Money is a tool or technology that has been used for millennia to facilitate exchange and commerce. It is a medium of exchange, a unit of account, and a store of value; or a quantification of human interaction together and with nature. However, money can also be a source of debt. Debt is a financial obligation that must be repaid with interest. It can be incurred through borrowing money to buy a car, a house, or other assets. Debt can also be used to finance businesses or other ventures. Much of the money is actually debt and governments run a debt balance and also tax and redistribute to keep money operational.
From a philosophical perspective, money and debt can be seen as both positive and negative forces. On the one hand, money can be used to improve our lives. It can be used to buy goods and services that we need and want. It can also be used to invest in our future, such as by saving for retirement or buying a home. The value of money is not absolute. It is relative to the individual and the society in which they live. For some people, money is a means to an end. It is a tool that can be used to improve their lives. For others, money is an end in itself. It is a source of status, power, and security.
On the other hand, money can also be a source of inequality and hardship. Under current conditions, those who have more money have more opportunities than those who have less where extreme inequality has arisen over the past few decades in many countries, particularly the United States. This can lead to a society where the rich get richer and the poor get poorer; the middle class gets smaller and smaller. Debt can also be a burden, especially under conditions of austerity, economic crisis, certain forms of economic systems and so on. If you have too much debt, it can make it difficult to make ends meet and can even lead to bankruptcy, which all have social and psychological consequences.
The value of debt is also relative. For some people, debt is a necessary evil. It is a way to finance the things they need and want. For others, debt is a burden that they would rather avoid.
Here are some additional philosophical thoughts on money and debt:
• Money is a social construct. It has no intrinsic value, but is instead assigned value by society.
• Debt is a form of social control. It can be used to keep people in line and to ensure that they work hard to repay their debts.
• Money can be a source of inequality. Those who have more money have more opportunities than those who have less.
• Debt can be a burden, especially if it is not managed properly. If you have too much debt, it can make it difficult to make ends meet and can even lead to bankruptcy.
It is important to remember that money and debt are just tools. They can be used for good or for bad. In any society, particularly democracies, there is the vote and the dollar. Both should be a basic right and therefore, like the vote, a universal basic income, adjusted for equity, needs to be established along with a robust infrastructure such that people can survive, thrive, and flourish.
Layne Hartsell, MSc., Ph.D. is a research professor at the Asia Institute in Tokyo and Berlin. Former research professor at Sungkyunkwan University and the Advanced Institute for Nanotechnology and Sookmyung Women’s University in South Korea; at the Center for Science, Technology, and Society at Chulalongkorn University in Thailand; and researcher at the University of Virginia College of Medicine.
