A Macat Analysis of David Graeber's Debt: The First 5,000 Years

First published in 1936, Keynes’ ideas had evolved during the difficulties following World War 1 in Europe, and the US crash and the Depression of the 1920s-'30s and the misery of mass unemployment. He deplored the situation where a few individuals or companies stored massive wealth while vast numbers experienced poverty and insecurity (his alarm bells ring today!) and sought to promote initiatives where governments could intervene with social projects to keep money fluctuating.  

Seventeenth-century French writer René Descartes, one of the fathers of philosophy, imagined the mind and body as two separate entities that combine to form a human being. This concept came to be called "mind-body dualism." Ryle set about ridiculing Descartes's idea of, as he put it, a "ghost in the machine" stating that it was "entirely false, and false not in detail but in principle...not merely an assemblage of particular mistakes. It is one big mistake and a mistake of a special kind."

Sigmund Freud was born in 1856, in Vienna, Austria, and died in London in 1939, but his reputation as "the father of psychoanalysis" lives on. The theories he introduced in his masterwork, The Interpretation of Dreams, revolutionized the treatment of mental illness in the late 19th century. Based on his success in using new techniques he had developed with his patients, and on conclusions he drew from analyzing his own dreams, Freud said that dreams offered a window into the workings of the unconscious mind.

Some people think nationhood is as old as civilization itself. But for anthropologist, historian, and political scientist Benedict Anderson, nation and nationalism are products of the communication technology of the era known as the modern age, which began in 1500. After the invention of the printing press around 1440, common local languages gradually replaced Latin as the language of print. Ordinary people could now share ideas of their own.

Here, anthropologist David Graeber presents a stunning reversal of conventional wisdom: He shows that before there was money, there was debt. For more than 5,000 years, since the beginnings of the first agrarian empires, humans have used elaborate credit systems to buy and sell goods - that is, long before the invention of coins or cash. It is in this era, Graeber argues, that we also first encounter a society divided into debtors and creditors.