Comments on: International Capital Flows and Political Transition in Europe: Historical Perspectives

  • Peter Hertner
Conference paper


In his paper Larry Neal paints a large fresco. Its main subject is the successful and durable foundation of the modern industrialized nation-state. If this figures as the general background, the acting persons on the frontstage are the two forces which create the necessary pre-conditions for such a virtuous development: domestic financial innovation and access to the international capital market. These two factors were, as Neal stresses, “complementary forces”: the governments in charge of the transition from the pre-modern to the modern state and society had to create new internationally acceptable debt instruments; at the same time they had to demonstrate to their domestic and foreign creditors that they were able and willing to serve their increasing debts by a newly devised customs and tax system.


Foreign Capital Political Transition Retail Banking International Capital Flow Foreign Creditor 
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© Springer-Verlag Berlin Heidelberg 1996

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  • Peter Hertner

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