Birth of the Age of Debt: How a Financial Revolution Shaped Modern Civilization

By David Graeber

In Birth of the Age of Debt, renowned historian David Graeber traces the origins of our modern financial system back to the ancient Near East, where the first forms of debt emerged. Graeber argues that debt has been a central force in shaping human history, from the rise of empires to the development of capitalism. He explores the ways in which debt has been used to control people, to create wealth, and to fuel wars. Birth of the Age of Debt is a groundbreaking work that challenges our understanding of the role of money in society.

The Asian Financial Crisis 1995–98: Birth of the Age of Debt

by Russell Napier

4.4 out of 5

Language	:	English
File size	:	884 KB
Text-to-Speech	:	Enabled
Enhanced typesetting	:	Enabled
X-Ray	:	Enabled
Word Wise	:	Enabled
Print length	:	341 pages
Screen Reader	:	Supported

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The Invention of Debt

The first forms of debt emerged in the ancient Near East around 3500 BCE. These early debts were typically small, short-term loans made by wealthy landowners to poor farmers. The farmers would use the loans to buy seeds, tools, and other supplies needed to plant their crops. Once the crops were harvested, the farmers would repay their loans with interest.

Debt quickly became a powerful tool for controlling people. Wealthy landowners could use debt to force poor farmers to work for them. They could also use debt to seize land and other property from farmers who could not repay their loans. Debt was also used to finance wars. Kings and other rulers would borrow money from wealthy merchants and use it to raise armies and fight wars. The wars would often lead to the conquest of new territories, which would then be used to generate even more wealth and debt.

The Rise of Capitalism

The rise of capitalism in the 16th century led to a major transformation of the financial system. The development of new forms of credit, such as the bill of exchange and the promissory note, made it possible for merchants to borrow money more easily. This led to a rapid expansion of trade and commerce. The growth of capitalism also led to the development of new forms of debt, such as the mortgage and the corporate bond. These new forms of debt allowed people to borrow money to buy homes, start businesses, and invest in new technologies.

Debt played a central role in the development of capitalism. It allowed merchants to borrow money to finance their businesses. It also allowed people to buy homes and start businesses with borrowed money. Debt was also used to finance wars and other government spending. The growth of debt led to a dramatic increase in wealth and prosperity, but it also led to a number of problems, such as inflation and financial crises.

The Global Financial Crisis

The global financial crisis of 2008 was the most severe financial crisis since the Great Depression. The crisis was caused by a number of factors, including the subprime mortgage crisis, the collapse of the housing market, and the failure of several major banks. The crisis led to a global recession and a loss of trillions of dollars in wealth. The crisis also raised serious questions about the sustainability of our current financial system.

The global financial crisis is a reminder that debt is a double-edged sword. It can be a powerful tool for creating wealth and prosperity, but it can also be a source of instability and кризис. It is important to understand the history of debt and the ways in which it has been used to shape human history. Only then can we hope to avoid the mistakes of the past and create a more sustainable financial future.

Birth of the Age of Debt is a groundbreaking work that challenges our understanding of the role of money in society. Graeber argues that debt has been a central force in shaping human history, from the rise of empires to the development of capitalism. He explores the ways in which debt has been used to control people, to create wealth, and to fuel wars. Birth of the Age of Debt is a must-read for anyone who wants to understand the history of our financial system and the challenges that we face today.

The Asian Financial Crisis 1995–98: Birth of the Age of Debt

by Russell Napier

4.4 out of 5

Language	:	English
File size	:	884 KB
Text-to-Speech	:	Enabled
Enhanced typesetting	:	Enabled
X-Ray	:	Enabled
Word Wise	:	Enabled
Print length	:	341 pages
Screen Reader	:	Supported

FREE