A World Without Debt

Authors

Barry E. Adler, New York University

Publication Title

Washington University Law Quarterly

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.

Recommended Citation

Barry E. Adler, A World Without Debt, 72 Wash. U. L. Q. 811 (1994).
Available at: https://openscholarship.wustl.edu/law_lawreview/vol72/iss3/3