Debt: The First 5,000 Years
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Fresh...fascinating...Graeber's book is not just thought provoking, but also exceedingly timely. --Gillian Tett, Financial Times
[Graeber's] writings on anthropological theory are outstanding. I consider him the best anthropological theorist of his generation from anywhere in the world. --Maurice Bloch, Professor of Anthropology, LSE
An alternate history of the rise of money and markets, a sprawling, erudite, provocative work. --Drake Bennett, Bloomberg Business Week
[Graeber's] writings on anthropological theory are outstanding. I consider him the best anthropological theorist of his generation from anywhere in the world. --Maurice Bloch, Professor of Anthropology, LSE
An alternate history of the rise of money and markets, a sprawling, erudite, provocative work. --Drake Bennett, Bloomberg Business Week
Product Description
Economic history states that money replaced a bartering system, yet there isn't any evidence to support this axiom. Anthropologist Graeber presents a stunning reversal of this conventional wisdom. For more than 5,000 years humans have used elaborate credit systems to buy and sell goods. Since the beginning of the agrarian empires, humans have been divided into debtors and creditors. Through time, virtual credit money was replaced by gold and the system as a whole went into decline. This fascinating history is told for the first time.
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Most Helpful Customer Reviews
25 of 25 people found the following review helpful:
5.0 out of 5 stars
Community, Trust and Debt,
By
This review is from: Debt: The First 5,000 Years (Hardcover)
If you're thinking about studying economics, you should read this book first. If you've already studied economics, you should read this book, but be prepared to be disappointed in the critical faculties of your previous teachers. If you're studying economics, don't read this book - it contradicts too much of what you need to amass to pass your exams - yet.Seriously, this is a great book. It teaches, generates reactions, inspires new thoughts and encourages further exploration. You want to strangle the author at a couple of points, and he's not short of opinions worth strangling someone about. There are (some) laughs. A previous reviewer rightly notes the lacuna of Hayek. But ... Graeber is an anthropologist squaring off against entire professions and generations of economists and financiers and bankers and government monetary policy-makers across a new battlefield (the study of how people behave). He scores some telling hits - the myth of the origins of barter, new ways of looking at the reasons behind the rise (till recently) of the West (and it isn't pleasant), the rise and fall of paper money in China, why the state matters, faith-salvation-and-debt, and builds a fundamental premise - communities form when people are prepared to be indebted to one another. If this were the last book on the subject, sure it's incomplete and has a few flaws. But it's not the last; rather a fundamental read along an important road - when would we know our financial system is working?
41 of 42 people found the following review helpful:
5.0 out of 5 stars
Nobody owes those bankers anything,
This review is from: Debt: The First 5,000 Years (Hardcover)
Not only does Graeber make sense of the earliest origins of monetary debt some 5,000 years ago, when militaristic states first appeared. The investigation broadens into an extraordinarily ambitious overview of the entire span of written history. As Graeber proceeds, he confidently overturns the conceptual underpinnings of the entire discipline of economics, together with its many insidious extensions into religion, philosophy and science. Money didn't emerge as a medium of exchange between free agents. Graeber pours scorn on Adam Smith's mythic narrative in which men engage in barter until the arrival of that brilliant new invention - money. He turns instead to Marcel Mauss' classic book, The Gift. Left to themselves, humans are spontaneous communists. They value their relationships more than they value things. Why lay claim to a possession, if not to pass it on as a gift? The tension between giving and receiving would be cancelled out by an immediate return. The longer the interval between gift and counter-gift, the more impressive the demonstration of trust. Money annihilates all this.So how did money originate? It began, explains Graeber, with conquest and extortion. Some violent patriarchal thug - Hernan Cortes in Mexico is a recent European illustration - persuades his henchmen to sign up for a campaign of rape, pillage and slaughter. The project rests on a promise: once the loot has been stolen, the accomplices may expect their share. So before setting out, the adventurer must issue his promissory notes - his advance undertakings to pay. These can be accepted and circulated as tokens of value - but only on one condition. Sufficient trust must prevail. But trust in this context differs in kind from that which so inspired Mauss. We're not talking about gift-giving or love. All that's required is trust in the prospects of the military campaign - confidence that sufficient loot will be obtained. In the final analysis, `money' rests on that and nothing else: the henchmen's expectation that their leader's campaign will succeed in extracting the promised loot for subsequent distribution among the thieves. Should that confidence falter, the entire system will inevitably collapse. Like any good anthropologist, Graeber has no time for economics. The very idea that there is such a thing as `the economy' is itself an ideological fiction. More historian than economist, Graeber discusses how, from earliest times, politics, warfare, violence and deception - not to mention sex, love, solidarity and truth - have combined in complex ways to constitute our productive and imaginative lives. If you don't appreciate anthropology, you may not like any of this. I can imagine Graeber's academic critics accusing him of not being sufficiently theoretical. He burdens us with almost no specialist terminology; he steers clear of arcane debates. If you want a technical treatise on the underpinnings of the current financial crisis, you may feel disappointed. Avoiding the temptation to blind us with science, Graeber writes like a proletarian - in straightforward, comprehensible English. The book includes exhaustive notes and references, direct quotes, illuminating graphs where needed, a bibliography and a good index. My copy was sprinkled throughout with minor typographical errors, adding nicely to the impression of an anarchist at work. I love this book because it strips away so many myths. Money is rooted in extortion. `Debt' is a vague concept, its very ambiguities serving to disguise extortion as moral obligation. The conquered must pay up because - runs the argument - we inhabit a moral universe. Graeber concludes by asking: Do we really owe those bankers anything at all?
25 of 26 people found the following review helpful:
4.0 out of 5 stars
Sex, Money, Death, War. What's not to like?,
This review is from: Debt: The First 5,000 Years (Hardcover)
Graeber provides us with a fascinating exploration of debt and its relationship to money, economic systems, and society itself. He wears his heart on his sleeve, from the start of the book where he tells the reader about his contempt for the IMF, to the end of the book where he puts in a good word for the non-industrious poor.He also tells us some fascinating tales about how other societies have organised exchange. For me this is where he's at his strongest. The book is worth the price alone just to hear about the Gunwinggu tribe who seem to have sorted out a very appealing alternative to capitalist economic relations. In the same vein, the Lele tribe's 'village wife' adds some more spice to the story, as Graeber goes where economists fear to tread; to the idea that we are ambivalent sexual creatures not just self-interested rational automotons. Slavery, sex, death, war and marriage across human history form the backdrop to his examination of debt. What's not to like? Well, there are a couple of things that knocked one star from this review. For me Greaber fails to distinguish between money and currency. Although this is a common problem in almost everything I've ever read about money. Towards the close of the book he describes money as 'not "really" anything'. This feels like a bit of a cop out. Would he same the same about love? A more serious criticism is his failure to even mention the Lord of Libertarianism, Hayek. For Hayek, money was a institution born of price that was determined through the magic of markets. Graeber has interesting stuff to say about free markets and the state; he tackles Adam Smith, and finds sympathy with Keynes. But Hayek remains the elephant in the room. Anthropology has so much to teach us about money, debt, and exchange. It should be a requirement that anyone who refers to themselves as a banker or economist should study it. Graeber's book would be a good place to start.
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