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Could/Should Jubilee Debt Cancellations Be Reintroduced Today?
Report

Could/Should Jubilee Debt Cancellations Be Reintroduced Today?


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Editorial Rating

9

Qualities

  • Controversial
  • Overview
  • Background

Recommendation

Long ago, Assyrian kings proclaimed  “debt jubilees,” canceling all financial obligations, to ensure civil stability and rebalance gross economic inequalities. So would a debt jubilee today help address the growing concentration of wealth that threatens economic growth? Economists Michael Hudson and Charles Goodhart explore the possibilities in this contemplative essay that offers a fascinating history of debt annulment, as well as proposals for modern-day alternatives.

Take-Aways

  • In the ancient world, “jubilee debt cancellations” promoted social stability.
  • Debt jubilees would not work in the 21st century.
  • The public policy goals of jubilee debt cancellations are achievable through different means today.

About the Authors

Michael Hudson and Charles Goodhart are professors of economics at the University of Missouri and the London School of Economics, respectively.


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