We live in an era of ever-increasing debt. The global debt of governments, corporations and households is now two to three times the global production of goods and services – and rising. It is particularly worrying that global debt has risen steadily in recent years in the wake of recent crises, without the time after the crisis being used to significantly reduce debt.
Despite all the scepticism, debt always means credit, and modern economies would be inconceivable without credit. At the Progress Foundation’s interdisciplinary workshop, participants explored various aspects of debt, focusing on public debt as the greatest burden on societies. Experience shows: When a society falls into a debt trap due to excessive borrowing, no one wants to take responsibility for it – and the responsibility is transferred to the general public.
Books
From Credit to Debt
01.11.2019
