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Between Debt and the Devil
Book

Between Debt and the Devil

Money, Credit, and Fixing Global Finance

Adair Turner
Princeton UP, 2017

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Editorial Rating

9

Qualities

  • Controversial
  • Analytical
  • Visionary

Recommendation

In this authoritative book, Adair Turner thoroughly takes apart the flawed assumptions that contributed to the 2008 crisis, and he details the realities of modern economies and financial sectors. Turner explains how and why economies have shifted, and why society’s attitudes toward borrowing, banks and money creation need to change in response. Otherwise, he writes, the world will remain mired in growing debt and recurring boom-and-bust cycles. Turner’s work is a bold challenge to the status quo and a carefully argued wake-up call.

Take-Aways

  • Many contend that the free market automatically provides an economy with the optimal amount of credit.
  • But low interest rates and financial innovations allowed speculation to feed a real estate bubble before the 2008 financial crisis.
  • Global imbalances and inequality fueled debt and held down inflation.

About the Author

Adair Turner, former chairman of Britain’s Financial Services Authority, is chairman of the Institute for New Economic Thinking and the author of Economics after the Crisis.

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