Debt bondage....

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Debt bondage, debt slavery, bonded labour or peonage are all terms used to describe an institution where workers are held as unfreeze labour. Work is exchanged for the paying off of loans instead of being compensated with currency or goods. It is similar to indenture or the truck system.

Historical background to bonded labour
Prior to the early modern age, feudal and serfdom systems were the predominant political and economic systems in Europe. These systems were based on the holding of all land in fief or fee, and the resulting relation of lord to vassal, and was characterized by homage, legal and military service of tenants, and forfeiture. Many historians have argued that this system was also established in some Latin American countries, following European settlement.

A modernization of the feudal system was "peonage", where debtors were bound in servitude to their creditors until their debts were paid. Although peons are only obliged to a creditor monetarily, it might be viewed that this relationship reduces personal autonomy.

Historical peonage
Peonage is a system where labourers are bound in servitude until their debts are paid in full. Those bound by such a system are known, in the US, as peons. Employers may extend credit to labourers to buy from employer-owned stores at inflated prices. original research?] This method is a variation of the truck system (or company store system), in which workers are exploited by agreeing to work for an insufficient amount of goods and/or services. In these circumstances, peonage is a form of unfreeze labour. Such systems have existed in many places at many times throughout history.

Historical examples
In Colonial America, some settlers used indentured service to obtain passage or an initial settlement, then continued working independently after completing their bonded labour.
The American South - Such a system was often used in the southern United States after the American Civil War where African-American and poor white farmers, known as sharecroppers, were often extended credit to purchase seed and supplies from the owner of the land they farmed and pay the owner in a share of the crop.
In Peru a peonage system existed from the 1500s until land reform in the 1950s. One estate in Peru that existed from the late 1500s until it ended had up to 1,700 peons employed and had a jail. Peons were expected to work a minimum of three days a week for their landlord and more if necessary to complete assigned work. Workers were paid a symbolic 2 cents per year. Workers were unable to travel outside of their assigned lands without permission and were not allowed to organize any independent community activity.
Thousands of such labourers were sold into slavery during the West African slave trade and ended their lives working as slaves on the plantations in the New World. For this reason, section 2 of the Slave Trade Act 1843 enacted by the British Parliament declared "persons Holden in servitude as pledges for debt" to "be slaves or persons intended to be dealt with as slaves" for the purpose of the Slave Trade Act 1824 and the Slavery Abolition Act 1833.

It continued to be very common in Africa and China, but was suppressed by the authorities after the establishment of the People's Republic of China.. It persists in rural areas of India, Pakistan and Nepal.

In Niger, where the practice of slavery was outlawed in 2003, a study found that almost 8% of the population are still slaves. Descent-based slavery, where generations of the same family are born into bondage, is traditionally practised by at least four of Niger’s eight ethnic groups. The slave masters are mostly from the nomadic tribes — the Tare, Fulani, Tomboy and Arabs.

40 million people in India, most of them Davits, are bonded workers, many working to pay off debts that were incurred generations ago. These figures are comparable to ones in Bolivia, Brazil, Peru and Philippines. There are no universally accepted figures for the number of bonded child labourers in India. Of 20 million bonded labourers in Pakistan 7.5 million are children. An estimated 496,000 children are in slavery in Bangladesh

Modern views
According to Anti-Slavery International, "A person enters debt bondage when their labour is demanded as a means of repayment of a loan, or of money given in advance. Usually, people are tricked or trapped into working for no pay or very little pay (in return for such a loan), in conditions which violate their human rights. Invariably, the value of the work done by a bonded labourer is greater that the original sum of money borrowed or advanced."

According to the Anti-Slavery Society:

Pawn age or pawn slavery is a form of servitude akin to bonded labour under which the debtor provides another human being as security or collateral for the debt. Until the debt (including interest on it) is paid off, the creditor has the use of the labour of the pawn.

At international law
Debt bondage has been defined by the United Nations as a form of "modern day slavery" [5] and is prohibited by international law. It is specifically dealt with by article 1(a) of the United Nations 1956 Supplementary Convention on the Abolition of Slavery. It persists nonetheless especially in developing nations, which have few mechanisms for credit security or bankruptcy, and where fewer people hold formal title to land or possessions. According to some economists, for example Hernando de Soto, this is a major barrier to development in those countries - entrepreneurs do not dare take risks and cannot get credit because they hold no collateral and may burden families for generations to come.

Where children are forced to work because of debt bondage of the family, this is considered not only child labour, but a worst form of child labour in terms of the Worst Forms of Child Labour Convention, 1999 of the International Labour Organization.

Despite the UN prohibition, Anti-Slavery International estimates that "between 10 and 20 million people are being subjected to debt bondage today."

Modern example: prostitution
News media in western Europe regularly carry reports about one particular kind of debt bondage: women from Eastern Europe who are forced to work in prostitution as a way to pay off the "debt" they acquired when they were illegally smuggled to destinations in Western Europe. This form of debt bondage also takes place in other parts of the world, such as women moving from Southeast Asia or Latin America.

Marxist analysis
According to Marxist economists, debt bondage is characteristic of feudal economies, where families are considered the responsible unit for financial relationships, and where heirs continue to owe parents' debts upon their deaths. Fully capitalist economies are characterized by the individual taking all responsibility, and such mechanisms as bankruptcy and inheritance taxes reducing creditors' rights (while increasing the power of the state). Heirs are freed from the creditor, but at the cost of a drastically increased power accruing to the state itself.

Debt bondage is often a form of disguised slavery in which the subject is not legally owned, but is instead bound by a contract to perform labour to work off a debt, under terms that make it impossible to completely retire the debt and thereby escape from the contract.