Sentences with phrase «debt peonage»

In the economic sphere, slavery gave way to share - cropping and debt peonage.

The military practically abolished Nigeria's federal system in favour of a unitary, distributive economy in which we all shared proceeds of oil; they created more and more states eroding sub-national economic viability; they nationalized and indigenized banks and declared that government would hold the «commanding heights» of our economy, marginalizing investment and the private sector brought in «big government»; they implemented «Udoji awards» and other elements of oil and FX subsidies that Nigeria battles to overcome today; and the about - to - depart government of Murtala / Obasanjo took the first $ 1billion jumbo loan that set Nigeria on the path to debt peonage!

Industrial capitalism has passed through a series of stages of finance capitalism, from Pension - Fund capitalism via Globalized Dollarization and the Bubble Economy to the Negative Equity stage, foreclosure time, debt deflation, and austerity — and now what looks like debt peonage in Europe, above all for the PIIGS: Portugal, Ireland, Italy, Greece and Spain.

But what has most intrigued Europe's ruling class is its tax favoritism that has created a Bubble Economy (euphemized as a Tiger Economy to make a debt - leveraged real estate bubble appear as if it were a road to wealth rather than to debt peonage).

The aim was not to help strapped homeowners but to save creditors who imagined that they could get rich while most of the economy was being driven into debt peonage.

Now that rentier property ownership is developing in many ways like the West, the task of the coming generation is to make sure that China remains free of the real estate and financial bubble that has left entire Western economies in debt peonage and negative equity.

China's policy makers need to bear in mind that neoliberal (that is, pro-financial) Western advice has steered its own economies down the road to negative equity and debt peonage.

The preferred alternative of Hayek's neoliberal followers is today's financial Road to Debt Peonage.

To continue growing, China needs to keep its balanced socialized economy free of the West's Bubble Economy and its descent into negative equity and debt peonage.

Debts are kept in place, reducing much of the population and nearly entire economies (in Iceland and Greece) to Debt Peonage as the economy grinds to a halt.

Q: How has the financial system evolved into the form of economic servitude that you call «debt peonage,» negating democracy as well as free - market capitalism as classically understood?

But their agenda is to make the economic polarization between creditors and debtors irreversible, ushering in a Dark Age of austerity and deepening debt peonage in which wages, profits and property rents are earmarked to pay interest — on loans that can't be paid in a shrinking economy.

Their financial surrender policy endorses the European Central Bank's lobbying for the neoliberal deregulation that led to the real estate bubble and debt leveraging, as if it were a success story rather than the road to national debt peonage.

So people don't even have a chance to express a democratic alternative to essentially being ground down by debt peonage and letting the economy polarize even further between creditors and debtors.

Today a free market means that predators are free to extort any price from the public, they are free to deregulate, free to lie to consumers, free to exploit, free to load any company they want down with debt, and basically lead (us) to a world of debt peonage... So the whole concept of freedom has been turned upside down by the Chicago school and by the Bush administration.

They have been tricked into leading the parade on behalf of the financial, insurance and real estate sector — down the road to debt peonage in a monopolized and polarized economy.

They may be viewed as an object lesson for a dystopian future of debt peonage.

Insolvent homeowners in Europe face a lifetime of literal debt peonage to make the banks (even foreign banks, which dominate Central Europe's post-Soviet economies) whole on their bad debts as the continent's real estate prices are plunging even more steeply than those in the United States — some 70 percent in Iceland and Latvia.

For wage earners, the result is debt peonage: Whatever they earn, they owe to «the company store.»