Just finished reading Debt: The First 5000 Years By anthropologist David Graeber. The The book looks at money and debt in the past, as well as how these relate to social structures, using a perspective that is far from conventional economic thinking.
Conventional Wisdom paints the picture of inefficient bartering of goods and services between people, with money resulting from these problems. Graeber Look at the anthropological past to eviscerate this narrative. Primitive The communities shared freely their resources, leading a communal life. There was little bartering, except when different communities were interacting. It played no role in early societies’ intra-communal affairs.
MoneyAs with commodity money, it was only used for rare interactions between communities across large distances. The Local economies have not used such exchange systems in their economy. They Credit cards are available. Credit The government operates and supervises many public institutions, including in Ancient Sumer. This system grew out of the informal “credits” people considered when sharing resources in more primitive societies. But The power structures of government and temples maintained and formalized it. Sumer. No During exchanges no money was changed, but debts were recorded at the temple and people paid their bills periodically with consumable goods.
Debt The state created it and kept up the scale. Commodity Money was only minted by the government and circulated later as trust-based civilisations fell apart and warring empires took over. Debt In a world of perpetual war and mobile armies there is little sense to credit, as it’s impossible to know if they will come back and settle their debts.
Ever Since the advent of modern central banks and the anomaly that is the modern age, societies have fluctuated between coinage and virtual money depending on the period of time, whether it was dominated by wars and conquests. The The same patterns have been repeated throughout history, as people created their own localized informal credit networks in response to large corporations. Empires Using coinage, as the fall of the currency, slowly the government inserted themselves to act as mediators, and eventually the return coinage was violent Empires rose.
BartarAs it is taught in conventional education, money was not a factor in this development. The state had an active role in creating monetary markets and systems.
I’m sure many people are incredibly triggered reading that, but Graeber’s case is very solid and built upon actual historical and anthropological evidence, rather than speculation. Especially It is a good idea Chartalism It is a more solid foundation than most would admit.
This The actual makes Bitcoin All the more powerful to me. Bitcoin isn’t simply going back to a stateless money, I don’t think that one ever truly existed after reading Debt. Bitcoin This is the world’s first money without a state. To This is a huge accomplishment, and a historical change.
Regardless This book is a must-read, regardless of what your political leanings are. It You will find a number of things to consider in terms of Bitcoin.
This The article is also known as Take. Opinions expressed are entirely the authThe following are some examples of how to use's and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.
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