The history of state government debt in North Dakota can be divided into three 30-year periods which should be interpreted in terms of the political, social, and economic conditions of each period. The early statehood period of 1889-1918 began with the use of debt to construct facilities necessary to carry out the normal functions of state government. Although total expenditures increased because of tremendous population growth, per capita expenditures declined significantly. During the second period (1919-1949), population continued to grow but at a decreasing rate. Farmers' organizations were successful in having laws passed to regulate railroads, elevators, mills, and grain dealers. During the Depression years, debt grew, and North Dakota's bond rating was lowered. During World War II, state debt was reduced without undue strain on the taxpayer. The third period (1950-1978) saw prosperity and public construction. Data were analyzed and indicated: (1) regionalization of bond ratings and debt outstanding; (2) differences and similarities among economic variables within the North Central Region of the United States; (3) North Dakota in the North Central Region; and (4) determinants of the amount of state debt outstanding. Data analyses are appended. (SM)