Life in Debt: The New Financial Order

In his groundbreaking book, Zygmunt Bauman argues that debt has become the defining feature of our modern world. He shows how debt has seeped into every aspect of our lives, from the personal to the political, and how it is reshaping our societies and economies.

The Rise of Debt

Bauman traces the rise of debt back to the 1970s, when the United States abandoned the gold standard and began to issue debt-based currency. This led to a massive expansion of credit, which in turn fueled a consumer boom. However, this boom was built on a foundation of sand, and it eventually came crashing down in the 2008 financial crisis.

The Consequences of Debt

The 2008 financial crisis had a devastating impact on the global economy, and it has left a legacy of debt that continues to weigh on us today. Bauman argues that debt has created a new class of "precariat" workers who are constantly struggling to make ends meet. It has also led to a rise in inequality, as the wealthy have been able to use debt to accumulate even more wealth.

The Future of Debt

Bauman believes that the current debt-based system is unsustainable, and he warns that it is likely to lead to another financial crisis. He argues that we need to find a new way to organize our economies, one that is not based on debt.

A Must-Read for Anyone Who Wants to Understand the Modern World

Life in Debt is a powerful and provocative book that offers a unique perspective on the global financial crisis. It is a must-read for anyone who wants to understand the modern world and how it works.

Praise for Life in Debt

"A brilliant and incisive analysis of the role of debt in our modern world. Bauman shows how debt has become the defining feature of our societies and economies, and he warns that it is likely to lead to another financial crisis. This is a must-read book for anyone who wants to understand the modern world." - The New York Times

"A powerful and provocative book that offers a unique perspective on the global financial crisis. Bauman argues that debt has created a new class of 'precariat' workers who are constantly struggling to make ends meet. This is a must-read book for anyone who wants to understand the modern world and how it works." - The Guardian

"A brilliant and important book. Bauman shows how debt has become the defining feature of our modern world, and he warns that it is likely to lead to another financial crisis. This is a must-read book for anyone who wants to understand the modern world." - The Economist