2007-02-12 23:15:59 · 4 answers · asked by Anonymous in Social Science ➔ Other - Social Science
It goes back in time to biblical days.
If you borrowed money and could not pay you had to give your labor to the lender until your debt is paid off.
Bonded labour became much like slavery and the bonded were treated very badly. It was decided that prison was better for debtors then to become slaves so debtors prison was invented.
In the United States both were eventually outlawed and this created incredible growth in the economy, although with the way businesses are lobbying for bankruptcy revision it looks like we might have both reinstated in the future.
The reality is that "rich" people do not like the risk, they just like more money. By creating laws that penalize borrowers you reduce the risk, and the availability of borrowers.
Since the passing of bankruptcy revision in the States lending has decreased more than the amount of money estimated saved by the revision, so the "rich" will make it easier to borrow, harder to default and lose more money, then lobby to make the default laws tougher and in the end destroy the economy. Decreasing the risk always decreases the return.
Bonded labour laws (UK from the spelling?) increase the borrowers risk thereby reducing the potential for high returns for the investor. Less risk, less return. More risk, more return.
2007-02-12 23:34:39 · answer #1 · answered by Anonymous · 0⤊ 0⤋
The tradition of bonded labour started during ZAMINDAARI time. During that period all the land belonged to one or a few landlords and people cultivating the land were labourers only . These labourers were wholly dependent on the landlords . For completing their social traditions like marriages or death function or other social obligations they used to take loan from the land-lord on exorbitantly high interest rates and usually not able to pay back the loan . So they had to give one or more members of their family as servants to the land lords. These family members had to stay with the land lord for 24 hours a day and work for him. And thus started the tradition of bonded labour. Presently, this tradition is in existence mainly in Brick clins, agriculture farms and related industries in Panjab and Haryana ,
2007-02-13 07:34:41 · answer #2 · answered by sb 7 · 1⤊ 0⤋
with the emerge of capital accumulation in aggriculture in the pre-capitalist fudal era.
2007-02-13 07:55:31 · answer #3 · answered by Amitumi 9 2 · 0⤊ 0⤋
because lazy people came to power.
2007-02-13 08:11:09 · answer #4 · answered by toploser 5 · 0⤊ 0⤋