Could/should Jubilee debt cancellations be reintroduced today?

Arbeitspapier

In this paper the authors recall the history of Jubilee debt cancellations, emphasizing what their social purpose was at that time. They note that it would not be possible to copy that procedure exactly nowadays, primarily because most debt/credit relationships are intermediated via financial institutions, such as banks, insurance companies, etc., rather than by governments or wealthy families directly. But the authors argue that the underlying social purpose of such Jubilees - to keep debt within the reasonable ability to be paid without social and economic polarisation - could be recreated via alternative mechanisms, and they discuss the politico-economic arguments for, and against, doing so.

Object Details

• Language: Englisch

References and Relationships

• Bibliographic citation: Series: Economics Discussion Papers ; No. 2018-33

Classification and Topics

• Classification: Wirtschaft ; Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook: General ; Policy Objectives; Policy Designs and Consistency; Policy Coordination ; Fiscal Policy ; Studies of Particular Policy Episodes ; Structure and Scope of Government: General ; Taxation and Subsidies: Externalities; Redistributive Effects; Environmental Taxes and Subsidies ; Public Economics: Miscellaneous Issues: General ; Economic History: Labor and Consumers, Demography, Education, Health, Welfare, Income, Wealth, Religion, and Philanthropy: General, International, or Comparative ; Economic History: Labor and Consumers, Demography, Education, Health, Welfare, Income, Wealth, Religion, and Philanthropy: Asia including Middle East ; Other Economic Systems: Public Economics; Financial Economics ; Land Ownership and Tenure; Land Reform; Land Use; Irrigation; Agriculture and Environment ; Regional Government Analysis: Land Use and Other Regulations ; Economic Sociology; Economic Anthropology; Language; Social and Economic Stratification
• Subject: inequality ; debt-canceling Jubilees ; Babylonian and Byzantine empires ; equity participation ; student loans ; land tax

Contributors, Location and Time

• Event: Geistige Schöpfung
• (who): Hudson, Michael ; Goodhart, Charles A. E.
• Event: Veröffentlichung
• (who): Kiel Institute for the World Economy (IfW)
• (where): Kiel
• (when): 2018

Further information

• Handle: http://hdl.handle.net/10419/177836
• Last update: 20.09.2024, 8:24 AM CEST