HISTORY LESSONS ON THE PUBLIC DEBT
NOVANEWS
Letters
History lessons on the public debt
The Guardian, Wednesday 3 March 2010
Article history
We are economic historians concerned at the recent tone of the debate as to the scale and scope of British public sector debt (Report, 2 March). History shows, first, that British public debt is not high by the standards of the last 200 years. It is rather low in comparison to the second half of the 18th century, the first three-quarters of the 19th century, and most of the interwar and post-second world war era in the 20th century. It is also low in the context of the developed world; only Germany's and Canada's are lower among the larger industrialised powers.
Second, the last 20 years has seen exponential escalation in the scale of each financial crisis: the savings and loan scan...
