The notion of compulsory debt clemency has come full circle during the past five millennia. This brief paper surveys this progression over three relatively distinct periods. In the first period, rulers in ancient Sumer and Babylon imposed periodic debt amnesties to maintain social stability,...

This paper explores the problems and processes that led to the birth of consumer bankruptcy in continental Europe, a process that began in Denmark in January 1972 and culminated with the adoption of the Danish consumer debt adjustment act, Gældssaneringslov, on May 9, 1984. While this law is...