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The Bankruptcy Stone and the Debtor Blacklist
A bankruptcy auction sounds degrading — until you compare it to the alternatives. This episode traces the history of public shaming in insolvency law, from English debtors locked in the pillory outside the Royal Exchange, to Florence's pietra dello scandalo, where bankrupts bared their buttocks and sat on a public stone three times while announcing their insolvency. Then it turns to the modern day, where China's "dishonest debtor" blacklist enforces shame through infrastructure: no plane tickets, no high-speed rail, restricted private school access for your kids, and — in some provinces — a…
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