Debt: The First 5,000 Years

Summary

David Graeber’s “fresh…fascinating…thought-provoking…andexceedingly timely” (Financial Times)history of debt

Anthropologist David Graeber presents a stunningreversal of conventional wisdom: before there was money, therewas debt. For more than five thousand years, since the beginnings of the firstagrarian empires, humans have used elaborate credit systems to buy and sellgoods—that is, long before the invention of coins or cash. It is in this era,Graeber argues, that we also first encounter a society divided into debtors andcreditors.

Graeber shows that arguments about debt and debt forgivenesshave been at the center of political debates from Italy to China, as well assparking innumerable insurrections. He also brilliantly demonstrates that thelanguage of the ancient works of law and religion—words like “guilt,” “sin,”and “redemption”—derive in large part from ancient debates about debt andshape even our most basic ideas of right and wrong. We are still fighting thesebattles today without knowing it.

Debt: The First 5,000 Years is a fascinating chronicle of this little known history—as well as how it has defined human history and what it means for the credit crisis of the present day and the future of our economy.