Author Topic: Legal decolonization  (Read 981 times)


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Re: Monetary Wealth
« Reply #15 on: June 19, 2022, 02:44:31 pm »

Bankruptcy is a legal process through which people or other entities who cannot repay debts to creditors may seek relief from some or all of their debts. In most jurisdictions, bankruptcy is imposed by a court order, often initiated by the debtor.

is another Western institution spread around the world during the colonial era that has been thoughtlessly continued, but which we need to get rid of. It is an institution that favours people who take risks with money, since if it goes well they keep the profits, but if it goes badly they are insulated from the consequences:

It is strategically sensible for capitalism to support bankruptcy as capitalism wants more people to take risks with money (so that some succeed). By eliminating bankruptcy, we would also weaken capitalism as a whole, as people would become more cautious with money.

So where does bankruptcy come from?

In Judaism and the Torah, or Old Testament, every seventh year is decreed by Mosaic Law as a Sabbatical year wherein the release of all debts that are owed by members of the Jewish community is mandated, but not of "gentiles".[1] The seventh Sabbatical year, or forty-ninth year, is then followed by another Sabbatical year known as the Year of Jubilee wherein the release of all debts is mandated, for fellow community members and foreigners alike, and the release of all debt-slaves is also mandated.[2] The Year of Jubilee is announced in advance on the Day of Atonement, or the tenth day of the seventh Biblical month, in the forty-ninth year by the blowing of trumpets throughout the land of Israel.

Under the Act, the Lord Chancellor was given power to discharge bankrupts, once disclosure of all assets and various procedures had been fulfilled.

Discharge from debt was introduced for those who cooperated with creditors.

I heard from that in some non-Western countries, borrowers would commit suicide out of honor if they defaulted on their loans. It seems that this honor based code has all but vanished now, with the predominance of guiltless Western culture.