Excessive household debt has allowed for economic growth, but this model has become increasingly unstable. Spooner examines bankruptcy law as a potential solution.

Content Description #Revision of author's thesis (doctoral)--University of Chicago, 1993.#Includes bibliographical references and index.

Credit Card Nation is the first comprehensive look at an ongoing social and economic crisis-America's escalting dependence on credit. By locating consumer debt within the context of corporate and governmental debt.

The global economy has experienced four waves of rapid debt accumulation over the past 50 years. The first three debt waves ended with financial crises in many emerging market and developing economies. During the current wave, which started in 2010, the increase in debt in these economies has already been larger, faster, and broader-based than in the previous three waves. Current low interest rates mitigate some of the risks associated with high debt. However, emerging market and developing economies are also confronted by weak growth prospects, mounting vulnerabilities, and elevated global risks. A menu of policy options is available to reduce the likelihood that the current debt wave will end in crisis and, if crises do take place, will alleviate their impact.

This publication is aimed at helping IUCN's members to understand the scope and mechanisms of debt conversion and to spot opportunities for their own action in this important field.