About the book
Anthropologist David Graeber argues that debt came before money, and barter after both, reversing the story told in standard economics textbooks. He traces credit systems back to the first agrarian empires, starting with Sumer around 3500 BCE, where farmers' children could be forced into debt peonage and kings periodically canceled all debts. Society first divides into debtors and creditors in that era, he argues, and disputes over debt and its forgiveness have driven political debate and revolt from Italy to China, while guilt, sin and redemption largely grew out of ancient debt debates. He also ties the spread of coinage to mercenary armies and large-scale slavery. Published in 2011, it drew praise for its sweep and criticism for inaccuracies.
David Heinemeier Hansson said it demolishes the myth that people simply bartered before money existed. Seth Godin suggests the audiobook, since Graeber at times repeats himself and is a little elliptical and listening makes it easy to go back.
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This book has 2 recommendations
David Heinemeier Hansson (Co-Founder/Basecamp)
After a few false starts, I finally got going with this, and what a treat. It shoots down the common myth that prior to money, everyone just bartered shit. I give you a pig, you give me five pies and a hat. Evidence shows that just wasn’t at all how things went. Most societies were structured either rather communistic (take what you need, give what you can) or with a loose debt-ledger system (or a combination of both). But where things get really interesting is how the emergence of market economies (and money) changed the relationship with human life and dignity. Especially as a consequence of slavery, which put a very explicit price on that which previously was priceless. All sorts of fascinating historical links to women wearing veils (to distinguish them from women who could be bought), how debt peonage really took off once slavery came profitable (so debtors could be sold, or their children sold, if they failed to repay), and how other morality got intertwined with debt. It’s truly eye-opening, and the lines trace disturbingly well from millennia.
Seth Godin (Author & Entrepreneur)
I recommend it in audio because David is sometimes repetitive and a little elliptical, but in audio it's all okay because you can just listen to it again.
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