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Fritz Agency
Christian Dittus |
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CREDITOCRACY
And the Case for Debt Refusal
It seems that everybody is up to their neck in debt that can never be repaid. 77% of US households are seriously indebted and one in seven Americans has been pursued by debt collectors. The major banks are bigger and more profitable than before the 2008 crash, and legislators are all but powerless to bring them to heel.
Andrew Ross contends that we are in the cruel grip of a creditocracy where the finance industry commandeers our elected governments and where the citizenry have to take out loans to meet their basic needs. The implications of mass indebtedness for any democracy are profound, and history shows that whenever a creditor class becomes as powerful as Wall Street, the result has been debt bondage for the bulk of the population.
The time is ripe to bring relief to household debtors in the developed world. After examining the varieties of lending that have contributed to the crisis, Ross suggests ways of lifting the burden of illegitimate debts from our backs. Just as important, CREDITOCRACY outlines the kind of alternative economy we need to replace a predatory debt-money system that only benefits the 1%.
Andrew Ross is Professor of Social and Cultural Analysis at New York University, and a social activist. He is a contributor to The Nation, the Village Voice, New York Times, and Artforum, and the author of many books.
"Andrew Ross is the very model for a scholar-activist, and, Creditocracy, his latest book, is as compelling as it is important. Let's hope this makes a difference in the world. It really should." - David Graeber
Andrew Ross contends that we are in the cruel grip of a creditocracy where the finance industry commandeers our elected governments and where the citizenry have to take out loans to meet their basic needs. The implications of mass indebtedness for any democracy are profound, and history shows that whenever a creditor class becomes as powerful as Wall Street, the result has been debt bondage for the bulk of the population.
The time is ripe to bring relief to household debtors in the developed world. After examining the varieties of lending that have contributed to the crisis, Ross suggests ways of lifting the burden of illegitimate debts from our backs. Just as important, CREDITOCRACY outlines the kind of alternative economy we need to replace a predatory debt-money system that only benefits the 1%.
Andrew Ross is Professor of Social and Cultural Analysis at New York University, and a social activist. He is a contributor to The Nation, the Village Voice, New York Times, and Artforum, and the author of many books.
"Andrew Ross is the very model for a scholar-activist, and, Creditocracy, his latest book, is as compelling as it is important. Let's hope this makes a difference in the world. It really should." - David Graeber
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Book
Published 2014-02-01 by OR Books |