The Politics of Debt and Europe's Relations with the 'South'
While debt has the capacity to sustain social relations by joining together the two parties of a debt relation, it also contains the risk of deteriorating into domination and bargaining. Throughout history, different understandings of debt have therefore gravitated between reciprocity and domination, making it a key concept for understanding the dynamics of both social cohesion and fragmentation. The book considers the social, spatial and temporal meanings of this ambiguity and relates them to contemporary debates over debts between North and South in Europe, which in turn are embedded in a longer global history of North-South relations. The individual chapters discuss how debts incurred in the past are mobilised in political debates in the present. This dynamic is highlighted with regard to regional and global North-South relations. An essential feature in debates on this topic is the difficult question of retribution and possible ways of “paying” – a term that is etymologically connected to “pacification” – for past injustice. Against this backdrop, the book combines a discussion of the multi-layered European and global North-South divide with an effort to retrieve alternatives to the dominant and divisive uses of debt for staking out claims against someone or something. Discovering new and forgotten ways of thinking about debt and North-South relations, the chapters are divided into four sections that focus on 1) debt and social theory, 2) Greece and Germany as Europe’s South and North, 3) the ‘South’ between the local, the regional and the global, and 4) debt and the politics of history.