Paul E. Peterson is the Henry Lee Shattuck Professor of Government and director of the Program on Education Policy and Governance at Harvard University and a senior fellow at the Hoover Institution. His many books include The Price of Federalism (Brookings). Daniel Nadler is a visiting scholar at the Federal Reserve and a Ph.D. candidate at Harvard University.

" The Global Debt Crisis is a brilliant advance on the central peril of modern democracy.Peterson and Nadler and their colleagues show, in lucid detail, that the American andEuropean debt crises grew from within our federal systems of layered sovereignty —andthat the way out requires strengthening, not weakening, our federal structures. Readerswill learn how federalism and financial markets can fortify democratic accountability atevery level and how centralizing debt can jeopardize both solvency and democracy. Thisis first-rate scholarship with political punch." —Christopher DeMuth, former president of the American Enterprise Institute

Paul E. Peterson is the Henry Lee Shattuck Professor of Government and director of the Program on Education Policy and Governance at Harvard University and a senior fellow at the Hoover Institution. His many books include The Price of Federalism (Brookings). Daniel Nadler is a visiting scholar at the Federal Reserve and a Ph.D. candidate at Harvard University.

" The Global Debt Crisis is a brilliant advance on the central peril of modern democracy.Peterson and Nadler and their colleagues show, in lucid detail, that the American andEuropean debt crises grew from within our federal systems of layered sovereignty —andthat the way out requires strengthening, not weakening, our federal structures. Readerswill learn how federalism and financial markets can fortify democratic accountability atevery level and how centralizing debt can jeopardize both solvency and democracy. Thisis first-rate scholarship with political punch." —Christopher DeMuth, former president of the American Enterprise Institute