Dalio also conflates public and private debt, and fails to address the questions of to whom these different kinds of debt obligations are owed and in what are these obligations denominated … there are more convincing and historically and conceptually more robust understandings of credit cycles than those of Dalio’s “grand theory”; start with Minsky and Arrighi from two different traditions.
Dalio also conflates public and private debt, and fails to address the questions of to whom these different kinds of debt obligations are owed and in what are these obligations denominated … there are more convincing and historically and conceptually more robust understandings of credit cycles than those of Dalio’s “grand theory”; start with Minsky and Arrighi from two different traditions.