Work

Could/should Jubilee debt cancellations be reintroduced today? If not, what alternative measures of debt relief and redistribution might be possible?

Year: 2018

Type: article

Abstract: In this paper the authors recall the history of Jubilee debt cancellations, emphasizing what their social purpose was at that time. They note that it would not be possible to copy that procedure exactly nowadays, primarily because most debt/credit relationships are intermediated via financial institutions, such as banks, insurance companies, etc., rather than by governments or wealthy families directly. But they argue that the underlying social purpose of such Jubilees – to keep debt within the reasonable ability to be paid without social and economic polarisation – could be recreated via alternative mechanisms, and they discuss the politico-economic arguments for, and against, doing so.

Source: Economics

DOI: 10.5018/economics-ejournal.ja.2018-45

Authors: Michael Hudson, Charles Goodhart

Institutions: University of Missouri–Kansas City, London School of Economics and Political Science

Language: English

Topic: Economic Theory and Policy

Subfield: General Economics, Econometrics and Finance

Field: Economics, Econometrics and Finance

Domain: Social Sciences

Open Access status: gold

Estimated APC paid: $1,187

Funder: Economic and Social Research Council