A challenge to normativity and economic theory, the case ofdebtors movements
Due to contemporary economic situation, with systemic financial and real economy crisis, many studies started to investigate the nature of debt. Not that the subject (and its controversy) was ignored before, but one of the major limit of current theory is the uniformity of treatment and analysis as if there were no fundamental difference in the variety of debt, bankruptcy and possible bailout with no relevant distinctions in terms of causes, categories of agents involved and respective relationships, normative framework and uses of the loan money. Economic theory defines debt as a relationship between someone with surplus of money and somebody in “need”, with a temporal partition between one exchange and the other. Distinct models for different loan types are necessary, in particular when related to norms and social concept of justice, such as the issues raised by debt revolts, debt imprisonments and debt slavery. Debtors’ movements appeared in different situation, but generally have in common the type of debtors involved: household or small family-level businessmen that experience great pressure related to collaterals nature. Insolvency highly influences welfare, both in terms of reputation in their social network, and in terms of material life. This characteristic reveals itself to be crucial in the study, both for the birth and rise of movements, and for the comprehension of the moral and power mechanisms that withstand this kind debt, and should give economic theory a starting point to develop new types of models on debts.
|Date of creation:||Mar 2014|
|Contact details of provider:|| Postal: Lungo Dora Siena 100, I-10153 Torino|
Phone: +39 011670 4406
Fax: +39 011670 3895
Web page: http://www.unito.it/
More information through EDIRC
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Carmen M. Reinhart & Kenneth S. Rogoff, 2014.
"A Decade of Debt,"
Central Banking, Analysis, and Economic Policies Book Series,
in: Miguel Fuentes D. & Claudio E. Raddatz & Carmen M. Reinhart (ed.), Capital Mobility and Monetary Policy, edition 1, volume 18, chapter 4, pages 97-135
Central Bank of Chile.
- Heaton, J. B., 2000. "Incomplete Financial Contracts and Non-contractual Legal Rules: The Case of Debt Capacity and Fraudulent Conveyance Law," Journal of Financial Intermediation, Elsevier, vol. 9(2), pages 169-183, April.
- Stiglitz, Joseph E, 1989. "Markets, Market Failures, and Development," American Economic Review, American Economic Association, vol. 79(2), pages 197-203, May.
- Kathrin Berensmann & Angélique Herzberg, 2009. "Sovereign Insolvency Procedures - A Comparative Look At Selected Proposals," Journal of Economic Surveys, Wiley Blackwell, vol. 23(5), pages 856-881, December.
- David de Meza & David C. Webb, 1987. "Too Much Investment: A Problem of Asymmetric Information," The Quarterly Journal of Economics, Oxford University Press, vol. 102(2), pages 281-292.
- Abhijit V. Banerjee & Andrew F. Newman, 1990.
"Occupational Choice and the Process of Development,"
911, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
- Banerjee, Abhijit V & Newman, Andrew F, 1993. "Occupational Choice and the Process of Development," Journal of Political Economy, University of Chicago Press, vol. 101(2), pages 274-298, April.
- Stanley D. Longhofer, 2004. "Protection for Whom? Creditor Conflict and Bankruptcy," American Law and Economics Review, Oxford University Press, vol. 6(2), pages 249-284.
- Galor, Oded & Zeira, Joseph, 1988.
"Income Distribution and Macroeconomics,"
51644, University Library of Munich, Germany, revised 01 Sep 1989.
- Gintis, Herbert, 1989. "Financial markets and the political structure of the enterprise," Journal of Economic Behavior & Organization, Elsevier, vol. 11(3), pages 311-322, May.
- Keith M. Carlson, 1993. "On the macroeconomics of private debt," Review, Federal Reserve Bank of St. Louis, issue Jan, pages 53-66.
- Herman, Barry, 2003. "Unfinished business in the international dialogue on debt," Revista CEPAL, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL), December.
- Alexopoulos, Michelle & Domowitz, Ian, 1998.
"Personal Liabilities and Bankruptcy Reform: An International Perspective,"
Wiley Blackwell, vol. 1(1), pages 127-159, October.
- Michelle Alexopoulos & Ian Domowitz, "undated". "Personal Liabilities and Bankruptcy Reform: An International Perspective," IPR working papers 98-8, Institute for Policy Resarch at Northwestern University.
- Joseph E. Stiglitz, 1972. "Some Aspects of the Pure Theory of Corporate Finance: Bankruptcies and Take-Overs," Bell Journal of Economics, The RAND Corporation, vol. 3(2), pages 458-482, Autumn.
- Paolo Manasse & Nouriel Roubini, 2005.
"'Rules of Thumb' for Sovereign Debt Crises,"
- John Gathergood, 2012. "Debt and Depression: Causal Links and Social Norm Effects," Economic Journal, Royal Economic Society, vol. 122(563), pages 1094-1114, 09.
When requesting a correction, please mention this item's handle: RePEc:uto:dipeco:201405. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Piero Cavaleri)or (Marina Grazioli)
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.