Payback: Debt and the Shadow Side of Wealth
November 17, 2025 Leave a comment
Author: Margaret Atwood | 240 Pages | Genre: Non-Fiction | Publisher: Bloomsbury Publishing PLC | Year: 2008 | My Rating: 8/10
“Without debt, there would be no such thing as credit, and without credit, economies would not exist. But equally, without debt, there would be no such thing as forgiveness.”
-Margaret Atwood, Payback
Payback: Debt and the Shadow Side of Wealth was originally presented as the Massey Lectures in 2008. It is not a book about economics in the traditional sense, as it does not include balance sheets, market trends, or policy prescriptions. Instead, it is a work of literary and moral imagination, a wide-ranging meditation on what debt means, which is not only as a financial construct but as a moral, psychological, and even mythical one. Atwood has shared an idea that governs much of modern life, the idea of owing and being owed. The book’s tone is conversational yet filled with insights, blending history, literature, religion, and personal reflection. It says that debt is an idea that is created by humanity, and that it is closely connected to our concepts of justice, sin, and morality.
The book is structured into five chapters: Ancient Balances, Debt and Sin, The Shadow Side, Payback, and Payback: The Shadow Side. Each chapter explores debt from a different perspective—cultural, literary, economic, and ecological, slowly building toward a conclusion about the balance between taking and giving, destruction and renewal.
The book traces the origins of debt to ancient times, where it was not only a financial but also a moral and spiritual one. In many cultures, debt has been synonymous with guilt. For example, the language of ‘redemption’ and ‘forgiveness’ in Christianity has deep economic roots. This moral overlap is not accidental. Instead, it reflects a psychological need for balance, for settling accounts not only in terms of money but in life.
Ancient systems of justice were often modelled on an eye for an eye, or a life for a life. The idea of fairness was inherently transactional. Thus, debt becomes a metaphor for all human obligations, between individuals, between human beings and gods, and eventually between humanity and the planet. Therefore, economic debt, moral guilt, and ecological imbalance all stem from the same root: the failure to honour reciprocity.
Atwood moves seamlessly through the Bible, Shakespeare, Dickens, Marlowe, and even pop culture, treating each as a kind of moral ledger. Ebenezer Scrooge, the most famous debtor and creditor in fiction, becomes a recurring figure. She also references Dr. Faustus, who sells his soul to the devil as a literal debt contract. Debt stories are also about identity, who owes whom, and what kind of person it makes you to owe or to be owed. These examples highlight how debt has long served as a narrative to explore human frailty, justice, and redemption.
In the third chapter, ‘The Shadow Side,’ Atwood dives into the psychology of debt and how it can enslave, corrupt, and distort. She talks about Jung’s idea of the hidden moral darkness within every person and society. In this way, debt is like the shadow side of wealth, showing the unseen costs of accumulating riches. Atwood uses historical examples, from debtors’ prisons in Victorian England to the 2008 global financial crisis, to show how societies often ignore moral responsibility. When people or institutions borrow more than they can handle, they’re not just taking financial risks but moral ones too. The book, published just before the 2008 crash, eerily predicts the crisis that was about to happen. Modern capitalism relies on the constant creation of debt, which is both the system’s driving force and its curse. Debt is everywhere, yet we rarely stop to think about its harmful effects.
In the book’s final chapter, a contemporary ‘Scrooge Corporation’ is visited by the Spirit of Earth Day Future. This eco-fable weaves together Atwood’s arguments into a narrative of humanity’s reckoning with the natural world. The spirit unveils to Scrooge the dire consequences of his unbalanced ledger, which comprises a planet drained of resources, tainted by waste, and devoid of moral responsibility. By reinterpreting a well-known moral story through an ecological lens, the book compels the reader to understand that the language of debt is synonymous with the language of survival. When we speak of ‘owing the Earth’ or ‘repaying our debts to future generations,’ these expressions are not merely metaphorical, as they represent literal truths.
Atwood’s writing is witty, elegant, sharp and ironic. Her ability to seamlessly transition from ancient myths to modern finance is truly remarkable, and she always reminds the reader that behind every number, there’s a story. There are moments of satire, especially when she targets corporate greed or political hypocrisy, but also passages of lyrical reflection that showcase her poetic sensibility.
The book is a mix of essay, cultural history, and allegory. Its interdisciplinary approach mirrors the complexity of its subject. Debt isn’t just about economics; it shapes our moral and social worlds. However, Atwood’s digressions and literary references, while enlightening, can sometimes overwhelm readers who aren’t familiar with them. Each chapter feels like a conversation with a brilliant, slightly mischievous teacher who loves turning assumptions upside down. The book is a moral reckoning disguised as a literary essay. It’s a call to remember that every ledger, no matter how abstract, has a human cost. Atwood’s lesson through this book is that living ethically means recognizing one’s debts, not just in money, but in gratitude, care, and responsibility.
Manu Mayank 