IDEAS home Printed from https://ideas.repec.org/h/pal/psitcp/978-3-030-48794-2_15.html
   My bibliography  Save this book chapter

From Debt Dirigisme to Debt Markets in France and India

In: A World of Public Debts

Author

Listed:
  • Anush Kapadia

    (Indian Institute of Technology)

  • Benjamin Lemoine

    (CNRS, IRISSO)

Abstract

Today, the method by which governments borrow has been normalized to a narrow set of market-based techniques. There is only one legitimate method: to hang out its shingle like any market agent and try and sell its bonds. This chapter uses two historical cases to contest this common sense, that of India and France. It traces how non-market techniques of raising debt through various legal mandates served as a bulwark for postwar industrial policy in both nations. These non-market techniques had their own forms of discipline complete with legitimating discourses. Yet as economies began to open, the institutional conditions under which debt dirigisme worked began to be chipped away. While they might have been repaired under different discursive conditions, the global rise of neoliberal common sense meant that “normal” crises were written up as systemic ones, and a new set of technocrats in both constituencies capitalized on the opening to establish a new, market-based common sense on raising debt.

Suggested Citation

  • Anush Kapadia & Benjamin Lemoine, 2020. "From Debt Dirigisme to Debt Markets in France and India," Palgrave Studies in the History of Finance, in: Nicolas Barreyre & Nicolas Delalande (ed.), A World of Public Debts, edition 1, chapter 0, pages 373-403, Palgrave Macmillan.
    • Handle: RePEc:pal:psitcp:978-3-030-48794-2_15
    DOI: 10.1007/978-3-030-48794-2_15
    as

    Download full text from publisher

    To our knowledge, this item is not available for download. To find whether it is available, there are three options:
    1. Check below whether another version of this item is available online.
    2. Check on the provider's web page whether it is in fact available.
    3. Perform a search for a similarly titled item that would be available.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:pal:psitcp:978-3-030-48794-2_15. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Sonal Shukla or Springer Nature Abstracting and Indexing (email available below). General contact details of provider: http://www.palgrave.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.