Whether it be earning a college degree, buying a house, or addressing income shortfalls, access to credit is essential for many people’s well-being and social opportunities in today’s richest countries. Yet, with credit also comes the burden of debt, which many are shouldering in an unsteady economic climate. But why are some people in some countries more indebted than others?

Andreas Wiedemann seeks to understand this in his new book, “Indebted Societies.” Through detailed accounts of individuals and countries, Wiedemann develops a new social policy theory of everyday borrowing to examine how the rise of credit as a private alternative to the welfare state creates a new kind of social and economic citizenship. He also addresses the fundamental question of who should be responsible for managing socio-economic risks and providing social opportunities.