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Governments should spend no more than their tax income.' Most people in Europe and North America accept this statement as simple common sense. It matches the deeply engrained economic metaphors that dominate public discourse, from 'living within your means' to 'balancing the budget' - all necessary, or so conventional wisdom holds, to avoid the dangers of debt, taxation and financial ruin. This book shows how these homely metaphors constitute the 'debt delusion' a set of plausible-sounding yet false ideas that have been used to justify damaging austerity policies. John Weeks debunks these myths, explaining both the true story behind public spending, taxation, and debt, and the real function of these in the management of our economies. He demonstrates that disputes about public finances are not primarily technical matters best left to specialists and experts, as many politicians would have us believe, but rather fundamentally questions about our true political priorities. Requiring no prior economic knowledge, this is an ideal primer for anyone wishing to cut through the rhetoric and misinformation that dominate political debates on economics and become an informed citizen.

Debts, Public --- Finance, Public --- Government spending policy --- Fiscal policy --- Politique d'austérité --- Dette publique --- Dépense publique --- Impôt --- BPB1912 --- skatt --- tatim --- данок --- porez --- nodoklis --- данък --- mokestis --- tax --- daň --- imposto --- impozit --- φόρος --- imposta --- порез --- impuesto --- taxxa --- skat --- podatek --- vero --- Steuer --- adó --- maks --- belasting --- davek --- apmokestinimo norma --- Abgabe --- даночна стапка --- skattesats --- aliquota d'imposizione --- јавна давачка --- miera zdanenia --- maksumäär --- tipo de gravamen --- taxa fiscal --- verokanta --- az adózás mértéke --- porezna stopa --- gravamen fiscal --- finansiel ordning --- taxe fiscale --- maksustamismäär --- Steuersatz --- daňová sazba --- оданочување --- taxa de imposição --- fiskal avgift --- beskatningsprocent --- tasa --- taux d'imposition --- adómérték --- cotă de impozitare --- sadzba dane --- tasso d'imposizione --- φορολογικά τέλη --- Steuerschuld --- míra zdanění --- φορολογικός συντελεστής --- canone fiscale --- belastingtarief --- contribución --- rate of taxation --- fiscale retributie --- shkallë e tatimit --- illeték --- belastingschijf --- tarifa impositiva --- veroprosentti --- tipo impositivo --- nodokļa likme --- imposizione fiscale --- járulék --- shkallë tatimore --- tax rate --- taxă fiscală --- mokesčio norma --- tributo --- δημόσια δαπάνη --- public expenditure --- јавен расход --- shpenzime publike --- offentlig utgift --- öffentliche Ausgabe --- offentlig udgift --- spesa pubblica --- overheidsuitgave --- јавни расход --- viešosios išlaidos --- állami kiadások --- cheltuieli publice --- wydatki publiczne --- nefqa pubblika --- verejný výdavok --- despesas públicas --- javnofinančni odhodki --- veřejné výdaje --- javni izdatak --- valsts sektora izdevumi --- обществен разход --- gasto público --- avaliku sektori kulud --- julkiset menot --- shpenzime shtetërore --- despesas do Estado --- government expenditure --- spesa dello Stato --- julkistalouden menot --- vládní výdaje --- vyriausybės išlaidos --- statsutgift --- közkiadás --- cheltuieli guvernamentale --- vládny výdavok --- valitsemissektori kulud --- владин расход --- gasto del Estado --- dépense de l'État --- overheidsschuld --- borxhi publik --- javni dug --- fiachas poiblí --- δημόσιο χρέος --- valstybės skola --- offentlig gæld --- dívida pública --- statsskuld --- valsts parāds --- riigivõlg --- veřejný dluh --- javni dolg --- štátny dlh --- dejn pubbliku --- datorie publică --- јавен долг --- öffentliche Schulden --- јавни дуг --- обществен дълг --- deuda pública --- julkinen velka --- államadósság --- public debt --- dług publiczny --- debito pubblico --- státní dluh --- nacionalinė skola --- државен долг --- емисија на јавниот долг --- šalies skola --- задолжување на државата --- valtion velka --- statsgæld --- valitsemissektori võlg --- öffentliche Schuld --- valdības parāds --- government debt --- амортизација на јавниот долг --- debito fluttuante --- vládní dluh --- nacionalni dug --- národný dlh --- nemzeti adósság --- datorie națională --- national debt --- valtionvelka --- vyriausybės skola --- vládny dlh --- debito redimibile --- indebitamento del settore pubblico --- вкупен обем на јавниот долг --- нето јавен долг --- titoli del debito pubblico --- avaliku sektori võlg --- borxh kombëtar --- državni dug --- datorie guvernamentală --- borxh shtetëror --- бруто јавен долг --- národní dluh --- politika úsporných opatření --- åtstramningspolitik --- politika úsporných opatrení --- política de austeridad --- griežto taupymo politika --- bezuinigingsbeleid --- politică de austeritate --- austerity policy --- varčevalna politika --- polityka oszczędnościowa --- política de austeridade --- политика штедње --- talouden kiristämispolitiikka --- Sparpolitik --- πολιτική λιτότητας --- politica di austerità --- kokkuhoiupoliitika --- политика по спестяванията --- politikë shtrënguese --- taupības politika --- politika ta' awsterità --- megszorító politika --- stram økonomisk politik --- политика на штедење --- politika štednje --- politique de rigueur --- takarékossági politika --- politika poduzimanja mjera štednje --- megszorító intézkedések --- tiukka talouspolitiikka --- svångremspolitik --- spaarpolitiek --- politika omezování --- politica di rigore --- úsporná opatření státu --- sparepolitik --- Austerity-Politik --- stram ekonomisk politik --- imposta (tassa) --- öffentliche Ausgaben --- cáin --- beartas déine --- caiteachas poiblí --- Impôt --- Politique d'austérité --- Dépense publique --- dette publique

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The legal systems shaping capitalist societies worldwide contribute to a variety of fundamental societal problems, such as an ever-mounting public and private debt, environmental pollution, an increasing polarization between the rich and the poor, and an overall, globally unjust fiscal and financial order. These issues remain unaddressed by the capitalist system itself. However, the main legal building blocks of the capitalist socio-economic system are remarkably simple, the most important being money and the way it is created; the company form, and the (neo)liberal state organization aimed at making markets as free as possible in the sole interest of the entrepreneurial sector. In How economics became the problem: An urgent call to legal action expert in economic and financial law Koen Byttebier provides a critical analysis of capitalist society and gives insights in how to deploy legal tools differently, to the benefit of our societies and communities.

BPB9999 --- overheidschuld --- particuliere schuld --- dette publique --- dette privée --- public debt --- pollution --- social inequality --- market economy --- desigualdade social --- друштвена неједнакост --- inechitate socială --- sociálna nerovnosť --- inégalité sociale --- pabarazi shoqërore --- desigualdad social --- društvena nejednakost --- sociale ongelijkheid --- socialna neenakost --- nierówność społeczna --- sociala skillnader --- social ulighed --- socialinė nelygybė --- yhteiskunnallinen eriarvoisuus --- disuguaglianza sociale --- inugwaljanza soċjali --- soziale Ungleichheit --- општествена нееднаквост --- sotsiaalne ebavõrdsus --- sociālā nevienlīdzība --- sociální nerovnost --- κοινωνική ανισότητα --- társadalmi egyenlőtlenség --- социално неравенство --- општествена хиерархија --- disparità sociale --- környezetszennyezés --- contaminación --- onesnaževanje --- ρύπανση --- inquinamento --- загађење --- ndotje --- verontreiniging --- piesārņojums --- znečišťování životního prostředí --- tniġġis --- замърсяване на околната среда --- zanieczyszczenie --- onečišćenje --- poluição --- poluare --- загадување --- saastamine --- saastuminen --- förorening --- Umweltbelastung --- znečistenie --- tarša --- forurening --- kontaminácia --- emissie van verontreinigende stof --- discharge of pollutants --- vypúšťanie škodlivín --- εκπομπή ρύπων --- shkarkim i ndotësve --- émission de polluant --- szennyezőanyag-kibocsátás --- Verseuchung --- штетна емисија на гасови --- μόλυνση --- szennyeződés --- utsläpp av förorenande ämne --- szennyezettség --- szennyezés --- Umweltverschmutzung --- contaminação --- saastumine --- afgivelse af forurenende stof --- emissione tossica --- saasteainete heide --- polución --- contaminazione --- teršimas --- zagađenje --- контаминација --- emissione di agenti inquinanti --- τοξική έκλυση --- pilaantuminen --- onečišćenost --- contamination --- besmetting --- Kontamination --- emisión de contaminante --- contaminare --- kontaminace --- emisión contaminante --- piesārņojošo vielu noplūde --- nedsmittning --- kontaminim --- Schadstoffemission --- emissão de poluentes --- teršalų išmetimas --- kontamináció --- contaminatie --- uvolňování znečišťujících látek --- overheidsschuld --- borxhi publik --- javni dug --- fiachas poiblí --- δημόσιο χρέος --- valstybės skola --- offentlig gæld --- dívida pública --- statsskuld --- valsts parāds --- riigivõlg --- veřejný dluh --- javni dolg --- štátny dlh --- dejn pubbliku --- datorie publică --- јавен долг --- öffentliche Schulden --- јавни дуг --- обществен дълг --- deuda pública --- julkinen velka --- államadósság --- dług publiczny --- debito pubblico --- státní dluh --- nacionalinė skola --- државен долг --- емисија на јавниот долг --- šalies skola --- задолжување на државата --- valtion velka --- statsgæld --- valitsemissektori võlg --- öffentliche Schuld --- valdības parāds --- government debt --- амортизација на јавниот долг --- debito fluttuante --- vládní dluh --- nacionalni dug --- národný dlh --- nemzeti adósság --- datorie națională --- national debt --- valtionvelka --- vyriausybės skola --- vládny dlh --- debito redimibile --- indebitamento del settore pubblico --- вкупен обем на јавниот долг --- нето јавен долг --- titoli del debito pubblico --- avaliku sektori võlg --- borxh kombëtar --- državni dug --- datorie guvernamentală --- borxh shtetëror --- бруто јавен долг --- národní dluh --- ekonomija tas-suq --- economia de mercado --- marknadsekonomi --- пазарна икономика --- Marktwirtschaft --- тржишна привреда --- markedsøkonomi --- piacgazdaság --- economía de mercado --- пазарна економија --- rinkos ekonomika --- économie de marché --- markkinatalous --- economie de piață --- tržno gospodarstvo --- geilleagar margaidh --- tržní ekonomika --- gospodarka rynkowa --- markteconomie --- οικονομία της αγοράς --- tirgus ekonomika --- turumajandus --- trhová ekonomika --- tržišna ekonomija --- economia di mercato --- ekonomi e tregut --- tržní hospodářství --- капиталистичка економија --- economía social de mercado --- kapitālisma ekonomika --- kapitālisms --- tržišna privreda --- princip trhu --- kapitalisme --- kapitalistische economie --- capitalisme --- капитализам --- freie Marktwirtschaft --- kapitalistické hospodářství --- kapitalismus --- sociálně tržní hospodářství --- capitalism --- tržišno gospodarstvo --- economía capitalista --- economia capitalista --- kapitalistische Wirtschaft --- kapitalismi --- kapitalizam --- capitalismo --- soziale Marktwirtschaft --- capitalist economy --- kapitalista gazdaság --- kapitalistinen talousjärjestelmä --- kapitalistická ekonomika --- kapitalizmas --- szociális piacgazdaság --- kapitalizmus --- καπιταλισμός --- kapitalistlik majandus --- economie capitalistă --- szabad piacgazdaság --- kapitalistinis ūkis --- καπιταλιστική οικονομία --- economia capitalistica --- kapitalizëm --- Kapitalismus --- ελεύθερη οικονομία --- kapitalism --- kapitalistička ekonomija --- ekonomi kapitaliste --- économie capitaliste --- капиталистички економски систем --- kapitalistisk ekonomi --- systém svobodného podnikání --- volné tržní hospodářství --- markedsdirigeret økonomi --- пазарно стопанство --- kapitalistisk økonomi --- BPB2106 --- éagothromaíocht shóisialta --- truailliú --- Social problems --- Economic order --- 330.52 --- 338.313 --- 330.1 --- Liberaal systeem. Neo-liberalisme. Theorie van de onderhandeling --- Kapitalisme --- Domein en natuur van de staathuishoudkunde

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This study presents the facts, arguments and scenarios around public debt from a global perspective. Especially the largest economies feature record debt and fiscal risks, including from population ageing and financial imbalances. Given low interest rates, there is no imminent problem. But at some point, debt will have to come down. There are four possible scenarios how debt could come down. First, governments could economise and reform. Second, governments could default. Third, governments could erode the real value of debt via inflation and negative real interest rates. However, this scenario cannot continue forever. Policy errors can prompt a loss of confidence, destabilisation and crisis. This fourth scenario last included the largest economies in the 1970s. It would become a major global challenge if it were to happen again in today's interconnected world.

public debt --- loss --- economic recession --- economy --- interest --- Crise économique --- Dette publique --- Pertes économiques --- Conditions économiques --- Intérêts --- intérêt --- ränta --- palūkanos --- procenti --- dobândă --- Zins --- kamata --- úrok --- τόκος --- imgħax --- intress --- obresti --- korko --- odsetki --- juro --- interes --- kamat --- камата --- interés --- rente --- интерес --- ús --- interesse --- norma e interesit --- intressimäär --- úroková sazba --- räntefot --- räntesats --- каматна стапка --- palūkanų norma --- úroková sadzba --- tipo de interés --- procentu likme --- kamatláb --- rentesats --- interest rate --- επιτόκιο --- kamatna stopa --- Zinsfuß --- úroková míra --- rata dobânzii --- taxa de juro --- Zinssatz --- rentevoet --- taux d'intérêt --- tasso d'interesse --- saggio d'interesse --- hospodářství --- économie --- икономика --- talous --- gospodarka --- geilleagar --- economia --- majandus --- hospodárstvo --- ekonomika --- economie --- Wirtschaft --- gazdaság --- økonomi --- οικονομία --- привреда --- gospodarstvo --- економија --- ekonomija --- ekonomi --- economía --- ekonomikos mokslas --- gazdálkodás --- стопанство --- економска рецесија --- rënie ekonomike --- ekonomikas lejupslīde --- recesiune economică --- Rezession --- икономическа рецесия --- ekonomikos nuosmukis --- ekonomska recesija --- economische recessie --- hospodářská recese --- gospodarska recesija --- økonomisk recession --- gazdasági recesszió --- recessione economica --- cúlú eacnamaíoch --- talouden taantuma --- récession économique --- reċessjoni ekonomika --- recession --- οικονομική ύφεση --- привредна рецесија --- recesión económica --- majanduslangus --- recesja gospodarcza --- recessão económica --- hospodárska recesia --- decelerazione della crescita economica --- økonomisk afmatning --- bankovna kriza --- criză economică --- hospodářská deprese --- krizë ekonomike --- ekonominės padėties blogėjimas --- deterioramento dell'economia --- desaceleración de la economía --- zhoršení hospodářství --- deterioração da economia --- détérioration de l'économie --- talouden laskusuhdanne --- crisi economica --- економска криза --- majanduse madalseis --- ekonomisk recession --- forringelse af økonomien --- wirtschaftliche Depression --- lågkonjunktur --- majanduse halvenemine --- gazdasági depresszió --- økonomisk depression --- depresion ekonomik --- hospodářská krize --- lama --- økonomisk krise --- hospodárska kríza --- economische crisis --- verval van de economie --- Verschlechterung der Wirtschaft --- konjunkturální krize --- crise économique --- përkeqësim i ekonomisë --- zastavení hospodářského růstu --- economic crisis --- Konjunkturkrise --- οικονομική καταστροφή --- depresión económica --- ekonominė krizė --- глобална финансиска криза --- deterioration of the economy --- cúlú eacnamaíochta --- hospodársky pokles --- økonomisk tilbagegang --- economische depressie --- ekonomska depresija --- κατάρρευση της οικονομίας --- majanduskriis --- crise económica --- gazdasági válság --- contracción económica --- lavkonjunktur --- ekonomisk kris --- οικονομική κρίση --- depressão económica --- financijska kriza --- dépression économique --- економска депресија --- ekonomický útlum --- depression --- a gazdaság hanyatlása --- depressione economica --- úpadok hospodárstva --- stagnace --- ekonominis nuosmukis --- talouskriisi --- pokles konjunktury --- crisis económica --- ekonomiskā krīze --- Rückgang der Konjunktur --- economic depression --- försämring av ekonomin --- ekonomisk depression --- Wirtschaftskrise --- επιδείνωση της οικονομίας --- ekonomska kriza --- hanyatló gazdaság --- konjunkturnedgång --- ekonomiskās situācijas pasliktināšanās --- загуба --- zaudējums --- underskott --- underskud --- ztráta --- kahjum --- дефицит --- deficyt --- pierdere --- vajaus --- strata --- déficit --- défice --- izguba --- έλλειμμα --- telf --- disavanzo --- tekort --- humbje --- Defizit --- губитак --- deficit --- nuostoliai --- caillteanas --- Fehlbetrag --- губиток --- Verlust --- gubitak --- manjak --- veszteség --- overheidsschuld --- borxhi publik --- javni dug --- fiachas poiblí --- δημόσιο χρέος --- valstybės skola --- offentlig gæld --- dívida pública --- statsskuld --- valsts parāds --- riigivõlg --- veřejný dluh --- javni dolg --- štátny dlh --- dejn pubbliku --- datorie publică --- јавен долг --- öffentliche Schulden --- јавни дуг --- обществен дълг --- deuda pública --- julkinen velka --- államadósság --- dette publique --- dług publiczny --- debito pubblico --- státní dluh --- nacionalinė skola --- државен долг --- емисија на јавниот долг --- šalies skola --- задолжување на државата --- valtion velka --- statsgæld --- valitsemissektori võlg --- öffentliche Schuld --- valdības parāds --- government debt --- амортизација на јавниот долг --- debito fluttuante --- vládní dluh --- nacionalni dug --- národný dlh --- nemzeti adósság --- datorie națională --- national debt --- valtionvelka --- vyriausybės skola --- vládny dlh --- debito redimibile --- indebitamento del settore pubblico --- вкупен обем на јавниот долг --- нето јавен долг --- titoli del debito pubblico --- avaliku sektori võlg --- borxh kombëtar --- državni dug --- datorie guvernamentală --- borxh shtetëror --- бруто јавен долг --- národní dluh --- Debts, Public. --- Fiscal policy. --- Tax policy --- Taxation --- Economic policy --- Finance, Public --- Debts, Government --- Government debts --- National debts --- Public debt --- Public debts --- Sovereign debt --- Debt --- Bonds --- Deficit financing --- Government policy