Pub Date : 2019-05-01DOI: 10.1332/POLICYPRESS/9781447339526.003.0002
L. Adkins
This chapter offers a number of points of orientation for the development of a sociology of debt. It suggests that to date much sociological engagement with debt has been limited by two problems: first, a failure to engage with the long-term and embedded process of the transformation of debt into liquidity and second, an assumption that household and personal debt amounts to illiquid and stagnant households. I outline how such assumptions are compromising the ability of sociologists to identify and engage with how money, debt and finance have become deeply embedded in social life and have become central to the dynamics of social formation. This includes class formation – whose dynamics are increasingly based not on occupations but on the dynamics of financial assets and especially their distribution – and the materialization and dynamics of what I will term here Minskian households, that is, households which exist in a permanent state of speculation.
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Pub Date : 2019-05-01DOI: 10.1332/POLICYPRESS/9781447339526.003.0009
M. Haiven
This chapter explores a dialectics of what the author terms unpayable debts that define the current financialized global capitalist paradigm. On the one hand, these are the widely acknowledged and profoundly influential debts of individuals, institutions and nation-states which are unlikely or impossible to repay, from subprime mortgages to the sovereign debt of nations like Greece (or even the US for that matter). On the other hand, unpayable debts refers to those unacknowledged, silenced or purposefully ignored debts for the atrocities and injustices that helped create this current financialized order, including reparations for the transatlantic slave trade, restitution of stolen Indigenous lands and recompense for colonial pillage and subjugation. These latter unpayable moral and political debts must be silenced, ignored or deligitimized in order for the former unpayable fiscal debts to have such power. To explore these tensions the author provides a contextual and aesthetic reading of three interventionist and performative public artworks: English artist Darren Cullen’s “Pocket Money Loans” (2012-present), Argentine artist Marta Minujín’s “Payment of Greek Debt to Germany with Olives and Art” (2017), and Anishinaabe artist Rebecca Belmore’s “Gone Indian” (2009).
{"title":"The art of unpayable debts","authors":"M. Haiven","doi":"10.1332/POLICYPRESS/9781447339526.003.0009","DOIUrl":"https://doi.org/10.1332/POLICYPRESS/9781447339526.003.0009","url":null,"abstract":"This chapter explores a dialectics of what the author terms unpayable debts that define the current financialized global capitalist paradigm. On the one hand, these are the widely acknowledged and profoundly influential debts of individuals, institutions and nation-states which are unlikely or impossible to repay, from subprime mortgages to the sovereign debt of nations like Greece (or even the US for that matter). On the other hand, unpayable debts refers to those unacknowledged, silenced or purposefully ignored debts for the atrocities and injustices that helped create this current financialized order, including reparations for the transatlantic slave trade, restitution of stolen Indigenous lands and recompense for colonial pillage and subjugation. These latter unpayable moral and political debts must be silenced, ignored or deligitimized in order for the former unpayable fiscal debts to have such power. To explore these tensions the author provides a contextual and aesthetic reading of three interventionist and performative public artworks: English artist Darren Cullen’s “Pocket Money Loans” (2012-present), Argentine artist Marta Minujín’s “Payment of Greek Debt to Germany with Olives and Art” (2017), and Anishinaabe artist Rebecca Belmore’s “Gone Indian” (2009).","PeriodicalId":357157,"journal":{"name":"The sociology of debt","volume":"96 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":"127667756","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}
{"title":"Memory, counter-memory and resistance:","authors":"J. Bowsher","doi":"10.2307/j.ctvggx2fq.8","DOIUrl":"https://doi.org/10.2307/j.ctvggx2fq.8","url":null,"abstract":"","PeriodicalId":357157,"journal":{"name":"The sociology of debt","volume":"128 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":"123746838","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}
Slavoj Žižek's Freudian concepts of desire and drive provide a model to distinguish between 'normal' engaged behavior and 'pathological' addiction. While desire is structured around the pursuit of an object onto which the subject projects different fantasies of enjoyment and redemption, drive has moved beyond the realm of fantasy and thus also beyond the realm of subjectivity as such. The proposition I would like to raise is that contemporary financial capitalism is no longer even structured around the desire for money but has moved into a state of debt drive. Political initiatives in the wake of the financial crisis such as bank packages, quantitative easing, and austerity politics seem to have given up even on the fantasy that we can move out of the crisis. Ultimately, they all boil down to the compulsive repetition of the same failed act of creating money out of debt.
{"title":"Debt drive and the imperative of growth","authors":"Ole Bjerg","doi":"10.2307/j.ctvggx2fq.7","DOIUrl":"https://doi.org/10.2307/j.ctvggx2fq.7","url":null,"abstract":"Slavoj Žižek's Freudian concepts of desire and drive provide a model to distinguish between 'normal' engaged behavior and 'pathological' addiction. While desire is structured around the pursuit of an object onto which the subject projects different fantasies of enjoyment and redemption, drive has moved beyond the realm of fantasy and thus also beyond the realm of subjectivity as such. The proposition I would like to raise is that contemporary financial capitalism is no longer even structured around the desire for money but has moved into a state of debt drive. Political initiatives in the wake of the financial crisis such as bank packages, quantitative easing, and austerity politics seem to have given up even on the fantasy that we can move out of the crisis. Ultimately, they all boil down to the compulsive repetition of the same failed act of creating money out of debt.","PeriodicalId":357157,"journal":{"name":"The sociology of debt","volume":"44 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":"133463399","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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