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The emergence of the global debt society

Governmentality and profit extraction through fabricated abundance and imposed scarcity in Peru and Spain

Ismael Vaccaro, Eric Hirsch and Irene Sabaté

As a result of the financialization of household and national economies, indebtedness has become a system of domination shaping the making of contemporary subjects. Th is sort of governmentality through debt is a multifaceted phenomenon affecting people’s economic and political behavior in both the North and the South. Disguised and legitimized by the moral obligation to repay debts, and by promises of upward social mobility (for the working classes in the North) and of development (for the population of the Global South), indebtedness disciplines households and neutralizes political agency under finance capitalism, as our ethnographic examples on the mortgage crisis in Spain and on microfinance in Peru reveal.