The Paradox of Debt: A New Path to Prosperity Without Crisis

HOW TO MAKE DEBT WORK FOR USWhen we talk about debt and its impact on our economy, we almost always mean ‘government debt’. However, this is only a small part of the picture: individuals, private firms and households owe trillions, and these private debts are vital to understanding the economy. In The Paradox of Debt, Richard Vague shows that the real factor that drives both financial crises and spiralling inequality – but also, paradoxically, economic growth – is ever-rising private debt. The paradox is that while debt is essential and our economy relies on it, it also brings instability unless it is periodically deleveraged – and that is very hard to do. It can, however, be carefully managed, and Vague demonstrates how to do so in areas ranging from trade and housing to financial policy and student debt. ‘Richard Vague is a successful banker, brilliant author and contrarian economist with an encyclopaedic knowledge of the history of money and banking, and the parts of economic theory that are worth knowing. No-one else comes close to his blend of professional experience, oratorical flair and critical insights’ STEVE KEEN, author of Debunking Economics

‘Richard Vague is this century''s incarnation of Walter Bagehot, Charles Mackay, and Charles Kindelberger, all in one: a successful banker, brilliant author, and contrarian economist with an encyclopaedic knowledge of the history of money and banking, and the parts of economic theory that are worth knowing - above all the contributions of Hyman Minsky. No-one else comes close to his blend of professional experience, oratorical flair, and critical insights’ - Steve Keen, author of Debunking Economics and Can We Avoid Another Financial Crisis?

‘Richard Vague is a rare combination of scholar, practitioner and communicator. In The Paradox of Debt he provides an essential guide to the modern economy that can be read with profit and pleasure by citizens and policymakers alike’ - Michael Lind, author of The New Class War and Land of Promise: An Economic History of the United States

HOW TO MAKE DEBT WORK FOR US

When we talk about debt and its impact on our economy, we almost always mean ‘government debt’. However, this is only a small part of the picture: individuals, private firms and households owe trillions, and these private debts are vital to understanding the economy.

In The Paradox of Debt, Richard Vague shows that the real factor that drives both financial crises and spiralling inequality – but also, paradoxically, economic growth – is ever-rising private debt. The paradox is that while debt is essential and our economy relies on it, it also brings instability unless it is periodically deleveraged – and that is very hard to do. It can, however, be carefully managed, and Vague demonstrates how to do so in areas ranging from trade and housing to financial policy and student debt.

‘Richard Vague is a successful banker, brilliant author and contrarian economist with an encyclopaedic knowledge of the history of money and banking, and the parts of economic theory that are worth knowing. No-one else comes close to his blend of professional experience, oratorical flair and critical insights’ STEVE KEEN, author of Debunking Economics

• | Author: Richard Vague
• | Publisher: Swift Press
• | Publication Date: Jun 20, 2024
• | Number of Pages:
• | Language:
• | Binding: Paperback / softback
• | ISBN-13: 9781800752207
• | ISBN-10: 1800752202