L’objet de la présente recherche est d’interroger les mérites de la théorie utilitariste relative aux faillites personnelles, qui est dominante dans la littérature juridique depuis que le courant Law and Economics a gagné en importance. Nous démontrons que l’argumentation utilitariste, qui est assignée aux doctrines de l’acquittement des dettes personnelles par les spécialistes de Law and Economics travaillant dans le domaine du droit des faillites, soulève des questions normatives de taille et créée des tensions quand il s’agit de décrire le (...) phénomène. Ces deux problèmes invitent les théoriciens à proposer des modèles alternatifs pour décrire les conditions dans lesquelles nos systèmes juridiques soulagent les dettes des individus qui ne sont pas en mesure de les honorer. Dans notre ouvrage à paraître, The Virtue of Bankruptcy, nous embrassons ce projet. Ici, nous proposons une étape préliminaire à ce projet plus ambitieux en démontrant que les théories utilitaristes sur lesquelles s’appuient les contributions les plus importantes de la littérature sur la question à ce jour sont perfectibles lorsqu’il s’agit de comprendre les raisons et les circonstances dans lesquelles il est possible d’offrir un nouveau départ à ceux qui n’ont pas respecté leurs obligations financières. (shrink)

An analysis of theological and philosophical understandings of debt and its role in contemporary capitalism. Max Weber’s account of the rise of capitalism focused on his concept of a Protestant ethic, valuing diligence in earning and saving money but restraint in spending it. However, such individual restraint is foreign to contemporary understandings of finance, which treat ever-increasing consumption and debt as natural, almost essential, for maintaining the economic cycle of buying and selling. In The Debt of the Living, Elettra Stimilli (...) returns to this idea of restraint as ascesis, by analyzing theological and philosophical understandings of debt drawn from a range of figures, including Saint Paul, Schmitt and Agamben, Benjamin and Marx, Nietzsche and Freud, and Foucault. Central to this analysis is the logic of “profit for profit’s sake”—an aspect of Weber’s work that Stimilli believes has been given insufficient attention. Following Foucault, she identifies this as the original mechanism of a capitalist dispositif that feeds not on a goal-directed rationality, but on the self-determining character of human agency. Ascesis is fundamental not because it is characterized by renunciation, but because the self-discipline it imposes converts the properly human quality of action without a predetermined goal into a lack, a fault, or a state of guilt: a debt that cannot be settled. Stimilli argues that this lack, which is impossible to fill, should be seen as the basis of the economy of hedonism and consumption that has governed global economies in recent years and as the premise of the current economy of debt. Elettra Stimilli is research fellow of theoretical philosophy at Scuola Normale Superiore in Pisa, Italy. Arianna Bove is the translator of many books, including Factory of Strategy: Thirty-Three Lessons on Lenin, by Antonio Negri. (shrink)

This book is the first history of odious debt. This five-hundred-year history shows that the origins of debates on legitimate and illegitimate state debts date back to Hugo Grotius’ moral critique of the Spanish Empire. Latin American rebels and rulers harnessed these ideas as they sought to establish what their nations owed the Spanish Crown. Commutative debt continued to shape relations in the Catholic Spanish Empire while contracts became the law of the land in Protestant Europe and North America. (...) With a focus on Mexico, Colombia, and Argentina, this book draws on archival sources in seven countries, overlooked congressional debates, and understudied thinkers. It analyses how officials who drafted Latin America’s first constitutions reconciled Catholic ideas of moral economy with visions of justice embedded in the Protestant law of nations. Debates over slavery, reprisal, and property rights shaped the creation of the new Latin American states. When constitutions failed and interventions over unpaid debts increased, Latin Americans sought to turn the law of nations into a code for a global moral economy. The sanctity of contracts was used to legitimate interventions and yet, as Latin American thinkers countered, the use of violence undermined the sacred purpose of debt: to fulfil the state’s obligations to the community. Today, as China’s global financial expansion grows by the day and international politics are increasingly dominated by debates on reparations, Latin America can reframe what it owes to the world and what the West owes to the rest. (shrink)

This study assessed external debts and the financing of education in Nigeria using time series data obtained from World Bank, and CBN Statistical Bulletin covering a period of 31 years from 1988 -2018. The model of the study was derived, while the data collected were analysed using the Ordinary Least Squares. Diagnostic tests such as Augmented Dickey- Fuller (ADF) unit root test, Johansen co-integration, Vector Error Correction (VEC) techniques of estimation, and Granger Causality tests were all performed. Findings revealed (...) a significant long-run relationship between external debts and the financing of education; external debts have a significant effect (F=39.07055, p<.05) on the financing of education in Nigeria; external debt stock and external debt service payment have no significant effect on the financing of education; real GDP and Exchange rate have a significant effect on the financing of education in Nigeria respectively. Based on these findings, it was concluded that external debt is a big hindrance to the financing of education and consequently, the economic growth of Nigeria. It was recommended amongst others that the government should use borrowed funds from external sources for productive capital projects or development initiatives such as investment in education and the eradication of illiteracy. (shrink)

In this article I discuss the conditions under which sovereign debts are not morally binding for a state. Following an old legal doctrine, I call non-binding debts ‘odious'. I proceed as follows. First, I argue that alternative accounts on the morality of debts are unsatisfactory. The problem these accounts have are that they do not clearly identify the philosophical issues that underlie the notion of odious debts, or that they fail to specify what exactly the immorality (...) of odious debts consists in. Second, I defend the view that a debt is odious when two conditions are satisfied: borrowed funds were used by public officials for purposes for which they were not authorised lenders knew, or should have known, about possible unauthorised uses of those funds. If these two conditions are both satisfied, debts should not be considered debts of the state, but rather personal debts of rulers. Third, I discuss the feasibility of my approach by exploring how it would work in the current world. Finally, I d.. (shrink)

If the present generation refuses to bear the burden of mitigating global heating, could we motivate sufficient action by shifting that burden to our descendants? Several writers have proposed breaking the political impasse by funding mitigation through public debt. Critics attack such proposals as both unjust and infeasible. In fact, there is reason to think that some debt financing may be more equitable than placing the whole burden of mitigation on the present generation. While it might not be viable for (...) all countries to take this route simultaneously, a vanguard state, or group of states, could use public debt to fund an ambitious programme to develop inexpensive forms of clean low- or no-emission technology. This would ensure that vanguard actor or set of actors a leading role in those sectors while at the same time benefiting future generations around the world. -/- Key policy insights: (a) Debt-financed clean technology research can shift part of the burden of greenhouse gas mitigation to our descendants, breaking the political impasse of inaction or delayed action. (b) Far from being an injustice to future generations, this could actually be fairer than expecting the present generation to bear the full burden of mitigation. (c) Such an initiative may be most feasible if pursued by a vanguard actor. (shrink)

In Beyond the Law’s Reach? Shmuel Nili examines the moral responsibilities of affluent democracies toward poorer countries to whose misfortunes they contributed. Because of their entanglement, Nili argues, affluent democracies are (often, but not always) morally barred from pursuing policies more obviously aligned with their moral preferences when another policy would benefit the weakened state more. In this essay, I discuss some of the challenges of trying to repay a moral debt between states. The affluent democracy has incentives to underestimate (...) the extent of its moral debt, while the weakened state benefits from overestimating the harm it suffered. Moreover, since the state is not a unitary actor, different members of a state might disagree on which actions should count as proper forms of atonement. I argue that moral debts cannot ever be fully repaid, but that such impossibility does not undermine the moral requirement to try to pay them; and, further, that the inability to fully settle a moral debt is not a shortcoming to lament, but closer to a blessing in disguise, because acknowledging past misdeeds and embracing the moral implications of deep entanglement may foster greater reciprocity and solidarity in the international realm. (shrink)

contents i. death and the mask ii. shifts in the TTC ad-space iii. a virus in a superposition iv. this virus has totally hacked us v. a test of Bayesian competence vi. a siege on the Local, by the Global vii. re lab-leak theory: God did it viii. we held ourselves apart by this telescope ix. Google knows we'll all be dead x. Uber gets us all to surveil xi. Netflix pretends to be my friend xii. can teleCOMM map my (...) interior? xiii. Library's a hi-rise, in lockdown xiv. so could the A.I. announce itself xv. N_BossTRON, Surveillance Daemon xvi. prediction markets make War Profiteers xvii. hide Fish in sea, Bird in forest xviii. the DJ and the human, too much credit xix. dumb TV, an ingenious production xx. WE THE NORTH xxi. Debt: The First 5,000 Years xxii. Theses on Kingship xxiii. when i google Zeus xxiv. your Hardcore History xxv. consumerism a pacification campaign xxvi. fascism is quiet now xxvii. a Chomsky need keep record. (shrink)

The government debt portfolio is usually the largest financial portfolio in the country. It often contains complex and risky financial structures and can generate significant risk to the state budget and the country’s financial stability. Therefore, governments are required to have sound risk management and sound public debt structures to limit exposure to market risk, debt financing or rolling risk, liquidity risk, credit, settlement and operational risk. In recent years, the debt market crises have highlighted the importance of sound public (...) debt management practices and related risks, and the need for an effective and well-developed domestic capital market. This may reduce the vulnerability of the economy to adverse economic and financial shocks. However, it is also important for the government to maintain a macroeconomic policy that ensures sound fiscal and monetary management. The aim of the research is to present the theoretical and practical aspects of extremely important issues such as public debt management and to indicate the most important implications for the financial stability of the country on the example of the Polish economy. The study uses a research method based on literature studies in the field of macroeconomics, economic policy and finance, as well as statistical analysis of the studied phenomenon. Results of research indicate that effective public debt management can reduce the economy’s vulnerability to financial threats, contribute to the financial stability of the country, maintain debt stability and protect the government’s reputation among investors. (shrink)

The dollar‑centric financial order entrenches asymmetry, externalises ecological costs, and records defensive load as growth. This paper proposes a counter‑model: a Global Commonwealth built on four structural invariants — Visibility, Symmetry, Contestability, and Repair — extended to the planetary scale. At its core is a Neutral Clearing Union with a Bancor unit of account, whose exchange rates are determined not by speculation but by each nation's value efficiency (nF/TPE), measured through Durable Flourishing Indices (DFIs). Surpluses trigger automatic demurrage, reinvested into (...) repair. New Bancors are minted only when defensive load decreases, aligning currency creation with flourishing. The Five Articles of Perpetual Commonwealth articulate reciprocity, law, visibility, dialogue, and repair as functional prerequisites for trust among nations. For BRICS and the Global South, this architecture offers a cooperative alternative to IMF conditionality and neoliberal austerity: debt denominated in flourishing, not dollars. The paper outlines institutional prototypes — Moralogy Institute, Court of Repair, Neutral Clearing Union — and sketches pathways for pilot implementation within BRICS+ frameworks. -/- . (shrink)

This paper develops a novel interpretation of Dasein, as we find it in Heidegger’s Being and Time. On this interpretation, Heidegger models this most famous of all his concepts after Aristotle’s account of the soul from De Anima as isomorphic with whatever it currently cognises. Indeed, Dasein proves central to the inquiry into Being he attempts in that book precisely because, like soul, it is capable of becoming like all beings.

Polanyi spoke of the commodification of money, and this chapter focuses on how interest-bearing debt became the major dynamic, also contributing to the commodification of land and labor. By the late third millennium BC the main way to obtain manual labor was to lend money and make debtors work off their debts as an antichretic interest charge. Personal debt became the lever for creditors to pry land out of the clan-based tenure system, mainly for sale under economic duress. Debtors (...) who pledged their crop or land rights usually ended up forfeiting them. This alienation catalyzed the ‘commodification’ of land. By tracing these debt dynamics, the new economic archaeology is compatible with Polanyi’s intuitions and recognition that market relations are embedded in social relations, and extends his analysis in tracing how administered pricing and monetary valuations created the preconditions for market exchange. The earliest markets, credit and land tenure systems were regulated. Administered pricing was a precondition for creating weights, measures and price equivalencies to enable market exchange to evolve more flexibly. (shrink)

This article argues that the dominant “nonconventionalist” theories of promising cannot account for the moral impact of two basic commercial practices: the transfer of contractual rights and the discharge of contractual debt in bankruptcy. In particular, nonconventionalism’s insensitivity to certain features of social context precludes it from registering the moral significance of these social phenomena. As prelude, I demonstrate that Seana Shiffrin’s influential position concerning the divergence between promise and contract commits her to impugning these features of the modern economy. (...) Finally, I examine the importance of promising for friendship and why we resist the commodification of promissory rights in this domain. (shrink)

This paper critically evaluates Peter Singer’s effective altruism (EA) from the perspective of economic justice. It argues that the focus on individual charitable actions may overlook the structural causes of global poverty, particularly the systemic role of interest-bearing debt. While Singer’s utilitarian framework prioritizes measurable and cost-effective interventions to alleviate suffering, this paper contends that such an approach, when overly concentrated on quantifiable outcomes, may hinder long-term justice and reform. Drawing on historical, ethical, and contemporary economic insights, the paper highlights (...) how modern debt structures perpetuate inequality and moral harm. It proposes that effective altruism must expand its focus to include advocacy for systemic change, such as debt relief, financial regulation, and institutional reform, in order to maintain ethical adequacy and genuinely address global suffering. (shrink)

This article examines the ambivalence of debt as a simultaneously moral and economic category. It argues that debt traverses two axes: existential and economic indebtedness, and debt as either mutuality or domination. Drawing on biblical prohibitions of usury, Jubilee legislation, medieval scholastic debates, and modern social contract theory, the article contends that the moral problem is not debt per se but its severance from covenantal relations of shared risk, trust, and limit. In premodern traditions, economic exchange was subordinated to prior (...) moral and political bonds; by contrast, financialised capitalism abstracts debt from these relations, treating it as a neutral instrument of contract between autonomous individuals. The result is a governance regime in which indebtedness concentrates power and erodes democratic agency. Recovering a theological grammar of mutuality enables a distinction between restorative and extractive debt, and offers resources for re-embedding economic life within just and participatory forms of common life. (shrink)

In contemporary society, private debt has substituted for other ways of financing the consumption of basic social goods like housing, education, and medical care. This is at least partially due to increased inequality, which has allowed costs to rise faster than median incomes, as well as due to stagnating public provisions. Debt-financed access to basic goods is problematic because it creates new kinds of unfreedom and undermines the value of the freedoms that the indebted do manage to keep or acquire. (...) Debt-financing qualifies freedom in this way by placing certain kinds of conditions on our acquisition and consumption of the goods that we buy. These conditions compromise the very freedom that we seek and value when acquiring and consuming these goods. It does so, first, by transferring the burden of providing basic goods from the public to private individuals, thereby further constraining those who already face the most constraints in accessing basic goods. And, second, the conditional character of debt-financed consumption undermines the value that we attach to having basic social goods. At the very least, this gives us strong reasons to want to regulate the conditions that creditors can place on debtors, at least with respect to basic social goods. Further, at best, the most desirable alternative to debt-financed consumption is the unconditional public provision of basic goods like housing, education, and medical care. (shrink)

This article discusses the way the ancient Greeks dealt with public and private debts, focusing on one specific aspect: debt cancellation. On the one hand, ancient Greeks were aware of the risks entailed in debt relief as a tool for fuelling civic strife: sources describe it as a demagogic or even criminal action often in association with the political agenda of tyrants. On the other hand, however, Greeks knew well also the benefic effects of debt cancellation in coping with (...) financial and political crisis. In late accounts of archaic history, debt relief is the solution to civic strife and the foundation act of political order. Some public decrees of the Hellenistic period attest debt relief as a communal decision of the polis, dictated by the necessity of preventing or solving ongoing or imminent crises. This second meaning and purpose of debt cancellation should perhaps urge us to reconsider from a different perspective the “politics of debt” in today’s Europe. (shrink)

This essay examines the concept of sovereign debt in both political‐economic and theological registers. Elaborating the dynamics of monetary economy, I demonstrate how postures of indebtedness characterize the relationship between sovereign power and the governed. While taxation signals the debt of obedience and fealty owed to sovereignty, the monetary circuit reveals that sovereign power exists in a state of indebtedness to the governed. The morally valenced proximity between debt and guilt helps to perpetuate such relations. Tracing these resonances and resemblances (...) in the theological realm, I consider the centrality of debt as a structuring principle in key soteriological traditions within Christian thought. Not only does God appear to uphold debt logic, but God, I claim, becomes identified with debt and marked as a debtor. The divine sovereign as debtor and as enforcing debt provides cues for earthly sovereigns and legitimates cultures of debt. In light of the theopolitical legacy in the West, the mutual influence between theology and the political realm, refiguring this set of influential theological concepts may prove helpful in decentering debt as a governing principle in modern life. (shrink)

The article explores a range of social scientific representations of credit and debt in the United States and Britain and how these have been organized around the problem of freedom. On the one hand, credit is projected as productive, embodying and securing liberal values of individual autonomy and self-determination. On the other, debt is portrayed as consumptive, ensnaring the individual, subverting her or his will and undermining the capacity for self-determination. The classic cultural injunction against consumer borrowing is captured under (...) the rubric of the Puritan ethic which portrays indebtedness as contrary to the values of individual freedom and autonomy; however, it is shown here how the meanings attached to credit and debt have always been ambiguous in practice. Over the 20th century, and continuing today, a number of economic writers have attempted to legitimize the development of consumer credit by demonstrating how it contributes towards freedom and security. However, it is shown how these accounts shift in response to changing economic discourses as well as credit’s growing pervasiveness. In contrast, sociological writers have tended to criticize the accumulation of debt as damaging to both individual autonomy and societal welfare. Again, these accounts also manifest a notable change in emphasis over time in response to shifting constructions of the problem of social change. Finally, recent empirical work is drawn upon to demonstrate the ways in which freedom itself can be a contingent and contextual element in the production of consumer credit. (shrink)

This article examines the contrasting conceptions of gratitude in Early Confucian and Western philosophy. It focuses on a key difference: the presence of the notion of ‘debts of gratitude’ in Western thought and its absence in Confucianism. We explore how this difference is rooted in contrasting ethical outlooks and values. Western philosophy often conceives of gratitude as a duty of reciprocation, furthering the values of social equality and individual autonomy. By contrast, Early Confucians viewed gratitude as proper acknowledgement that (...) strengthens social relationships that are part of an ongoing collective project, spanning generations. This view reflects the importance of values such as community, harmony, and ritual propriety in Confucianism. Unlike the Western context, in the Early Confucian social world, there was no role for ‘debts of gratitude’ to play. There were no Confucian values that ‘debts of gratitude’ would help to realize, or would be responsive to, in the way that debts of gratitude further the values of equality and independence in the West. We conclude by noting that some Western philosophers express ideas about gratitude in collaborative contexts that align with Confucian ideas, suggesting some shared elements between Confucian and Western ethical outlooks. (shrink)

Austerity as management of public debt is at the core of neoliberal policies and proceeds as differential exploitation. To explore the gendered dimensions of debt, the paper inquires how debt is bond to desire and inscribed in bodies. After indulging in David Graeber’s, Gilles Deleuze’s and Félix Guttari’s work, the analysis focuses on accumulation through debt and dispossession. Drawing on Verónica Gago, Luci Cavallero and Silvia Federici, it reflects how current economies of debt exploit feminized work in times of authoritarian (...) neoliberalism. The paper sheds light on solidaristic struggles against austerity that manifest a desire for social transformation and economies of care. (shrink)

This study applies the author's Contradiction-Debt (CD) model (based on the Geometry of the Good, forthcoming) to assess the risk of governance rupture in Argentina as of September 2025. The CD model evaluates violations across five domains—security/rights, rule of law/elections, center–local contradictions, narrative/facts gap, and humanitarian obligations—against the effectiveness of repair mechanisms, weighted by institutional capacity. Using recent reports from Human Rights Watch, Dejusticia, Al Jazeera, and Forbes, we coded violations, repair efforts, and capacity indicators. Argentina’s violation score (V ≈ (...) 1.03) far outweighs its effective repair score (R_eff ≈ 0.095), yielding a repair-to-violation ratio (R/V) of ~0.09. This ratio falls below the 0.30 threshold, placing the country in a 1–2 quarter rupture window. Tipping conditions—including low legitimacy, weak elite cohesion, high cost strain, and rising protest backlash—are all present, reinforcing the high-risk designation. Projections for Q4 2025–Q1 2026 suggest escalating protests, elite fragmentation, and worsening humanitarian conditions, with plausible scenarios ranging from mass mobilization and government collapse to autocratic consolidation. While the model highlights severe rupture risks, it also underscores potential stabilizing measures: acknowledgment of grievances, inclusive reforms, and restoration of institutional oversight could raise the R/V ratio and avert crisis. This analysis demonstrates the CD model’s utility in diagnosing early warning signals of rupture and in identifying pathways for policy intervention. (shrink)

According to what may be called the Debt Model, blameworthiness is defined in terms of deserved suffering. The Debt Model has a significant implication: one is less blameworthy if one has experienced some of the suffering one deserves, and no longer blameworthy once one has experienced the full amount of suffering one deserves. Blameworthiness, according to the Debt Model, is not forever. In recent papers, Clarke (2022) and Howard (2022) independently criticize the Debt Model and argue for the opposite conclusion: (...) if one is blameworthy, one will remain blameworthy forever. In this paper, I respond to this criticism as well as a recent argument against the Debt Model from Tierney (2022). I then present a prima facie case for the Debt Model. I argue that Clarke’s attempt to accommodate the intuitions elicited by this and similar cases has unwelcome implications. I will end the paper with some remarks about what roles we want our conceptions of blameworthiness to play. If Clarke’s account were right, the fact that an agent is blameworthy would play a far less significant role in our moral life than we often tend to assume. The Debt Model, I will suggest, makes better sense of our blaming practices. (shrink)

Borrowing behavior may be more resistant to formal educational treatments than other financial behaviors. In order to study the process and results of infographics-based debt education, we used eye tracking technology (SMI RED 500 Hz) to monitor the oculomotor behavior of 108 participants (68 females) aged 18 to 60 who were shown 4 infographics. The study used an experimental design with repeated measures and an internal comparison group. We also used scales of debt literacy and a set of information literacy (...) scales: numerical, graph, and linguistic. The results confirm that short-term infographics-based debt education can improve debt literacy significantly. The difference in processing the educational contents that were not known to participants before the educational session suggests that participants with better information literacy make more considerable debt literacy progress. Specifically, we found that numerical literacy is a significant mediator of debt education results, depending on the initial level of debt literacy; this relation is moderated by the focus of visual attention on negatives of debt. We found no significant relationship between debt literacy education results and those of graph and linguistic literacy. (shrink)

The author posits that the value of individual freedom is best realized within the context of the Moral Imagination concept of philosopher Rudolph Steiner and that when freedom is seen more as a licence for deception and exploitation not only does the greater community suffer but also the party itself suffers character destruction. Thus, laissez-faire capitalism, as exemplified by the mortgage banking meltdown of 2008 and subsequent debt-based unemployment crisis, has not only impoverished millions, destroyed savings and bankrupted long-established investment (...) firms, but also has further bonded the perpetrators to the morally undeveloped self-centredness of Lawrence Kohlberg’s least advanced moral stage (Kohlberg, 1981). Following a discussion of the folly and futility of the consumerist culture, the author argues that the solution lies in practicing the time tested values of caring and social responsibility on the part of government and mortgage bankers coupled with self-restraint and moderation on the part of investors and borrowers. (shrink)

Demonstrates that Plato and Xenophon ought to be regarded less as rivals and more as engaged in a dialogue advancing a common goal of preserving the Socratic legacy.

A debt of good will is incurred when a person becomes the beneficiary of significant assistance or favor given by another. Usually, the beneficiary is in acute need of the assistance given or favor granted. This provides an opportunity for the giving of help to serve as a vehicle for the expression of sympathy or concern. The debt could then be appreciated as one of good will because, by catering to another person's pressing need, the benefactor is able to express (...) positive dispositions towards the beneficiary. It is not merely the receipt of the assistance or favor that puts the recipient in a position of indebtedness. The indebtedness is created by the benefactor's kagandahang loob. An act can be considered to convey kagandahang loob only if it is done out of kusang loob ; and can only be considered to have been done out of kusang loob if the agent is not acting under external compulsion, is motivated by positive feelings towards the beneficiary, and is not motivated by the anticipation of reward. These conditions entail debt-of-goodwill relationships where the benefactor has no right to demand reciprocity but the beneficiary has a "self-imposed" obligation to repay kagandahang loob with kagandahang loob. Debts of good will are about some forms of justice. But we should not reduce all talk about debts of good will to talk about justice. (shrink)

This is a critical appreciation of Govier’s 2006 ISSA keynote address on the fallacy of composition, and of economists’ writings on this fallacy in economics. I argue that the “fallacy of composition” is a problematical concept, because it does not denote a distinctive kind of argument but rather a plurality, and does not constitute a distinctive kind of error, but rather reduces to oversimplification in arguing from micro to macro. Finally, I propose further testing of this claim based on examples (...) involving public vs. private debt in economics; oligarchic tendencies in politics, and the emergence of societal wholes in sociology. (shrink)

External debt, poverty, and the use of natural resources are inextricably linked. Annis argues that the direction in which a country's economic resources are transferred—from poor to rich, or rich to poor—also sets the pattern for the flow of natural resources.

This chapter argues that several aspects of Bernard Williams’s style, methodology, and metaphilosophy can be read as evolving dialectically out of Wittgenstein’s own. After considering Wittgenstein as a stylistic influence on Williams, especially as regards ideals of clarity, precision, and depth, Williams’s methodological debt to Wittgenstein is examined, in particular his anthropological interest in thick concepts and their point. The chapter then turns to Williams’s explicit association, in the 1990s, with a certain form of Wittgensteinianism, which he called ‘Left Wittgensteinianism’. (...) It is shown how this is not a sudden conversion, but the direct product of Williams’s longstanding critical engagement with Wittgenstein’s methodology and metaphilosophy: Williams arrives at this position by envisaging a Wittgensteinianism that thinks in concrete sociohistorical terms, embraces genuine explanation, and relinquishes its insistence on the purity of philosophy. When properly understood, moreover, this critique turns out to be continuous with Williams’s advocacy of a conception of philosophy as a humanistic discipline. Finally, it is shown that Williams inherits from Wittgenstein a certain understanding of how philosophy can help us to live, in particular the therapeutic ambition to liberate us from distortions in our self-understanding by assembling reminders. (shrink)

Despite what you have heard over the years, the famous evil deceiver argument in Meditation One is not original to Descartes. Early modern meditators often struggle with deceptive demons. The author of the Meditations is merely giving a new spin to a common rhetorical device. Equally surprising is the fact that Descartes’ epistemological rendering of the demon trope is probably inspired by a Spanish nun, Teresa of Ávila, whose works have been ignored by historians of philosophy, although they were a (...) global phenomenon during Descartes’ formative years. In this paper, I first answer the obvious question as to why previous early modernists have missed something so important as the fact that Descartes’ most famous publication relies on a well-established genre and that his deceiver argument bears a striking similarity to ideas in Teresa’s final work, El Castillo Interior? I discuss the meditative tradition at the end of which Descartes’ Meditations stands, present evidence to support the claim that Descartes was familiar with Teresa’s proposals, contrast their meditative goals, and make a point-by-point comparison between the meditative steps in Teresa’s Interior Castle and those in Descartes’ Meditations which constitute their common deceiver strategy. My conclusion makes a case for a broader and more inclusive history of philosophy. (shrink)

International policies often make the conferral of aid, debt relief, or additional trading opportunities to a country depend upon its having successfully implemented specific policies, achieved certain social or economic outcomes, or demonstrated a commitment to conducting itself in specified ways. Such policies are conditionality arrangements. My aim in this article is to explore whether conditionality arrangements that would make the conferral of debt relief depend on whether the debtor country achieves a certain status with respect to the human right (...) fulfilment of its population can be justified. I argue that many objections that are typically advanced against conditionality arrangements are unconvincing, and that the possible benefits of human rights conditionality are sufficient to warrant serious intellectual and practical exploration. Whether or not particular arrangements are justified cannot be determined in advance of such exploration. (shrink)

Theories of justice rely on a variety of criteria to determine what social arrangements should be considered just. For most theories, the distribution of financial resources matters. However, they take the existence of money as a given and tend to ignore the way in which the creation of money impacts distributive justice. Those with access to collateral are favoured in the creation of credit or debt, which represents the main form of money today. Appealing to the idea that access to (...) credit confers freedom, and that inequalities in this freedom are morally arbitrary, this article shows how the advantage to those with collateral plays out in different ways in today’s economy. The article identifies several forms of bias inherent in money creation, and its subsequent destruction: loans from commercial banks to individuals and corporations, interbank lending, lending from central banks to commercial banks, and selective bail-outs by central banks. These are not mere inequalities: they are unjust since alternative designs of the financial architecture exist that would significantly reduce them. The paper focuses on one possible reform with the potential to address several of the types of bias identified, namely the separation of money creation from private bank credit. (shrink)

Modified rules for the accumulation and discharge of international sovereign debt can codify the moral and legal basis for existing ad hoc deviations and present a justifiable framework within which international lending and borrowing can take place.

There is a fundamental disconnect between the public discourse about sovereign and external debt in comparison to private domestic debt. The latter is predominantly viewed through a Humean lens, which sees economic morality in terms of contingent social institutions, justified by the valuable goods they realize; while sovereign and external debt is viewed through a Lockean lens, which sees property, contract, and debt as possessing an intrinsic moral quality, independent of social context or consequences. This Article examines whether this Lockean (...) perspective on sovereign and external debt is compatible with the dominance of Humean approaches to the domestic economy. It considers and rejects the most plausible argument for reconciling these views, which emphasizes the different qualities of cooperation in the international and domestic economies. It further argues that many standard objections to a Humean approach to sovereign debt suggest, not the Lockean approach, but rather a Hobbesian international moral skepticism. Concluding that the Lockean approach is unmotivated, this Article instead advances a Humean account of sovereign debt and default. It shows how taking seriously the demand for institutional justification and the idea of persons and peoples as free and equal provides an account of the duties of states—whether creditors, debtors or third parties—in sovereign debt crises. It further examines the implications of each approach for democratic choice about sovereign default. (shrink)

For many young Americans, access to credit has become critical to completing a college education and embarking on a successful career path. Young people increasingly face the trade-off of taking on debt to complete college or foregoing college and taking their chances in the labor market without a college degree. These trade-offs are gendered by differences in college preparation and support and by the different labor market opportunities women and men face that affect the value of a college degree and (...) future difficulties they may face in repaying college debt. We examine these new realities by studying gender differences in the role of debt in the pivotal event of graduating from college using the 1997 cohort of the National Longitudinal Survey of Youth. In this article, we find that women and men both experience slowing and even diminishing probabilities of graduating when carrying high levels of debt, but that men drop out at lower levels of debt than do women. We conclude by theorizing that high levels of debt are one of the mechanisms that sort women and men into different positions in the social stratification system. (shrink)

Adding to contemporary debates about the relationship between financialization and neoliberalism, this article investigates their entanglement at the level of subjectivity. Primarily, the article argues that financialization and neoliberalism are converging to produce a new form of subjectivity, post-profit homo œconomicus, an always indebted but credit-seeking enterprise. The value of this approach, the article demonstrates, is that it provides theoretical tools capable of grasping the differential production of subjectivity across the uneven and unequal striations of contemporary neoliberal society, from precarious (...) workers of the gig economy to financial sector elites. The article examines two figures who have become central to public and academic debates about neoliberalism and financialization – the low-waged, precarious worker and the indebted student – to consider how neoliberal subjectivity is produced and distributed unevenly. It concludes that within these fragmentary socioeconomic positions are different instantiations of always indebted but credit-seeking human capital. (shrink)

The authors describe how American law has slowly shifted away from imprisoning debtors before an official judgement, a practice they inherited from England. Several states modified the law to allow the debtor to prove honesty, established a minimum to the debt before imprisonment, and excluded women from imprisonment for debt. Tocqueville and Beaumont especially condemn Pennsylvania debtor laws, which increase the total number of imprisoned unnecessarily.