The purpose of this paper is to reconstruct a Christian theology of “hospitality” through a critical reading of Jacques Derrida and Friedrich Nietzsche as well as through an in-depth biblical and theological reflection on the ethics of hospitality. Out of this reconstructive investigation, I propose a new Christian ethics of hospitality as a radical kind. As a new paradigm, this radical hospitality is distinguished from other types in that it is no longer conceived on the model of “gift”. The new (...) Christian ethics of hospitality is rather reconstructed on the model of “forgiveness” by critically appropriating the concept of “invisible debt” that lies between the hosting citizens and the migrants in the senses of “you owe us your presence” and “I owe you my security and success.” While the hospitality of the gift defines the relationship between the hosting citizens and the migrants as givers and givees, the new paradigm of hospitality identifies this relationship as between creditors and debtors. In this regard, a new Christian hospitality called for unto citizens of the hosting society is a radical kind that challenges them to transcend the creditor-debtor consciousness. (shrink)

This study explains risk transfer, associated with debt-basedfinancing, as the main cause of financial crises in the world. It presents the casefor a financial architecture based on risk sharing that, in turn, is likely to makethe financial system less fragile and more stable. This study also highlights thesignificance of Islamic finance in this regard.

This paper extends Jean-Luc Nancy’s engagement with St. Anselm. Specifically, while Nancy is primarily concerned with Anselm’s Proslogion, this paper brings Nancy’s deconstructive protocols to bear on Anselm’s Cur Deus Homo. Of particular interest is Nancy’s treatment of the semiological association of economics and metaphysics. Ultimately, the “supplemental logic” developed here allows us to read Anselm’s dependence on the category of debt in the context of prayer. Finally, by stressing Nancy’s reception of French literary theory and poststructuralism, this paper (...) offers an intervention into the burgeoning theological reception of Nancy, which generally sees him as a basically anti-Christian philosopher of Heideggerian, not Derridean, immanence. (shrink)

This paper extends Jean-Luc Nancy’s engagement with St. Anselm. Specifically, while Nancy is primarily concerned with Anselm’s Proslogion, this paper brings Nancy’s deconstructive protocols to bear on Anselm’s Cur Deus Homo. Of particular interest is Nancy’s treatment of the semiological association of economics and metaphysics. Ultimately, the “supplemental logic” developed here allows us to read Anselm’s dependence on the category of debt in the context of prayer. Finally, by stressing Nancy’s reception of French literary theory and poststructuralism, this paper (...) offers an intervention into the burgeoning theological reception of Nancy, which generally sees him as a basically anti-Christian philosopher of Heideggerian, not Derridean, immanence. (shrink)

Before the Doi Moi reforms in 1986, Viet Nam’s economy was devastated by 30 years of warfare with two major military powers, France and the US, ending in 1975. In the subsequent 10 years, Viet Nam suffered from failing economic experiments, including agricultural cooperatization, “industry-commerce rehabilitation,” price-wage-currency reform, among others, under the centrally planned mechanism (Wood 1989), as well as the international isolation and a US trade embargo when its troops entered Cambodia to overthrow the Khmer Rouge (Riedel and (...) Turley 1999). Its per-capita gross domestic product (GDP) declined to USD 97 in 1989 whereas the ratio of external debt to GDP reached 330%. 1 The economy languished and became one of the poorest in the world (VGP 2016). (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)

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)

Apocalyptic thinking has a long religious and political tradition, but what place does it occupy within the temporal universe of contemporary capitalism? In this essay, we use the figure of the eschaton to draw out the loaded and ambiguous character of the future as it emerges through the condition of indebtedness. This entails a departure from political economy accounts of capitalist futurity, which stress the structural logic of financial speculation, in favour of an existential account that begins instead with (...) the cosmology of money and debt. We argue that finance capital’s fixation on the future has produced a very specific form of apocalyptic imagination, characteristic of financial society and built on a libidinal economy of leverage. Rather than offering an ecstatic end to the global process of financialization, financial eschatologies bind the contemporary subject to debt and indebtedness to the very end: an endless apocalypse, premised on the ends of finance itself. (shrink)

The fight for emancipation takes place on different levels, and one of them is the level of contemporary financial capitalism as debt-economy. Debt can be a major tool of control and exploitation in that it produces subordinate subjects situated in exchange relations of debt and credit. Recent work on financial debt and the debt-economy has, however, not taken gender adequately into account in philosophical definitions of indebted subjects. Gender analysis discloses how the debtor–creditor (...) relationship is based on a contractarian idea of the indebted subject as an autonomous moral agent, and on a masculine, that is, a-relational understanding of what counts as debt and what does not in the contemporary debt-economy. In contrast to atomistic notions of the subject in liberal, contractarian theories, relational notions of the subject as advanced in care ethics are a better point of departure for capturing the interdependence of subjects within a debt-economy as a core feature of a nonsustainable monetary system. On the basis of such analysis, care ethics also offers means for imagining ways of emancipation from private and public problem credit in order to make financial systems more sustainable and more just. (shrink)

This article is a review of two recently translated books by Italian philoso­pher Elettra Stimilli: The Debt of the Living: Ascesis and Capitalism and Debt and Guilt: A Political Philosophy. The essay critically engages with Stimilli’s interpretation of the nexus between ascesis and capitalism; her account of the ascetic dimensions of contemporary economies of debt; her reflections on the subversive potential of ascesis in the context of contemporary regimes of neoliberal governance.

In this article, I examine what the ethical and political implications of conceptualizing and practicing philosophy for/with children in the neoliberal debt economy are. Though P4wC cannot alone bring about any significant transformation of debt political-economic realities, it can play an important role in cultivating oppositional debt ethics and consciousness. The first half of this article situates P4wC within the current global debt economy. Here, I summarize the analyses made by critical theorists of the (...) ways that debt impacts public institutions, and shapes individual subjectivity. The second half of this article builds on Michel Foucault’s conceptualization of “counter-conduct.” For Foucault, counter-conduct is an ethical/political act of resistance against governmentality, one that makes possible alternative social relations and ways of being in the world. I argue in this section that P4wC should be conceptualized, and practiced, as form of counter-conduct that challenges power in the debt economy. Both the form of P4wC pedagogy, and the content that can be taken up in a collective manner in communities of inquiry, make P4wC a potential site for debt counter-conduct practices. Thought of as counter-conduct, P4wC is an educational practice with liberatory promise. I conclude this piece with brief ruminations on practicing P4wC in the time of COVID, and during the uprisings around the world against racial capitalism. It is suggested here that P4wC not only be practiced within formal education settings, but also in the social movements that are fighting to bring into being a world more just for all of us. En este artículo, examino cuáles son las implicaciones éticas y políticas de conceptualizar y practicar la filosofía para / con niños en la economía de la deuda neoliberal. Aunque P4wC no puede provocar por sí solo ninguna transformación significativa de las realidades político-económicas de la deuda, puede desempeñar un papel importante en el cultivo de una ética y una conciencia de la deuda opuestas. La primera mitad de este artículo sitúa a P4wC dentro de la economía de deuda global actual. Aquí, resumo los análisis realizados por teóricos críticos sobre las formas en que la deuda afecta a las instituciones públicas y configura la subjetividad individual. La segunda mitad de este artículo se basa en la conceptualización de la "contra-conducta" de Michel Foucault. Para Foucault, la contra-conducta es un acto ético / político de resistencia contra la gobernamentalidad, que posibilita relaciones sociales y formas de estar en el mundo alternativas. Sostengo en esta sección que P4wC debe conceptualizarse y practicarse como una forma de contra-conducta que desafía el poder en la economía de la deuda. Tanto la forma pedagógica de P4wC, como su contenido adoptados de manera colectiva en las comunidades de investigación, hacen de P4wC un sitio potencial para las prácticas de contra-conducta de la deuda. Pensada como una contra-conducta, P4wC es una práctica educativa con promesa liberadora. Concluyo este artículo con breves reflexiones sobre la práctica de P4wC en la época de COVID y de los alzamientos en todo el mundo contra el capitalismo racial. Aquí se sugiere que P4wC no solo se practique dentro de los entornos de educación formal, sino también en los movimientos sociales que luchan por crear un mundo más justo para todos nosotros. Key Words: Debt, Philosophy for/with Children, Counter-Conduct. (shrink)

A closer look at recent reports of “modern slavery” in the Sahara, particularly the exploitation of sub-Saharan migrants in contemporary southern Libya, shows that they speak of other forms of captivity, such as debt bondage, forced prison labor, and hostage taking for ransom. Such forms of exploitation have an equally long history in the region but are more obviously enmeshed with contemporary phenomena: repressive migration policies, state incarceration, and the worldwide ranking of nationalities. This article seeks to understand them (...) for what they are, using fieldwork and historical examples. Understanding shifts the blame for the migrants’ plight from “local culture” to the international political economy and grants migrants a degree of agency that blanket condemnations of slavery often deny. It also opens up more general questions about links between labor, mobility, and captivity; the relationship between state and nonstate systems of political control, their boundaries and overlaps; and the different ways value is accorded to individual lives—or actively created, negotiated, or denied—in the Sahara and beyond. (shrink)

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)

In a recent paper, Chomsky (1989) has proposed two principles which choose among competing transformational derivations. He calls them principles of “Economy of Derivation”. These are the Least Effort principle and the Last Resort principle, seen in (1a-b). (The _________ _________ _ _ nomenclature is partially my own: Chomsky uses the term “Principle of Least Effort” for (1a-b) together.).

The present essay contends that progressive readings of Smith ignore the influence of theological concepts and religious ideas on his work, notably three distinct strands: first, seventeenth- and eighteenth-century natural theology; second, Jansenist Augustinianism; third, Stoic arguments of theodicy. Taken together, these theological elements help explain why Smith’s moral philosophy and political economy intensifies the secular early modern and Enlightenment idea that the Fall brought about ‘radical evil’ and a ‘fatherless world’ in need of permanent divine intervention. As such, (...) Smith views the market as divine regulation of human sinfulness and an instrument to serve God’s providential plan. Indeed, the ‘invisible hand of the market’ represents a nominalist realm where human cooperation intersects with divine providence, blending private self-interest with the public commonweal. I will also argue that Smith’s conception of a morally neutral market is ultimately incompatible with creedal Christianity, in particular orthodox catholic Christian ideas of the common good in which all can share and the practice of charity for those most in need who have been abandoned by state bureaucracy and the marketplace. The main reason is that Smith, not unlike Calvin, tends to divorce human contract from divine gift by dividing the theo-logic of gratuitous reciprocal giving from the economic logic of contract – a dualism that bears an uncanny resemblance with Suárez’s Baroque scholasticism of which Smith’s friend David Hume was rightly critical. In particular, the Reformation and Counter-Reformation theology of Calvin, Luther and Suárez sunders ‘pure nature’ from the supernatural and develops a ‘two ends’ account of human nature, according to which human beings have a natural end separate from their supernatural finality. So instead of participating in the divine oikonomia of asymmetrical gift-exchange, human society and the economy operate autonomously and are ordered towards a purely natural end. Smith conceptualises the market mechanism as both a fundamental precondition for interpersonal relationality and at the same time separate from the sociality it engenders. Smith’s anthropology hovers half-way between Machiavelli and Mandeville’s homo œconomicus in search for maximal profit, on the one hand, and the diametrically opposed conception of man as a gift-exchanging animal striving for mutual social recognition, on the other hand. By viewing market exchange as separate from the private virtues of benevolence, justice and prudence, he introduces a split between the exercise of moral virtues and the operation of commercial society. Such a divide is wholly foreign to the project of an overarching civil compact in the writings of Smith’s contemporary Antonio Genovesi and other members of the Italian schools of civic humanism and civil economy. In consequence, Smith’s œuvre marks a decisive shift from civil to political economy. (shrink)

A direct consequence of the pandemic was the widespread occur-rence, and in many OECD countries – a growing public finance imbalance. The paper presents the results of research on the dynamics and structure of public debt, its relation to GDP and to the net borrowing of the general government sector. The main purpose of the article is to show the impact of the pandemic on the size and structure of public debt in the largest EU economies, as well (...) as in other selected OECD countries. An attempt was also made to identify factors that had a significant impact on the amount of public debt during the pandemic. The new debt was used primarily to finance net borrowing and, ultimately, to support the economy and selected social groups. However, as the article points out, the new debt to a significant extent financed the increase in liquidity in the public sector, and in some cases – a larger volume of loans granted by public sector entities and their equity investments. (shrink)

Vietnam has seen fast-rising debts, both domestic and external, in recent years. This paperreviews the literature on credit market in Vietnam, providing an up-to-date take on the domesticlending and borrowing landscape. The study highlights the strong demand for credit in both therural and urban areas, the ubiquity of informal lenders, the recent popularity of consumer financecompanies, as well as the government’s attempts to rein in its swelling public debt. Given thehigh level of borrowing, which is fueled by consumerism and (...) geopolitics, it is inevitable that theamount of debt will soon be higher than the saving of the borrowers. Unlike the conventional wisdom that creditors have more bargaining power over the borrowers, we suggest that—albeitlacking a quantitative estimation—when the debts pile up so high that the borrowers could not repay, the power dynamics may reverse. In this new politics of debt, the lenders fear to lose the money's worth and continue to lend and feed the insolvent debtors. The result is a toxic lending/borrowing market and profound lessons, from which the developing world could learn. (shrink)

In many Western capitalist economies, private indebtedness is pervasive, but it has received little attention from political philosophers. Economic theory emphasizes the liberating potential of debt contracts, but its picture is based on assumptions that do not always hold, especially when there is a background of structural injustice. Private debt contracts are likely to miss their liberating potential if there is deception or lack of information, if there is insufficient access to (regular forms of) credit, or if credit (...) is overly expensive. Markets for private debt can be mechanisms of structural injustice: rather than playing a neutral role, they reinforce injustices, because the failures of debt to be liberating disproportionately hit individuals in disadvantaged positions. By individualizing what are in fact structural problems, private debt can contribute to stigmatization, social exclusion and oppression. What is at stake, from a perspective of structural justice, is not only the distribution of income, but also the distribution of risk. The problems of private debt markets therefore require political attention. In addition to fighting the structural injustices that form the background condititions of private debt, it is also worth addressing private debt markets themselves. (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)

Federal credit policies toward agriculture reflect the human values of maintaining the farm production sector largely as an industry characterized by small-scale, family farms. The Farmers Home Administration has implemented various credit programs designed to carry out this policy objective. As a result of the prolonged financial crisis in the farm economy, the agricultural community is becoming more aware of the controversies surrounding the mission of FmHA and its debt restructuring program. This paper discusses the debt restructuring (...) program administered by the Farmers Home Administration (FmHA), as authorized by the Agricultural Credit Act of 1987, and amended by the recently enacted Farm Bill of 1990. It discusses the key provisions of the Agricultural Credit Act authorizing FmHA to establish a debt restructuring and debt forgiveness program aimed at achieving the public policy objective of keeping financially stressed farmers in business, whenever possible.In the course of reviewing the restructuring program, FmHA officials and congressional committees reviewed the FmHA's mission and its program implementation. This review indicated that several unintended negative consequences resulted from several abuses stemming from inadequate administrative mechanisms and controls and conflicting legislative objectives of debt forgiveness and federal tax policy. In enacting the 1990 Farm Bill, Congress sought to reorient FmHA's mission to a temporary source of credit and to eliminate various abuses associated with the implementation of FmHA's debt restructuring program. The 1990 Farm Bill reflects an effort by Congress to address some the controversies surrounding federal credit policies toward agriculture. Although Congress placed limits on debt restructuring, the overall public policy objective of maintaining a family-farm posture in the agricultural sector continues to be an important social value. (shrink)

In lieu of an abstract, here is a brief excerpt of the content:Economy, Society, Tragedy: Moral Reflections in an Age of Crisis and Austerity LOUIS A. RUPRECHT JR. Precisely their tragedies prove that the Greeks were not pessimists... In this sense, I have the right to understand myself as the first tragic philosopher—that is to say, the most extreme antithesis and antipode of a pessimistic philosopher. —Nietzsche, Ecce Homo, “The Birth of Tragedy” Orgiastic religion leads most readily to song (...) and music; ritualistic religion inclines toward the pictorial arts; religions enjoining love favor the development of poetry and music. In all of this, the one important fact for us is the significance of the marked rejection of all distinctively aesthetic devices by those religions which are rational, in our special sense. —Max Weber, The Sociology of Religion tragedy and society The title of this review essay is taken from Max Weber’s posthumous magnum opus, Economy and Society,1 an ambitious and wide-ranging comparative sociological analysis of economic orders, social orders and the normative structures that both emerge from and lend meaning to the intersecting economic, political and religious spheres in which complex human arion 28.2 fall 2020 Kathryn A. Kozaitis, Indebted: An Ethnography of Despair and Resilience in Greece’s Second City (New York, NY: Oxford University Press, 2021), 248 pages. This book is the fifteenth in Oxford’s important series, “Issues of Globalization: Case Studies in Contemporary Anthropology,” edited by Carla Freeman and Li Zhang. 138 economy, society, tragedy societies take shape. To Weber’s grand and capacious sociological categories, economy and society, I have added a third literary and philosophical term: tragedy. Now, to be sure, Weber thought a great deal about tragedy,2 and was drawn to tragic themes in many of his most salient and influential sociological studies. One need think only of his account of the bureaucratic “routinization” of prophetic charisma in The Sociology of Religion,3 or his depiction of modern humanity’s self-imposed “iron cage” in the rousing final pages of The Protestant Ethic and the Spirit of Capitalism,4 a text to which I will return at the end of this essay.5 But tragedy entails far more than systemic collapse or self-inflicted disaster. In this essay, I want to explore some of the implications of combining close attention to the lived experience of concrete individuals to the highly theoretical, systems-level analysis inspired by such Weberian categories. Put another way, how may Cultural Anthropology, and more specifically Ethnography, deepen such a globally-oriented Sociology? Here, I intend to supplement Weber’s sociological dyad, economy and society, with a conception of tragedy drawn from the cognate social sciences of Comparative Religion and Cultural Anthropology; I will be using Attic Greek tragedy as a benchmark. More specifically, I wish to highlight some of the ways in which the first book-length ethnographic study of the Greek economic crisis may add vital nuance to Weber’s more theoretical, world-systems approach. That book is Kathryn Kozaitis’s Indebted: An Ethnography of Despair and Resilience in Greece’s Second City, an ethnographic study of the lived reality of Greeks experiencing the double -whammy of a sovereign debt crisis and externally imposed austerity regimes in the Greek city of Thessaloniki; the book is the fifteenth to appear inOxford’s “Issues of Globalization: Case Studies in Contemporary Anthropology” series, edited by Carla Freeman and Li Zhang. As Kozaitis demonstrates with sensitivity and eloquence, by zeroing in on the people, rather than the economic policies or the social and administrative structures, Louis A. Ruprecht Jr. 139 certain normative categories and ethical stances become more relevant, many of them implicated in ancient Greek tragedy, and drama more broadly. tragic crises appropriately to a work of cultural ethnography, Kozaitis links the personal to her profession; further still, she weaves her own personal story into the story of the people to whom she is attempting to give voice. This, she notes, constitutes “the auto-ethnography in this ethnography” (4–6). How, then, did this professor of Cultural Anthropology, based in the United States, find her way to Greece’s “second city”? The path was circuitous, and its destination unclear for quite some time. That Kozaitis’s personal... (shrink)

Contemporary capitalism is caught in a dual crisis of economy and ecology. Central to both dimensions of this crisis is the issue of growth. On the one hand, capitalist economies must exhibit perpetual growth in order to function properly. On the other hand, the expansion of capitalist production and consumption ultimately interferes with the processes of natural growth that we find within the domain of ecology. Parallax of Growth explores the ideas of economy and ecology and the factors (...) that have put them on a collision course. Among other things, the book aims to explain why our current mode of economic organization seems to be inherently committed to perpetual growth. A key answer, argues Bjerg, is that contemporary capitalism is characterized by an inherent ′debt drive′, whereby the creation of money through the issuance of commercial bank credit has locked our economy in a vicious circle of forced growth and increasing debt. Parallax of Growth is not a catalogue of solutions to the ecological or the economic crisis. The book aims to shift the inquiry from ‘what shall we do?’ to ‘why have we not already done it?’ In order to address the challenges of our contemporary times of crisis, it is not enough to point out all the different reasons why perpetual economic growth is impossible and unsustainable. We need to understand how the idea of growth is deeply ingrained in the ideology as well as the organization of our society. The book aims to open the space for philosophical thinking about this important issue. (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)

In this article a reference to Jacques Lacan’s ‘capitalist discourse’ will help highlight the bio-political workings of neo-liberalism in times of austerity, detecting the transition from so-called ‘debt economy’ to an ‘economy of anxiety.’ An ‘il-liberal’ turn at the core of neoliberal discourses will be examined in particular, which pivots on an ‘astute’ intersecting between outbursts of renunciation; irreducible circularity of guilt and satisfaction; persistent attachment to forms of dissipative enjoyment; and a pervasive blackmail under the register (...) of all-encompassing regulations and evaluations — all of which elevates the production of success up to the point of a production and consumption of failure. (shrink)

The mounting pollution burden has raised the need for renewable energy demand throughout the world. The study aims to explore the effect of public debt on renewable energy consumption for selected 23 Asian economies for the time period 1990–2019. Long-run empirical findings of the group-wise symmetric ARDL model reveal that increasing public debt results in declining renewable energy consumption. However, findings of the long-run group-wise asymmetric ARDL model reveal that positive shock in public debt reduces renewable energy (...) consumption, and negative shock in public debt results in increasing renewable energy consumption. The economy-wise empirical findings of the FMOLS model reveal that an increase in public debt results in increased renewable energy consumption in nine economies and decreased renewable energy consumption in six economies. The asymmetric FMOLS findings reveal that positive shock in public debt increases renewable energy consumption in nine economies and also decreases renewable energy consumption in nine economies. However, a negative shock in public debt increases renewable energy consumption in 12 economies and decreases renewable energy consumption in 5 economies. Additionally, this research provides numerous policy implications for renewable energy sources in Asian economies. Asian governments should use public debt for the consumption of renewable energy resources. (shrink)

In Martin Luther King’s Debt to Hegel John Ansbro recalls King’s interview with The Montgomery Adviser where King identified Hegel as his favorite philosopher. This kind of observation is engaging on a number of levels and not all of them are complimentary. One of the reasons why Ansbro’s account is both interesting and important is because it will come, for some, as a surprise; it is an observation that has a “shock” value. So long as there is a constituency (...) supporting the racist claims made by such texts as The Bell Curve: Intelligence and Class Structure in American Life, there will be, even in the Academy, those who find it hard to believe, that an African-American could access Hegel’s philosophical project and appropriate it as part of an intellectual enterprise. An attendant phenomenon subsequent to the shock of such disclosures, particularly where they cannot be dismissed as erroneous, is the need to show that the thought in question is in debt to a white male of European descent. That is, it is too often the case that once a black intellectual is recognized for having engaged the western tradition’s philosophical canon the interest is shifted to demonstrating a debt and intimating a lack of originality on the part of the black intellectual. It may be that this is the unintentional slight of some commentators, but the structure for an economy of debt is always already bound up in questions of ownership. The task in navigating these rough waters requires a disciplined analysis of the black intelligentsia’s “readings” of the western canon that does not give way to making hasty assumptions about debt. (shrink)

This article examines the connections between a theory of redemption as indebtedness and the wider political/economic realities of indebtedness. In order to illustrate the argument the author demonstrates why it is necessary to even question the roots of theories since they too carry a wider agenda. The author contrasts a debt economy with an economy of love.

Safronov’s Nietzsche’s Political Economy is a pioneering appraisal of Nietzsche’s critique of industrial culture and its unfolding crisis. The author contends that Nietzsche remains unique in conceptualizing the upheavals of modern political economy in terms of the crisis of its governing values. Nietzsche scrutinises the norms which, not only preside over the unfathomable build-up in debt, the proliferation of meaningless, impersonal slavery and the rise of increasingly repressive social control systems, but inevitably set these precarious tendencies of (...) modern political economy on a collision course liable to culminate in an unprecedented human and environmental catastrophe. Safronov explores the core themes of Nietzsche’s political economy—debt, slavery, and the division of labour—with reference to the influential views of Adam Smith and Karl Marx, as well as against the backdrop of the Long Depression (1873–1896), the first truly international crisis of industrial capitalism, during which most of Nietzsche’s work was completed. -/- In Nietzsche’s assessment, modern political economy is predicated on the valuations that diminish humankind’s prospects and harm the planet’s future by consistently enfeebling the present, as long as there is profit to be made from it. Nietzsche’s critical insight, which challenges the most fundamental tenet of modern economics and finance, is that in order to build a stronger and intrinsically more valuable future in lieu of simply speculating on it, as though the liberal Promised Land could descend upon us like the manna from heaven at the wave of an invisible hand [of the market], it is necessary to walk from the future we dare to envisage resolutely back to the present we inhabit to determine what demands achieving such a vision would impose upon us, instead of embellishing the ‘here and now’ by cynically discounting the future to the [net] value of the present while disparaging, disowning and rewriting the past to unburden ourselves of its troubling legacy, as we continue to frivolously squander its capital to the alluring tunes of the ‘sirens who in the marketplace sing to us of the future’. The enabling mechanism for changing our valuing perspectives, Nietzsche tells us, lies dormant in us and it must be unlocked before it is too late. (shrink)

This paper examines how a radical incarnational starting point would change the way we view the economic order. It highlights the way in which the current system creates extreme poverty and suffering for the many and asks if this can be tolerated by Christians. It also examines the Christian underpinnings of such a system and suggests that other Christian roots would lead to alternate and more inclusive systems.

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)

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)

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)

This paper considers the economic effect of the Christian practice of forgiveness. In particular, the argument is that the gift of divine forgiveness in Christ, as articulated by Anselm, interrupts `economy' (with its logic of scarcity, debt, and finally death) and puts in place an aneconomic order (with its theo-logic of abundance, ceaseless generosity, and resurrection) that is full of the promise of deliverance from the affliction of capitalism. Also addressed here is the way that the human reception (...) of divine forgiveness takes shape in the Works of Mercy, how these works are not rightly understood as `mere charity' at home within `economy' but in fact constitute the appearance of an order that heralds the end of economy, and, finally, how this practice of forgiveness redeems/ reconfigures what is commonly called `economic justice'. (shrink)

In the first thirty years after World War II, the US economy performed very well. The rate of growth averaged 4—5%, the rate of unemployment was seldom above 5%, inflation was almost non-existent, and the living standards of workers improved steadily. These were the ‘good old days'. However, this long period of expansion and prosperity ended in the 1970s. Since then, both the rate of unemployment and the rate of inflation have been much higher than before, and the average (...) real wages of workers have declined some 20%. Productivity growth has also slowed down and the debt burden of both capitalist enterprises and the Federal government has increased dramatically. It is in this sense that we may refer to the ‘economic crisis’ of the US economy over the last two decades. This crisis has certainly not been as severe as the Great Depression of the 1930s, but the economic performance has been significantly worse than in the early post-war period. (shrink)

Between 1987 and 1997, Thailand experienced a bubble economy. When the bubble economy exploded in 1997, the country suddenly experienced an economic crisis: it was in heavy debt and became financially controlled by the International Monetary Fund (IMF). The problem was caused by the country’s desire to rapidly change itself from an agricultural country to an industrial one, without considering its own comparative advantage in that its climate and resources are more suitable for agriculture. Thailand also wanted (...) to become a newly industrialized country and a inancial hub of Southeast Asia without considering its readiness. These ideas came to a halt after the bubble economy explosion. However, just after Thailand managed to solve its debt problem with the IMF, thegovernment once again declared its desire to turn the country into the ‘Detroit of Asia’, to develop the capital, Bangkok, into the region’s fashion hub and to launch a substantial number of mega-projects, albeit with the existence of a widening economic gap between the rural and urban areas. This economic trend became known as “Thaksinomics” with reference to the name of the Prime Minister at that time, Thaksin Shinawatra. On the other hand, there has been a great deal of criticism of such a trend, which has been seen as a capitalist move promoting the consumerist behaviour of Thai people. There is, therefore, a call for Thai society to review itself, especially in its social and economic development aspects, and a change to a new kind of development with an emphasis on self-reliance andmoderation. This call is based on a Buddhist belief which is reflected in the old Thai way of life. This kind of economy is called “Self-Sufficiency Economy” as opposed to a capitalist-consumerist economy. It is believed that this new direction will help lay a strong foundation for the Thai economy and provide it with a high level of immunity for progress towards a more stable and sustainable economy. (shrink)

This article analyzes the Turkish central bank's “managed uncertainty” policy after the global financial crisis. During 2010–14, the central bank intentionally generated uncertainty around short-term interest rates, using the level of predictability faced by financiers as a tool to buffer the domestic economy from volatile capital flows. How did the central bank implement this unconventional policy? Building on interview data and public texts, the article argues that the surge in capital inflows after the crisis sourced a debt-led, financialized (...) economic growth model and deepened Turkey's reliance on external financing. The central bank could diverge from the financial sector's policy preferences despite Turkey's increased foreign capital dependence because the availability of low-cost, ample, private funding opportunities temporarily expanded policymakers’ room to maneuver. However, operating vis-à-vis an unsustainable growth regime, the central bank had to revert to orthodoxy in 2014 due to declining investor confidence and capital flight. This article contributes to the literature on the structural power of finance by demonstrating how finance derives its structural power from funding financialized growth, not productive investments. It also shows that financial structural power varies based on the source and cost of external financing beyond the degree of foreign capital dependence. (shrink)

Name der Zeitschrift: Journal of Ancient History Jahrgang: 5 Heft: 1 Seiten: 134-178.

Marx counted the Greeks among his greatest teachers. The burden of contemporary scholarship is that Marx's debt to antiquity is principally a debt to Aristotle. Studies of the Aristotelian lineages of Marx's political thought have revealed significant aspects of his understanding of justice and the good life. Just as important, scholars have explored the connections between Aristotle's and Marx's writings on economics. On this view, underlying Capital is a normative ideal drawn mainly from Book 1 of Aristotle's Politics. (...) The aim of this essay is to challenge this reading of Marx. Although Marx learned much about the Greeks from Aristotle, his chief theoretical interest lay in the unique accomplishments of the Athenian demos, not in Aristotle's conception of the human good. (shrink)

Observations from the Point of View of the Relationship between Economy and EthicsThe main goal of this review is not to discuss the different lectures one by one in order of appearance. In my opinion, it will be much more interesting to analyze the symposium thematically. First, I will discuss the way in which the problem of external debt as such has been presented. Secondly, I will focus on the different points of view from which the problem has (...) been discussed. Finally, I will reflect on the different arguments that have been formulated.The problem of external debt as such was presented by Prof. Garcia . He provided a detailed factual analysis of the problem, well illustrated and presented in its different aspects. Via official figures he showed the implications of external debt for the Third World countries as well as for the First World countries. What are the economic implications for both parties? For HIPC countries, the amount of total debt is situated between 200 and 300 percent of their annual export value and between 3 and 6 times their total annual GNP. For First World countries on the other hand, the cost of debt cancellation is equal to 1/6 of the UK military budget, to one-year's expenditure on cinema in the USA, or to one-year's expenditure on chocolate in the UK.On the social level he points to the following: nowadays, payments by the southern countries, corresponding to the external debt, are four times the official development aid sent by the northern countries. As a result of these payments, public expenditure on basic goods and services for the poorest population of the world is dramatically reduced. From a political point of view this means that the poorest and most excluded people of the world are paying the price for contracted loans about which they did not have anything to say. These were decisions made by the elites and most of the time guided by bad management or even by corruption. The poorest people have never benefited from these decisions, but at present they are undergoing the consequences of the debt. Garcia also shows that the problem of external debt in the South is not a matter of private, commercial affairs, but a matter of the public sector and of social justice. This means that debts are an issue of international politics and debt reduction a matter of international political willingness. (shrink)

In lieu of an abstract, here is a brief excerpt of the content:Hume Studies Volume XX, Number 1, April 1994, pp. 143-149 David Hume and Public Debt: Crying Wolf? JOHN CHRISTIAN LAURSEN and GREG COOLIDGE David Hume's views on public credit have not only received prominent attention in the literature on his political thought, but have even been the subject of attention in The Wall Street Journal.1 Most of the attention has centered on Hume's essay "Of Public Credit" of (...) 1752, and treats it only as an expression of ideas, without relating it to the historical facts. This note lays out Hume's views on this matter throughout his lifetime, and juxtaposes them with figures for the actual public debt, carrying the story down to the twentieth century. Public debt as we know it only goes back about 300 years. The British government in the 1690s was the first modern government to establish enough genuine credit that private citizens would loan it money without having to be compelled.2 At the turn of the century, in the year 1700, the British public debt amounted to 14.2 million pounds sterling.3 As early as 1741, Hume was already worrying about the public debt in the essay "Of Liberty and Despotism" (later changed to "Of Civil Liberty"). In the last paragraph of that essay, he wrote of the "degeneracy" brought about by public debt, suggested that debt-service "taxes may, in time, become altogether intolerable, and all the property of the state be brought into the hands of" the government. If it is not curbed, we may come to "curse our very liberty," he wrote.4 That year, the national debt totaled 48.8 million pounds (45.2 million in 1701 pounds5). John Christian Laursen and Greg Coolidge are at the Department of Political Science, University of California, Riverside, Riverside, CA 92521 USA. Laursen e-mail: [email protected]. 144 John Christian Laursen and Greg Coolidge Hume's essay of 1752, "Of Public Credit, " was devoted entirely to criticism of the public debt (Essays, 349-365). His thoughts on public credit at this time can be summed up in this ominous warning: It must, indeed, be one of these two events; either the nation must destroy public credit, or public credit will destroy the nation. (Essays, 360-361) Hume acknowledged that the use of public credit could benefit the economy in some ways: more men with large stocks and incomes, may naturally be supposed to continue in trade, where there are public debts; and this, it must be owned, is of some advantage to commerce, by diminishing its profits, promoting circulation, and encouraging industry. (Essays, 354) But the many disadvantages would outweigh such advantages (Essays, 354355 ): 1) "It is certain, that national debts cause a mighty confluence of people and riches to the capital," making the head too large for the body. 2) Public stocks "banish gold and silver from the most considerable commerce of the state." 3) The taxes levied to pay the interest oppress the poorer people. 4) "As foreigners possess a great share of our national funds, they render the public, in a manner, tributary to them, and may in time occasion the transport of our people and our industry." 5) Public credit encourages an idle and useless rentier class. All of this pales, however, in comparison to the political consequences. From the point of view of the body politic, public credit was a threat to the security of the state. It would die a natural or a violent death. In wartime, or some national emergency, the funds necessary for the functioning of the economy would be diverted to other purposes. The economy, now dependent on credit, would crumble. The whole fabric, already tottering, falls to the ground, and buries thousands in its ruins. And this, I think, may be called the natural death of public credit. (Essays, 363) Hume Studies David Hume and Public Debt: Crying Wolf? 145 Another scenario would occur if the government became too indebted to intervene in maintaining the balance of power in Europe. Our children, weary of the struggle, and fettered with encumbrances, may sit down secure, and see their neighbors oppressed and conquered ; till, at last, they themselves... (shrink)

In lieu of an abstract, here is a brief excerpt of the content:Hume Studies Volume XX, Number 1, April 1994, pp. 143-149 David Hume and Public Debt: Crying Wolf? JOHN CHRISTIAN LAURSEN and GREG COOLIDGE David Hume's views on public credit have not only received prominent attention in the literature on his political thought, but have even been the subject of attention in The Wall Street Journal.1 Most of the attention has centered on Hume's essay "Of Public Credit" of (...) 1752, and treats it only as an expression of ideas, without relating it to the historical facts. This note lays out Hume's views on this matter throughout his lifetime, and juxtaposes them with figures for the actual public debt, carrying the story down to the twentieth century. Public debt as we know it only goes back about 300 years. The British government in the 1690s was the first modern government to establish enough genuine credit that private citizens would loan it money without having to be compelled.2 At the turn of the century, in the year 1700, the British public debt amounted to 14.2 million pounds sterling.3 As early as 1741, Hume was already worrying about the public debt in the essay "Of Liberty and Despotism" (later changed to "Of Civil Liberty"). In the last paragraph of that essay, he wrote of the "degeneracy" brought about by public debt, suggested that debt-service "taxes may, in time, become altogether intolerable, and all the property of the state be brought into the hands of" the government. If it is not curbed, we may come to "curse our very liberty," he wrote.4 That year, the national debt totaled 48.8 million pounds (45.2 million in 1701 pounds5). John Christian Laursen and Greg Coolidge are at the Department of Political Science, University of California, Riverside, Riverside, CA 92521 USA. Laursen e-mail: [email protected]. 144 John Christian Laursen and Greg Coolidge Hume's essay of 1752, "Of Public Credit, " was devoted entirely to criticism of the public debt (Essays, 349-365). His thoughts on public credit at this time can be summed up in this ominous warning: It must, indeed, be one of these two events; either the nation must destroy public credit, or public credit will destroy the nation. (Essays, 360-361) Hume acknowledged that the use of public credit could benefit the economy in some ways: more men with large stocks and incomes, may naturally be supposed to continue in trade, where there are public debts; and this, it must be owned, is of some advantage to commerce, by diminishing its profits, promoting circulation, and encouraging industry. (Essays, 354) But the many disadvantages would outweigh such advantages (Essays, 354355 ): 1) "It is certain, that national debts cause a mighty confluence of people and riches to the capital," making the head too large for the body. 2) Public stocks "banish gold and silver from the most considerable commerce of the state." 3) The taxes levied to pay the interest oppress the poorer people. 4) "As foreigners possess a great share of our national funds, they render the public, in a manner, tributary to them, and may in time occasion the transport of our people and our industry." 5) Public credit encourages an idle and useless rentier class. All of this pales, however, in comparison to the political consequences. From the point of view of the body politic, public credit was a threat to the security of the state. It would die a natural or a violent death. In wartime, or some national emergency, the funds necessary for the functioning of the economy would be diverted to other purposes. The economy, now dependent on credit, would crumble. The whole fabric, already tottering, falls to the ground, and buries thousands in its ruins. And this, I think, may be called the natural death of public credit. (Essays, 363) Hume Studies David Hume and Public Debt: Crying Wolf? 145 Another scenario would occur if the government became too indebted to intervene in maintaining the balance of power in Europe. Our children, weary of the struggle, and fettered with encumbrances, may sit down secure, and see their neighbors oppressed and conquered ; till, at last, they themselves... (shrink)

Precarisation means more than insecure jobs, more than the lack of security given by waged employment. By way of insecurity and danger it embraces the whole of existence, the body, modes of subjectivation. It is threat and coercion, even while it opens up new possibilities of living and working. Precarisation means living with the unforeseeable, with contingency. In this article I analyse how the new precarious living and working conditions and the privatisation of protection against precariousness are conditions of both (...) a prospering financial capitalism and its concomitant debt economy. This economy is based on the expansion of productivity that involves less work, in the traditional sense, than subjectivation. A new subjectivity is needed to assume responsibility, to take on debt, and to internalise the risks both as guilt and as debt: a personality that is doubly indebted and responsible for oneself.La precarización significa más que empleos inseguros, más que la falta de seguridad que proporciona el empleo asalariado. A través de la inseguridad y el peligro, la precarización abarca toda la existencia, el cuerpo, los modos de subjetivación. Es una amenaza y una forma de coerción, aunque también abre nuevas posibilidades de vivir y trabajar. Precarización significa vivir con lo imprevisible, bajo la contingencia. En este artículo analizo cómo las nuevas condiciones de vida y de trabajo precarias y la privatización de la protección contra la precariedad son condiciones, tanto de un próspero capitalismo financiero, como de su concomitante economía de la deuda. Esta economía se basa en la expansión de la productividad, la cual implica más bien procesos de subjetivación que lo que hemos entendido por trabajo en el sentido tradicional. Se necesita una nueva subjetividad para asumir responsabilidades, para endeudarse e internalizar los riesgos como culpa y como deuda: una personalidad doblemente endeudada y responsable de sí misma. (shrink)

“A fine collection of essays exploring, and in many cases extending, Jim Buchanan’s many contributions and insights to economic, political, and social theory.”– Bruce Caldwell, Professor of Economics, Duke University, USA"The overwhelming impression the reader gets from this very fine collection is the extraordinary expanse of James Buchanan's work. Everyone interested in economics and related fields can profit mightily from this book."– Mario Rizzo, Professor of Economics, New York University, USA This book explores the academic contribution of James Buchanan, who (...) received the Nobel Prize for economics in 1986. Buchanan’s receipt of the Prize is noteworthy because he was a maverick within the economics profession. In contrast to the preponderance of economists, Buchanan made little use of mathematics and no use of econometrics, preferring to used logic and language to insert his ideas into the scholarly community. Moreover, his ideas extended the domain of economic inquiry along many paths that numerous economists subsequently pursued. Buchanan’s scholarship brought economics and political science together under the rubric of public choice. He was also was a prime figure in bringing economic theory into closer contact with moral and social philosophy.This volume includes essays distributed across the extensive domain of Buchanan’s scholarly contributions, reflecting the range of his scholarly interests. Chapters will examine Buchanan’s scholarly work on public finance, social insurance, public debt, public choice, economic methodology, constitutional political economy, law and economics, and ethics and social theory. The book also examines Buchanan in relation to other prominent economists, both from the distant past and the recent past. (shrink)

The study aims to explore the role of gender diversity in debt financing choices among Chinese listed firms. The study used the Chinese listed firm's data from 1991 to 2022 from the Chinese Stock Market return. The study used the fixed effect regression analysis and revealed that gender diversity positively affects debt financing among Chinese firms. Additionally, mass theory results suggested that at least three females on the board significantly influence firms. It served as the voice of gender (...) diversity to influence the board's decisions regarding debt financing. The study has several theoretical and practical implications. This study will enlighten the Chinese boardroom dynamics by reassuring them to add more females to diversity policies. It will benefit future studies on boardroom activities and debt financing in emerging economies. It will be practical guidance for the Chinese policymakers, governing authorities, and corporate executives. The study stresses the need for significant diversity on the board rather than one female presence on the board. Secondly, this study contradicts the stereotype perception that females are not making risky decisions. (shrink)

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)

Before the field of business and society can adequately analyze the relationship between governmental policies and corporate social responsibility (CSR), either as a reality or an ideal, it is first necessary to understand exactly how governments nurtured the development of the autonomous corporation. The roles assigned to government by the economics and management literatures—regulator, standard setter, protector, and adjudicator—ignore the crucial part played by state violence and government expenditures in the rise and sustained success of the corporate economy. An (...) examination of the history of the American case, crucial for the development of the modern corporation as well as the “explicit” form of CSR that eventually followed it, highlights these roles: the willingness of the state to intervene with force in labor conflicts bolstered the managerial autonomy that defined the large corporation, and the way government expenditures promoted innovation and firm success. Acknowledging how corporations depended on government assistance in their development is a necessary step for both assessing the responsibilities owed stakeholders and for advancing the theoretical development of the field. (shrink)