Here are 100 books that Sovereign Debt and Human Rights fans have personally recommended if you like
Sovereign Debt and Human Rights.
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As a physicist by education and therefore fundamentally interested in how things work, my early career was spent in secure communications before moving into finance, specifically payments. I helped to found one of the leading consultancies in the field and worked globally for organizations ranging from Visa and AMEX to various governments and multiple Central Banks. I wrote, it turned out, one of the key books in the field, Identity Is The New Money (2014), and subsequently, Before Babylon, Beyond Bitcoin (2017), about the history and future of money. The Currency Cold War (2020) was a prescient implication of digital currencies, particularly CBDC.
I see David Greaeber’s book as a landmark in the field. He completely changed my understanding of and views on money’s role in society and its evolution. I had the good fortune to meet David a few times (in fact, I made a podcast with him) and feel like I learned from every conversation.
Until I read David’s book, I had assumed that the Barter theory of money and the double coincidence of wants was the natural and unchallenged explanation for how money came to be and what roles it performed. David’s and subsequent authors' work has shown that this view is simplistic and outdated.
The groundbreaking international best-seller that turns everything you think about money, debt, and society on its head—from the “brilliant, deeply original political thinker” David Graeber (Rebecca Solnit, author of Men Explain Things to Me)
Before there was money, there was debt. For more than 5,000 years, since the beginnings of the first agrarian empires, humans have used elaborate credit systems to buy and sell goods—that is, long before the invention of coins or cash. It is in this era that we also first encounter a society divided into debtors and creditors—which lives on in full force to this day.
My interest in sovereign debt began as a UN economist in the 1980s. We detailed statistics on the stark impact of the crises and watched Latin American presidents plead for help in the General Assembly. Based in New York, I got invited to some meetings of major banks that held problem debt, wouldn’t admit it, but ultimately had to accept losses. African countries in crisis were mainly in debt to official creditors that also did not want to accept losses. Over time, the types of creditors changed and changed again, and debt crises kept reappearing, being fixed, reappearing until today. This is dramatic stuff. How could I not be interested?
In this recent book from South Africa, a group of mostly African academics and lawyers, including some young researchers, examine the financial stresses that COVID put on the sovereign debt burden of countries in the Southern Africa Development Community (SADC), including studies of Mozambique, Namibia, South Africa, Zambia, and Zimbabwe.
The authors view the debt constraints on SADC governments from an economic, financial, and human rights perspective, domestically and in interacting with international institutions, including limits on available debt relief.
The book also contains proposals to evade such crises in the future, including in a chapter by your correspondent.
The book is available in French and Portuguese as well as English, and you can download a copy for free. What could be better?
My interest in sovereign debt began as a UN economist in the 1980s. We detailed statistics on the stark impact of the crises and watched Latin American presidents plead for help in the General Assembly. Based in New York, I got invited to some meetings of major banks that held problem debt, wouldn’t admit it, but ultimately had to accept losses. African countries in crisis were mainly in debt to official creditors that also did not want to accept losses. Over time, the types of creditors changed and changed again, and debt crises kept reappearing, being fixed, reappearing until today. This is dramatic stuff. How could I not be interested?
Most debts embody a legal contract specifying how and when the borrowed funds will be repaid and any circumstances in which the obligation can be amended.
Non-payment of most loan contracts end up before a judge whose decisions on repayment are guided by a national bankruptcy law. Debts of sovereign states differ.
Insolvent governments negotiate partial or delayed repayment with their various creditors. The starting point is always that the contracts must be honored.
Professor Lienau argues that there are instances in legal theory and historically in practice in which governments did not and should not have had to repay “illegitimate” debts. She calls for international recognition of a legally enforceable concept of “responsible” lending and borrowing.
Imagine how that might make creditors think twice about lending to oppressive regimes?
Conventional wisdom holds that all nations must repay debt. Regardless of the legitimacy of the regime that signs the contract, a country that fails to honor its loan obligations damages its reputation, inviting still greater problems down the road. Yet difficult dilemmas arise from this assumption. Should today's South Africa be responsible for apartheid-era debt? Is it reasonable to tether postwar Iraq with Saddam Hussein's excesses?
Rethinking Sovereign Debt is a probing historical analysis of how sovereign debt continuity--the rule that nations should repay loans even after a major regime change, or expect reputational consequences--became the consensus approach. Odette Lienau…
Tap Dancing on Everest, part coming-of-age memoir, part true-survival adventure story, is about a young medical student, the daughter of a Holocaust survivor raised in N.Y.C., who battles self-doubt to serve as the doctor—and only woman—on a remote Everest climb in Tibet.
My interest in sovereign debt began as a UN economist in the 1980s. We detailed statistics on the stark impact of the crises and watched Latin American presidents plead for help in the General Assembly. Based in New York, I got invited to some meetings of major banks that held problem debt, wouldn’t admit it, but ultimately had to accept losses. African countries in crisis were mainly in debt to official creditors that also did not want to accept losses. Over time, the types of creditors changed and changed again, and debt crises kept reappearing, being fixed, reappearing until today. This is dramatic stuff. How could I not be interested?
Government borrowing is the golden goose that makes possible investment in public infrastructure and continuing expenditures despite temporary shortfalls in tax revenue.
But when not managed well or when rocked by unforeseen catastrophes, sovereign debt can become an impossible burden.
Because the International Monetary Fund is mandated to worry about international financial stability, it is the central institution for international oversight of sovereign debt.
In this volume, the IMF brought together 38 economic and legal experts to explain to a broad audience why governments borrow, how to borrow sustainably, and how to emerge from default.
It is not a training manual but is comprehensive and clearly written so that even ministers of finance and legislators should understand it and civil society should draw on it in campaigns against debt crises.
The last time global sovereign debt reached the level seen today was at the end of the Second World War, and this shaped a generation of economic policymaking. International institutions were transformed, country policies were often draconian and distortive, and many crises ensued. By the early 1970s, when debt fell back to pre-war levels, the world was radically different. It is likely that changes of a similar magnitude -for better and for worse - will play out over coming decades. Sovereign Debt: A Guide for Economists and Practitioners is an attempt to build some structure around the issues of sovereign…
I’ve been studying money since the early 1980s, when my dissertation advisor—the late and great Hyman Minsky—warned me not to do “Genesis”, origins stories of money. But I couldn't resist. I'm one of the founders of Modern Money Theory (MMT), an approach developed over the past three decades that has garnered tens of thousands of followers and earned the hatred of the elite. And, yet, those who know how money really works—or who embrace public policy pursuing the public interest (Bernie Sanders, Alexandria Ocasio-Cortez), and even central bankers—have admitted that government cannot run out of money. I’ve written hundreds of academic papers, more blogs, many books, and given hundreds of interviews presenting the MMT alternative.
This one’s by a member of the home team—a former student, colleague, collaborator, and fellow MMT conspirator.
Kelton was an advisor to Bernie Sanders, served as chief economist for the Senate Budget Committee, and is a frequent guest on all the important media outlets. She explains the basics of MMT and why they are important—especially right now as Congress is hog-tied trying to figure out what to do to prevent Uncle Sam from defaulting as we broach the debt limit.
Read this book and you’ll never again confuse Uncle Sam’s budget with your own. Youcan run out of money! Uncle Sam cannot. Uncle Sam’s budget deficit puts money in yourpocket! His debt is yourasset!
If you are worried about the government’s deficit and debt, take a deep breath, and read this book now.
'Kelton has succeeded in instigating a round of heretical questioning, essential for a post-Covid-19 world, where the pantheon of economic gods will have to be reconfigured' Guardian
'Stephanie Kelton is an indispensable source of moral clarity ... the truths that she teaches about money, debt, and deficits give us the tools we desperately need to build a safe future for all' Naomi Klein
'Game-changing ... Read it!' Mariana Mazzucato
'A rock star in her field' The Times
'This book is going to be influential' Financial Times
'Convincingly overturns conventional wisdom' New York Times
After a life of teaching and writing, I have been reading widely in the literature on the Civil War North to set the stage for my next project, a book on the life and times of my great-grandfather, who has loomed over my imagination since I was a boy during the years of the Civil War Bicentennial. Both a soldier and politician, he emerged as one the most militant of the Radical Republicans in the early years of Reconstruction. What follows is my personal list of very important, very readable, recent books on the Northern experience of the war that I will have by my side as I start writing.
Fighting a war required a lot of money, and David Thomson explains how that money was found. His story is surprising. Previous American wars going back to the Revolution had been funded by great merchants and financiers, but fundraising in the Union drew on a new source, by an unexpected figure.
The notorious financier Jay Cooke would later describe his role in organizing huge sales of U.S. war bonds to the American public as his finest hour. Certainly, there were bonds sold in European markets, especially in Germany, but the bulk of the war finance was based on ordinary Americans buying bonds to support the cause for a little old-age security in years to come.
Thompon’s account shows how the surge of Union sentiment that Goodheart describes as a “Civil War Awakening” was translated into a surge of patriotic popular capitalism that anticipated the American experience in the two world…
How does one package and sell confidence in the stability of a nation riven by civil strife? This was the question that loomed before the Philadelphia financial house of Jay Cooke & Company, entrusted by the US government with an unprecedented sale of bonds to finance the Union war effort in the early days of the American Civil War. How the government and its agents marketed these bonds revealed a version of the war the public was willing to buy and buy into, based not just in the full faith and credit of the United States but also in the…
I am interested in how regimes of ethics and property interrelate, and how this interrelation informs political thought: in questions of cooperatives and collectives, customary use-rights, and household economies. I'm an anthropologist by training and geographically I work in Russia. I've written about socialist property law and stolen late-Soviet penguins, Stalin-era mine-detection dogs and perestroika-era saints, möbius bands, 19th-century Russian cheese-making co-operatives, New World Order theories of “The Golden Billion” and other important matters.
72 people died when the Grenfell Tower burned in 2017, hundreds more lost their homes.
As survivors slept out in London's mosques and churches, one politician suggested requisitioning empty investment properties to house them. But the idea was shot down as a violation of human rights: those of the property owners. Whyte's Morals of the Market opens with this historical anecdote to ask how neoliberalism and human rights discourses evolved together.
Working through published and archival sources, the book shows that neoliberal thinkers “developed their own account of human rights as protections for the market order.” To their authors, such claims were not cynical. They were moral: grounded in a political morality that equated social progress with commercial relations, collectivism with moral failure, socialism with civilizational regression.
As people whose social worlds have been shattered by neoliberal policies increasingly turn to right-wing populism for a new kind of collectivist future,…
Drawing on detailed archival research on the parallel histories of human rights and neoliberalism, Jessica Whyte uncovers the place of human rights in neoliberal attempts to develop a moral framework for a market society. In the wake of the Second World War, neoliberals saw demands for new rights to social welfare and self-determination as threats to "civilisation". Yet, rather than rejecting rights, they developed a distinctive account of human rights as tools to depoliticise civil society, protect private investments and shape liberal subjects.
The essential feature of democratic capitalism is creative destruction–put simply, constant innovation in the products and services we produce and how we produce them. My book gives a history of electricity and demonstrates the wide-angle lens we must use to fully understand this sort of innovation. The books I recommend here are among the absolute best in this regard. Importantly, in Cold War II, China is challenging America with state capitalism and creative destruction is at the heart of the battle. I have a Ph.D. in Economics and founded a consulting company that assessed new technologies in the energy sector for over 30 years.
I love this book because of the compelling answer it gives to one of the most fundamental questions: why are some nations rich and others poor? The answer is that it depends on the political and economic institutions in place, with wealth accruing to nations with “inclusive institutions.” Put simply, nations with intellectual and economic freedom are richer.
Why does freedom matter? Because freedom opens the stage to Schumpeter’s creative destruction! The authors prove this, remarkably, through examples from around the globe, and they even use examples thousands of years apart in history. This is a must read to understand the way in which creative destruction drives prosperity both today and historically.
Shortlisted for the Financial Times and Goldman Sachs Business Book of the Year Award 2012.
Why are some nations more prosperous than others? Why Nations Fail sets out to answer this question, with a compelling and elegantly argued new theory: that it is not down to climate, geography or culture, but because of institutions. Drawing on an extraordinary range of contemporary and historical examples, from ancient Rome through the Tudors to modern-day China, leading academics Daron Acemoglu and James A. Robinson show that to invest and prosper, people need to know that if they work hard, they can make money…
I became an anthropologist by accident. I never liked school, but I loved to travel, and I got a PhD so that I could rail against development and the perils of cross-cultural misunderstanding in print. Naively, I thought maybe someone would listen. Luckily for me, I discovered I also liked teaching. I first taught at UCLA and then at the Naval Postgraduate School, where I had mostly mid-career U.S. and international special operations officers in class. More serendipity: my two decades at the Naval Postgraduate School bracketed the Global War on Terror, which unfortunately proved to be a witch’s brew of cross-cultural misunderstanding.
Yes, this is the same Graham Hancock who now writes contrarian archeological tomes. I conducted some of my PhD fieldwork in the same area of Somalia that he visited as a reporter, and I was there not long after he was in the 1980s.
This was the first book I came across that explained why almost every development project I’d encountered when traveling around Africa seemed to be such a waste, or worse. Next to no one at the time was reporting on the corruption generated by ‘development’ or the extent to which aid was an industry. Hancock nailed it.
Each year some sixty billion dollars are spent on foreign aid throughout the world. Whether in donations to charities such as Save the Children, Oxfam, CARE, UNICEF, or the Red Cross, in the form of enormous loans from the World Bank, or as direct payments from one government to another, the money is earmarked for the needy, for relief in natural disasters—floods or famines, earthquakes, or droughts—and for assistance in the development of nations.
The magnitude of generosity from the world’s wealthy nations suggests the possibility of easing, if not eliminating, hunger, misery, and poverty; in truth, however, only a…
So many of the problems we face as a society stem from the way our economy works. But the economy is presented as something technical and dry, or even simply the ‘natural state of things’. It makes it hard for people to understand where power lies, or even to imagine how it could be otherwise. If we want things to be different – and we really need things to be different – we’ve got to find better ways of communicating what’s going on. I’ve chosen some books that do this – to explain how economic decisions are made. And always to point to the possibility of it all being very different and much better.
“I hear people say we have to stop and debate globalization. You might as well debate whether autumn should follow summer.”
In 2005, Tony Blair told his party that a new, free-market, globalized form of capitalism was inevitable. Filipino theorist, activists and later politician Walden Bello begged to differ. He believed globalization was a political choice, and one that suited Western elites and their multinational corporations, at the expense of the mass of humanity.
In Deglobalization, Bello sets out to show how things could be different, imagining a more diverse international economy centred on the principle of being as democratic as possible.
How to manage the global economy - and, more fundamentally, whether humanity wishes it to go in an ever more market-oriented, transnational corporation-dominated, and capital-footloose direction - is the most important international question of our time. In this short and trenchant history of those bodies -- the World Bank, IMF, WTO, and Group of Seven -- which have promoted this economic globalization, Walden Bello:
- Points to their manifest failings;
- Examines the major new ideas put forward for reforming the management of the world economy;
- Argues for a much more fundamental shift towards a decentralized, pluralistic system of…