The rise of modern public finance revolutionized political economy. As governments learned to invest tax revenue in the long-term financial resources of the market, they vastly increased their administrative power and gained the ability to use fiscal, monetary, and financial pol…
Main description: Wenkai He shows why England and Japan, facing crises in public finance, developed the tools and institutions of a modern fiscal state, while China, facing similar circumstances, did not. He's explanation for China's failure at a critical moment illuminates one …
The rise of modern public finance revolutionized political economy. As governments learned to invest tax revenue in the long-term financial resources of the market, they vastly increased their administrative power and gained the ability to use fiscal, monetary, and financial pol…