A World Without Debt

Abstract

In Part I of this essay, I give a brief description of the collective action problem that Baird identifies as the bankruptcy issue for corporate debtors. In Part II, I explain why I believe there is no collective action problem and give what I believe is an essentially simple explanation of a world without debt. In Part III, I respond directly to the criticisms of a world without debt. Finally, in Part IV, I admit the limits inherent in my view of appropriate bankruptcy policy.

Keywords

Bankruptcy reorganization, Bankruptcy law, Corporate finance, United States

Share

Authors

Barry E. Adler (New York University)

Download

Issue

Publication details

Dates

Licence

All rights reserved

Peer Review

This article has not been peer reviewed.

File Checksums (MD5)

  • pdf: 4fb14e3d1a20b2c1be34b6e2ed57903e