Book Review Between Debt and the Devil: Money, Credit and Fixing Global Finance by Adair Turner

5 Pages Posted: 10 Oct 2018

See all articles by Sergey Avetisyan

Sergey Avetisyan

Central Bank of Armenia; Yerevan Brusov State University

Date Written: September 16, 2018

Abstract

Turner's book presents a new approach to monetary theory and policy. What's novel in Turner's book is not the proposition that debt can be dangerous, but that debt is what modern financial systems naturally create; and always to excess. Debt as an economic evil is an old characterization. Aristotle was sniffy about the money lenders, some of the world's major religions have prescribed or stigmatisedusury. And modern economic thinkers have denounced leverage just as sternly as the ancients. Irving Fisher saw the Great Depression as stemming from the curse of "debt deflation". The shocking results of that 2008 failure meant that subsequently the authorities, quite rightly, did what they had to do to avoid a complete meltdown in the markets. But this book is not a memoir of his role in steering us through the financial crisis. Instead, he addresses deeper questions about what got us into such a mess in the fi rst place, and demolishes much of the conventional wisdom about the functioning of financial markets and monetary policy.

Keywords: Adair Turner, Book Review, Financial Crisis, Monetary Theory

JEL Classification: B26, B31, Y30, Y50

Suggested Citation

Avetisyan, Sergey, Book Review Between Debt and the Devil: Money, Credit and Fixing Global Finance by Adair Turner (September 16, 2018). Available at SSRN: https://ssrn.com/abstract=3250386 or http://dx.doi.org/10.2139/ssrn.3250386

Sergey Avetisyan (Contact Author)

Central Bank of Armenia ( email )

6 Vazgen Sargsyan
Yerevan, 0010
Armenia

Yerevan Brusov State University ( email )

Toumanyan 42
Yerevan, 0002
Armenia

Do you have a job opening that you would like to promote on SSRN?

Paper statistics

Downloads
123
Abstract Views
596
rank
270,506
PlumX Metrics