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The Shirt of Nessus: International Debt as a Tool of Hegemonic Control
International debt has been a fixture of the global economy and state financing for centuries. The economic logic of accruing international debt and its management is rarely questioned in the literature, even as sovereign debt crises abound. These crises offer a point of examination, re-assessment,...
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AUC Knowledge Fountain
2022
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| Summary: | International debt has been a fixture of the global economy and state financing for centuries. The economic logic of accruing international debt and its management is rarely questioned in the literature, even as sovereign debt crises abound. These crises offer a point of examination, re-assessment, and negotiations concerning allocating the burdens. This paper aims to study these debt crises to interrogate the issue of international debt, the depoliticized economic mantras that govern it, their validity, sincerity, and the political and social implications on the indebted polity. This is done by looking at the origins of debt crises, and examining how different factions and classes interact with the unfolding crisis. The research encompasses the cases of Greece, Puerto Rico, and Ecuador, focusing on the material interests and ideological conceptions that inform different factions' aims and tactics during the crisis. Through examining these cases the paper finds several dysfunctions in the economic, political, social, and institutional frameworks that govern international debt |
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