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The Theories Of The Debt - Essay Example

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In the recent years, the major economies across the world have seen a resurgence of interest in the area of debt, money and the power and influence of finance in a societal as well as the economic construct. The essay "The Theories Of The Debt" analyzes Graeber and Lazzarato view of debt…
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The Theories Of The Debt
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Download file to see previous pages The influence and role of debt in both democratic and neo-liberal conditions are to be considered in the process of understanding how debt should be re-conceptualized and disciplined in the contemporary democratic situations. The morality, politics and economics of debt as an element of any financial and economic construct are highly debatable and complicated discussions. Though the pre-history of debt suggests that monetized debt are obligations for sustaining a society, the recent history of debt suggests that focusing on the human economy rather than the commercial economy would be a more valuable and practical way of viewing and imposing debt in a democratic society. Both debt and money can be related to subjectivity in two complementary and heterogeneous manners. The first is driven by social subjection while the second is based on mechanic control. While, social subjection functions on the basis of human factors like conscience, judgment and mutual benefits, mechanic control operates on pre-individual and structural elements. Since the current state of the global economy has become more of a debt economy, therefore, the consideration of debt as a crucial contributor to economic and social structure and efficiency has become mandatory for developing economically, politically, theoretically and morally efficient global constructs. In the recent times, many social theorists and economists have presented their view on how debt has become the main determinant of social and economic relations in different countries while superseding the existing relations of consumption and production in the socially formative and economically dynamic contemporary nations. ...Download file to see next pagesRead More
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