Debt in History
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Russia: Origin and consequences of the debt repudiation of February 10, 1918
8 February 2022 - by Eric Toussaint
In February 1918, the repudiation of the debt by the Soviet government shocked international finance and sparked off unanimous condemnation by the governments of the great powers. This decision of repudiation was intrinsic to this first big (...) -
A century of debt crises in Latin America : from independence to the Great Depression, 1820-1930
24 January 2022 - by Carlos Marichal
CADTM is very happy to make accessible on this site one of the most important books dedicated to the history of the Latin American debt crises from 1820 to 1930. We thank Carlos Marichal, the author, for allowing us to publish a number of his (...) -
Rosa Luxemburg and debt as an imperialist instrument
16 January 2022 - by Eric Toussaint
[103 years back, Rosa Luxemburg was shot dead and her body flung into Berlin’s Landwehr Canal. However, she could not be wiped out from history as her life and works are extremely relevant in our quest to find a better world. We reprint this (...) -
Two centuries of sovereign debt conflicts
13 January 2022 - by Eric Toussaint
Sovereign Debt Diplomacies: Rethinking Sovereign Debt from Colonial Empires to Hegemony, published by Oxford University Press in 2021, honorably takes its place among the numerous publications on the question that have come out over the last two (...) -
When Debts Become Unpayable, They Should Be Forgiven
5 January 2022 - by Michael Hudson, Branko Marcetic
For centuries, debt and indebtedness have had profoundly destabilizing effects on human societies. In the ancient world, rulers and their subjects had a solution: known as a debt jubilee, it involved a periodic, unconditional wiping out of debt. (...) -
Globalization from Christopher Columbus, Vasco da Gama and Ferdinand Magellan until today
21 December 2021 - by Eric Toussaint
In this study, Éric Toussaint covers the period from the 15th to the 21st century, focusing on the dramatic effects of capitalist globalisation. The beginning of Globalization goes back to the outcomes of the first voyage of Christopher (...) -
To Address Increasing Inequality and Global Poverty, We Must Cancel Debt
16 June 2021 - by Eric Toussaint, C.J. Polychroniou
Massive debt levels are a feature of contemporary capitalism that cannot be eradicated without radical change, says political scientist Éric Toussaint “The indebtedness of the working classes is directly connected to the widening poverty gap and (...) -
The economic response to the crisis benefits large companies
26 May 2021 - by Eric Toussaint, Roberto González Amador
Éric Toussaint is interviewed by Roberto González Amador from the Mexican daily La Jornada. The spokesperson for the international network Committee for the Abolition of Illegitimate Debts (CADTM) argues for an end to patents [1]. The seeds of a (...) -
The Earldom of Larios Uses Debt Blackmail to Build a Golf-Course on Agricultural Land
29 April 2021 - by Eric Toussaint
Here we have a concrete example, in 2021, that plunges us into the debt system and history as it has been created through the class struggle. As I am short of time, I shall tell the story succinctly. It takes place in Nerja, a small town of (...) -
The Sankara Affair : Press release of the Network Justice for Sankara
19 March 2021 - by Réseau International « Justice pour Sankara justice pour l’Afrique »
The French authorities must immediately make all documents concerning the assassination of Thomas Sankara available to Burkina Faso courts Press Release On 28 November 2017, on official visit to Burkina Faso, Emmanuel Macron, the French (...) -
Paris Commune 150: the economics
18 March 2021 - by Michael Roberts
Today is the 150th anniversary of the beginning of the Paris Commune. The Commune (Council) was formed as result of what should be considered the first uprising and revolution led by the working class in history. This new class was the product (...) -
The Paris Commune of 1871, banks and debt
18 March 2021 - by Eric Toussaint
On the occasion of the 150th anniversary of the extraordinary experience of the Paris Commune, it is fundamental to draw a number of lessons from it. The measures a government takes regarding its Central Bank, the debts of working class people, (...) -
In memory of Patrice Lumumba, assassinated on 17 January 1961
17 January 2021 - by Eric Toussaint
On 17 January 2021, we commemorate the 60th anniversary of the assassination of Patrice Lumumba (1925-1961). After a resounding victory in the first real elections in which the Congolese participated, Patrice Lumumba became Prime Minister of (...) -
Regrets, Apologies and Repair for Belgium’s Colonial Harms
3 December 2020 - by Valerie Arnould
Former colonial countries appear increasingly willing to engage in processes akin to transitional justice in order to confront the legacies of their colonial past. In this blog post, Valerie Arnould discusses recent initiatives in Belgium meant (...) -
CADTM - 30 years of struggle against debt
16 November 2020 - by CADTM, Chris Den Hond
CADTM - Committee for the Cancellation of Illegitimate Debt = 30 years of struggle against debt Badly impacted by COVID-19, our meeting days largely took place online, with activists contributing from countries such as DRCongo, Morocco, Sri (...) -
Liège Revolution: 1789-1794
26 October 2020 - by Eric Toussaint
In the wake of the French Revolution that broke out on 14 July 1789, the Liège Revolution began on 18 August of the same year. The people of Paris seized the Bastille on 14 July and the people of Liège took the Town Hall and the Citadel on 18 (...) -
David Graeber (1961-2020): The Relevance of his Thought and his Struggle
16 October 2020 - by Eric Toussaint
The generally accepted idea that a debt must be repaid, with interest – which supposedly covers the risks taken by the bank, must be radically challenged. David Graeber did that through a historical analysis that takes into account humanity’s (...) -
Series: 1944-2020, 76 years of interference from the World Bank and the IMF (Part 20)
Presidents Barber Conable and Lewis Preston (1986-1995)
20 August 2020 - by Eric Toussaint
In 2020, the World Bank (WB) and the IMF are 76 years old. These two international financial institutions (IFI), founded in 1944, are dominated by the USA and a few allied major powers who work to generalize policies that run counter the (...) -
Some historical illustrations of decisive actions relative to banks
16 August 2020 - by Eric Toussaint
What a government does or fails to do relative to banks has far-reaching consequences on the course of a country’s history. The Paris Commune made the mistake of not taking control over the Bank of France The seat of the Bank of France, its (...) -
Series: 1944-2020, 76 years of interference from the World Bank and the IMF (Part 19)
The World Bank and the IMF: the creditors’ bailiffs
14 August 2020 - by Eric Toussaint
In 2020, the World Bank (WB) and the IMF are 76 years old. These two international financial institutions (IFI), founded in 1944, are dominated by the USA and a few allied major powers who work to generalize policies that run counter the (...) -
Caribbean reparations movement must put capitalism on trial
5 August 2020 - by Ajamu Nangwaya
From chattel slavery to the current period of neocolonial flag independence, the Caribbean labouring classes have yet to exercise substantive power over the political institutions that govern their lives. A system of popular assemblies with the (...) -
Series: 1944-2020, 76 years of interference from the World Bank and the IMF (Part 18)
The Mexican debt crisis and the World Bank
4 August 2020 - by Eric Toussaint
In 2020, the World Bank (WB) and the IMF are 76 years old. These two international financial institutions (IFI), founded in 1944, are dominated by the USA and a few allied major powers who work to generalize policies that run counter the (...) -
Series: 1944-2020, 76 years of interference from the World Bank and the IMF (Part 17)
The World Bank saw the debt crisis looming
21 July 2020 - by Eric Toussaint
In 2020, the World Bank (WB) and the IMF are 76 years old. These two international financial institutions (IFI), founded in 1944, are dominated by the USA and a few allied major powers who work to generalize policies that run counter the (...) -
Reply to the letter by Philippe, King of the Belgians, about Belgium’s responsibility in the exploitation of the Congolese people
8 July 2020 - by Eric Toussaint
On 30 June 2020, on the occasion of the 60th anniversary of the former Belgian Congo’s independence, the news went viral over the planet: Philippe, King of the Belgians, had conveyed regrets for the colonial past, and particularly for the time (...) -
Series: 1944-2020, 76 years of interference from the World Bank and the IMF (Part 16)
The debt trap
1 July 2020 - by Eric Toussaint
In 2020, the World Bank (WB) and the IMF are 76 years old. These two international financial institutions (IFI), founded in 1944, are dominated by the USA and a few allied major powers who work to generalize policies that run counter the (...)
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COMMITTEE FOR THE ABOLITION OF ILLEGITIMATE DEBT
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