Response to Creditocracy and the Case for Debt Refusal - Essay Example

The author also notes widespread of reliance on credit, including such environments as schools, houses, and workplaces, and argues for a movement against debts (Ross 9-252).

The author’s argument on debts is valid from a moral perspective but not from a legal perspective. Moral values such as beneficence and nonmaleficence require that actions result in benefits or at least minimize harm to people and offering credits that can increase economic burdens on borrowers fails the morality test. Similarly, a utilitarian perspective of ethics requires optimal benefits. The relative number of lenders and borrowers, however, identifies the concentration of benefits in the hands of a few individuals while the majority of borrowers bear the burden of refinancing loans and even the consequences of defaults. A legal perspective, however, identifies equal responsibilities between lenders and borrowers because of their roles in creating contracts; and this is consistent with deontology ethics. Credits are, therefore, legal as long as both parties consent to it and though resistance to credit may be necessary, especially to protect vulnerable populations, awareness among the population and social bargaining is the most suitable approach because it is likely to induce moral soundness in the credit system that is based on legal frameworks and profit motive (Ross, 9-252).