Long ago, Assyrian kings proclaimed “debt jubilees,” canceling all financial obligations, to ensure civil stability and rebalance gross economic inequalities. So would a debt jubilee today help address the growing concentration of wealth that threatens economic growth? Economists Michael Hudson and Charles Goodhart explore the possibilities in this contemplative essay that offers a fascinating history of debt annulment, as well as proposals for modern-day alternatives.
About the Authors
Michael Hudson and Charles Goodhart are professors of economics at the University of Missouri and the London School of Economics, respectively.