In Buying Time, Thomas F. McDow synthesizes Indian Ocean, Middle Eastern, and East African studies as well as economic and social history to explain how, in the nineteenth century, credit, mobility, and kinship knit together a vast interconnected Indian Ocean region. That vibrant and enormously influential swath extended from the desert fringes of Arabia to Zanzibar and the Swahili coast and on to the Congo River watershed.

In the half century before European colonization, Africans and Arabs from coasts and hinterlands used newfound sources of credit to seek out opportunities, establish new outposts in distant places, and maintain families in a rapidly changing economy. They used temporizing strategies to escape drought in Oman, join ivory caravans in the African interior, and build new settlements.

The key to McDow’s analysis is a previously unstudied trove of Arabic business deeds that show complex variations on the financial transactions that underwrote the trade economy across the region. The documents list names, genealogies, statuses, and clan names of a wide variety of people—Africans, Indians, and Arabs; men and women; free and slave—who bought, sold, and mortgaged property. Through unprecedented use of these sources, McDow moves the historical analysis of the Indian Ocean beyond connected port cities to reveal the roles of previously invisible people.

This volume, consisting of papers presented at a conference held at Williamsburg, Va., 2-3 April 1981, is a progress report on the National Bureau of Economic Research project, The Changing Roles of Debt and Equity in Financing U.S. Capital Formation. The National Bureau has undertaken this project—including the conference, the research described in this volume, and the publication of the volume itself—with the support of the American Council of Life Insurance.

For neoclassical economists, Homo economicus, or economic human, represents the ideal employee: an energetic worker bee that is a rational yet competitive decision-maker. Alternatively, one could view the concept as a cold and selfish workaholic endlessly seeking the accumulation of money and advancement—a chilling representation of capitalism. Or perhaps, as Peter Fleming argues, Homo economicus does not actually exist at all.
 
In The Death of Homo Economicus, Fleming presents this controversial claim with the same fierce logic and perception that launched his Guardian column into popularity. Fleming argues that as an invented model of a human being, Homo economicus is, in reality, a tool used by economists and capitalists to manage our social world through the state, business, and even family. As workers, we are barraged with constant reminders that we should always strive toward this ideal persona. It’s implied—and sometimes directly stated—that if we don’t then we are failures. Ironically, the people most often encouraged to emulate this model are those most predisposed to fail due to their socioeconomic circumstances: the poor, the unemployed, students, and prisoners.
 
Fleming illuminates why a peculiar proactive negativity now marks everyday life in capitalist societies, and he explores how this warped, unattainable model for workers would cause chaos if enacted to the letter. Timely and revelatory, The Death of Homo Economicus offers a sharp, scathing critique of who we are supposed to be in the workplace and beyond.
 

Winner of the Margaret Mead Award of the Society for Applied Anthropology

The farm crisis of the 1980s was the worst economic disaster to strike rural America since the Depression—thousands of farmers lost their land and homes, irrevocably altering their communities and, as Kathryn Marie Dudley shows, giving rise to devastating social trauma that continues to affect farmers today. Through interviews with residents of an agricultural county in western Minnesota, Dudley provides an incisive account of the moral dynamics of loss, dislocation, capitalism, and solidarity in farming communities.

In the wake of the global financial crisis, most of the discussion has been focused on questions of debt. And the response, almost uniformly, has been austerity and privatization: cuts to services that have been painted as forms of reckless spending by a bloated public sector. In Debt or Democracy, Mary Mellor turns the whole conversation upside down, showing that the important question is not who owes what, but who controls the creation and circulation of money in the first place. When the problem is examined from that angle, it becomes clear that privatization, far from being the answer to our problem, is the very source of it—the subordination of public finance to private interest.
 
A direct challenge to conventional economic thinking, Debt or Democracy offers a bracing new analysis of our economic crisis and offers cogent, radical alternatives to create a more just and sustainable economic future.

It is commonplace to say that criminals pay their debt to society by spending time in prison, but what is a “debt to society”? How is crime understood as a debt? How has time become the equivalent for crime? And how does criminal debt relate to the kind of debt held by consumers and university students?

In Debt to Society, Miranda Joseph explores modes of accounting as they are used to create, sustain, or transform social relations. Envisioning accounting broadly to include financial accounting, managerial accounting of costs and performance, and the calculation of “debts to society” owed by criminals, Joseph argues that accounting technologies have a powerful effect on social dynamics by attributing credits and debts. From sovereign bonds and securitized credit card debt to student debt and mortgages, there is no doubt that debt and accounting structure our lives.

Exploring central components of neoliberalism (and neoliberalism in crisis) from incarceration to personal finance and university management, Debt to Society exposes the uneven distribution of accountability within our society. Joseph demonstrates how ubiquitous the forces of accounting have become in shaping all aspects of our lives, proposing that we appropriate accounting and offer alternative accounts to turn the present toward a more widely shared well-being.

***Winner of an English PEN Award 2021***

In this sharp intervention, authors Lucí Cavallero and Verónica Gago defiantly develop a feminist understanding of debt, showing its impact on women and members of the LGBTQ+ community and examining the relationship between debt and social reproduction.

Exploring the link between financial activity and the rise of conservative forces in Latin America, the book demonstrates that debt is intimately linked to gendered violence and patriarchal notions of the family. Yet, rather than seeing these forces as insurmountable, the authors also show ways in which debt can be resisted, drawing on concrete experiences and practices from Latin America and around the world.

Featuring interviews with women in Argentina and Brazil, the book reveals the real-life impact of debt and how it falls mainly on the shoulders of women, from the household to the wider effects of national debt and austerity. However, through discussions around experiences of work, prisons, domestic labour, agriculture, family, abortion and housing, a narrative of resistance emerges.

Translated by Liz Mason-Deese.

***Winner of an English PEN Award 2021***

"Of great value to those interested in the financialisation of everyday life and social reproduction."—LSE Review of Books
 
In this sharp evaluation and call to action, authors Lucí Cavallero and Verónica Gago defiantly develop a feminist understanding of debt, showing its impact on women and members of the LGBTQ+ community and examining the relationship between debt and social reproduction.
 
Exploring the link between financial activity and the rise of conservative forces in Latin America, the book demonstrates that debt is intimately linked to gendered violence and patriarchal notions of the family. Yet, rather than seeing these forces as insurmountable, the authors also show ways in which debt can be resisted, drawing on concrete experiences and practices from Latin America and around the world.  Chapters include:
 
*Debt and Social Reproduction
*Debt as a “Counter-revolution” of Everyday Life
*The writing on the Body of Women
*Neither Victims not Entrepreneurs
*Feminist Insubordination and Fascist Neoliberalism
*The Patriarchy Has My Missing Contributions
*Hunger and Gender Mandates
*Us Against Debt
 
The authors state in their Introduction, “Our investigations and activism show that there is an urgent need to develop a specifically feminist analysis of finance. Here we do so by bringing together methodological elements, political hypotheses, and narratives of practices elaborated by the feminist movement that are challenging finance.”
 
Featuring interviews with women in Argentina and Brazil, the book reveals the real-life impact of debt and how it falls mainly on the shoulders of women, from the household to the wider effects of national debt and austerity. However, through discussions around experiences of work, prisons, domestic labor, agriculture, family, abortion and housing, a narrative of resistance emerges.
 

In The Gift of Freedom, Mimi Thi Nguyen develops a new understanding of contemporary United States empire and its self-interested claims to provide for others the advantage of human freedom. Bringing together critiques of liberalism with postcolonial approaches to the modern cartography of progress, Nguyen proposes "the gift of freedom" as the name for those forces that avow to reverence aliveness and beauty, and to govern an enlightened humanity, while producing new subjects and actions—such as a grateful refugee, or enduring war—in an age of liberal empire. From the Cold War to the global war on terror, the United States simultaneously promises the gift of freedom through war and violence and administers the debt that follows. Focusing here on the figure of the Vietnamese refugee as the twice-over target of the gift of freedom—first through war, second through refuge—Nguyen suggests that the imposition of debt precludes the subjects of freedom from escaping those colonial histories that deemed them "unfree." To receive the gift of freedom then is to be indebted to empire, perhaps without end.

The Great American Recession resulted in the loss of eight million jobs between 2007 and 2009. More than four million homes were lost to foreclosures. Is it a coincidence that the United States witnessed a dramatic rise in household debt in the years before the recession—that the total amount of debt for American households doubled between 2000 and 2007 to $14 trillion? Definitely not. Armed with clear and powerful evidence, Atif Mian and Amir Sufi reveal in House of Debt how the Great Recession and Great Depression, as well as the current economic malaise in Europe, were caused by a large run-up in household debt followed by a significantly large drop in household spending.

Though the banking crisis captured the public’s attention, Mian and Sufi argue strongly with actual data that current policy is too heavily biased toward protecting banks and creditors. Increasing the flow of credit, they show, is disastrously counterproductive when the fundamental problem is too much debt. As their research shows, excessive household debt leads to foreclosures, causing individuals to spend less and save more. Less spending means less demand for goods, followed by declines in production and huge job losses. How do we end such a cycle? With a direct attack on debt, say Mian and Sufi.  More aggressive debt forgiveness after the crash helps, but as they illustrate, we can be rid of painful bubble-and-bust episodes only if the financial system moves away from its reliance on inflexible debt contracts. As an example, they propose new mortgage contracts that are built on the principle of risk-sharing, a concept that would have prevented the housing bubble from emerging in the first place.

Thoroughly grounded in compelling economic evidence, House of Debt offers convincing answers to some of the most important questions facing the modern economy today: Why do severe recessions happen? Could we have prevented the Great Recession and its consequences? And what actions are needed to prevent such crises going forward?

The Great American Recession resulted in the loss of eight million jobs between 2007 and 2009. More than four million homes were lost to foreclosures. Is it a coincidence that the United States witnessed a dramatic rise in household debt in the years before the recession—that the total amount of debt for American households doubled between 2000 and 2007 to $14 trillion? Definitely not. Armed with clear and powerful evidence, Atif Mian and Amir Sufi reveal in House of Debt how the Great Recession and Great Depression, as well as the current economic malaise in Europe, were caused by a large run-up in household debt followed by a significantly large drop in household spending.

Though the banking crisis captured the public’s attention, Mian and Sufi argue strongly with actual data that current policy is too heavily biased toward protecting banks and creditors. Increasing the flow of credit, they show, is disastrously counterproductive when the fundamental problem is too much debt. As their research shows, excessive household debt leads to foreclosures, causing individuals to spend less and save more. Less spending means less demand for goods, followed by declines in production and huge job losses. How do we end such a cycle? With a direct attack on debt, say Mian and Sufi.  More aggressive debt forgiveness after the crash helps, but as they illustrate, we can be rid of painful bubble-and-bust episodes only if the financial system moves away from its reliance on inflexible debt contracts. As an example, they propose new mortgage contracts that are built on the principle of risk-sharing, a concept that would have prevented the housing bubble from emerging in the first place.

Thoroughly grounded in compelling economic evidence, House of Debt offers convincing answers to some of the most important questions facing the modern economy today: Why do severe recessions happen? Could we have prevented the Great Recession and its consequences? And what actions are needed to prevent such crises going forward?

As governments and individuals struggle with growing indebtedness, the topic of debt itself—what it is, what it means, and how we understand it—has never been more salient. This collection brings together a range of contributions from many disciplines and around the world to consider debt through various lenses, including design, art, technology, political economy, social justice, surveillance, protest, education, urban and virtual spaces, and more. Aiming not just to advance scholarship, but to push ahead real change in the world, the book offers not only analytical insights and conceptual apparatuses, but practical tools and radical inspirations as well. A powerful analysis of a concept that has become ever more central to everyday society, Indebted to Intervene will be essential reading for scholars and citizens alike.

American cities continue to experience profound fiscal crises. Falling revenues cannot keep pace with the increased costs of vital public services, infrastructure development and improvement, and adequately funded pensions. Chicago presents an especially vivid example of these issues, as the state of Illinois's rocky fiscal condition compounds the city's daunting budget challenges. In The People's Money, Michael A. Pagano curates a group of essays that emerged from discussions at the 2018 UIC Urban Forum. The contributors explore fundamental questions related to measuring the fiscal health of cities, including how cities can raise revenue, the accountability of today's officials for the future financial position of a city, the legal and practical obstacles to pension reform and a balanced budget, and whether political collaboration offers an alternative to the competition that often undermines regional governance.Contributors: Jered B. Carr, Rebecca Hendrick, Martin J. Luby, David Merriman, Michael A. Pagano, David Saustad, Casey Sebetto, Michael D. Siciliano, James E. Spiotto, Gary Strong, Shu Wang, and Yonghong Wu

There is no doubt that the beginning of the twenty-first century was marked by crises of debt. Less well known is that literature played a historical role in defining and teaching debt to the public. Promissory Notes: On the Literary Conditions of Debt addresses how neoliberal finance has depended upon a historical linking of geopolitical inequality and financial representation that positions the so-called “Third World” as negative value, or debt. Starting with an analysis of Anthony Trollope’s novel, The Eustace Diamonds, Goodman shows how colonized spaces came to inhabit this negative value. Promissory Notes argues that the twentieth-century continues to apply literary innovations in character, subjectivity, temporal and spatial representation to construct debt as the negative creation of value not only in reference to objects, but also houses, credit cards, students, and, in particular, “Third World” geographies, often leading to crisis. Yet, late twentieth century and early twenty-first literary texts, such as Soyinka’s The Road and Ngugi’s Wizard of the Crow, address the negative space of the indebted world also as a critique of the financial take-over of the postcolonial developmental state. Looking to situations like the Puerto Rican debt crisis, Goodman demonstrates how financial discourse is articulated through social inequalities and how literature can both expose and contest the imposition of a morality of debt as a mode of anti-democratic control.

The financial crisis of 2007–8 has been widely understood as a result of the financial system’s exceeding its proper place in society; the system became unbalanced, unsustainable, and deprived of a solid foundation. Even as capitalist finance seeks to reinvent itself in the wake of massive upheaval, critics continue to portray the financial system as fundamentally irrational—an unstable, destructive inventor of fictitious money. Characterizing finance in this way, however, neglects the growing connection between the worlds of high finance and consumer credit. The essays in this special issue take the financial crisis as an opportunity for much-needed conceptual innovation. Its contributors move beyond strictly moralistic criticisms of financialization to rethink core economic categories such as money, speculation, measure, value, and the wage, as well as the relationship among labor, finance, and money.

Melinda Cooper is an Australian Research Council Future Fellow in the Department of Sociology and Social Policy at the University of Sydney. She is the author of Clinical Labor: Tissue Donors and Research Subjects in the Global Bioeconomy, also published by Duke University Press. Martijn Konings is Senior Lecturer and Australian Research Council DECRA Fellow in the Department of Political Economy at the University of Sydney. He is the author of The Development of American Finance.

Contributors: Lisa Adkins, Fiona Allon, Dick Bryan, Melinda Cooper, Marieke de Goede, Chris Jefferis, Martijn Konings, Randy Martin, Michael Rafferty

From race-based pharmaceutical prescriptions and marketing, to race-targeted medical “hot spotting” and the Affordable Care Act, to stem-cell trial recruitment discourse, Subprime Health is a timely examination of race-based medicine as it intersects with the concept of debt. 

The contributors to this volume propose that race-based medicine is inextricable from debt in two key senses. They first demonstrate how the financial costs related to race-based medicine disproportionately burden minorities, as well as how monetary debt and race are conditioned by broader relations of power. Second, the contributors investigate how race-based medicine is related to the concept of indebtedness and is often positioned as a way to pay back the debt that the medical establishment—and society at large—owes for the past and present neglect and abuses of many communities of color. By approaching the subject of race-based medicine from an interdisciplinary perspective—critical race studies, science and technology studies, public health, sociology, geography, and law—this volume moves the discussion beyond narrow and familiar debates over racial genomics and suggests fruitful new directions for future research. 

Contributors: Ruha Benjamin, Princeton U; Catherine Bliss, U of California, San Francisco; Khiara M. Bridges, Boston U; Shiloh Krupar, Georgetown U; Jenna M. Loyd, U of Wisconsin–Milwaukee; Anne Pollock, Georgia Tech.