3,257
edits
Changes
→Summary
==Summary==
Government debt, or public debt, was a new concept that did not originate until the late 17th century. Governments before simply spent what they had and they only had limited options to raise funds for wars or other enterprises. This changed with the founding of the Bank of England that other countries later emulated. In the 20th century, international institutions began to fund public debt, with the founding of the World Bank and IMF near and after the end of World War II.
==References==
