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The untold story of how FDR did the unthinkable to save the American economy.
Rethinking the causes and consequences of Britain’s default on its First World War debts to the United States of America The Long Shadow of Default focuses on an important but neglected example of sovereign default between two of the wealthiest and most powerful democracies in modern history. The United Kingdom accrued considerable financial debts to the United States during and immediately after the First World War. In 1934, the British government unilaterally suspended payment on these debts. This book examines why the United Kingdom was one of the last major powers to default on its war debts to the United States and how these outstanding obligations affected political and economic relations between both governments. The British government’s unpaid debts cast a surprisingly long shadow over policymaking on both sides of the Atlantic. Memories of British default would limit transatlantic cooperation before and after the Second World War, inform Congressional debates about the economic difficulties of the 1970s, and generate legal challenges for both governments up until the 1990s. More than a century later, the United Kingdom’s war debts to the United States remain unpaid and outstanding. David James Gill provides one of the most detailed historical analyses of any sovereign default. He brings attention to an often-neglected episode in international history to inform, refine, and sometimes challenge the wider study of sovereign default.
The dramatic inside story of the most important case in the history of sovereign debt law Unlike individuals or corporations that become insolvent, nations do not have access to bankruptcy protection from their creditors. When a country defaults on its debt, the international financial system is ill equipped to manage the crisis. Decisions by key individuals—from national leaders to those at the International Monetary Fund, from holdout creditors to judges—determine the fate of an entire national economy. A prime example is Argentina’s 2001 default on $100 billion in bonds, which stands out for its messy outcomes and outsized impact on sovereign debt markets, sovereign debt law, and IMF policy. Default is the riveting story of Argentina’s sovereign debt drama, which reveals the obscure inner workings of sovereign debt restructuring. This detailed case study describes the intense fight over the role of the IMF in Argentina’s 2005 debt restructuring and the ensuing bitter decade of litigation with holdout creditors, demonstrating that outcomes for sovereign debt are determined by a complex interplay between financial markets, governments, the IMF, the press, and the courts. This cautionary tale lays bare the institutional, political, and legal pressures that come into play when a country cannot repay its debts. It offers a deeper understanding of how global financial capitalism functions for those who work in or study debt markets, international finance, international relations, and international law.
This handbook offers a collection of cutting-edge essays on all aspects of strategic culture by a mix of international scholars, consultants, military officers, and policymakers. The volume explicitly addresses the analytical conundrums faced by scholars who wish to employ or generate strategic cultural insights, with substantive commentary on defining and scoping strategic culture, analytic frameworks and approaches, levels of analysis, sources of strategic culture, and modalities of change in strategic culture. The chapters engage strategic culture at the civilizational, regional, supra-national, national, non-state actor, and organizational levels. The volume is divided into five thematic parts, which will appeal to both students who are new to the subject and scholars who wish to incorporate strategic culture into their toolbox of analytical techniques. Part I assesses the evolving theoretical strengths and weaknesses of the field. Part II lays out elements of the theoretical and methodological foundations of the field, including sources and components of strategic culture. Part III presents a number of national strategic cultural profiles, representing the state of contemporary strategic culture scholarship. Part IV addresses the utility of strategic culture for practitioners and scholars. Part V summarizes the key theoretical and practical insights offered by the volume’s contributors. This handbook will be of much interest to students of strategic studies, defense studies, security studies, and international relations in general, as well as to professional practitioners.