Debt is a Product of Power Relations

Economic Sociology and Political Economy

Debt is a product of power relations which inherently exhibits capturing and dominating mechanisms of subordination, appropriation and exploitation in various societal, political and economic fields. Debt is degrading institutional tool which not merely controls and masters labor in advance, it also self- and socially estranging, entangling theindebtedperson being solely into the ropes of economistic valuation.
debt to societyThis definition of debt, could be an intellectual point of departure to take a look at a timely and interesting book Debt to Society: Accounting for Life under Capitalism by Miranda Joseph. This book is an important scholarly endeavour to understand, what I term – Neoliberal Pauperism which is a state of dragging-down indebtedness disguised as a fictitious “trickled-down” wealth.
Joseph’s research focuses on one of the key practices related to debt’ control – accounting and quantification. It studies 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…

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