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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.

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a % of GDP Source: McKinsey (2015: 15). 20 33 40 100 246 269 286 16 Toward a Stark Utopia 7 But the concept and prevalence of debt in capitalist modernity needs to be critically theorized. Our starting point, and primary argument, is that debt within capitalist modernity is a social technology of power and its continued deployment heralds a stark utopia. Our claim is not that debt can be thought of as a technology of power but rather that debt is a technology of power. By technology, we simply mean a skill, art, or manner of doing something connected to

in Debt as Power
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
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War, Debt, and Colonial Power

aim to historically illustrate both the amplification and spatial expansion of debt as a technology of power during the era of European colonialism and resistance and how this legacy extends to the present day. By starting from the point of view of the powerful—of superior force and violence in the quest for differential accumulation— we want to demonstrate how networks of indebtedness reconfigured political communities for the benefit of creditors and capitalists and how this continued on after formal colonialism started to come to an end in fits and starts after

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

commodified differential social power measured in money, then we ought to be highly curious how money is produced and allocated in our societies. In this chapter we argue that the key to understanding debt as a technology of power is not just to appreciate that modern money is largely created as debt by commercial banks but to point out, more importantly, that the production and allocation of money is privately owned. Thus, to provide a genealogy of debt as a technology of power in this chapter, we must be concerned with how the production and allocation came to be

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

(Schild 2000). Furthermore, for debt to be maintained and extended as a technology of power requires, as we noted earlier, perpetual and exponential economic growth. It is not incorrect to say that the requirement for growth arose simultaneously with the creation of a national debt, for without growth (or rapid inflation), the interest and/or dividend paid to debt holders could never be realized (Ferguson 2001: 140). Throughout history there have been periodic financial collapses when the necessary return to creditors was not forthcoming (Kindleberger and Aliber 2005

in Debt as Power
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bureaucratic state because, ‘[A]s a modern regime of power, the state utilizes a series of mechanisms of normalization that come to rest on the body and through which power relations are produced and channeled. Individual subjects are then constituted in and through the relations of power and the discourses produced by it.’20 The state comes to be seen as the embodiment of the imagined nation in such a way that the technologies of power it utilises actually creates national subjectivity at the local level. Departing from Malkki and Billig, Radcliffe and Westwood argued that

in The formation of Croatian national identity

neither the subject (as it is for sovereign power and pastoral power) nor the singular human body (as it is for disciplinary power), but the biological features of human beings as they are measured and aggregated on the level of populations.11 Interchangeably using the term ‘biopower’, Foucault tried to capture the emergent development of technologies of power that address the management of and control over populations. The technologies collected under the title of biopower have been superimposed on top of and around the already pervasive disciplinary technologies of

in Human remains and mass violence

direct. While nudging remains a technocratic pursuit, its concern with the performative, normative and symbolic dimensions of policy interventions is in keeping with postliberal critique. In its antipathy to elites, technocrats and orthodox economics, postliberalism is ultimately a challenge to the very idea of ‘government’, in Foucault's sense of an ‘administration of things … a technology of power’ (Foucault, 2007 : 49). It is certainly an

in Go home?
The failure and success of a Swedish film diversity initiative

objective of this chapter is not to offer any systematic analysis of them. Instead, I want to focus on one specific aspect of this Swedish initiative: how diversity and quality, in terms of rhetoric, feed into each other. One of the assumptions of the Fusion Programme was that an increase of minorities in the cultural industry would improve both quality and equality. This assumption may be contested in various ways, but a major objection is  153 The invulnerable body of colour 153 that ‘diversity is also a technology of power, a means of managing the very difference

in The power of vulnerability