An Inquiry Into the Nature and Causes of the Wealth of Nations - Book 5, Chapter 3 Summary & Analysis

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Book 5, Chapter 3 Summary and Analysis

Here is the last portion of the summary. This Part is about Public Debts. The debts of a nation are always an issue. The author brings light to how debts are created and managed. There are two main types of debts. First are debts incurred for extraordinary services. The most common these are for military expenses, both those of personnel and those of ordnance. The expenses are incurred but not paid for, and hence, there is a debt there. Another item included in this is that there are arrears for subsidies made to princes - foreign princes in particular. The second kind of debt is are actually a means of payment made to clear up primary debts. These are Navy and Exchequer bills.

Funds are often borrowed from one part of the government in order to be used by...

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This section contains 442 words
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