The Two Faces of Debt
This introductory chapter surveys the notoriously ambivalent concept of debt. It connects different approaches to debt in social theory and anthropology to the book’s focus on how past debts are mobilised in political debates in the present, and how the ‘North’ has been portrayed as indebted to the ‘South’ for its development, and vice versa. Both questions are framed by the way in which understandings of debt tend to gravitate towards reciprocity or domination. In view of its fundamental ambiguity, debt thus underpins both social cohesion and fragmentation. While it 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. A tension between debt as the glue of social bonds and debt as hierarchy consequently runs through the social history of the concept. Applied to regional and global North-South relations, discussions on debt have often centred on the question of retribution, involving difficult disputes over possible ways of settling debts in the present for injustices incurred in the past.