The Sociology of Debt
In recent years, and particularly since the global economic crash, the issue of debt has moved centre stage in social, political, and economic thought. Although processes of financialisation have meant that extreme indebtedness has been a latent global problem since the 1980s, it was only in the wake of the crash that debt became a manifest systemic issue. This was because it was no longer possible to endlessly defer repayment into the future on the basis of a fantasy of ceaseless growth because it suddenly became clear that the financial system was not good for the debts it had distributed across the globe. Given this crisis, endless finance and repayment projected into the distant future has been transformed into ‘the dead weight of debt’ and led to the emergence of a new class system based upon creditors and debtors. The emergence of this new situation challenges sociologists and policy-makers to think about possible solutions to the socio-economic horror of debt bondage that threatens to destroy the future of not only deeply indebted individuals and their families, but also generations to come who currently stand to inherit a decrepit society that seems hopelessly trapped between a fantasy of endless growth based in financial speculation and a dim recognition of the need for sustainability that finds violent rearticulation in austerity and common sense narratives about the need to balance the books. In this book key thinkers on the topic of debt debate the social, political, and economic, meanings of the state of indebtedness.