,DEBT1 ,SLAV]Y & ,\R ,IDEA ( ,FRE$OM 

,PEOPLE 3 

,AU?OR 3 ,DAVID ,GRAEB] 

,TEXT 3 

,P>T #a 

,DAVID ,GRAEB] IS A ,READ] ( ,AN?ROPOLOGY AT ,GOLDSMI?'S1 ,LONDON1 & A LEFT-W+ POLITICAL ACTIVI/4 ,HIS MO/ REC5T BOOK1 ,DEBT3 ,! ,FIR/ #e ,YE>S1 HAS JU/ BE5 PUBLI%$ 9 ! ,U,K4 ,IT LOOKS AT ! EVOLUTION ( DEBT AS BO? A MORAL & AN ECONOMIC CONCEPT1 DRAW+ ON AN?ROPOLOGICAL EVID5CE FROM A WIDE RANGE ( SOCIETIES1 BO? CONTEMPOR>Y & HI/ORICAL4 

,I MET UP ) ,DAVID TO DISCUSS SOME ( ! >GUM5TS 9 ! BOOK4 ,9 ! FIR/ ( A TWO-P>T 9T]VIEW1 HE EXAM9ES H[ ! LANGUAGE ( MORALITY BECAME ! LANGUAGE ( DEBT1 & H[ \R BASIC MORAL & LEGAL CONCEPTS HAVE BE5 PR(\NDLY %AP$ BY A HI/ORY ( W> & SLAV]Y4 

,9 A REC5T COLUMN CRITICIZ+ RI<T-W+ ,REPUBLICANS = BE+ CAVALI] AB\T POSSIBILITY ( DEFAULT1 ,DAVID ,BROOKS MADE ! FOLL[+ COMM5T3 

0,! MEMB]S ( ?IS MOVEM5T .<I4E4 ,TEA ,P>TY ,REPUBLICANS.> HAVE NO S5SE ( MORAL DEC5CY4 ,A NATION MAKES A SACR$ PL$GE TO PAY ! MONEY BACK :5 IT BORR[S MONEY4 ,BUT ! MEMB]S ( ?IS MOVEM5T TALK BL&LY ( DEFAULT & >E WILL+ TO /A9 !IR NATION'S HONOR40 

,?IS 9T]TW9+ ( ! LANGUAGE ( DEBT ) ?AT ( MORALITY IS A MA9 !ME ( Y\R BOOK4 ,C\LD Y\ TALK A BIT AB\T ITS HI/ORY8 

,! IDEA ?AT 'HONOR' & 'CR$IT' >E ! SAME ?+ OCCURS 9 SITUATIONS 9 :I* PEOPLE >E TRAD+ ) EA* O!R DIRECTLY4 ,IF !RE IS SOME K9D ( M>KET1 & DEBTS >E D5OM9AT$ 9 MONEY1 BUT Y\ CAN'T HAUL SOMEONE (F TO JAIL OR BREAK !IR LEGS IF !Y DON'T MEET !IR OBLIGATIONS1 !N TO OP]ATE SUCCESSFULLY AS A BUS9ESS Y\R HONOR IS Y\R GREATE/ RES\RCE4 ,9 M$IEVAL ,>ABIC LAW - ,%>IA LAW - CR$IT WAS CAPITAL3 Y\R P]SONAL HONOR WAS A =M ( CAPITAL1 & WAS LEGALLY RECOGNIZ$ AS SU*4 ,SO ,BROOKS'S COMM5TS >5'T AS CRAZY AS ALL ?AT1 BECAUSE /ATES ACTUALLY CAN'T =CE EA* O!R TO PAY4 

,BUT !RE IS AN IRONY 9 ?9K+ ( A PROMISE MADE BY A /ATE TO PAY A DEBT AS SOME?+ ABSOLUTELY SACR$4 ,AFT] ALL1 A DEBT IS JU/ A PROMISE1 & POLITICIANS MAKE ALL SORTS ( DIFF]5T PROMISES4 ,!Y BREAK MO/ ( !M4 ,SO :Y >E !SE PROMISES ! ONLY ONES ?AT !Y CAN'T BREAK8 ,IT IS CONSID]$ COMPLETELY NORMAL = SOMEONE LIKE ,NICK ,CLEGG TO SAY1 'WELL ( C\RSE WE PROMIS$ NOT TO RAISE S*OOL FEES4 ,BUT ?AT'S UNREALI/IC4' ',UNREALI/IC' H]E MEANS 'OBVI\SLY !RE'S NO POSSIBILITY ( BREAK+ MY PROMISES TO BANK]S1 EV5 ?OSE L9K$ TO BANKS WE BAIL$ \T & 9 SOME CASES EFFECTIVELY [N'4 ,IT'S /RIK+ ?AT NO-ONE EV] PO9TS ?AT \T4 ,:Y IS A PROMISE MADE BY A POLITICIAN TO ! PEOPLE :O ELECT$ HIM CONSID]$ MADE TO BE BROK5 - IT ISN'T 0SACR$0 9 ANY WAY - :]EAS A PROMISE ! SAME POLITICIAN MAKES TO A F9ANCI] IS CONSID]$ ! 0HONOR ( \R NATION08 ,:Y ISN'T ! 0HONOR ( \R NATION0 9 ANY WAY 5TAIL$ 9 KEEP+ \R PROMISES TO PEOPLE TO PROVIDE HEAL?C>E & $UCATION8 ,& :Y DOES EV]YONE JU/ SEEM TO ACCEPT ?AT1 ?AT ?IS IS JU/ 0REALITY08 

,& :Y DO Y\ ?9K ?AT IS8 

,BECAUSE ! LATT] PROMISES >E NOT TYPICALLY FRAM$ 9 ! LANGUAGE ( 'DEBT'4 ,! LANGUAGE ( DEBT IS NOT AN ECONOMIC ONE2 IT'S A LANGUAGE ( MORALITY4 ,IT HAS BE5 US$ = ?\S&S ( YE>S BY PEOPLE 9 SITUATIONS ( VA/ 9EQUALITIES ( P[]4 ,IF Y\ HAVE A SITUATION ( COMPLETE 9EQUALITY1 P>TICUL>LY VIOL5T 9EQUALITY - IF Y\'VE CONQU]$ SOMEONE1 OR IF Y\'RE A ,MAFIOSO EXTRACT+ PROTECTION MONEY - !N FRAM+ ! RELATION%IP 9 T]MS ( DEBT MAKES IT SEEM AS ?\< ! EXTRACTORS >E MAGNANIM\S & ! VICTIMS >E TO BLAME4 0,WELL1 Y\ [E ME1 BUT ,I'LL BE A NICE GUY & LET Y\ (F ! HOOK ?IS MON?4440 ,BE=E LONG ! VICTIMS COME TO SEEM ALMO/ G5]ICALLY MORALLY AT FAULT BY ! V]Y T]MS ( !IR EXI/5CE4 ,& ?AT LOGIC /ICKS 9 PEOPLE'S M9DS - IT'S 9CR$IBLY EFFECTIVE4 ,NOT UNIV]SALLY EFFECTIVE1 BECAUSE IT'S ALSO TRUE ?AT ! VA/ MAJORITY ( REVOLTS1 9SURRECTIONS1 POPULI/ CONSPIRACIES & REBELLIONS 9 WORLD HI/ORY HAVE BE5 AB\T DEBTS4 ,:5 IT BACKFIRES1 IT BL[S UP 9 A BIG WAY4 ,BUT NONE!LESS1 ?AT'S :AT PEOPLE ALMO/ 9V>IABLY DO :5 !Y'RE IMPOS+ A SITUATION ( COMPLETE 9EQUALITY4 

,! IRONY ( C\RSE IS ?AT :5 DEAL+ ) EA* O!R1 RI* & P[]FUL PEOPLE KN[ ?AT DEBTS >5'T 0SACR$01 & !Y RE>RANGE ?+S ALL ! TIME4 ,!Y >E (T5 9CR$IBLY =GIV+ & G5]\S :5 DEAL+ ) EA* O!R4 ,! IDEA ( ! SACR$NESS ( DEBT IS *IEFLY APPLI$ :5 WE >E TALK+ AB\T DIFF]5T SORTS ( PEOPLE4 ,JU/ AS RI* PEOPLE WILL COME TO ! AID ( O!R RI* PEOPLE1 SO POOR PEOPLE ALSO WILL BAIL EA* O!R \T - !Y'LL MAKE 'LOANS' ?AT >E REALLY GIFTS1 & SO ON4 ,BUT :5 Y\'RE DEAL+ ) DEBTS [$ BY PEOPLE )\T P[] TO PEOPLE ) P[]1 SUDD5LY ! DEBT BECOMES SACR$ & Y\ CAN'T EV5 QUE/ION IT4 

,! CONCEPT ( CR$IT-WOR?9ESS1 ! P]CEPTION ?AT Y\ WILL BE GOOD = Y\R MONEY1 IS P]HAPS A GOOD EXPLANATION = :Y1 :5 P[]FUL 9/ITUTIONS OR PEOPLE [E MONEY TO O!R P[]FUL 9/ITUTIONS OR PEOPLE1 !Y >E SO RELUCTANT TO DEFAULT4 ,H5CE ! WEI<T GIV5 TO ! JUDGM5TS ( RAT+S AG5CIES LIKE ,MOODY'S & ,S@&,P4 

,IT'S 9T]E/+ TO TRACE IT BACKW>DS1 BECAUSE ! PR$ECESSORS ( ! RAT+S AG5CIES >E ESS5TIALLY ! 9/ITUTIONS BY :I* ! F9ANCIAL CAPITALI/ CLASSES FIR/ WON !IR AUTONOMY FROM ! ,EUROPEAN PR9CES :O US$ TO BE ABLE TO PU% !M >\ND & R\T9ELY EXPROPRIATE !M4 ,FIR/ !Y HAD TO F9D 9DEP5D5T P[] BASES LIKE ! ,HANSEATIC ,LEAGUE & ! ,ITALIAN CITY /ATES1 :]E !Y HAD !IR [N C\RTS & >MIES4 ,!N !Y =M$ A COMMON FRONT4 ,I BELIEVE IT WAS ,PHILIP ,I,I :O FIR/ CAME UP AGA9/ ?IS3 HE TRI$ ! OLD M$IEVAL EXP$I5T ( SIMPLY DEFAULT+ ON ONE ( HIS LOANS :5 HE WAS 9 ! MIDDLE ( A MILIT>Y CAMPAIGN1 & ALL ( ! MAJOR BANK]S 9 ,EUROPE TOLD HIM1 'Y\'RE NOT GETT+ CR$IT FROM ANY ( US UNLESS Y\ CUT ?AT \T'4 ,?AT WAS A KEY MOM5T1 ?AT SUDD5 UNITY ( !SE PEOPLE :O W]E SUPPOS$LY ALL COMPET+ ) EA* O!R4 ,WELL1 !Y W]E COMPET+ ) EA* O!R1 BUT 9 ! FACE ( AN EXT]NAL P[]1 !Y =M$ A COMMON FRONT4 ,& ?AT'S ESS5TIALLY :AT CR$IT RAT+S AG5CIES >E3 !Y >E A =M ( POLITICAL P[] EX]CIS$ BY C]TA9 EXTREMELY P[]FUL SOCIAL CLASSES4 

,:AT'S ! MA9 >GUM5T ( Y\R BOOK8 

,!RE'S A S]IES ( !M4 ,ONE IS JU/ :AT WE'VE BE5 DISCUSS+4 ,:AT IS A DEBT8 ,A DEBT IS A PROMISE ?AT HAS BE5 P]V]T$ BY MA!MATICS & VIOL5CE1 & ! BOOK EXAM9ES ! HI/ORY ( H[ ?AT HAPP5S4 ,HI/ORY HAS DONE ?IS /RANGE ?+ TO US3 WE ASSOCIATE ?+S LIKE W> & SLAV]Y ) ! ANCI5T WORLD & IMAG9E ?AT !Y HAVE NO CONTEMPOR>Y RELEVANCE TO \R LIVES4 ,BUT 9 FACT ?AT HI/ORY ( VIOL5CE HAS COMPLETELY TRANS=M$ ! WAY WE ?9K1 SO ?AT \R COMMONS5SE POLITICAL & ECONOMIC LOGIC HAS BE5 COMPLETELY RE%AP$4 ,ALL ( !SE ?+S HAVE BE5 %AP$ MU* MORE BY VIOL5CE & MILIT>Y OP]ATIONS ?AN WE'D EV] IMAG9E1 TO ! PO9T :]E ,I ?9K WE'RE GO+ TO HAVE TO />T ?9K+ 9 DRAMATICALLY NEW T]MS TO EV5 COME UP ) A REALI/IC IDEA ( :AT A FREE SOCIETY W\LD BE LIKE4 ,IF 0FRE$OM0 IS ! ABILITY TO MAKE REAL PROMISES1 !N1 :AT SORT ( PROMISES W\LD FREE WOM5 & M5 MAKE TO ONE ANO!R8 ,H[ W\LD !Y BE KEPT8 ,WE H>DLY KN[ :AT IT W\LD EV5 MEAN TO />T ASK+ !SE QUE/IONS1 BUT 9 ORD] TO F9D \T1 WE NE$ TO CLE> AWAY A LOT ( ! CONCEPTUAL LEGACY ( MILL5NIA ( W>1 SLAV]Y1 & DEBT1 ?AT KEEPS US FROM BE+ ABLE TO F9D \T4 ,?AT'S NOT ! EXPLICIT MESSAGE ( ! BOOK1 BUT IT'S ONE ( ! ?+S ,I WAS REALLY TRY+ TO CONVEY4 

,LET'S LOOK AT ! HI/ORICAL DEVELOPM5T ( \R CONCEPTIONS ( 0LIB]TY01 !N4 

,?AT WAS SOME?+ ,I HAD BE5 VAGUELY AW>E (1 BUT ,I HADN'T REALIZ$1 UNTIL ,I BEGAN RESE>*+1 JU/ H[ FLAGRANT IT WAS4 ,9 MO/ HUMAN LANGUAGES1 ! WORD = 'FRE$OM' MEANS '! OPPOSITE ( SLAV]Y'4 ,MOSES ,F9LEY PO9T$ \T A LONG TIME AGO ?AT IT'S NOT A CO9CID5CE ?AT DOCTR9ES ( POLITICAL LIB]TY T5D TO EM]GE FROM PLACES :]E !Y HAVE ! MO/ EXTREME =MS ( *ATTEL SLAV]Y1 :E!R IT'S ANCI5T ,A!NS OR COLONIAL ,VIRG9IA1 :]E ,?OMAS ,JEFF]SON CAME FROM4 ,BUT ?IS IS TRUE ON A MU* MORE PR(\ND LEVEL ?AN ,I HAD EV] IMAG9$4 ,9 MO/ SOCIETIES A SLAVE IS ESS5TIALLY LIKE ! LIV+ DEAD3 AS A SOCIAL P]SON !Y'VE BE5 KILL$4 ,! IDEA IS ?AT !Y >E SOMEONE :O WAS CAPTUR$ 9 BATTLE1 !IR CAPTIVE DECID$ NOT TO KILL !M 7:I* HE W\LD HAVE HAD EV]Y RI<T TO DO71 SO ESS5TIALLY !IR PREVI\S LIFE IS GONE & ALL !Y HAVE LEFT IS A RELATION ( TOTAL SUBORD9ATION TO ! P]SON :O WAS )9 HIS RI<TS TO KILL !M4 

,& !Y'RE RIPP$ FROM !IR SOCIAL CONTEXT4 

,YES4 ,SO IF Y\'RE A ,ROMAN TAK5 PRISON] ( W> & HELD AS A SLAVE ELSE:]E1 & !N Y\ COME HOME AGA91 Y\ HAVE TO REM>RY Y\R WIFE1 Y\ HAVE TO 5T] 9TO ALL CONTRACTUAL RELATIONS OV] AGA91 BECAUSE Y\ W]E EFFECTIVELY DEAD4 

,?IS HELPS TO EXPLA9 SOME?+ REALLY /RANGE AB\T \R PROP]TY LAW1 :I* IS D]IV$ FROM ,ROMAN LAW & HAS CREAT$ T]RIBLE PROBLEMS = JURI/S />T+ 9 ! ELEV5? C5TURY4 ,\R DEF9ITION ( PROP]TY IS ?AT PROP]TY IS A RELATION BETWE5 A P]SON & A ?+1 :]EBY ?AT P]SON HAS ABSOLUTE P[] OV] ?AT ?+4 ,?IS DEF9ITION DOESN'T MAKE S5SE4 ,= EXAMPLE1 IF Y\'RE ON A DES]T ISL&1 Y\ MI<T HAVE A DEEPLY P]SONAL RELATION%IP ) A TREE ON ?AT ISL&4 ,Y\ MI<T WELL BE TALK+ TO IT EV]Y DAY4 ,BUT DO Y\ '[N' IT8 ,WELL1 IT'S K9D ( AN IRRELEVANT QUE/ION UNLESS SOMEONE ELSE IS !RE4 ,9 FACT1 PROP]TY RI<TS >E RELATIONS1 OR >RANGEM5TS1 BETWE5 PEOPLE1 AB\T ?+S4 

,\R NOTION ( FRE$OM IS SIMIL>LY PROBLEMATIC4 ',FRE$OM' IS ! NATURAL P[]1 ACCORD+ TO ,ROMAN LAW1 TO DO ABSOLUTELY ANY?+ Y\ LIKE - EXCEPT = ?OSE ?+S Y\ CAN'T DO1 EI!R BECAUSE ( ! LAW OR BECAUSE SOMEBODY'S GO+ TO /OP Y\4 ,?IS IS LIKE SAY+ ?AT '! SUN IS SQU>E EXCEPT 9S(> AS IT IS R\ND'4 ,& PEOPLE IMM$IATELY PO9T$ ?IS \T3 BY ?IS DEF9ITION1 EV]YONE IS 'FREE'4 ,SLAVES >E 'FREE' - AFT] ALL1 !Y CAN DO ANY?+ !Y WANT EXCEPT = ?OSE ?+S !Y CAN'T DO4 ,SO :Y DID !Y DEVELOP ?IS ABSURD DEF9ITION8 

,! REASON IS ?AT :AT ,ROMAN MAGI/RATES W]E IMAG9+ WAS 9 FACT A RELATION%IP BETWE5 TWO PEOPLE ( TOTAL P[]1 :I* !RE=E R5D]S ONE ( !M A '?+'4 ,?AT'S :AT SLAV]Y IS ALL AB\T4 ,SO Y\ HAD ?IS SUBTLE %IFT 9 ! MEAN+ ( FRE$OM4 ,ORIG9ALLY FRE$OM MEANT 'NOT BE+ A SLAVE'1 & SO REF]R$ TO PEOPLE :O HAD SOCIAL RELATIONS4 ,9 FACT ! WORD 'FREE' 9 ,5GLI% TRACES BACK TO ! SAME ROOT AS 'FRI5D' - FREE PEOPLE >E1 AS NOT$ BE=E1 PEOPLE :O CAN MAKE COMMITM5TS & PROMISES TO O!RS1 :I* ( C\RSE SLAVES CANNOT DO4 ,BUT !N ! DEF9ITION %IFTS1 SO ?AT IT N[ REF]S TO ! P[] ( ! SLAVE-[N]4 ,A 'FREE' P]SON BECOMES A P]SON :O HAS PEOPLE !Y CAN DO ANY?+ !Y WANT TO1 OR :O APPROA*ES ! WORLD AS A SET ( PROP]TIES 9 ! SAME WAY - SOMEONE :O HAS A P]SONAL PRIVATE DOMA91 )9 :I* !Y CAN DO :ATEV] !Y LIKE4 ,?IS DEF9ITION HAS ! ADVANTAGE ( NOT SUGGE/+ ?AT FRE$OM IS UNLIMIT$ EXCEPT 9S(> AS IT IS CIRCUMSCRIB$4 ,BUT IT BR+S ALL !SE DEEPLY P]V]SE & CONTRADICTORY NOTIONS 9TO IT3 ?AT FRE$OM IS NOT A PRODUCT ( SOCIAL RELATIONS1 BUT IS 9 FACT ! NEGATION ( SOCIAL RELATIONS4 ,?AT HAS HAD A DEEPLY 9SIDI\S EFFECT ON H[ WE LOOK AT ! WORLD4 

,I WAS 9T]E/$ 9 ! PASSAGE 9 ! BOOK :]E Y\ DISCUSS 0DUALISM0 AS AN ATTEMPT TO COBBLE TOGE!R A PHILOSOPHICAL ACC\NT ?AT C\LD MAKE S5SE ( ?IS ODD ,ROMAN CONCEPTION ( PROP]TY RI<TS4 

,YES1 9DE$4 ,BECAUSE ANO!R ONE ( ! P>ADOXES BECOMES CONCEPTUAL3 9 NATURAL RI<TS !ORY1 AS 9 ,ROMAN PROP]TY LAW1 FRE$OM IS Y\R ABILITY TO DO ANY?+ Y\ LIKE )9 Y\R DOMA9 ( PRIVATE [N]%IP4 ,WELL1 IF 'FRE$OM' IS ESS5TIALLY PROP]TY RI<TS1 & IF ! 5TIRE WORLD IS SE5 9 T]MS ( PROP]TY RI<TS1 !N Y\R FIR/ & MO/ ELEM5T>Y PROP]TY IS Y\R [N BODY1 Y\R [N P]SON4 ,C4 ,B4 ,MAC,PH]SON PO9T$ ?IS \T LONG AGO3 ALL NOTIONS ( NATURAL RI<TS & LIB]TIES BEG9 ) Y\R [N PRIVATE PROP]TY RI<TS OV] Y\RSELF1 Y\R RI<T TO =BID O!RS 7EV5 GOV]NM5TS7 TO 0TRESPASS0 UPON Y\R P]SON1 Y\R H\SE1 Y\R POSSESSIONS4 ,BUT IF HUMAN RI<TS >E F\ND$ ON Y\R PROP]TY RI<TS OV] Y\RSELF1 & PROP]TY RI<TS >E MODEL$ ON SLAV]Y1 ?AT MEANS Y\ >E BO? MA/] & SLAVE AT ! SAME TIME4 ,WELL1 H[ DOES ?AT WORK8 ,IT OBVI\SLY DOESN'T MAKE ANY S5SE4 ,?AT1 IT SEEMS TO ME1 IS :Y WE >E SO DET]M9$ TO CREATE A DIVISION BETWE5 ! M9D & ! BODY1 BECAUSE IT (F]S A WAY ( IMAG9+ \R M9D AS ! 'MA/]' & \R BODY AS ! 'SLAVE'4 ,?IS IDEA IS A RESPONSE TO ! WAY WE *OSE TO DEF9E 'FRE$OM' 9 LAW4 

,! O!R P>ADOX ( C\RSE IS ?AT FRE$OM ITSELF IS SE5 AS SOME?+ ONE 'HAS' - AS A =M ( PROP]TY4 ,SO FRE$OM BO? IS ! ABILITY TO [N ?+S1 & IS ALSO SOME?+ Y\ [N4 ,H[ DOES ?AT WORK1 & :Y W\LD ANYONE WANT TO =MULATE FRE$OM AS ! RI<T TO [N Y\R FRE$OM8 ,IT S\NDS LIKE AN 9F9ITE REGRESSION4 ,M$IEVAL LAW1 = EXAMPLE1 & ANY COMMONS5SE APPROA*1 W\LD ASSUME ?AT MY RI<T IS SOMEBODY ELSE'S OBLIGATION1 & VICE V]SA4 ,SO IF ,I HAVE ! RI<T TO TRIAL BY JURY1 ?AT MEANS Y\ HAVE ! OBLIGATION TO DO JURY DUTY4 ,?IS MAKES S5SE 9 PRACTICE4 ,:Y DO WE 9/EAD IMAG9E \R RI<TS AS PROP]TY8 ,& ESPECIALLY \R FRE$OM AS PROP]TY8 

,IF Y\ TRACE IT BACK1 ! PEOPLE :O REALLY PU% ?AT L9E CONSI/5TLY >E NOT ?OSE :O WANT$ TO 9CREASE HUMAN LIB]TY1 BUT ?OSE :O WANT$ TO LIMIT IT - ! PEOPLE :O BELIEV$ 9 ! ABSOLUTI/ /ATE1 = EXAMPLE4 7,HOBBES IS ! CLASSIC EXAMPLE47 ,BECAUSE IF FRE$OM IS ! ABILITY TO [N Y\R FRE$OM1 WELL1 SOME?+ Y\ [N1 Y\ CAN SELL1 Y\ CAN R5T1 Y\ CAN GIVE AWAY4 ,IT'S ALI5ABLE4 ,SIMIL>LY PEOPLE :O WANT$ TO DEF5D SLAV]Y W]E V]Y MU* 9TO NATURAL RI<TS !ORY4 

,! ,DECL>ATION ( ,9DEP5D5CE1 WRITT5 BY ,?OMAS ,JEFF]SON1 A GREAT LIB]T>IAN SLAVE-[N]1 BEG9S BY APP>5TLY SUBV]T+ ! V]Y IDEA ?AT SOME?+ LIKE SLAV]Y C\LD BE POSSIBLE1 DECL>+ - & HE GOT 9 TR\BLE = ?IS - ?AT 'WE >E 5D[$ ) C]TA9 9ALI5ABLE RI<TS'4 ,?IS MEANS ?AT WE [N !SE ?+S1 BUT WE CAN'T SELL !M4 ,NONE!LESS1 IT KEEPS ! LANGUAGE & ! LOGIC ( NATURAL RI<TS !ORY 5TIRELY 9TACT4 ,AS A RESULT1 ANY ATTEMPT TO ACTUALLY APPLY IT CONSI/5TLY CREATES 5DLESS P>ADOXES4 ,I AM CONV9C$ ?AT IF Y\ TOOK ! AV]AGE ,AM]ICAN & ASK$ !M TO DEF5D ! >GUM5T ?AT SLAV]Y %\LD BE ILLEGAL1 !Y W\LD F9D IT V]Y DIFFICULT TO DO4 ,!Y W\LD ALL ASS]T ?AT1 YES1 ( C\RSE IT'S WRONG TO [N PEOPLE1 BUT IF Y\ PRESS$ !M ON :Y1 & US$ AN EXAMPLE - WELL1 WE HAVE PRISON]S S5T5C$ TO LIFE )\T P>OLE1 & (T5 PRISONS R5T PRISON]S' LABOR TO LOCAL F>MS OR COMPANIES4 ,:Y NOT SELL !M8 - !Y PROBABLY C\LDN'T COME UP ) A REASON4 ,BECAUSE ! LOGIC ( \R COMMONS5SE AB\T LAW & FRE$OM & LIB]TY MAKES IT DIFFICULT TO OBJECT TO ! 9/ITUTION4 

,SO ?IS LANGUAGE ( RI<TS & SELF-[N]%IP HAS BE5 APPEAL$ TO MA9LY BY PEOPLE WANT+ TO LIMIT FRE$OM8 

,YES1 TO COME UP ) EXCUSES = ! SLAVE TRADE4 ,?AT WAS ! >GUM5T4 ,IT'S 9T]E/+ TO PO9T \T1 BECAUSE ANCI5T SLAV]Y WAS NOT1 = ! MO/ P>T1 BAS$ ON ANY IDEA ( 'RACE' OR E?NIC SUP]IORITY4 ,ANYONE C\LD BECOME A SLAVE - IT WAS JU/ BAD LUCK4 ,IF Y\ W]E CAPTUR$ 9 W>1 Y\ BECAME A SLAVE4 ,ONE CLAIM Y\ (T5 HE> IS ?AT 9 ! ANCI5T WORLD NOBODY CONDEMN$ SLAV]Y AS AN 9/ITUTION4 ,I DON'T ?9K ?AT'S TRUE4 ,I ?9K EV]YBODY ?\<T IT WAS WRONG4 ,IF Y\ LOOK AT ,ROMAN LAW1 ONE ( ! FIR/ ?+S Y\ LE>N 9 ! FIR/ YE>1 IF Y\'RE A ,ROMAN LAW /UD5T1 IS ! DEF9ITION ( SLAV]Y1 :I* IS3 'SLAV]Y IS AN 9/ITUTION ACCORD+ TO ! LAW ( NATIONS :]EBY ONE P]SON FALLS UND] ! PROP]TY RI<TS ( ANO!R1 CONTR>Y TO NATURE'4 ,IT'S ASSUM$ TO BE UNNATURAL & WRONG4 ,I ?9K PEOPLE ?\<T ( SLAV]Y 9 EXACTLY ! SAME WAY WE ?9K ( W>4 ,SLAV]Y WAS SE5 AS A NATURAL RESULT ( W>3 ( C\RSE1 PEOPLE WILL GO TO FI<T 9 W>S1 SOME ( !M WILL SURR5D] & BECOME CAPTIVES1 & ?AT'S JU/ H[ IT IS4 ,! QUE/ION ( :E!R IT IS RI<T OR WRONG - WELL1 YES1 ( C\RSE1 IT W\LD BE GREAT IF WE C\LD GET RID ( W>4 ,W> IS BAD1 SO IS SLAV]Y4 ,BUT GET REAL4 ,?AT'S PRETTY MU* H[ PEOPLE FEEL AB\T W> N[1 & ?AT'S PRETTY MU* H[ PEOPLE FELT AB\T SLAV]Y 9 ANTIQUITY4 

,! REASON ,I BR+ ?IS UP IS ?AT ONE F9DS EXACTLY ! SAME ?+ 9 ! V]Y E>LY P]IOD ( ! MOD]N SLAVE TRADE1 BE=E ! ELABORATION ( MOD]N RACIAL !ORIES4 ,!Y DIDN'T SAY ',AFRICANS >E 9F]IOR1 !RE=E !Y DON'T REALLY HAVE CIVILIZATION1 !RE=E IT'S ,O,K TO DRAG !M (F'4 ,ACTUALLY !Y MADE ! OPPOSITE >GUM5T4 ,!Y SAID ?AT ,AFRICAN 9/ITUTIONS >E AS LEGITIMATE AS \RS1 & SO MO/ ( !SE PEOPLE MI<T WELL HAVE BE5 LEGALLY 5SLAV$4 ,S9CE ALL NATIONS RECOGNIZE ?AT WE HAVE C]TA9 LIB]TIES & H5CE ! RI<T TO SELL ?OSE LIB]TIES1 !Y MI<T HAVE SOLD !MSELVES1 OR SOMEONE :O HAD ! LEGITIMATE RI<T TO SELL !M MI<T HAVE SOLD !M--!IR P>5TS1 SOMEONE :O CAPTUR$ !M 9 W>1 A JUDGE :O CONVICT$ !M ( A CRIME4 ,SURE1 SOME ( !M MI<T HAVE BE5 ILLEGALLY 5SLAV$1 BUT ABUSES HAPP5 9 EV]Y SY/EM1 & ! PO9T IS ?AT SLAV]Y ITSELF IS A LEGITIMATE 9/ITUTION 9 ,AFRICA ?AT RE/S ON UNIV]SAL LEGAL PR9CIPLES4 ,IT WAS ?IS K9D ( MOCK UNIV]SALISM ?AT ORIG9ALLY JU/IFI$ SLAV]Y4 

,& HI/ORICALLY HAS OPPOSITION TO SLAV]Y REJECT$ ! LANGUAGE ( RI<TS1 OR HAS IT TRI$ TO1 AS 9 ! ,DECL>ATION ( ,9DEP5D5CE1 APPROPRIATE IT8 

,IT W5T 9 DIFF]5T DIRECTIONS1 BUT OV]:ELM+LY ! NATURAL RI<TS PEOPLE WON \T4 ,SO Y\ 5D UP ) ! K9D ( WRIT+ UND] ]ASURE ?AT ,I DESCRIB$1 :]E Y\ />T ) ,ROMAN LAW T]MS & !N Y\ TRY TO MAKE !M IMPLY ! OPPOSITE ( :AT !Y W]E ORIG9ALLY =MULAT$ TO IMPLY4 ,IT'S V]Y MU* LIKE ! LANGUAGE ( DEBT & MORALITY4 ,IF SAY A SUBJECT POPULATION IS TOLD1 'Y\ [E US SOME?+ 7= NOT HAV+ KILL$ Y\ :5 WE CONQU]$ Y\ A C5TURY AGO7' - :I* IS V]Y SIMIL> TO ! >GUM5T MADE = SLAV]Y - !N IT'S ALMO/ IMPOSSIBLE TO COME UP ) A REPLY ?AT DOESN'T TAKE ! =M (1 'WAIT A M9UTE1 :O REALLY [ES :AT TO :O H]E8' ,BUT AS SOON AS Y\ SAY ?AT1 Y\ >E ACCEPT+ ?AT DEBT IS MORALITY1 ?AT MORAL OBLIGATIONS >E BE/ FRAM$ AS MATT]S ( DEBT-- SUDD5LY Y\ >E US+ ! CONQU]OR'S LANGUAGE4 ,I W\LD SUGGE/ ?AT ?IS HAS BE5 HAPP5+ CON/ANTLY1 ?R\<\T HI/ORY4 

,?AT'S :Y Y\ SEE1 9 SO MANY ( ! ANCI5T MORAL & RELIGI\S TEXTS1 A /RANGE DUALITY1 AN 9T]NAL T5SION1 :]EBY PEOPLE ON ! ONE H& FEEL OBLIG$ TO USE ! LANGUAGE ( DEBT 7,SANSKRIT1 ,HEBREW & ,>AMAIC ALL USE ! SAME WORDS = 'DEBT' AS = 'S9'7 BUT AT ! SAME TIME1 !Y />T ?AT WAY & !N !Y SAY1 'WELL1 EXCEPT NOT REALLY'4 ,!Y FEEL OBLIG$ TO FRAME IT AS A MATT] ( DEBT1 & !N !Y HAVE TO DECON/RUCT ! NOTION ( DEBT & CONCLUDE ?AT ( C\RSE 9 REALITY :AT IS SACR$ >5'T Y\R DEBTS BUT RA!R ! ABILITY TO =GIVE DEBTS 7R$EMPTION74 ,! REALIZATION ?AT DEBT IS MEAN+LESS4 

,I SUPPOSE = A MORE CONTEMPOR>Y EXAMPLE ( ?AT K9D ( 9T]NAL T5SION AB\T 'DEBT' & 'HONOR' ONE CAN LOOK TO ! OLD ,5GLI% >I/OCRACY1 :I* ON ! ONE H& LOOKS D[N ON 'NEW MONEY' & ! M>KET G5]ALLY1 BUT ON ! O!R H& DOES HAVE ?IS NOTION ?AT AN HONORABLE MAN 'PAYS HIS DEBTS'4 ,SO1 DO Y\ ?9K ! T5SION 9 \R UND]/&+ ( ! MORALITY ( DEBT ?AT WAS PRES5T 9 ANCI5T TEXTS REMA9S UNRESOLV$8 ,DOES IT REMA9 A S\RCE ( MORAL CONFUSION8 

,ABSOLUTELY4 ,! REM>KABLE ?+ IS JU/ H[ CONSI/5T IT IS4 ,PEOPLE HAVE BE5 ASK+ ! SAME QUE/ION = ?\S&S ( YE>S4 ,I ALWAYS DRAW ATT5TION TO ,PLATO'S ,REPUBLIC1 9 :I* ! :OLE ,WE/]N POLITICAL TRADITION1 9 A S5SE1 />TS ) ! QUE/ION 0,:AT IS JU/ICE80 0,WELL1 IT'S PAY+ ONE'S DEBTS4 ,NO1 ?AT DOESN'T WORK - LET'S TRY SOME?+ ELSE !N4440 ,! 'HONOR' =MULATION IS ONE EXAMPLE ( ! T5SION4 ,ON ! ONE H&1 IT DOES MEAN Y\ PAY Y\R DEBTS - NOT BECAUSE Y\ TAKE !M S]I\SLY1 BUT BECAUSE Y\'RE COMMITT$ TO SOME?+ HI<]4 ,ON ! O!R H& IT IMPLIES1 9 O!R CONTEXTS1 ABSOLUTE CONTEMPT = ! 5TIRE COMM]CIAL SY/EM ?AT SAYS ?AT Y\ W\LD PAY Y\R DEBTS 7& LOTS ( >I/OCRATS DON'T674 

,O,K1 LET'S EXAM9E DEBT MORE CLOSELY4 ,TO DO ?AT1 WE FIR/ HAVE TO LOOK AT MONEY4 ,:AT DEF9ITION ( MONEY DO Y\ WORK ) 9 ! BOOK8 

,!RE >E TWO MAJOR S*OOLS ( ?\<T ON ?IS )9 ECONOMICS4 ,! OR?ODOX OR MA9/REAM S*OOL ASSUMES ?AT MONEY EM]GES AS1 & ESS5TIALLY REMA9S A M$IUM (1 EX*ANGE4 ,?AT'S H[ Y\ GET ! CLASSIC 'MY? ( B>T]'1 AS IT'S SOMETIMES CALL$3 ONCE UPON A TIME !RE WAS A LITTLE VILLAGE1 & EV]YBODY TRAD$ ?+S DIRECTLY ) EA* O!R4 0,I'LL GIVE Y\ TW5TY *ICK5S = ?AT C[02 0OH1 Y\ DON'T NE$ *ICK5S1 WELL1 :AT DO Y\ NE$802 ETC4 ,PRETTY MU* EV]Y ECONOMICS TEXTBOOK OP5S ITS SECTION ON MONEY ) ?IS4 ,& IF ,I DON'T HAVE ANY?+ Y\ WANT1 ,I CAN'T GET :AT Y\ HAVE2 ?IS IS A PROBLEM2 EV5TUALLY WE SETTLE ON SOME?+ ?AT EV]YBODY IS GO+ TO WANT2 & BECAUSE ?AT BECOMES ! M$IUM ( EX*ANGE !RE IS A VIRTU\S CIRCLE 9 :I* PEOPLE WANT IT EV5 MORE1 MONEY EM]GES1 & EV5TUALLY CR$IT DEVELOPS \T ( ?AT4 

,!RE IS A PROBLEM ) ?IS /ORY4 ,IT ASSUMES ?AT EV]YBODY 9 A LITTLE VILLAGE WILL BE 5GAG+ EXCLUSIVELY 9 :AT ECONOMI/S CALL ! 0SPOT TRADE0 - ,I GIVE Y\ SOME?+ RI<T N[1 Y\ GIVE ME SOME?+ RI<T N[1 & WE WALK AWAY4 ,BUT ( C\RSE ?AT'S SILLY4 ,IF Y\R NEI<BOR HAS SOME?+ Y\ WANT1 EV5 IF Y\ DON'T HAVE SOME?+ !Y >E GO+ TO WANT N[1 HE'S Y\R NEI<BOR & Y\'RE GO+ TO HAVE SOME?+ HE WANTS EV5TUALLY4 ,SO :AT W\LD REALLY HAPP5 9 ?AT SITUATION IS A CR$IT SY/EM4 ,SO ! O!R S*OOL ( ECONOMI/S BEG9S ) ! IDEA ( CR$IT1 & EMPHASIZES MONEY'S ROLE AS A UNIT ( ACC\NT4 ,MONEY IS A WAY ( MEASUR+ DEBTS4 ,?AT'S A SORT ( ,*>TALI/ S*OOL ACC\NT - !RE >E V>I\S O!R /RA9S3 CR$IT !ORIES ( MONEY1 /ATE !ORIES ( MONEY1 & SO ON4 ,MONEY />TS AS A UNIT ( ACC\NT1 & SO IT'S NOT SOME?+ ?AT NECESS>ILY HAS TO BE PHYSICALLY !RE4 

,SO MONEY 9 ?IS S5SE IS A LIKE A 'C5TIMET]'1 OR A 'LIT]'4 

,EXACTLY4 ,!RE IS A FAM\S L9E BY ,MIT*ELL ,9NES3 '.<!.> EYE HAS NEV] SE51 NOR ! H& T\*$ A DOLL>'4 ,ANY MORE ?AN IT HAS T\*$ AN 9*1 OR AN H\R4 ,SO MONEY IS A UNIT ( MEASUREM5T ( VALUE1 BUT VALUE AS REALIZ$ 9 CR$ITS & DEBTS4 

,:AT'S 9T]E/+ IS ?AT )9 ! FIELD ( ECONOMICS !SE GUYS >E CONSID]$ CRANKS1 & !Y'RE V]Y M>G9AL 9 MA9/REAM ECONOMICS4 ,BUT AMONG >*AEOLOGI/S & HI/ORIANS1 CONV]SELY1 !Y T5D TO BE ! DOM9ANT /RA91 BECAUSE ALL ACTUAL EVID5CE WE HAVE SUGGE/S ?AT !Y'RE RI<T4 ,9 FACT CO9S >E 9V5T$ ?\S&S ( YE>S AFT] MONEY BEG9S1 & PEOPLE W]E ALREADY US+ EXP5SE ACC\NTS & TALK+ AB\T COMP\ND$ 9T]E/ RATES LONG BE=E !RE W]E ACTUAL CO9S OR EV51 AS F> AS WE KN[1 BE=E !RE W]E CIRCULAT+ LUMPS ( SILV] 9 TRANSACTIONS4 ,ONE FACT ?AT REALLY IMPRESS$ ME IS ?AT EV5 ?\< ! ,SUM]IANS HAD ! TE*NOLOGICAL CAPACITY TO DO SO1 !Y DID NOT MAKE SCALES ACCURATE 5\< TO WEI< \T ! AM\NTS ( SILV] ?AT W\LD HAVE BE5 REQUIR$ TO BUY TYPICAL CONSUM] GOODS4 

,SO IF CR$IT PREC$$ H>D CURR5CY1 :Y WAS H>D CURR5CY DEVELOP$8 

,! EM]G+ CONS5SUS AMONG HI/ORIANS OV] ! LA/ T5 YE>S IS ?AT M>KETS BAS$ ON ! USE ( ACTUAL BULLION OR CURR5CY 9 DAILY TRANSACTIONS >E ALMO/ EV]Y:]E A SIDE-EFFECT ( W>4 ,IF Y\ ?9K AB\T ?IS1 IT MAKES S5SE4 ,:Y DID !Y *OOSE GOLD & SILV] AS ! UNIV]SAL CURR5CY ( EX*ANGE8 ,WELL1 GOLD & SILV] W]E ! SORT ( ?+S ?AT SOLDI]S W]E MO/ LIKELY TO HAVE A LOT ( ON H&1 S9CE ?AT IS ! EASIE/ & MO/ VALUABLE ?+ TO C>RY (F IF Y\'RE LOOT+ & PILLAG+ SOME:]E4 ,BUT ON ! O!R H&1 A SOLDI] IS ! LA/ P]SON Y\'RE GO+ TO WANT TO EXT5D CR$IT TO1 S9CE !Y >E HEAVILY >M$ & JU/ PASS+ ?R\<4 ,SO1 SOLDI]S WANTS ( /UFF 7M>KETPLACES ALWAYS =M$ >\ND AN >MY71 & !Y'VE GOT LOTS ( !SE BITS ( PRECI\S METAL2 IT MAKES S5SE ?AT ?AT'S :]E CA% M>KETS W\LD EM]GE4 

,:AT SEEMS TO HAVE HAPP5$ IS ?AT /ATES />T$ SY/EMIZ+ ! DIVISION ( ! LOOT 9TO UNI=M PIECES1 EV5TUALLY MAK+ !M 9TO CO9S4 ,!N - & ?IS IS ! BIG TRICK - !Y DEM&$ ?OSE CO9S BACK1 9 TAXES4 ,ONE ( ! GREAT MY/]IES1 IF Y\ TAKE ! ,ADAM ,SMI? !ORY ( ! ORIG9 ( MONEY 7?AT IT >OSE FROM ! 9CONV5I5CES ( B>T]71 IS1 :Y DID ANCI5T K+S WANT TAXES AT ALL8 ,IF GOLD & SILV] W]E NATURALLY MONEY1 :Y NOT JU/ GRAB ! GOLD & SILV] M9ES DIRECTLY & KEEP ALL ( IT8 ,9DE$ ?AT IS 9 FACT :AT !Y DID1 SO :AT'S ! PO9T ( TAK+ ! GOLD ?AT Y\ ALREADY [N1 /AMP+ Y\R PICTURE ON IT1 H&+ IT \T & !N SAY+1 ',O,K1 EV]YBODY1 GIVE IT BACK'8 ,! ONLY LOGICAL EXPLANATION IS ?AT !Y W]E TRY+ TO CREATE A M>KET1 & ?AT ALSO EXPLA9S :O !Y W]E GIV+ IT TO4 ,ONE ( ! BIG PROBLEMS 9 ! ANCI5T WORLD WAS H[ TO FE$ ONE'S >MY4 ,Y\ HAVE #e1 PEOPLE SITT+ >\ND1 & !Y'RE GO+ TO EAT PRETTY MU* ANY?+ /&+ 9 ! >EA )9 AB\T ?REE WEEKS4 ,H[ DO Y\ FE$ !M8 ,! EASIE/ SOLUTION IS TO GIVE ! SOLDI]S !SE METAL CO9S & SAY1 ',O,K1 EV]YONE 9 ! K+DOM IS REQUIR$ TO GIVE ME ONE ( !SE CO9S'4 ,SUDD5LY ! :OLE POPULATION HAS TO FIGURE \T A WAY TO GIVE ! SOLDI]S :AT !Y WANT 9 EX*ANGE = ! CO9S4 ,SO Y\'RE EFFECTIVELY EMPLOY+ Y\R 5TIRE K+DOM TO FE$ Y\R SOLDI]S4 ,COMM]CIAL M>KETS >E ESS5TIALLY1 !N1 A BYPRODUCT ( MILIT>Y OP]ATIONS BY /ATES4 

,P>T #b 

,9 ! SECOND ( A TWO-P>T 9T]VIEW1 HE PLACES ! PO/-#a#i#g#a %IFT T[>DS A CR$IT-BAS$ ECONOMIC SY/EM 9 A MU* BROAD] HI/ORICAL CONTEXT1 & LOOKS AT ! ROLE ( ! NATIONAL DEBT 9 ! LI<T ( CURR5TLY DOM9ANT POLITICS ( AU/]ITY4 ,! FIR/ P>T ( ! 9T]VIEW1 :I* FOCUS$ ON DEVELOPM5T ( DEBT AS A MORAL LANGUAGE1 CAN BE READH]E4 

,A KEY ORGANIZ+ FRAMEWORK = ! HI/ORICAL ANALYSIS Y\ PRES5T 9 Y\R BOOK IS ! OSCILLATION BETWE5 ECONOMIES BAS$ ON CR$IT & ?OSE BAS$ ON BULLION4 ,Y\ SEEM1 H]E1 TO BE PICK+ UP ON ! SAME PATT]NS AS ,GIOVANNI ,>RI<I1 ) HIS 'SY/EMIC CYCLES ( ACCUMULATION'1 AL?\< Y\ DO DIFF]5T ?+S ) IT4 

,YES1 IT'S ! SAME K9D ( ?+4 ,I'M TRY+ TO FIGURE \T !SE PATT]NS4 ,BUT IT'S ALSO V]Y DIFF]5T 9 ?AT HE IS ESS5TIALLY TALK+ AB\T DIFF]5T SORTS ( CAPITALI/ HEGEMONY1 :]EAS ,I'M SAY+ ?AT CAPITALISM ITSELF IS ONE CYCLE ( ?IS V]Y BROAD S]IES ( BACK-&-=? MOVEM5TS BETWE5 CR$IT SY/EMS ?AT HAVE C]TA9 RELATIVELY POPULI/ IMPLICATIONS & BULLION-BAS$ SY/EMS :I* T5D TO BE ASSOCIAT$ ) W>1 *ATTEL SLAV]Y1 /&+ >MIES1 & SO =?4 

,C\LD Y\ \TL9E Y\R ANALYSIS ( ?IS CYCLE8 ,ONE ( ! 9T]E/+ ?+S AB\T Y\R HI/ORICAL FRAMEWORK1 = EXAMPLE1 IS ?AT IT %IFTS FOCUS AWAY FROM ! 'TRANSITION' FROM FEUDALISM TO CAPITALISM1 :I* ATTRACTS SO MU* ATT5TION & DEBATE1 BY />T+ ONE P]IOD 9 #ade & 5D+ IT 9 #a#i#g#a4 

,RI<T4 ,:5 LOOK+ = ! %IFT FROM CR$IT SY/EMS TO BULLION SY/EMS1 ! OBVI\S PLACE TO />T W\LD BE ! DISCOV]Y ( ! ,AM]ICAS & ! MASSIVE FL[ ( BULLION FROM ! ,AM]ICAS TO ,EUROPE4 ,BUT ! PROBLEM IS ?AT ! MASSIVE FL[ ( BULLION DIDN'T1 = ! MO/ P>T1 5D UP 9 ,EUROPE - IT 5D$ UP 9 ,9DIA & ,*9A4 ,IF Y\ LOOK C>EFULLY1 ! REAL TRANSITION SEEM$ TO HAPP5 >\ND #a#d#e1 :5 ,*9A ITSELF MOV$ FROM ! OLD PAP] MONEY SY/EM TO A SILV] BULLION-BAS$ ECONOMY1 :I* WAS ONE ( ?OSE MOM5TS ( FREE M>KET POPULISM :5 PEOPLE %AKE (F ! OLD /ATE-CONTROLL$ SY/EM & ! PAP] MONEY & CR$IT SY/EMS ?AT >E ASSOCIAT$ ) IT--:I* WAS CLOSELY TI$ TO A TAX SY/EM :I* ASSIGN$ PEOPLE TO FIX$ SLOTS AS F>M]S1 SOLDI]S1 >TISANS1 ETC4 ,PEOPLE />T$ FLEE+ ! VILLAGES TO :I* !Y W]E ASSIGN$ BY ! TAX SY/EM1 CREAT+ ILLEGAL SILV] M9ES & AN 9=MAL ECONOMY ?AT OP]AT$ ) UNCO9$ SILV]4 ,EV5TUALLY ! ,*9ESE GOV]NM5T GAVE 91 /OPP$ EV5 CO9+ MONEY1 & SAID 'F9E1 EV]YONE JU/ PAY A UNI=M TAX 9 SILV]4' ,! PROBLEM WAS !Y QUICKLY DISCOV]$ ?AT !RE ACTUALLY ISN'T V]Y MU* SILV] 9 ,*9A4 ,!Y CLEAN$ \T ,JAPAN 9 TW5TY YE>S1 BUT ! 9SATIABLE DEM& = SILV] P]SI/$4 ,SOME HAVE E/IMAT$ ?AT ! COLONIES E/ABLI%$ BY ! CONQUI/ADORS W\LDN'T HAVE BE5 ECONOMICALLY VIABLE = MORE ?AN T5 OR TW5TY YE>S W]E IT NOT = ?IS HUGE DEM& = BULLION FROM ! ,F> ,EA/4 ,& ?AT CONNECTION BEGAN ! %IFT FROM ! OLD CR$IT SY/EMS ?AT DOM9AT$ DUR+ ! ,MIDDLE ,AGES TO ! BULLION SY/EMS ?AT DOM9AT$1 REALLY1 UNTIL #a#i#g#a4 

,Y\'VE DESCRIB$ H[ ! %IFT FROM CR$IT TO BULLION1 :I* OCCURR$ AS A SIDE-EFFECT ( W>1 CREAT$ COMM]CIAL M>KETS4 ,WAS ?IS ! PO9T AT :I* ! %IFT FROM :AT Y\ CALL 0HUMAN ECONOMIES0 TO 0COMM]CIAL ECONOMIES0 OCCURR$8 

,A 'HUMAN ECONOMY' IS A T]M ,I CO9$ TO REF] TO AN ECONOMY 9 :I* MONEY IS US$ PRIM>ILY TO RE>RANGE SOCIAL RELATIONS1 RA!R ?AN TO BUY MAT]IAL OBJECTS OR POSSESSIONS4 ,I GIVE A LOT ( EXAMPLES 9 ! BOOK4 ,N[1 A CR$IT SY/EM LIKE ! ONE 9 ANCI5T ,MESOPOTAMIA IS SORT ( A HALF-WAY PO9T3 Y\ C\LD BUY ?+S1 BUT IT WAS L>GELY ON CR$IT & Y\ C\LD NOT COMPLETELY DIVORCE ! TRANSACTION FROM SOMEONE'S REPUTATION 7OR !IR CR$IT-WOR?9ESS74 ,SO IT WAS K9D ( A HYBRID - MONEY WAS US$ BO? = RE>RANG+ SOCIAL RELATIONS & = BUY+ MAT]IAL OBJECTS4 ,BUT :5 MONEY IS US$ = BO?1 SUDD5LY IT CREATES ALL ( !SE MORAL CRISES1 :I* >E FUR!R EXAC]BAT$ :5 ! SY/EM DEVELOPS 9TO ONE :]E PEOPLE />T R\T9ELY US+ CA% = BASIC TRANSACTIONS4 ,! EXAMPLES ,I GIVE 9 ! BOOK >E ! MORAL CRISES OV] SLAV]Y & PRO/ITUTION4 

,LET'S FOCUS H]E ON PRO/ITUTION4 ,OBVI\SLY PRO/ITUTION CAN'T REALLY OCCUR UNLESS Y\ HAVE SOME K9D ( IMP]SONAL M>KET SY/EM1 BUT 9 A HUMAN ECONOMY1 (T51 LEGITIMATE SOCIAL RELATIONS >E ONES 9 :I* MONEY HAS *ANG$ H&S4 ,?AT'S H[ Y\ RECOGNIZE :5 A NEW SOCIAL RELATION HAS BE5 CREAT$ 7= 9/ANCE1 :5 'BRIDEWEAL?' HAS BE5 PAID BETWE5 FAMILIES TO RECOGNIZE A NEW M>RIAGE74 ,BUT :5 Y\'RE US+ ! SAME /UFF TO SEAL A M>RIAGE AS Y\'RE US+ TO BUY A DUCK OR TO PAY A /REETWALK] = MOM5T>Y SEXUAL S]VICES1 ?AT CREATES A BIG PROBLEM1 & ?AT'S :Y Y\ HAVE ?IS T]RIBLE MORAL PANIC :I* />TS 9 ,MESOPOTAMIA & BECOMES IF ANY?+ EV5 /RONG] 9 ANCI5T ,GREECE AS ! BEG9N+S ( A CA% ECONOMY EM]GE4 

,& IS ! %IFT ALWAYS FROM 'HUMAN ECONOMIES' TO 'COMM]CIAL ECONOMIES'8 ,HAS ! TRANSITION EV] OCCURR$ 9 O!R DIRECTION8 

,OH YES1 PEOPLE HAVE C]TA9LY RUN AWAY FROM COMM]CIAL ECONOMIES1 & COMM]CIAL ECONOMIES HAVE COLLAPS$4 ,/ILL1 )9 ! TRADITION ( ! GREAT CIVILIZATIONS :AT HAPP5S IS NOT A MOVEM5T BETWE5 HUMAN & COMM]CIAL ECONOMIES1 BUT BETWE5 CR$IT-BAS$ SY/EMS & BULLION-BAS$ SY/EMS1 & ?AT BACK-&-=? IS ONE ( ! !MES ( ! BOOK4 ,CR$IT-BAS$ SY/EMS >E MORE LIKE HUMAN ECONOMIES1 AL?\< !Y DON'T GO ALL ! WAY4 

,BECAUSE CR$IT IS NOT COMPLETELY IMP]SONAL 9 ! WAY ?AT CA% TRANSACTIONS CAN BE8 

,YES1 IT RELIES ON P]SONAL TRU/1 BUT IT'S ALSO QUANTIFI$ & TRANSF]ABLE1 :I* MAKES IT A DEBT RA!R ?AN A SIMPLE MORAL OBLIGATION4 ,?IS IS :]E Y\ GET SYMPTOMS LIKE ?OSE ,I HAVE DESCRIB$ - = EXAMPLE1 9 M$IEVAL ,ISLAM ONE'S HONOR IS A =M ( CAPITAL2 ONE'S REPUTATION = BE+ A DEC5T P]SON1 = BE+ TRU/WOR?Y1 BECOMES KEY4 ,AS ,PI]RE ,B\RDIEU SAID ( CONTEMPOR>Y ,ALG]IA1 HONOR IS SUP]IOR TO MONEY BECAUSE Y\ CAN CONV]T Y\R HONOR 9TO MONEY1 BUT Y\ CAN'T CONV]T Y\R MONEY 9TO HONOR4 ,I ?\<T ?IS WAS A BRILLIANT DISCOV]Y- ?AT HONOR IS A =M ( CAPITAL - UNTIL ,I DISCOV]$ ?AT 9 TRADITIONAL ,ISLAMIC LAW IT IS LIT]ALLY TRUE3 HONOR IS LEGALLY RECOGNIZ$ AS A =M ( CAPITAL4 ,?AT SORT ( SY/EM IS SIMIL> TO ! K9D ( ?+ ?AT PREVAIL$ 9 M$IEVAL ,EUROPE4 ,9 ,5GL&1 = EXAMPLE1 Y\ F9D EXPRESSIONS LIKE 0A WOR?Y MAN0 OR 0A MAN ( NO ACC\NT01 :I* REF] BO? TO ONE'S P]SONAL REPUTATION = DEC5CY & TO ONE'S CR$IT-WOR?9ESS4 ,! TWO ESS5TIALLY C\LD NOT BE DI/+UI%$4 

,! 9T]E/+ ?+ ?IS BR+S \T1 ,I ?9K1 IS ?AT :ILE M>KETS EM]GE AS A SIDE-EFFECT ( MILIT>Y OP]ATIONS1 9 C]TA9 TIMES & PLACES 9 HI/ORY !Y BECOME SOME?+ DIFF]5T4 ,!Y BECOME SOME?+ :I* IS NEI!R DEP5D5T UPON NOR A SIDE-EFFECT ( /ATE ACTIONS1 BUT 9/EAD BECOME OPPOS$ TO ! /ATE4 ,! FIR/ TIME ,I'M AW>E ( ?IS HAPP5+ IS 9 M$IEVAL ,ISLAM1 BUT Y\ ALSO SEE IT 9 ,M+ ,*9A & !RE >E TRACES ( IT 9 R5AISSANCE ,5GL&4 ,IT IS A K9D ( M>KET POPULISM ?AT T5DS TO OCCUR :5 CONTROLS >E 9/ITUT$ TO 5SURE ?AT CR$IT SY/EMS DON'T GO CRAZY4 ,SO 9 M$IEVAL ,ISLAM1 = EXAMPLE1 !RE WAS A BAN ON USURY4 ,BUT ?AT BAN WAS NOT 5=C$ BY ! /ATE-- PEOPLE APPEAL$ TO RELIGI\S LAW TO SETTLE COMM]CIAL DISPUTES & CONTRACTS1 BUT ! /ATE C\LDN'T HAUL SOMEONE (F TO JAIL = VIOLAT+ !M4 ,ABUSIVE PRACTICES LIKE USURY & DEBT PEONAGE HAD BE5 TYPICAL ( ! ,MIDDLE ,EA/ = ?\S&S ( YE>S1 & W]E ESS5TIALLY MADE ILLEGAL UND] ,ISLAM4 ,?AT'S ONE ( ! REASONS :Y MANY PEOPLE W]E SO WILL+ TO CONV]T - IT WAS REALLY ?R\< ! JUDICIAL SY/EM ?AT IT ALL HAPP5$4 

,! WAY ,I PUT IT IS ?AT ! M]CANTILE CLASSES BASICALLY SWIT*$ SIDES4 ,?R\<\T MO/ ( ,MIDDLE ,EA/]N HI/ORY !Y W]E ALLI$ ) ! GOV]NM5T - !Y W]E ! MONEY-L5D]S1 !Y W]E ! PEOPLE ?AT O!RS FELL 9TO DEBT TRAPS ) & BECAME DEBT PEONS BECAUSE ( 9T]E/ BE>+ LOANS4 ,& ESS5TIALLY !Y SAID1 ',O,K1 ,O,K1 WE'LL BECOME ! GOOD GUYS4 ,WE WILL /OP *>G+ 9T]E/1 WE WILL \TLAW SLAV]Y & DEBT PEONAGE1 & ! GOV]NM5T >E ! BAD GUYS N[1 WE WON'T EV5 TALK TO !M1 WE'LL JU/ WORK ?IS /UFF \T AMONG \RSELVES4' 

,N[1 Y\ CAN'T HAVE ?IS SORT ( SY/EM IF Y\'RE EXTRACT+ 9T]E/ & GETT+ PEOPLE 5SN>$ 9 DEBT TRAPS :]E !Y BECOME 5SLAV$4 ,= ?AT K9D ( SY/EM Y\ NE$ PHYSICAL 5=CEM5T4 ,SO ESS5TIALLY !Y CREAT$ ?IS IDEA ( A M>KET EXI/+ \TSIDE ! /ATE4 ,BUT IT WAS A DIFF]5T TYPE ( M>KET4 ,:ILE ! M>KET & ! /ATE W]E CONSID]$ COMPLETELY SEP>ATE IT WAS ALSO ASSUM$ ?AT COMPETITION1 :ILE IT PLAYS A ROLE1 IS NOT ! ESS5CE ( :AT ! M>KET IS4 ,! M>KET1 ULTIMATELY1 WAS SE5 AS A =M ( MUTUAL TRU/ & MUTUAL AID4 

,ONE ( ! MORE SURPRIS+ ?+S IS ! DEGREE TO :I* FREE M>KET RHETORIC WAS SPE>HEAD$ 9 M$IEVAL ,ISLAM )9 ?AT CONTEXT ( ,%>IA4 ,TO TAKE ONE EXAMPLE1 ,ADAM ,SMI?'S IDEA ( ! '9VISIBLE H&' - ?AT DIV9E PROVID5CE SETS PRICES UND] FREE M>KET CONDITIONS - WAS ORIG9ALLY A S5TIM5T ATTRIBUT$ TO ,MUHAMMAD1 :O WAS 9ITIALLY1 ( C\RSE1 A M]*ANT4 ,SOME ( ,ADAM ,SMI?'S BE/ L9ES - Y\ NEV] SAW TWO DOGS EX*ANG+ A BONE1 HIS EXAMPLE ( ! P9 FACTORY - GO BACK TO FREE M>KET !ORI/S 9 M$IEVAL ,P]SIA4 ,HE SEEMS TO HAVE TAK5 A LOT ( HIS L9ES DIRECTLY FROM !M4 

,BUT !RE IS A DIFF]5CE1 BECAUSE ! ,%>IA NOTION ( ! M>KET AS BAS$ FUNDAM5TALLY ON MUTUAL AID & TRU/ DID NOT TRANSF] /RAI<T=W>DLY TO ! ,EUROPEAN CONTEXT4 ,TO ILLU/RATE1 CONTRA/ ! ,9DIAN ,OCEAN & ! ,M$IT]RANEAN4 ,! ,9DIAN ,OCEAN BECAME A ,MUSLIM LAKE 9 ! ,MIDDLE ,AGES1 & !RE WAS AN UND]/&+ ?AT1 :ILE ON L& Y\ C\LD KILL EA* O!R1 ON ! OCEAN EV]YONE HAD TO BE FRI5DS4 ,! OCEAN IS ! DOMA9 ( M]*ANTS :O WILL GO TO ! RELIGI\S C\RTS TO 5=CE CONTRACTS1 & ) CONTRACTS1 EV]Y?+'S A H&%AKE DEAL4 ,ON ! ,M$IT]RANEAN1 BY CONTRA/1 :E!R ,V5ETIAN GALLEYS W]E TRAD]S1 PIRATES OR CRUSAD]S REALLY DEP5D$ ON ! BALANCE ( =CES ( ! MOM5T4 ,EV]Y %IP WAS EQUIPP$ BO? = TRADE & = W>1 & ONE WAS CONSID]$ AN EXT5SION ( ! O!R4 ,SO 9 ,EUROPE Y\ HAD ?IS MU* MORE AGGRESSIVE IDEA ( TRADE AS AN EXT5SION ( COMPETITIVE RELATIONS ) PEOPLE :O Y\ W\LD JU/ AS SOON KILL1 W]E IT NOT DISADVANTAGE\S TO TRY TO DO SO AT A P>TICUL> MOM5T4 ,WELL 9 ?AT CONTEXT ! IDEA ( ! 'FREE M>KET' BECOMES COMPLETELY DIFF]5T4 ,& 9 ?AT CONTEXT Y\ CREATE AN IDEA ( A M>KET ?AT %\LD EXI/ \TSIDE ( ! /ATE1 BUT ACTUALLY C\LDN'T4 

,I'LL COME BACK TO CR$IT VS4 BULLION CYCLES 9 A BIT4 ,BUT Y\ M5TION$ PRO/ITUTION ABOVE1 & ONE ( ! 9T]E/+ >GUM5TS 9 Y\R BOOK CONC]NS ! ORIG9S ( PATRI>*Y 9 ! CONTEXT ( MORAL CRISES SURR\ND+ DEBT & ! 9TRODUCTION ( COMM]CE4 ,C\LD Y\ ELABORATE8 

,YES4 ,I %\LD MAKE CLE> ?AT ,I'M NOT TALK+ AB\T MALE DOM9ANCE P] SE1 = :I* WE W\LD HAVE TO CA/ A WID] NET1 BUT RA!R AB\T ! SPECIFIC PH5OM5ON ( ,MIDDLE ,EA/]N PATRI>*Y 9 :I* WOM5 >E LOCK$ AWAY1 OR VEIL$1 OR O!RWISE SEQUE/]$ FROM PUBLIC LIFE4 ,?AT IS NOT SOME?+ :I* GOES BACK TO ! E>LIE/ TIMES4 ,9 FACT ! EVID5CE IS ?AT 9 !V]Y E>LIE/ TIMES1 IT WAS LEA/ LIKE ?AT4 ,IF Y\ LOOK AT ! E>LY ,SUM]IAN RECORDS1 ! SITUATION LOOKS K9D ( LIKE N[ - IT'S NOT EQUAL1 BUT Y\ KN[1 A ?IRD ( DOCTORS >E WOM51 OR A ?IRD ( ADM9I/RATORS1 OR EV5 AMONG HEADS ( /ATE1 Y\'VE GOT A FEW4 ,)9 #a-#a#e YE>S1 SOMEH[ OR ANO!R1 WOM5 >E SY/EMATICALLY EXCLUD$ FROM PUBLIC LIFE1 & SUDD5LY Y\'VE GOT ?IS 9T5SE CONC]N AB\T PREM>ITAL VIRG9ITY 7IT'S NOT EV5 CLE> ?AT !Y HAD A CONCEPT ( ?AT 9 E>LY ,SUM]IAN TIMES74 ,H[ DID ALL ?IS HAPP58 

,! TRADITIONAL L9E SUGGE/S ?AT MAYBE ! ,SUM]IANS W]E 'MELL[' :ILE ! ,SEMITIC PEOPLE W]E !SE PA/ORAL NOMADIC TYPES ) SEV]E PATRI>*AL TRADITIONS1 & GRADUALLY !SE NOMADS SEEP$ 9 FROM ! /EPPES & OV]:ELM$ ! CITIES ) WAVE AFT] WAVE ( CONQUE/4 ,& IT IS TRUE ?AT ! LANGUAGE SPOK5 ALONG ! ,TIGRIS & ,EUPHRATES SUCCESSIVELY %IFT$ FROM ,SUM]IAN TO ,SEMITIC1 ,AKKADIAN1 ,AMORITE1 ,>AMAIC1 !N F9ALLY1 ,>ABIC1 :I* Y\ C\LD SAY WAS ! LA/ ,SEMITIC LANGUAGE TO TAKE OV] ! REGION4 ,BUT !RE IS A PROBLEM ) ?IS EXPLANATION4 ,9 MO/ O!R RESPECTS1 ! EVID5CE SUGGE/S ?AT !SE CONQU]+ ,SEMITIC PEOPLES ADOPT$ ! MORES ( ! PEOPLE !Y F\ND LIV+ 9 ! CITIES4 ,SO :Y NOT 9 ?IS CASE8 ,! PICTURE DOESN'T REALLY MAKE S5SE - IT'S ALMO/ A SUB/ITUTE = A REAL EXPLANATION4 

,:AT ,I F\ND MORE PLAUSIBLE IS ?AT IT HAD TO DO ) DEBT CRISES4 ,Y\ HAD ?IS SITUATION :]E WOM51 ESPECIALLY POOR WOM51 BECAME COMMODITIS$4 ,SOME ( ?AT HAS TO DO ) ! HI/ORY ( PRO/ITUTION4 ,IT IS MU* CONTE/$ :E!R !RE REALLY WAS A ?+ CALL$ 'SACR$ PRO/ITUTION' 9 ! ANCI5T WORLD - SOME PEOPLE SAY ! :OLE ?+ IS A MY?1 BUT !RE SEEMS TO BE SOME FAIRLY CLE> EVID5CE ?AT RITUAL SEXUAL BEHAVIOR :I* 9VOLV$ EX*ANGE ( SOME?+ DID TAKE PLACE4 ,9 ANY CASE1 ! DETAILS >5'T SO IMPORTANT4 ,:E!R OR NOT !RE W]E SACR$ PRO/ITUTES 9 TEMPLES1 IT QUICKLY BECAME ! CASE ?AT TEMPLES W]E SURR\ND$ BY R$ LI<T DI/RICTS ) ACTUAL BORDELLOS 9 ! MOD]N S5SE ( ! T]M4 ,:O WAS 9 !M8 ,MO/LY PEOPLE :O GOT C>RI$ AWAY BECAUSE ( LATE DEBT PAYM5TS1 (T5 ?OSE ( !IR P>5TS4 ,SO Y\ HAD P>5TS 9 ?IS AGONIZ+ SITUATION 9 :I* !IR DAU<T] WAS AB\T TO BE TAK5 AWAY TO S]VE AS A PRO/ITUTE BECAUSE !Y C\LDN'T PAY !IR LOANS4 ,ONE ( ! MORE COMMON RESPONSES WAS TO RUN AWAY4 ,?R\< MU* ( WORLD HI/ORY1 :5 FAC$ ) AN 9SOLUBLE SITUATION1 PEOPLE >E MU* LESS LIKELY TO REVOLT ?AN TO FIGURE \T A WAY TO JU/ LEAVE4 

,JAMES ,SCOTT MAKES A LOT ( ?IS4 

,PRECISELY - 0EXODUS04 ,?AT'S A P]FECT EXAMPLE FROM ! ,MIDDLE ,EA/ ITSELF4 ,SO EXODUS WAS WIDELY PRACTIC$4 ,( C\RSE IT WAS MU* H>D] AFT] IRRIGATION & AGRICULTURE HAD BE5 DEVELOP$1 BECAUSE IT'S DIFFICULT TO AB&ON CANALS & SO ON ?AT Y\'VE SP5T TW5TY YE>S BUILD+4 ,BUT :5 PEOPLE W]E TRULY DESP]ATE1 AS :5 !IR DAU<T]S OR SONS W]E AB\T TO BE TAK5 (F TO S]VE AS PRO/ITUTES1 ! COMMON RESPONSE WAS TO RUN (F & JO9 ! LOCAL B& ( NOMADS - PEOPLE :O PRACTIC$ OCCASIONAL AGRICULTURE ON ! FR+ES1 BUT :O REMA9$ MOBILE 5\< TO EVADE CAPTURE4 ,9 ?IS WAY ! NUMB]S ( NOMADS W\LD SWELL1 :I* IS ONE ( ! REASONS :Y K+S HAD TO DECL>E P]IODIC DEBT CANCELATIONS3 !Y W]E AFRAID ( LOS+ !IR POPULATION1 & 9DE$ ( BE+ OV]:ELM$ BY NOMADS & B&ITS4 ,PEOPLE W\LD RUN (F & JO9 NOMADIC B&S AFT] FLEE+ 9 ! MANN] DESCRIB$ ABOVE1 UNTIL EV5TUALLY !Y SWEPT BACK 9TO ! CITIES AS CONQU]ORS4 ,?AT'S H[ Y\ GOT ! ,SEMITIC PEOPLE TAK+ OV] - !Y W]E AID$ BY HALF ! PROLET>IAT FROM ! T[NS !Y W]E CONQU]+4 

,SO 9 A S5SE1 ,MIDDLE ,EA/]N PATRI>*AL REACTION />TS AS A SORT ( SOCIAL MOVEM5T1 OR REBELLION1 AGA9/ ! WEAL?Y & ! MO/ GRAPHIC ABUSES ( WEAL? AT ! TIME - DEBT SLAV]Y1 & WIVES & DAU<T]S BE+ SOLD 9TO PRO/ITUTION TO S]VICE DEBTS4 ,( C\RSE ! =M ?AT REBELLION TOOK HAD T]RIBLE1 AMBIVAL5T & REACTION>Y EFFECTS4 ,BUT ,I ?9K WE NE$ TO RECOGNIZE ! FACT ?AT NOT ALL RESI/ANCE IS LIBRATORY ( EV]YONE4 

,TO JUMP AHEAD A BIT1 :AT WAS ! ORIG9 ( ! NATIONAL DEBT8 

,?AT'S 9T]E/+1 BECAUSE ?IS P]IOD ( R\<LY #a#d#e-#a#i#g#aIS A P]IOD DOM9AT$ BY BULLION 9S(> AS PEOPLE ?9K ?AT MONEY ESS5TIALLY IS BULLION - GOLD IS A COMMODITY US$ TO MEASURE O!R COMMODITIES - BUT IT'S ALSO A P]IOD :]E Y\ HAVE MOD]N PAP] MONEY4 ,?IS MI<T APPE> TO BE A P>ADOX1 BUT ( C\RSE ! VALUE ( PAP] MONEY WAS ALWAYS SE5 AS ULTIMATELY REPRES5T+ GOLD4 ,N[1 ! 9T]E/+ ?+ AB\T ?OSE SY/EMS - & ?IS IS SOME?+ AB\T ! NATURE ( CAPITALISM ?AT ,I ?9K1 MU* ?\< ,I RESPECT ! ,M>XI/ TRADITION1 HAS BE5 SORT ( LEFT \T- IS ! FACT ?AT ! K9D ( MONEY ?AT CAPITALI/S W]E US+ ) EA* O!R WAS DIFF]5T TO ! K9D ( MONEY US$ BY ORD9>Y PEOPLE4 ,!RE WAS ?IS SORT ( MORAL IDEA ?AT PEOPLE %\LDN'T BE US+ CR$IT1 ?AT !Y %\LD BE US+ CO9S - ,ADAM ,SMI? TRI$ TO ELIM9ATE CR$IT AS MU* AS POSSIBLE FROM HIS VISION ( ! WORLD - :I* CORRESPOND$ TO A G5]AL MIDDLE CLASS IDEA ?AT IT WASN'T A GOOD ?+ ?AT EV]YONE %\LD [E EA* O!R MONEY4 ,IT WAS PHYSICALLY V]Y DIFFICULT TO PRODUCE 5\< CO9S TO 5SURE ?AT PEOPLE W\LD BE ABLE TO JU/ GO TO ! %OP & BUY EV]Y?+ !Y NE$$ ) !M1 ?\< IT WAS EV5TUALLY PULL$ (F BY ! N9ETE5? C5TURY4 ,BUT ! SAME CAPITALI/S :O FELT ?AT PEOPLE %\LDN'T BE 9 EA* DEBT TO EA* O!R1 :5 !Y MADE TRANSACTIONS AMONG !MSELVES1 G5]ALLY US$ AS :AT IS SOMETIMES CALL$ 0HI< P[]$0 MONEY1 :I* WAS MO/LY MONETIZ$ GOV]NM5T W> DEBT4 

,! CLASSIC EXAMPLE ( ?AT IS ! ,BANK ( ,5GL&1 :I* WAS ESS5TIALLY BAS$ ON A ,G,B,P#a4#b MILLION LOAN MADE BY A CONSORTIUM ( ,BRITI% M]*ANTS TO ,K+ ,WILLIAM ,I,I4 ,! ,K+1 :O WAS FI<T+ A W> ) ,FRANCE1 ASK$ = AN EM]G5CY LOAN1 9 EX*ANGE = :I* HE GAVE ! M]*ANTS ! RI<T TO TAKE ! MONEY HE N[ [$ !M & LOAN IT TO O!R PEOPLE 9 ! =M ( PAP] MONEY 7BANK NOTES74 ,?AT'S :AT ,BRITI% CURR5CY IS4 ,!Y ALSO GOT TO CALL !MSELVES ! ',BANK ( ,5GL&' & !Y HAD A MONOPOLY ON ! RI<T TO DO ?IS4 ,& 9DE$ IF Y\ LOOK AT A ,G,B,P#a NOTE TODAY1 !RE'S /ILL A PICTURE ( ! QUE51 & ABOVE H] IT /ILL SAYS1 9 SMALL LETT]S1 0,I PROMISE TO PAY ! BE>] ON DEM& ! SUM (04 ,IT'S A PROMISE1 AN ,I4,O4,U4 FROM ! ,QUE54 

,?IS IS :Y ALL ?IS DISCUSSION ( ! DEBT AS SU* A T]RIBLE PROBLEM HAS NO?+ TO DO ) ! WAY ECONOMIES ACTUALLY WORK4 ,! WAY ECONOMIES ACTUALLY WORK MEANS ?AT ! GOV]NM5T HAS TO MA9TA9 A DEBT1 & ?AT DEBT IS G5]ALLY SPEAK+ BAS$ MA9LY 9 MILIT>Y SP5D+ 79 ! ,U4,S4 ALMO/ EXACTLY74 ,! DEBT IS !N MONETIZ$ 9 ! =M ( BANK NOTES1 & ?AT'S :AT WE USE AS MONEY3 MONEY [$ BY ! GOV]NM5T 9 EX*ANGE = MA9TA9+ A SECURITY APP>ATUS & A MILIT>Y1 :I* ( C\RSE CAN !N FUR!R 5=CE ! FACT ?AT ?IS DEBT CAN BE CONSID]$ MONEY1 :I* CREATES A RA!R 9T]E/+ CIRCUL>ITY4 

,! ,U4,S41 TO BE CLE>1 HAS ALWAYS HAD A DEBT1 S9CE #a#g#g#f4 ,! ORIG9AL ,REVOLUTION>Y ,W> DEBT HAS NEV] BE5 REPAID1 & C\LDN'T BE4 ,! ONLY P]SON :O MADE A S]I\S EF=T TO RETIRE ! DEBT WAS ,PRESID5T ,&REW ,JACKSON4 ,9 ORD] TO DO ?AT HE ALSO HAD TO GET RID ( ! ,BANK ( ! ,UNIT$ ,/ATES1 :I* WAS ! EQUIVAL5T ( ! ,F$]AL ,RES]VE4 ,AS A RESULT1 BASICALLY1 LOCAL BANKS HAD TO TAKE UP ! TASK ( PROVID+ ALL ! CR$IT 9 ! ,U4,S4 ,?AT CAUS$ 9CR$IBLE SPECULATIVE BUBBLES1 BECAUSE !RE WAS NO REAL CONTROL OV] H[ !Y W\LD DO ?AT 7ONE ADVANTAGE ( HAV+ A C5TRAL BANK IS ?AT Y\ CAN KEEP AN EYE ON IT & MAKE SURE IT DOESN'T 5GAGE 9 COMPLETELY 9FLATION>Y POLICIES74 ,?IS L$ TO ! ,PANIC ( #ahcg & A GIANT ECONOMIC COLLAPSE4 ,NO ONE HAS TRI$ TO DO IT S9CE4 

,SO :AT IS ! ECONOMIC BASIS = ! CONC]N AB\T ! SIZE ( ! DEBT8 

,! ONLY ECONOMIC BASIS IS ?AT1 ESPECIALLY IF WE HAD HI< EMPLOYM5T RATES 7:I* ! ,U,S DOESN'T71 DEFICIT SP5D+ C\LD EV5TUALLY LEAD TO 9FLATION4 ,BUT AT ! MOM5T ?AT'S :AT WE WANT - ! LA/ H\S+ BUBBLE CRA%$ & !Y'VE BE5 TRY+ DESP]ATELY TO BL[ ON A POPP$ BALLOON EV] S9CE4 ,?AT IS BASICALLY :AT F$]AL POLICY IS - ! ,F$]AL ,RES]VE IS 9 FACT PR9T+ MONEY LIKE CRAZY 7!Y CALL IT 'QUANTITATIVE EAS+' SO Y\ DON'T QUITE KN[ :AT'S HAPP5+74 ,SO ! IDEA ?AT WE FACE A DANG] ( 9FLATION EXACTLY REV]SES ! PROBLEM4 

,IF1 ON ! O!R H&1 ! GOV]NM5T RETIR$ ! DEBT1 ! PROBLEM W\LD BE ?AT ONCE AGA9 LOCAL BANKS W\LD HAVE TO CREATE ALL ! CR$IT1 :I* IS EXACTLY :AT !Y'RE NOT DO+ AT ! MOM5T 7!RE IS A 'CR$IT CRUN*'74 ,SO ?AT W\LD BE P>TICUL>LY CATA/ROPHIC AT ! MOM5T4 

,SO ,I W\LD SAY ?AT ! ONLY REAL DANG] ( RUNN+ EXTREME DEFICITS W\LD BE ?AT EV5TUALLY Y\'D HAVE A LOSS ( FAI? ON ! P>T ( ! 9T]NATIONAL COMMUNITY4 ,! DEFICIT1 :I* WAS CAUS$ PRIM>ILY BY 9CREAS$ MILIT>Y SP5D+ & ! #bh ECONOMIC CRISIS1 WAS FUND$ L>GELY BY SELL+ TREASURY BONDS ABROAD4 ,TREASURY BONDS HAVE COME S9CE #aiga TO SUB/ITUTE = GOLD AS ! BASIC RES]VE = PEOPLE :O DON'T HAVE HUGE VAULTS LIKE WE DO 7?AT IS1 ,U4,S4 TREASURY BONDS N[ FUNCTION AS ! /&>D UNIT ( ACC\NT = DEBT74 ,!RE IS SOME DANG] ?AT EV5TUALLY1 IF ! ,U4,S4 RUNS A HUGE DEFICIT OV] A SU/A9$ P]IOD ( TIME1 SOMEBODY MI<T DECIDE ?AT MAYBE TREASURY BONDS >E NO LONG] ! SAFE/ 9VE/M5T *OICE - ?\< IT IS NOT CLE> :AT ! ALT]NATIVE MI<T BE4 ,!RE HAS BE5 SOME MURMUR+ ALONG !SE L9ES - ,RUSSIA HAS BE5 MUTT]+ AB\T IT1 & ,*9A OCCASIONALLY MAKES NOISES AB\T POSSIBLY DIV]SIFY+1 BUT !Y DON'T DO ANY?+ AB\T IT4 ,! IRONY ( C\RSE IS ?AT ! ONLY ?+ ?AT C\LD REALLY SPE$ ?IS LONG-T]M PROCESS UP IS EXACTLY :AT ! ,REPUBLICAN ,P>TY HAS BE5 DO+3 ?REAT5+ TO DEFAULT1 :I* !Y CLAIM$ WE MI<T HAVE TO DO BECAUSE ( ! DEBT4 ,?IS IS PRECISELY BACKW>DS4 

,SO A C\NTRY CAN'T GO 'BROKE'1 REALLY8 

,C]TA9LY NOT A C\NTRY ) A GIANT >MY4 ,>G5T9A CAN GO BROKE4 ,IF Y\ LOOK AT C\NTRIES ?AT ACTUALLY GO BROKE1 !Y >E C\NTRIES ?AT LACK ! P[] ( SEIGNIORAGE4 ,N[1 'SEIGNIORAGE' IS ANO!R ( ?OSE GREAT WORDS ?AT ECONOMI/S USE SO Y\ DON'T KN[ :AT !Y'RE ACTUALLY SAY+4 ,IT ESS5TIALLY REF]S TO ! ECONOMIC ADVANTAGE Y\ GET FROM HAV+ ! POLITICAL P[] TO DECIDE :AT MONEY IS4 ,IF Y\ LOOK AT C\NTRIES ?AT HAVE REAL1 G5U9E DEBT CRISES - ,>G5T9A1 ,IREL&1 ,GREECE - !Y DON'T HAVE !IR [N CURR5CY 7,>G5T9A'S WAS PEGG$ TO ! DOLL>74 ,IF Y\'RE US+ SOMEBODY ELSE'S CURR5CY1 Y\ CAN GET 9 BIG TR\BLE4 ,C\NTRIES ?AT DO CONTROL !IR [N CURR5CY1 ON ! O!R H&1 HAVE A RANGE ( OPTIONS AVAILABLE TO !M4 ,!Y CAN ALWAYS JU/ PR9T MONEY - ?AT MI<T HAVE BAD ECONOMIC EFFECTS1 BUT IT IS ONE WAY TO ESCAPE A DEBT TRAP4 ,! ,U4,S4'S POSITION IS EV5 BETT] ?AN ?AT1 BECAUSE NOT ONLY CAN ! ,U4,S4 PR9T MONEY1 IT CAN PR9T MONEY ?AT IS US$1 ESS5TIALLY1 AS GOLD4 ,SO WE CAN WRITE *ECKS ?AT NOT ONLY WILL PEOPLE NOT CA%1 BUT ?AT WILL BE TREAT$ BY O!RS AS IF !Y W]E GOLD1 & /OR$ 9 !IR VAULTS4 ,?AT'S AN 9SANE ADVANTAGE4 ,:AT PEOPLE >E ?9K+ :5 !Y TALK+ AB\T TRY+ TO UND]M9E ?AT1 ,GOD ONLY KN[S4 

,SO = EXAMPLE1 EV]YBODY ALWAYS SAYS ?AT ! ,U4,S4 [ES ,*9A ALL ?IS MONEY4 ,NO WE DON'T - OR AT LEA/1 NOT 9 ! S5SE ?AT ! ,U4,S4 WILL EV] HAVE TO PAY IT4 ,=EIGN HOLD]S ( ,T-BONDS JU/ ROLL !M OV] EV]Y FIVE OR T5 YE>S1 ! BONDS MATURE & !Y USE !M TO BUY NEW ONES4 ,JAPAN DOES ! SAME ?+4 ,N[1 AS ,I SAY1 C5TRAL BANKS T5D TO USE TREASURY BONDS AS !IR RES]VE CURR5CY1 BUT C]TA9 C\NTRIES BUY MU* MORE ?AN !IR %>E4 ,*9A'S GOT 9TO ?AT GAME REC5TLY1 :I* IS COMPLICAT$ & 9T]E/+1 BUT IF Y\ LOOK HI/ORICALLY1 !RE IS A PATT]N3 DUR+ ! ,COLD ,W> IT WAS MO/LY ,WE/ ,G]MANY ?AT B\<T HUGE AM\NTS4 ,N[ADAYS1 ,S\? ,KOREA & ,JAPAN >E BIG ONES - ,JAPAN ACTUALLY [NS ALMO/ AS MANY ,AM]ICAN TREASURY BONDS AS ,*9A - AS >E ! ,GULF /ATES4 ,:AT DO ALL !SE C\NTRIES HAVE 9 COMMON8 ,U4,S4 MILIT>Y BASES4 ,SO3 ,U4,S4 DEBT IS L>GELY BAS$ ON MA9TA9+ MILIT>Y SP5D+2 ! MILIT>Y IS SITT+ ON !SE C\NTRIES ?AT !N F9ANCE ?AT DEBT BY MAK+ !SE LOANS ?AT !Y KN[ WILL NEV] BE REPAID4 ,Y\ CAN CALL ?AT 'PROTECTION MONEY' 9 EI!R S5SE ( ! T]M1 DEP5D+ ON Y\R PO9T ( VIEW4 ,9 A WAY IT'S A MIX ( BO?1 BECAUSE !Y >E GETT+ PHYSICALLY PROTECT$1 BUT IT'S ALSO A %AK$[N4 ,*9A1 MEAN:ILE1 SEEMS TO BE PLAY+ A COMPLICAT$ GAME1 ESS5TIALLY SELL+ ! ,U4,S4 LOADS ( *EAP CONSUM] GOODS ON CR$IT ?AT !Y KN[ WILL NEV] GET FULLY PAID BACK2 BUT IF NO?+ ELSE1 !RE SEEMS A TACIT AGREEM5T ?AT AS LONG AS !Y DO ?AT1 ! ,U,S WILL LOOK ! O!R WAY ON TE*NOLOGY TRANSF]S1 PAT5T VIOLATIONS1 & SO =?4 

,ACCORD+ TO ! S*EMA SET \T 9 Y\R BOOK1 S9CE #aiga WE'VE SE5 A %IFT BACK AWAY FROM BULLION T[>DS CR$IT4 

,YES4 ,& ,I >GUE ?AT 9 P]IODS DOM9AT$ BY CR$IT MONEY - !RE IS NO P]IOD EXCLUSIVELY ( EI!R - PEOPLE COME TO RECOGNIZE ?AT MONEY IS ESS5TIALLY AN ,I4,O4,U41 A SOCIAL RELATION4 ,& IF MONEY IS JU/ A S]IES ( PROMISES & COMMITM5TS BETWE5 PEOPLE1 CLE>LY ?OSE ?+S CAN BE RE>RANG$1 IF NE$$4 

,! %IFT TO CR$IT T5DS TO PROMPT TWO QUE/IONS3 #a7 :AT'S TO /OP PEOPLE JU/ GO+ CRAZY ) IT & CREAT+ NEW =MS ( MONEY ) RECKLESS AB&ON8 #b7 ,:AT IS TO /OP PEOPLE FROM !REBY FALL+ 9TO DEBT TRAPS & BECOM+ 5SLAV$8 ,! USUAL SOLUTION IS TO CREATE SOME K9D ( CONTROL1 :I* IS :Y Y\ HAD P]IODIC DEBT CANCELATIONS 9 ,MESOPOTAMIA2 JUBILEES1 BANS ON USURY1 & V>I\S O!R ME*ANISMS ?AT APPE>$ 9 ! ,MIDDLE ,AGES2 & SO ON4 ,?IS MAKES S5SE1 BECAUSE IF MONEY IS JU/ A SOCIAL CON/RUCT1 & IS RECOGNIZ$ AS SU*1 !N PEOPLE WILL BE MORE OP5 TO *ANG+ ! RULES ?AT GOV]N IT4 ,& 9 FACT 9 ! ,MIDDLE ,AGES ?IS WAS COMPLETELY RECOGNIZ$4 ,>I/OTLE'S POSITION ?AT MONEY IS AN AGREEM5T WE MAKE ) EA* O!R1 :I* WAS V]Y MU* A M9ORITY VIEW 9 ANTIQUITY1 GOT WIDELY ADOPT$ 9 ,EUROPE4 ,IF IT'S AN AGREEM5T1 WE CAN R5EGOTIATE IT AT ANY TIME1 & PEOPLE DID4 ,!Y W\LD CRY \T & CRY D[N ! VALUE ( MONEY1 & %IFT IT >\ND ALL ! TIME4 

,SO ! QUE/ION BECOMES3 :Y DIDN'T ?AT HAPP5 ?IS TIME8 ,:Y HAVE !Y NOT1 S9CE #a#i#g#a1 SET UP !SE OV]>*+ 9/ITUTIONS TO PROTECT DEBTORS1 :I* IS :AT !Y'VE ALWAYS DONE 9 ! PA/8 ,:Y DID !Y NOT CREATE CONTROLS SO ?AT MONEY C\LDN'T JU/ BE CREAT$ ) RECKLESS AB&ON BY ?OSE 9 P[] AS A WAY ( 5SLAV+ EV]YBODY ELSE8 ,9 FACT1 :AT'S HAPP5$ IS EXACTLY ! OPPOSITE ( ?AT4 ,!Y'VE CREAT$ OV]>*+ 9/ITUTIONS1 LIKE ! ,I,M,F1 TO PROTECT CR$ITORS4 ,?AT ESS5TIALLY IS :AT ! ,I,M,F IS3 IT IS P>T ( A HUGE F9ANCIAL GLOBAL BUREAUCRACY DEVELOP$ GRADUALLY OV] ! PA/ #c-#e YE>S1 D$ICAT$ TO ! PR9CIPLE ?AT NO-ONE IS EV] ALL[$ TO DEFAULT ON A LOAN4 ,:I* IS CRAZY - EV5 ACCORD+ TO /&>D ECONOMIC !ORY ! PR(ITS FROM A LOAN >E SUPPOS$ TO BE A REW>D = TAK+ A RISK4 ,?IS LEADS TO 9SANE SPECULATIVE BUBBLES1 A SITUATION 9 :I* #i-#i#e P]C5T ( ALL MONEY IS ACTUALLY SPECULATIVE ) NO CONNECTION TO PRODUCTION OR TRADE1 & PEOPLE BECOM+ EFFECTIVELY 5S]F$4 

,9 ,AM]ICA1 = 9/ANCE1 PRETTY MU* EV]YBODY IS 9 DEBT4 ,! GREAT SOCIAL EVIL 9 ANTIQUITY1 ! ?+ ?AT ,%>IA LAW & M$IEVAL CANON LAW W]E TRY+ TO 5SURE NEV] HAPP5$ AGA91 WAS ! SC5>IO 9 :I* A FAMILY GETS SO DEEP 9 DEBT ?AT !Y >E =C$ TO SELL !MSELVES1 OR SELL !IR *ILDR51 9TO SLAV]Y4 ,:AT DO Y\ HAVE H]E TODAY8 ,Y\ HAVE A POPULATION ALL ( :OM >E 9 DEBT1 & :O >E ESS5TIALLY R5T+ !MSELVES TO EMPLOY]S TO DO JOBS ?AT !Y ALMO/ C]TA9LY W\LDN'T WANT TO DO O!RWISE1 TO BE ABLE TO PAY ?OSE DEBTS4 ,IF ,>I/OTLE W]E MAGICALLY TRANSPORT$ TO ! ,U4,S4 HE W\LD CONCLUDE ?AT MO/ ( ! ,AM]ICAN POPULATION IS 5SLAV$1 BECAUSE = HIM ! DI/9CTION BETWE5 SELL+ Y\RSELF & R5T+ Y\RSELF IS AT BE/ A LEGALISM4 ,?IS1 AGA91 IS :Y ,I SAY ?AT \R DEF9ITIONS ( FRE$OM >E BIZ>RE - WE'VE MANAG$ TO TAKE A SITUATION :I* MO/ PEOPLE 9 ! ANCI5T WORLD W\LD HAVE RECOGNIZ$ AS A =M ( SLAV]Y & TURN$ IT 9TO ! DEF9ITION ( FRE$OM 7Y\R ABILITY TO CONTRACT DEBTS1 Y\R ABILITY TO SELL Y\R LABOR ON ! M>KET1 & SO ON74 ,9 ! PROCESS WE HAVE CREAT$ ! V]Y ?+ ?AT ALL ?AT OLD LEGISLATION & ALL ( ?OSE OLD POLITICAL PRACTICES W]E DESIGN$ TO AVOID4 

,H[EV]1 IT'S ALSO TRUE ?AT WE'RE TALK+ AB\T #aiga TO ! PRES5T1 :I* IS #d YE>S4 ,\T ( A #e YE> ECONOMIC CYCLE1 ?AT'S NOT A LOT4 ,IT'S ! V]Y BEG9N+1 & IT'S ALSO CLE> ?AT ! SY/EM ,I'VE BE5 DESCRIB+ HASN'T WORK$ \T TOO WELL4 ,! ,I,M,F HAS BE5 KICK$ \T ( ONE C\NTRY AFT] ANO!R1 IT'S ESS5TIALLY P]SONA NON GRATA 9 ,EA/ ,ASIA1 IT'S BE5 KICK$ \T ( ,LAT9 ,AM]ICA1 JU/ A FEW WEEKS AGO IT WAS KICK$ \T ( ,EGYPT4 ,REALLY !Y JU/ HAVE ,AFRICA & ,EUROPE LEFT AS !IR /OMP+ GR\ND1 & !RE'S A MAJOR REACTION TO !IR PRESCRIPTIONS 9 ,EUROPE RI<T N[4 

,9 #bh ! :OLE ELABORATE MAKE-BELIEVE MAGICAL CR$IT WORLD HIT A BRICK WALL1 & !Y DIDN'T SOLVE ! PROBLEM4 ,ONE ( ! REASONS ,I WROTE ?IS BOOK WAS ?AT 9 ! WAKE ( ! CRISIS ,I ?\<T ?AT !RE WAS AN OPPORTUNITY = US TO SIT D[N & />T TALK+ AB\T /UFF AGA94 ,& !RE WAS A BRIEF MOM5T1 RI<T AFT] #b#h1 :5 PEOPLE SAID 'OH1 EV]Y?+ WE ?\<T WE KNEW WAS WRONG'4 ,I MEAN1 ! ,ECONOMI/ WAS RUNN+ HEADL9ES ASK+ :E!R CAPITALISM HAD BE5 A GOOD IDEA4 ,IT DIDN'T LA/ LONG1 ?\<4 ,!RE WAS A BIG 'OOPS6' FEEL+1 & !N PEOPLE />T+ SAY+ ?AT MAYBE WE CAN RE9/ATE ! OLD SY/EM MORE OR LESS H[ IT WAS BE=E4 ,?AT'S ! /AGE WE'RE 9 AT ! MOM5T4 ,EV]Y YE> ?AT GOES BY BR+S US CLOS] TO ! TIME ?AT IT WILL HAPP5 AGA91 & EV]YONE PRETTY MU* KN[S ?IS4 ,SO CR$IT HAS COME CRUMBL+4 ,?AT'S :Y ,I ?\<T ?IS WAS A TIMELY MOM5T = ?IS BOOK1 BECAUSE WE NE$ TO HAVE A S]I\S CONV]SATION AB\T DEBT4 ,IF ?+S UNFOLD ! WAY !Y HAVE DONE 9 ! PA/1 WE WILL 5D UP GO+ 9 ! COMPLETE OPPOSITE DIRECTION FROM ! WAY 9 :I* ?+S HAVE BE5 GO+ = ! PA/ #d YE>S - AWAY FROM NEW-FANGL$ =MS ( SLAV]Y & DEBT PEONAGE2 AWAY FROM 5DLESS CREATION ( MAGICAL CR$IT BUBBLES ?AT !N BUR/2 & AWAY FROM ?IS IDEA ?AT DEBT IS A SACR$ OBLIGATION ?AT IMM$IATELY \TRANKS ANY O!R PROMISE Y\ CAN MAKE4 ,BUT WE /ILL HAVE !SE IDEAS 9 \R HEADS - !RE'S A PSY*OLOGY !RE ?AT'S GO+ TO BE DIFFICULT TO OV]COME4 

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