Debt: The First 5,000 Years, by David Graeber

in #books4 years ago

Insight into the evolution of debt, from 3,500 BC onwards.

Interesting facts:

  • Debt/credit precedes money. The author argues that debt and credit offer more logical explanation of ascent of money than simplifying barter, the reason normally stated by the economic history books.
  • Primordial debt. Concept probably not original to this book, but interesting nonetheless. I see it as an interesting way of explaining religion. Seeing a creation of human being as an unsurmountable debt to the omnipotent, explains the earthly sacrifice.

Personal rating: 7/10


If you want to understand money, this is one of the first books to pick up.

And its really an interesting view that opised a typical premise of economic texts, that see introduction of money as a response to simplify barter. Makes a lot of sense actually...

The concept of money is a great invention. David Graeber's research shows why this is the case. And he shows how the concept of money is very different, compared to how many economists perceive it to be.