That's a pretty old framework. The idea of peace through codependency is AFAIK a bit newer. The biggest problem is that it looks like it could lead to sovereign insolvency which can backfire if it leads to economic calamity and the rise of a political group with an eye on conquest (see Europe 1930s)

As an interesting aside, I'm no fan of wealth inequality. However, if it looks like it's the primary mechanism that is prolonging relative global peace (as in no biological or nuclear weapons being used), I may accept the tradeoff.

There's a balance, to be a bit vulgar, between "alright we need to pay this" and "fuck this debt, we're storming the castle"