Overview

When we talk about debt and its economic impact, we usually centre on ""government debt,"" and overlook the debt owed by individuals and firms that is vital to truly understanding the economy. In this iconoclastic book, Richard Vague examines the assets, liabilities, and incomes of the American economy as a whole, not just of the government. The book shows that debt growth in excess of GDP growth is a feature of modern economic systems, not a bug-and thus ever-increasing leverage is built into the very structure of the economy.Vague uses the data presented in the book to show thatrising debt is the primary source of economic growth, new money creation, and wealth creation-but that it also brings heightened inequality and canbring economic calamity when left unchecked. Vague also compares and contrasts the financial data of the U.S. to the world's other largest economies. As an expert on the role of private debt in the global economy, Vague offers an innovative set of policies to try to manage this debt paradox. Whether you are a policymaker or a private citizen looking to understand these dynamics, this book is an indispensable guide.

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9781800752207

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Reviews

‘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

Author Information

Richard Vague is Secretary of Banking and Securities for the Commonwealth of Pennsylvania. Before that he was the co-founder and CEO of two banks, managing partner of Gabriel Investments, an early-stage venture capital company, and co-founder, chairman and CEO of Energy Plus, an electricity and natural gas supply company. His previous books include A Brief History of Doom and The Case for a Debt Jubilee.

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