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Trading in debt isn't an alternative to markets, it's a market with debt as the currency. Regardless, the "spot trade" as you put it is also older than nation-s
by nybble41 7y ago
Trading in debt isn't an alternative to markets, it's a market with debt as the currency. Regardless, the "spot trade" as you put it is also older than nation-states, not something they created.
- mempko 7y agoI good book I suggest is Debt the First 5000 Years by David Graeber. It will blow your mind.
- nybble41 7y agoI've seen it, and didn't find it very convincing. Graeber presents some interesting anecdotes regarding selected ancient social conventions, which may or may not be accurate[1], but—in my opinion—even taken at face value they don't really support his conclusions regarding the nature of debt. Perhaps the book would seem more compelling to someone who already shares the author's worldview. [1] https://www.bradford-delong.com/2014/12/2014-11-24-mo-ann-leckie-on-david-graebers-debt-the-first-5000-mistakes-handling-the-sumerian-evidence-smackdown.html https://www.bradford-delong.com/2014/12/2014-11-24-mo-ann-le...