What is debt?

What Does debt Mean

Debt is a concept that derives from a voice from Latin and whose meaning refers to the obligation that a person or body has to pay, reimburse or satisfy something (usually money ) to another. Some examples where the concept appears may be: "I am very worried since I do not know how I am going to pay my debts" , "I have a debt of 2,000 pesos with Juan" , "The most important thing to avoid financial problems is not to incur debt ” .

There are different types of debt depending on their characteristics and the people who contract it.
In the economy of a country, various types of debts can be assumed. They are found within what is known as public debt and is that assumed by the State and that is recognized through securities that accrue interest. This public debt can be external (when paid abroad, with foreign currency ), internal (paid in the country with national currency), consolidated (perpetual, with securities that produce a fixed income) or floating (with fixed-term maturities or subject to agreement), among other classifications.

In the individual economy of citizens there are also various assumed debts, which are defined as accounts payable . They can occur when the subject asks for a loan or when he purchases products in installments or with deferred payment. If a person buys a television and pays only 50%, leaving the other half pending payment until the following month, they will have incurred a debt.
In a sense that is totally remote from the economic, the notion of debt can be linked to a moral obligation that is contracted with someone ; it may result from a favor received from another person that generates the need in which they are helped to return said favor. There are set phrases in which this type of indebtedness is reflected: "You saved my life: I am in debt to you" , "The truth is that I feel indebted to Daniela since I have not been able to help her" , "You helped my son and I collaborated with yours: there are no debts between us ” .
Debt in Anthropology
In anthropology, debt is a concept related to the relationship between citizens and the authority of the community. According to Pierre Clastres, a French anthropologist, primitive societies imposed a debt on their leader depending on the tribe he led. He had to assume the obligation to protect, to make decisions and to return that trust expressed towards him in positive results for the life of the entire community.
This relationship between the tribal chief and the rest of the community allowed community life to develop in an organized and balanced way: some trusted the chief blindly and the chief felt the responsibility to protect because he was flattered by that respect and trust.

As stated by anthropology, this debt relationship has changed dramatically in modern societies where roles have been reversed.
With the emergence of the State, it is the people who are always in debt to their rulers and not the other way around; For this reason, certain responsibilities and obligations arise on the part of the citizenry that leads them to assume responsibilities that in a primitive community the chief would assume . The people are in debt to their sovereigns and for this reason they also fear them and this leads them not to rebel against problems, but to assume their place and try to satisfy the wishes and will of those who lead them.

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