Oct 29, 2017 | 1:45 PM - 3:15 PM | Loft 2

Mindy Peden, PhD, Wendy Wiedenhoft Murphy, PhD

Global Debt and Justice

The demand for justice in regards to debt is complicated compared to other issues like human rights, gender equality, and poverty.  Why? Because even those who view inequality in general as a structural problem are often inclined to blame indebtedness on victims—whether these be individuals or nation-states.  The assumption is that those who become indebted do so voluntarily and are capable of understanding repayment conditions. Morally, borrowers shoulder the responsibility of paying off their debt to creditors, even if creditors have acted unscrupulously.  Indeed, the actions of creditors tend to escape scrutiny, which is hardly surprising given their power and wealth.   In this paper, we argue that creditors need to be held accountable for debt, especially odious debt, illegitimate debt, and unsustainable debt.  We contextualize these forms of debt in terms of the economic rationality of capitalist assumptions about the creditor-debtor relationship.  We propose that debt audits can be used to hold creditors accountable for exploitative lending practices and provide the basis for a more just relationship between creditors and debtors than is currently employed by ideologically driven economic models that dominate the global discourse on debt.

Salma Hussain, MA

The Commodification of Natural Resources: The Ethics of Availability and Affordability

This research presentation critiques the increased commodification of natural resources in our developed world. I begin with a consideration of the state of real property law in Ontario today. The use, disposition and development of land is skyrocketing out of sight and out of reach for many ordinary Ontarians. The price of land is at the highest it has been in Ontario. What steps have the various governmental bodies regulating land use and ownership taken to curtail and off-set the unavailability and unaffordability of our land? And are those steps adequately addressing the unaffordability of land? Are we moving towards a society and culture where all common resources become commodified? The presentation looks at “light and air” easements from Manhattan, and how skyscraper development within Toronto’s Harbourfront is bringing about the same considerations: i.e., the sale of purchase of sunlight and air.

Next I examine how ordinary Ontarians have reacted to these societal changes by creatively reconfiguring and shifting their own cultural norms (i.e., Airbnb, co-ownership, inter-generational housing, home businesses, etc.). I close with questions as to where our society might be headed next if we continue to barrel towards the use of natural resources without advance planning and forethought. Will icebergs be transported to the Middle East to address the looming water shortage there? Will bottles of water cost $100 per 500 ml? Will compressed bottles of Rocky Mountain air cost us $100 per litre? Will we be confined to coffin-like accommodation (as seen in Hong Kong and Beijing) if officials do not step in to relocate and redistribute business centres? There are no answers, only more questions.