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- Title
Are Promises to Repay International Debt Binding?
- Authors
Attfield, Robin
- Abstract
This paper will discuss John R. Searle's theorem on How to Derive Ought from Is and its implications for international debt payment. Although not everyone accepts Searle's theorem, his argument is certainly a cogent one for the conclusion that those who in certain circumstances utter or sign certain promissory words concerning repayment take on obligations to repay money that is simultaneously loaned to them, or in some cases loaned to them on condition of making such a commitment. Even those who reject Searle's argument usually endorse its conclusion, whether as an assertoric truth or as a universal prescription. Further, there is no reason to restrict Searle's claim to individual promises as opposed to promises made by or on behalf of corporate entities such as states; indeed the implications could reasonably be held to last longer for deathless bodies such as states than for human individuals, whose debts are sometimes held to die with them. In conjunction with the undoubted fact that numerous Third World governments have historically signed up to such promises to service and repay loans, Searle's claim seems to imply that these governments now have an obligation to repay the capital of these loans by paying interest at market rates.
- Subjects
SEARLE, John R., 1932-; EXTERNAL debts; DEBT service; PROMISSORY notes; PROMISE (Law); DEVELOPING countries
- Publication
Journal of Social Philosophy, 2001, Vol 32, Issue 4, p505
- ISSN
0047-2786
- Publication type
Article
- DOI
10.1111/0047-2786.00111