debt peonage
A sharecropper that could not pay back his debt or loan was forced, by law, to work the landowner’s fields the following year. This was known as a ______.
Debt peonage, also called debt slavery or debt bondage, is a type of forced labor in which a debtor is forced to work to repay a debt. In debt peonage systems, debtor’s labor is used to repay the debt, and the debtor may also be subjected to interest rates that are so high that he or she is unable to repay the debt. This can result in debtors working for extended periods in poor conditions to pay off their debts, without any hope of ever being able to escape their situation.
Debt peonage is often used in situations where financial institutions, businesses, or individuals lend money to vulnerable individuals or communities. For example, in some agricultural communities, wealthy landlords or farm owners may provide loans to workers or sharecroppers who do not have the resources to buy land or equipment on their own. These loans often come with high-interest rates and can be impossible to repay, trapping the debtor in a cycle of debt and servitude.
Debt peonage is often considered a form of modern-day slavery and is prohibited by international law. However, it continues to be practiced in many parts of the world, particularly in developing countries. Proper government regulations and protection for borrowers are needed to combat debt peonage and protect vulnerable individuals and communities.
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