Borrowing Quote by John James Cowperthwaite
“The fact that previous generations have handed down to us a substantial public heritage by way of roads, port, etc. almost completely free of debt, seems to me to impose some limitation on the validity of the theory that by borrowing we should, or could, pass on the burden of development to the next generation.”
About This Quote
Source Speech: Economic Policy Remarks, Hong Kong, 1965
The speaker argues that because past generations built public infrastructure largely debt‑free, it challenges the idea that borrowing is a justified way to shift development costs to future generations.
In simple terms: Debt‑free past infrastructure questions borrowing for future projects.
Key Takeaway
Consider the long‑term impact of public debt.
Themes
economics
public policy
intergenerational equity
fiscal responsibility
Mood
analytical
critical
Type
philosophical
policy
When to use this quote
- urban planning
- budgeting
- policy making
- infrastructure development
Key Concepts
Fiscal sustainability
government borrowing
Questions to Reflect On
- Is it always better to avoid debt for public projects?
- How can we balance current needs with future burdens?
A Different Perspective
Borrowing can still be necessary for urgent needs despite past debt‑free successes.
![“When the fountains of government [borrowing] abundance began to dry up, when through lack of funds and the impossibility of negotiating fresh loans the state was forced to check the extension of bureaucracy and to put a stop to public works, then and then only did the Italians realize what it…” quote by John T. Flynn](https://sms4smile.com/quotes/img-quotes/908/john-t-flynn-18493_abundance_when-the-fountains-of-government-borrowi_2663.jpg)
