Does establishing representative democracy increase commitment to repay public debt? This book develops new theory about the link between debt and democracy and applies it to a classic historical comparison: Great Britain in the eighteenth century which had strong representative institutions and sound public finance vs. ancien regime France, which had neither. The book argues that whether representative institutions improve commitment depends on the opportunities for government creditors to form coalitions with other groups. This study is relevant for developing country governments today, and has implications for the numerous areas of government policy where credibility is a concern.

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