Schlagenhaft, Frederick 编

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This book seeks to lift up examples of illegitimate debt and the experiences and insights of churches and their partners in the fields of politics, academia, and civil society. The reader is encouraged to re-examine and reflect on debt from the perspective of justice and legitimacy, to focus both on the moral and spiritual dimensions of debt relationships and to consider the damage that illegitimate debts do to both parties. An example: A branch of a European automobile manufacturer in Argentina, holding a balance of USD 94 million in its accounts, requested a USD 4 million line of credit from a bank in England. The credit was given, on the condition that the company keep a balance of at least USD 4.5 million with the lending bank. Four years after the credit was taken, the company declared its inability to repay the loan. Thus, the guarantee of the Argentinean state came into affect and the private debt was transferred to the public sector. This is a case of illegitimate debt. The diversified, regional perspective from authors around the globe constitutes a valuable resource for discussion of the subject.