DAVID STASAVAGE. States of Credit: Size, Power, and the Development of European Polities.
Maarten Prak
David Stasavage's book, published in the prestigious Princeton series edited by Joel Mokyr, was recommended to me more often than usually happens. I have also seen it quoted various papers quickly and regularly one sees with a recently book. What made this book such an instant success? One contributing factor must be elegance of its mere 165 pages text. This is neatly constructed work, very transparent argument. The argument itself, no doubt, main reason why so many historians are attracted Stasavage insists on two crucial points: Middle Ages early modern periods small states were effective raising credit against relatively low interest rates large ones, those where merchants charge experienced similar advantages because these at same time experts financial management most important creditors state. These points seem confirm scholars' intuitions, but they worth making nonetheless. For long time, political fragmentation as handicap absolutism state centralization improvement, portrayed emergence “modern” Not so, claims Stasavage. Due problems distance, suffered from lack commitment monitoring, clearly substantially higher that larger forced pay their debts. Small were, moreover, capable establishing public debts much earlier point time.
The American Historical Review