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Debt is a manifestation of neoliberal capitalism and its crises. The current waves of debt accumulation have been an increasingly central phenomenon of the global economy since the 19th Century with the development of sovereign debt as a powerful tool for colonial empire-building. This led to the expansion of capital markets by creditors from industrialized countries who saw an opportunity to invest heavily abroad for profits. This background document on debt and corporate capture attempts to help members understand the current global debt crisis, the structural drivers and the role private financial actors/corporations have played in deepening the crisis while putting profits ahead of peoples rights and well-being.

A collective of ESCR-Net members and allied organizations filed a written submission in response to Argentina’s request for an advisory opinion on the right to care made to the Inter-American Court of Human Rights (IACtHR). The prospective advisory opinion represents a groundbreaking opportunity for an international human rights court to recognize the right to care, which implies the recognition of care work as the work that sustains life in all its facets and the proper functioning of society.