The Theories Of The Debt Essay Example | Topics and Well Written Essays - 3250 words

The Theories Of The Debt - Essay Example 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 op erates 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.