Andrew McNally, Debtonator: how debt favours the few and equity can work for all of us, Elliott and Thompson, 2015, 112 pages.
Andrew McNally thinks, (rightly in my view), that publicly and privately we all have too much debt – over 200% of world GDP – and he believes that more equity is the answer.
It is not generally possible to substitute equity for debt in the national finances, but it can be done for companies. In corporate finance, equities do not sound like much of a deal. They represent