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A review by huerca_armada
Debt: The First 5,000 Years by David Graeber
5.0
"But they'd borrowed the money! Surely one has to pay back their debts?"
Tracing the lineage of money, currency, financial instruments, and the titular point of the book in front of you is no small feat. But it is with these words that the late David Graeber uses to open up the multitude of questions will become the nexus of his book. What is money? How have institutions of slavery, conquest, organized religion, and state power created and encouraged the development of money, markets, and debt? And what even is debt anyways? What is it really?
Graeber deftly weaves a narrative that stretches from ancient Sumer up and through the conquests of Rome, the Medieval dark ages, the Spanish (and later, others') invasion of the Americas, the Victorian and post-World War eras, and culminating in the 2008 financial crisis. Touching upon disparate elements and cultural touchpoints from every continent, Graeber demythologizes "the markets" in every form and assumption that they have taken on through the centuries. Though the daunting concepts of virtual credit, financial instruments, debasement of currency, and others may make many curl their toes at the thought of it, Graeber never once barrages the reader with overly complicated terminology.
Almost a decade on from its first publication, it remains pointedly poignant, all the more necessary with each passing year. A must-read for anyone hoping to understand the threads of history history which have defined (and continue to define) our lives.
Tracing the lineage of money, currency, financial instruments, and the titular point of the book in front of you is no small feat. But it is with these words that the late David Graeber uses to open up the multitude of questions will become the nexus of his book. What is money? How have institutions of slavery, conquest, organized religion, and state power created and encouraged the development of money, markets, and debt? And what even is debt anyways? What is it really?
Graeber deftly weaves a narrative that stretches from ancient Sumer up and through the conquests of Rome, the Medieval dark ages, the Spanish (and later, others') invasion of the Americas, the Victorian and post-World War eras, and culminating in the 2008 financial crisis. Touching upon disparate elements and cultural touchpoints from every continent, Graeber demythologizes "the markets" in every form and assumption that they have taken on through the centuries. Though the daunting concepts of virtual credit, financial instruments, debasement of currency, and others may make many curl their toes at the thought of it, Graeber never once barrages the reader with overly complicated terminology.
Almost a decade on from its first publication, it remains pointedly poignant, all the more necessary with each passing year. A must-read for anyone hoping to understand the threads of history history which have defined (and continue to define) our lives.