In response to a question posed by the nonprofit media portal acTVism regarding the current lending system, Richard Wolff, University of Massachusetts professor emeritus of economics, gives an explanation of the historical roots of credit that may surprise many viewers. Particularly interesting is the concept of “jubilee,” a term mentioned in the Bible, which requires debts to be erased periodically in order to check creditors’ power and keep communities from being torn apart.

To see other clips from this acTVism interview, click here and here.

— Posted by Natasha Hakimi Zapata

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#activism#credit#debt#economics#loan#richard wolff#student debt