,DEBT1 ,VIOL5CE1 & ,IMP]SONAL ,M>KETS 

,PEOPLE 3 

,AU?OR 3 ,DAVID ,GRAEB] 

,TEXT 3 

,IF ,! ,GREAT ,TRANS=MATION WILL BE REMEMB]$ = ANY?+ A C5TURY FROM N[1 IT WILL BE AS ! DEF9ITIVE REJO9D] TO ! GREAT LIB]AL MY?4 ,?IS IS1 ( C\RSE1 ! ASSUMPTION ?AT !RE IS SOME?+ NATURAL AB\T :AT ,POLANYI CALL$ 0SELF-REGULAT+ M>KETS01 ?AT !Y >ISE ( !IR [N ACCORD AS LONG AS /ATE 9T]F]5CE DOESN'T PREV5T !M4 ,POLANYI EXAM9$ ! V]Y P]IOD :5 ?IS IDEOLOGY FIR/ EM]G$1 & MANAG$ TO DEMON/RATE JU/ H[ CRUCIAL GOV]NM5T 9T]F]5CE WAS 9 CREAT+ 0! SELF-REGULAT+ M>KET0 TO BEG9 )--JU/ AS IT HAS CONT9U$ TO BE NECESS>Y TO MA9TA9 IT4 

,ONE NE$ H>DLY PO9T \T ?AT 9 ! CURR5T1 NEOLIB]AL AGE1 ,POLANYI'S 9SI<TS >E MORE RELEVANT ?AN EV]4 ,! IDEOLOGY ?AT ,POLANYI FELT WAS GONE =EV] 9 ! '#dS HAS RETURN$ ) A V5GEANCE--RETURN$ TO REAP A T]RIBLE V5GEANCE1 9 FACT1 ON ! MO/ VULN]ABLE ( ! PEOPLE ( ! E>?4 ,YET AT ! SAME TIME ! 9TELLECTUAL L&SCAPE HAS %IFT$ DRAMATICALLY4 ,AMONG :AT PASSES AS ! 9TELLECTUAL OPPOSITION1 GR& SWEEP+ !ORY 9 ! ,POLANYIAN TRADITION HAS FALL5 L>GELY \T ( FAVOR4 ,AT ! SAME TIME1 ! HI< !ORI/S ( NEOLIB]ALISM--AT LEA/1 ! MO/ SOPHI/ICAT$ ( !M--(T5 APPE> MORE ?AN HAPPY TO 9CORPORATE MANY ( ,POLANYI'S 9SI<TS4 ,MO/ WILL1 IF PRESS$1 BE HAPPY TO ADMIT ?AT 0! M>KET0 ISN'T REALLY AN EMPIRICAL OBJECT AT ALL1 ?AT :5 !Y REF] TO 0M>KETS0 !Y >E REALLY TALK+ AB\T AB/RACT MODELS1 CON/RUCT$ BY SELECT+ ONLY C]TA9 FEATURES ( REALITY & 9T5TIONALLY IGNORE ALL O!RS2 & ?AT ( C\RSE ONE NE$S CON/ANT POLITICAL WORK TO MA9TA9 CONDITIONS :]E ?OSE MODELS WILL TAKE ON ANY SEMBLANCE ( EMPIRICAL =M4 ,( C\RSE1 :5 GIV+ POLICY ADVICE1 !SE SAME ECONOMI/S WILL !N TURN >\ND & DECL>E ?AT 0! M>KET0--N[ TRANS=M$ FROM AN AB/RACT MODEL TO A QUASI-DEITY--WILL PUNI% ?OSE :O DISREG>D ITS SOV]EIGN DICTATES4 

,:5 >GUM5TS DON'T EV5 HAVE TO MAKE LOGICAL S5SE1 CRITIQUE MI<T WELL SEEM TO LOSE ITS PO9T4 ,NONE!LESS1 IT /RIKES ME ?AT NEW !ORETICAL TOOLS W\LD BE HELPFUL H]E--IF ONLY BECAUSE H[ WE CONCEPTUALIZE ! MOM5T HAS EV]Y?+ TO DO ) H[ WE IMAG9E ALT]NATIVES4 ,POLANYI WROTE AT AN HI/ORICAL MOM5T :5 IT SEEM$ ?AT ! V]Y GOV]NM5TS ?AT HAD CREAT$ SELF-REGULAT+ M>KETS SEEM$ TO BE 9 ! PROCESS ( TRANSC5D+ !M4 ,TODAY WE'VE SE5 ?OSE SAME SOCIAL DEMOCRATIC REGIMES (T5 LEAD+ ! WAY 9 /RIPP+ AWAY SOCIAL PROTECTIONS1 & ANTI-CAPITALI/ MOVEM5TS 9CREAS+LY MOV+ AWAY FROM ANY NOTION ?AT ! /ATE--:I* IS1 AFT] ALL1 BASICALLY A MEANS ( ORGANIZ+ VIOL5CE--CAN HELP SOLVE ANY?+4 

,:AT ,I W\LD LIKE TO DO 9 ?IS ESSAY !N IS TO MAKE A FEW SUGGE/IONS AB\T H[ WE MI<T BEG9 TO RECONCEPTUALIZE ,POLANYI'S APPROA* TO ECONOMIC HI/ORY FROM ?IS1 RA!R DIFF]5T1 HI/ORICAL P]SPECTIVE4 ,?IS MEANS COM+ UP ) NEW T]MS TO SUPPLEM5T1 & TO SOME DEGREE SUPPLANT1 ,POLANYI'S DI/9CTIONS BETWE5 RECIPROCITY1 R$I/RIBUTION1 & M>KET1 SPECIAL & G5]AL PURPOSE MONIES1 & 9TRODUCE DI/9CTIONS BETWE5 :AT ,I WILL CALL 0HUMAN ECONOMIES0 & DIFF]5T SORTS ( M>KET1 SOME DOM9AT$ BY CR$IT 9/ITUTIONS1 O!RS BY ANONYM\S EX*ANGE ( METAL BULLION4 ,9 BO? CASES1 ,I WANT AT LEA/ TO CONSID] ! IMPORTANCE ( W> & VIOL5CE AS CRITICAL ELEM5TS 9 ALL[+ ! TRANS=MATIONS ( ONE =M 9TO ! O!R4.<#a.> ,! EASIE/ WAY TO BEG9 TO RECON/RUCT ?IS HI/ORY1 ,I ?9K1 IS BY LOOK+ AT ! HI/ORY ( MONEY4 

#a3 ,VALUE V]SUS ,DEBT 

,! APPROA* TO ECONOMIC HI/ORY ,I WILL PROPOSE H]E HAS L>G] !ORETICAL IMPLICATIONS4 ,:ILE ?IS IS NOT ! PLACE TO DEVELOP !M 9 ANY DETAIL1 IT SEEMS TO ME ?AT WE HAVE COME TO ! PO9T :]E WE HAVE L>GELY MOV$ PA/ ! HO>Y OPPOSITION BETWE5 9DIVIDUAL & SOCIETY1 & MI<T BETT] BEG9 9/EAD FROM AN OPPOSITION BETWE5 VALUE & DEBT3 ?AT IS1 BETWE5 WEBS ( DYADIC RELATIONS BAS$ ON V>I\S =MS ( 7USUALLY MUTUAL7 OBLIGATION1 & ! CREATION ( VIRTUAL >5AS = ! REALIZATION ( HUMAN CREATIVITY4 

,?IS PO9T MAY SEEM OBSCURE4 ,P]HAPS ! BE/ WAY TO EXPLA9 IT IS TO EXPLA9 H[ ,I CAME TO IT4 

,9 #b#a1 ,I WROTE A BOOK :I* AMONG O!R ?+S TRI$ TO DEVELOP A NEW APPROA* TO SOME ( ! 9TRICATE PROBLEMS ( ,M>XIAN VALUE !ORY4 ,MY KEY PO9T WAS ?AT \R DI/9CTION BETWE5 0VALUE0 79 ! ECONOMIC S5SE7 & 0VALUES0 79 ! SOCIAL S5SE7 REALLY TURNS ON ! COMMODITIZATION ( LABOR4 ,:]E HUMAN 5]GIES >E DIRECT$ AT PR(IT1 OR WAGES1 WE >E 9 ! DOMA9 ( 0! ECONOMY0 OR 0! M>KET01 :I* OP]ATES ACCORD+ TO ! LAW ( VALUE4 ,:5 WE 5T] 9TO O!R PURSUITS1 SU* AS DOME/IC LIFE 7H\SEWORK BE+ PROBABLY ! MO/ IMPORTANT =M ( UNREMUN]AT$ LABOR 9 9DU/RIALIZ$ SOCIETIES71 OR RELIGION1 POLITICS1 & SO ON1 WE >E SUDD5LY SAID TO JUMP 9TO ! DOMA9 ( 0VALUES03 ?IS IS PRECISELY :]E PEOPLE BEG9 TO TALK AB\T 0FAMILY VALUES01 RELIGI\S FAI?1 POLITICAL IDEALS1 ! PURSUIT ( BEAUTY1 PATRIOTISM & SO ON4 ,ALL !SE >E SE5 AS COMMITM5TS ?AT \<T TO BE UNCORRUPT$ BY ! M>KET4 ,AT ! SAME TIME1 !Y >E ALSO SE5 AS UTT]LY UNIQUE1 EFFECTIVELY1 9COMM5SURABLE4 ,IT W\LD BE ABSURD TO SE>* = A MA!MATIC =MULA ?AT C\LD ALL[ ONE TO CALCULATE JU/ H[ MU* P]SONAL 9TEGRITY IT IS RI<T TO SACRIFICE 9 ! PURSUIT ( >T1 OR H[ TO BALANCE RESPONSIBILITIES TO ,GOD & TO Y\R FAMILY4 

,! 5TIRE >GUM5T H]E TURNS ON MONEY BE+ AN IMP]SONAL AB/RACTION4 0,VALUE0 IS ?AT :I* MONEY MEASURES4 ,MONEY IS A G5]IC SUB/ANCE :OSE ONLY QUALITY IS ?AT IS CAN BE PRECISELY C\NT$2 ASIDE FROM ITS D5OM9ATION1 ONE BANKNOTE IS PRECISELY ! SAME AS ANY O!R4 ,!RE=E NO P>TICUL> DOLL> BILL CAN DEVELOP A UNIQUE HI/ORY4 ,IT IS PURE POT5TIALITY4 ,)\T SU* A G5]IC M$IUM1 ONE IS LEFT ) A S]IES ( UNIQUE HI/ORICAL CRY/ALLIZATIONS4 

,M>X AS WE ALL KN[ SAW ! VALUE ( MONEY AS ULTIMATELY ROOT$ 9 HUMAN CAPACITIES = CREATIVE ACTION1 OR 0LABOR P[]04 ,HE ALSO >GU$ ?AT IT WAS ONLY ?R\< ! 9/ITUTION ( WAGE LABOR ?AT SU* CREATIVE POT5TIAL ITSELF BECOMES A COMMODITY4 ,ONE 9T]E/+ CONCOMITANT IS ?AT AS A RESULT1 WAGE LABOR]S--:O >E AFT] ALL WORK+ 9 ORD] TO GET MONEY-->E EFFECTIVELY WORK+ 9 ORD] TO OBTA9 SYMBOLIC TOK5S ?AT REPRES5T ! IMPORTANCE ( !IR [N WORK4 

,MONEY1 !N1 IS A SYMBOL ?AT EFFECTIVELY BR+S 9TO BE+ ! V]Y ?+ IT REPRES5TS4 ,AS SU* IT COMES TO SEEM ! S\RCE ( ! VALUE ( ! LABOR1 RA!R ?AN SOME?+ HAV+ BE5 PRODUC$ BY IT4 ,! PREMISE ( ! BOOK WAS ?AT ANY SY/EM ( VALUE T5DS TO OP]ATE ?IS WAY4 ,VALUE IS SIMPLY ! WAY ?AT WE REPRES5T ! MEAN+ OR IMPORTANCE ( \R [N ACTIONS TO \RSELVES4 

,\R ACTIONS BECOME MEAN+FUL & IMPORTANT BY BECOM+ P>T ( SOME L>G] SOCIAL TOTALITY1 REAL OR IMAG9$2 ?IS MU/ ALSO NECESS>ILY HAPP5 ?R\< SOME MAT]IAL M$IUM3 IF NOT MONEY1 !N TREASURES1 TOK5S1 P]=MANCES1 PRIVILEGES1 & SO ON4 ,! M$IUM CAN BE ALMO/ ANY?+1 BUT ITS NATURE HAS V]Y DEF9ITE IMPLICATIONS AS TO H[ ?IS REALIZATION ( VALUE TAKES PLACE4 ,) A QUANTIFIABLE AB/RACTION LIKE MONEY1 ONE CAN DEVELOP SY/EMS ( AB/RACT VALUE2 :5 ! MO/ IMPORTANT TOK5S ( VALUE >E UNIQUE BUT P]MAN5T HEIRLOOMS1 BETOK5+ 0FAME01 ONE MI<T 5D UP ) SOME?+ MORE LIKE A KULA SY/EM 7,MUNN #a#i#h#f72 :5 !Y >E ELABORATE1 BUT EPHEM]AL1 RITUAL P]=MANCES ?AT EXPRESS 0BEAUTY01 ONE CAN 5D UP ) SOME?+ MORE LIKE ! ,KAYAPO RITUALS DESCRIB$ BY ,TURN] 7#a#i#h#d1 #a#i#h#e1 #a#i#h#g74 ,NONE!LESS1 !RE >E ALWAYS C]TA9 CON/ANTS4 ,ONE IS ?AT S9CE VALUE CAN ONLY BE REALIZ$ 9 ! EYES ( O!RS1 :AT WE ?9K ( AS 0SOCIETY0 L>GELY EM]GES AS ! AUDI5CE = DIFF]5T PROJECTS = ! REALIZATION ( VALUE4 ,FROM ! P]SPECTIVE ( ! ACTOR1 AT LEA/1 0SOCIETY0 IS SIMPLY ALL ?OSE :OSE OP9IONS HE ACTUALLY C>ES AB\T4 ,IT IS ALWAYS TO A C]TA9 DEGREE AN IMAG9>Y TOTALITY4 

,ANO!R IS ?AT ! TOK5S ?R\< :I* !Y >E REALIZ$ T5D TO BECOME FETI%IZ$1 9 ! S5SE ?AT FROM ! PO9T ( VIEW ( ! ACTORS1 !Y >E SE5 AS ! S\RCE ( ?AT :I* !Y MOTIVATE4 ,! DESIRE TO ACQUIRE TOK5S ( HONOR 9SPIRES HONORABLE BEHAVIOR2 ! DESIRE TO ATTA9 TOK5S ( FAI?1 OR C]TIFICATES ( $UCATIONAL ATTA9M5T1 COMES TO 9SPIRE PIETY OR LE>N+1 EV5 TO ORGANIZE ! =M SU* ACTIONS TAKE4 ,! RESULT1 AS 9 ! CASE ( MONEY1 IS ?AT IT (T5 SEEMS AS IF !SE TOK5S1 RA!R ?AN ! HUMAN ACTIONS AIM$ AT ACQUIR+ !M1 >E :AT BR+S PIETY OR LE>N+ 9TO BE+ 9 ! WORLD TO BEG9 )--S9CE1 FROM ! PO9T ( VIEW ( ! ACTORS1 ?IS (T5 MI<T AS WELL BE TRUE4 

,VALUE !ORY !N IS AB\T H[ DESIRE BECOMES SOCIAL4 ,IT IS AB\T H[ \R ACTIONS BECOME MEAN+FUL BY BE+ REFLECT$ BACK AT US 9 ! =M ( REPRES5TATIONS--ULTIMATELY1 ( ?OSE V]Y ACTIONS--?AT COME TO SEEM !IR AIM & ORIG94 ,& ?IS IS AB\T H[ DIFF]5T CONCEPTIONS ( 0SOCIETY0 >E CON/ANTLY BE+ ?R[N UP1 LIKE %AD[S ON A WALL1 AS A NECESS>Y P>T ( ?AT PROCESS4 

,! MA9 WEAKNESS 9 ?IS APPROA*1 ,I SOON DISCOV]$1 WAS ITS TREATM5T ( MONEY4 ,LIKE ,M>X1 ,I EMPHASIZ$ ! ANONYM\S1 IMP]SONAL QUALITIES ( MONEY4 ,!SE DO EXI/4 ,!RE'S ABSOLUTELY NO WAY TO KN[ :]E A DOLL> BILL 9 ONE'S POCKET HAS BE52 ! RESULT IS ?AT ! HI/ORY ( OBJECTS B\<T & SOLD BY DOLL> BILLS T5D TO BE EFFAC$ AS WELL4 ,?IS IS ( C\RSE1 ! KEY TO ,M>X'S CONCEPTION ( FETI%ISM1 :]E OBJECTS COME TO SEEM TO EMBODY ! 9T5TIONS ( !IR DESIGN]S & PRODUC]S1 S9CE ONE HAS NO WAY ( KN[+ :O ?OSE PEOPLE ACTUALLY W]E4 

,! PROBLEM IS ?AT1 :ILE ?IS MAY BE TRUE ( CA%1 MO/ TRANSACTIONS 9 CONTEMPOR>Y SOCIETIES DO NOT EMPLOY CA%2 & ! L>GE/1 MO/ SIGNIFICANT TRANSACTIONS ALMO/ NEV] DO-- UNLESS1 ?AT IS1 !Y >E CRIM9AL 9 NATURE4 ,!RE IS A REASON :Y BANK ROBB]S & DRUG K+P9S >E ! ONLY PEOPLE :O PREF] TO OP]ATE ) SUITCASES FULL ( HUNDR$ DOLL> BILLS4 ,ORD9>Y MONET>Y TRANSACTIONS DO 9DE$ LEAVE A HI/ORY1 S9CE !Y USUALLY OP]ATE ?R\< CR$IT &1 AS LAW 5=CEM5T AG5TS >E WELL AW>E1 IT IS QUITE POSSIBLE TO KEEP EXACT & DETAIL$ TABS ON ! MOVEM5TS ( ANY CITIZ5 SIMPLY BY MONITOR+ !IR BANK & CR$IT C>D TRANSACTIONS4 ,:ILE ?IS DOES NOT *ANGE ,M>X'S MA9 PO9T AB\T COMMODITY FETI%ISM--,I /ILL DON'T HAVE ! SLI<TE/ IDEA :O WAS 9VOLV$ 9 CREAT+ & ASSEMBL+ MY CELL PHONE OR MY TOA/]--IT MEANS ?AT MONEY IS A F> MORE COMPLEX OBJECT ?AN WE MI<T O!RWISE ASSUME4 ,:]E SOME SEE MONEY AS WIP+ AWAY ! POSSIBILITY ( MEMORY1 ,KEI? ,H>T1 = EXAMPLE1 9SI/S 9/EAD ?AT MONEY 0IS MA9LY444 AN ACT ( REMEMB]+1 A WAY ( KEEP+ TRACK ( ! EX*ANGES :I* WE 5T] 9TO ) ! RE/ ( HUMANITY0 7#a#i#i#i3#b#c#d74.<#b.> 

,IT SEEMS TO ME ,H>T IS A GOOD PLACE TO />T ON A RECONSID]ATION ( ?IS PROBLEM BECAUSE HE'S ONE ( ! FEW AU?ORS :O LOOKS AT MONEY NEI!R AS A MEANS ( RECORD+ HI/ORY NOR AS A MEANS ( EFFAC+ HI/ORY1 BUT RA!R SEES ! PECULI> QUALITY ( MONEY AS LY+ 9 ! FACT ?AT IT IS AN UN/ABLE SUSP5SION ( BO?3 

,LOOK AT A CO9 FROM Y\R POCKET4 ,ON ONE SIDE IS 'HEADS'--! SYMBOL ( ! POLITICAL AU?ORITY :I* M9T$ ! CO92 ON ! O!R SIDE IS 'TAILS'--! PRECISE SPECIFICATION ( ! AM\NT ! CO9 IS WOR? AS PAYM5T 9 EX*ANGE4 ,ONE SIDE REM9DS US ?AT /ATES UND]WRITE CURR5CIES & ! MONEY IS ORIG9ALLY A RELATION BETWE5 P]SONS 9 SOCIETY1 A TOK5 P]HAPS4 ,! O!R REVEALS ! CO9 AS A ?+1 CAPABLE ( 5T]+ 9TO DEF9ITE RELATIONS ) O!R ?+S1 AS A QUANTITATIVE RATIO 9DEP5D5T ( ! P]SONS 5GAG$ 9 ANY P>TICUL> TRANSACTION4 ,9 ?IS LATT] RESPECT MONEY IS LIKE A COMMODITY & ITS LOGIC IS ?AT ( ANONYM\S M>KETS 7,H>T #a#i#h#f3#f#c#h74 

,M>X1 ( C\RSE1 MADE ! FAM\S >GUM5T ?AT 9 FETI%ISM1 :AT >E ACTUALLY RELATIONS BETWE5 P]SONS >E DISPLAC$ & MADE TO APPE> AS IF !Y W]E RELATIONS BETWE5 ?+S4 ,MAUSS' DI/9CTION BETWE5 GIFTS & COMMODITIES ACTUALLY WORKS BY AN ANALOG\S LOGIC3 A TRANSACTION IS A GIFT IF IT IS L>GELY CONC]N$ ) ! RELATIONS BETWE5 P]SONS1 A COMMODITY EX*ANGE1 IF :AT IS BE+ E/ABLI%$ IS 9/EAD EQUIVAL5CE BETWE5 ?+S4 ,:AT ,H>T IS PO9T+ \T IS ?AT ?IS DI/9CTION IS 9SCRIB$ 9TO ! V]Y NATURE ( MONEY ITSELF1 SO MU* SO ?AT ECONOMI/S HAVE PRODUC$ COMPLETELY CONTRADICTORY !ORIES AS TO :AT MONEY EV5 IS4 ,ON ! ONE H& WE F9D ! FAMILI> 0,METALI/0 OR 0COMMODITY0 !ORY ( MONEY 7:AT ,H>T W\LD CALL ! 0TAILS0 APPROA*71 ?AT SEES MONEY AS HAV+ FIR/ EM]G$ FROM ! 9CONV5I5CES ( B>T]4 ,WE'VE ALL HE>D ?IS /ORY4.<#c.> ,AT FIR/ HUMAN BE+S B>T]$ USEFUL OBJECTS DIRECTLY ONE = ANO!R2 AFT] A :ILE1 !Y CAME TO REALIZE ?AT IT W\LD BE MU* EASI] SIMPLY TO D5OM9ATE A S+LE COMMODITY AS A MEANS TO PAY = EV]Y O!R ONE4 ,= V>I\S REASONS1 PRECI\S METALS SEEM$ ! MO/ CONV5I5T *OICE4 ,ACCORD+ TO ?IS VIEW 7E4G41 ,SAMUELSON #a#i#d#g71 MOD]N ECONOMIES >E /ILL REALLY JU/ ELABORATE SY/EMS ( B>T]1 A WAY = ECONOMIC ACTORS TO TRADE USEFUL COMMODITIES = O!RS1 ) MONEY M]ELY S]V+ AS A CONV5I5T TE*NOLOGY ( EX*ANGE4 ,?IS VIEW IS1 EFFECTIVELY1 ECONOMIC OR?ODOXY3 ! OV]:ELM+ MAJORITY ( PR(ESSIONAL ECONOMI/S ACCEPT IT1 DESPITE !RE BE+ VIRTUALLY NO EVID5CE ?AT ANY?+ LIKE ?IS EV] HAPP5$4 

,RANG$ AGA9/ IT IS A V>IETY ( H]ETICAL1 0,*>TALI/0 APPROA*ES ?AT RELY ON ! O!R SIDE ( ,H>T'S CO94 ,!SE ASSUME ?AT MONEY DID NOT >ISE FROM 9DIVIDUAL ACTORS TRY+ TO MAXIMIZE !IR MAT]IAL ADVANTAGE1 BUT RA!R1 FROM PUBLIC 9/ITUTIONS AIM+ TO CALCULATE & MANAGE SOCIAL OBLIGATIONS3 ?AT MONEY >ISES1 9 EFFECT1 FROM DEBT4 ,! P>ADIGM IS ,KNAPP'S 0,/ATE ,!ORY ( ,MONEY0 7#a#i#b#h71 :]E HE >GU$ ?AT MONEY >OSE NOT AS A M$IUM ( EX*ANGE BUT AS A UNIT ( ACC\NT 7& SECOND>ILY1 MEANS ( PAYM5T71 SPECIFICALLY1 AS A MEANS ( ASSESS+ & LEVY+ TAX PAYM5TS4 ,MONEY1 H]E1 IS A WAY ( MANAG+ DEBT1 />T+ ) ! DEBT ?AT SUBJECTS OR CITIZ5S W]E ASSUM$ TO HAVE TO !IR SOV]EIGN4 ,9 ORD] TO DO SO1 ! /ATE MU/ E/ABLI% ! NOM9AL UNITS ( ACC\NT1 & FIXES ! CONV]SION RATES BETWE5 COMMODITIES4 

,MOREOV]1 AS COLONIAL REGIMES W]E TO R$ISCOV] 9 ! #a#h? & #a#i? C5TURIES1 DEM&+ CA% PAYM5TS FROM ONE'S SUBJECTS IS ! MO/ EFFECTIVE WAY TO 5C\RAGE A M>KET 9 GOODS & S]VICES1 & ?IS MI<T (T5 HAVE BE5 AT LEA/ HALF ! PO9T4 ,IT IS 9 FACT MU* EASI]1 FROM ! PO9T ( VIEW ( A GOV]NM5T1 TO CREATE A M>KET = GOODS & S]VICES1 & !N BUY :AT IT NE$S1 ?AN TO REQUISITION EV]Y?+ DIRECTLY1 EI!R 9 K9D OR 9 LABOR4 ,! KEY PO9T ?\< IS1 AS ,MI*AEL ,9NES 7#a#i#a#c1 #a#i#a#d7 ORIG9ALLY PUT IT1 ?AT 0MONEY IS DEBT03 ! /ATE ISSUES TOK5S ( ITS [N OBLIGATIONS ?AT BECOME VALIDAT$ & GO 9TO G5]AL USE BY CITIZ5S SEEK+ TO CANCEL !IR DEBTS ) ONE ANO!R1 BECAUSE ! /ATE IS WILL+ TO ACCEPT !M TO CANCEL DEBTS :I* 7IT HAS DECL>$7 CITIZ5S [E TO IT4.<#d.> 

,! ,*>TALI/ VIEW HAS ALWAYS BE5 9 A M9ORITY AMONG PR(ESSIONAL ECONOMI/S--EV5 ?\< ALMO/ ALL ! HI/ORICAL EVID5CE SEEMS TO SUPPORT IT4 ,/ILL1 IT HAS ITS EXPON5TS1 ESPECIALLY AMONG ! FOLL[]S ( ,JOHN ,MAYN>D ,KEYNES4 ,H[EV]1 ! TWO CAMPS HAVE ALWAYS1 AS ,H>T NOT$1 T5D$ TO /ATE !IR POSITIONS 9 ABSOLUTE T]MS1 >GU+ MONEY IS PURELY ONE ?+ OR ! O!R4 ,H5CE ,KEYNESIANS 5D UP >GU+ = /ATE-MANAG$ MANIPULATION ( ! MONEY SUPPLY AS A TOOL ( POLICY1 :ILE 0MONET>I/S0 9SI/ ! GOV]NM5T'S ROLE IS SIMPLY TO BACK UP A /ABLE CURR5CY BUT O!RWISE LET ! M>KET DO ITS WORK1 & POLICY T5DS TO SW+ BACK & =? WILDLY BETWE5 !M4 

,AS ,H>T OBS]VES1 = ! MO/ P>T AN?ROPOLOGI/S HAVE SIMPLY IGNOR$ !SE DEBATES4 

,!Y HAVE HAD ESPECIALLY LITTLE TO SAY AB\T ! PH5OM5ON ( DEBT4 ,?IS IS 9 A WAY SURPRIS+1 S9CE AN?ROPOLOGI/S HAVE OV] ! YE>S HAD A GREAT DEAL TO SAY AB\T SOCIAL OBLIGATION4 

,/RUCTURAL FUNCTIONALI/ AN?ROPOLOGY WAS1 MORE ?AN ANY?+ ELSE1 AN ELABORATE SY/EM ( MAPP+ \T 0RI<TS & DUTIES0 7TWO CONCEPTS :I* >E1 LIKE CR$IT & DEBT1 !MSELVES TWO SIDES ( ! SAME CO947 ,9 FACT1 IT SEEMS TO ME ?AT SU* OPPOSITIONS BETWE5 !ORIES ( VALUE & !ORIES ( DEBT OP5 UP A MU* MORE 9T]E/+ SET ( !ORETICAL PROBLEMS ?AN MORE FAMILI> 7& 9CREAS+LY /]ILE7 DIVISIONS BETWE5 09DIVIDUAL0 & 0SOCIETY04 ,! ,METALI/ VIEW1 = EXAMPLE1 DOESN'T BEG9 ) ONE 9DIVIDUAL :O CONFRONTS SOCIETY3 IT BEG9S ) A S]IES ( DYADIC RELATIONS 7MA9LY BUY]-SELL]7 & !N TRIES TO SEE H[ AN 5DLESS NETWORK ( SU* RELATIONS CAN GRADUALLY PRODUCE AN IMAG9>Y TOTALITY IT CALLS 0! M>KET04 ,! ,*>TALI/ VIEW />TS FROM ! /ATE--AN 5TITY ?AT ,I HAVE >GU$ ALWAYS BEG9S PRIM>ILY AS A UTOPIAN PROJECT 7,GRAEB] #b#c7--& WORKS ITS WAY D[N TO ! REGULATION ( NETWORKS ( OBLIGATION4 ,! /ATE 9 ?IS VIEW CREATES MONEY 9 MU* ! SAME WAY AS IT REGULATES JU/ICE3 AS A MEANS ( BALANC+ MORAL ACC\NTS4 

,?IS 9 TURN RAISES TWO P>TICUL>LY /ICKY CONCEPTUAL QUE/IONS4 ,! FIR/ IS AB\T ! ORIG9 ( ! IDEA ( DEBT4 ,H[ DO SOCIAL OBLIGATIONS1 RI<TS & DUTIES ?AT PEOPLE HAVE ) ONE ANO!R1 5D UP BECOM+ ATTA*$ !MSELVES TO OBJECTS ( MAT]IAL WEAL?1 SO ?AT ! M]E TRANSF] ( SU* OBJECTS CAN (T5 R5D] ONE P]SON 5TIRELY AT ANO!R'S COMM&8 ,! SECOND IS EV5 L>G]3 H[ DOES ONE RELATE A !ORY ( VALUE TO A !ORY ( DEBT8 ,IT IS POSSIBLE TO CONCEIVE :AT WE CALL 0SOCIETIES0 AS AN 5DLESS WEB ( 9T]-P]SONAL RELATIONS2 IT IS POSSIBLE TO CONCEIVE !M AS IMAG9>Y TOTALITIES ?AT S]VE AS >5AS = ! REALIZATION ( VALUE4 ,IT IS V]Y DIFFICULT TO UND]/& !M AS BO? AT ! SAME TIME4 

,I CANNOT SOLVE ALL !SE PROBLEMS H]E4 ,BUT ,I WANT TO ATTEMPT AN \TL9E ( :AT A !ORY ( DEBT MI<T LOOK LIKE1 BECAUSE ,I ?9K IT %\LD BE CRITICAL TO ! L>G] TASK ( CONCEPTUALIZ+ ! CURR5T HI/ORICAL MOM5T 9 A WAY ?AT ALL[S = ALT]NATIVES4 ,C]TA9LY ! PROBLEM IS PR(\NDLY UND]-!ORIZ$4 ,! MOD]N /ATE1 AFT] ALL1 IS (T5 SAID TO HAVE EM]G$ ) DEFICIT F9ANC+2 ! ECONOMIES ( WEAL?Y C\NTRIES >E N[ DRIV5 L>GELY BY CONSUM] DEBT2 9T]NATIONAL RELATIONS >E 9CREAS+LY DOM9AT$ BY ! DEBT BONDAGE ( ! POOR TO ! ,I,M,F & ,WORLD ,BANK & BY ! DEBT ( ! ,UNIT$ ,/ATES TO ,EA/ ,ASIA4 ,YET !RE IS REM>KABLY LITTLE WRITT5 AB\T ! NATURE ( DEBT ITSELF4 ,IT'S A QUE/ION ( P>TICUL> POLITICAL 9T]E/1 IT SEEMS TO ME1 S9CE DEBT HAS LONG BE5 ONE ( ! *IEF WAYS 9 :I* RELATIONS BAS$ ON EXPLOITATION & EV5 VIOL5CE HAVE COME TO SEEM MORAL 9 ! EYES ( ?OSE LIV+ 9SIDE !M4 ,?R\<\T HI/ORY1 !RE HAVE BE5 CLASSES ( PEOPLE :O ESS5TIALLY LIVE (F ! LABORS ( O!RS2 9 A REM>KABLY L>GE NUMB] ( CASES1 !Y APPE> TO HAVE MANAG$ TO CONV9CE ! LATT] ?AT IT IS !Y :O >E SOMEH[ 9 !IR DEBT4 ,YET !Y DO NOT DO ?IS1 NORMALLY1 AS A CLASS4 ,!Y DO SO ?R\< AN 5DLESS MULTIPLICATION ( 9DIVIDUAL--OR1 MORE ACCURATELY1 DYADIC--TIES4 

#b3 ,ON 9F9ITE DEBT & TRANSACTIONAL LOGICS 

,! LOGICAL PLACE TO BEG9 A !ORETICAL 9QUIRY 9TO ! NATURE ( DEBT W\LD SEEM TO BE ,M>CEL ,MAUSS' ESSAY ON ! 0! ,GIFT0 7#a#i#b#e74 ,MAUSS WROTE IT1 O/5SIBLY1 TO EXPLA9 :Y IT WAS ?AT ?OSE :O RECEIVE FEEL OBLIG$ TO MAKE A RETURN PRES5T3 IT WAS 9 ?IS S5SE ( DEBT1 HE >GU$1 ?AT ONE C\LD F9D ! ORIG9S ( ! CURR5T NOTION ( CONTRACTUAL OBLIGATION4 ,IT %\LD !N BE A F\NDATIONAL WORK = ANY !ORY ( DEBT4 ,/ILL1 ,MAUSS NEV] DEVELOPS ?IS CONNECTION EXPLICITLY2 EV5 WORSE1 ON ?OSE FEW OCCASIONS ?AT HE DOES1 HE ASSUMES ?AT COMM]CIAL PR9CIPLES LIKE CR$IT & 9T]E/ CAN ALREADY BE F\ND )9 GIFT ECONOMIES 9 ALMO/ 9 EXACTLY ! SAME =M4 ,MI*AEL ,HUDSON 7#b#d3#a1 #b#b3#i71 COMPLA9S ?AT1 AS A RESULT1 ,MAUSS' WORK HAS LONG /OOD 9 ! WAY ( ANY ATTEMPT TO UND]/& ! ACTUAL HI/ORY ( CR$IT 9/ITUTIONS-- & P>TICUL>LY1 ! DEVELOPM5T ( MONEY L5T AT 9T]E/4 ,! PRACTICE ( *>G+ 9T]E/ = DEBTS1 HE >GUES1 APPE>S TO HAVE BE5 9V5T$ 9 #cRD MILL5NIUM ,MESOPOTAMIA1 & SPREAD QUITE SL[LY4 ,IT DOES NOT APPE> TO HAVE EV] BE5 PRACTIC$ 9 ,PH>AONIC ,EGYPT1 = 9/ANCE1 & ,TACITUS CLAIMS ! ,G]MANS ( HIS DAY W]E /ILL UNAW>E ( ! 9/ITUTION4 ,IT IS H>DLY UNIV]SAL4 ,HUDSON 9 FACT SUGGE/S ,MAUSS WAS ACTUALLY OBS]V+ PRACTICES 9SPIR$ BY ,EUROPEAN 9FLU5CE & SIMPLY ASSUM$ ?AT !Y W]E A TRADITIONAL P>T ( GIFT ECONOMIES4 

,!RE IS EV]Y REASON TO BELIEVE ?AT HE IS RI<T4 ,MAUSS ONLY REALLY M5TIONS DEBT & CR$IT EXPLICITLY :5 DISCUSS+ ! POTLAT*3.<#e.> = EXAMPLE1 9 CLAIM+ ?AT ?AT UNLIKE ,MELANESIANS1 ,NOR?WE/ ,COA/ SOCIETIES APPE> TO HAVE DEVELOP$ A SY/EM ( CR$IT 7#a#i#b#e .<#a#i#i.>3 #c#e-#c#f71 OR ?AT POTLAT*ES 0MU/ BE RECIPROCAT$ ) 9T]E/1 AS MU/ 9DE$ EV]Y GIFT4 ,! RATE ( 9T]E/ G5]ALLY RANGES FROM #c-#a P] C5T A YE>0 7IBID3 #d#b74 

,! OBLIGATION TO RECIPROCATE WOR?ILY IS IMP]ATIVE4 ,ONE LOSES FACE = EV] IF ONE DOES NOT RECIPROCATE1 OR IF ONE DOES NOT C>RY \T DE/RUCTION ( OBJECTS ( EQUIVAL5T VALUE 7#a#i#b#e .<#a#i#i.>3#d#b7 

,! PROBLEM ) !SE /ATEM5TS IS ?AT1 EXCEPT = ! LA/1 !Y TURN \T NOT TO BE TRUE4 ,BOAS' CLAIM ?AT ITEMS GIV5 AT POTLAT*ES HAD TO BE REPAID AT #a.0 9T]E/ WAS SIMPLY A MI/AKE 7SEE ,GRAEB] #b#a3#b#i-#b#a73 9 REALITY1 GIFTS GIV5 AT POTLAT*ES DO NOT HAVE TO BE RECIPROCAT$ AT ALL4 ,:5 TWO >I/OCRATS >E DUEL+ OV] A TITLE1 !Y WILL SOMETIMES TRY TO \TDO EA* O!R 9 G5]OSITY1 :I* CAN LEAD TO TIT-=-TIT BATTLES ( ONE-UP-MAN%IP4 ,BUT ! ONLY GIFTS ?AT HAD TO BE PAID BACK D\BLE W]E ?OSE PRES5T$ AS A MEANS ( ASSEMBL+ RES\RCES FROM ALLIES OR FOLL[]S BE=E A POTLAT*4 ,!SE W]E REALLY JU/ WAYS ( SOLICIT+ CONTRIBUTIONS1 ?\<1 & ! SPECIFICATION ( AN EXACT 9T]E/ RATE EV5 = !SE WAS SO UNUSUAL ?AT LAT] E?NOGRAPH]S 7,DRUCK] & ,HEIZ] #a#i#f#g3#g#h7 SUGGE/$ ! IDEA WAS PROBABLY ORIG9ALLY 9SPIR$ BY ! EXAMPLE ( AN E>LY TRAD+ PO/ LOAN %>K4 

,ACTUALLY1 !RE IS ONLY ONE REF]5CE TO 0DEBT0 ANY:]E 9 0! ,GIFT01 & IT FOLL[S IMM$IATELY ON ! ABOVE-CIT$ L9E AB\T 9T]E/ RATES4 

,! PUNI%M5T = FAILURE TO RECIPROCATE IS SLAV]Y = DEBT4 ,AT LEA/1 ?IS FUNCTIONS AMONG ! ,KWAKIUTL1 ! ,HAIDA1 & ! ,TSIM%IAN4 ,IT IS AN 9/ITUTION REALLY COMP>ABLE 9 NATURE & FUNCTION TO ! ,ROMAN NEXUM4 ,! 9DIVIDUAL UNABLE TO REPAY ! LOAN OR RECIPROCATE ! POTLAT* LOSES HIS RANK & EV5 HIS /ATUS AS A FREE MAN4 ,AMONG ! ,KWAKIUTL1 :5 AN 9DIVIDUAL :OSE CR$IT IS POOR BORR[S1 HE IS SAID TO 'SELL A SLAVE'4 ,!RE IS NO NE$ TO PO9T \T ! ID5TICAL NATURE ( ?IS & ! ,ROMAN EXPRESSION 7#a#i#b#e .<#a#i#i3#d#b.>7 

,N[1 ?IS ISN'T TRUE EI!R4 ,:ILE ! SOCIETIES 9 QUE/ION DID HAVE AN 9/ITUTION ( *ATTEL SLAV]Y 79 FACT !Y W]E AMONG ! FEW ,NATIVE ,AM]ICAN SOCIETIES ?AT KEPT SLAVES 9 ANY NUMB]S71 !SE APPE> TO HAVE BE5 W> CAPTIVES4 ,DEBT BONDAGE ( ! ,ROMAN V>IETY APPE>S TO BE LIMIT$ TO COMM]CIAL ECONOMIES3 ?\<1 SIGNIFICANTLY1 IT APPE>S >\ND ! SAME TIME AS L5D+ AT 9T]E/ ITSELF4 ,WE APPE> TO BE DEAL+ 9/EAD ) ! NOTORI\S ,KWAKIUTL FLAIR = ! DRAMATIC 7,TE/>T #b#a74 

,/ILL1 IT IS A CON/ANT METAPHOR--REPEAT$1 = 9/ANCE1 9 ! FAM\S ,9UIT PROV]B ?AT 0GIFTS MAKE SLAVES LIKE :IPS MAKE DOGS0--& WE MI<T DO WELL TO BEG9 BY ASK+ :Y IT %\LD OCCUR TO ANYONE ?AT RECEIV+ GIFTS ONE CANNOT REPAY1 & !RE=E FEEL+ ?AT ONE IS 9 ANO!R'S DEBT1 %\LD BE CONSID]$ COMP>ABLE TO BE+ 9 ! CONDITION ( A W> CAPTIVE4 

,9 ORD] TO DO SO1 ,I ?9K1 WE MU/ FIR/ ( ALL REEXAM9E :AT IS MEANT BY 0! GIFT04 ,! T]M IS ACTUALLY US$ TO LUMP TOGE!R A V]Y WIDE RANGE ( DIFF]5T =MS ( ECONOMIC 9T]ACTION ?AT 9 FACT PROCE$ BY V]Y DIFF]5T LOGICS4 ,= PRES5T PURPOSES ALL[ ME A HI<LY ABBREVIAT$ LI/--:I* AMONG O!R ?+S MAY GIVE ! READ] A S5SE ( JU/ H[ V>I$ :AT ,I'VE BE5 CALL+ 0DYADIC RELATION%IPS0 ACTUALLY CAN BE3 

#a7 ,COMMUNI/IC RELATIONS 

,I USE 0COMMUNI/IC0 9 ! S5SE ( RELATIONS ?AT OP]ATE ON ,L\IS ,BLANC'S FAM\S PR9CIPLE 0FROM EA* ACCORD+ TO HIS ABILITIES1 TO EA* ACCORD+ TO HIS NE$S40 ,:ILE !RE HAS ALMO/ C]TA9LY NEV] BE5 A SOCIETY 9 :I* EV]YONE 9T]ACTS ON ?IS BASIS ALL ! TIME1 9 ANY SOCIAL SY/EM !RE IS ALWAYS A BASEL9E COMMUNISM1 AT LEA/ = C]TA9 BASIC NE$S 7I4E41 Y\ (F] DIRECTIONS TO /RANG]S BECAUSE Y\ ASSUME ANY /RANG] W\LD DO IT = Y\2 9 SOME SOCIETIES1 NO ONE W\LD NORMALLY REFUSE A REQUE/ = FOOD71 OR = HELP 9 DIRE EM]G5CIES4 ,SOMETIMES COMMUNI/IC RELATIONS >E 9/ITUTIONALIZ$3 TWO CLANS MI<T EA* HAVE RESPONSIBILITY =1 SAY1 BURY+ ! O!R'S DEAD4 ,H]E ! RESPONSIBILITIES >E RIGOR\SLY SPECIFI$1 BUT NO ACC\NTS >E KEPT3 OBVI\SLY NO ONE W\LD KEEP C\NT ( :O HAS BURI$ MORE4 ,9 RELATIONS BETWE5 V]Y CLOSE K91 CLOSE FRI5DS1 0BLOOD BRO!RS0 & ! LIKE1 ! RANGE ( RESPONSIBILITIES CAN BECOME SO WIDE AS TO 5COMPASS ALMO/ ANY?+3 H5CE ,MAUSS 7#a#i#d#g3#a#f7 SUGGE/$ ?AT MO/ SOCIETIES CAN BE SE5 AS ?READ$ ) RELATIONS ( :AT HE CALL$ 09DIVIDUALI/IC COMMUNISM40 

,COMMUNI/IC RELATIONS >E RECIPROCAL ONLY 9 ! S5SE ?AT BO? SIDES >E EQUALLY DISPOS$ TO HELP ONE ANO!R2 !RE IS NO FEEL+ ?AT ACC\NTS \<T TO BALANCE \T AT ANY GIV5 MOM5T--9 P>T1 BECAUSE !RE'S NO ASSUMPTION SU* RELATIONS WILL EV] 5D4 

#b7 ,RECIPROCAL ,EX*ANGE 

,H]E FALLS ! EX*ANGE ( COMPLIM5TS1 OR FAVORS1 OR R\NDS ( DR9KS4 ,SU* RELATION%IPS CAN BE BROK5 (F AFT] EV]Y R\ND BECAUSE ! RETURN IS CONSID]$ TO BE A MORE OR LESS EXACT EQUIVAL5T TO ! 9ITIAL GIFT4 ,(T5 RELATIONS >E KEPT UP BY DELAY+ ! RESPONSE 9 TIME3 ,I BUY D9N] = A FRI5D1 HE WILL LIKELY FEEL 9 MY DEBT UNTIL HE IS ABLE TO RECIPROCATE4 ,OR PEOPLE MAKE A PO9T ( 5SUR+ ! RESPONSE IS NOT QUITE AN EQUIVAL5T 7IF HE BUYS ME A MU* MORE EXP5SIVE D9N]1 OR A MU* *EAP] ONE1 ! FEEL+S ( DEBT DO NOT QUITE CANCEL \T4 ,!RE >E NUM]\S V>IATIONS H]E1 WAYS ( TE/+ ! LIMITS4 

,! CRITICAL ?+ IS ?AT UNLIKE COMMUNI/IC RELATIONS1 !SE >E BY NO MEANS ASSUM$ TO BE P]MAN5T & 9 FACT CAN USUALLY BE BROK5 (F AT ANY PO9T4 ,RECIPROCITY ( ?IS SORT IS AB\T MA9TA9+ ONE'S P]SONAL AUTONOMY 9 A RELATIVELY EQUAL RELATION%IP4 

#c7 ,HI]>*ICAL ,RELATIONS 

,RELATIONS BETWE5 MA/]S & SLAVES1 PATRONS & CLI5TS1 P>5TS & *ILDR51 & SO ON1 DO NOT T5D TO OP]ATE 9 T]MS ( RECIPROCITY BUT RA!R BY A LOGIC ( PREC$5T4 ,IF ONE GIVES MONEY TO A BEGG> 7OR TO A *>ITY FUND71 !Y WILL ALMO/ C]TA9LY NOT FEEL OBLIG$ TO RETURN SOME?+ ( EQUAL VALUE2 RA!R1 !Y WILL BE LIKELY TO ASK = MORE4 

,SIMIL>LY1 IF P>5TS ALL[ A *ILD AN 9DULG5CE1 ?AT *ILD IS LIKELY TO EXPECT ! SAME 9 ! FUTURE4 ,! CONV]SE IS EQUALLY ! CASE3 IF A M$IEVAL S]F OR VASSAL PRES5T$ AN UNUSUAL GIFT TO A FEUDAL SUP]IOR1 IT WAS LIKELY TO BE TREAT$ AS A PREC$5T1 ADD$ TO ! WEB ( CU/OM1 & ?US1 EXPECT$ TO BE TREAT$ AS AN OBLIGATION 9 ! FUTURE 7,BLO* #a#i#f#a3#a#a#d74 ,!RE >E 5DLESS V>IATIONS H]E TOO--FROM 9/ITUTIONALIZ$ PLUND] OR RITUALIZ$ !FT TO R$I/RIBUTION1 9H]ITANCE OR O!R GIFTS ?AT PASS ! SUP]IOR /ATUS TO =M] 9F]IORS--BUT1 EXCEPT = ! LA/1 !Y ALL PRESUME A P]MAN5T OR AT LEA/ ONGO+ RELATION ?AT HAS NO?+ TO DO ) RECIPROCAL EX*ANGE BECAUSE IT IS NOT ASSUM$ TO HAVE ANY?+ TO DO ) EQUALITY4 

#d7 ,! ,AGONI/IC OR ,H]OIC ,GIFT 

,TIT-=-TAT EX*ANGE CAN ALSO M\NT 9TO CONTE/S ( ONE-UPMAN%IP1 :]E EA* P>TY TRIES TO PRES5T A GIFT OR C\NT]-GIFT SO LAVI% !IR RIVAL CANNOT RECIPROCATE2 9 !SE ! EQUAL /&+ ( ! TWO P>TIES IS UP = GRABS AT ANY MOM5T1 ) ! DANG] IS ?AT !Y MI<T DEG5]ATE AT ANY MOM5T--AT LEA/ SYMBOLICALLY--9TO SUBORD9ATION & HI]>*Y4 

,NONE ( !SE IS 9 ANY WAY PECULI> TO :AT ?OSE FOLL[+ ,MAUSS HAVE CALL$ 0GIFT ECONOMIES04 ,WE >E ALL COMMUNI/S ) CLOSE/ FRI5DS1 & FEUDAL LORDS :5 9T]ACT+ ) SMALL *ILDR54 ,:AT V>IES IS H[ !Y KNIT TOGE!R1 &1 :5 PRES5T1 ) MORE IMP]SONAL COMM]CIAL RELATIONS4 ,IT'S ALSO CLE> ?AT SU* TRANSACTIONS >E BY NO MEANS UNI=MLY GOV]N$ BY PR9CIPLES ( RECIPROCITY1 & COMMUNI/IC & HI]>*ICAL RELATIONS >E NOT EV5 REALLY =MS ( EX*ANGE4 

,MAUSS' TEXT DEALS FIR/ & =EMO/ ) ! AGONI/IC OR H]OIC GIFT4 ,AS A PUBLIC 9/ITUTION1 ?IS SEEMS TO REA* ITS FULLE/ FL[]+ 9 H]OIC SOCIETIES--?AT IS1 /ATELESS >I/OCRATIC SOCIETIES LIKE ,V$IC ,9DIA1 ,HOM]IC ,GREECE1 OR ,CELTIC OR ,G]MANIC ,EUROPE1 OR = ?AT MATT] ! ,MAORI ( ,NEW ,ZEAL& OR ! PEOPLES ( ! ,NOR?WE/ ,COA/4 ,SU* CONTE/S C\LD OCCASIONALLY DESC5D 9TO CONTE/S ( DE/RUCTION ( PROP]TY1 OR EV5 \TRI<T VIOL5CE4 ,! /AKES H]E CAN BE V]Y HI<4 ,MAUSS 7#a#i#b#eA7 CITES A ,GREEK TEXT AB\T ,CELTIC FE/IVALS :]E NOBLEM5 5GAG$ 9 PUBLIC DUELS ?AT C\LD OCCASIONALLY TURN DEADLY1 & AT ! SAME TIME1 VI$ TO \TDO EA* O!R ) GIFTS ( GOLD & SILV] TREASURES4 ,IF ANY W]E PRES5T$ ) A GIFT SO MAGNIFIC5T HE C\LD NOT POSSIBLY REPAY IT1 ! ONLY HONORABLE RESPONSE WAS TO KILL ONESELF 7& DI/RIBUTE ! WEAL? TO ONE'S 5T\RAGE47 

,ONE MI<T1 AGA91 WOND] IF ?IS EV]Y REALLY HAPP5$1 OR H[ (T54 ,BUT1 IF NO?+ ELSE1 IT MAKES ! 0SLAVE0 METAPHOR EASI] TO UND]/&4 ,ACCORD+ TO ,ROMAN LAW1 = EXAMPLE1 A SLAVE IS FIR/ & =EMO/ P]SON CAPTUR$ 9 W> :O1 SP>$ BY HIS CAPTOR1 !RE=E EFFECTIVELY [ES HIS LIFE TO HIM4 ,HE !RE=E /&S 9 A RELATION ( UNLIMIT$ DEBT OR OBLIGATION4 ,?IS IS :AT IS REF]R$ TO 9 ! LIT]ATURE ON SLAV]Y AS 0SOCIAL DEA?02 ALL PREVI\S RI<TS & OBLIGATIONS HELD BY ! SLAVE 7CITIZ5%IP1 K9%IP TIES1 & SO ON7 >E VOID$2 ! ONLY RELATION%IP REMA9+ IS ?AT ) HIS NEW MA/]1 & ! DEM&S ?AT NEW MA/] CAN PLACE ON HIM >E 9 PR9CIPLE LIMITLESS4 ,CLE>LY1 ! /AKES 9 ! MO/ DRAMATIC GIFT TRANSACTIONS BETWE5 >I/OCRATIC RIVALS CAN BE EQUALLY HI<3 ?IS IS :Y 9 ,POSIDONIUS' ,CELTIC FE/IVALS1 DUELS & CONTE/S ( G5]OSITY >E TREAT$ AS V>IATIONS ON A !ME1 & !IR CONSEQU5CES1 POT5TIALLY AT LEA/1 >E EQUALLY FATAL4 ,TO BE/ AN OPPON5T COMPLETELY 9 A CONTE/ ( LIB]ALITY1 !N1 BECOMES EQUIVAL5T TO DEFEAT 9 W>3 IT TOO E/ABLI%ES AN 9F9ITE DEBT &1 IF IT DOES NOT LEAD TO ACTUAL DEA? 7:I* PRESUMABLY IS RA!R EXCEPTIONAL71 IT LEADS TO SOME?+ V]Y MU* LIKE 0SOCIAL DEA?01 AT ! V]Y LEA/1 ! DE/RUCTION ( ONE'S HONOR & SOCIAL /&+1 R5D]+ ONE ! HI]>*ICAL 9F]IOR ( ! GIV]4 

,9 ,PRIMITIVE ,M5TALITY 7#a#i#b#c71 ,LUCI5 ,LEVY-,BRUHL DEVOTES A :OLE *APT] TO ! APP>5TLY 9EXPLICABLE RESPONSES ( ,AFRICANS & ,MELANESIANS :OSE LIVES W]E SAV$ BY MOD]N M$IC9E3 RA!R ?AN SEEK+ TO REPAY !IR B5EFACTORS 9 ANY WAY1 MANY APPE> TO HAVE REACT$ BY DEM&+ TO BE F$1 GIV5 CLO?+1 KNIVES1 OR O!R VALUABLES4 

,Y\ SAVE A P]SON'S LIFE1 & Y\ MU/ EXPECT TO RECEIVE A VISIT FROM HIM BE=E LONG2 Y\ >E N[ UND] AN OBLIGATION TO HIM1 & Y\ WILL NOT GET RID ( HIM EXCEPT BY GIV+ HIM PRES5TS 7,BULLEON 9 ,LEVY-,BRUHL #a#i#b#c3#d#b#e74 

,ACC\NTS LIKE ?IS BECAME SOME?+ ( A CLI*E3 H[ MANY ( US HAVE NOT HE>D ! RUMOR ?AT AMONG SOME EXOTIC PEOPLE 79 MY *ILDHOOD ,I HE>D IT V>I\SLY ASCRIB$ TO ,9UIT1 ,BUDDHI/S1 & ,*9ESE7 IF ONE SAVES SOMEONE'S LIFE1 Y\ HAVE TO TAKE C>E ( !M =EV]4 ,SU* /ORIES >E /RIK+ BECAUSE !Y SEEM 5TIRELY 9EXPLICABLE 9 T]MS ( ! NORMS ( RECIPROCITY1 AS ! MISSION>IES 9 QUE/ION W]E 9V>IABLY QUICK TO PO9T \T4 ,BUT1 AS ,I REM>K$1 NOT ALL SU* RELATIONS >E GOV]N$ BY RECIPROCITY4 ,!SE ACC\NTS MAKE A GREAT DEAL ( S5SE IF ONE ASSUMES ?AT ?OSE :OSE LIVES W]E SAV$ !RE=E CONCLUD$ ?AT !Y W]E1 9 FACT1 N[ )9 A RELATION ( COMPLETE HI]>*ICAL DEP5D5CY4 ,HI]>*IES OP]ATE 9 T]MS ( PREC$5T1 RA!R ?AN RECIPROCITY1 SO ?AT ! T]MS ( ?IS NEW RELATION HAD N[ TO BE NEGOTIAT$4 ,! FACT IS1 !Y ASSUM$ !Y W]E NEGOTIAT+ ! T]MS ( !IR NEWF\ND DEP5D5CE ) ALI5 CREATURES ( APP>5TLY 9F9ITE WEAL?4 ,& ANYWAY1 TO AB&ON ! ASSUMPTION ( EQUALITY ) A /RANG] IS NO LITTLE ?+2 IT IS H>DLY SURPRIS+ MANY W]E %OCK$ :5 !Y DISCOV]$ !Y W]E DEAL+ ) SU* APP>5TLY NIGG>DLY PATRONS4 

#c3 ,ON 0,PRIMORDIAL ,DEBTS0 & ! ,/ATE 

,SO ! ANALOGY BETWE5 DEBT & SLAV]Y SEEMS TO OCCUR TO PEOPLE BECAUSE SLAV]Y ITSELF IS CONCEIV$ ( AS A P]MAN5T1 ABSOLUTE1 & UNPAYABLE DEBT1 A LIFE-DEBT4 ,?IS IS PRESUMABLY :Y1 9 COMM]CIAL ECONOMIES1 DEFAULT+ ON A CA% LOAN CAN R$UCE ONE TO ! SAME /ATUS AS A W> CAPTIVE4 ,9 EI!R CASE A SITUATION ( =MAL EQUALITY 7COMBAT1 M>KET EX*ANGE7 IS CONV]T$ TO ONE ( ABSOLUTE SUBORD9ATION4 ,IT IS ONLY 9 RETROSPECT1 :5 ONE IS TRY+ TO JU/IFY SU* UNEQUAL RELATIONS1 ?AT ONE TRIES TO DEMON/RATE ?AT !Y >E REALLY RECIPROCAL AFT] ALL4 

,ALL ( ?IS IS CRITICAL1 ,I ?9K1 TO UND]/&+ DEBATES AB\T MONEY ITSELF & P>TICUL>LY ! ,*>TALI/ APPROA*4 

,ANYONE :O WI%ES TO SEEK ! ORIG9 ( MONEY 9 TAX DEBTS IMM$IATELY RUNS 9TO AT LEA/ TWO CONCEPTUAL PROBLEMS4 ,ONE IS ! QUE/ION :Y1 IF ! /ATE CREATES MONEY1 IT W\LD NE$ TO LEVY TAXES 9 ! FIR/ PLACE4 ,:AT IS ! PO9T ( M9T+ CO9S1 DI/RIBUT+ !M1 & !N DEM&+ ?AT SUBJECTS DELIV] !M BACK8 ,! ANSW]1 AS ,I'VE ALREADY OBS]V$1 IS ?AT BY DO+ SO ! AU?ORITIES CREATE A M>KET 9 GOODS & S]VICES--BAS$ ON ! EX*ANGE ( !SE SAME DEBT-TOK5S--?AT MAKES IT MU* EASI] = !M TO ACQUIRE ! ?+S !Y NE$ ?AN BY SY/EMS ( DIRECT REQUISITION4 ,! O!R QUE/ION IS ON :AT BASIS DOES ! /ATE COLLECT TAXES8 

,?AT IS1 IF ONE DOES NOT SEE TAXES SIMPLY AS A SY/EM ( 9/ITUTIONALIZ$ PLUND]1 A CONCLUSION ,*>TALI/S1 BE+ = ! MO/ P>T SOCIAL DEMOCRATS1 G5]ALLY WI% TO AVOID4 

,9S(> AS !ORI/S ( MONEY ADDRESS !MSELVES TO ?IS QUE/ION1 ! USUAL SOLUTION IS TO SEE ! /ATE AS HAV+ SIMPLY ADOPT$ A MU* MORE FUNDAM5TAL OR 0PRIMORDIAL0 DEBT ?AT EV]YONE C\LD BE SAID TO [E TO SOCIETY4 

,AT ! ORIG9 ( MONEY WE HAVE A 0RELATION ( REPRES5TATION0 ( DEA? AS AN 9VISIBLE WORLD1 BE=E & BEYOND LIFE - A REPRES5TATION ?AT IS ! PRODUCT ( ! SYMBOLIC FUNCTION PROP] TO ! HUMAN SPECIES & :I* 5VISAGES BIR? AS AN ORIG9AL DEBT 9CURR$ BY ALL M51 A DEBT [+ TO ! COSMIC P[]S FROM :I* HUMANITY EM]G$444 ,PAYM5T ( ?IS DEBT1 :I* CAN H[EV] NEV] BE SETTL$ ON E>? - BECAUSE ITS FULL REIMBURSEM5T IS \T ( REA* - TAKES ! =M ( SACRIFICES :I*1 BY REPL5I%+ ! CR$IT ( ! LIV+1 MAKE IT POSSIBLE TO PROLONG LIFE & EV5 9 C]TA9 CASES TO A*IEVE ET]NITY BY JO9+ ! ,GODS4 ,BUT ?IS 9ITIAL BELIEF-CLAIM IS ALSO ASSOCIAT$ ) ! EM]G5CE ( SOV]EIGN P[]S :OSE LEGITIMACY RESIDES 9 !IR ABILITY TO REPRES5T ! 5TIRE ORIG9AL COSMOS4 

,& IT IS !SE P[]S ?AT 9V5T$ MONEY AS A MEANS ( SETTL+ DEBTS - A MEANS :OSE AB/RACTION MAKES IT POSSIBLE TO RESOLVE ! SACRIFICIAL P>ADOX BY :I* PUTT+ TO DEA? BECOMES ! P]MAN5T MEANS ( PROTECT+ LIFE4 ,?R\< ?IS 9/ITUTION1 BELIEF IS 9 TURN TRANSF]R$ TO A CURR5CY /AMP$ ) ! EFFIGY ( ! SOV]EIGN - A MONEY PUT 9 CIRCULATION BUT :OSE RET\R 7SIC7 IS ORGANIZ$ BY ?IS O!R 9/ITUTION :I* IS ! TAX_/SETTLEM5T ( ! LIFE DEBT4 ,SO MONEY ALSO TAKES ON ! FUNCTION ( A MEANS ( PAYM5T :I* MAKES IT POSSIBLE TO 0SETTLE0 A DEBT1 9 O!R WORDS TO 0F9ANCE0 IT 7,!]T #a#i#i#i3#f-#f#a74 

,?IS >GUM5T HAS DEVELOP$ L>GELY )9 ,FRANCE1 SPE>HEAD$ BY ! WORK ( ECONOMI/ ,MI*EL ,AGLIETTA 7,AGLIETTA @& ,ORLEAN #a#i#i#b1 ,AGLIETTA ET AL #a#i#i#h74 ,IT'S L>GELY 9SPIR$ BY C]TA9 TEXTS 9 ! ,V$AS ?AT1 AS ,*>LES ,MALAM\D 7#a#i#h#c1 #a#i#h#h1 #a#i#i#h7 HAVE %[N1 DO PROPOSE A !ORY ( EXI/5TIAL DEBT4 ,AS ONE TYPICAL TEXT PUTS IT1 09 BE+ BORN EV]Y BE+ IS BORN AS A DEBT [$ TO ! GODS1 ! SA9TS1 ! ,FA!RS & TO M50 79 #a#i#h#c3#b#g74 ,! WORD US$ IS NOT ! SAME AS ?AT = A DUTY OR OBLIGATION1 BUT :AT ONE W\LD USE = A BORR[$ OBJECT OR A COMM]CIAL LOAN4 ,ULTIMATELY ! GODS WILL RECLAIM ?IS LOAN BY TAK+ BACK Y\R LIFE2 9 ! MEANTIME1 ONE CAN (F] ! LIVES ( C[S & %EEP 9 SACRIFICIAL RITUALS1 AS A K9D ( 9T]E/ PAYM5T4 

,!RE >E A NUMB] ( PROBLEMS H]E1 H[EV]4 ,FIR/ ( ALL ! NOTION ( AN EXI/5TIAL DEBT MI<T APPE> 9 ! ,V$AS1 BUT !RE'S NO H9T ( IT 9 ,NE> ,EA/]N OR ,CLASSICAL !ORIES ( SACRIFICE4 ,EV5 MORE S]I\S3 ! V]Y IDEA ( A UNIV]SAL SOV]EIGN 9V5T+ MONEY BY TRANS=M+ COSMIC DEBT 9TO TOK5S ( VALUE SEEMS CONTRADICT$ BY ! HI/ORICAL EVID5CE4 

,IT'S TELL+ ?AT PRIMORDIAL DEBT !ORI/S ALMO/ NEV] CONSID] ! EXAMPLE ( ,MESOPOTAMIA1 EV5 ?\< ,MESOPOTAMIA SAW BO? ! WORLD'S FIR/ /ATES & ! WORLD'S FIR/ MONEY4 ,?IS IS ALL ! MORE /RIK+ S9CE ! ,MESOPOTAMIAN EVID5CE 9 MANY WAYS CONFIRMS ,*>TALI/ ASSUMPTIONS4 ,= EXAMPLE1 IT CONFIRMS ?AT MONEY DID 9DE$ BEG9 AS A UNIT ( ACC\NT1 & EXI/$ AS SU* = ?\S&S ( YE>S BE=E ! CREATION ( A UNI=M M$IUM ( EX*ANGE4 ,IT ALSO CONFIRMS ?AT MONEY DEVELOP$ )9 L>GE PUBLIC 9/ITUTIONS3 SPECIFICALLY1 9 ,SUM]IAN & ,BABYLONIAN PALACES & TEMPLES4 ,!SE 9/ITUTIONS DID 9DE$ E/ABLI% /&>DS ( CONV]SION1 />T+ ) A CONV]SION RATE BETWE5 SILV] & B>LEY4 ,ONE %EKEL ( SILV] WAS MADE EQUIVAL5T TO ONE GUR OR 0BU%EL0 ( B>LEY1 CONSID]$ AN ADEQUATE MON?'S RATION4 ,H5CE ONE SILV] M9A1 #a_/#f ( A %EKEL1 WAS EQUIVAL5T TO ONE ( TWO ALLOTT$ TWO DAILY MEALS--S9CE ! YE>1 = EASE ( CALCULATION1 WAS DIVID$ 9TO MON?S ( EXACTLY #c DAYS4 ,! /ATE ALSO SET PRICE S*$ULES1 9T]E/ RATES1 & SO =? 7,HUDSON #b#b1 #b#c1 #b#d2 CF4 ,H5RY #bd ON ,EGYPT74 ,ALL ?IS IS PRECISELY AS ,*>TALI/ !ORY W\LD PR$ICT4 ,! PROBLEM IS ?AT !RE DOES NOT APPE> TO HAVE BE5 A S+LE UNIFI$ /ATE2 & !RE WAS NO G5]ALIZ$ SY/EM ( TAXATION4 

,PALACES & TEMPLES OP]AT$ AUTONOM\SLY1 W]E MAJOR L&HOLD]S1 MA9TA9$ CRAFT WORK%OPS1 & COLLECT$ REV5UES FROM R5T+ !IR L&1 SELL+ M]*&ISE1 & 79 !IR [N CAPACITY1 OR VIA (FICIALS WORK+ 9 A PRIVATE CAPACITY7 L5D+ \T MONEY AT 9T]E/4 

,H[EV] NEI!R PALACES NOR TEMPLES IMPOS$ TAXES4 ,! RUL] ( A GIV5 CITY-/ATE MI<T IMPOSE TRIBUTE ON ! CITIZ5S ( CONQU]$ RIVALS1 BUT !IR [N CITIZ5S W]E NOT SUBJECT$ TO UNI=M /ATE LEVIES1 = ! V]Y REASON ?AT IT W\LD IMPLY S]VILE /ATUS4 ,EV5 MORE /RIK+LY1 9S(> AS RUL]S DID 9T]V5E 9 !IR COSMOLOGICAL CAPACITY AS UNIV]SAL SOV]EIGNS1 IT WAS NOT TO IMPOSE DEBTS1 BUT RA!R1 TO ELIM9ATE !M4 ,:ILE ! PRECISE ORIG9S ( MAK+ 9T]E/-BE>+ LOANS >E NOT 5TIRELY CLE>1.<#f.> BY C4 #bd ,B,C IT ALREADY APPE>S TO HAVE BE5 COMMON PRACTICE ON ! P>T ( PALACE OR TEMPLE LOCAL (FICIALS1 OR O!R WEAL?Y 9DIVIDUALS1 TO PROVIDE SU* LOANS TO NE$Y F>M]S--P>TICUL>LY DUR+ TIMES ( FAM9E OR O!R DISA/]S--& !N TO APPROPRIATE L&S1 FAMILY MEMB]S1 & ULTIMATELY1 ! F>M]S !MSELVES4 ,(T51 9 FACT1 DEBT PEONS APPE> TO HAVE 5D$ UP AS DEP5D5TS 9 TEMPLE WORK%OPS4 ,! SOCIAL DISLOCATION SO CAUS$ WAS SU* ?AT IT BECAME CU/OM>Y = EA* NEW SOV]EIGN1 ON TAK+ ! ?RONE1 TO WIPE ! SLATE CLEAN1 VOID+ ALL \T/&+ CONSUM] LOANS1 RETURN+ ALL L& TO ITS ORIG9AL [N]S & S5D+ ALL DEBT PEONS BACK TO !IR FAMILIES4 ,HUDSON SUGGE/S ?AT IS WAS PRECISELY BECAUSE ,SUM]IAN & ,BABYLONIAN RUL]S SAW !MSELVES AS SACR$ K+S ?AT !Y C\LD MAKE SU* GE/URES ( COSMIC R5EWAL4 ,SOCIETIES LACK+ SOV]EIGNS ( SU* UNIV]SAL PRET5SIONS1 HE NOTES1 W]E MU* LESS ABLE TO CONTA9 ! DANG]S 9H]5T 9 ! CREATION ( WIDESPREAD /RUCTURES ( MONET>IZ$ DEBT :5 !SE DIFFUS$ FROM ! ANCI5T ,NE> ,EA/4 ,9 ANCI5T ,ISRAEL1 PROPHETS SUB/ITUT$ ! NOTION ( A P]IODIC 0JUBILEE01 BUT 9 ! ,CLASSICAL ,M$IT]RANEAN1.<#g.> SACR$ K+S HAD LONG S9CE VANI%$4 ,AS A RESULT1 P]IODIC DEBT CRISES L$ TO 5DLESS SOCIAL DISLOCATION & MOVEM5TS = RE=M OR REVOLUTION4 ,:5 ! LATT] W]E /YMI$1 ! RESULTS W]E (T5 CATA/ROPHIC4 

,:AT ,I HOPE COMES ?R\< FROM ALL ?IS IS ?AT ! V]Y NOTION ?AT !RE MU/ ALWAYS BE SOME?+ ?AT ONE CAN LABEL 0SOCIETY0--A S+LE TOTALITY TO :I* EV]YONE IS BORN ) A SET ( OBLIGATIONS--IS NOT ITSELF PRIMORDIAL4 ,TRUE1 IMAG9>Y TOTALITIES MU/ BE CREAT$ 9 ! PROCESS ( CREAT+ VALUE4 ,BUT !SE (T5 TAKE AN 9F9ITE V>IETY ( OV]LAPP+ =MS4 ,! LOGIC ( DEBT1 H[EV]1 IS NOT TOTALIZ+ 9 ?IS WAY4 ,IT IS 9H]5TLY DYADIC4 ,EV5 ,MALAM\D NOTES ?AT1 9 ! ACTUAL ,V$IC TEXTS1 !RE IS A /RONG T5D5CY 9 MO/ CONTEXTS TO EMPHASIZE NOT ! UNIV]SAL DEBT TO ! GODS BUT ! MORE P>TICUL> DEBT ( A MAN TO HIS FA!R1 ONE ?AT CAN ONLY BE REPAID BY ONESELF BE>+ A SON 7#a#i#h#c3#c#b74 ,IT SEEMS TO ME ?AT1 LIKE SO MANY !ORIES ( 0PRIMITIVE SOCIETY01 ONE WOND]S IF :AT REALLY LURKS H]E IS 9 FACT ! %AD[ ( ! NATION-/ATE4 

,IT IS QUITE LIKELY 9 FACT ?AT1 :5 ONE DOES F9D ! NOTION ( PRIMORDIAL DEBTS1 IT >ISES 9 REACTION TO ! LOGIC ( ! M>KET4 ,EGOISM & ALTRUISM1 AS ,MAUSSIAN !ORY HAS REPEAT$LY TAU<T US1 >E T]MS ?AT ONLY MAKE S5SE 9 RELATION TO ONE ANO!R2 !Y >E !MSELVES 0TWO SIDES ( ! SAME CO90 ?AT APPE> TO HAVE ONLY BECOME CONCEPTUALLY POSSIBLE ) ! ADV5T ( COMM]CIAL LOGIC4 ,IT'S QUITE POSSIBLE ?AT ! E>LY ,V$IC TEXTS >E ATTEMPTS TO WORK \T ! MORALITY ( ?IS NEW SITUATION4 ,SO1 9 A DIFF]5T WAY1 IS ! IDEOLOGY ( ! MOD]N NATION-/ATE4 

,IT SEEMS SIGNIFICANT1 9 ?IS CONTEXT1 TO CONTEMPLATE ! FACT ?AT ! WORD 0ALTRUISM0 WAS CO9$ BY ,AUGU/E ,COMTE1 :O ALSO APPE>S TO BE ONE ( ! FIR/ ,EUROPEAN AU?ORS TO REALLY >TICULATE A NOTION ( PRIMORDIAL DEBT4 

,9 HIS ,CATE*ISME ,POSITIVI/E1 ,COMTE COMPLETELY REJECT$ ! NOTION ( RI<TS ON ?IS BASIS3 

,POSITIVISM WILL NEV] ADMIT ANY?+ O!R ?AN DUTIES ( ALL TO ALL4 ,= ITS SOCIAL PO9T ( VIEW CANNOT TOL]ATE ! NOTION ( RI<TS1 = SU* NOTION RE/S ON 9DIVIDUALISM4 ,WE >E BORN UND] A LOAD ( OBLIGATIONS ( EV]Y K9D1 TO \R PR$ECESSORS1 TO \R SUCCESSORS1 TO \R CONTEMPOR>IES4 ,AFT] \R BIR? !SE OBLIGATIONS 9CREASE OR ACCUMULATE BE=E ! PO9T :]E WE >E CAPABLE ( R5D]+ ANYONE ANY S]VICE4 ,ON :AT HUMAN F\NDATION C\LD ONE ?US SEAT ! IDEA ( 0RI<TS044448 7#a#h#i#a3#b#i#e7 

,! 0F9AL /ATE0 W\LD CONSI/ ONLY ( DUTIES1 :I* 9 TURN1 C\LD BE BOIL$ D[N 9TO ! FAM\S IMP]ATIVE 0TO LIVE = O!RS0 7IBID3#d#g73 ALTRUI/ICALLY4.<#h.> 

,COMTE'S PROPOSAL ?AT WE >E ALL BORN 9 DEBT TO SOCIETY APPE>S TO HAVE BE5 PICK$ UP1 AT ! 5D ( ! C5TURY1 BY ,FR5* POLITICAL ?9K]S LIKE ,ALFR$ ,F\ILLE & ,LEON ,B\RGEOIS1 :O CALL$ IT ! 0SOCIAL DEBT04 ,!Y 9 TURN PROVID$ MU* ( ! POLITICAL 9SPIRATION = ,DURKHEIM4 ,IT IS ESS5TIALLY A NATIONALI/ NOTION4 ,NATIONALI/ DOCTR9ES ALMO/ EV]Y:]E >E BAS$ ON APPROPRIAT+ ! EMOTIONAL 9T5SITY ( V]Y LOCAL & P>TICUL> =MS ( COMMITM5T--= 9/ANCE1 ( DEBT TO FA!RS--& ATTA*+ TO !M SOME CONCEPTION ( A SOCIAL :OLE4 ,9 ?IS WAY1 ONE MI<T EV5 SUGGE/ ?AT :AT !ORI/S ( PRIMORDIAL DEBT HAVE 9 FACT PRODUC$ IS SOME?+ ( A NATIONALI/ MY?1 ! ,*>TALI/ C\NT]PO9T1 ONE MI<T SAY1 TO ! NOTORI\S 0MY? ( B>T]04 ,A LESS IDEALIZ$ !ORY ( ! /ATE MI<T EXPRESS ! MATT] ( ABSOLUTE DEBT--:5 9DE$ IT WAS 9VOK$--9 T]MS ( A MU* SIMPL] LOGIC4 ,SOV]EIGNTY1 AFT] ALL1 IS ! P[] ( LIFE & DEA?4 ,ULTIMATELY1 !N1 GOV]NM5TS CLAIM ! SAME P[] OV] !IR SUBJECTS AS VICTORI\S W>RIORS DO OV] !IR PRISON]S1 & !IR 7USUALLY1 9 PR9CIPLE1 UNLIMIT$7 RI<T TO EXTRACT RES\RCES FROM !M FOLL[S = EXACTLY ! SAME REASON4.<#i.> 

#d3 LESS TOTALIZ+ ALT]NATIVES3 M>RIAGE & V5GEANCE 

,ALL ?IS SEEMS V]Y F> FROM AN?ROPOLOGICAL WRIT+S ON ! ORIG9 ( MONEY1 :I*1 SU* AS !Y EXI/1 T5D TO FOCUS ON :AT ,POLANYI CALL$ 0SPECIAL PURPOSE MONIES01 & E>LY E?NOGRAPH]S REF]R$ TO AS 0PRIMITIVE CURR5CIES0 7E4G41 ,QUIGG9 #a#i#d#i1 ,E9ZIG #a#i#d#i74 ,!SE LATT] T5D$ TO BE EMPLOY$ 9 SOCIETIES )\T /RONG /ATES1 & !Y W]E US$ NEI!R PRIM>ILY = TAXES NOR = BUY+ & SELL+ COMMODITIES1 BUT FIR/ & =EMO/ 9 MATRIMONIAL TRANSACTIONS4 

,!RE'S BE5 SURPRIS+LY LITTLE !ORETICAL REFLECTION ON SU* CURR5CIES 9 REC5T AN?ROPOLOGICAL LIT]ATURE4 ,ONE ( ! GREAT EXCEPTIONS IS A BOOK BY ,PHILIPPE ,ROSPABE CALL$ ,LA ,DETTE DE ,VIE 7#a#i#i#e74 ,BAS$ ON A SURVEY ( ! LIT]ATURE FROM ,NOR? & ,EA/ ,AFRICA & ,MELANESIA1 HE MAKES A COMPELL+ >GUM5T ?AT SU* TOK5S1 TOO1 TYPICALLY REPRES5T RECOGNITION ( AN 9F9ITE 7OR AT LEA/1 UNPAYABLE7 DEBT4 ,ROSPABE'S C5TRAL PO9T IS ?AT SU* GOODS ALWAYS SEEM TO GIV5 0AS A SUB/ITUTE = LIFE1 AS A PL$GE BY :I* GIV]S PROMISE TO R5D] A LIFE = ONE :I* !Y HAVE TAK5 FROM ANO!R GR\P0 7#a#i#i#c3#c#e74 ,?AT IS1 0SAVAGE MONEY01 AS HE PREF]S TO CALL IT1 IS FIR/ ( ALL A MEANS ( PAYM5T BUT NEV] ( PUR*ASE1 & SECOND1 ?AT :AT IT 0PAYS0 = IS ULTIMATELY LIFE ITSELF4 

,!RE IS NO ROOM H]E TO SUMM>IZE ! 5TIRE >GUM5T1 BUT IT />TS FROM M>RIAGE PAYM5TS1 :I* ,ROSPABE >GUES IS ! P>ADIGMATIC CASE4 ,! ONLY EQUIVAL5T TO A WOMAN GIV5 9 M>RIAGE IS ANO!R ONE4 ,BRIDEWEAL? IS ONLY PAID :5 ?IS DOES NOT HAPP53 &1 ?\< IT CONSI/S ( OBJECTS ( WEAL?1 ?IS WEAL? IS NEV] TREAT$ AS ! EQUIVAL5T ( A WOMAN 7OR MORE PRECISELY1 H] F]TILITY74 ,9 MANY CASES PEOPLE >E QUITE EXPLICIT ?AT WE >E DEAL+ H]E ) A M]E ACKN[L$GM5T4 ,9 O!R WORDS1 9 PAY+ BRIDEWEAL? Y\ >E RECOGNIZ+ ! EXI/5CE ( A DEBT--A DEBT ( LIFE1 S9CE :AT BRIDEWEAL? REALLY SECURES IS ! PAY+ CLAN'S RI<T TO CLAIM ANY ( ! WOMAN'S *ILDR5 AS !IR DESC5DANTS--?AT CAN ONLY BE EXPUNG$ 9 LAT] G5]ATIONS :5 ONE GIVES ONE ( ONE'S [N DAU<T]S AS A BRIDE 9 H] TURN4 

,AS ,ROSPABE EMPHASIZES1 ! P[] TO G5]ATE LIFE IS AN 9COMM5SURABLE1 AN ULTIMATE VALUE4 ,IT CANNOT BE PUR*AS$ BECAUSE !RE IS NO POSSIBLE MAT]IAL EQUIVAL5T4 ,C]TA9LY NO AM\NT (1 SAY1 %ELL MONEY IS CONSID]$ TO BE SU*--EV5 IF ! WOMB-LIKE SYMBOLISM ?AT SO (T5 SURR\NDS OBJECTS LIKE %ELL MONEY ITSELF SEEMS TO REF] TO ?IS4 ,!Y >E TOK5S REPRES5T+ ! V]Y ?+ = :I* !Y >E AN 9ADEQUATE SUB/ITUTE3 ! IMMUTABLE AB/RACTION ( G5]ATIVE P[]4 

,! LOGIC ( BLOODWEAL?1 HE >GUES1 CAN BE SE5 AS A K9D ( V>IATION3 AGA91 ! PRICE ( A LIFE 79 ?IS CASE1 A LIFE TAK57 CAN NEV] REALLY BE REPAID1 UNLESS1 P]HAPS1 BY ! GIFT ( A WOMAN AS COMP5SATION4.<#a.> 

,:AT ?IS SUGGE/S IS ?AT1 9S(> AS ONE CAN SPEAK ( PRIMORDIAL OR ABSOLUTE DEBTS1 LIFE- DEBTS 9 ,ROSPABE'S S5SE1 !Y TAKE ! =M NOT ( COSMIC BUT ( DYADIC RELATION%IPS--OR1 TO BE MORE ACCURATE1 !Y >E COSMIC RELATION%IPS ?AT CAN ONLY TAKE DYADIC =M4 ,! QUE/ION ( C\RSE IS H[ TOK5S MEANT TO EXPRESS RECOGNITION ( A DEBT ?AT CANNOT BE PAID EV5TUALLY BECOME ! MEANS ( SETTL+ DEBTS2 H[ SU* 9H]5TLY UNIQUE DYADIC TIES CAN EV5TUALLY KNIT TOGE!R TO CREATE A UNI=M SY/EM = ! MEASUREM5T ( VALUE4 ,ROSPABE DOES NOT ATTEMPT TO ANSW] ?IS QUE/ION4 ,EV5 SO1 HE SEEMS TO IMPLY ?AT COMMODITY MONEY SIMPLY C\LD NOT HAVE >IS5 FROM SU* A SY/EM3 IT HAD TO DEVELOP FROM \TSIDE4.<#a#a.> ,BUT !RE >E EXAMPLES ( SU* CURR5CIES 79 P>TS ( ,MELANESIA1 = EXAMPLE1 OR ABORIG9AL ,CALI=NIA7 :]E ! USE ( TOK5S ?AT 9 C]TA9 PLACES >E RE/RICT$ TO MATRIMONIAL TRANSACTIONS & ! LIKE >E1 9 O!R PLACES1 EXT5D$ TO BUY+ FI%1 H\SES1 POTS1 & SO =?4 

,! CLOSE/ ,I KN[ TO A PROPOS$ SOLUTION IS ! !ORY ( ! ORIG9S ( MONEY DEVELOP$ BY A NUMISMATI/ NAM$ ,PHILIP ,GRI]SON 7#a#i#g#g1 #a#i#g#h74 ,IT IS (T5 REF]R$ TO AS ! 0W]GELD !ORY01 AS IT FOCUS$ NOT ON BRIDEWEAL? BUT ON BLOODWEAL?4 ,IT IS L>GELY BAS$ ON HIS READ+ ( :AT >E (T5 REF]R$ TO AS ! ,B>B>IAN ,LAW ,CODES1 OR 0! LAWS ( ! ,G]MANIC PEOPLES :O SETTL$ )9 OR ALONG ! OLD FRONTI]S ( ! ,ROMAN EMPIRE 9 ! FIF? & SIX? C5TURIES ,A4,D40 7#a#i#g#g3#a#i74 ,!SE LEGAL SY/EMS W]E G5]ALLY MEANT TO PROVIDE A S]IES ( SCALE COMP5SATION PAYM5TS = DEA? OR S]I\S 9JURY 9T5D$ TO HEAD (F BLOOD FEUDS4 ,G5]ALLY !Y W]E CALCULAT$ ACCORD+ TO A S+LE UNIT ( ACC\NT3 CATTLE 9 ,WALES1 GOLD 9 ,G]MANY1 FURS 9 ,RUSSIA4 ,!SE PAYM5TS W]E NEV] IMAG9$ TO BE MAT]IAL EQUIVAL5TS TO ! LOSS ( LIFE OR LIMB--SU* 9JURIES W]E SE5 AS 9CALCULABLE--BUT EM]G$ FROM 0! NE$ TO ASSUAGE ! ANG] ( ! 9JUR$ P>TY & MAKE GOOD HIS LOSS 9 PUBLIC REPUTATION0 7OP CIT74 

,HE ADDS3 

,! CONDITIONS UND] :I* !SE LAWS W]E PUT TOGE!R W\LD APPE> TO SATISFY1 MU* BETT] ?AN ANY M>KET ME*ANISM1 ! PR]EQUISITES = ! E/ABLI%M5T ( A MONET>Y SY/EM4 ,! T>IFFS = DAMAGES W]E E/ABLI%$ 9 PUBLIC ASSEMBLIES1 & ! COMMON /&>DS W]E BAS$ ON OBJECTS ( SOME VALUE :I* A H\SEHOLD] MI<T BE EXPECT$ TO POSSESS ( :I* HE C\LD OBTA9 FROM HIS K9SFOLK4 ,S9CE :AT IS LAID D[N CONSI/S ( EVALUATIONS ( 9JURIES1 NOT EVALUATIONS ( COMMODITIES1 ! CONCEPTUAL DIFFICULTY ( DEVIS+ A COMMON MEASURE = APPRAIS+ UNRELAT$ OBJECTS IS AVOID$ 7IBID3#b-#b#a74.<#a#b.> 

,GRI]SON1 & ?OSE :O HAVE TAK5 UP HIS >GUM5T1 PROVIDES A GOOD DEAL ( COMPELL+ L+UI/IC EVID5CE ?AT1 JU/ AS ! ,5GLI% WORD 0TO PAY0 IS ULTIMATELY D]IV$ FROM ! ,LAT9 PAC]E1 0TO PACIFY01 MANY T]MS = 0DEBT0 OR EV5 0MONEY0 9 ,EUROPEAN LANGUAGES APPE> TO BE D]IV$ FROM T]MS = 0S901 OR 0FAULT01 OR 0GUILT0 7SEE ALSO ,HUDSON #b#b3#a#b-#c1 ,+HAM #b#d3#i74 

,?IS DOES ALL[ ONE TO IMAG9E H[ ! SY/EM C\LD EXP& TO A MORE G5]AL SY/EM ( CURR5CY3 #b GOLD PLATES = A BROK5 KNEE1 #e = A SEV]$ >M1 & SO ON4 ,/ILL1 IT DOESN'T REALLY RESOLVE ! FUNDAM5TAL CONCEPTUAL PROBLEM4 ,IF W]EGELD IS ORIG9ALLY A RECOGNITION ( ! 9COMM5SURABLE VALUE ( A HUMAN LIFE1 H[ !N DOES IT ULTIMATELY BECOME ! MEASURE ( A MAN'S 0WOR?01 OR 0PRICE0--:I* IS1 9 FACT1 :AT ! WORD APPE>S TO MEAN ETYMOLOGICALLY8 

,EV5 MORE1 H[ ONE CAN MOVE FROM SU* PR(\NDLY DYADIC RELATIONS 7TOK5S1 9 EFFECT1 ( ! RECOGNITION ( & DESIRE TO ASSUAGE ANO!R'S JU/IFIABLE ANG]7 TO A SY/EMATIC MEASURE ( ! VALUE ( POTS & *ICK5S & ! LIKE8 ,GRI]SON DOES NOT ?9K IT WAS LIKELY TO HAVE OCCURR$ ?R\< ATTEMPTS TO SY/EMIZE ! VALUE ( ! OBJECTS US$ 9 PAYM5T4 ,9/EAD1 HE IS =C$ TO FALL BACK ON ! LONG/&+ E>LI] 9VOLVEM5T ( MO/ ( !SE B>B>IAN POPULATIONS 9 ! ,ROMAN SLAVE TRADE 7#a#i#g#g3#b#c74 ,ROMAN SLAVE TRAD]S1 HE NOTES1 W]E FAMILI> FIGURES BEYOND ! ,RH9E & ,DANUBE 9 ! C5TURIES IMM$IATELY BE=E !SE LAWS W]E RECORD$1 & ETYMOLOGICAL EVID5CE AGA9 SUGGE/S ?AT MO/ ( ! T]MS = BUY+ & SELL+ 9 ,G]MANIC LANGUAGES ORIG9ALLY REF]R$ TO TRADE 9 PEOPLE3 MANY ( ! VICTIMS BE+ PRECISELY ?OSE SOLD BECAUSE !Y W]E UNABLE TO PAY SOME F9E OR COMP5SATION4 ,?IS BECAME A V]Y COMMON PATT]N ALL OV] ,AFRICA & ,S\!A/ ,ASIA AS WELL AS 9 ZONES :]E P[]FUL COMM]CIAL ECONOMIES CAME 9TO CONTACT ) ?OSE ORGANIZ$ ON A V]Y DIFF]5T BASIS3 LEGAL SY/EMS1 EV5 BRIDEWEAL? SY/EMS1 >E CONV]T$ FROM WAYS ( REGULAT+ RELATIONS BETWE5 PEOPLE 9TO WAYS ( TURN+ HUMAN BE+S !MSELVES 9TO COMMODITIES4 ,A SLAVE1 AS ,I'VE NOT$1 IS CONSID]$ TO [E AN ABSOLUTE LIFE-DEBT TO HIS [N]4 ,BUT AT ! SAME TIME A SLAVE CAN BE TRAD$ = A SPECIFIC AM\NT ( MONEY4 ,! CONV]SION ( A RECOGNITION ( UNPAYABLE DEBT 9TO ! 0PRICE0 ( A MAN OR WOMAN1 !N1 APPE>S TO HAVE BE5 AFFECT$ PR9CIPALLY ?R\< AN AL*EMY ( VIOL5CE4 

#e3 ,ON ! ,RELATION ( ,HUMAN ,ECONOMIES TO ,M>KET ,ECONOMIES 

,S*OL>S /UDY+ ! RISE ( IMP]SONAL M>KET RELATIONS--EV5 ?OSE :O SEE !M AS >IS+ FIR/ BETWE5 SOCIETIES1 & ONLY LAT] EXT5D+ TO RELATIONS )9--R>ELY PAY ADEQUATE ATT5TION TO ! ROLE ( VIOL5CE1 & P>TICUL>LY1 ! =MATIVE ROLE ( ! SLAVE TRADE4 

,H]E ,I HAVE SPACE TO PROPOSE ONLY ! B>E/ \TL9ES ( A !ORY2 BUT LET ME BEG9 BY SUGGE/+ ?AT !RE >E 9 FACT TWO POSSIBLE WAYS TO MAKE ! JUMP BETWE5 ABSOLUTE DEBT & ! LOGIC ( ! M>KET4 ,ONE IS ! P[] ( SOCIAL CREATIVITY4 ,AS ,I (T5 PO9T \T 7,GRAEB] #b#a71 ! C5TRAL CONC]N ( ANY SOCIAL SY/EM IS CREATION1 & ?AT MEANS FIR/ & =EMO/1 ! CREATION ( HUMAN BE+S & SOCIAL RELATIONS4 ,H]E ONE MI<T SUGGE/ ?AT1 JU/ AS = ,M>X ! VALUE ( MONEY 9 A CAPITALI/ SOCIETY IS ULTIMATELY ! VALUE ( ! HUMAN CREATIVE P[]S 9VE/$ 9 CREAT+ M>KETABLE COMMODITIES1 SO 9 ! SOCIETIES ?AT ,GRI]SON OR ,ROSPABE DESCRIBE--,I W\LD V5TURE TO CALL !M 0HUMAN ECONOMIES0--! PR$OM9ANT =MS ( CURR5CY >E 9V>IABLY REPRES5TATIONS ( ! P[]S ( SOCIAL CREATIVITY4 ,WOM5'S REPRODUCTIVE P[]S >E M]ELY ! CONCRETE SYMBOL = ! MORE G5]AL P[] TO NURTURE1 %APE1 & FO/] HUMAN BE+S4 ,?AT IS :Y1 AS ,I HAVE SUGGE/$ ELSE:]E 7,GRAEB] #a#i#i#f71 MONEY T5DS TO BE SYMBOLICALLY ID5TIFI$ ) ! [N]'S 9N] CAPACITIES1 ! 0PROMISE ( P[]0 !Y EMBODY4 

,! PHRASE APPEALS 9 P>T BECAUSE IT IS SO OBVI\SLY P>ADOXICAL4 ,ONE MI<T OBJECT3 >E NOT ALL ECONOMIES1 ULTIMATELY1 HUMAN ECONOMIES8 ,OBVI\SLY SO4 ,!Y >E1 ABOVE ALL1 BECAUSE !Y >E ALWAYS1 ULTIMATELY1 CONC]N$ ) ! CREATION ( 7C]TA9 VALU$ SORTS (7 HUMAN BE+S4 ,:AT IS UNUSUAL AB\T M>KET ECONOMIES IS1 P]HAPS1 ?AT AT LEA/ 9 C]TA9 CONTEXTS1 !Y CAN PRET5D TO BE AB\T ANY?+ ELSE4 ,COMMODITY MONEY W\LD APPE> TO BE ONE ( ! PR9CIPLE 9/RUM5TS BY :I* !Y DO SO4 ,SUB/ITUT+ ! PHRASE 0HUMAN ECONOMIES01 AT LEA/ 9 ?IS CONTEXT1 = 0GIFT ECONOMIES0 !RE=E SEEMS A NICE WAY TO CAPTURE ! P>ADOX4 ,IT ALSO HELPS TO UND]L9E ,MAUSS' MO/ IMPORTANT PO9T AB\T GIFT ECONOMIES3 ?AT \TSIDE ( COMM]CIAL M>KETS1 EV5 9 :AT MI<T SEEM TO US TO BE ECONOMIC TRANSACTIONS1 IT IS ALWAYS ! /ATUS ( HUMAN BE+S1 & RELATIONS BETWE5 !M1 ?AT IS ULTIMATELY AT /AKE4 ,!RE IS ALSO A RELATIVELY EASY WAY TO ID5TIFY A HUMAN ECONOMY3 ONE NE$ M]ELY *ECK TO SEE :E!R ! MA9 =M ( CURR5CY IS US$ PRIM>ILY TO REWORK RELATIONS BETWE5 PEOPLE1 OR PRIM>ILY1 TO PUR*ASE ?+S LIKE NOODLES1 FURNITURE1 OR %OES4 

,?IS DOES SUGGE/ A COMMON CONCEPTUAL BASIS TO ALL =MS ( CURR5CY4 ,CREATIVE CAPACITIES >E1 PRECISELY LIKE CR$IT1 A POT5TIAL = FUTURE PRODUCTIVITY4 ,DEBT IS A CLAIM ON FUTURE CREATIVITY4 ,IT IS ONLY ! MONET>IZATION ( DEBT ?AT ALL[S ANYONE TO SPECIFY ! DEP? ( ?IS FUTURE1 9 FACT1 TO *>GE = EA* UNIT ( TIME BY :I* ?IS CREATION IS DELAY$4 ,9 T]MS ( HUMAN PRODUCTION1 H[EV]1 ANY SU* CALCULATION SEEMS 5TIRELY ABSURD4 ,9 G5]AL1 ! GULF BETWE5 HUMAN ECONOMIES & M>KET SY/EMS W\LD SEEM TO BE SU* ?AT ANY ATTEMPT TO MOVE DIRECTLY FROM ONE TO ! O!R W\LD AT ! V]Y LEA/ HAVE PR(\NDLY J>R+ EFFECTS ON ! 5TIRE SY/EM ( SOCIAL PRODUCTION4 ,?IS IS1 9DE$1 PRECISELY :AT HAPP5S ! MOM5T IMP]SONAL M>KETS BEG9 TO DEVELOP--USUALLY1 ,I SUSPECT1 9 AT LEA/ TANG5TIAL RELATION TO ! SPREAD ( NEW =MS ( PR$ATORY VIOL5CE4 ,! MOM5T ! SAME =MS ( WEAL? ?AT W]E ONCE US$ EXCLUSIVELY = >RANG+ M>RIAGES1 PAY+ F9ES1 & SO ON CAN BE US$ = BUY+ & SELL+ GOATS & LEA!R P\*ES1 ONE 9V>IABLY />TS TO WITNESS 9T5SE SOCIAL /RUGGLES OV] ! DANG]S ( ! POT5TIAL COMMODITIZATION ( HUMAN BE+S--SPECIFICALLY1 OV] PRO/ITUTION & SLAV]Y4 ,ALL ?IS IS QUITE APP>5T 9 ! ANCI5T ,NE> ,EA/ & ,M$IT]RANEAN1 :]E ELITES /ROVE TO DEF9E !MSELVES SPECIFICALLY AS ?OSE :OSE DAU<T]S' REPUTATIONS W]E 9 NO S5SE TO BE SULLI$ BY ! M>KET 7,L]N] #a#i#h#c1 #a#i#h#f2 ,KURKE #b#b74 ,BUT ONE SEES ! SAME ?+ ON ! FR+ES ( ! SY/EM1 :]EV] COMM]CIAL & HUMAN ECONOMIES MEET4 ,! HI/ORY ( ! EXPANSION ( ! SLAVE TRADE 9TO ,AFRICA & ,S\!A/ ,ASIA1 AS ,I'VE M5TION$1 IS 9 ALMO/ EV]Y CASE A /ORY ( ! ABUSIVE MANIPULATION ( =MS ( DEBT1 ( ! ABUSIVE TRANS=MATION ( OBLIGATIONS 9TO COMMODITIES4 

#f3 ,NOTES ,ON ! ,HI/ORY ( ,MONET>Y ,9/RUM5TS3 ,COMMODITY1 ,CR$IT1 ,TRU/ & ,VIOL5CE 

,PR$ATORY VIOL5CE1 ,I W\LD SUGGE/1 HAS BE5 ! MA9 9/RUM5T 5ABL+ ! CONCEPTUAL LEAP FROM A HUMAN TO A COMMODITY ECONOMY1 ( TRANS=M+ TOK5S ?AT S]V$ AS ACKN[L$GM5TS ( ONE'S 9ABILITY TO REPAY ACTS ( COSMIC CREATIVITY 9TO 9/RUM5TS = ! M>KET+ ( PEOPLE4 ,IDEOLOGIES ( DEBT1 9 TURN1 HAVE BE5 & CONT9UE TO BE ! S+LE MO/ EFFECTIVE WAY ( MAK+ HUMAN RELATION%IPS CREAT$ & MA9TA9$ BY VIOL5CE APPE> TO BE ROOT$ 9 MORALITY4 ,MO/ ( ! >GUM5TS M>%AL$ 9 ?IS ESSAY1 FROM ! DISCUSSION ( HI]>*ICAL V]SUS EGALIT>IAN MODES ( GIFT EX*ANGE1 TO ! V>I\S IDEOLOGIES ( ABSOLUTE OR PRIMORDIAL DEBT1 HAVE BE5 ULTIMATELY AIM$ AT TRY+ TO UND]/& H[ IT IS POSSIBLE = !M TO DO SO4 

,LET ME N[ TURN FROM ! P]IPH]IES TO ! C5T]S ( GREAT CIVILIZATIONS1 & (F] ! T5TATIVE \TL9E ( A NEW HI/ORICAL >*ITECTURE1 CON/RUCT$ >\ND ! %IFT+ RELATIONS BETWE5 CR$IT & COMMODITY MONIES4 ,! HI/ORICAL EVID5CE1 IT SEEMS TO ME1 /RONGLY CONFIRMS ?AT1 AS ,GE(FREY ,G>D9] SUCC9CTLY PUT IT1 0BULLION IS ! ACCESSORY ( W>1 & NOT ( PEACEFUL TRADE0 7#b#d3#a#c#i74 ,COMMODITY MONEY1 P>TICUL>LY 9 ! =M ( GOLD & SILV]1 IS DI/+UI%$ FROM CR$IT MONEY MO/ ( ALL BY ONE SPECTACUL> FEATURE3 IT CAN BE /OL54 ,AN +OT ( GOLD OR SILV] IS 9DE$ AN OBJECT )\T A P$IGREE2 ?R\<\T MU* ( HI/ORY IT HAS S]V$ ! SAME ROLE AS ! DRUG DEAL]'S SUITCASE FULL ( DOLL> BILLS1 AN OBJECT )\T A HI/ORY ?AT WILL BE ACCEPT$ 9 EX*ANGE = O!R VALUABLES JU/ AB\T ANY:]E1 ) NO QUE/IONS LIKELY TO BE ASK$4 ,AS A RESULT1 CR$IT SY/EMS SEEM TO >ISE 9 P]IODS ( RELATIVE SOCIAL PEACE1 ACROSS NETWORKS ( TRU/1 :E!R CREAT$ BY /ATES OR1 9 MO/ P]IODS1 9T]NATIONAL 9/ITUTIONS2 PRECI\S METALS REPLACE !M 9 P]IODS *>ACT]IZ$ BY WIDESPREAD PLUND]4 ,PR$ATORY L5D+ SY/EMS C]TA9LY EXI/ AT EV]Y P]IOD2 BUT !Y SEEM TO HAVE ! MO/ DAMAG+ EFFECTS 9 P]IODS :5 MONEY WAS MO/ EASILY CONV]TIBLE 9TO CA%4 

,! /ORY IS TOO LONG TO TELL 9 ANY GREAT DEAL BUT ONE MI<T SUGGE/ A V]Y T5TATIVE BREAKD[N ( ,EURASIAN HI/ORY ALONG ! FOLL[+ L9ES3 

,I4 ,AGE ( ! ,FIR/ ,AGR>IAN ,EMPIRES 7#c#e-#h ,B,C,E7 ,DOM9ANT =M3 ,VIRTUAL CR$IT MONEY 

,\R BE/ 9=MATION ON ! ORIG9S ( MONEY GOES BACK TO ANCI5T ,MESOPOTAMIA1 BUT !RE SEEMS NO P>TICUL> REASON TO BELIEVE MATT]S W]E RADICALLY DIFF]5T 9 ,PH>AONIC ,EGYPT1 ,BRONZE ,AGE ,*9A1 OR ! ,9DUS ,VALLEY4 ,! ,MESOPOTAMIAN ECONOMY WAS DOM9AT$ BY L>GE PUBLIC 9/ITUTIONS 7,TEMPLES & ,PLACES7 :OSE BUREAUCRATIC ADM9I/RATORS ESS5TIALLY CREAT$ MONEY ( ACC\NT BY E/ABLI%+ A FIX$ EQUIVAL5T BETWE5 SILV] & ! /APLE CROP1 B>LEY2 DEBTS W]E CALCULAT$ 9 SILV]1 BUT SILV] WAS R>ELY US$ 9 TRANSACTIONS3 PAYM5TS W]E MADE 9 B>LEY OR 9 ANY?+ ELSE ?AT HAPP5$ TO BE H&Y & ACCEPTABLE4 ,MAJOR DEBTS W]E RECORD$ ON CUNEI=M TABLETS KEPT AS SURETIES BY BO? P>TIES TO ! TRANSACTION4 

,M>KETS1 C]TA9LY1 DID EXI/4 ,PRICES ( C]TA9 COMMODITIES ?AT W]E NOT PRODUC$ )9 ,TEMPLE OR ,PALACE HOLD+S1 & ?US SUBJECT TO ADM9I/]$ PRICE S*$ULES1 W\LD T5D TO FLUCTUATE ACCORD+ TO ! VAG>IES ( SUPPLY & DEM&4 ,EV5 H]E1 ?\<1 SU* EVID5CE AS WE HAVE 7E4G41 ,HUDSON #b#b3#b#e1 #b#d3#a#a#d7 SUGGE/S ?AT EV]YDAY PUR*ASES1 SU* AS BE] ADVANC$ BY 0ALE WOM501 OR LOCAL 9NKEEP]S1 APPE> TO HAVE BE5 ON CR$IT1 ) TABS ACCUMULAT+ TO BE PAID1 TYPICALLY1 AT H>VE/ TIME4 

,9T]E/ RATES1 FIX$ AT #b.01 REMA9$ /ABLE = TWO ?\S& YE>S4 ,?IS WAS NOT A SIGN ( GOV]NM5T CONTROL ( ! M>KET3 AT ?IS /AGE1 9/ITUTIONS LIKE ?IS W]E :AT MADE M>KETS POSSIBLE4 ,9S(> AS GOV]NM5TS DID 9T]V5E1 IT WAS TO DEAL ) ! EFFECTS ( DEBT4 ,9 BAD YE>S ! POOR T5D$ TO BECOME HOPELESSLY 9DEBT$ TO ! RI* & W\LD (T5 HAVE TO SURR5D] !IR L&S & ULTIMATELY1 FAMILY MEMB]S 9TO DEBT PEONAGE2 H5CE1 IT BECAME CU/OM>Y = EA* NEW RUL] TO WIPE ! SLATE CLEAN1 CANCEL DEBTS1 & RETURN BOND$ LABOR]S TO !IR FAMILIES4 

,I,I4 ,AXIAL ,AGE 7#h ,B,C,E - #f ,C,E7 -- ,DOM9ANT =M3 ,CO9AGE & ,METAL ,BULLION 

,?IS IS ! AGE ?AT SAW ! EM]G5CE ( CO9AGE1 AS WELL AS ! BIR?1 9 ,*9A1 ,9DIA1 & ! ,MIDDLE ,EA/1 ( ALL MAJOR WORLD RELIGIONS4.<#a#c.> ,IT WAS A P]IOD ( SPECTACUL> CREATIVITY & 9 MU* ( ! WORLD1 ( ALMO/ EQUALLY SPECTACUL> VIOL5CE1 FROM ! ,W>R+ ,/ATES P]IOD 9 ,*9A1 FRAGM5TATION 9 ,9DIA1 TO ! C>NAGE & MASS 5SLAVEM5T ?AT ACCOMPANI$ ! EXPANSION 7& LAT]1 DISSOLUTION7 ( ! ,ROMAN ,EMPIRE4 

,CO9$ MONEY1 ! ACTUAL USE ( GOLD & SILV] AS A M$IUM ( EX*ANGE1 ALL[$ M>KETS 9 ! N[ MORE FAMILI>1 IMP]SONAL S5SE ( ! T]M4 ,PRECI\S METALS W]E ALSO F> MORE APPROPRIATE = AN AGE ( G5]ALIZ$ W>F>E1 = ! OBVI\S REASON ?AT !Y CAN BE /OL54 ,CO9AGE1 C]TA9LY1 WAS NOT 9V5T$ TO FACILITATE TRADE 7! ,PHO5ICIANS1 ! CONSUMMATE TRAD]S ( ! ANCI5T WORLD1 W]E AMONG ! LA/ TO ADOPT IT74 ,IT APPE>S TO HAVE FIR/ BE5 9V5T$ TO PAY SOLDI]S4 

,?R\<\T ANTIQUITY ONE CAN CONT9UE TO SPEAK ( :AT ,+HAM 7#b#d3#i#i7 HAS DUBB$ ! 0MILIT>Y-CO9AGE COMPLEX04 ,HE MI<T BETT] HAVE CALL$ IT A 0MILIT>Y- CO9AGE-SLAV]Y COMPLEX01 S9CE ! DIFFUSION ( NEW MILIT>Y TE*NOLOGIES 7,GREEK HOPLITES1 ,ROMAN LEGIONS7 WAS CLOSELY TI$ TO ! CAPTURE & M>KET+ ( SLAVES1 & ! O!R MAJOR S\RCE ( SLAVES WAS DEBT3 N[ ?AT /ATES NO LONG] P]IODICALLY WIP$ ! SLATES CLEAN1 ?OSE NOT LUCKY 5\< TO BE CITIZ5S ( ! MAJOR MILIT>Y CITY-/ATES W]E FAIR GAME4 ,! CR$IT SY/EMS ( ! ,NE> ,EA/ DID NOT CRUMBLE UND] COMM]CIAL COMPETITION2 !Y W]E DE/ROY$ BY ,ALEX&]'S >MIES-->MIES ?AT REQUIR$ HALF A TON ( SILV] BULLION P] DAY 9 WAGES4 ,! TAX SY/EMS ( ! ,HELL5I/IC & ,ROMAN EMPIRES1 ?AT DEM&$ PAYM5T 9 CO9S ! /ATE ITSELF HAD M9$ & M9T$1 W]E DESIGN$ TO =CE !IR SUBJECTS TO AB&ON O!R MODES ( CIRCULATION & 5T] 9TO M>KET RELATIONS1 SO ?AT SOLDI]S 7& GOV]NM5T (FICIALS7 W\LD BE ABLE TO BUY ?+S ) ?AT MONEY4 ,! EFFECTS ( ! CON/ANT W>S CONDUCT$ BY ?OSE LEGIONS1 9 TURN1 GU>ANTE$ ?AT MU* ( ! CONSEQU5T TRADE WAS 9 FACT 9 HUMAN BE+S1 OR 9 ! PRODUCTS ( SLAVE- LABOR4 

,H[EV] TAWDRY ! ORIG9S ( CO9AGE1 ! CREATION ( NEW M$IA ( EX*ANGE APPE>S TO HAVE HAD PR(\ND 9TELLECTUAL EFFECTS4 ,SOME 7,%ELL #a#i#g#h1 #a#i#h#b1 ,SEA=D #b#d7 HAVE EV5 GONE SO F> AS TO >GUE ?AT E>LY ,GREEK PHILOSOPHY ONLY BECAME POSSIBLE DUE TO CONCEPTUAL 9NOVATIONS 9TRODUC$ BY ! TE*NOLOGY ( CO9AGE4 

,C]TA9LY1 IT SEEMS SIGNIFICANT ?AT ?IS WAS PRECISELY ! AGE ?AT SAW1 9 ,9DIA1 ,*9A1 & ! ,EA/]N ,M$IT]RANEAN1 ! EM]G5CE ( ALL MAJOR PHILOSOPHICAL TR5DS & ALL MAJOR WORLD RELIGIONS4 ,:AT'S MORE1 !Y APPE> TO HAVE BE5 ALMO/ EXACTLY ! TIMES ?AT ALSO SAW ! EM]G5CE ( CO9$ MONEY4 ,:ILE ! PRECISE L9KS >E YET TO BE FULLY EXPLOR$1 ONE ?+ IS CLE>4 ,IDEALS ( *>ITY1 ALTRUISM1 & SELFLESS GIV+ TYPICALLY PROMOT$ )9 !SE NEW ,WORLD ,RELIGIONS ( ! TIME APPE> TO HAVE >IS5 9 DIRECT REACTION TO ! LOGIC ( ! M>KET4 ,AS ,MAUSS LIK$ TO PO9T \T1 9 A GIFT ECONOMY1 EI!R PURE SELFI%NESS1 OR PURE SELFLESSNESS1 W\LD BE ALMO/ 9CONCEIVABLE4 ,TO PUT ! MATT] CRUDELY3 IT W\LD SEEM ?AT1 IF ONE RELEGATES A C]TA9 SOCIAL SPACE SIMPLY TO ! SELFI% ACQUISITION ( MAT]IAL ?+S1 IT IS ALMO/ 9EVITABLE ?AT ONE %\LD SOON COME TO SET ASIDE ANO!R DOMA9 9 :I* TO PREA* ?AT1 FROM ! P]SPECTIVE ( ULTIMATE VALUES1 MAT]IAL ?+S >E UNIMPORTANT1 & SELFI%NESS--OR EV5 ! SELF--ILLUSORY4 ,! FACT ?AT !SE M>KETS W]E1 9 FACT1 BAS$ ON CO9AGE1 :I* ALL[$ = F> MORE IMP]SONAL1 & H5CE1 POT5TIALLY VIOL5T1 =MS ( M>KET BEHAVIOR ?AN E>LI] CR$IT RELATIONS PRESUMABLY MADE ! DI/9CTION ALL ! MORE COMPELL+4 

,I,I,I4 ,! ,MIDDLE ,AGES 7#f ,C,E - #ae ,C,E7.<#a#d.> -- ,RETURN ( ,VIRTUAL ,CR$IT-,MONEY 

,IF ! ,AXIAL ,AGE SAW ! EM]G5CE ( COMPLEM5T>Y IDEALS ( EGOISM & ALTRUISM1 COMMODITY M>KETS & UNIV]SAL WORLD RELIGIONS1 ! ,MIDDLE ,AGES WAS ! P]IOD 9 :I* ?OSE TWO 9/ITUTIONS BEGAN TO M]GE1 SO ?AT MONET>Y TRANSACTIONS 9CREAS+LY CAME TO BE C>RI$ \T ?R\< SOCIAL NETWORKS DEF9$ & REGULAT$ BY ?OSE SAME WORLD RELIGIONS4 ,?IS 5ABL$ 9 TURN ! RETURN1 ?R\<\T ,EURASIA1 ( V>I\S =MS ( VIRTUAL CR$IT-MONEY4 

,9 ,EUROPE1 :]E ALL ?IS TOOK PLACE UND] ! EGIS ( ,*RI/5DOM1 CO9AGE WAS ONLY SPORADICALLY1 & UNEV5LY1 AVAILABLE4 ,PRICES AFT] #h ,A,D W]E CALCULAT$ L>GELY 9 T]MS ( AN OLD ,C>OL+IAN CURR5CY ?AT NO LONG] EXI/$ 7IT WAS REF]R$ TO AT ! TIME AS 0IMAG9>Y MONEY0 - ,E9AUDI #a#i#e#c71 BUT ORD9>Y DAY-TO-DAY BUY+ & SELL+ WAS MA9LY C>RI$ \T ) TALLY-/ICKS1 NOT*$ PIECES ( WOOD ?AT W]E BROK5 9 TWO AS RECORDS ( DEBT1 ) HALF BE+ KEPT BY ! CR$ITOR1 HALF BY ! DEBTOR4 ,SU* TALLY-/ICKS W]E /ILL 9 COMMON USE 9 MU* ( ,5GL& WELL 9TO ! #a#f? C5TURY 7,9NES #a#i#a#c1 #a#i#a#d1 ,MAC,9TO% #a#i#h#h74 ,L>G] TRANSACTIONS W]E H&L$ ?R\< BILLS ( EX*ANGE1 ) ! GREAT COMM]CIAL FAIRS S]V+ AS !IR CLE>+-H\SES4 ,! ,*UR*1 MEAN:ILE1 PROVID$ A LEGAL FRAMEWORK1 5=C+ /RICT CONTROLS ON ! L5D+ ( MONEY AT 9T]E/ & PROHIBITIONS ON DEBT BONDAGE4 

,! REAL N]VE C5T] ( ! ,M$IEVAL WORLD ECONOMY ?\< WAS ! ,9DIAN ,OCEAN1 ?AT ALONG ) ! ,C5TRAL ,ASIA C>AVAN R\TES1 CONNECT$ ! GREAT CIVILIZATIONS ( ,9DIA1 ,*9A1 & ! ,MIDDLE ,EA/4 ,H]E TRADE WAS CONDUCT$ ?R\< ! FRAMEWORK ( ,ISLAM1 :I* NOT ONLY PROVID$ A LEGAL /RUCTURE HI<LY CONDUCIVE TO M]CANTILE ACTIVITIES 7:ILE ABSOLUTELY =BIDD+ ! L5D+ ( MONEY AT 9T]E/71 BUT ALL[$ = PEACEFUL RELATIONS BETWE5 M]*ANTS OV] A REM>KABLY L>GE P>T ( ! GLOBE1 ALL[+ ! CREATION ( A V>IETY ( SOPHI/ICAT$ CR$IT 9/RUM5TS4 ,*9A 9 ?IS SAME P]IOD SAW ! RAPID SPREAD ( ,BUDDHISM1 ! 9V5TION ( PAP] MONEY1 & ! DEVELOPM5T ( EV5 MORE COMPLEX =MS ( CR$IT & F9ANCE4 

,ALL ?IS IS NOT TO SAY ?AT ?IS P]IOD DID NOT SEE ITS %>E ( C>NAGE & PLUND] 7P>TICUL>LY DUR+ ! GREAT NOMADIC 9VASIONS7 OR ?AT CO9AGE WAS NOT1 9 MANY TIMES & PLACES AN IMPORTANT M$IUM ( EX*ANGE4 ,/ILL1 :AT REALLY *>ACT]IZES ! P]IOD APPE>S TO BE A MOVEM5T 9 ! O!R DIRECTION4 ,MONEY1 DUR+ MO/ ( ! ,M$IEVAL P]IOD1 WAS L>GELY DEL9K$ FROM CO]CIVE 9/ITUTIONS4 ,MONEY-*ANG]S1 ONE MI<T SAY1 W]E 9VIT$ BACK 9TO ! TEMPLES1 :]E !Y C\LD BE MONITOR$2 ! RESULT WAS A FL[]+ ( 9/ITUTIONS PREMIS$ ON A MU* HI<] DEGREE ( SOCIAL TRU/4 

,I,V4 ,AGE ( ,EUROPEAN ,EMPIRES 7#a#e-#a#i#g#a7 -- ,RETURN ( ,PRECI\S ,METALS 

,) ! ADV5T ( ! GREAT ,EUROPEAN EMPIRES--,IB]IAN1 !N ,NOR? ,ATLANTIC--! WORLD SAW BO? A REV]SION TO ! USE ( *ATTEL SLAV]Y1 PLUND]1 & W>S ( DE/RUCTION1 & ! CONSEQU5T RAPID RETURN ( GOLD & SILV] BULLION AS ! MA9 =M ( CURR5CY4 

,HI/ORICAL 9VE/IGATION WILL PROBABLY 5D UP DEMON/RAT+ ?AT ! ORIG9S ( !SE TRANS=MATIONS W]E MORE COMPLICAT$ ?AN WE ORD9>ILY ASSUME4 ,ONE ( ! MA9 FACTORS ( ! MOVEM5T BACK TO BULLION1 = EXAMPLE1 WAS ! EM]G5CE ( POPUL> MOVEM5TS DUR+ ! E>LY ,M+ DYNA/Y1 9 ! #a#e? & #a#f? C5TURIES1 ?AT ULTIMATELY =C$ ! GOV]NM5T TO AB&ON NOT ONLY PAP] MONEY BUT ANY ATTEMPT TO IMPOSE ITS [N CURR5CY4 ,?IS L$ TO REV]SION ( ! VA/ ,*9ESE M>KET TO AN UNCO9$ SILV] /&>D4 ,S9CE TAXES W]E ALSO GRADUALLY COMMUT$ 9TO SILV]1 IT SOON BECAME ! MORE OR LESS (FICIAL ,*9ESE POLICY TO TRY TO BR+ AS MU* SILV] 9TO ! C\NTRY AS POSSIBLE1 SO AS TO KEEP TAXES L[ & PREV5T NEW \TBREAKS ( SOCIAL UNRE/4 ,! SUDD5 5ORM\S DEM& = SILV] HAD EFFECTS ACROSS ! WORLD4 ,MO/ ( ! PRECI\S METALS LOOT$ BY ! CONQUI/ADORS & LAT] EXTRACT$ BY ! ,SPANI% FROM ! M9ES ( ,MEXICO & ,POTOSI1 7AT ALMO/ UNIMAG9ABLE CO/ 9 HUMAN LIVES7 5D$ UP 9 ,*9A4 ,!SE NEW GLOBAL-SCALE CONNECTIONS HAVE ( C\RSE BE5 DOCUM5T$ 9 GREAT DETAIL4 ,! CRUCIAL PO9T IS ?AT ! DEL9K+ ( MONEY FROM RELIGI\S 9/ITUTIONS1 & ITS REL9K+ ) CO]CIVE ONES 7ESPECIALLY ! /ATE71 WAS H]E ACCOMPANI$ BY AN IDEOLOGICAL REV]SION TO 0,METALLISM04.<#a#e.> ,CR$IT1 9 ?IS CONTEXT1 WAS ON ! :OLE AN AFFAIR ( /ATES ?AT !MSELVES RAN L>GELY BY DEFICIT F9ANC+1 A =M ( CR$IT :I* WAS1 9 TURN1 9V5T$ TO F9ANCE 9CREAS+LY EXP5SIVE W>S4 ,9T]NATIONALLY ! ,BRITI% ,EMPIRE WAS /EADFA/ 9 MA9TA9+ ! GOLD /&>D EV5 ?R\< ! #a#i? & E>LY #b? C5TURIES4 

,V4 ,CURR5T ,]A 7#a#i#g#a ONW>DS7 -- ,! ,EMPIRE ( ,DEBT 

,! CURR5T ]A MI<T BE SAID TO HAVE BE5 9ITIAT$ ON ,AUGU/ #a#e1 #a#i#g#a1 :5 ,U,S ,PRESID5T ,RI*>D ,NIXON (FICIALLY SUSP5D$ ! CONV]TIBILITY ( ! DOLL> 9TO GOLD & EFFECTIVELY CREAT$ ! CURR5T FLOAT+ CURR5CY REGIMES 7,GREGORY #a#i#i#g74 ,WE HAVE 

RETURN$1 !N1 TO AN AGE ( VIRTUAL MONEY1 9 :I* CONSUM] PUR*ASES 9 WEAL?Y C\NTRIES R>ELY 9VOLVE EV5 PAP] MONEY1 & NATIONAL ECONOMIES >E DRIV5 L>GELY BY CONSUM] DEBT4 ,ALL ?IS HAS BE5 ACCOMPANI$ BY :AT'S (T5 CALL$ A 0F9ANCIALIZATION0 ( CAPITAL1 ) SPECULATION 9 CURR5CIES & F9ANCIAL 9/RUM5TS BECOM+ A DOMA9 UNTO ITSELF1 DETA*$ FROM ANY IMM$IATE RELATION ) PRODUCTION OR EV5 COMM]CE 7E4G41 ,>RI<I #a#i#i#d1 ,H>VEY #b#e74 ,:AT REMA9S TO BE SE5 IS :E!R1 AS 9 PREVI\S AGES DOM9AT$ BY VIRTUAL CR$IT MONEY1 !RE WILL >ISE OV]>*+ 9/ITUTIONS PREP>$ TO IMPOSE SOME SORT ( SOCIAL CONTROLS OV] ! HUMAN CONSEQU5CES ( SPIRAL+ DEBT4 ,SO F>1 ! TR5D HAS BE5 ! OPPOSITE3 SU* OV]>*+ 9/ITUTIONS AS HAVE EM]G$--= 9/ANCE1 ! ,I,M,F OR ,WORLD ,BANK--HAVE BE5 MORE CONC]N$ ) 5=C+ DEBTS1 LEAV+ POOR] NATIONS LOCK$ 9 A K9D ( P]MAN5T DEBT PEONAGE4 

,HI/ORICALLY1 AS WE HAVE SE51 AGES ( VIRTUAL1 DEBT-MONEY HAVE ALSO 9VOLV$ CONTROLS ( SOME SORT ON ! DE/RUCTIVE SOCIAL CONSEQU5CES ?AT 5SUE :5 DEBT SPIRALS 5TIRELY \T ( CONTROL4 ,SO F> ! MOVEM5T ?IS TIME HAS BE5 IF ANY?+ 9 ! O!R DIRECTION3 WE HAVE BEGUN TO SEE ! CREATION ( ! FIR/ EFFECTIVE PLANET>Y ADM9I/RATIVE SY/EM1 OP]AT+ ?R\< ! ,I,M,F1 ,WORLD ,BANK1 CORPORATIONS & O!R F9ANCIAL 9/ITUTIONS1 L>GELY 9 ORD] TO PROTECT ! 9T]E/S ( CR$ITORS AGA9/ DEBTORS4 ,H[EV] ! AGE HAS ONLY JU/ BEGUN & ! LONG-T]M CONSEQU5CES ( ?IS %IFT BACK TO VIRTUAL MONEY >E 5TIRELY UNCLE>4 

#g3 ,CONCLUSIONS 

,TO CONCLUDE1 LET ME TURN BRIEFLY TO ! QUE/ION ( DEBT V]SUS VALUE3 OR1 TO BE MORE SPECIFIC1 SOCIETY SE5 AS A NETWORK ( DYADIC RELATIONS ( OBLIGATION & SOCIETY VIEW$ AS AN IMAG9>Y =UM = ! REALIZATION ( SOME CONCEPTION ( ! ,GOOD4 

,9 SECTION #b ABOVE ,I NOT$ ?AT HI]>*ICAL RELATIONS1 = EXAMPLE )9 FEUDAL OR PATRONAGE SY/EMS1 OP]ATE 9 PRACTICE ON A PR9CIPLE ( PREC$5T ?AT IS 9 MANY WAYS ! EXACT OPPOSITE ( RECIPROCITY4 ,AN UNEXPECT$ GIFT IS LIKELY TO BE TAK5 AS A PREC$5T & SIMIL> GE/URES WILL BE EXPECT$ 9 ! FUTURE4 ,H[EV]1 ! MOM5T !ORI/S ( FEUDALISM FELT ! NE$ TO REPRES5T SOCIETY 9 ! AB/RACT1 !Y W\LD ALMO/ 9V>IABLY >GUE ?AT RELATIONS BETWE5 ! DIFF]5T RANKS & /ATUSES ( SOCIETY W]E1 ULTIMATELY1 BAS$ ON RECIPROCITY AFT] ALL3 NOBLES PROVIDE PROTECTION1 PEASANTS PROVIDE FOOD1 & SO =?4 ,! REASON W\LD SEEM SIMPLE 5\<4 ,:ILE RECIPROCITY MAY OR MAY NOT BE ! BASIS ( ANY P>TICUL> TRANSACTIONAL LOGIC1 IT W\LD APPE> ?AT IT IS EV]Y:]E ! BASIS ( CONCEPTIONS ( JU/ICE4 

,! LI/ ( TRANSACTIONAL LOGICS 9 SECTION #b WAS REALLY MEANT TO MAKE CLE> ?AT :AT WE CALL SOCIAL OR ECONOMIC SY/EMS >E1 9 REALITY1 AN 5DLESS 9T]WEAV+ ( DYADIC RELATIONS ?AT OP]ATE1 (T51 ON COMPLETELY DIFF]5T GR\NDS4 ,SOME >E BAS$ ON =MS ( PRAGMATIC COMMUNISM1 SOME ON A HI]>*ICAL LOGIC ( PREC$5T1 SOME ON PR9CIPLES ( BALANC$ EX*ANGE--:I* MAY 9 TURN BE RELATIVELY P]SONAL OR RELATIVELY IMP]SONAL1 EPHEM]AL OR SU/A9$4 ,O!RS >E BAS$ ON \TRI<T !FT OR EXTORTION4 ,9 NO CASE--EV5 ASSUM+ ONE C\LD DRAW A B\ND$ CIRCLE & CALL IT A 0SOCIETY0--DO ACC\NTS ALL BALANCE \T4 ,& ( C\RSE1 ANY SU* DRAW+ ( CIRCLES IS ITSELF AN IDEOLOGICAL GE/URE3 !RE >E NO NATURAL B\ND>IES2 REAL SOCIAL RELATIONS ALWAYS OV]FL[ ANY SU* B\NDS4 

,H[EV]1 IT IS AN EXTREMELY IMPORTANT IDEOLOGICAL GE/URE4 ,= MU* ( ITS HI/ORY SOCIAL AN?ROPOLOGY HAS WRE/L$ ) ! PROBLEM ( H[ TO SQU>E !SE AB/RACT REPRES5TATIONS ) :AT ONE ACTUALLY F9DS ON ! GR\ND3 = EXAMPLE1 9 ! FAM\S PROBLEM ( 0CIRCULAT+ CONNUBIUM01 H[ TO RECONCILE ! 5DLESSLY COMPLEX NETWORKS ( HI]>*ICAL M>RIAGE RELATIONS ?AT ACTUALLY EXI/ ) ! UNIV]SAL 9SI/5CE ?AT REALLY1 SOCIETY IS ORGANIZ$ 9TO A SIMPLE S]IES ( CLANS ?AT M>RY 9 A CIRCLE1 CLAN ,A GIV+ WOM5 TO CLAN ,B1 ,B TO ,C1 ,C TO ,D1 & ,D BACK TO ,A AGA94 ,$MUND ,LEA* 7#a#i#e#d7 SEEMS TO HAVE BE5 ! FIR/ TO RECOGNIZE ?AT ALL SU* CLAIMS >E M]ELY AB/RACT IMAGES ( TOTALITY2 !Y >E WAYS ( CONCEIV+ ! 5DLESS MESS9ESS ( SOCIAL LIFE AS PIECES ( A S+LE 0SOCIETY04 ,SU* REPRES5TATIONS >E ALWAYS CREAT$ BY PLUCK+ C]TA9 DYADIC RELATIONS-- DYADS BAS$1 AS !Y >E1 ON A C]TA9 NOTION ( MUTUAL 9DEBT$NESS--FROM ?AT 9F9ITELY COMPLICAT$ REALITY & CREAT+ AN IMAGE ( JU/ICE1 AN IMAG9>Y SPH]E 9 :I* ALL ACC\NTS P]FECTLY BALANCE \T4 

,! M>KET IS1 ( C\RSE1 ! SAME4 0,M>KETS01 AS ,I PO9T$ \T AT ! BEG9N+ ( ?IS ESSAY1 DON'T REALLY EXI/4 ,ECONOMI/S >E P]FECTLY HAPPY TO ADMIT ?IS4 ,! M>KET IS A MODEL4 ,! QUE/ION IS :AT K9D ( MODEL8 ,AT ?IS PO9T ,I ?9K WE CAN ANSW]3 IT IS A MODEL CREAT$ BY ISOLAT+ C]TA9 PR9CIPLES )9 A COMPLEX SY/EM 79 ?IS CASE BY FIX+ ON A C]TA9 =M ( IMM$IATE1 BALANC$1 IMP]SONAL1 SELF-9T]E/$ TRANSACTION ?AT WE CALL 0COMM]CIAL EX*ANGE01 :I* IS ALMO/ NEV] F\ND 9 ISOLATION BUT ALWAYS SURR\ND$ BY & DRAW+ ON O!R LOGICS--HI]>*ICAL1 COMMUNI/IC4447 & !N CREAT+ A TOTALIZ+ MODEL )9 :I* ! BOOKS ALL BALANCE & ALL DEBTS & CR$ITS ULTIMATELY CANCEL ONE ANO!R \T4 ,9 REALITY NO SU* B\ND$ 5TITY C\LD EV] EXI/1 EI!R 9 TIME OR 9 SPACE4 ,NONE!LESS1 SU* B\ND$ 5TITIES >E 5DLESSLY 9VOK$3 9 P>T1 SO AS TO CREATE !AT]S = ! REALIZATION ( C]TA9 =MS ( VALUE1 & 9 P>T1 9 ORD] TO MAKE IDEOLOGICAL /ATEM5TS AB\T ! LEGITIMACY ( EXI/+ SOCIAL RELATIONS4 

,ONE NE$S A M>KET TO EXI/ 9 SOME IMM$IATE CONCRETE =M :5 ONE NE$S TO DET]M9E ! VALUE ( ONE'S H\SE OR >T COLLECTION1 ESPECIALLY IF ONE WI%ES TO REALIZE ?AT VALUE BY SELL+ IT4 ,ONE NE$S 0!0 M>KET TO EXI/1 AT LEA/ ON ! LEVEL ( RHETORIC1 :5 ONE WI%ES TO REPRES5T CAPITALISM AS ULTIMATELY JU/4 

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#aiie ,S\V]A9ETE1 LEGITIMITE DE LA MONNAIE4 ,P>IS3 ,ASSOCIATION D',ECONOMIE ,F9ANCI]E 7,CAHI]S F9ANCE1 E?IQUE1 CONFIANCE74 

#aiih ,LA ,MONNAIE S\V]A9E4 ,P>IS3 ,ODILE ,JACOB4 

,AGLIETTA1 ,M41 ,&REAU1 ,J41 ,ANSPA*1 ,M41 ,BIR\/E1 ,J41 ,C>TELI]1 ,J41 DE ,COPPET1 ,D41 ,MALAM\D1 ,C41 ,ORLEAN1 ,A41 ,S]VET1 ,J4-,M41 ,!]T1 ,B41 @& ,?IVEAUD1 ,J4-,M4 

#aiih 0,9TRODUCTION40 ,93 ,LA MONNAIE S\V]A9E 7,M4 ,AGLIETTA @& ,A4 ,ORLEAN1 $S471 PP4 #i-#c#a4 ,P>IS3 ,ODILE ,JACOB4 

,AGLIETTA1 ,M41 @& ,ORLEAN1 ,A4 7,$S47 

#aiie ,S\V]A9ETE1 LEGITIMITE DE LA MONNAIE4 ,P>IS3 ,ASSOCIATION D',ECONOMIE ,F9ANCI]E 7,CAHI]S F9ANCE1 E?IQUE1 CONFIANCE74 

,BALMU?1 ,M4 ,S4 

#aige 0,! ,CRITICAL ,MOM5T3 ! ,TRANSITION FROM ,CURR5CY TO ,CO9AGE 9 ! ,EA/]N ,M$IT]RANEAN40 ,WORLD ,>*AEOLOGY #f3 #b#i#c-#i4 

,BLO*1 ,M>C 

#aifa ,FEUDAL ,SOCIETY4 7#b VOLUMES74 ,*ICAGO3 ,UNIV]SITY ( ,*ICAGO ,PRESS4 

,BU*]1 ,K>L 

#aig ,9DU/RIAL ,EVOLUTION4 7,S4 ,MORLEY ,WICKETT1 TRANS47 ,NEW ,YORK3 ,HOLT4 

,DAVY1 ,GEORGES 

#aibb ,LA FOI JUREE3 ,ETUDE SOCIOLOGIQUE DU PROBLEME DU CONTRAT ET LA =MATION DU LI5 CONTRACTUEL4 ,BIBLIO!QUE DE PHILOSOPHIE CONTEMPORA9E4 ,TRAVAUX DE L',ANNEE SOCIOLOGIQUE4 ,P>IS3 ,ALCAN4 

,E9AUDI1 ,LUIGI 

#aiec 0,! ,!ORY ( ,IMAG9>Y ,MONEY FROM ,*>LEMAGNE TO ! ,FR5* ,REVOLUTION01 9 ,F4 ,C4 ,LANE & ,J4 ,C4 ,RIEM]SMA 7$S471 ,5T]PRISE & ,SECUL> ,*ANGE1 ,LONDON3 ,ALL5 @& ,UNW94 

,E9ZIG1 ,PAUL 

#aidi ,PRIMITIVE ,MONEY 9 ITS ,E?NOLOGICAL1 ,HI/ORICAL1 & ,E?NOGRAPHIC ,ASPECTS4 ,NEW ,YORK3 ,P]GAMON ,PRESS4 

,F9LEY1 ,MOSES ,I4 

#aigd ,! ,ANCI5T ,ECONOMY4 ,B]KELEY3 ,UNIV]SITY ( ,CALI=NIA ,PRESS4 #aiha ,ECONOMY & ,SOCIETY 9 ,ANCI5T ,GREECE4 ,NEW ,YORK3 ,P5GU94 

,GALEY1 ,JEAN-,CLAUDE 

#aihc 0,CR$ITORS1 ,K+S & ,DEA?3 DET]M9ATIONS & IMPLICATIONS ( BONDAGE 9 ,TEHRI-,GA?WAL 7,9DIAN ,HIMALAYAS740 ,9 ,DEBTS & ,DEBTORS 7,*>LES ,MALAM\D1 $ITOR71 PP4 #f#g-#a#b#d4 ,LONDON3 ,VIKAS4 

,G>D9]1 ,GE(FREY 

#bd 0,! ,PRIMACY ( ,TRADE ,DEBTS 9 ! ,DEVELOPM5T ( ,MONEY40 ,9 ,CR$IT & ,/ATE ,!ORIES ( ,MONEY3 ,! ,CONTRIBUTIONS ( ,A4 ,MIT*ELL ,9NES 7,L4 ,R&ALL ,WRAY1 $ITOR74 ,*ELT+HAM1 ,$W>D ,ELG>4 

,GRAEB]1 ,DAVID 

#aiig 0,MANN]S1 ,DEF]5CE & ,PRIVATE ,PROP]TY3 ! ,G5]ALIZATION ( ,AVOIDANCE 9 ,E>LY ,MOD]N ,EUROPE40 ,COMP>ATIVE ,/UDIES 9 ,SOCIETY & ,HI/ORY #c#i7#d73#f#i#d- #g#b#h4 

#ba ,T[>D AN ,AN?ROPOLOGICAL ,!ORY ( ,VALUE3 ,! ,FALSE ,CO9 ( ,\R ,[N ,DREAMS4 ,NEW ,YORK3 ,PALGRAVE4 

#be 0,TURN+ ,MODES ( ,PRODUCTION ,9SIDE ,\T3 ,OR1 ,:Y ,CAPITALISM IS A ,TRANS=MATION ( ,SLAV]Y 7%ORT V]SION710 ,CRITIQUE ( ,AN?ROPOLOGY ,VOLUME #bf NO #a 7,M>* #b#f71 PP4 #f#a-#h#a4 

#bf 0,FETI%ISM & ,SOCIAL ,CREATIVITY1 OR ,FETI%ES >E ,GODS 9 ,PROCESS ( ,CON/RUCTION40 ,AN?ROPOLOGICAL ,!ORY1 ,VOLUME #e NO #d1 PP4 #d#g-#d#c#h4 

,GRI]SON1 ,PHILLIP 

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,H>T1 ,KEI? 

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,H5RY1 ,JOHN ,F4 

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#aiad 0,! ,CR$IT ,!ORY ( ,MONEY40 ,BANK+ ,LAW ,J\RNAL 7,JANU>Y71 PP4#a#e#a-#a#f#h4 

,JEVONS1 ,W4 ,/ANLEY 

#ahge ,MONEY & ! ,ME*ANISM ( ,EX*ANGE4 ,NEW ,YORK3 ,APPLETON & ,COMPANY4 

,KNAPP1 ,GEORG ,FRI$RI* 

#aibh ,! ,/ATE ,!ORY ( ,MONEY4 ,LONDON3 ,MAC,MILLAN4 .<,/AATLI*E ,!ORIE DES ,GELDE4 

,LEIPZ+3 ,DUNK] & ,HUMBLOT1 #a#i#e4.> 

,KURKE1 ,LESLIE 

#bb ,CO9S1 BODIES1 GAMES1 & GOLD 3 ! POLITICS ( MEAN+ 9 >*AIC ,GREECE4 

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,LEA*1 ,$MUND 

#ai$ ,POLITICAL ,SY/EMS ( ,HI<L& ,BURMA4 ,LONDON3 ,G4 ,BELL = ,L,S,E4 

,L]N]1 ,G]DA 

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#aihf 0,! ,ORIG9 ( ,PRO/ITUTION 9 ,ANCI5T ,MESOPOTAMIA40 ,SIGNS #aa 7#b73 #b#c#f-#e#d4 

,LEVY-,BRUHL1 ,LUCI5 

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,M>X1 ,K>L 

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,MAUSS1 ,M>CEL 

#aibd ,ESSAI SUR LE DON4 ,=ME ET RAISON DE L'E*ANGE DANS LES SOCIETES >*AIQUES40 

,ANNEE SOCIOLOGIQUE1 #a 7S]IES #b73#c-#a#h#f4 

#a#i#b#eA 0,SUR UN TEXTE DE ,POSIDONIUS4 ,LE SUICIDE1 CONTRE-PRE/ATION SUPREME40 ,EXTRACT FROM ,REVUE ,CELTIQUE1 P#d#b1 9 ,M>CEL ,MAUSS1 ,OEUVRES 7#a#i#f#h-#f#i1 ,P>IS3 ,$ITIONS DE ,M9UIT71 ,I,I,I3#e#b-#e#d4 

,M5G]1 ,K>L 

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,PEACOCK1 ,M>K ,S4 

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,POLANYI1 ,K>L 

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,%ELL1 ,M>C 

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#b ,CR$IT & ,/ATE ,!ORIES ( ,MONEY4 ,*ELT5HAM3 ,$W>D ,ELG>4 

.<#a.> ,?IS MI<T BE CONSID]$ AN EXT5SION ( AN >GUM5T AB\T ! SIMIL>ITIES BETWE5 IMP]SONAL M>KET RELATIONS & VIOL5CE ITSELF AS =MS ( RADICAL SIMPLIFICATION 7,GRAEB] #a#i#i#f74 

.<#b.> ,9 FACT1 ! V]Y WORD IS D]IV$ FROM MEMORY3 ! ,5GLI% 0MONEY0 ULTIMATELY D]IVES FROM ! TEMPLE ( ,JUNO ,MONETA 9 ANCI5T ,ROME1 :]E CO9S W]E /RUCK DUR+ ! ,PUNIC ,W>S-- ,MONETA BE+ ! GODDESS ( ,MEMORY & MO!R ( ! MUSES 7#a#i#i#i3#a#e1 #b#e#f74 

.<#c.> ,?IS !ORY ( ! ORIG9 ( MONEY ALREADY APPE>S 9 ,ADAM ,SMI?1 ?\< 9 ITS CANONICAL V]SION IT WAS MO/ FAM\SLY LAID \T BY ,JEVONS 7#a#h#g#e7 & ,M5G] 7#a#h#i#b74 

.<#d.> ,9NES ALSO NOT$ ?AT BANKS1 :I* SPECIALIZ+ 9 ! CANCEL+ CR$ITS AGA9/ DEBTS1 DEVELOP$ AS 9T]M$I>IES ) ! /ATE3 9 EV]Y CASE WE KN[ AB\T1 IT WAS GOV]NM5TS 7EV51 9 ! CASE ( ,M$IEVAL ,EUROPE1 NO LONG] EXI/+ GOV]NM5TS3 SEE ,E9AUDI #a#i#e#c7 ?AT W]E SE5 AS E/ABLI%+ ! AB/RACT UNITS ( EX*ANGE1 JU/ AS !Y W]E SE5 AS E/ABLI%+ SY/EMS ( WEI<TS & MEASURES4 

.<#e.> ,HE APPE>S TO DRAW HIS MAT]IAL H]E MA9LY FROM ! RESE>*ES ( ,ROB]T ,DAVY1 :O HE M5TIONS WAS HIS CO-RESE>*] ON A MORE G5]AL PROJECT TO 9VE/IGATE ! ORIG9S ( CONTRACTUAL OBLIGATION4 ,ONLY ONE O!R WORK APPE>S TO HAVE COME \T ( ?IS PROJECT1 ,DAVY'S ,FOI ,JUREE 7#a#i#b#b7 ON ! POTLAT* COMPLEX ( ! ,NOR?WE/ ,COA/1 & ,MAUSS CITES IT FREQU5TLY 9 ! TEXT1 

.<#f.> ,HUDSON 7#b#b7 HYPO!SIZES ?AT ! CU/OM ( L5D+ MONEY AT 9T]E/ ORIG9AT$ 9 (FICIALS' LOAN+ H&ICRAFTS PRODUC$ 9 ,TEMPLE OR ,PALACE WORK%OPS TO M]*ANTS 5GAG$ 9 LONG-DI/ANCE TRADE1 SO AS TO COLLECT A %>E ( ! PROCE$S 7?\< O!RS-- E4G4 ,/E9KELL] #a#i#h#a1 ,MI]OOP #b#b3#f#d--SUSPECT IT MI<T HAVE ORIG9AT$ 9 R5TAL FEES74 

.<#g.> ,:]E 0CLASSICAL ,GREEKS01 9CID5TALLY1 ALSO 0LOOK$ UPON DIRECT TAXES AS TYRANNICAL & AVOID$ !M :5EV] POSSIBLE0 .<,F9LEY #a#i#h#a3#i.> 

.<#h.> ,! FACT ?AT ,COMTE DEVELOP$ ?IS NOTION 9 ! C\RSE ( PROPOS+ A NEW RELIGION1 BROADLY MODEL$ ON ,CA?OLICISM1 /RONGLY SUGGE/S ?AT ! REAL ORIG9 ( SU* NOTIONS GOES BACK LESS TO ,V$IC IDEAS ?AN TO ,*RI/IAN DOCTR9ES ( ORIG9AL S94 

.<#i.> ,?IS APPE>S TO BE ! REASON C5TRALIZ+ /ATES ALMO/ ALWAYS TRY TO LIMIT OR EV5 ELIM9ATE =MS ( PRIVATE SLAV]Y--SEE ,TE/>T #b#b4 

.<#a.> ,OCCASIONALLY1 COMP5SATION CAN BE PAID 9 ! =M ( A WOMAN :OSE *ILDR5 WILL !N BE CONSID]$ REPLACEM5T = A MURD] VICTIM 7SOMETIMES !Y WILL EV5 BE GIV5 ! SAME NAME72 9 O!R CASES1 AS MO/ FAM\SLY ) ! ,NU]1 ! RATE ( COMP5SATION IS EXACTLY ?AT REQUIR$ TO OBTA9 A WIFE :O CAN !N BE 0M>RI$0 TO ! VICTIM'S <O/1 9 P>TS ( ,NOR? ,AFRICA TO ! 0[N] ( ! BLOOD01 AGA91 9 ORD] TO SECURE PROG5Y4,?IS IS AS CLOSE TO TRUE COMP5SATION AS ONE MI<T COME4 ,ACCORD+ TO ,ROSPABE1 ! LOGIC ( C]EMONIAL EX*ANGE1 SU* AS ! TEE OR MOKA RITUALS ( ,HI<L& ,PAPUA ,NEW ,GU9EA1 W\LD SEEM TO BE ! RESULT ( A GRADUAL PROCESS ( AB/RACTION :]E ! TOK5S1 9 CIRCULAT+1 GRADUALLY A*IEVE A K9D ( AUTONOMY FROM ! P[]S ( LIFE TO :I* !Y ULTIMATELY REF]4 

.<#a#a.> ,?IS1 C]TA9LY1 WAS ! CONCLUSION REA*$ BY ANY NUMB] ( !ORI/S1 :O CONCLUD$ ?AT :AT ,POLANYI CALL$ 0G5]AL PURPOSE MONEY0 DID 9DE$ EM]GE FROM B>T]1 BUT ?AT B>T] OCCURR$ BETWE5 SOCIETIES1 & NOT )9 !M4 ,M>X 7#a#h#e#h1 #a#h#f#g7 WAS ALREADY SUGGE/+ 9 ! MID-#a#i? C5TURY ?AT COMM]CE1 & !RE=E COMM]CIAL MONEY1 HAD FIR/ EM]G$ 09 ! PORES0 ( ! ANCI5T WORLD1 ONLY LAT] TO BE ADOPT$ )94 ,K>L ,BU*] 7#a#i#d7 ADOPT$ ?IS POSITION1 AS DID ,MAX ,WEB] 7#a#i#f#a74 ,ONE C\LD >GUE ?AT ,POLANYI AGRE$ 7#a#i#f#h74 ,MY [N POSITION IS ?AT1 S9CE MONEY DOES NOT HAVE A S+LE ORIG91 BO? ! 9T]NAL & ! EXT]NAL !ORIES ( ! ORIG9 ( MONEY >E LIKELY TO BE 9 SOME P>T CORRECT4 

.<#a#b.> ,NOTE H]E ?AT ,GRI]SON C>EFULLY AVOIDS ANY SUGGE/ION ?AT !SE S*$ULES ( T>IFFS W]E CREAT$ BY RUL]S1 EV5 ?\< MO/ W]E1 9 FACT1 ATTRIBUT$ TO 9DIVIDUALS :O CONSID]$ !MSELVES K+S4 ,PRESUMABLY HE IS MORE 9T]E/$ 9 US+ ?IS E>LY ,M$IEVAL RECORDS AS A WAY ( RECON/RUCT+ AN E>LI]1 PRESUMABLY MORE EGALIT>IAN P]IOD1 MORE LIKE ?AT DESCRIB$ BY ,TACITUS1 9 :I* /&>DS ( VALUE W]E NOT IMPOS$ BY WORK$ \T 9 0COMMUNAL ASSEMBLIES04 

.<#a#c.> ,! PHRASE ! 0,AXIAL ,AGE0 WAS ORIG9ALLY CO9$ BY ,K>L ,JASP]S TO DESCRIBE ! RELATIVELY BRIEF P]IOD BETWE5 #h ,B,C,E - #b ,B,C,E 9 :I*1 HE BELIEV$1 JU/ AB\T ALL ! MA9 PHILOSOPHICAL TRADITIONS WE >E FAMILI> ) TODAY >OSE SIMULTANE\SLY 9 ,*9A1 ,9DIA1 & ! ,EA/]N ,M$IT]RANEAN4 ,H]E1 ,I AM US+ IT 9 ,LEWIS ,MUM=D'S MORE EXPANSIVE USE ( ! T]M AS ! P]IOD ?AT SAW ! BIR? ( ALL EXI/+ WORLD RELIGIONS1 /RET*+ R\<LY FROM ! TIME ( ,ZOROA/] TO ?AT ( ,MOHAMM$ 7SEE E4G41 ,MUM=D #a#i#f#f3#b#f#h74 

.<#a#d.> ,I AM H]E RELEGAT+ MO/ :AT IS G5]ALLY REF]R$ TO AS ! 0,D>K ,AGES0 9 ,EUROPE 9TO ! E>LI] P]IOD1 *>ACT]IZ$ BY PR$ATORY MILIT>ISM & ! CONSEQU5T IMPORTANCE ( BULLION3 ! ,VIK+ RAIDS1 & ! FAM\S EXTRACTION ( DANEGELD FROM ,5GL&1 MI<T BE SE5 AS ONE ! LA/ MANIFE/ATIONS ( AN AGE :]E PR$ATORY MILIT>ISM W5T H& & H& ) HO>DS ( GOLD & SILV] BULLION4 

.<#a#e.> ,! MY? ( B>T] & COMMODITY !ORIES ( MONEY WAS ( C\RSE DEVELOP$ 9 ?IS P]IOD4 

7,S\RCE3 ,RETRIEV$ ON #b#h? ,NOVEMB] #bba FROM DAVIDGRAEB]4ORG47 

,FROM 3 ,!,AN>*I/,LIBR>Y4ORG4 

,*RONOLOGY 3 
,JANU>Y #i1 #bbb 3 ,DEBT1 ,VIOL5CE1 & ,IMP]SONAL ,M>KETS -- ,ADD$4 

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