For the past 40 years western economies have splurged on debt, but it’s hardly a new phenomenon. Financial journalist Philip Coggan says that economic crises have a time-worn place in history. Governments fall, currencies lose their value and new systems emerge. In his book Paper Promises, Coggan traces our attitudes towards money and debt through history. He joins us to explain what these debt cycles can teach us about our current situation and how our attitudes might be about to change again. (Rebroadcast)
Philip Coggan is the Buttonwood columnist for The Economist and the author of Paper Promises: Debt, Money, and the New World Order
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