: A World of Public Debts

Author

Listed:
  • Étienne Forestier-Peyrat

    (Sciences Po Lille)

  • Kristy Ironside

    (McGill University)

Abstract

This chapter looks at the construction of a communist community of public debt in the twentieth century. Despite emerging as some of public debt’s most vehement critics in the early years of that century, communist governments made relatively conventional use of public debt to fund economic initiatives, foster bonds within the socialist bloc, and gain political influence. As these regimes’ economies stagnated, they borrowed heavily from capitalist lenders and ran into economic troubles in the 1980s, but they did not repudiate their debt, as the Bolsheviks had in 1918. Instead, they accepted technical solutions to their economic woes, which, in turn, helped to erode their already tenuous popular legitimacy in Eastern Europe.

Suggested Citation

  • Étienne Forestier-Peyrat & Kristy Ironside, 2020. "The Communist World of Public Debt (1917–1991): The Failure of a Countermodel?," Palgrave Studies in the History of Finance, in: Nicolas Barreyre & Nicolas Delalande (ed.), A World of Public Debts, edition 1, chapter 0, pages 317-345, Palgrave Macmillan.
    • Handle: RePEc:pal:psitcp:978-3-030-48794-2_13
    DOI: 10.1007/978-3-030-48794-2_13
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