Public deficits: a comparative study of their economic and political consequences in Britain, Canada, Germany, and the United States
Public Deficits are one of the most pressing problems in all advanced industrialised countries. Public indebtedness has reached proportions which threaten selected government policies and even challenge the governability of democracies. This important new book focuses on four G-7 countries: Britain, Canada, Germany and the United States. These countries have different economic traditions, institutions and budgetary procedures and have developed different approaches to the problem of public deficits. Through a unique comparative approach the authors reach the core of the deficit problem and what it means for governments in democratic societies. Before providing a specific analysis they ask: * What is public debt, and what is the theoretical background for the analysis of the deficit problem? * What are the political and social consequences of budgetary deficits, and are there any restrictions for the management of budgets in this era of economic globalisation and regionalisation? A detailed study follows, of the experience of Britain, Canada, Germany and the United States. Consideration of the same issues in each help the comparison: the history of the deficit problem; the institutional framework for decisions on the deficit; the importance of the debt problem in the national political and economic discourse; and the effects of deficit control policies. The concluding chapter is an in-depth comparison of the four countries and puts the problem of public deficits into a political science perspective.
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The evolution of the deficit
Deficits the British experience
5 other sections not shown
additional annual deficit argued balanced budget amendment billion DM Brian Mulroney Britain British budget deficit budgetary policies budgetary process Cabinet Canada Canadian capital coalition committees Congress consensus constitutional costs countries create crisis debt total debt-to-GDP ratio decision-making decisions deficit control policies deficit problem deficit spending Doern East German economic growth economists example expenditure cuts federal budget federal government finance fiscal funds Germany's government borrowing government's Gramm-Rudman-Hollings Act Grand Coalition important increase inflation institutional interest rates investments investors John Major Keynesian legislation limits line-item veto Maastricht criteria major Margaret Thatcher ment monetary Mulroney Government national debt nomic OECD Ottawa PAYGO period planning political politicians post-war President Prime Minister priorities privatisation provinces PSBR public borrowing public debt public deficits public expenditure public sector public spending reduce reform regard revenues role spending programmes strategy Sturm surplus tax income Thain Thatcher tion Treasury United