Debt or Democracy

Debt or Democracy explores the received lessons and established legacies of the financial crisis of 2007. Political elites and their mainstream media mimics shout about a house whose finances are in disarray; a 'yawning deficit' created by reckless spending in a bloated public sector. The answer to this 'debt crisis' has been harsh austerity measures - spending cuts, public sector reorganisation and privatisation. But, according to Mary Mellor, this is a dangerously deceptive discourse. Turning against the prevalent narrative, with its language of 'debt' and 'deficit', Mellor takes on the familiar rhetorical question about 'where the money comes from', showing that the real question is who owns and controls its creation and circulation. Far from privatisation being the solution to our financial woes, it has instead been its cause - a privatisation of monetary systems under late capitalism which has subordinated public finance to private interest. The real solution, Mellor argues, is a return to the notion of public wealth and the public economy; of a monetary system owned by, and operated in the interests of, the majority and their public representatives. Debt or Democracy makes a direct challenge to conventional economic thinking and explores a range of radical alternatives that can form the basis for socially just and sustainable economies. It will be of interest to scholars, activists and educators alike, as well as anyone who is interested in the politics of money in the neoliberal era.