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Mountains of DebtCrisis and Change in Renaissance Florence, Postwar Britain, and Postwar America$
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Michael Veseth

Print publication date: 1991

Print ISBN-13: 9780195064209

Published to Oxford Scholarship Online: October 2011

DOI: 10.1093/acprof:oso/9780195064209.001.0001

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Structural Change and Fiscal Crisis

Structural Change and Fiscal Crisis

Chapter:
(p.6) (p.7) 1 Structural Change and Fiscal Crisis
Source:
Mountains of Debt
Author(s):

Michael Veseth

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780195064209.003.0002

This chapter presents basic ideas concerning structural change and fiscal crisis in the long view. It discusses the causes of major structural economic change and its likely impact on social institutions, including the institutions of government. It examines the nature of structural change and the relationship between structural change and fiscal crisis. It also looks at three case studies of structural change and fiscal crisis. By examining the specific problems and policies of Renaissance Florence and Victorian Britain, it becomes possible to better understand how the forces of change affect government, society, and the economy. David Ricardo's famous law of comparative advantage provides one of the oldest discussions of the problem of structural change. Ernst Engel, the nineteenth-century German statistician, showed that economic growth, even in a closed economy, also produces structural change.

Keywords:   structural change, fiscal crisis, Renaissance, Florence, Victorian Britain, David Ricardo, comparative advantage, Ernst Engel

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