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This book describes the explosion of debt across the global economy and related requirement of political leaders to pursue exponential growth to meet the demands of creditors and investors. It presents a historical account of the modern origins of capitalist debt by looking at how commercial money is produced as debt in the late seventeenth and early eighteenth centuries. The book identifies the ways in which the control, production, and distribution of money, as interest-bearing debt, are used to discipline populations. It focuses on the histories of the development of the Bank of England and the establishment of permanent national debt with the intensification and expansion of debt, as a "technology of power", under colonialism in a global context. The book investigates the modern origins of debt as a technology of power by focusing on war, the creation of the "national" debt, and the capitalization of the organized force of the state. It addresses the consequences of modern regimes of debt and puts forward proposals of what needs to be done, politically, to reverse the problems generated by debt-based economies. The book utilizes the term "intensification" rather than spread or proliferation to think about both the amplification and spatial expansion of debt as a technology of power during the era of European colonialism and resistance. Finally, it also presents a convincing case for the 99" to use the power of debt to challenge present inequalities and outlines a platform for action suggesting possible alternatives.

Open Access (free)
A Party of the 99% and the Power of Debt

the recommendations would serve, if implemented, to reverse some of the negative externalities that result from a debt-based economy and the perpetual growth it requires, none offers a way to counter the power that capital represents. In this final chapter we want to offer, first, twelve solutions, most reflecting those proposed by others, that would become a political platform of a Party of the 99% (see Di Muzio 2015). We will then suggest the steps necessary to implement these proposals and a political strategy based on the idea that debt is a technology of power

in Debt as Power
Open Access (free)
War, National Debt, and the Capitalized State

finite planet is thus hardwired into debt-based economies—it is encoded not only in the math of the system but also in the ideological politics of growth. To illustrate how pathological the pursuit of growth is, try imagining any politician running a successful campaign at present by arguing the need to degrow the economy. Or imagine a corporate chieftain arguing that he or she would like to generate fewer earnings in the next quarter than the last. Both are absurdities in a debt-based monetary system based on differential power. Origins: War, National Debt, and the

in Debt as Power
Open Access (free)
The Debt–Growth–Inequality Nexus

borrowers. Our major point here is that in a debt-based economy there can never be sufficient growth to honor all debt payments, and, furthermore, if growth accelerates, central banks will raise interest rates, not only increasing the need for growth to pay the additional interest, but paradoxically, making growth more difficult by reducing economic activity and job creation. Consequently, the money required for financial institutions to receive their needed return on capital must be realized elsewhere. In brief, what leading economists and banks call “austerity” is, in

in Debt as Power