Debt: The First 5000 Years - autonomous learning

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430 NOTES only understands what is personally profitable" (Analects 7·4·16). 65. The Mohist path--overtly embrace financial logic-was the less well trodden. We've already seen how in India and Greece, attempts to frame morality as debt went nowhere: even the Vedic principles are ostensibly about liberation from debt, which was also, as we've seen, a central theme in Israel. 66. Leenhardt 1979:164. 67. This interpretation does fly fairly directly in the face of the main thrust of scholarship on the issue, which tends instead to emphasize the "transcendental" nature of Axial Age ideas (e.g., Schwartz 1975, Eisenstadt 198z, 1984, 1986, Roetz 1993, Bellah zoos). 68. The Greek system actually began with Fire, Air, and Water, and the Indian with Fire, Water, and Earth, though in each case there were numerous elaborations. The Chinese elemental system was fivefold: Wood, Fire, Earth, Metal, Water. 69. In Christianity, at least in the Augustinian tradition, this is quite explicit: the material world does not in any sense partake of God; God is not in it; it was simply made by Him (De civitate dei 4.12)-this radical separation of spirit and nature being-according to Henri Frankfort (1948:34Z-44)-a peculiarity of the Judaeo-Christian tradition. That same Augustinian tradition, though, also drew on Plato to insist that reason, on the other hand-the abstract principle which allows us to understand such things, and which is entirely separate from matter-does partake of the divine (see Hoitenga 1991:nz- 14, for the conflict in Augustine's own ideas here). 70. Shell's essay "The Ring of Gyges" (1978) has already been cited in the last chapter, in my discussion of Plato; Seaford 1998, 2004· 71. This is based on the fact that Miletus was one of the cities, if not the first city, to produce coins of small enough denominations that they could be used for everyday transactions (Kraay 1964:67). 7z. Heraclitus was from the nearby Ionian city of Ephesus and Pythagoras originally from the Ionian island of Samos. After Ionia was incorporated into the Persian empire, large numbers of Ionians fled to southern Italy, which then became the center of Greek philosophy, again, at just the period when the Greek cities there became thoroughly monetarized. Athens became the center of Greek philosophy only in the fifth century, which is also when Athens was militarily dominant and the Athenian "owl" coinage became the main international currency of the Eastern Mediterranean. 73· Or as Seaford (zoo4:zo8) puts it, echoing Anaximander's description of his primal substance, "a distinct, eternal, impersonal, all-embracing, unlimited, homogeneous, eternally moving, abstract, regulating substance, destination for all things as well as their origin" (or, at least, "all things" that were available for purchase.) 74· Seaford zoo4:136-46; see Picard 1975; Wallace 1987; Harris zoo8a:10. Purely "fiduciary" money is of course what a metallist would call "fiat" or "token" money, or a Keynesian, "charta! money." Despite Finley's arguments to the contrary (1980:141, 196), just about all ancient money was fiduciary to some extent. It's easy to see why coins would ordinarily circulate at a higher face value than their weight in gold or silver, since the price of the latter would tend to fluctuate, but the moment the coin's face value was lower than that of its metal content, there would be no reason not to melt it down. 75· In the case of truly large states like the Roman or Mauryan empires, inflation did eventually result, but the full effects were not felt for at least a century (see Ingham zooz:1o1-4, Kessler & Temin zooS, Harris zoo8b for some good discussions of the Roman situation.) 76. Seaford zoo4:138-39·
NOTES 431 77· I am partly inspired here by Marcel Mauss's arguments about of the concept of substance (Allen 1998). 78. Hence, as we'll see Aristotle's position that a coin was only a social convention (Nicomachean Ethics 1133a2
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DEBT
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© 2011 David Graeber First Melvill
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Chapter One ON THE EXPERIENCE OF MO
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ON THE EXPERIENCE OF MORAL CONFUSIO
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ON THE EXPERIENCE OF MORAL CONFU.S
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ON THE EX PERIEN CE OF MORAL CONFUS
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22 DEBT that there is something ver
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24 DEBT can make them both happier.
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26 DEBT so many examples, we have a
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28 DEBT "The economy" is where we i
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30 DEBT aside their weapons to sing
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32 DEBT Then visltlng men of one mo
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34 DEBT palm off the faulty object
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36 DEBT The message is conveyed, an
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38 DEBT In the early days of the Ne
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40 DEBT independently) were among t
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Chapter Three PRIMORDIAL DEBTS In b
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PRIMORDIAL DEBTS 45 barter systems.
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PRIMORDIAL DEBTS 47 circulating aro
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PRIMORDIAL DEBTS 49 Modern banknote
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PRIMORDIAL DEBTS 51 language of the
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PRIMORDIAL DEBTS 53 families such a
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PRIMORDIAL DEBTS 55 Neither was Key
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PRIMORDIAL DEBTS 57 Sacrifice (and
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PRIMORDIAL DEBTS 59 For instance, I
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PRIMORDIAL DEBTS 61 abundantly clea
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PRIMORDIAL DEBTS 63 interest-bearin
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PRIMORDIAL DEBTS 65 were in financi
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PRIMORDIAL DEBTS 67 pay a debt to s
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PRIMORDIAL DEBTS 69 be possible to
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PRIMORDIAL DEBTS 71 The problem is
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74 DEBT Persian government probably
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76 DEBT To illustrate, let me call
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78 DEBT In other words, for Nietzsc
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80 DEBT to think about our relation
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82 DEBT slate" edict-having himself
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84 DEBT humans-in this particular c
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86 DEBT It's particularly striking
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Chapter Five A BRIEF TREATISE ON TH
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THE MORAL GROUNDS OF ECONOMIC RELA
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THE MORAL GROUNDS OF ECONOMIC RELAT
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THE MORAL GROUNDS OF ECONOMIC RELAT
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Chapter Six GAMES WITH SEX AND DEAT
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GAMES WITH SEX AND DEAT H 12 9 off
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GAMES WITH SEX AND DEAT H 13 1 Mone
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GAMES WITH SEX AND DEAT H 13 3 more
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GAMES WITH SEX AND DEAT H 13 5 a fi
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GAMES WITH SEX AND DEAT H 13 7 Bloo
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GAMES WITH SEX AND DEAT H 13 9 whil
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GAMES WITH SEX AND DEAT H 14 1 you:
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GAMES WITH SEX AND DEATH 14 3 affai
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GAMES WITH SEX AND DEAT H 14 5 This
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GAMES WITH SEX AND DEAT H 14 7 pres
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GAMES WITH SEX AND DEATH 14 9 into
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GAMES WITH SEX AND DEATH 15 1 On ar
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GAMES WITH SEX AND DEATH 153 always
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GAMES WITH SEX AND DEAT H 15 5 chai
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GAMES WITH SEX AND DEAT H 157 dream
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GAMES WITH SEX AND DEAT H 159 the c
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GAMES WITH SEX AND DEATH 161 Anthro
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GAMES WITH SEX AND DEAT H 16 3 I me
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Chapter Seven HONOR AND DEGRADATI O
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HONOR AND DEGRADAT ION 16 7 Readers
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HONOR AND DEGRADATION 169 eliminate
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HONOR AND DEGRADA TION 171 all know
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HONOR AND DEGRADATION 17 3 sacrosan
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HONOR AND DEGRADATION 17 5 her fath
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HONOR AND DEGRADAT ION 17 7 The wor
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HONOR AND DEGRADAT I ON 17 9 scale
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HONOR AND DEGRADATION 18 1 The most
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HONOR AND DEGRADATION 18 3 to which
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HONOR AND DEGRADA TION 18 5 that th
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HONOR AND DEGRADA TION 18 7 Greek c
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HONOR AND DEGRADATION 18 9 imaginar
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HONOR AND DEGRADATION 19 1 hierarch
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HO NOR AND DEGRADATION 19 3 day the
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HONO R AND DEGRA DATION 195 enforce
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HO NO R AND DEGRADATION 197 succeed
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HONO R AND DEGRADAT IO N 199 that i
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HONOR AND DEGRADA TION 201 or "hous
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HONOR AND DEGRADATION 203 century A
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HONOR AND DEGRADA TION 205 noble cl
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HONOR AND DEGRADATION 207 ourselves
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HONOR AND DEGRADATION 209 lifted fr
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Chapter Eight CREDIT VERSUS BULLION
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CREDIT VE R SUS BULL I ON 213 From
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CREDIT VE RSUS BULLION 215 could ci
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CREDIT VERSUS BULLION 217 abolished
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CREDIT VE RSUS BULL I ON 219 By the
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CREDIT VE R SUS BULLION 221 Other v
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224 DEBT with ascetics and sages fl
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226 DEBT to say; it was removed fro
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228 DEBT Carthage lasted longer, bu
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230 DEBT invading army; and ancient
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232 DEBT So that they laugh at thos
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234 DEBT brought under government c
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236 DEBT and peasant leader named L
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238 DEBT appear in all the same tim
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240 DEBT Lti adopted the prince's c
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242 DEBT His conclusion: if one cou
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244 DEBT Once, waiting to assess th
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246 DEBT fees, or legal penalties.
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248 DEBT supreme being, or whether
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250 DEBT As for the religious movem
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252 DEBT abandoned and the economy
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254 DEBT ends by saying that this w
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256 DEBT Hindu temples alone must h
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258 DEBT China: Buddhism and the Ec
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260 DEBT "the market"-owing to the
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262 DEBT of the illusory nature of
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264 DEBT act of breastfeeding, the
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266 DEBT so large, and so rich, adm
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268 DEBT (Mothers, and caregiving w
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270 DEBT promissory notes, as well
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272 DEBT in exactly the same situat
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274 DEBT that those coins be render
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276 DEBT About 900 a great man paid
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278 DEBT book-keeping along with se
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280 DEBT are realized, and the succ
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282 DEBT Much of our free-market do
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284 DEBT give in to his entreaties.
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286 DEBT hope in recovering it, a l
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288 DEBT this regard. They insisted
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290 DEBT usually held that a mercha
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292 DEBT most famous for their comp
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294 DEBT out of trouble, as it were
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296 DEBT sublimated, romanticized i
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298 DEBT We can see the same tensio
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300 DEBT intellectual problem of th
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302 DEBT the left and right (someti
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304 DEBT effectively risk-free inve
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Chapter Eleven AGE OF THE GREAT CAP
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AGE OF THE GREAT CAPITALIST EMPIRES
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AG E OF THE GREAT CAPITALIST EMPIRE
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Chapter Twelve (1971-The Beginning
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(1971-THE BEGINNING . . . ) 363 som
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(1971-THE BEGINNING . . . ) 365 whi
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(1971-THE BEGINNING . . . ) 367 val
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(1971-THE BEGINNING ... ) 369 of th
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(1971-THE BEGINNING . . . ) 371 CHI
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(1971-THE BEGINNING . . . ) 373 of
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(1971-THE BEGINNING ... ) 375 with
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(1971-THE BEGINNING . . . ) 377 aro
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Page 402 and 403: 394 NOTES law in 18oo foundered; th
Page 404 and 405: 396 NOTES people will continue to c
Page 406 and 407: 398 NOTES resistance. The bi-metall
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Page 410 and 411: 402 NOTES 8. As I remarked earlier,
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Page 414 and 415: 406 NOTES business deal that appear
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Page 420 and 421: 412 NOTES information on whether in
Page 422 and 423: 414 NOTES not on the institution, w
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Page 448 and 449: 440 NOTES 121. It was a firm from C
Page 450 and 451: 442 NOTES 149. Later still, as cash
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Page 458 and 459: 450 NOTES 106. Usually in order to
Page 460 and 461: 452 NOTES 18. See dailybail.com/hom
Page 463 and 464: BIBLIOGRAPHY Abraham, Roy Clive. 19
Page 465 and 466: BIBLIOGRAPHY 457 ---. 20or. Hacksil
Page 467 and 468: BIBLIOGRAPHY 459 ---. 1992. Everyda
Page 469 and 470: BIBLIOGRAPHY 461 Clavero, Bartolome
Page 471 and 472: BIBLIOGRAPHY 463 Douglas, Mary. 195
Page 473 and 474: BIBLIOGRAPHY 465 Federal Reserve Ba
Page 475 and 476: BIBLIOGRAPHY 467 ---. 2ooo. "The Ec
Page 477 and 478: BIBLIOGRAPHY 469 Grosz, Katarzyna.
Page 479 and 480: BIBLIOGRAPHY 471 Hopkins, Keith. 19
Page 481 and 482: BIBLIOGRAPHY 473 Jevons, W. Stanley
Page 483 and 484: BIBLIOGRAPHY 475 ---. 2.005. "The A
Page 485 and 486: BIBLIOGRAPHY 477 Littlefield, Henry
Page 487 and 488: BIBLIOGRAPHY 479 Miller, Joseph. 19
Page 489 and 490:
BIBLIOGRAPHY 481 ---. 2005. Manu's
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BIBLIOGRAPHY 483 Puett, Michael J.
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BIBLIOGRAPHY 485 ---. 2007. "The Mo
Page 495 and 496:
BIBLIOGRAPHY 487 ---. 1990. Road to
Page 497 and 498:
BIBLIOGRAPHY 489 Uebach, Helga. 2oo
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BIBLIOGRAPHY 491 Whitaker, C. W. A.
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INDEX A Abbasid Caliphate, 169, 272
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INDEX 495 Bank of England creation
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INDEX 497 on "redemption," 80-8 1 R
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INDEX 499 Charlemagne, King, 48-51
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INDEX 501 sous, French, 48, 395n28,
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INDEX 503 Da Republica (Bodin), 329
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INDEX 505 Die Wibelungen (Wagner),
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INDEX 507 market economies, emergen
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INDEX 509 G Gabon, 16 Galey, Jean-C
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INDEX 511 Greek elemental system, 2
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INDEX 513 "hundred schools" of phil
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INDEX 515 princes proverb in, 273,
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INDEX 517 societal hierarchies in,
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INDEX 519 merchants in Christrianit
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INDEX 521 negative views of, 290, 4
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INDEX 523 pawns/pawnship debt pawns
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INDEX 525 pseudo-Dionysius, 442n155
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INDEX 527 Seaford, Richard, 244-247
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INDEX 529 capitalism and, 379 langu
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INDEX 531 Testart, Alain, 409n6, 41
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INDEX 533 feast, gift exchange and,
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