With the liberalization of global financial markets that began in the 1970’s, foreign sources of credit became available. In the mid-1980’s, the US became a net debtor, relying increasingly on foreigners to finance its debt.
二战以后，发达国家的财政原本也是内债优先的，仍然保守着1688年的传统。后来，事情起了一些变化。随着20世纪70年代开始的全球金融市场自由化，外国信贷资源变成可及之物。到了20世纪80年代中期，美国成为净债务国，对外债的依赖程度与日俱增。