What Could Be Wrong with a Mortgage? Private Debt Markets from a Perspective of Structural Injustice

Herzog, Lisa

doi:10.1111/jopp.12107

Cited by 15 publications

(8 citation statements)

References 45 publications

(33 reference statements)

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“…Financial strains might be one critical life event that contributed to the current negative change in individuals’ well-being as a direct consequence. The options for individuals with financial crises and debt might be unjustly constrained, burdened by the effect of socioeconomic structures [34]. Also, they might be in situations with the lack of choices and constantly remain in a negative state [35].…”

Section: Discussionmentioning

confidence: 99%

Exposure to Negative Life Events and Post-Traumatic Embitterment Symptoms in Young Adults in Korea: Cumulative and Differential Effects

Lee¹,

Kim²

2019

Psychopathology

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Background: Post-traumatic embitterment disorder (PTED) has recently been introduced as a subgroup of adjustment disorders related to stressful life events. Embitterment is defined as persistent feelings of inadequacy or hoping for revenge after being insulted but feeling helpless after experiencing a life stressor. This study aims to investigate the cumulative and differential effects of negative life events on the risk of developing embitterment among young adults in South Korea. Methods: Data for the present study were collected from a web-based survey of 1,000 young adults aged 18–35 years. All participants completed a list of negative life events, the PTED Self-Rating Scale. Logistic regression analysis was conducted to evaluate the relationships between the number of negative life events and reactive embitterment. Analyses of the relationships between each negative life event and reactive embitterment were performed using covariates, including childhood trauma, depression, and anxiety symptoms. Results: The total number of participants with reactive embitterment (cut-off scores > 2.5) was 452 (45.2%). Greater exposure to negative life events increased the risk of reactive embitterment compared to no negative events. Negative life events, including financial problems, family problems, and being excluded by friends, had significant associations with the risk of reactive embitterment. Conclusions: The present study revealed a substantial number of young adults with a high level of embitterment. Furthermore, cumulative and differential effects of negative events increased the risk for reactive embitterment. Our findings underlined the crucial role of adverse life events in the development of reactive embitterment.

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Section: Discussionmentioning

confidence: 99%

Exposure to Negative Life Events and Post-Traumatic Embitterment Symptoms in Young Adults in Korea: Cumulative and Differential Effects

Lee¹,

Kim²

2019

Psychopathology

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“…However, if the availability of credit drives up the price of housing, forcing more people to borrow, and borrow more, to satisfy this basic interest, then the positive gains for freedom of greater access to mortgages will be muted. See also Herzog (2017). 19.…”

Section: Discussionmentioning

confidence: 99%

Did we trade freedom for credit? Finance, domination, and the political economy of freedom

Preiss

2018

European Journal of Political Theory

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This article concerns freedom and financial markets. First, I consider the republican case for liberalization, extending Robert Taylor’s economic model of republicanism to financial markets. This case adopts what I call a “philosopher-king” approach to political theory, arguing by reference an ideal or first-best set of policies or reforms. Then, I investigate the negative externalities of several decades of financial market liberalization, including the erosion of political accountability and the growing concentration of political and economic power in the hands of those best suited to profit from the rise of finance. From this “political economy” perspective, the impact of liberalization is clear: we paid for greater access to credit with political and economic domination. In republican terms, we traded freedom for credit. My analysis, moreover, has implications for republican debates on freedom and the market. In second-best worlds, where reforms will almost certainly be incremental, shaping the balance of power in ways that impact future policy, judging reforms by reference to a vision of domination-free markets will often suggest policies that make individuals less free. The political economy approach is far more relevant to debates about which economic institutions further or hinder freedom as non-domination.

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“…In some cases, the newly acquired obligations might indeed prove more detrimental to freedom. For instance, having to enter into debt to acquire basic goods such as health care or education does not enhance freedom, in fact, it might even undermine it (see Gourevitch, 2012; Herzog, 2016). However, in many other cases, the freedom conferred by having access to extra money outweighs the constraining aspects of debt.…”

Section: What Criterion Of Distributive Justice?mentioning

confidence: 99%

Money creation, debt, and justice

Dietsch

2021

Politics, Philosophy & Economics

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Theories of justice rely on a variety of criteria to determine what social arrangements should be considered just. For most theories, the distribution of financial resources matters. However, they take the existence of money as a given and tend to ignore the way in which the creation of money impacts distributive justice. Those with access to collateral are favoured in the creation of credit or debt, which represents the main form of money today. Appealing to the idea that access to credit confers freedom, and that inequalities in this freedom are morally arbitrary, this article shows how the advantage to those with collateral plays out in different ways in today’s economy. The article identifies several forms of bias inherent in money creation, and its subsequent destruction: loans from commercial banks to individuals and corporations, interbank lending, lending from central banks to commercial banks, and selective bail-outs by central banks. These are not mere inequalities: they are unjust since alternative designs of the financial architecture exist that would significantly reduce them. The paper focuses on one possible reform with the potential to address several of the types of bias identified, namely the separation of money creation from private bank credit.

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What Could Be Wrong with a Mortgage? Private Debt Markets from a Perspective of Structural Injustice

Cited by 15 publications

References 45 publications

Exposure to Negative Life Events and Post-Traumatic Embitterment Symptoms in Young Adults in Korea: Cumulative and Differential Effects

Exposure to Negative Life Events and Post-Traumatic Embitterment Symptoms in Young Adults in Korea: Cumulative and Differential Effects

Did we trade freedom for credit? Finance, domination, and the political economy of freedom

Money creation, debt, and justice

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