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Its hard to say what makes nations great. The sovereign will always honor their commitments, until they don't :) Because how far back are we willing to go? Most states/kingdoms in Europe have always been at war and there is a long history of reneging under economic strain. (especially wars)



When an entity does not honour their commitments, the money starts going to another entity that appears more trustworthy.

I'm not sure what kind of timelines you have in mind, but the above is clear if you look at the past few hundred of years of European history. Wars, in particular, have been funded by honoured business commitments.


>When an entity does not honour their commitments, the money starts going to another entity that appears more trustworthy.

Sure, but when in crises, people heavily favor the short term gains of reneging or violating an agreement over the loss of potential future opportunities.

Also using your logic, Chinese companies appear to be quite a bit trustworthy since businesses and individuals continue to do repeat business in China, continue to open up new businesses in China/sign new contracts etc, etc, etc. As you can imagine, the real-world is a lot more complex.

>I'm not sure what kind of timelines you have in mind, but the above is clear if you look at the past few hundred of years of European history. Wars, in particular, have been funded by honoured business commitments.

I'm talking about things like the confiscation of wealth/property, as happened under Edward I or Phillip IV, or the Stuart period (where the crown sold off lands to fund wars, and did not honor agreements for borrowed funds) for e.g.

Certainly nation states with their constitutions and laws have helped stem this unilateral 'dictatorial' approach to governance, but I think that its a bit too early to say that nation states will always be rational actors. Certainly the US, for e.g. has violated a lot of treaties that were signed with the native americans.




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