An Over-leveraged World
When this figure was presented before me by a Mark Blyth lecture on the sovereign debt crisis, I was reminded that the public sector is the only bastion of responsibility left in our increasingly privatized world. Without the guiding hand of democratic governance, the private sector has proven unable to govern itself responsibility: its debt loads are equivalent to multiple domestic economies. Although debt is necessary and is the foundation of our economic system, these levels are unsustainable. It’s time the public reigned in the private and ended the global, largely laissez faire paradigm of economics.