Скачать или смотреть We Talk Books – “The Debt System: A History of Sovereign Debts and Their Repudiation”

In this episode, Jamie and Tom will be discussing Eric Toussaint's book " The Debt System: A History of Sovereign Debts and Their Repudiation”" (2017). Eric Toussaint, a historian and political scientist from the universities of Liège and Paris VIII, examines the history of sovereign debt and its repudiation. From Latin America to China, including Greece, Tunisia, and Egypt, debt has long been used as a tool for domination and exploitation. Since the 19th century, external debt and the adoption of free trade have been fundamental factors in the subjugation of entire economies by capitalist powers. The situation of Greece in the 2010s is yet another example of a country and its people being deprived of freedom under the pretext of repaying illegitimate debt.
Toussaint argues that this dictatorship of debt is not inevitable. Over the past two centuries, several states have successfully canceled their debts. He analyzes instances of debt repudiation in countries like Mexico, the United States, Cuba, Costa Rica, and Soviet Russia, while also highlighting the "odious debt" doctrine. His book explores the history of sovereign debt and its impact on developing countries, demonstrating how, since the 19th century, peripheral nations have often found themselves indebted to colonial powers and international financial institutions as a means of control.
The book provides concrete examples from Mexico, Greece, Egypt, and Tunisia, where loans led to excessive debt, military interventions, and loss of sovereignty. It delves into the concept of "odious debt," first defined by Alexandre Nahum Sack, and presents the legal and moral arguments for repudiating such illegitimate debts. Toussaint argues that canceling illegitimate debts is essential for the liberation of developing countries, but he emphasizes that debt repudiation alone is not enough—it must be part of a broader program of social and political transformation.
Jamie and Tom will explore these themes and discuss Toussaint's analysis of how debt has been historically weaponized and how debt cancellation plays a key role in the struggle for economic sovereignty.

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