![]() ![]() ![]() Interest rates spiked and the indebted became slaves. With the passage of time, however, virtual credit money was replaced by gold and silver coins-and the system as a whole began to decline. It is in this era, Graeber shows, that we also first encounter a society divided into debtors and creditors. He shows that 5,000 years ago, during the beginning of the agrarian empires, humans have used elaborate credit systems. Here anthropologist David Graeber presents a stunning reversal of conventional wisdom. The problem with this version of history? There’s not a shred of evidence to support it. ![]() Every economics textbook says the same thing: Money was invented to replace onerous and complicated barter systems-to relieve ancient people from having to haul their goods to market. ![]()
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