In this illuminating and provocative work, Richard Vague argues that the rapid expansion of private debt-rather than public spending-is what constrains economic growth and triggers economic calamities like the financial crisis of 2008. Num Pages: 104 pages, 24 illus. BIC Classification: KCP; KCX. Category: (G) General (US: Trade). Dimension: 216 x 140 x 18. Weight in Grams: 272. . 2014. Hardcover. . . . . Books ship from the US and Ireland.

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Bibliographic Details

Title: The Next Economic Disaster. Why it's Coming and How to Avoid it.
Publisher: University of Pennsylvania Press
Publication Date: 2014
Language: English
ISBN 10: 0812247043
ISBN 13: 9780812247046
Binding: Hardcover
Condition: New

About this title

Synopsis

Current debates about economic crises typically focus on the role that public debt and debt-fueled public spending play in economic growth. This illuminating and provocative work shows that it is the rapid expansion of private rather than public debt that constrains growth and sparks economic calamities like the financial crisis of 2008.

Relying on the findings of a team of economists, credit expert Richard Vague argues that the Great Depression of the 1930s, the economic collapse of the past decade, and many other sharp downturns around the world were all preceded by a spike in privately held debt. Vague presents an algorithm for predicting crises and argues that China may soon face disaster. Since American debt levels have not declined significantly since 2008, Vague believes that economic growth in the United States will suffer unless banks embrace a policy of debt restructuring.

All informed citizens, but especially those interested in economic policy and history, will want to contend with Vague's distressing arguments and evidence.

About the Author

Philanthropist and former banker Richard Vague is a managing partner of Gabriel Investments and Chairman of The Governor's Woods Foundation.

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