Capital and the Debt Trap: Learning from Cooperatives in the by Bruno Roelants, Claudia Sanchez Bajo

By Bruno Roelants, Claudia Sanchez Bajo

The monetary trouble is destroying wealth yet is additionally a amazing chance to discover the methods during which debt can be utilized to manage the commercial method. This publication uses four case reviews of cooperatives to provide an in-depth research on how they've got braved the main issue and persevered to generate wealth.

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58 In the UK, Alliance & Leicester, Bradford & Bingley and Dunfermline building societies were taken over. Bijlsma and Zwart explain: How did the shock to the sub-prime mortgage market develop into a worldwide crisis? The increasing level of defaults on sub-prime mortgage payments caused securitized assets based on sub-prime mortgage loans to fall in value. Banks were exposed to this shock because they held The Mother of All Crises? 17 securitized assets on their balance sheets, or because they implicitly or explicitly guaranteed the shadow banks that bought these assets.

66 However, with regard to wealth we should look beyond financial assets: As Robert Heilbroner states, ‘wealth is a fundamental concept in economics; indeed, perhaps the conceptual starting point for the discipline. Despite its centrality, however, the concept of wealth has never been a matter of general consensus’... We may define the wealth of a nation as the total amount of economically relevant private and public assets including physical (or natural), financial, human, and ‘social’ capital ...

A new law allowing the government to deal with failed banks was approved only in 2010. 136 A public Senate hearing on the case took place in April 2010, but critics complain that the US government has punished unbridled contempt and outright fraud in a very limited manner. Sweden was a good model for many: nationalized banks were split into a ‘good’ bank and a ‘bad’ bank, with a new management appointed by the government and, after a few years, sold to new private hands. 137 Then Germany followed suit with the creation of two ‘bad’ banks, one for private banks and the other for the regional 32 Capital and the Debt Trap banks.

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