Creditocracy

Creditocracy

Creditocracy is as compelling as it is important.”—DAVID GRAEBER, AUTHOR OF DEBT: THE FIRST 5,000 YEARS “Lucid andaccessible .

Author: Andrew Ross

Publisher: OR Books

ISBN: 9781939293398

Category: Business & Economics

Page: 220

View: 434

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%.
Categories: Business & Economics

The Occupy Movement Explained

The Occupy Movement Explained

In Creditocracy and the Case for Debt Refusal, sociologist and Strike Debt ... a creditocracy, a society in which “indebtedness becomes the precondition not ...

Author: Nicholas Smaligo

Publisher: Open Court

ISBN: 9780812698817

Category: Political Science

Page: 288

View: 480

The Occupy Movement Explained is a readable, compact account and analysis of the Occupy protests, by a scholar who participated in several Occupy events. The book is thoroughly researched, painstakingly accurate, and fully documented. It debunks a number of myths and misunderstandings that have become rife. Nicholas Smaligo shows how the movement arose out of radical currents that have been active below the media's radar since the 1970s. Occupiers are not all the same, and the author reviews some of the debates and changes within the movement. The occupations began under a slogan that conjured up a naive sense of unity—"We Are the 99%!" It did not take very long for that sense of unity to give way to an appreciation of just how socially, economically, and ideologically fragmented American society is. For some, this was an excuse to return to their cynicism—for others, it was an invitation to lose their illusions and begin to see the world from the viewpoint of political activists. The Occupy Movement Explained describes this process of education and the lessons learned about "the 99%", the police, direct democracy, political demands, and the intimately related questions of social change, violence and property.
Categories: Political Science

Neoliberalism

Neoliberalism

The creditocracy is the consequence of financialization: specifically, it is the economic structure constructed by increasing re-regulation of the financial ...

Author: Julie Wilson

Publisher: Routledge

ISBN: 9781317224945

Category: Social Science

Page: 246

View: 424

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.
Categories: Social Science

Keywords for American Cultural Studies Third Edition

Keywords for American Cultural Studies  Third Edition

This near universal condition of indebtedness has given rise to the kind of creditocracy where almost everybody is up to their neck in debt that can never ...

Author: Bruce Burgett

Publisher: NYU Press

ISBN: 9781479822942

Category: Social Science

Page: 360

View: 832

Introduces key terms, research traditions, debates, and histories for American Studies and Cultural Studies in an updated edition Since its initial publication, scholars and students alike have turned to Keywords for American Cultural Studies as an invaluable resource for understanding key terms and debates in the fields of American studies and cultural studies. As scholarship has continued to evolve, this revised and expanded third edition offers indispensable meditations on new and developing concepts used in American studies, cultural studies, and beyond. Designed as a uniquely print-digital hybrid publication, this Keywords volume collects 114 essays, each focused on a single term such as “America,” “culture,” “diversity,” or “religion.” More than forty of the essays have been significantly revised for this new edition, and there are nineteen completely new keywords, including crucial additions such as “biopolitics,” “data,” “debt,” and “intersectionality.” Throughout the volume, interdisciplinary scholars explore these terms and others as nodal points in many of today’s most dynamic and vexed discussions of political and social life, both inside and outside of the academy. The Keywords website features forty-eight essays not in the print volume; it also provides pedagogical tools for instructors using print and online keywords in their courses. The publication brings together essays by interdisciplinary scholars working in literary studies and political economy, cultural anthropology and ethnic studies, African American history and performance studies, gender studies and political theory. Some entries are explicitly argumentative; others are more descriptive. All are clear, challenging, and critically engaged. As a whole, Keywords for American Cultural Studies provides an accessible A-to-Z survey of prevailing academic buzzwords and a flexible tool for carving out new areas of inquiry.
Categories: Social Science

The Weight of All Flesh

The Weight of All Flesh

On the current creditocracy, see Andrew Ross, “Welcome to the creditocracy, where your debt piles up forever,” Guardian, March 4, 2014, ...

Author: Kevis Goodman

Publisher: Oxford University Press, USA

ISBN: 9780190254087

Category: Collectivism

Page: 312

View: 155

Eric Santner offers a radically new interpretation of Marx's labor theory of value as one concerned with the afterlife of political theology in secular modernity. What Marx characterized as the dual character of the labor embodied in the commodity, he argues, is the doctrine of the King's Two Bodies transferred from the political theology of sovereignty to the realm of political economy. This genealogy, leading from the fetishism of the royal body to the fetishism of the commodity, also suggests a new understanding of the irrational core at the center of economic busyness today, its 24/7 pace. The frenetic negotiations of our busy-bodies continue and translate into the doxology of everyday life the liturgical labor that once sustained the sovereign's glory. Maintaining that an effective critique of capitalist political economy must engage this liturgical dimension, Santner proposes a counter-activity, which he calls "paradoxological." With commentaries by Bonnie Honig, Peter Gordon, and Hent de Vries, an introduction by Kevis Goodman, and a response from Santner, this important new book by a leading cultural theorist and scholar of German literature, cinema, and history will interest readers of political theory, literature and literary theory, and religious studies.
Categories: Collectivism

Higher Education under Late Capitalism

Higher Education under Late Capitalism

Like Ross, I too believe that “creditocracy” is destroying American society and think that “[f]iguring out which debts we can legitimately refuse may turn ...

Author: Jeffrey R. Di Leo

Publisher: Springer

ISBN: 9783319498584

Category: Education

Page: 193

View: 195

This book explores questions concerning personal identity and individual conduct within neoliberal academe. The author suggests that neoliberal academe is normal academe in the new millennium though well aware of its contested nature and destructive capacities. Examining higher education through a number of ideals, such as austerity and transparency, brings readers on a journey into its present as well as its past. If some of these ideals can be identified and critiqued, there is a chance that the foundations of neoliberal academe can be weakened. This book actively pursues pathways out of the neoliberal abyss--and offers that demanding a role for pleasure in higher education may be one of them.
Categories: Education

After Capitalism

After Capitalism

Rise of Creditocracy Today we live in the kind of society—I call it a creditocracy— where pretty much everybody is up to their neck in debt that can never ...

Author: Kennan Ferguson

Publisher: Rutgers University Press

ISBN: 9780813584287

Category: Political Science

Page: 270

View: 141

From Thomas Piketty to David Harvey, scholars are increasingly questioning whether we are entering into a post-capitalist era. If so, does this new epoch signal the failure of capitalism and emergence of alternative systems? Or does it mark the ultimate triumph of capitalism as it evolves into an unstoppable entity that takes new forms as it engulfs its opposition? After Capitalism brings together leading scholars from across the academy to offer competing perspectives on capitalism’s past incarnations, present conditions, and possible futures. Some contributors reassess classic theorizations of capitalism in light of recent trends, including real estate bubbles, debt relief protests, and the rise of a global creditocracy. Others examine Marx’s writings, unemployment, hoarding, “capitalist realism,” and coyote (trickster) capitalism, among many other topics. Media and design trends locate the key ideologies of the current economic moment, with authors considering everything from the austerity aesthetics of reality TV to the seductive smoothness of liquid crystal. Even as it draws momentous conclusions about global economic phenomena, After Capitalism also pays close attention to locales as varied as Cuba, India, and Latvia, examining the very different ways that economic conditions have affected the relationship between the state and its citizens. Collectively, these essays raise provocative questions about how we should imagine capitalism in the twenty-first century. Will capitalism, like all economic systems, come to an end, or does there exist in history or elsewhere a hidden world that is already post-capitalist, offering alternative possibilities for thought and action?
Categories: Political Science

Bank Job

Bank Job

This is how I felt in the early days after reading Creditocracy and then later David Graeber's book Debt: The First 5,000 Years.

Author: Hilary Powell

Publisher: Chelsea Green Publishing

ISBN: 9781603589703

Category: Business & Economics

Page: 224

View: 534

Art hacks life when two filmmakers launch a project to cancel more than £1m of high-interest debt from their local community. Bank Job is a white-knuckle ride into the dark heart of our financial system, in which filmmaker and artist duo Hilary Powell and Dan Edelstyn risk their sanity to buy up and abolish debt by printing their own money in a disused bank in Walthamstow, London. Tired of struggling in an economic system that leaves creative people on the fringes, the duo weave a different story, both risky and empowering, of self-education and mutual action. Behind the opaque language and defunct diagrams, they find a system flawed by design but ripe for hacking. This is the inspiring story of how they listen and act upon the widespread desire to change the system to meet the needs of many and not just the few. And for those among us brave enough, they show how we can do this too in our own communities one bank job at a time.
Categories: Business & Economics

Rated Agency

Rated Agency

193–201; Ross, Creditocracy, pp. 31–67. 38. Lazzarato, Governing by Debt, pp. 245–55; Graeber, Debt, pp. 383–91; Andrew Ross, “In Defense of Economic ...

Author: Michel Feher

Publisher: Princeton University Press

ISBN: 9781942130192

Category: Political Science

Page: 192

View: 226

The hegemony of finance compels a new orientation for everyone and everything: companies care more about the moods of their shareholders than about longstanding commercial success; governments subordinate citizen welfare to appeasing creditors; and individuals are concerned less with immediate income from labor than appreciation of their capital goods, skills, connections, and reputations. That firms, states, and people depend more on their ratings than on the product of their activities also changes how capitalism is resisted. For activists, the focus of grievances shifts from the extraction of profit to the conditions under which financial institutions allocate credit. While the exploitation of employees by their employers has hardly been curbed, the power of investors to select investees — to decide who and what is deemed creditworthy — has become a new site of social struggle. In clear and compelling prose, Michel Feher explains the extraordinary shift in conduct and orientation generated by financialization. Above all, he articulates the new political resistances and aspirations that investees draw from their rated agency.
Categories: Political Science

Catastrophe and Higher Education

Catastrophe and Higher Education

Andrew Ross uses the term “creditocracy” for a society wherein “the goal is to keep debtors on the hook for as long as possible, wrapping debt around every ...

Author: Jeffrey R. Di Leo

Publisher: Springer Nature

ISBN: 9783030624798

Category: Education

Page: 272

View: 656

This book asks what it means to live in a higher educational world continuously tempered by catastrophe. Many of the resources for response and resistance to catastrophe have long been identified by thinkers ranging from Ralph Waldo Emerson and William James to H. G. Wells and Emanuel Haldeman-Julius. Di Leo posits that hope and resistance are possible if we are willing to resist a form of pessimism that already appears to be drawing us into its arms. Catastrophe and Higher Education argues that the future of the humanities is tied to the fate of theory as a form of resistance to neoliberalism in higher education. It also offers that the fate of the academy may very well be in the hands of humanities scholars who are tasked with either rejecting theory and philosophy in times of catastrophe—or embracing it.
Categories: Education

The Debt Age

The Debt Age

Rise of Creditocracy These circumstances have given rise to a kind of society – I call it a creditocracy – where mostly everybody is up to their neck in ...

Author: Jeffrey R Di Leo

Publisher: Routledge

ISBN: 9781351356428

Category: Social Science

Page: 256

View: 977

This collection of essays, by some of the most distinguished public intellectuals and cultural critics in America explores various dimensions of what it means live in the age of debt. They ask, what is the debt age? For that matter, what is debt? Is its meaning transhistorical or transcultural? Or is it imbued in ideology and thus historically contingent? What is the relationship between debt and theory? Whose debt is acknowledged and whose is ignored? Who is the paradigmatic subject of debt? How has debt affected contemporary academic culture? Their responses to these and other aspects of debt are sure to become required reading for anyone who wants to understanding what it means to live in The Debt Age.
Categories: Social Science

Saving Europe

Saving Europe

... and bilateral contractual agreements, 470; and common European crisis response, 40–41, 344; and competitiveness pact, 243; and creditocracy, 418, 419; ...

Author: Carlo Bastasin

Publisher: Brookings Institution Press

ISBN: 9780815726142

Category: Business & Economics

Page: 543

View: 755

In this gripping narrative, Carlo Bastasin reconstructs the main political decisions of the euro crisis, unveiling the hidden interests and the secret diplomacy behind the scene. The European dream was both the rejection of war and the creation of a new spirit of peaceful cooperation. Yet confrontation has been the hallmark of the euro crisis, and national opportunistic gimmicks have driven the awkward attempts to solve the crisis itself. Today, Europe is in a crisis of democracy, which Bastasin has dubbed, "the first War of Interdependence of the global age." Praise for the first edition of Saving Europe Bastasin does an admirable job in analysing the euro-zone's economic challenges and is a sure-footed guide through the seemingly endless European Union summit meetings that were supposed to resolve them. He also has an eye for the human detail that makes his sad account of institutional muddle surprisingly compelling. — Financial Times Bastasin's book is worth reading for its detailed political narrative of the eurozone crisis to date, focusing on the interaction among decision-makers in Europe's capitals. — Foreign Affairs A reconstruction that may be considered definitive. Revelations on the European negotiations are written with talent and go hand in hand with no-esoteric economic analysis and with the right amount of realism to reach the political substance. —Corriere della Sera Anyone looking for general knowledge and deeper understanding of the crisis, I can recommend a formidable analysis by Carlo Bastasin: Saving Europe. The author is a very unusual combination of a qualified economist and driven journalism. —Svenska Dagbladet
Categories: Business & Economics

Consumer Culture and Society

Consumer Culture and Society

... or a creditocracy, that has made indebtedness a “precondition not just for material improvements in the quality of life, but for the basic requirements ...

Author: Wendy Wiedenhoft Murphy

Publisher: SAGE Publications

ISBN: 9781483358147

Category: Social Science

Page: 272

View: 609

Consumer Culture and Society offers an introduction to the study of consumerism and consumption from a sociological perspective. Author Wendy Wiedenhoft Murphy examines what we buy, how and where we consume, the meanings attached to the things we purchase, and the social forces that enable and constrain consumer behavior. Opening chapters provide a theoretical overview and history of consumer society and featured case studies look at mass consumption in familiar contexts, such as tourism, food, and higher education. The book explores ethical and political concerns, including consumer activism, indebtedness, alternative forms of consumption, and dilemmas surrounding the globalization of consumer culture.
Categories: Social Science

Neoliberalizing the University Implications for American Democracy

Neoliberalizing the University  Implications for American Democracy

20 Andrew Ross, Creditocracy: And the Case for Debt Refusal (New York: OR Books, 2014), Chapter 3. 21 David Harvey, A Brief History of Neoliberalism (New ...

Author: Sanford Schram

Publisher: Routledge

ISBN: 9781317271673

Category: Political Science

Page: 215

View: 100

This collection brings together essays to address the crisis of Higher Education today, focusing on its neoliberalization. Higher Education has been under assault for several decades as neoliberalism’s preference for market-based reforms sweeps across the US political economy. The recent push for neoliberalizing the academy comes at a time when it is ripe for change, especially as it continues to confront growing financial pressure, particularly in the public sector. The resulting cutbacks in public funding, especially to state universities, led to a variety of debilitating changes: increases in tuition, growing student debt, more students combining working and schooling, declining graduation rates for minorities and low-income students, increased reliance on adjuncts and temporary faculty, and most recently growing interest in mass processing of students via online instruction. While many serious questions arise once we begin to examine what is happening in higher education today, one particularly critical question concerns the implications of these changes on the relationship of education to as yet still unrealized democratic ideals. The 12 essays collected in this volume create important resources for students, faculty, citizens and policymakers who want to find ways to address contemporary threats to the higher education-democracy connection. This book was originally published as a special issue of New Political Science.
Categories: Political Science

The Bloomsbury Handbook of Literary and Cultural Theory

The Bloomsbury Handbook of Literary and Cultural Theory

Andrew Ross has termed the kind of society resulting from the recent economic crash and our ubiquitous debt a “creditocracy,” a society where everyone is up ...

Author: Jeffrey R. Di Leo

Publisher: Bloomsbury Publishing

ISBN: 9781350012813

Category: Literary Criticism

Page: 800

View: 726

The Bloomsbury Handbook of Literary and Cultural Theory is the most comprehensive available survey of the state of theory in the 21st century. With chapters written by the world's leading scholars in their field, this book explores the latest thinking in traditional schools such as feminist, Marxist, historicist, psychoanalytic, and postcolonial criticism and new areas of research in ecocriticism, biopolitics, affect studies, posthumanism, materialism, and many other fields. In addition, the book includes a substantial A-to-Z compendium of key words and important thinkers in contemporary theory, making this an essential resource for scholars of literary and cultural theory at all levels.
Categories: Literary Criticism

Not Even a Grain of Rice

Not Even a Grain of Rice

Within creditocracies, Stout (2016) contends that moralizing discourses have evolved around the obligation of debt repayment. But after the Great Recession, ...

Author: Christine Hippert

Publisher: Lexington Books

ISBN: 9781498569613

Category: Social Science

Page: 176

View: 610

Christine Hippert examines buying food on credit in corner stores in Cabarete, an international tourism destination in the Dominican Republic and a hub for migrant laborers. The voices in this book highlight people’s experiences with food, debt, and survival to reveal emerging social changes related to race, gender, class, and citizenship.
Categories: Social Science

Empire of Democracy

Empire of Democracy

... slashing spending, offering to take a cut in his own salary to show his willingness to cooperate while criticizing the northern European “creditocracy.

Author: Simon Reid-Henry

Publisher: Simon & Schuster

ISBN: 9781451684964

Category: Political Science

Page: 880

View: 474

The first panoramic history of the Western world from the 1970s to the present day, Empire of Democracy is the story for those asking how we got to where we are. Half a century ago, at the height of the Cold War and amidst a world economic crisis, the Western democracies were forced to undergo a profound transformation. Against what some saw as a full-scale “crisis of democracy”— with race riots, anti-Vietnam marches and a wave of worker discontent sowing crisis from one nation to the next— a new political-economic order was devised and the postwar social contract was torn up and written anew. In this epic narrative of the events that have shaped our own times, Simon Reid-Henry shows how liberal democracy, and western history with it, was profoundly reimagined when the postwar Golden Age ended. As the institutions of liberal rule were reinvented, a new generation of politicians emerged: Thatcher, Reagan, Mitterrand, Kohl. The late twentieth century heyday they oversaw carried the Western democracies triumphantly to victory in the Cold War and into the economic boom of the 1990s. But equally it led them into the fiasco of Iraq, to the high drama of the financial crisis in 2007/8, and ultimately to the anti-liberal surge of our own times. The present crisis of liberalism enjoins us to revisit these as yet unscripted decades. The era we have all been living through is closing out, democracy is turning on its axis once again. As this panoramic history poignantly reminds us, the choices we make going forward require us first to come to terms with where we have been.
Categories: Political Science

The Graduate School Mess

The Graduate School Mess

Ross elaborates this proposal in Creditocracy and the Case for Debt Refusal (New York: OR Books, 2015). 38. A. W. Strouse, “Getting Medieval on Graduate ...

Author: Leonard Cassuto

Publisher: Harvard University Press

ISBN: 9780674728981

Category: Education

Page: 309

View: 246

American graduate education is in disarray. Graduate study in the humanities takes too long and those who succeed face a dismal academic job market. Leonard Cassuto gives practical advice about how faculty can teach and advise students so that they are prepared for the demands of the working worlds they will join, inside and outside the academy.
Categories: Education

Sugar Daddy Capitalism

Sugar Daddy Capitalism

Creditocracy and the Case for Debt Refusal. New York: Or Books. 32. Financial Stability Board (2017). 'Global Shadow Banking Monitoring Report 2016'.

Author: Peter Fleming

Publisher: John Wiley & Sons

ISBN: 9781509528233

Category: Political Science

Page: 184

View: 874

What is the connection between the sleaziness of Harvey Weinstein’s ‘business meetings’ and the passionless doctrine of neoclassical economics? In this witty and incisive examination of the new economy, Peter Fleming argues that they are closer than you might think. The quest to rid society of bureaucracy, shrink government and burn red tape has certainly made capitalism ‘more human’, but not in the family-friendly way envisaged by free-market gurus. Increasing informality has led to a capitalism fuelled by limitless exploitation and increasingly seedy methods of management, from semi-feudal workplace hazing rituals and predatory middle-managers with an axe to grind to arbitrary zero-hours contracts, Uber and, perhaps worst of all, the compulsory gym session with your boss. Fleming dubs this ‘Sugar Daddy Capitalism’ after the controversial dating-app wealthy businessmen use to meet young girls, most of whom are struggling with university fees. What seems like a creepy outlier is actually a prescient metaphor for our whole economy: an anonymous and impersonal cash system that is also intent on getting under your skin, extra close and capable of ruining everything if you say ... ‘no’.
Categories: Political Science

Austerity as Public Mood

Austerity as Public Mood

In Creditocracy (2014, 83), Andrew Ross uses the term 'payback morality' to characterise the honouring of debtors who keep their promises, ...

Author: Kirsten Forkert

Publisher: Rowman & Littlefield

ISBN: 9781783481958

Category: Social Science

Page: 228

View: 915

Explores how UK politicians and the press mobilise support for ‘austerity’ through appealing to socially conservative conceptions of work and community. It examines the techniques of anti-austerity social movements in challenging the prevailing mood of guilt, nostalgia and resentment and how these may offer radical alternatives for social change.
Categories: Social Science