Summary:
The book critically examines the global financial system, particularly the role of private credit and debt in causing financial crises. It proposes reforms to reduce reliance on debt, including the use of central bank money creation to fund public investment and stimulate economies.
Key points:
1. Debt-Driven Growth Model: Adair Turner says the world relies too much on debt for growth, leading to economic ups and downs. He warns that too much borrowing, especially for things like houses, can cause financial crashes.
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