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For the past forty years, Western economies have splurged on debt. Now, as the reality dawns that many debts cannot be repaid, we find ourselves again in crisis. But the oncoming defaults have a time-worn place in our economic history. As with crises in the thirties and seventies, governments will fall, currencies will lose their value, and new systems will emerge. Just as Britain set the terms of the international system in the nineteenth century and America in the twentieth century, a new system will be set by today's creditors in China and the Middle East. In the process, rich will be pitted against poor, young against old, public sector workers against taxpayers, and one country against another. To understand the origins of this mess and how it will affect the new global economy, Coggan shows us how our attitudes toward debt have changed throughout history and how they may be about to change again.
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Paper Promises: Debt, Money, and the New World Order
2012, PublicAffairs
in English
1280588020 9781280588020
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Paper promises: money, debt and the new world order
2011, Allen Lane
in English
1846145104 9781846145100
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Book Details
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Edition Notes
Includes bibliographical references (pages 282-285) and index.
Self-Renewing 2017
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