Raise the Debt How Developing Countries Choose Their Creditors
Raise the Debt: How Developing Countries Choose Their Creditors by Jonas B. Bunte, published by Oxford University Press in 2019, offers an in-depth exploration of the dynamics surrounding international lending. This illustrated edition spans 276 pages and is presented in English. The book examines the role of emerging creditors, particularly the BRIC nations—Brazil, Russia, India, and China—in shaping the financial landscape for developing countries. Bunte investigates the factors influencing governments’ choices between various loan offers, focusing on the implications for economic development and democratic governance.
Readers will find a systematic analysis that combines statistical data with extensive interviews, revealing how domestic interest groups affect borrowing decisions. The book highlights the differing conditions attached to loans from various creditors, illustrating that the political landscape within recipient countries plays a crucial role in these choices. By employing a comparative politics framework alongside international political economy methods, Raise the Debt provides valuable insights into the potential consequences of these financial relationships on growth and democracy worldwide.
Official synopsis Publisher
Credit is the lifeblood of capitalism and development. Brazil, Russia, India, and China-also called BRICs-have become important creditors to developing countries. However, how will their loans affect economic development and democracy in recipient countries? We need to understand why governments accept Chinese over Western loan offers before we can predict their likely consequences. In Raise the Debt, Jonas B. Bunte systematically explains how governments choose among competing loan offers. Using statistical analyses and extensive interview data, he shows that the strings attached to loans vary across creditors. Consequently, one domestic interest group may benefit from Chinese credit but not U.S. loans, while the opposite is the case for other groups. Bunte provides evidence that governments cater to whichever domestic interest group is politically dominant when deciding between competing loan offers. Combining a comparative politics approach with international political economy methods, Raise the Debt shows how a deeper understanding of governments’ borrowing decisions is critical for gaining insights into how these loans could impact growth and democracy on a global scale.
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