Carnegie Council

People Topics

Text Size: A A

International Debt: The Constructive Implications of Some Moral Mathematics [Abstract]

Ethics & International Affairs, Volume 21.1 (Spring 2007)

Sanjay G. Reddy

March 23, 2007

Sanjay G. Reddy

Present arrangements governing the accumulation and discharge of debt by states are difficult to justify fully on the basis of underlying normative considerations. States are different from individuals in important respects, and the deontological justifications that explain why individuals have a strong burden to abide by promises to repay do not straightforwardly apply to countries. Consequentialist considerations must play a central role in determining what norms should govern the accumulation and discharge of sovereign debt. Modified background norms for the accumulation and discharge of international debt which permit countries' repayments to be made formally contingent on specific circumstances and the reasons that these circumstances have arisen are more likely to be morally justifiable than the existing rules, which in general require countries to repay their debts according to an inflexible schedule. Modified rules for the accumulation and discharge of international sovereign debt can codify the moral and legal basis for existing ad hoc deviations and present a justifiable framework within which international lending and borrowing can take place.

To read or purchase the full text of this article, click here.

About the Journal

The Carnegie Council's flagship publication, Ethics & International Affairs is an interdisciplinary resource for scholars, students, and policy analysts concerned with the moral dimensions of global issues. The journal covers global justice, civil society, democratization, international law, intervention, sanctions, and related topics.

Search the Journal

SUBSCRIPTIONS
To subscribe to Ethics & International Affairs, or to purchase individual issues and articles, go to Wiley-Blackwell.

CALL FOR PAPERS
We are currently accepting submissions for upcoming issues of the journal. For more information, click here.

SUBMISSION GUIDELINES
For submission guidelines, click here.

RESPONSES
The Editors welcome responses to Features and Essays published in Ethics & International Affairs. To be considered for publication, responses should be no longer than one thousand words, including endnotes (which should be kept to a minimum). Responses are not peer-reviewed, and are published at the Editors' discretion. All responses are subject to editing for length and style. In the event of any questions or substantive editing, the response will be returned to the author for final approval prior to publication. Responses are published online, alongside the article they address.