"it change the equilibrium for future generations of lenders and borrowers such that an inefficiently low amount of lending goes on?"
Well, one of the questions is whether the modern definition of "efficient amount of lending" is in fact the correct value. If we're undervaluing the risk of a fat tail of defaults, and worse, correlated defaults, then the true "efficient amount of lending" may in fact be less than it is today, even much less.
Ten years ago, I could have said that if you looked around, it seemed like a there were an awful lot of entities carrying debt loads that they couldn't possible discharge and default seemed inevitable. Of course, I would have been poopooed and had the claim dismissed because, basically, "debt is good for the economy". Now we live in a world where at least some of those debts have indeed caused catastrophe; Greece is still reeling, the stresses that financial crisis put on the EU are still echoing, Puerto Rico is now declaring bankruptcy, and the "financial crisis" that we have still really not "recovered" from was 100% driven by debt and the slicing and dicing thereto. In light of that, take another fresh look around at the sheer staggering number of entities in massive and probably unsustainable amounts of debt right now, and in light of the fact that it is clearly not impossible for them to default after all... what happens next?
Furthermore, this sort of implicitly presumes that "lending" is the only possible method for attaining the goals, but there are other possibilities, such as selling equity stakes. Selling equity stakes are not equivalent to lending, which indeed is part of the point, and fully exploring the second-order consequences would be on the order of a PhD thesis or beyond, but at least equity-based systems don't have the catastrophic collapse that debt-based systems do due to the lack of leverage. In an equity system, an entity can lose its shirt, but if it does, that's that and it's all done. In a debt-based system, an entity can lose more than its shirt.
And, you know, human society has discovered more than once that debt-based systems are attractive nuisances where the long-term dangers strongly outweigh the short-term gains. I hesitate to directly apply the lessons of the past because a lot of things have changed about the financial world in the last hundred years... but that doesn't guarantee that the modern world won't in fact dig itself in even deeper than any of the ancient civilizations did, with much greater skill, and consuming all the slack in the system before the collapse far more effectively than the ancient world could ever have dreamed of.