This collection of fifty-nine primary documents presents multiple viewpoints on more than four centuries of growth, conflict, and change in Georgia. The selections range from a captive's account of a 1597 Indian revolt against Spanish missionaries on the Georgia coast to an impassioned debate in 1992 between county commissioners and environmental activists over a proposed hazardous waste facility in Taylor County. Drawn from such sources as government records, newspapers, oral histories, personal diaries, and letters, the documents give a voice to the concerns and experiences of men and women representing the diverse races, ethnic groups, and classes that, over time, have contributed to the state's history. Cornerstones of Georgia History is especially suited for classroom use, but it provides any concerned citizen of the state with a historical basis on which to form relevant and independent opinions about Georgia's present-day challenges.

This paper describes the compilation of the first truly comprehensive database on gross government debt-to-GDP ratios, covering nearly the entire IMF membership (174 countries) and spanning an exceptionally long time period. The database was constructed by bringing together a number of other datasets and information from original sources. For the most recent years, the data are linked to the IMF World Economic Outlook (WEO) database to facilitate regular updates. The paper discusses the evolution of debt-to-GDP ratios across country groups for several decades, episodes of debt spikes and reversals, and a pattern of negative correlation between debt and growth.

Savannah's Midnight Hour argues that Savannah's development is best understood within the larger history of municipal finance, public policy, and judicial readjustment in an urbanizing nation. In providing such context, Lisa Denmark adds constructive complexity to the conventional Old South/New South dichotomous narrative, in which the politics of slavery, secession, Civil War, and Reconstruction dominate the analysis of economic development. Denmark shows us that Savannah's fiscal experience in the antebellum and postbellum years, while exhibiting some distinctively southern characteristics, also echoes a larger national experience. Her broad account of municipal decision making about improvement investment throughout the nineteenth century offers a more nuanced look at the continuity and change of policies in this pivotal urban setting. Beginning in the 1820s and continuing into the 1870s, Savannah's resourceful government leaders acted enthusiastically and aggressively to establish transportation links and to construct a modern infrastructure. Taking the long view of financial risk, the city/municipal government invested in an ever-widening array of projects--canals, railroads, harbor improvement, drainage-- because of their potential to stimulate the city's economy. Denmark examines how this ideology of over-optimistic risk-taking, rooted firmly in the antebellum period, persisted after the Civil War and eventually brought the city to the brink of bankruptcy. The struggle to strike the right balance between using public policy and public money to promote economic development while, at the same time, trying to maintain a sound fiscal footing is a question governments still struggle with today.

We consider public debt from a long-term historical perspective, showing how the purposes for which governments borrow have evolved over time. Periods when debt-to-GDP ratios rose explosively as a result of wars, depressions and financial crises also have a long history. Many of these episodes resulted in debt-management problems resolved through debasements and restructurings. Less widely appreciated are successful debt consolidation episodes, instances in which governments inheriting heavy debts ran primary surpluses for long periods in order to reduce those burdens to sustainable levels. We analyze the economic and political circumstances that made these successful debt consolidation episodes possible.

The current approach to resolving sovereign debt crises does not work: sovereign debt restructurings come too late and address too little. Though unresolved debt crises impose enormous costs on societies, many recent restructurings have not been deep enough to provide the conditions for economic recovery (as illustrated by the Greek debt restructuring of 2012). And if the debtor decides not to accept the terms demanded by the creditors, finalizing a restructuring can be slowed by legal challenges (as illustrated by the recent case of Argentina, deemed as "the trial of the century"). A fresh start for distressed debtors is a basic principle of a well-functioning market economy, yet there is no international bankruptcy framework for sovereign debts. While this problem is not new, the United Nations and the global community are now willing to do something about it. Providing guidance for those who intend to take up reform, this book assesses the relative merits of various debt-restructuring proposals, especially in relation to the main deficiencies of the current nonsystem. With contributions by leading academics and practitioners, Too Little, Too Late reflects the overwhelming consensus among specialists on the need to find workable solutions.