Hardcover, 534 pages
English language
Published May 21, 2011 by Melville House.
The author shows that before there was money, there was debt. For 5,000 years humans have lived in societies divided into debtors and creditors. For 5,000 years debt and debt forgiveness have been at the center of political debates, laws and religions. The words “guilt,” “sin,” and “redemption” come from ancient debates about debt. These terms and the ideas of debt shape our most basic ideas of right and wrong.
It can be dense or dry, but I enjoy the history of world economies and what Graeber had to say about bartering and Adam Smith.
This book takes a very abstract subject and, through great examples and engaging writing, makes it come alive. I learned a lot from it.
I read three books to understand what I thought was significant about Doctorow's philosophical arguments in Walkaway: Walkaway, Down and Out in the Magic Kingdom, and Debt: the first 5000 years by Graeber.
I haven't looked into economics much since my AP econ. class in High school. I must say, I don't like the discipline much. However, I do understand its power to shape the world.
As far as I can tell, Graeber makes these points in Debt: the First 5000 Years
1) The barter economy used to justify the existence of money and by extension, capitalism, never existed. This mythic barter economy is the origin story of economics.
2) Credit economies are far more common in history. These credit economies were sometimes used as a kind of mutual aid in communities.
3) Much of the time, currency was summoned into existence by monarchs to fund wars. This forced the …
I read three books to understand what I thought was significant about Doctorow's philosophical arguments in Walkaway: Walkaway, Down and Out in the Magic Kingdom, and Debt: the first 5000 years by Graeber.
I haven't looked into economics much since my AP econ. class in High school. I must say, I don't like the discipline much. However, I do understand its power to shape the world.
As far as I can tell, Graeber makes these points in Debt: the First 5000 Years
1) The barter economy used to justify the existence of money and by extension, capitalism, never existed. This mythic barter economy is the origin story of economics.
2) Credit economies are far more common in history. These credit economies were sometimes used as a kind of mutual aid in communities.
3) Much of the time, currency was summoned into existence by monarchs to fund wars. This forced the lower classes to sell their goods for the currency on threat of violence.
4) Money is three things at the same time: a token of value, a reciept for debt, and a measure of value.
5) The combination of honor economies and money lead the the monetization of women that lead to the power of the patriarchy. Also, slavery was not wide spread until human economies and monetary economies collided.
6) Honor is the ability to tear other people away from their contexts.
7) The ideas of greed and charity are complementary. Those who realize this practice mutual aid.
8) Impersonal, commercial markets turn love into debt and violence into valuable widgets torn from their contexts.
Walkaway appeals to me because it is finally an imagining outside of the system of capitalist violence toward mutual aid. Finally, a story that doesn't assume that love becomes debt and violence becomes wealth.
PDF: warwick.ac.uk/fac/arts/english/currentstudents/undergraduate/modules/fulllist/special/statesofdamage/syllabus201516/graeber-debt_the_first_5000_years.pdf
