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Debt As Power

Author

Listed:
  • Di Muzio, Tim
  • Robbins, Richard H.

Abstract

FROM THE EDITOR’S INTRODUCTION: In Debt as Power, Di Muzio and Robbins present a historical account of the modern origins of capitalist debt by looking at how commercial money is produced as debt in the late seventeenth and early eighteenth centuries. They expertly demonstrate their key contention -- that debt is a technology of power -- and identify the ways in which the control, production, and distribution of money, as interest-bearing debt, are used to discipline populations. Their sharp analysis brings together histories of the development of the Bank of England and the establishment of permanent national debt with the intensification and expansion of debt, as a “technology of power”, under colonialism in a global context. The latter part of the book addresses the consequences of modern regimes of debt and puts forward proposals of what needs to be done, politically, to reverse the problems generated by debt-based economies. The final chapter presents a convincing case for the 99% to use the power of debt to challenge present inequalities and outlines a platform for action suggesting possible alternatives.

Suggested Citation

  • Di Muzio, Tim & Robbins, Richard H., 2015. "Debt As Power," EconStor Books, ZBW - Leibniz Information Centre for Economics, number 161429.
    • Handle: RePEc:zbw:esmono:161429
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    File URL: https://www.econstor.eu/bitstream/10419/161429/1/2016_di_muzio_robbins_debt_as_power.pdf
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    References listed on IDEAS

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    1. World Commission on Environment and Development,, 1987. "Our Common Future," OUP Catalogue, Oxford University Press, number 9780192820808.
    2. Edward N. Wolff, 2012. "The Asset Price Meltdown and the Wealth of the Middle Class," NBER Working Papers 18559, National Bureau of Economic Research, Inc.
    3. Wrigley,E. A., 2010. "Energy and the English Industrial Revolution," Cambridge Books, Cambridge University Press, number 9780521766937.
    4. World Bank, 2012. "Global Development Finance 2012 : External Debt of Developing Countries," World Bank Publications - Books, The World Bank Group, number 2392, December.
    5. L. Randall Wray (ed.), 2004. "Credit and State Theories of Money," Books, Edward Elgar Publishing, number 3204.
    6. Carl Wennerlind, 2004. "The Death Penalty as Monetary Policy: The Practice and Punishment of Monetary Crime, 1690-1830," History of Political Economy, Duke University Press, vol. 36(1), pages 131-161, Spring.
    7. Williamson, Jeffrey G., 2002. "Land, Labor, And Globalization In The Third World, 1870–1940," The Journal of Economic History, Cambridge University Press, vol. 62(1), pages 55-85, March.
    8. Wennerlind, Carl, 2011. "Casualties of Credit: The English Financial Revolution, 1620-1720," Economics Books, Harvard University Press, number 9780674047389, Spring.
    9. Edward Wolff, 2013. "The Asset Price Meltdown, Rising Leverage, and the Wealth of the Middle Class," Journal of Economic Issues, Taylor & Francis Journals, vol. 47(2), pages 333-342.
    10. Wrigley,E. A., 2010. "Energy and the English Industrial Revolution," Cambridge Books, Cambridge University Press, number 9780521131858.
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    Cited by:

    1. Di Muzio, Tim, 2016. "Energy, Capital as Power and World Order," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, pages 267-287.
    2. Baines, Joseph & Hager, Sandy Brian, 2021. "The Great Debt Divergence and its Implications for the Covid-19 Crisis: Mapping Corporate Leverage as Power," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, issue Latest Ar.

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