From the early 17th century to the early 19th century England pretty much lived in deficit spending due to it's own internal conflicts and more especially, it's wars with France and Spain. France and Spain also ran-up deficit spending, though not so much as England nor as prolonged. Even so, both France and Spain collapsed in economic ruin, cultural stagnation and final military defeat at the hands of the English (mainly). After the defat of Spain and France, England, having guaranteed at her own expense, freedom of the seas, became the unchallenged dominant society of the 18th century.

B