Theology of Debt

by Hollis Phelps

Overview

This book focuses on the various ways in which debt functions at theological and moral levels to create subjects, with chapters on the biblical jubilee tradition and usury, the gospels, Saint Paul, atonement theories in the early church, Anselm's satisfaction theory of atonement, and contemporary discussions of debt as a subjective mechanism. Phelps shows that debt and atonement as theological concepts are bound together, so to undermine debt as a subjective mechanism we need to undermine atonement theory as well, by desacralizing the latter. The goal of this book is to disrupt the sovereignty of debt over the creation and maintenance of subjectivity, so that we can think otherwise than and outside of the creditor-debtor relationship, both morally and theologically but also economically. Ultimately, the analysis presented over seven chapters incites us to rethink community and what form social life should take.

Product Details

ISBN-13:	9798385234059
Publisher:	Cascade Books
Publication date:	07/25/2025
Sold by:	Barnes & Noble
Format:	eBook
Pages:	198
File size:	901 KB

About the Author

Hollis Phelps is associate professor of interdisciplinary studies at Mercer University. He is the author of Jesus and the Politics of Mammon (2019), also published with Cascade.

Hollis Phelps is Assistant Professor of Interdisciplinary Studies at Mercer University. He is the author of Alain Badiou: Between Theology and Anti-Theology and, with Philip Goodchild, editor of Religion and European Philosophy: Key Thinkers from Kant to Today.

What People are Saying About This

From the Publisher

“In Theology of Debt, Hollis Phelps practices a non-theology at its best. Both critical and constructive, this work mines the theological tradition to show how we have become hopelessly indebted subjects and how to liberate us from the power of debt. Taking specific aim at the centrality of the atonement theory within the Christian imagination, Phelps asks us to image the radical alternative not simply of an unredeemable life, but a life without the need for redemption—a practice of a form of life together in a state of natural, unburdened, childlike joy.”

—Jeffrey W Robbins, Professor of Religion, Lebanon Valley College



“In this remarkable book, Hollis Phelps shows us that debt is not just a financial instrument—it reaches into our souls. In addition to tracing the theological roots of our investment in debt, Phelps provides us with powerful tools to begin breaking its hold.”

—Adam Kotsko, Assistant Professor, North Central College



“Christian theology has a complicated historical relation to debt, which Hollis Phelps helps uncover in this important book. With clear and insightful explanations, he shows how theories of Christ’s atonement exploit us, and he also provides tools to liberate ourselves from financial and spiritual debt. Paradoxically, the only way we can ‘save’ ourselves is by living an ‘unsavable’ life.”

—Clayton Crockett, Director of Religious Studies, University of Central Arkansas



“This book is part of an exciting trend in political theology, a genealogy of how theological concepts such as debt and atonement become weaponized, even sublimated, in contemporary globalized capitalism. It turns out we are not as secular as we thought. Theology of Debt is a stunning example of what it means for a scholar to practice interdisciplinarity—combining insights from biblical studies, continental philosophy, systematic theology, and even theological anthropology.”

—Bruce Worthington, Assistant Professor, The Chinese University of Hong Kong

Editorial Reviews

In Theology of Debt, Hollis Phelps practices a non-theology at its best. Both critical and constructive, this work mines the theological tradition to show how we have become hopelessly indebted subjects and how to liberate us from the power of debt. Taking specific aim at the centrality of the atonement theory within the Christian imagination, Phelps asks us to image the radical alternative not simply of an unredeemable life, but a life without the need for redemption—a practice of a form of life together in a state of natural, unburdened, childlike joy.”

—Jeffrey W Robbins, Professor of Religion, Lebanon Valley College



“In this remarkable book, Hollis Phelps shows us that debt is not just a financial instrument—it reaches into our souls. In addition to tracing the theological roots of our investment in debt, Phelps provides us with powerful tools to begin breaking its hold.”

—Adam Kotsko, Assistant Professor, North Central College



“Christian theology has a complicated historical relation to debt, which Hollis Phelps helps uncover in this important book. With clear and insightful explanations, he shows how theories of Christ’s atonement exploit us, and he also provides tools to liberate ourselves from financial and spiritual debt. Paradoxically, the only way we can ‘save’ ourselves is by living an ‘unsavable’ life.”

—Clayton Crockett, Director of Religious Studies, University of Central Arkansas



“This book is part of an exciting trend in political theology, a genealogy of how theological concepts such as debt and atonement become weaponized, even sublimated, in contemporary globalized capitalism. It turns out we are not as secular as we thought. Theology of Debt is a stunning example of what it means for a scholar to practice interdisciplinarity—combining insights from biblical studies, continental philosophy, systematic theology, and even theological anthropology.”

—Bruce Worthington, Assistant Professor, The Chinese University of Hong Kong

From the Publisher