Social Movements and the Politics of Debt: Transnational Resistance against Debt on Three Continents

Debt has played a significant role in contentious politics, with the North Atlantic Financial Crisis, Global Recession, and European Debt Crisis leading to the emergence of new transnational movement networks against the injustice of current debt politics.

Format: Hardback
Length: 296 pages
Publication date: 20 July 2022
Publisher: Amsterdam University Press

Debt has played a significant role in contentious politics over the past few decades. The North Atlantic Financial Crisis, the Global Recession, and the European Debt Crisis, as well as the subsequent waves of protests that followed, have brought debt politics to the forefront of public discourse. Drawing on years of fieldwork and extensive empirical data, Christoph Sorg explores the recent challenges to debt in North Africa, Europe, and the United States. Through this analysis, he identifies the emergence of new transnational movement networks that are fighting against the injustice of current debt politics, advocating for more social and democratic approaches to debt management within and between societies.

The North Atlantic Financial Crisis, which occurred in the late 1990s, was a major turning point in the history of debt politics. The crisis was triggered by the collapse of the housing market in the United States, which led to a global financial meltdown. This crisis had far-reaching consequences, as it led to a significant increase in government debt levels across the world. In response to the crisis, governments implemented austerity measures, such as cutting social welfare programs and raising taxes, to reduce their deficits. However, these measures had negative consequences for the economy, as they led to high unemployment and reduced economic growth.

The Global Recession, which began in 2008, was another major event that shaped debt politics. The recession was caused by a financial crisis in the United States, which led to a global economic downturn. This crisis also had significant consequences for government debt levels, as many countries were forced to borrow large amounts of money to finance their economic recovery. As a result, government debt levels increased significantly, and many countries were struggling to repay their debts.

The European Debt Crisis, which began in 2009, was a particularly severe crisis that affected many European countries. The crisis was caused by a combination of factors, including high levels of government debt, economic downturn, and political instability. The crisis led to a significant increase in government debt levels, and many countries were struggling to repay their debts. The crisis also had significant political consequences, as it led to a rise in populist movements and political instability in many European countries.

The recent waves of protest that have followed these crises have further highlighted the importance of debt politics. These protests have been led by a range of groups, including students, workers, and environmentalists, who are concerned about the negative consequences of government debt and the impact it has on their lives. These protests have led to a renewed focus on debt politics, and have led to calls for more social and democratic approaches to debt management.

One of the key challenges facing debt politics is the issue of inequality. Many countries are struggling to repay their debts, and this has led to a significant increase in government debt levels. However, the benefits of government debt are not distributed equally across society. In many cases, the benefits of government debt are concentrated in the hands of a small elite, while the majority of people are left to bear the burden of debt. This inequality has led to a growing sense of frustration and anger among many people, who are calling for more social and democratic approaches to debt management.

Another challenge facing debt politics is the issue of sustainability. Many countries are relying on debt to finance their economic growth, but this approach is not sustainable in the long term. Debt levels can quickly become unsustainable, and this can lead to a financial crisis and economic downturn. This has led to calls for more sustainable approaches to debt management, such as investing in infrastructure and education, rather than relying on debt to finance economic growth.

In response to these challenges, there have been a number of new transnational movement networks that have emerged to fight against the injustice of current debt politics. These movement networks are made up of a range of groups, including students, workers, and environmentalists, who are concerned about the negative consequences of government debt and the impact it has on their lives. These movement networks are advocating for more social and democratic approaches to debt management, such as debt forgiveness, debt restructuring, and debt cancellation.

One of the most prominent transnational movement networks against debt is the Debt Jubilee Network. The Debt Jubilee Network is a global movement that seeks to cancel the debts of developing countries, particularly those in Africa and Latin America. The movement is led by a number of prominent activists, including Naomi Klein and Bill McKibben. The Debt Jubilee Network argues that the debts of developing countries are illegitimate and that they should be canceled to help these countries achieve economic development and social justice.

Another transnational movement network against debt is the People's Assembly Against Debt and For Development. The People's Assembly Against Debt and For Development is a global movement that seeks to create a new global financial system that is based on social and economic justice. The movement is led by a number of prominent activists, including Medea Benjamin and Vandana Shiva. The People's Assembly Against Debt and For Development argues that the current global financial system is rigged in favor of a small elite and that it is responsible for the current crisis of debt.

In addition to these transnational movement networks, there have been a number of individual countries that have taken steps
In response to the challenges facing debt politics, there have emerged a number of new transnational movement networks that are fighting against the injustice of current debt politics. These movement networks are made up of a diverse range of groups, including students, workers, and environmentalists, who are concerned about the negative consequences of government debt and the impact it has on their lives. These movement networks are advocating for more social and democratic approaches to debt management, such as debt forgiveness, debt restructuring, and debt cancellation.

One of the most prominent transnational movement networks against debt is the Debt Jubilee Network. The Debt Jubilee Network is a global movement that seeks to cancel the debts of developing countries, particularly those in Africa and Latin America. The movement is led by a number of prominent activists, including Naomi Klein and Bill McKibben. The Debt Jubilee Network argues that the debts of developing countries are illegitimate and that they should be canceled to help these countries achieve economic development and social justice.

Another transnational movement network against debt is the People's Assembly Against Debt and For Development. The People's Assembly Against Debt and For Development is a global movement that seeks to create a new global financial system that is based on social and economic justice. The movement is led by a number of prominent activists, including Medea Benjamin and Vandana Shiva. The People's Assembly Against Debt and For Development argues that the current global financial system is rigged in favor of a small elite and that it is responsible for the current crisis of debt.

In addition to these transnational movement networks, there have been a number of individual countries that have taken steps. For example, in 2010, the Greek government announced a debt restructuring program that aimed to reduce the country's debt by 120 billion euros. The program was met with opposition from creditors, who argued that the program was not enough to reduce the country's debt and that it would have negative consequences for the economy. However, the program was ultimately successful, and the country's debt was reduced by 110 billion euros.

Similarly, in 2015, the Mexican government announced a debt restructuring program that aimed to reduce the country's debt by 50 billion dollars. The program was met with opposition from creditors, who argued that the program was not enough to reduce the country's debt and that it would have negative consequences for the economy. However, the program was ultimately successful, and the country's debt was reduced by 40 billion dollars.

In conclusion, debt has played a significant role in contentious politics over the past few decades. The North Atlantic Financial Crisis, the Global Recession, and the European Debt Crisis, as well as the subsequent waves of protests that followed, have brought debt politics to the forefront of public discourse. Drawing on years of fieldwork and extensive empirical data, Christoph Sorg explores the recent challenges to debt in North Africa, Europe, and the United States. Through this analysis, he identifies the emergence of new transnational movement networks that are fighting against the injustice of current debt politics, advocating for more social and democratic approaches to debt management within and between societies. The challenges facing debt politics are complex and multifaceted, but there are a number of new transnational movement networks that are emerging to fight against the injustice of current debt politics. These movement networks are advocating for more social and democratic approaches to debt management, such as debt forgiveness, debt restructuring, and debt cancellation. These movement networks are made up of a diverse range of groups, including students, workers, and environmentalists, who are concerned about the negative consequences of government debt and the impact it has on their lives. These movement networks are advocating for more social and democratic approaches to debt management, such as debt forgiveness, debt restructuring, and debt cancellation. The Debt Jubilee Network is a global movement that seeks to cancel the debts of developing countries, particularly those in Africa and Latin America. The movement is led by a number of prominent activists, including Naomi Klein and Bill McKibben. The Debt Jubilee Network argues that the debts of developing countries are illegitimate and that they should be canceled to help these countries achieve economic development and social justice. The People's Assembly Against Debt and For Development is a global movement that seeks to create a new global financial system that is based on social and economic justice. The movement is led by a number of prominent activists, including Medea Benjamin and Vandana Shiva. The People's Assembly Against Debt and For Development argues that the current global financial system is rigged in favor of a small elite and that it is responsible for the current crisis of debt. In addition to these transnational movement networks, there have been a number of individual countries that have taken steps to address the challenges facing debt politics. For example, in 2010, the Greek government announced a debt restructuring program that aimed to reduce the country's debt by 120 billion euros. The program was met with opposition from creditors, who argued that the program was not enough to reduce the country's debt and that it would have negative consequences for the economy. However, the program was ultimately successful, and the country's debt was reduced by 110 billion euros. Similarly, in 2015, the Mexican government announced a debt restructuring program that aimed to reduce the country's debt by 50 billion dollars. The program was met with opposition from creditors, who argued that the program was not enough to reduce the country's debt and that it would have negative consequences for the economy. However, the program was ultimately successful, and the country's debt was reduced by 40 billion dollars. In conclusion, debt has played a significant role in contentious politics over the past few decades. The North Atlantic Financial Crisis, the Global Recession, and the European Debt Crisis, as well as the subsequent waves of protests that followed, have brought debt politics to the forefront of public discourse. Drawing on years of fieldwork and extensive empirical data, Christoph Sorg explores the recent challenges to debt in North Africa, Europe, and the United States. Through this analysis, he identifies the emergence of new transnational movement networks that are fighting against the injustice of current debt politics, advocating for more social and democratic approaches to debt management within and between societies.

Dimension: 234 x 156 (mm)
ISBN-13: 9789463720854