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Between Debt and the Devil:
Money, Credit, and Fixing Global Finance
Adair Turner

Book Description | Table of Contents
Introduction [in PDF format]


"[A] brilliant new book. . . . [The] prose crisply conveys analysis of real force."--Tom Clark, Guardian

"[A] scintillating individual [contribution] to the debate not just on the future of finance but how we should run our economy."--Felix Martin, New Statesman

"Adair Turner's new book Between Debt and the Devil is definitely worth your time."--Clive Crook, Bloomberg View

"A challenging but relentlessly logical book about the flaws of the system that led us to the Great Recession: excess finance, excessive indebtedness. He adds to the literature that explains why more and more finance is not always good. The proposed cure requires going beyond the present financial regulatory reform. A bold and thought provoking book."--Vitor Constancio, Vice president, European Central Bank, one of Bloomberg's Best Books of 2015

"This book lays down a challenge which subsequent accounts of monetary policy will have to address."--David Willetts, Prospect

"[An] excellent book."--Nick Butler, Financial Times

"[H]is extensive work both at financial institutions and in academia, have given Turner an insider's view of the world of finance and economics. But his conclusions--that the banking system needs to be fundamentally restructured, and that periodically, instead of a government running up debt, the central bank should just print money for the government to spend--are far from conventional."--Matt Phillips, Quartz

"This is a good book, well worth reading. . . . It is well and clearly written and supported by good, non-technical analysis and empirical evidence."--Charles Goodhart, Financial World

"These provocative and insightful arguments are particularly valuable at a time when austerity retains its intellectual luster despite its manifest failures."--Andrew Moravcsik, Foreign Affairs

"Turner's book should make policymakers and commentators sit up and take notice."--TT Ram Mohan, Economic & Political Weekly

"[An] excellent book."--Zagreb International Review of Econ & Business

"A strong narrative and powerful argument for reform."--Sean O'Grady, The Independent

"This seminal book details an important reality of today’s economy: generating enough demand to absorb potential supply depends on explosive increases in indebtedness–private or public, or both."--Martin Wolf, Financial Times


"This is a superb book. A must-read for anyone interested in understanding the unhealthy relationship between debt and the modern economy."--Atif Mian, coauthor of House of Debt

"This is the most penetrating analysis of the inherent imperfections of our financial system to appear since the crash of 2008. It will and should provoke extensive debates about the policies needed to avoid future crises."--George Soros

"Adair Turner is a writer who thinks unusually deeply and is prepared to follow his answers to their logical conclusion, however unsettling. Here, he offers a set of proposals for financial reform that are radical yet practical. As the global financial crisis recedes and the danger mounts that the momentum for change will be lost, we can only hope that the world heeds Turner's clarion call."--Barry Eichengreen, University of California, Berkeley

"Turner's fresh and deep insights into our financial system come with the expertise of an insider. Between Debt and the Devil is a landmark in monetary economics, with profound implications for policy reform."--Joseph E. Stiglitz, Nobel Laureate in Economics

"A masterwork! Insightful, scholarly, and persuasive. Adair Turner has provided a convincing analysis of what has gone wrong before, and what could go wrong again, among the intertwined complexities of money, credit, and misguided theories of finance."--Paul Volcker, former chairman of the U.S. Federal Reserve and the U.S. Economic Recovery Advisory Board

"Between Debt and the Devil is a devastating critique of the banking system and a powerful intellectual challenge to conventional wisdom. A splendid book."--Robert Skidelsky, author of John Maynard Keynes, 1883-1946: Economist, Philosopher, Statesman

"Stunningly thorough yet highly readable, Between Debt and the Devil is a thoughtful and deeply researched book that covers all the policy angles on debt in advanced economies, from the problems in regulating credit binges to the challenges of dealing with their aftermath."--Kenneth S. Rogoff, coauthor of This Time Is Different: Eight Centuries of Financial Folly

"Between Debt and the Devil is a wide-ranging and highly ambitious book. Turner presents an alternative way of thinking about financial economics."--Alan D. Morrison, coauthor of Investment Banking: Institutions, Politics, and Law

"Original and powerful. In a crowded field, this book stands out."--Robert Pringle, author of The Money Trap: Escaping the Grip of Global Finance

"Turner's book augments the growing literature that lays bare the realities of boom and bust, bubble and crash, and the recurrent coordination failures that characterize financial history. Between Debt and the Devil will enrich debate among both academics and policymakers."--William H. Janeway, author of Doing Capitalism in the Innovative Economy

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File created: 9/19/2017

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