Abstract
The world of finance is not accessible to everyday people. In recent years, work in the area known as 'social studies of finance' has opened up the black box of international banking to reveal the organizational and human foibles that make up the reality of this seemingly divine entity. All manner of sub-national entities, from municipalities to transit authorities and urban development corporations, are players in the public finance game. In the recently bankrupt city of Detroit or in emerging countries such as Laos, there are few choices for public finance. Indeed, public finance (that is, government borrowing) is governed more powerfully by the large-scale creditors/investors than by any law. Governments are supposed to be sovereign; but for many, perhaps most, countries in the world sovereignty – that is, the ability to make laws.
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