business

The Return of Fiscal Capacity and Its Impact on Power Dynamics

21 Ağustos 2026Financial Times

The article discusses the resurgence of the connection between power and fiscal capacity, a relationship that seemed to diminish during the 2010s. It highlights how recent economic developments have shifted perceptions and realities regarding fiscal responsibility and political influence.
The bond market's volatility serves as a reminder of the underlying dynamics that govern state power today.
The 2010s were characterized by low interest rates and expansive fiscal policies, which allowed many governments to operate with a sense of security. However, the current economic landscape, marked by inflation and rising rates, has rekindled concerns about fiscal sustainability and its implications for national sov…
This shift in the bond market reflects a broader trend where financial stability is increasingly intertwined with national power. As governments face rising interest rates and inflation, their ability to finance public spending is challenged, potentially leading to a reevaluation of political strategies.

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This article reflects the author's opinions and analysis and may not represent the views of the Financial Times.

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