Indebted Societies: Credit and Welfare in Rich Democracies

Indebted Societies explores how the rise of credit as a private alternative to the welfare state creates a new social and economic citizenship, with weaker social policies and a flexible knowledge economy increasing costs for housing, education, and raising a family. It questions whether individuals, states, or markets should be responsible for addressing socio-economic risks and providing social opportunities.

Format: Paperback / softback
Length: 350 pages
Publication date: 08 July 2021
Publisher: Cambridge University Press

In numerous affluent democracies, gaining access to financial markets has become an essential prerequisite for fully engaging in labor and housing markets, as well as pursuing educational opportunities. Indebted Societies presents a novel social policy theory centered around everyday borrowing to explore how the emergence of credit as a private alternative to the welfare state fosters a distinct form of social and economic citizenship. Andreas Wiedemann conducts a comprehensive analysis of income volatility and escalating household indebtedness across OECD countries, offering a rich study of these phenomena. The combination of weaker social policies and a flexible knowledge economy has resulted in higher costs associated with housing, education, and family-raising, leading many individuals to fall into debt. By shedding light on the interplay between credit markets and welfare states, the book contributes to an understanding of why certain groups of people encounter greater levels of debt in certain countries. Furthermore, it addresses the fundamental question of who should be accountable for addressing socio-economic risks and creating social opportunities, a topic of paramount importance in contemporary society.

Weight: 524g
Dimension: 152 x 228 x 24 (mm)
ISBN-13: 9781108971584