From Creative Destruction to Destructive Creation

2 Pages Posted: 17 Dec 2019

See all articles by Savvakis C. Savvides

Savvakis C. Savvides

Queen's University - John Deutsch Institute for the Study of Economic Policy

Date Written: December 12, 2019

Abstract

The article underlines that uncontrolled and wasteful debt is the main culprit for a economic system that not only makes inequality in the world methodically more extreme, but also systematically misdirects economic resources. Mainstream economic thinking is plainly wrong in circumstances of extreme debt and it is only used as a veil for the wealthy to become wealthier at the expense of the economic agents of a country. Austerity policies that are usually prescribed as the solution in highly indebted countries only serve the interests of the bond holders and those who seek to gain from the misfortune of the country that finds itself sinking in debt.

Keywords: Economic development, repayment capability, corporate lending, credit risk

JEL Classification: D61, G17, G21, G33

Suggested Citation

Savvides, Savvakis C., From Creative Destruction to Destructive Creation (December 12, 2019). Available at SSRN: https://ssrn.com/abstract=3503152 or http://dx.doi.org/10.2139/ssrn.3503152

Savvakis C. Savvides (Contact Author)

Queen's University - John Deutsch Institute for the Study of Economic Policy ( email )

Canada

Do you have a job opening that you would like to promote on SSRN?

Paper statistics

Downloads
19
Abstract Views
171
PlumX Metrics