Debt and Democracy in Argentina

From an internationally acclaimed authority on the sociology of money and finance, this book advances a new political sociology of money—showing how household indebtedness has become a decisive test of democratic legitimacy in Argentina, linking money and democratic politics.

How does household debt shape citizens’ trust in democracy? Drawing on the recent history of Argentina—including the rise of outsider and radical right-wing politician Javier Milei—Ariel Wilkis advances a new political sociology of money. Argentina offers a window onto global processes that increasingly shape the future of our societies.

Everyday indebtedness, persistent inflation, and economic fragility fed a climate of frustration and rejection, opening space for radical and anti-system political options. What unfolded in Argentina over the last four decades now resonates in countries that once imagined themselves shielded from such dynamics.

Rather than portraying indebted households as merely the subjects of financial power, Ariel Wilkis shows how democratic governments are politically and morally tested through the financial lives of their citizens. Debt, inflation, and access to credit become ways through which citizens experience, evaluate, and ultimately judge democracy. Debt and Democracy illuminates what happens when governments are put to the test through the debts of their citizens as household debt becomes a central test of democratic performance worldwide.