Debt: The First 5,000 Years by David Graeber

Debt: The First 5,000 Years by David Graeber

Every economics textbook begins with barter: people swapped goods, it was inconvenient, so they invented money. Graeber, an anthropologist, points out that no such society has ever been found, and that the sequence runs the other way — credit came first, coins much later.

From there he traces five thousand years in which debt has been the language of morality: jubilees in Mesopotamia, the connection between coinage and standing armies, the moral weight of owing, the interruption of the Middle Ages, and the credit economy after 1971. The chapter on why we feel debts must be paid even when they were unjust is the heart of it.

One of the most influential works of social science this century, updated and expanded.

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