Debt and Society

Catalog description

Why do governments in the Global South decide to borrow, and how are debt crises resolved? In this course on the causes and consequences of debt, we focus on the politics of sovereign debt in emerging market countries, with Argentina as a focus. From 2008, many Global South states borrowed cheaply from private and official creditors. Contractions in financing, the pandemic, and commodity price shocks left more than fifty countries in, or at risk of, debt crises. In crisis, governments often impose austerity measures, which worsen poverty and inequality, and postpone urgent spending. Argentina's 2001 default was the largest in history, triggered social unrest and political instability. Argentina's 9th default in 2020 repeated this cycle. This course combines social science theory with practical insights through site visits to and guest lectures from key stakeholders, including the Ministry of Finance and the Central Bank of Argentina; the Inter-American Development Bank, the World Bank and the International Monetary Fund; labor unions, anti-poverty activists, and other civil society groups. Students' projects will assess various elements of Argentina's debt restructuring process. This course will be offered in January-Term 2026. This course will be taught at NYU Buenos Aires and will count as an Away J-Term course.