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--></style><title>How well does this explain "the Great
Recession"?</title></head><body>
<div><font face="Verdana">"Consumer expectations of ever-higher
living standards were fuelled by more lenient and readily available
bank lending, the subsequent booms in construction and property market
sectors, .... Social status and identity became closely associated
with consumption, in particular with the concept of luxury.
Identifying oneself with the good life meant being able to live beyond
traditional understandings of basic needs. Debt was the price one paid
for the joys of being part of a hedonistic consumer
culture."</font><font face="Arial"><br>
</font><font face="Verdana"> </font></div>
<div><font face="Verdana">Kenneth Dyson.The Morality of Debt.<i>
Foreign Affairs.</i> May 3, 2015</font></div>
<div><font face="Verdana" size="-1"
color="#0040C2"
>https://www.foreignaffairs.com/articles/2015-05-03/morality-debt</font
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