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Debtors' prison: the politics of austerity versus possibility

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Pub. Date:
2013.
Language:
English
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One of our foremost economic thinkers challenges a cherished tenet of today's financial orthodoxy: that spending less, refusing to forgive debt, and shrinking government--"austerity"--is the solution to a persisting economic crisis like ours or Europe's, now in its fifth year. Since the collapse of September 2008, the conversation about economic recovery has centered on the question of debt: whether we have too much of it, whose debt to forgive, and how to cut the deficit. These questions dominated the sound bites of the 2012 U.S. presidential election, the fiscal-cliff debates, and the perverse policies of the European Union. Robert Kuttner makes the most powerful argument to date that these are the wrong questions and that austerity is the wrong answer. Blending economics with historical contrasts of effective debt relief and punitive debt enforcement, he makes clear that universal belt-tightening, as a prescription for recession, defies economic logic. And while the public debt gets most of the attention, it is private debts that crashed the economy and are sandbagging the recovery--mortgages, student loans, consumer borrowing to make up for lagging wages, speculative shortfalls incurred by banks. As Kuttner observes, corporations get to use bankruptcy to walk away from debts. Homeowners and small nations don't. Thus, we need more public borrowing and investment to revive a depressed economy, and more forgiveness and reform of the overhang of past debts. In making his case, Kuttner uncovers the double standards in the politics of debt, from Robinson Crusoe author Daniel Defoe's campaign for debt forgiveness in the seventeenth century to the two world wars and Bretton Woods. Just as debtors' prisons once prevented individuals from surmounting their debts and resuming productive life, austerity measures shackle, rather than restore, economic growth--as the weight of past debt crushes the economy's future potential. Above all, Kuttner shows how austerity serves only the interest of creditors--the very bankers and financial elites whose actions precipitated the collapse. Lucid, authoritative, provocative--a book that will shape the economic conversation and the search for new solutions.  

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ISBN:
9780307959805
9780307959812
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Grouping Information

Grouped Work ID b26cc6fe-cb1e-c055-db88-b8f9e48f3bfc
Grouping Title debtors prison the politics of austerity versus possibility
Grouping Author kuttner robert
Grouping Category book
Last Grouping Update 2019-10-18 22:43:46PM
Last Indexed 2019-10-18 23:33:42PM

Solr Details

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display_description "A timely, broadly revisionist, essential book by one of our foremost economic observers takes down one of the most cherished tenets of contemporary financial thinking: that spending less, refusing to forgive debt, and shrinking government--"austerity"--is a solution to the current economic crisis"--
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primary_isbn 9780307959805
publishDate 2013
record_details
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ils:CARL0000410660 Book Books 1st ed. English Knopf, 2013. 331 p. ; 25 cm.
overdrive:099940c2-5347-404e-a327-af135e8646ba eBook eBook English Knopf Doubleday Publishing Group 2013
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subject_facet Budget deficits
Consumption (Economics)
Debt
Government spending policy
title_display Debtors' prison : the politics of austerity versus possibility
title_full Debtors' Prison The Politics of Austerity Versus Possibility
Debtors' prison : the politics of austerity versus possibility / Robert Kuttner
title_short Debtors' prison :
title_sub the politics of austerity versus possibility
topic_facet Budget deficits
Business
Consumption (Economics)
Debt
Government spending policy
Nonfiction
Politics