This article examines how artists, activism, and works of art may contribute to a more textured understanding of debt in contemporary society and culture. The diversity of aesthetic practices and range of strategic interventions in which artists are organizers and activists are manifest in the Global Ultra Luxury Faction (G.U.L.F.), advocacy initiatives by Working Artists and the Greater Economy (W.A.G.E.), and alternative, trans-local projects such as the Arts Collaboratory. These activist interventions provide the context for an examination of how artists have seized upon discourses related to debt and finance to produce works that offer a critical reappraisal of the global economy. Artists’ projects by Martha Rosler, Cassie Thornton, Zachary Formwalt, and Michael Najjar challenge audiences to rethink the invisible networks of debt and exchange by creating new visual vocabularies for ‘seeing’ debt. The emergence of activist groups, such as Liberate Tate, has also signaled renewed interest in the ethics of corporate sponsorships, museums, and environmental issues. A heightened awareness of the ethical dimensions of debt and global support for activist movements may contribute to new notions of citizenship and performative democracy that can incite individual and collective renegotiations of how we might critically rethink debt.

Attending to the peculiar significance of finance(s) and the financier in Old Regime France, this article analyzes narratives that rehabilitate both, circa 1740-1755, in their political, social and biographical contexts. Positive representations are not thought to have been common. Yet following the Law debacle, restoration of traditional court finance resulted in effective administrative practices, universalizing policies and opportunities for merit, combined with money, to drive advancement, competing with hereditary privilege. Across genres, Charles Pinot-Duclos and Charles de Fieux, the Chevalier de Mouhy, depicted how upstart elites enact virtue, philanthropy and patriotism through finance. Their depictions reflected State policies and served common interests of writers and their protectors and patrons. Yet by emphasizing tensions in mid-century society, their texts also challenged readers to reflect critically on relations among finance, politics, society and indebtedness, anticipating a later focus on political economy as such. For today's readers grappling with dilemmas of modern finance, society and obligation, they provide provocative precedents.

This article investigates the role of the European Central Bank (ECB) in transferring financial and moral responsibility for the Eurozone crisis from the private to the public sector. Focusing on Greece, I argue that the ECB constructed the morality of the public debtor in such a way as to make this transfer of responsibility easier and the imposition of austerity measures justifiable. This in part relied on a shift in the ECB's discourse, which came to define the crisis exclusively in terms of public sector responsibility. However, the ECB also employed a range of non-linguistic policy measures aimed at intervening in the crisis. To interpret these measures I draw on Deleuze and Guattari's concept of ‘machinic enslavement’, arguing that the ECB contributed to the Greek crisis not only by defining it discursively but also by reshaping the country's financial infrastructure in crucial ways.

This article develops a pragmatic theory of finance in which markets are considered to be centres of communicative action in the face of uncertainty. This contrasts with the conventional approach that portrays markets as centres of strategic action in the face of scarcity. The argument follows Habermas and entails that a financial market must address the truthfulness, truth, and rightness of the statements made by its participants (i.e., the prices quoted). I claim that these discursive norms have been implicit in historical financial markets as expressed in the norms of sincerity, reciprocity, and charity. I conclude by proposing that ‘trust’ in commerce is a synthesis of the three discursive norms. The motivation of the article is to address the crisis of legitimacy that the financial system is experiencing, particularly in the United Kingdom (UK) and the United States (US).

The documentary film Habilito: Debt for Life provides a case study of the conflicts and tensions that arise at the point of contact between highland migrants and Mosetenes, members of an indigenous community in the Bolivian Amazon. It focuses particularly on a system of debt peonage known locally as ‘habilito’. This system is used throughout the Bolivian lowlands, and much of the rest of the Amazon basin, to secure labor in remote areas. Timber merchants advance market goods to Mosetenes at inflated prices, in exchange for tropical hardwood timber. When it comes time to settle accounts, the indebted person often finds that the wood he has cut does not meet his debt obligation, and he has to borrow more money to return to the forest to continue logging. This permanent cycle of debt permits actors from outside these indigenous communities to maintain control over the extraction of wood and provides them with a free source of labor in the exploitation of timber resources. This system is practiced especially in remote areas where systems of patronage predominate, and where colonists with a market-based economic logic come into contact with Amazonian indigenous peoples who, historically, have not employed an economic logic of saving or hoarding.

The documentary film Habilito: Debt for Life provides a case study of the conflicts and tensions that arise at the point of contact between highland migrants and Mosetenes, members of an indigenous community in the Bolivian Amazon.