pugsville wrote:The History of authoritarian Governments and Monarchies seems no different.
There is no comparison between pre WWI monarchies and post WWI representative governments regarding deficit spending and national debt. I don't know where you get this idea of yours. We have not seen such deficits and national debts in the history of the world as we have seen in our lifetimes in primarily representative governments.
Praxeological considerations more or less seal the matter in any event anyway; human beings act in regards to incentive and disincentive. A person who is personally liable for their own capital value is less likely to deliberately act to damage that capital value, nor are they likely to unequivocally seek to raise incomes at the expense of capital value.
Thus, we could predict, given human nature, that people that don't "own" something are less likely to seek an increase of that thing's value if there is no other incentive to do so.
Thus, without any historical analysis whatsoever, we could predict that a representative government is likely to increase deficit spending, currency debasement, debt, and other fiscally irresponsible practices as the representatives are not personally at risk financially, in fact, they are incentivized to do these sorts of things in order to "buy" voters.
Lets think of this by way of analogy.
Is a person more likely to care for their own home that they intend to resell at a profit, or an apartment with no security deposit that they are staying in only temporarily? You already know the answer to this. Thus, we can see why a temporary representative with no liability is less likely to invest in the capital value of the nation than someone who was the private retainer of such like a monarch.
Similarly, if each representative in Congress had to leverage their own personal property and credit rating every time they voted on government spending,
do you really think they would vote the way they do currently? Don't be silly.NOTE: I am not necessarily defending monarchies per se, and I am definitely not defending totalitarian dictatorships, but I am critiquing the social contract and especially the public ownership of government/nation via temporarily elected representatives whose entire purpose is to bribe people with money that doesn't belong to them in exchange for terms of power. The very concept lends itself to bad fiscal policy.