In this essay, Dalrymple reflects on Britain’s long accumulation of public debt and argues that what appears disastrous for citizens can be positively advantageous for governments. He also points out some differences between countries that impacts their degree of financial probity:
With regard to democracies that have not run up vast debts, at least not so far, I should say that they are (1) relatively small and (2) relatively homogeneous and egalitarian. It is far easier in those circumstances for politicians to be morally and intellectually honest than in countries with huge, diverse, and divided populations whose citizens’ interests are not even similar, let alone identical.
Read the full essay here.
