I’d mostly heard before that recoinings were economically disruptive events. As a sociologist, I've been despairing of late at the paucity of imagination and theoretical innovation in social science research. How did hard currency take over commerce? Essentially, the author explores, through history and anthropology, the tension between the common beliefs that one should always pay one's debts and that to make a profit on lending money is wrong. What are the functions of Debt? Book review of Debt: The First 5,000 Years by David Graeber. Granted, everything recent hits hard and fast at the end, and frankly deserves a lot more ink, but the analyses of how civilization arose side-by-side with debt are pretty fascinating, as are the detailed explanations of how economic systems arose in various places around the world -- Graeber's an anthropologist, and his enthusiasm shows. On the one hand, I can understand -- look, you just can't be an expert on the entirety of history, and writing about recent history would probably be the most challenging foWhooh. The first thesis is concerns the duality of money, as both a unit of trust and a unit of scarcity.

[2020-09-03 Update: RIP David Graeber, your works have been an inspiration, may they continue to inspire...][2020-09-03 Update: RIP David Graeber, your works have been an inspiration, may they continue to inspire...]I haven't finished reading yet, and I will try to write a more substantive review of this book once I've had time to wrap my head around the contents, but until such time has come, I would simply propose to consider this book the new answer to Douglas Adams's I haven't finished reading yet, and I will try to write a more substantive review of this book once I've had time to wrap my head around the contents, but until such time has come, I would simply propose to consider this book the new answer to Douglas Adams's This might be the most important book you read this decade. HG370l.G73 2010 332-dc22 2010044508 Young adults begin economic life saddled with student debt that recently reached a trillion dollars, limiting their purchasing power. So we invented money as a way to solve the coincidence of wants problem. My area is banking and finance and so I am not unfamiliar with the standard banking story. You probably know what happened next, which is 500 years of unthinkable brutality, conquest and empire-building. (Remember, by the way, that for most of world history the Chinese economy was the biggest and richest in the world, and China switching back to gold and silver set off a chain of events that changed everything.

If you like your books to be robustly argued with appropriate credence given to opposing arguments, I suggest you pick up something else. Second, “injurious debts”: settling wrongs in situations where trust has broken down, and one party is seen as “in the wrong”, and compelled to pay what is effectively tribute to the injured party. Graeber asks what the phrase "You have to pay your debts" really means, and his answer involves a looping historical, anthropological, linguistic, and philosophical inquiry into the nature of currency, coinage, and capitalism.This might be the most important book you read this decade. Perhaps because he is an anthropologist, not an economist, he is able to take on a seemingly boring and pedestrian topic, and write an eye-opening book which addresses the origins of the current crisis of capitalism.If you think capitalism and modern economics are the worst thing to ever happen to the world, this will be a great feel good read for you. The precious metal positive feedback cycle went into high gear, and dragged the world along with it. "I think of Goodreads stars as the following: 1, shouldn't have been published; 2, terrible; 3, pretty good; 4, really good; 5, everyone should read this (because it's eye-opening, incredibly skillful, and/or beautiful).I think of Goodreads stars as the following: 1, shouldn't have been published; 2, terrible; 3, pretty good; 4, really good; 5, everyone should read this (because it's eye-opening, incredibly skillful, and/or beautiful).Okay that's much better! Essentially, the author explores, through history and anthropology, the tension between the common beliefs that one should always pay one's debts and that to make a profit on lending money is wrong.

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