Banking / Finance

A Debtor World Interdisciplinary Perspectives on Debt

Edited by Ralph Brubaker · Robert M. Lawless · Charles J. Tabb
Oxford University Press USA November 2012

Specifications

ISBN-13
9780199873722
Publisher
Oxford University Press USA
Publication
November 2012
Format
Hardback , 320 pages
Jurisdiction
International ? Countri(es) for reference only

Details

  • Derived from an important academic conference convened at the University of Illinois College of Law in May 2008 to foster a study of the societal implications of private debt
  • Contains interdisciplinary contributions with a legal point of view from lawyers, sociologists, psychologists, historians, economists, and more
  • Promotes a greater understanding of the global phenomenon of increased indebtedness and societal dependence thereon
  • Contains references at the end of each chapter to facilitate further research

A Debtor World contains a collection of contributions about the societal implications of private debt. The essays comprising this volume are authored by dozens of leading U.S. and international academics who have written about debt or issues related to debt in a wide range of disciplines including law, sociology, psychology, history, economics, and more. 

The goal of this collection is to explore debt neither as a problem nor a solution but as a phenomenon and to promote the exchange of knowledge to better comprehend why consumers and businesses decide to borrow money. It asks what happens to businesses and consumers under a heavy debt load, and what legal norms and institutions societies need to encourage the efficient use of debt while promoting a greater understanding of the global phenomenon of increased indebtedness and societal dependence.

Readership: -Professors of law and other social sciences -Law libraries -Banks, financial and lending institutions

Table of Contents

List of Contributors
Preface
I. Social Institutions That Create an Indebted World
Chapter One
Debt, Credit and Poverty in Early Modern England
Craig Muldrew, Senior Lecturer in History, Queens' College, University of Cambridge
Chapter Two
Debt and the Simulation of Social Class
Teresa A. Sullivan, Provost and Executive Vice President for Academic Affairs, and Professor of Sociology, University of Michigan
Chapter Three
"Hyperconsumption" and "Hyperdebt": A "Hypercritical" Analysis
George Ritzer, Distinguished University Professor, University of Maryland
II. Decisions to Lend
Chapter Four
Lender Incentives, Credit Risk, and Securitization: Evidence from the Subprime Mortgage Crisis
Amir Sufi, Associate Professor of Finance, University of Chicago
Chapter Five
How and Why Credit Assessors "Get it Wrong" When Judging the Risk of Borrowers: Past and Present Evidence at Home and Abroad
Paul Vaaler, Associate Professor of Management, University of Minnesota
Gerry McNamara, Professor of Management, Michigan State University
III. Decisions to Borrow
Chapter Six
The Psychology of Debt in Poor Households in Britain
Stephen E.G. Lea, Professor of Psychology and Head of School, University of Exeter
Avril J. Mewse, Senior Lecturer in Psychology, University of Exeter
Wendy Wrapson, Honorary Fellow in Psychology, University of Exeter
Chapter Seven
Brain, Decision, and Debt
Brian Knutson, Associate Professor of Psychology and Neuroscience, Stanford University
Gregory R. Samanez-Larkin, Doctoral Candidate in Psychology, Stanford University
Chapter Eight
The Limits of Enhanced Disclosure in Bankruptcy Law: Anticipated and Experienced Emotion
Richard L. Wiener, Professor of Psychology and Director of the Law and Psychology Program, University of Nebraska at Lincoln
Jason A. Cantone, Doctoral Candidate in Psychology, University of Nebraska at Lincoln
Michael Holtje, Doctoral Candidate in Psychology, University of Nebraska at Lincoln
Susan Block-Lieb, Professor of Law, Fordham University
IV. Political and Legal Responses to Over-Indebtedness
Chapter Nine
The Virtue of Consumer Bankruptcy
Heidi M. Hurd, David C. Baum Professor of Law and Professor of Philosophy, University of Illinois
Chapter Ten
Missing Debtors: National Lawmaking and Global Norm-Making of Corporate Bankruptcy Regimes
Terence C. Halliday, Co-Director, Center on Law and Globalization of the American Bar Foundation & the University of Illinois College of Law, and Research Professor, American Bar Foundation
Susan Block-Lieb, Professor of Law, Fordham University
Bruce G. Carruthers, Professor of Sociology, Northwestern University
Chapter Eleven
Balance of Knowledge
Elizabeth Warren, Leo Gottlieb Professor of Law, Harvard University
Index

About the Author

Edited by Ralph Brubaker, Professor of Law, University of Illinois, Robert M. Lawless, Professor of Law and co-director of the Illinois Program on Law, Behavior & Social Science, University of Illinois, and Charles J. Tabb, Alice C. Campbell Professor of Law, University of Illinois

 

Ralph Brubaker is a professor of law at the University of Illinois. He is a prolific scholar of bankruptcy law and policy and is an expert on the complex jurisdictional and procedural facets of federal bankruptcy proceedings. He has been a member of the Board of Directors and the Executive Committee of the American Bankruptcy Institute, and is a fellow of the American College of Bankruptcy. Robert M. Lawless is a professor of law and co-director of the Illinois Program on Law, Behavior & Social Science at the University of Illinois where he writes and teaches about bankruptcy and consumer credit. He is a regular contributor to the blog Credit Slips, a discussion on credit and bankruptcy, and a fellow of the American College of Bankruptcy. Charles J. Tabb is the Alice C. Campbell Professor of Law at the University of Illinois, and is on the Católica Global Law Faculty in Lisbon, Portugal. Professor Tabb has published 6 books and dozens of articles on bankruptcy law. He a

the Chinese government on the reform of their bankruptcy law; served on the Advisory Committee for the Federal Rules of Bankruptcy Procedure; and served as a Uniform Law Commissioner. Professor Tabb is a member of the Board of Regents of the American College of Bankruptcy.

 

Contributors: 

Chapter One: Debt, Credit and Poverty in Early Modern England
Craig Muldrew, Senior Lecturer in History, Queens' College, University of Cambridge

Chapter Two: Debt and the Simulation of Social Class
Teresa A. Sullivan, Provost and Executive Vice President for Academic Affairs, Professor of Sociology, University of Michigan 

Chapter Three: "Hyperconsumption" and "Hyperdebt": A "Hypercritical" Analysis
George Ritzer, Distinguished University Professor, University of Maryland

Chapter Four: Lender Incentives, Credit Risk, and Securitization: Evidence from the Subprime Mortgage Crisis
Amir Sufi, Associate Professor of Finance, University of Chicago

Chapter Five: How and Why Credit Assessors "Get it Wrong" When Judging the Risk of Borrowers: Past and Present Evidence at Home and Abroad 
Paul M. Vaaler, Associate Professor of Management, University of Minnesota
Gerry McNamara, Professor of Management, The Michigan State University

Chapter Six: The Psychology of Debt in Poor Households in Britain
Stephen E. G. Lea, Professor of Psychology and Head of School, University of Exeter
Avril J. Mewse, Senior Lecturer in Psychology, University of Exeter
Wendy Wrapson, Honorary Fellow in Psychology, University of Exeter

Chapter Seven: Brain, Decision, and Debt
Brian Knutson, Associate Professor of Psychology and Neuroscience, Stanford University
Gregory R. Samanez-Larkin, Doctoral Candidate in Psychology, Stanford University

Chapter Eight: The Limits of Enhanced Disclosure in Bankruptcy Law: Anticipated and Experienced Emotion
Richard L. Wiener, Professor of Psychology and Director of the Law and Psychology Program, University of Nebraska at Lincoln
Jason A. Cantone, Doctoral Candidate in Psychology, University of Nebraska at Lincoln
Michael Holtje, Doctoral Candidate in Psychology, University of Nebraska at Lincoln
Susan Block-Lieb, Professor of Law, Fordham University

Chapter Nine: The Virtue of Consumer Bankruptcy 
Heidi M. Hurd, David C. Baum Professor of Law and Professor of Philosophy, University of Illinois

Chapter Ten: Missing Debtors: National Lawmaking and Global Norm-Making of Corporate Bankruptcy Regimes
Terence C. Halliday, Co-Director, Center on Law and Globalization, American Bar Foundation & University of Illinois College of Law, Research Professor, American Bar Foundation
Susan Block-Lieb, Professor of Law, Fordham University
Bruce G. Carruthers, Professor of Sociology, Northwestern University

Chapter Eleven: Balance of Knowledge
Elizabeth Warren, Leo Gottlieb Professor of Law, Harvard Law School

Reviews

"The American Bankruptcy Institute is pleased to commend this timely and thought-provoking volume. The world faces a wall of public and private debt. Sovereign nations in Europe are at the economic brink, threatening the central currency and continental union. According to the Congressional Budget Office, federal debt in the United States in on pace to double by the middle of the next decade and reach more than twice the size of the entire U.S. economy by 2037. Households groan under the weight of chronic heavy consumer spending, low personal savings rates, flat income growth, and underwater mortgages. The galaxy of academic stars assembled by Ralph Brubaker, Robert Lawless and Charles Tabb have produced a work rich in the causes and consequences of too much debt in our society." 
--Samuel J. Gerdano, Esq., Executive Director, American Bankruptcy Institute

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