Then the world turned back towards empire again. Ideologies of caste or race are just extreme examples. The last couple of chapters (the last 200 years or so) just weren't as heavy and thick with detail as the previous millenia. Hi, I am Dr. Lurion De Mello, experienced economist, commentator and researcher in energy markets and behavioural finance. Debt: The First 5,000 Years (2011) by David Graeber. Granted, everything recent hits hard and fast at the end, and frankly deserves a lot more ink, but the analyses of how civilization arose side-by-side with debt are pretty fascinating, as are the detailed explanations of how economic systems arose in various places around the world -- Graeber's an anthropologist, and his enthusiasm shows. Melville House, 534 pp., £21.99, July 2011, 978 1 933633 86 2 Show More. During the Axial Age (the last few centuries BC) we saw the rise of Roman, Indian and Chinese empires that all evolved hard currency systems that infiltrated all of commerce.

Lots of just really interesting stories. If a friend is unusually generous once, we will likely wish to reciprocate. I got halfway through The Gift recently, and even though it is very short, I still got distracted with other things and haven’t finish it yet – which, as the author of this says, makes me a bit like Mauss himself. It explores the historical relationship of debt with social institutions such as barter, marriage, friendship, slavery, law, religion, war and government; in short, much of the fabric of human life in society. It is easy to get swept up in that sentimThis is a book that made an impression on me. Whatever you think about the history of economic relations between people is probably not only wrong, but was taught as such intentionally, in order to control the very concepts and categories with which we think about it.

Ordinary people simply did not use coins that much, even in early civilizations that did evolve coinage, because the IOU system worked so well. A lot of people strongly disagree with his work (see the end), and I’ll admit that I got a lot more critical as soon as we entered territory where I know something about the subject material. My area is banking and finance and so I am not unfamiliar with the standard banking story. The first thesis is concerns the duality of money, as both a unit of trust and a unit of scarcity. Neither a history nor about debt. I guess it shouldn't be a surprise that yet another aspect of our economic theory is based on complete, make-believe, bullshit, demonstrating once again, that while real scientists study historical records and base their theories on evidence, economists base their theories on utopian fantasies. There is always an assumption that anyone who is not an enemy can be expected to act on the principle of “from each according to their abilities,” at least to an extent: for example, if one needs to figure out how to get somewhere and the other knows the way. Is a poor country's poor responsible for kleptocrat's bad l sometimes asking the right question on something one takes for granted opens a whole new perspective on something as common as dirt and opens one's eyes to what is behind the curtain of ordinary transactions in our life like debt. That second model feels more consistent with historical and anthropological record than the first one. Very thought provoking. It reminded me a bit of reading Freud or Girard: it’s impossibly grand in scope, and some of the explanations are pretty ridiculous, but the observations are gripping and uncomfortable. Then during the Axial age, metal became commercial money. September 16th 2011 Here we spend a lot of time talking about free trade under Islamic rule, and how commerce worked in an environment where lending money at interest was forbidden. January 10, 2018 By. The way it works is: your army marches on another nation, conquers it and seizes their riches. I first read this after my undergrad, and the book’s spirit of social imagination remains transformative. I wish I knew more about the history of currency to develop a stronger opinion, but my interest is piqued, and this seems to provide fertile groundwork for further research.Whooh.

In particular, this issue bears on our political unwillingness to change a situation where the vast majority of Americans will spend their lives paying off debts to a tiny minority who enjoy ludicrous profits from the work of the majority.It's not often that one reads a book on political economy that is as thrilling to read as a detective novel, but Graeber's Debt is just such a book. Evans-Pritchard, an anthropologist who in the 1920s carried out research among the Nuer, Nilotic pastoralists in southern Sudan, reports his discomfiture when he realized that someone had intentionally given him wrong directions: On one occasion I asked the way to a certain place and was deliberately deceived. Some people fall in love. It is a wide-ranging book, exploring debt's relationship with money, cash, barter, community, marriage, friendship, vassalage, slavery, morality, honor, law, philosophy, commerce, religion, greed, charity, violence, war and government; in short, much of the fabric of human life in society. It is what makes society possible. Up here we say that by gifts one makes slaves and by whips one makes dogs.” The last line is something of an anthropological classic, and similar statements about the refusal to calculate credits and debits can be found throughout the anthropological literature on egalitarian hunting societies.

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