FINANCIAL WORLD

Book presentation: Between debt and the devil

Adair Turner, Princeton University Press, 2017

BY

FORUM NEW ECONOMY

PUBLISHED

1. NOVEMBER 2019

In his book, Turner challenges the belief that economic growth requires rising debt and that rising debt is fine as long as inflation remains low. He argues that most credit is damaging, driving real estate booms and busts, financial crises and depressions.

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ABOUT FINANCIAL WORLD

KNOWLEDGE BASE

More than a decade after the financial crisis there still seems to be something seriously wrong with the financial system. Financial markets still tend to periodically misprice risk and contribute to boom and bust cycles. A better financial system needs to discourage short-termism and speculative activity, curtail systemic risk and distribute wealth more broadly.

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