Creditocracy

Creditocracy

It seems like pretty much everybody – homeowners, students, those who are ill and without health insurance, and, of course, credit card holders – is up to their neck in debt that can never be repaid. 77% of US households are seriously indebted and one in seven Americans has been pursued by debt collectors. The major banks are bigger and more profitable than before the 2008 crash, and legislators are all but powerless to bring them to heel. In this forceful, eye-opening survey, Andrew Ross contends that we are in the cruel grip of a creditocracy – where the finance industry commandeers our elected governments and where the citizenry have to take out loans to meet their basic needs. The implications of mass indebtedness for any democracy are profound, and history shows that whenever a creditor class becomes as powerful as Wall Street, the result has been debt bondage for the bulk of the population. Following in the ancient tradition of the jubilee, activists have had some success in repudiating the debts of developing countries. The time is ripe, Ross argues, for a debtors’ movement to use the same kinds of moral and legal arguments to bring relief to household debtors in the North. After examining the varieties of lending that have contributed to the crisis, Ross suggests ways of lifting the burden of illegitimate debts from our backs. Just as important, Creditocracy outlines the kind of alternative economy we need to replace a predatory debt-money system that only benefits the 1%.

Creditocracy

Neoliberalism

Thanks to the rise of neoliberalism over the past several decades, we live in an era of rampant anxiety, insecurity, and inequality. While neoliberalism has become somewhat of an academic buzzword in recent years, this book offers a rich and multilayered introduction to what is arguably the most pressing issue of our times. Engaging with prominent scholarship in media and cultural studies, as well as geography, sociology, economic history, and political theory, author Julie Wilson pushes against easy understandings of neoliberalism as market fundamentalism, rampant consumerism, and/or hyper-individualism. Instead, Wilson invites readers to interrogate neoliberalism in true cultural studies fashion, at once as history, theory, practice, policy, culture, identity, politics, and lived experience. Indeed, the book’s primary aim is to introduce neoliberalism in all of its social complexity, so that readers can see how neoliberalism shapes their own lives, as well as our political horizons, and thereby start to imagine and build alternative worlds.