Normally debt is understood as a simple transaction between equals that is no different from buying goods and services. But most debt is political, not economic.
It affects who does and who does not get credit, whether the conditions are favorable or harsh or whether the interest rates are high or low. What happens if you can’t pay your debt? Some become “too big to fail” while others pay through the nose, becoming like indentured servants. All those double standards apply to the World Bank, the International Monetary Fund and the United States.
Read interview with Radhika Desai and Michael Hudson
