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

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. T...