Debt - 10th Anniversary Edition

Debt, 10th Anniversary Edition by David Graeber is a revolutionary work that redefines our understanding of the origins and impact of debt on human societies. This special edition, featuring a new introduction by renowned economist Thomas Piketty, delves into the intricacies of economic history, challenging long-held beliefs about the development of money and credit systems.

Contrary to the traditional narrative found in economics textbooks, which suggests that money was invented to simplify barter systems, Graeber presents compelling evidence that debt, not money, was the foundation of early economic transactions. Through meticulous research, he demonstrates that for over 5,000 years, from the dawn of the first agrarian empires, complex credit systems were utilised to facilitate trade and commerce, predating the creation of coinage and cash.

Graeber explores the profound implications of these credit systems, illustrating how they established the roles of debtors and creditors and influenced social hierarchies and power dynamics. By examining historical debates on debt and forgiveness, which sparked numerous political unrests from ancient Italy to China, he reveals how these ancient arguments continue to shape modern socio-economic policies and ideologies.

The book also highlights how our moral concepts, encapsulated in words like "guilt", "sin", and "redemption", have their roots in ancient debt discourse. These terms, originating from early legal and religious contexts, underscore how indebtedness has moulded our basic understanding of morality and justice.

Debt: The First 5,000 Years is a captivating exploration of a lesser-known aspect of economic history. By reframing the narrative around debt, Graeber offers profound insights into how historical financial practices have influenced contemporary economic structures and societal norms. This book is not just a historical account; it is a critical analysis of how debt has been, and continues to be, a driving force in human civilisation, posing important questions about our economic future in the process.

Whether you are an economist, historian, anthropologist, or an inquisitive reader, Debt, 10th Anniversary Edition, with its engaging narrative and thought-provoking arguments, promises to transform your understanding of how debt has been an integral part of our human past and remains pivotal to our present and future.