'Debt: The First 5,000 Years' by David Graeber is a wide-ranging exploration of the historical, anthropological, moral, and economic aspects of human society and its relationship with debt, money, and economics. The book challenges popular myths about markets, debt, and politics while delving into the interplay between debt and society throughout history. Graeber's writing style is described as dense and thought-provoking, providing deep insights into the meaning of debt, its history, and its implications for the future. The author takes an anthropological approach to studying debt, offering a unique perspective on how human relationships, trust, and morality are intertwined with economic systems.

Writing/Prose:

The writing is rich and layered, merging scholarly analysis with historical storytelling that keeps readers engaged.

Plot/Storyline:

The narrative examines the evolution of debt and money, arguing against traditional views and highlighting the interconnectedness of social relationships and economic structures.

Setting:

The setting encompasses a wide historical timeline and various cultural contexts, illustrating global developments in economic thought.

Pacing:

The book is dense and requires thoughtful reading, often making for a slower pace due to its comprehensive coverage.

TWO YEARS AGO, by a series of strange coincidences, I found myself attending a garden party at Westminster Abbey. I was a bit uncomfortable. It’s not that other guests weren’t pleasant and amicable, a...

Genres:

history

anthropology

political economy

Topics:

history of debt

role of money

barter vs. credit systems

relationship between war and economy

ancient and modern economic systems

socioeconomic structures

anthropological perspectives on economics

debunking myths

Notes:

Debt can be seen as a moral obligation rather than just a financial one.

Historically, debts were often settled with available goods, not necessarily with money.

The idea that money developed from barter systems is a misconception according to Graeber.

Money is not a tangible thing; it's a method for comparing values in a transaction.

Many early forms of currency were decorative items like beads and shells, not just gold or silver.

Credit existed long before coins, pointing to a complex system of social debts.

Ancient markets often arose not for commerce but to support armies and tax collection.

The concept of debt is deeply intertwined with social relationships, often involving honor and morality.

Slavery and debt peonage have historically been linked, leading to severe social consequences.

Graeber shows that civilizations have functioned well with credit systems even without formal currency.

In the Middle Ages, local credit systems thrived without reliance on coinage, demonstrating a different economic model.

Debt and interest rates were historically influenced by social status and caste in societies like India.

The modern notion of debt as a personal failing overlooks the community aspects of relationships.

Islam forbids usury but fosters a thriving marketplace based on mutual aid and community support.

Historic evidence suggests that economic systems of civilization are not linear but circular, reviving ancient practices at times.

Sensitive Topics/Content Warnings

There are discussions of violence, slavery, and socioeconomic oppression throughout history.

From The Publisher:

The groundbreaking international best-seller that turns everything you think about money, debt, and society on its head-from the "brilliant, deeply original political thinker" David Graeber (Rebecca Solnit, author of Men Explain Things to Me)

Before there was money, there was debt. For more than 5,000 years, since the beginnings of the first agrarian empires, humans have used elaborate credit systems to buy and sell goods-that is, long before the invention of coins or cash. It is in this era that we also first encounter a society divided into debtors and creditors-which lives on in full force to this day.

So says anthropologist David Graeber in a stunning reversal of conventional wisdom. He shows that arguments about debt and debt forgiveness have been at the center of political debates from Renaissance Italy to Imperial China, as well as sparking innumerable insurrections. He also brilliantly demonstrates that the language of the ancient works of law and religion (words like "guilt," "sin," and "redemption") derive in large part from ancient debates about debt, and shape even our most basic ideas of right and wrong.

We are still fighting these battles today.

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Debt: The First 5,000 Years

David Graeber