Debt: The First 5,000 Years
Ratings97
Average rating4.1
A very interesting insight in history of humanity and trade. How we go between periods of credit based and debit based societies. Money didn't just start existing - the whole history as dirty, convoluted, and crazy.
The book gets a bit long and boring at times but still an interesting read.
Key takeaways:
- This book felt like it never ended, perhaps because it wasn't what I expected. It focused a lot on origins of debt and debt in an abstract form, how we never had a true barter system, and not much on our current debt environment, which is what I had been expecting.
Deeply thought-provoking - useful for radical questioning of modern economic life and all it presupposes. Granted there's plenty here that extrapolates away from the empirical basis of the text (a modern anthropological account of the history of money that is fascinating in its own right), but the paradigm he presents is well-worth grappling with. I look forward to engaging with criticisms of the text and thinking through how some of his arguments might be sharpened or improved.
When I first started this book, I was hoping it would be a thorough shellacking of our current economic system through the lens of historical context. There was a little bit of that, but I feel a bit short-changed (pun) by how little our present economic system was covered. He barely even mentioned modern credit scores. While he did lambast the evils of the IMF & World Bank, it left me wanting more, but that's because it's not that kind fo book. It's a history book by an anthropologist.
This is my favorite type of book because it gives me historical facts that actually go against our preconceived notions. That's why I read books: to add to my repertoire of fun facts that sound false, but are actually true.
For example: The myth of barter. There's this popular urban legend buried deep into the zeitgeist, invented by the hack Adam Smith, and perpetuated by economics textbooks that before the invention of money, societies operated on barter to buy and sell goods. That was made up by proto-economists and disproven by anthropologists.
The book also shows that the field of economics is closer to philosophy than to the hard sciences. That ties into the most important thing this book shows, which is exactly what I've been saying: Money is made up. Humans made it up. We can do whatever we want as long as it is within the real world, but money cannot hold humanity back because it is an artificial limitation. Anyone who claims we can't do things that help people because of “the economy” or “inflation” or some other nonsense, they either lack imagination or benefit from how the system is designed.
We can build a better world if we believe we can.
A novel view at debt, credit, origin of money and at the end a brief on how macro-economics work. A good read.
Short review: Debt: The First 5,000 Years by David Grabber is an anthropological look at economics and the development of debt, currency and capitalism. This is an alternative narrative to some of the common ‘first thee was barter, then there was currency' that started with Adam Smith.
Graeber's narrative makes a lot of sense most of the time. There are a few times when his narrative is questionable because of his issues with the IMF and the World Bank. But the historical sections are good.
I think it ends up being a little bit long, but it is still worth reading.
My full review is on my blog at http://bookwi.se/debt-first-5000-years-david-graeber/
90 pages in and I have had enough. It is highly unusual for me to not finish a book but this one is leaving me bored. It attempts to write a popular history but fails. It is written in a way that in my opinion I may have enjoyed in high school but is now dull and uninteresting. Constant ancdotes and parables are not my style and I think I will move on.
Graeber frequently indulges in the hidden assumptions and leaps of logic that he criticizes classical economists for, but even if his weaker arguments fall short, many of his arrows still hit home. And he presents a refreshing take on the misadventures that led mankind to fall into this mess we call civilization.