In 1780s, three major countries faced debt crises: the United States, Great Britain, and France. The Anglo-and Francophones realized dramatically different outcomes. In the confederated United States, debt had been a mess of state obligations; after the Constitution was ratified in 1788, Hamilton federalized these debts and began repayment, which reassured creditors and eased the flow of funds. As a result, despite its youth and tenuous position, the United States had access to essential finance.
