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Hated Graeber's book on debt, but I thought the idea that debt preceded money was uncontroversial. Homer & Sylla go back at least to the Sumerians in 'A Histor
by JackFr 8y ago
Hated Graeber's book on debt, but I thought the idea that debt preceded money was uncontroversial. Homer & Sylla go back at least to the Sumerians in 'A History of Interest Rates'
- 0x445442 8y agoI didn't read the book but here's the way I think about things. Federal Reserve Notes represent a proxy for some "work" to be done in the future. Gold represents a proxy for "work" that's already been done. If what Graeber is getting at is the notion that I'll give you these widgets or perform this service now in exchange for some widgets or work to be done later then I would agree, debt did exist before money.
- dnautics 8y agothe money replaced barter model is a pretty prevalent just-so story in econ departments. It even made it into a PSA infomercial (starting about 1:30, but the whole thing is a gem) : https://www.youtube.com/watch?v=JUvm9UgJBtg https://www.youtube.com/watch?v=JUvm9UgJBtg