Debt and Society

(3 Credits)

Can developing nations achieve stability in a global system built on cycles of borrowing and austerity? 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. Since 2008, many Global South states borrowed cheaply from private and official creditors. Contractions in financing, the pandemic, and commodity shocks left more than fifty countries in or at risk of debt crises. In crisis, governments often impose austerity, worsening poverty and postponing urgent spending. Argentina’s 2001 default, the largest in history, triggered social unrest and political instability—a cycle repeated with its 9th default in 2020. Combining social science theory with practical insights, this course features site visits with key stakeholders, including Argentina’s Central Bank; the international organizations, such as the Inter-American Development Bank, World Bank, and IMF; and local think tanks, academic experts, and civil society groups. Students’ projects will assess Argentina’s debt restructuring process and the political economy of debt more broadly. This course will be taught at NYU Buenos Aires and will count as an Away J-Term course.