What Do We Owe?

Margaret Atwood’s Payback: Debt and the Shadow Side of Wealth is a very provocative reconciliation of moral with financial indebtedness, and of the need to repay debts—especially when they have the character of penalties for previous misconduct—with severe consequences for not paying them back. She lays out a learned but never pedantic or turgid cultural history of the evolution of debt to trespass, to social thoughtlessness and selfishness. Despite the heavy moral content of her message, Ms. Atwood never ceases to be an elegant stylist with a fine sense of humour.

In these five Massey lectures, Ms. Atwood puts down the anthropological roots of a sense of fairness in matters of exchange, citing the bartering that goes on between chimpanzees and the concept of retribution for unfair trading even with subhuman but social animals in the most primitive...