Debt is everywhere, but no one likes to talk about it. In modern society, the idea of paying one’s debt has become synonymous with morality—which makes it feel shameful not to pay. Anthropologist and activist David Graeber pointed out that debtors aren’t the ones who need to be redeemed. Let’s take a closer look.
Capitalism Runs on Crisis
Crisis is a feature, not a bug. Graeber points out that capitalism runs on debt, and debt is often incurred by individuals to support basic needs like shelter and education. But when debt is taken on by corporations, it’s considered a normal function of business. A great example is the 2008 financial crisis, when financiers were bailed out and ordinary citizens faced tough bankruptcy laws. The system is broken, for sure. But can it be fixed?
