IDEAS home Printed from https://ideas.repec.org/a/bla/ecaffa/v29y2009i3p95-97.html
   My bibliography  Save this article

This Is Not A Credit Crisis – It Is A Debt Crisis

Author

Listed:
  • Dirk J. Bezemer

Abstract

Using an analogy with ancient Babylonia as its leading theme, this viewpoint argues that the credit crisis is the symptom of an underlying problem. Fuelled by government policies, unprecedented debt levels were run up in industrialised countries over the last quarter century. Present policies of financial sector bailouts are not only an unwise use of taxpayers' money; they maintain economic structures opposed to what classical liberals such as J. S. Mill envisaged as a free‐market economy.

Suggested Citation

  • Dirk J. Bezemer, 2009. "This Is Not A Credit Crisis – It Is A Debt Crisis," Economic Affairs, Wiley Blackwell, vol. 29(3), pages 95-97, September.
    • Handle: RePEc:bla:ecaffa:v:29:y:2009:i:3:p:95-97
    DOI: 10.1111/j.1468-0270.2009.01929.x
    as

    Download full text from publisher

    File URL: https://doi.org/10.1111/j.1468-0270.2009.01929.x
    Download Restriction: no
    File URL: https://libkey.io/10.1111/j.1468-0270.2009.01929.x?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    References listed on IDEAS

    as
    1. L. Randall Wray (ed.), 2004. "Credit and State Theories of Money," Books, Edward Elgar Publishing, number 3204.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. L. Randall Wray, 2011. "Waiting for the Next Crash: The Minskyan Lessons We Failed to Learn," Economics Public Policy Brief Archive ppb_120, Levy Economics Institute.
    2. Phil Armstrong, 2020. "Can Heterodox Economics Make a Difference?," Books, Edward Elgar Publishing, number 19964.
    3. Zdravka Todorova, 2013. "Connecting social provisioning and functional finance in a post-Keynesian–Institutional analysis of the public sector," European Journal of Economics and Economic Policies: Intervention, Edward Elgar Publishing, vol. 10(1), pages 61-75.
    4. L. Randall Wray, 2008. "Banking, Finance and Money: A Social Economics Approach," Chapters, in: John B. Davis & Wilfred Dolfsma (ed.), The Elgar Companion to Social Economics, chapter 27, Edward Elgar Publishing.
    5. Thomas Cate (ed.), 2012. "Keynes’s General Theory," Books, Edward Elgar Publishing, number 3855.
    6. Alla Semenova & L. Randall Wray, 2015. "The Rise of Money and Class Society: The Contributions of John F. Henry," Economics Working Paper Archive wp_832, Levy Economics Institute.
    7. L. Randall Wray, 2014. "From the State Theory of Money to Modern Money Theory: An Alternative to Economic Orthodoxy," Economics Working Paper Archive wp_792, Levy Economics Institute.
    8. Tae-Hee Jo, 2015. "Financing Investment under Fundamental Uncertainty and Instability: A Heterodox Microeconomic View," Bulletin of Political Economy, Bulletin of Political Economy, vol. 9(1), pages 33-54, June.
    9. L. Randall Wray, 2012. "Money in finance," Chapters, in: Jan Toporowski & Jo Michell (ed.), Handbook of Critical Issues in Finance, chapter 33, pages i-ii, Edward Elgar Publishing.
    10. Massimo Cingolani, 2013. "Finance Capitalism: A Look at the European Financial Accounts," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 60(3), pages 249-290, May.
    11. Saiag, Hadrien, 2011. "Le Trueque argentin au prisme de la dette : une socioéconomie des pratiques monétaires et financières," Economics Thesis from University Paris Dauphine, Paris Dauphine University, number 123456789/8199 edited by Servet, Jean-Michel & Théret, Bruno.
    12. Nikolay Nenovsky, 2009. "On Money as an Institution," ICER Working Papers 12-2009, ICER - International Centre for Economic Research.
    13. Stephanie Bell & L. Randall Wray, "undated". "The War on Poverty After 40 Years: A Minskyan Assessment," Economics Public Policy Brief Archive ppb_78, Levy Economics Institute.
    14. Suaste Cherizola, Jesús, 2023. "Estudiar el precio, olvidar el valor: Una alternativa al pensamiento económico tradicional [Study prices, forget value: An alternative to traditional economic thinking]," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, issue 18, pages 55-79.
    15. Pitrou, Cyril, 2015. "Graph representation of balance sheets: from exogenous to endogenous money," MPRA Paper 63662, University Library of Munich, Germany.
    16. Georgina M. Gómez, 2019. "Money as an Institution: Rule versus Evolved Practice? Analysis of Multiple Currencies in Argentina," JRFM, MDPI, vol. 12(2), pages 1-14, May.
    17. Ament, Joe, 2020. "An ecological monetary theory," Ecological Economics, Elsevier, vol. 171(C).
    18. Ganev, Georgy, 2025. "Has the barter theory of the origins of money been rejected?," MPRA Paper 124237, University Library of Munich, Germany, revised 15 Mar 2025.
    19. L. Wray, 2006. "Keynes's Approach to Money: An Assessment After Seventy Years," Atlantic Economic Journal, Springer;International Atlantic Economic Society, vol. 34(2), pages 183-193, June.
    20. L. Randall Wray, 2012. "Introduction to an Alternative History of Money," Economics Working Paper Archive wp_717, Levy Economics Institute.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:bla:ecaffa:v:29:y:2009:i:3:p:95-97. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Wiley Content Delivery (email available below). General contact details of provider: http://www.blackwellpublishing.com/journal.asp?ref=0265-0665 .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.