In neoclassical economics, nation-states are presumed to control and administer natural capital and human capital, and to grant credit according to a money supply system that reflects anticipated yield of these in financial capital under globalization.
Although the name emerged relatively recently and is associated to a degree with Henry Liu and others who refer to the G8 as "gang8", many predecessor theories and movements actually share these assumptions, while disagreeing on a great many elements of political economy:
Defenders of debt relations often argue that such measures as bankruptcy, debt relief, debt forgiveness, bailouts and deflation of major currencies serve to relieve the problems associated with most debt relations - and that these can continue to be managed on a case-by-case basis. Detractors tend to respond that these are "band-aid measures" and that the continuing race to the bottom in environment, labour and social welfare services is due in the main to debt relations.
Furthermore, begging to bankers in foreign nations for "forgiveness" is seen by most nationalistss as humiliating, particularly if odious debt incurred by some former dictator is involved. Many see this processing of granting credit and forgiving debt as a form of imperialism and racism, which keeps local economies in service to global militarism.
Marilyn Waring for instance contrasted the value placed on the service done to society by mothers hauling water, gathering firewood, and raising children, to that placed on military "work", which in many countries is engaged in guarding capital assets used to generate financial capital to pay off foreign debt. In effect, women's work was considered worthless as it did not directly generate hard currency or seem to provide any means of protection to capital assets that did. This is contrary to the long-term interests of the child, mother, or whole society, she argued. She accused the still-standard UN measures of national income of guaranteeing uneconomic growth. She is widely believed to be the only individual on Earth who has actually read the UN standards, which run to an entire wall of documentation.