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Koers

On-line version ISSN 0023-270X

Abstract

FOUCHE, J.P.. Modern (financial) slavery. Koers (Online) [online]. 2009, vol.74, n.1-2, pp. 139-167. ISSN 0023-270X.

There is probably no single person who has not been affected by the current international financial crisis. In order to understand what has happened, the reasons for the credit -and extended financial crisis are analysed and related to slavery. This article provides an international perspective, but also gives the South African perspective. From the article, it seems that the same factors that motivated people to apply slavery, today also motivate large corporations and individuals to keep hostage a large number of people in a spiral of increased consumerism. The consumer spending is financed by paying people more for their spare time and people taking up more credit. From the relentless way in which credit is being advertised, it seems that there is very little respect or care for the well-being of those trapped in debt. The prospects of ending the financial slavery are discussed and some recommendations are made regarding dealing with debt. The article closes with a call on the church to enter into the debate.

Keywords : crisis; debt; financial; slavery.

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