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)

Publication date: 30 November 2016 Source: Author: Remi Chukwudi Okeke, Adeline N. Idike This study raises some fundamental issues in the relationship between public debt and sustainable national development in Nigeria. The work is significant in highlighting the position of public debt in the subject area of public administration. The study finds a very weak linkage between public debt and sustainable national development in the Nigerian state. The theoretical framework of the investigation is (...) the bureaucratic theory. The work finds that the bureaucracy is as guilty as the politician in the country, in the transmutation of public debt into a brand of national bazaar. It is finally recommended in the paper that taxation-increases be adopted as alternative to public debt, in ensuring that the current generation of the country’s citizens, in meeting their immediate needs do not invariably endanger the capacity of future generations in the same regards. (shrink)

Economists commit a category mistake when they treat democratic governments as indebted. Monarchs can be indebted, as can individuals. In contrast, democracies can't truly be indebted. They are financial intermediaries that form a bridge between what are often willing borrowers and forced lenders. The language of public debt is an ideological language that promotes politically expressed desires and is not a scientific language that clarifies the practice of public finance. Economists have gone astray by assuming that a (...) government is just another person whose impulses toward prudent action will restrict recourse to public debt and induce rational political action. (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)

A Citizen Public Debt Audit is an emancipatory praxis that can mobilize citizens to make legible public debt that has been accrued in their name. Ideally, it should hold creditors accountable for debt that is determined to be odious. This study examines the public debt crisis in Puerto Rico to illustrate the historically unjust circumstances under which public debt was accumulated on the island in the context of US federal taxation and (...) economic policies. It explains how citizens are mobilizing via a CPDA to make these circumstances legible and argues that citizens should not be obliged to service debt that was accrued contrary to their own welfare, especially if conditions of repayment threaten their current and future well-being. (shrink)

This collection is the first book-length analysis of the theoretical foundations of public debt sustainability concepts and their application to the empirical study of actual budgetary policies.

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 (...) class='Hi'>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 (...) class='Hi'>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)

Using data from China’s public debt markets, we study the value of corporate reputation and how it interacts with legal and cultural forces to assure accountability. Exploring lawsuits that change corporate reputation, we find that firms involved in lawsuits experience a decrease in bond values and a tightening of borrowing terms. Using the heterogeneities in legal and social capital environments across Chinese provinces, we find the effects are more pronounced for private firms, firms headquartered in provinces with low (...) legal protections, and firms headquartered in provinces with high social capital. The results show that lawsuits that allege misconduct are associated with reputational penalties and that such penalties serve as substitutes for legal protections and as complements to cultural forces to provide ex post accountability and motivate ex ante trust. (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)

When the Ottoman Empire defaulted on its public debt in 1875, British bondholders launched a campaign to win government intervention on their behalf. This article interprets the unprecedented success of this campaign as a matter of knowledge production. Mobilizing the newly established Corporation of Foreign Bondholders as a kind of ‘centre of calculation’, bondholders argued that they deserved assistance because of the unique size of the Ottoman default and the proportion of it that was held by British subjects. (...) Yet neither of these numbers was easily calculated. In fact, influential bondholders worked closely with accountants and members of the Statistical Society to devise an accurate method for quantifying the Ottoman debt – and concluded that such a method did not exist. Historians of quantification and accounting have argued that the scientific status of nineteenth-century accounting depended on its disinterestedness. In the case of the Ottoman default, however, calculation was understood to be inseparable from material interest and political debate. (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 this paper, I show that Polleit and Mariano (2011) are right in concluding that Credit Default Swaps (CDS) are per se unobjectionable from Rothbard’s libertarian perspective on property rights and contract theory, but that they fail to derive this conclusion properly. I therefore outline the proper explanation. In addition, though Polleit and Mariano are correct in pointing out that speculation with CDS can conceivably hurt the borrowers’ interests, they fail to grasp that this can be the case only in (...) some peculiar circumstances that I identify. In other words, they miss the bigger picture, the one outside special circumstances, in which CDS trading has the opposite effect. That is, CDS facilitate debt accumulation, including government debt accumulation. Finally, I point out how this can precipitate the collapse of fiat money regimes. An incidental goal of the analysis is to provide a better account than Polleit and Mariano of recent government interventions in and around CDS markets. (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)

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)

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)

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)

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)

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)

Introduction / Jeffrey R. Di Leo, Peter Hitchcock, and Sophia A. McClennen -- Theory and history -- The rights to debt? / Sophia A. McClennen -- Kant at the Federal Reserve : on the aesthetics of quantitative easing / Peter Hitchcock -- Materialism : debt and sensuality / Christopher Breu -- The indebted man's cognitive mapping : boundaries and biohorror in the neoliberal debt economy / Liane Tanguay -- Living in the debt age -- The (...) class='Hi'>debt experience / Jeffrey J. Williams -- Paying your debt to society : the neoliberal state and the logic of quid pro quo / Esther Peeren -- Indebted youth and neoliberalism / Tyler J. Pollard -- Austerity politics and the neoliberal target austerity politics and the neoliberal targeting of the body in public education / Kenneth J. Saltman -- Resisting the debt age -- On debt resistance / Jeffrey R. Di Leo -- Debt and financial literacy education : an ethics for capital or the other / Chris Arthur -- Student debt and the social functions of consolidation college / Christopher Newfield -- Confronting the creditor class / Andrew Ross -- Index. (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)

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)

Household debt has been widely discussed among social scientists, policy makers, and activists. Many have questioned the levels of debt households are required to take on, and have made various proposals for assisting households in debt. Yet theorists of distributive justice have left household debt underexamined. This article offers a normative examination of the distributive justice issues presented by proposals to relieve household debt or protect households from overindebtedness. I examine two goals at which (...) class='Hi'>debt relief proposals aim: remedying disadvantage and stabilizing expectations. I then examine strategies for relieving existing debts such as debt abolition, forgiveness, bankruptcy, and mitigation, as well as strategies that aim to prevent future indebtedness, such as public provision or financing of costly goods and credit or interest rate regulations. (shrink)

Because of the way that the international lending system works, poor nations have been forced to repay sovereign debts without having a moral obligation to do so. Suppose a corrupt public official borrows money from an international agency, or from private investors, and later on embezzles this money, or uses it to oppress the population. Suppose, further, that the lender is aware of the potential of this situation and still lends. Typically, the international community considers that successor governments have (...) the obligation to repay the funds and the interests associated to them. In fact, this is what they usually end up doing. Public officials are all aware that if they do not honour sovereign debts, they will face all kinds of negative consequences, including exclusion from future markets, loss of reputation and legal sanctions. Owing to this mechanism, entire generations have been burdened with debts fraudulently incurred in their name by governments in the past. These kinds of debts have been known in the legal literature as ‘odious’.In this article, I discuss the conditions defining the bindingness of a debt. I suggest that they can be made explicit by looking at the rules under which the lending system works at the domestic level, and by then extending these rules to the international domain. I argue that, because of their plausibility, these are the rules that should govern international lending from now on. I also discuss the feasibility of extending these rules globally, and consider potential objections to my proposal. (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)

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)

The central question of this book is whether the assignment of government functions to the individual jurisdictions in a federal state can ensure an optimal allocation of resources and a fair income distribution. The analysis thereby gives a new answer to the old question about the optimal degree of fiscal decentralization in a federal state. It shows that fiscal decentralization is a method to disclose the preferences of currently living and future generations for local public goods, to limit the (...) size of the government, and to avoid excessive public debt finance. While the allocative branch of the government benefits from fiscal decentralization, it is difficult to obtain a distribution of incomes that differs from the outcome that the market brings along. (shrink)

To what extent are questions of sovereign debt a matter for political rather than scientific or moral adjudication? We answer that question by defending three claims. We argue that (i) moral and technocratic takes on sovereign debt tend to be ideological in a pejorative sense of the term, and that therefore (ii) sovereign debt should be politicised all the way down. We then show that this sort of politicisation need not boil down to the crude Realpolitik of (...) debtor-creditor power relations—a conclusion that would leave no room for normative theory, among other problems. Rather, we argue that (iii) in a democratic context, a realist approach to politics centred on what Bernard Williams calls ‘The Basic Legitimation Demand’ affords a deliberative approach to the normative evaluation of public debt policy options. (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)

In lieu of an abstract, here is a brief excerpt of the content:Rousseau’s Debt to Burlamaqui: The Ideal of Nature and the Nature of ThingsRobin DouglassThe aim of this essay is to examine two very different thinkers writing in a very similar context: Jean-Jacques Burlamaqui and Jean-Jacques Rousseau. Rather than providing a comprehensive analysis of the relationship between the two, attention is focused on one important respect in which their theories converge: the way that both employed the idea of (...) nature as a normative ideal, and both maintained that what is good and just is so by the very nature of things. The significance and purpose of doing so is threefold. Building on recent research, the opening section of the essay establishes Burlamaqui’s status as more than just a plagiarist of earlier natural law theorists, emphasizing the originality of his thought in this context. The extent to which Rousseau’s approach to natural right followed Burlamaqui’s is explored in the second section. In doing so the problematic relationship between nature as a normative ideal and the role of artifice and denaturing is addressed, a problem that has proved a source of much contention amongst Rousseau scholars. The final section adumbrates the implications for the way that modern natural law was received in Geneva, drawing attention to the infusion of a transcendent standard of justice into the existing discourse, which owed more to Malebranche and Leibniz than to Pufendorf and Barbeyrac. [End Page 209]While Rousseau is one of the most written about figures in the history of ideas, the place of Burlamaqui, his Genevan contemporary, has received very little attention. When he has been considered it has usually been alongside other natural law theorists in analyzing their influence on the founding fathers and the American Revolution.1 For a long time the relationship between the two thinkers went unexamined, seemingly bearing testimony to the opinion of Giorgio Del Vecchio that Burlamaqui was an unoriginal theorist who had little influence on Rousseau.2 Helena Rosenblatt’s comprehensive study of the Genevan context of Rousseau’s thought suggests otherwise, however, stressing the importance of Burlamaqui in the political controversies that shaped 1750s Geneva, to which Rousseau responded in his main political writings.3 In addition, Petter Korkman’s recent edition of Burlamaqui’s seminal work—in which many of the originally unreferenced sources are identified—not only demonstrates the extent to which Burlamaqui deferred to Jean Barbeyrac’s editions of Grotius and Pufendorf, but also draws attention to where he distinctively broke from them and merits being appreciated as an original thinker in his own right.4Although Burlamaqui is best known as the author of The Principles of Natural and Political Law, the opus consists of two quite distinct volumes: The Principles of Natural Law and The Principles of Political Law.5 It is well to focus on the former of these when assessing the extent of Burlamaqui’s originality as he never authorized the latter, which was only published [End Page 210] posthumously based on his lecture notes. Moreover, its content was largely derivative and often deferred to Barbeyrac’s editions of Grotius and Pufendorf verbatim; indeed the most original aspects of The Principles of Political Law were usually little more than summaries of arguments that had been developed in the earlier work. In contrast, Burlamaqui oversaw the publication of The Principles of Natural Law himself in 1747, intending it to serve as an introduction to natural law for his students, and, ironically, to prevent his lectures from being “published against [his] will, in a very imperfect and mangled condition.”6 Both volumes, however, must be taken into account when considering the influence on Rousseau, not least because his most famous work, On the Social Contract, or Principles of Political Right, adopted the title of Burlamaqui’s second volume.7IFrom the opening lines of The Principles of Natural Law Burlamaqui indicated his intention to expand the domain of natural law, its end being not just man’s preservation but ultimately his happiness:My design is to enquire into those rules which nature alone prescribes to man, in order to conduct him safely to the end, which every one has, and indeed ought to... (shrink)

Odious debts are debts incurred by a government without either popular consent or a legitimate public purpose. There is a debate within academic circles as to whether the successor government to a regime that incurred odious debts has the right to repudiate repayment.

This paper is the first to critically analyse how the newly enacted Chinese Civil Code addresses gender equality in the intersection of family and commercial contracting. It proposes ‘marriage transmitted debt’ (MTD) in China as a new concept as opposed to ‘sexually transmitted debt’ (STD) documented in English and Australian jurisprudence. MTD refers to the debt incurred by one spouse but transmitted to the other spouse due to the status of the marriage. Supported by empirical statistics, it (...) shows that while the statutory language of MTD regulation in China is neutral, wives are still disadvantaged. Although this has been partly addressed by shifting the onus of proof to creditors, the meaning of debt incurred for the daily life of a family or the joint life of the couple in the Code needs further judicial development. The Code is the beginning of a solution rather than the end to achieving gender equality in China. (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)

The orthodox view on higher education financing is that students should bear some of the costs of attending and, where necessary, meet that cost through debt financing. New economic realties, including protracted economic slowdown and increasing austerity of the state with respect to the public funding of goods and services has meant that the same generation who have to borrow the most in order to attend face significantly fewer employment prospects upon graduation. In this context, is the current (...) approach of shifting the costs of post-secondary education from the general public to individual students justified? Most debate on the issue has focused on the demands of distributive justice within the modern higher education system and on the whole accepts the idea that students ought to pay. I argue that distributive arguments alone are insufficient because they tacitly endorse the provision of higher education as being much like a consumer's choice. As an alternative, I explore the place and importance of higher education in supporting personal autonomy as a central liberal democratic value. I then argue that debt financing of higher education places unreasonable constraints on student's choices with respect to the kind of democratic citizens that they would otherwise aspire to be. This constraint has negative implications for the wellbeing of individual students and the larger society. (shrink)

It is not justifiable to accuse Darwin of conscious or unconscious plagiarism. This charge is contrary to the historical evidence and to the extensive information that we have about his character. When Darwin listed the writers on the origin of species by natural selection before himself, he did not mention Blyth, and this omission did not disturb the cordial relations between Darwin and Blyth. Blyth continued to supply Darwin with information which Darwin used in his later publications with due acknowledgment (...) to Blyth. For example, in The Descent of Man, Darwin cited Blyth: “Mr. Blyth, as he informs me, saw Indian crows feeding two or three of their companions which were blind.”63 Blyth felt no resentment. If he did, he would have so informed Darwin. Blyth did not regard himself as in any sense a predecessor of Darwin and he certainly did not resent Darwin as a plagiarizer of himself. Moreover, Darwin went to a great deal of trouble to find his own predecessors and to give them proper credit.64After Darwin had completed his work on natural selection, he wrote a letter to the Reverend Baden Powell in which he clearly showed recognition of the contribution of others to his own work:No educated person, not even the most ignorant, could suppose I mean to arrogate to myself the origination of the doctrine that species had not been independently created. The only novelty in my work is the attempt to explain how species became modified, and to a certain extent how the theory of descent explains certain large classes of facts; and in these respects I received no assistance from my predecessors.65 *** DIRECT SUPPORT *** A8402011 00002. (shrink)

Through empirical investigation of the Eurozone and Greek debt crisis 2010–12, this article demonstrates how a peak organization of financial firms—the Institute of International Finance —was able to mobilize its members transnationally to secure several key political and economic objectives. At the height of the crisis, large European banking firms were threatened by the prospect of a disorderly Greek default, coercive intervention by governments, and, potentially, a regional banking collapse. In this context, representatives from the IIF entered the policymaking (...) process to facilitate concerted private sector action, assisting EU officials with the negotiation of a substantial and orderly creditor writedown, and cooperating with legal action by the Greek government to sideline a minority of financial firms hostile to the deal. The article shows that the IIF’s disproportionate influence over policymaking was a result of their technical expertise, their ability to recruit individuals with long-standing experience of sovereign debt restructuring from the public and private sector, and the operation of elite revolving-door processes. In contrast to recent studies showing that financial actors are able to exercise more power at the national level by remaining collectively inactive, these findings suggest that, at the transnational level, financial actors can be most effective at securing their preferences when they are well organized and when they coordinate politically on the basis of collective interests. (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)

As an intellectual, economic, political and legal project, neoliberalism is not directed towards the rolling back of the state as an aim in itself. While its deregulatory tendencies, its commodification of public services and the undermining of systems of social welfare superficially suggest a generalised reduction in state power, it has been clear from the early 1980s that one of neoliberalism’s primary concerns has been the authoritarian reshaping of state power to engineer particular social outcomes, whether in criminal justice, (...) the disciplining of organised labour, the militarisation of national territory and migration, or the extension and deepening of regimes of austerity. This article introduces the recent work of Maurizio Lazzarato, who has argued that the asymmetrical creditor-debtor relationship is now the archetype of contemporary, neoliberal social relations. Ultimately, Lazzarato’s perspective tends to exaggerate the totalising powers of finance capital and leads him to endorse a form of political voluntarism, which fails to address the role of the neoliberal state as a site for forms of authoritarianism which are not solely generated by the debt relation. As a response, it will be suggested that aspects of Nicos Poulantzas’s concept of ‘authoritarian statism’ can be used to both strengthen our understanding of the authoritarian characteristics of the neoliberal state, and to imagine possibilities for resisting its expressions of power. (shrink)

Goal – The aim of the article is to identify dysfunctional phenomena (implementation of specific mechanisms/solutions and actions taken), generating increased opacity and limit the responsibility/accountability of public finance in Poland, exacerbated by the COVID-19 crisis. Methods – descriptive analysis, comparative analysis and financial analysis methods were used. Results – fiscal transparency and accountability in Poland is limited by: the marginalisation of the role of the state budget, the loosening of the stabilising expenditure rule, the creation of financial mechanisms (...) based on special funds fed by repayable financing sources for the implementation of state tasks, inter alia, in the fight against the effects of the COVID-19 crisis, the use of national and EU methodologies for calculating the deficit and debt of the public sector in order to conceal part of them, the lack of a consolidated financial statement of the public finance sector. (shrink)

The Eurozone turmoil is a structural crisis of European capitalism associated with the euro as world money. More broadly, the crisis reflects the culmination of tensions which have accumulated over three decades of neoliberalism in Europe. To create a global means of payment and reserve, the European Monetary Union (EMU) brought together countries of uneven and diverging competitiveness. The result was a situation of embedded current account surpluses for the core and deficits for the periphery, contributing to the accumulation of (...) private and public debt. The response to the crisis was dictated by the interests of banks and large bondholders, entailing austerity and attempting to shift the social balance in favour of capital. For an effective response, the Left must break with Europeanist ideology. It must propose an alternative programme, rejecting the EMU and advocating social and economic transformation which would reverse neoliberalism in the interests of labour. (shrink)

The article deals with the public debt security in accordance with the realities of fiscal policy in Ukraine. There were identified the main disadvantages of the Ukrainian public debt risk assessment system. There was investigated world experience the debt security estimation indicators. Recently the debt security estimation in the conditions of financial and economic stagnation shows the rapid growth of debt burden, its indicators exceeded the maximum allowable parameters, primarily, due to externalities under (...) the influence of budgetary and currency risksexacerbation. There were offered the main direction of improving the debtmanagement in Ukraine, in particular, to extend and legislate debt security indicators; to develop a unified methodology for assessing debt risk by systematizing a list of debt risk indicators for weighting coefficients, a ball scale, such as a "temperature matrix"; to use indicators of elasticity in calculating the level of debt security, debt risks; to develop а unified methodology for evaluating and implementing a medium- and long-term risk strategy for managing sovereign debt with the targeting of financial and debt sustainability determinants and the possible to use the model of "financial suppression". (shrink)

This chapter uses Marx’s credit theory in Comments on James Mill and Freire’s theory of the banking model of education from Pedagogy of the Oppressed to argue that the confluence of massive student debt and structures of “banking” pedagogy in contemporary American higher education places many university students in a unique position of dehumanization. The material limitations brought about by the loan are compounded by the social limitations of a resulting push toward productivity in education. Students with loan (...) class='Hi'>debt are driven in the direction of business and pre-professional majors and away from the humanities and other fields which would facilitate students’ abilities to critically question the dehumanizing aspects of their situation. (shrink)