Pub Date : 2019-05-08DOI: 10.1332/policypress/9781447339526.003.0005
Mark Davis, L. Cartwright
The systemic necessity to take on ever more unsecured credit simply to go about the business of everyday life in a financialized society is still positioned as a personal choice rather than an unavoidable means of survival. In our contribution to this volume, we offer a qualitative analysis of the lived experiences of indebted lives in the context of precarious temporary employment in the UK, in order to examine the extent to which young people are ‘governed’ by debt. Rather than total discipline, we demonstrate empirically how young people actively reject, resist and negotiate the debts that they undertake, challenging a normative framing of debt that seeks to condemn the moral character of struggling debtors. As well as this empirical work, our theoretical contribution here is to interpret this data in terms of what we consider to be the temporal dynamics of indebtedness, which result in living ‘deferred lives’.
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Pub Date : 2019-05-08DOI: 10.1332/policypress/9781447339526.003.0007
J. Deville
This chapter introduces a phenomenon I call ‘digital subprime’. Digital subprime represents a frontier in lenders’ quest for predictive power, involving a growing group of technology startups who are entering subprime, payday lending markets in various countries and are lending at high rates of interest to borrowers who often have either poor or not credit histories. In this variant of consumer credit lending, diverse forms of data are processed through forms of algorithmic analysis in the attempt to better predict the repayment behaviour of individuals. This data often appears extremely mundane and to have very little to do with the credit product in hand. The chapter seeks to map the terrain of possibility represented by the diverse forms of data that are rendered accessible to lenders, partly as a basis for future research, and partly to highlight key developments in the present and future ontologies of money.
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Pub Date : 2019-05-08DOI: 10.1332/POLICYPRESS/9781447339526.003.0004
J. Bowsher
This chapter seeks to understand the social and political significance of the Greek Truth Committee on the Public Debt (TCPD), a process set up by SYRIZA in June 2015 to contest the dominant ‘common sense’ of Greece’s sovereign debt. Affirming its value, this chapter analyses the TCPD as an important, strategic response to post-crash neoliberalism. Lazzarato has argued that contemporary neoliberalism relies on a mnemotechnics of debt, a project of memory, which does the crucial work of legitimising and sustaining recourse to austerity policies by making citizens ‘guilty’ and thus deserving of them. Set against neoliberalism’s mnemotechnics, I examine the TCPD as a memory-making project, showing how it produced a counter-memory of the debt which demonstrated the innocence of Greek citizens and thus freed them from guilt. With its capacity to reverse the common sense of debt, I conclude that the TCPD’s memory-making strategy remains an important precedent for resisting post-crash neoliberalism.
{"title":"Memory, counter-memory and resistance: notes on the ‘Greek Debt Truth Commission’","authors":"J. Bowsher","doi":"10.1332/POLICYPRESS/9781447339526.003.0004","DOIUrl":"https://doi.org/10.1332/POLICYPRESS/9781447339526.003.0004","url":null,"abstract":"This chapter seeks to understand the social and political significance of the Greek Truth Committee on the Public Debt (TCPD), a process set up by SYRIZA in June 2015 to contest the dominant ‘common sense’ of Greece’s sovereign debt. Affirming its value, this chapter analyses the TCPD as an important, strategic response to post-crash neoliberalism. Lazzarato has argued that contemporary neoliberalism relies on a mnemotechnics of debt, a project of memory, which does the crucial work of legitimising and sustaining recourse to austerity policies by making citizens ‘guilty’ and thus deserving of them. Set against neoliberalism’s mnemotechnics, I examine the TCPD as a memory-making project, showing how it produced a counter-memory of the debt which demonstrated the innocence of Greek citizens and thus freed them from guilt. With its capacity to reverse the common sense of debt, I conclude that the TCPD’s memory-making strategy remains an important precedent for resisting post-crash neoliberalism.","PeriodicalId":357157,"journal":{"name":"The sociology of debt","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-05-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131297409","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2019-05-08DOI: 10.1332/policypress/9781447339526.003.0001
In this introductory chapter I consider the diverse meanings of the idea of debt in the contemporary world. Starting with the current problem of apparently ever-expanding debt, I explain the origins of the globalisation of the condition of indebtedness through a discussion of processes of financialisation, where money is entirely virtual and weightless. In order to situate the idea of financialisation in a sociological context, I show how the financial crisis of 2007-2008 gave weight to the weightless fictitious capital of the fully financialised world in the form of the dead weight of debt that crushes the indebted and creates a new power relation, which Maurizio Lazzarato writes of in terms of the creditor / debtor relation. While economics tends to conceive of debt in terms of number and objective mathematical calculation, the idea of the weight of debt focus upon the subjective experience of indebtedness founded upon a particular subordinate subject position, the debtor, which it then becomes possible to understand sociologically and critically oppose on the basis of different value systems.
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This chapter addresses a concept that was once central to debates within classical liberal thought but today is largely neglected: usury. The question of usury divided classical liberals over whether there should be a free market in the provision of credit or rather government policing of the social and moral limits of debt. These divisions resurface in a contemporary the current post-crisis period in debate over whether the short-term loan market should be free to meet the demands of credit supply (the libertarian position) or should be regulated by government agencies to ensure that it works within limits (a neoliberal stance). This chapter argues that the concept of usury is useful for questioning the role of state and government in regulating private debt, and for considering the possibility of an alternative politics of debt that centres not on regulating the rate of interest charged on credit, but rather the freedom of banks and other institutions to lend money at a price.
{"title":"Debt, usury and the ongoing crises of capitalism","authors":"N. Gane","doi":"10.2307/j.ctvggx2fq.12","DOIUrl":"https://doi.org/10.2307/j.ctvggx2fq.12","url":null,"abstract":"This chapter addresses a concept that was once central to debates within classical liberal thought but today is largely neglected: usury. The question of usury divided classical liberals over whether there should be a free market in the provision of credit or rather government policing of the social and moral limits of debt. These divisions resurface in a contemporary the current post-crisis period in debate over whether the short-term loan market should be free to meet the demands of credit supply (the libertarian position) or should be regulated by government agencies to ensure that it works within limits (a neoliberal stance). This chapter argues that the concept of usury is useful for questioning the role of state and government in regulating private debt, and for considering the possibility of an alternative politics of debt that centres not on regulating the rate of interest charged on credit, but rather the freedom of banks and other institutions to lend money at a price.","PeriodicalId":357157,"journal":{"name":"The sociology of debt","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128807677","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Looming behind the formidable spectres haunting Europe is a rising tide of indebted households. This chapter focuses upon the United Kingdom, where a perfect storm of measures has caused a fundamental change in the very meaning of ‘household debt’. In this chapter we focus upon the temporal frameworks of debt, challenging the dominant understanding of debt as imposing a ‘disciplinary’ framework of time upon the subject. Across two bodies of fieldwork – with the advice sector and with debtors – we trace not only the imposition, management and varied narratives of ‘disciplinary’ structurings of time, but also the ‘moments’ in which they crack, fragment, or are suspended. We show how the ways in which debt is sold, managed and collected, as well as the practices through which debtors consider multiple futures in their negotiations of debt, weave other forms of time into the indebted everyday. We show also how the stagnation and irregularity of household budgets renders the disciplinary edifice of debt increasingly unstable. Following the work of Lisa Adkins, we bring these non-disciplinary ‘moments’ together under the remit of ‘speculative time’.
{"title":"‘Choose your moments’: discipline and speculation in the indebted everyday","authors":"S. Kirwan, Leila Dawney, Rosie Walker","doi":"10.2307/j.ctvggx2fq.10","DOIUrl":"https://doi.org/10.2307/j.ctvggx2fq.10","url":null,"abstract":"Looming behind the formidable spectres haunting Europe is a rising tide of indebted households. This chapter focuses upon the United Kingdom, where a perfect storm of measures has caused a fundamental change in the very meaning of ‘household debt’. In this chapter we focus upon the temporal frameworks of debt, challenging the dominant understanding of debt as imposing a ‘disciplinary’ framework of time upon the subject. Across two bodies of fieldwork – with the advice sector and with debtors – we trace not only the imposition, management and varied narratives of ‘disciplinary’ structurings of time, but also the ‘moments’ in which they crack, fragment, or are suspended. We show how the ways in which debt is sold, managed and collected, as well as the practices through which debtors consider multiple futures in their negotiations of debt, weave other forms of time into the indebted everyday. We show also how the stagnation and irregularity of household budgets renders the disciplinary edifice of debt increasingly unstable. Following the work of Lisa Adkins, we bring these non-disciplinary ‘moments’ together under the remit of ‘speculative time’.","PeriodicalId":357157,"journal":{"name":"The sociology of debt","volume":"13 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130566414","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2019-05-01DOI: 10.1332/POLICYPRESS/9781447339526.003.0010
M. Featherstone
In this chapter I explore the impacts of debt through the lens of ecology in order to reimagine the meaning of indebtedness for a form of globalisation defined by exhaustion. In the first part of the chapter I trace the origins of the contemporary debt society through a discussion of global socio-economic change before moving on to consider the impacts of the near collapse of this social form in the period following 2008. In the second section of the chapter I expand my exploration of these impacts through consideration of the ways in which unmanageable indebtedness destroys the future on the level of both societies, which fall into exhaustion and a kind of decrepit post-modernism, and individuals, who come to occupy a space of lack and melancholia by virtue of their inability to live up to the modern ideal of what it means to be an individual. In this respect the central point of my chapter concerns the attempt to rethink the bad, or unsustainable, ecology of financial indebtedness through the reconceptualisation of notions of default and bankruptcy in a new vision of the necessity of interdependence, where self, other, and world come together to form a primal debt complex.
{"title":"Ecologies of indebtedness","authors":"M. Featherstone","doi":"10.1332/POLICYPRESS/9781447339526.003.0010","DOIUrl":"https://doi.org/10.1332/POLICYPRESS/9781447339526.003.0010","url":null,"abstract":"In this chapter I explore the impacts of debt through the lens of ecology in order to reimagine the meaning of indebtedness for a form of globalisation defined by exhaustion. In the first part of the chapter I trace the origins of the contemporary debt society through a discussion of global socio-economic change before moving on to consider the impacts of the near collapse of this social form in the period following 2008. In the second section of the chapter I expand my exploration of these impacts through consideration of the ways in which unmanageable indebtedness destroys the future on the level of both societies, which fall into exhaustion and a kind of decrepit post-modernism, and individuals, who come to occupy a space of lack and melancholia by virtue of their inability to live up to the modern ideal of what it means to be an individual. In this respect the central point of my chapter concerns the attempt to rethink the bad, or unsustainable, ecology of financial indebtedness through the reconceptualisation of notions of default and bankruptcy in a new vision of the necessity of interdependence, where self, other, and world come together to form a primal debt complex.","PeriodicalId":357157,"journal":{"name":"The sociology of debt","volume":"30 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130209797","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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