Description
Book SynopsisWe live in a culture of credit. As wages have stagnated, we’ve seen a dramatic surge in private borrowing across the western world; increasing numbers of households are sucked into a hopeless vortex of spiralling debt, fuelled by exploitative lending.
In this book Johnna Montgomerie argues that the situation is chronically dysfunctional, both individually and collectively. She shows that abolishing household debts can put an end to austerity and to the unsustainable forward march of debt-dependent growth. She combines astute economic analysis with the elements of an accessible guide to practical policy solutions such as extending unconventional monetary policy to the household sector, providing pragmatic and affordable refinancing options, and writing off the most pernicious elements of household debt. This framework, she contends, can help us to make our economy fairer and to tackle both the housing crisis and accelerating inequality.
Trade Review"Abolishing household debt is heresy to the politicians who brought us bank bailouts and austerity. Johnna Montgomerie explains why so many families in Britain are dependent on borrowing and offers concrete proposals for ending the debt-fuelled growth."
—Paul Mason, journalist and author
"In this book, Johnna Montgomerie demonstrates that an apparently radical idea, abolishing household debt, is just common sense. Buy it, read it, tell others to do the same."
—John Weeks, Coordinator of the Progressive Economy Forum
"It is not often that I read a non-fiction book that is an easy read, explains complex economic concepts with metaphors that are simple enough to understand, and make perfect sense. Should we abolish household debts? by Johnna Montgomerie is such a book."
—Financial Times
"Concise, informative."
—Morning Star
