Social debtfare policies and the rise of the creditor-state: The creditization of social policy in Argentina

Abstract This article examines the financialization of social policy in Argentina, focusing on the administration of Mauricio Macri (2015–19). Utilizing a case study methodology, it investigates the emergence of state-provided credit programs designed to meet the welfare needs of low-income households. Through document analysis, in-depth interviews, and non-participant observations, this article offers a comprehensive analysis of this policy shift. The article argues that creditization represents a new trend in the financialization of social policy with profound implications for welfare provision. It introduces the concept of “social debtfare policies,” illustrating how these credit programs have redefined social policy. These policies establish a debt relationship between the state, now acting as a creditor, and welfare recipients, who become debtors to bridge the welfare gap. This growing trend challenges traditional welfare foundations, emphasizing the increasing reliance on credit to fulfill welfare functions and reshaping the dynamics between the state and its citizens.