Personal Insolvency in the 21st Century: A Comparative Analysis of the US and Europe

(Hardback)

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Since 1979 the world has witnessed a remarkable cycle of personal insolvency law reform. Changes in capitalist economies, financial crises and political interest groups all contributed to this cycle of reform. This book examines the role of interest groups and distinct narratives in shaping reform in different countries while drawing attention to the role of timing, path dependency and unintended consequences in the development of personal insolvency law. The book presents case studies of personal insolvency law in the US, France, Sweden, and England and Wales. It then analyses how, following the Great Recession of 2008, international financial institutions paid greater attention to the significance of household debt in contributing to financial instability and the role of individual insolvency law in providing a fresh start. Personal insolvency law reform became part of EU responses to the eurozone crisis and the EU has proposed harmonisation of individual insolvency law to promote entrepreneurialism. This book examines the extent to which these developments represent an emerging international commonsense about personal insolvency and its relationship to neo-liberalism. Finally, this book discusses whether the international emergence of individual personal insolvency law represents a progressive step or a band-aid for the costs of neo-liberal policies, where a significant number of people live close to the precipice of over-indebtedness.

Reviews

...Ramsays book is one of the most informative accounts of the development of personal insolvency law and law-making in the past decades and the best socio-legal explanation of the driving forces behind legislative developments. -- Jan-Ocko Heuer, Post-Doctoral Researcher, Humboldt University * International Insolvency Review *
Ramsay ... makes a compelling case that research on personal insolvency law is important, by highlighting the growing prominence of the subject and the potential impact of research on the policy process. He also provides his readers with a smorgasbord of intellectual stimulants ... Ramsay has pointed the way towards fertile philosophical soil. His book is a lively and stimulating invitation to join him in tilling it. -- Anna Lund, Faculty of Law, University of Alberta * Banking & Finance Law Review *
Personal Insolvency in the 21st Century is a must-read for anybody interested in insolvency and consumer credit. Scholars and students of the credit society, national and international institutions, and law will surely find this book insightful and inspiring as much as policy makers. It is not just an intelligent and much-needed analysis of personal insolvency law and reform but also an enjoyable read. -- Irina Domurath, University of Amsterdam * Journal of Consumer Policy *
This succinct text represents an excellent analysis of the phenomenon of personal insolvency and the legal response to it across a range of jurisdictions... This monograph is a major contribution to scholarship and it has my fulsome recommendation. -- David Milman, School of Law, University of Lancaster * Journal of International Banking Law and Regulation *

Author Bio

Iain Ramsay is Professor of Law at the University of Kent.