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Sovereign Debt
Author(s) -
Singh Devin
Publication year - 2018
Publication title -
journal of religious ethics
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.306
H-Index - 20
eISSN - 1467-9795
pISSN - 0384-9694
DOI - 10.1111/jore.12217
Subject(s) - debtor , sovereignty , debt , senior debt , economics , politics , external debt , debt to gdp ratio , law , political science , finance , creditor
Abstract This essay examines the concept of sovereign debt in both political‐economic and theological registers. Elaborating the dynamics of monetary economy, I demonstrate how postures of indebtedness characterize the relationship between sovereign power and the governed. While taxation signals the debt of obedience and fealty owed to sovereignty, the monetary circuit reveals that sovereign power exists in a state of indebtedness to the governed. The morally valenced proximity between debt and guilt helps to perpetuate such relations. Tracing these resonances and resemblances in the theological realm, I consider the centrality of debt as a structuring principle in key soteriological traditions within Christian thought. Not only does God appear to uphold debt logic, but God, I claim, becomes identified with debt and marked as a debtor. The divine sovereign as debtor and as enforcing debt provides cues for earthly sovereigns and legitimates cultures of debt. In light of the theopolitical legacy in the West, the mutual influence between theology and the political realm, refiguring this set of influential theological concepts may prove helpful in decentering debt as a governing principle in modern life.