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In macroeconomics, chartalism is a heterodox theory of money that argues that money originated historically with states' attempts to direct economic activity rather than as a spontaneous solution to the problems with barter or as a means with which to tokenize debt, and that fiat currency has value in exchange because of sovereign power to levy taxes on economic activity payable in the currency they issue.
Debt relief, or debt forgiveness, has been practiced in many societies since antiquity. Periodic debt remission was institutionalised in the Ancient Near East and contributed to the stability of its societies. In ancient Greece and Rome the laws were more creditor-friendly and debt cancellation was one of the major demands of the poor, only occasionally implemented by the government. Medieval canon law contained provisions for the annulment of debts owed by borrowers in distress, which influenced modern personal bankruptcy law.
References
- ↑ Gordon, Cameron (30 April 2013). "The debt jubilee: an Old Testament solution to a modern financial crisis?". The Conversation.
- ↑ Wilson, Simon (28 March 2020). "Debt jubilee: will our debts be written off?". MoneyWeek.
- ↑ Brancaccio, David; Shin, Daniel (2 April 2020). "To avoid a depression, forgive debts, one economist says". Marketplace.
- ↑ Hudson, Michael (21 March 2020). "A debt jubilee is the only way to avoid a depression". Washington Post.
- ↑ Graeber, David (2011). Debt : the first 5,000 years. Brooklyn, N.Y.: Melville House. ISBN 978-1-933633-86-2. This was also the goal of the Rolling Jubilee campaign at the time.
- ↑ "Steve Keen – Reducing Debt via a Modern Debt Jubilee". www.braveneweurope.com. 8 May 2021. Retrieved 5 October 2022.
