A World in Debt

Published in 1935 at the depth of the Great Depression, 'A World in Debt' is a groundbreaking economic analysis that critiques the relationship between credit and debt.

Freeman Tilden stands virtually alone among economists of his time in pointing out that credit and debt are conceptually identical, and that the expansion of credit opened the doorway to the world-destroying debt that led to national ruin.

Written in eloquent but non-technical language with extensive use of classical sources, the book examines how misconceptions about credit and debt lead countries in wrong economic directions.