Lecture: Should We Cancel Debt? Insights from the Ancient World

ROCKY WATCH

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Is debt a moral issue and should excessive indebtedness in society be challenged and remedied? The financial crisis of 2007-2008—not to mention our current economic crisis—have intensified concerns about growing indebtedness in the US and globally. Economic analyses about the realities of debt are often accompanied by philosophical and ethical language about the need to address such large scale indebtedness, whether through debt cancelation or other interventions.

These ideas have been imparted to us from the ancient world in part through religious traditions that condemn excessive indebtedness and warn of the dangers of usury. Following the thread of these traditions back to the ancient Near East takes us to periods where debt instruments first appear on the scene and become a staple of human civilization.

Examining the conditions of debt’s historical emergence gives us insights into why debt remains so firmly established in our societies. It also complicates projects of liberation from the unjust economic relations that debt creates. In this presentation, Devin Singh will share from his current research into the philosophical, ethical, and religious aspects of debt, making the link to contemporary concerns about the prevalence of debt in modern societies.