,*APT] #aa 
,AGE ( ! ,GREAT ,CAPITALI/ ,EMPIRES 7#a#d#e-#a#i#g#a ,A,D7 

,PEOPLE 3 

,AU?OR 3 ,DAVID ,GRAEB] 

,TEXT 3 

,AGE ( ! ,GREAT ,CAPITALI/ ,EMPIRES 7#a#d#e-#a#i#g#a ,A,D7 

  
  

0,ELEV5 PESOS1 !N2 & AS Y\ CAN'T PAY ME ! ELEV5 PESOS1 ?AT MAKES ANO!R ELEV5 PESOS--TW5TY-TWO 9 ALL3 ELEV5 = ! S]APE & ! PETATE & ELEV5 BECAUSE Y\ CAN'T PAY4 ,IS ?AT RI<T1 ,CRISI]O80  
  
  

,CRISI]O HAD NO KN[L$GE ( FIGURES1 SO IT WAS V]Y NATURAL ?AT HE SAID1 0,?AT IS RI<T1 PATRON40  
  
  

,DON ,>NULFO WAS A DEC5T1 HONORABLE MAN4 ,O!R L&[N]S W]E A GOOD DEAL LESS S(!>T$ ) !IR PEONS4  
  
  

0,! %IRT IS FIVE PESOS4 ,RI<T8 ,V]Y WELL4 ,& AS Y\ CAN'T PAY = IT1 ?AT'S FIVE PESOS4 ,& AS Y\ REMA9 9 MY DEBT = ! FIVE PESOS1 ?AT'S FIVE PESOS4 ,& AS ,I %ALL NEV] HAVE ! MONEY FROM Y\1 ?AT'S FIVE PESOS4 ,SO ?AT MAKES FIVE & FIVE & FIVE & FIVE4 ,?AT'S TW5TY PESOS4 ,AGRE$80  
  
  

0,YES1 PATRON1 AGRE$40  
  
  

,! PEON CAN GET ! %IRT NO:]E ELSE :5 HE NE$S ONE4 ,HE CAN GET CR$IT NO:]E BUT FROM HIS MA/]1 = :OM HE WORKS & FROM :OM HE CAN NEV] GET AWAY AS LONG AS HE [ES HIM A C5TAVO4  
  
  

--,B4 ,TRAV51 ,! ,C>RETA  
  

,! EPO* ?AT BEGAN ) :AT WE'RE US$ TO CALL+ ! 0,AGE ( ,EXPLORATION0 WAS M>K$ BY SO MANY ?+S ?AT W]E G5U9ELY NEW--! RISE ( MOD]N SCI5CE1 CAPITALISM1 HUMANISM1 ! NATION-/ATE--?AT IT MAY SEEM ODD TO FRAME IT AS JU/ ANO!R TURN ( AN HI/ORICAL CYCLE4 ,/ILL1 FROM ! P]SPECTIVE ,I'VE BE5 DEVELOP+ 9 ?IS BOOK1 ?AT IS :AT IT WAS4 

,! ]A BEG9S >\ND #ade ) A TURN AWAY FROM VIRTUAL CURR5CIES & CR$IT ECONOMIES & BACK TO GOLD & SILV]4 ,! SUBSEQU5T FL[ ( BULLION FROM ! ,AM]ICAS SP$ ! PROCESS IMM5SELY1 SP>K+ A 0PRICE REVOLUTION0 9 ,WE/]N ,EUROPE ?AT TURN$ TRADITIONAL SOCIETY UPSIDE-D[N4 ,:AT'S MORE1 ! RETURN TO BULLION WAS ACCOMPANI$ BY ! RETURN ( A :OLE HO/ ( O!R CONDITIONS ?AT1 DUR+ ! ,MIDDLE ,AGES1 HAD BE5 L>GELY SUPPRESS$ OR KEPT AT BAY3 VA/ EMPIRES & PR(ESSIONAL >MIES1 MASSIVE PR$ATORY W>F>E1 UNTRAMMEL$ USURY & DEBT PEONAGE1 BUT ALSO MAT]IALI/ PHILOSOPHIES1 A NEW BUR/ ( SCI5TIFIC & PHILOSOPHICAL CREATIVITY--EV5 ! RETURN ( *ATTEL SLAV]Y4 ,IT WAS 9 NO WAY A SIMPLE REPEAT P]=MANCE4 ,ALL ! ,AXIAL ,AGE PIECES REAPPE>$1 BUT !Y CAME TOGE!R 9 AN 5TIRELY DIFF]5T WAY4 

,! #a#dS >E A PECULI> P]IOD 9 ,EUROPEAN HI/ORY4 ,IT WAS A C5TURY ( 5DLESS CATA/ROPHE3 L>GE CITIES W]E REGUL>LY DECIMAT$ BY ! ,BLACK ,DEA?2 ! COMM]CIAL ECONOMY SAGG$ & 9 SOME REGIONS COLLAPS$ 5TIRELY2 :OLE CITIES W5T BANKRUPT1 DEFAULT+ ON !IR BONDS2 ! KNI<TLY CLASSES SQUABBL$ OV] ! REMNANTS1 LEAV+ MU* ( ! C\NTRYSIDE DEVA/AT$ BY 5DEMIC W>F>E4 ,EV5 9 GEOPOLITICAL T]MS ,*RI/5DOM WAS /AGG]+1 ) ! ,OTTOMAN ,EMPIRE NOT ONLY SCOOP+ UP :AT REMA9$ ( ,BYZANTIUM BUT PU%+ /EADILY 9TO C5TRAL ,EUROPE1 ITS =CES EXP&+ ON L& & SEA4 

,AT ! SAME TIME1 FROM ! P]SPECTIVE ( MANY ORD9>Y F>M]S & URBAN LABOR]S1 TIMES C\LDN'T HAVE BE5 MU* BETT]4 ,ONE ( ! P]V]SE EFFECTS ( ! BUBONIC PLAGUE1 :I* KILL$ (F AB\T ONE-?IRD ( ! ,EUROPEAN WORK=CE1 WAS ?AT WAGES 9CREAS$ DRAMATICALLY4 ,IT DIDN'T HAPP5 IMM$IATELY1 BUT ?IS WAS L>GELY BECAUSE ! FIR/ REACTION ( ! AU?ORITIES WAS TO 5ACT LEGISLATION FREEZ+ WAGES1 OR EV5 ATTEMPT+ TO TIE FREE PEASANTS BACK TO ! L& AGA94 ,SU* EF=TS W]E MET ) P[]FUL RESI/ANCE1 CULM9AT+ 9 A S]IES ( POPUL> UPRIS+S ACROSS ,EUROPE4 ,!SE W]E SQUEL*$1 BUT ! AU?ORITIES W]E ALSO =C$ TO COMPROMISE4 ,BE=E LONG1 SO MU* WEAL? WAS FL[+ 9TO ! H&S ( ORD9>Y PEOPLE ?AT GOV]NM5TS HAD TO />T 9TRODUC+ NEW LAWS =BIDD+ ! L[BORN TO WE> SILKS & ]M9E1 & TO LIMIT ! NUMB] ( FEA/ DAYS1 :I*1 9 MANY T[NS & P>I%ES1 BEGAN EAT+ UP ONE-?IRD OR EV5 HALF ( ! YE>4 ,! FIFTE5? C5TURY IS1 9 FACT1 CONSID]$ ! HEYDAY ( ,M$IEVAL FE/IVE LIFE1 ) ITS FLOATS & DRAGONS1 MAYPOLES & *UR* ALES1 ITS ,ABBOTS ( ,UNREASON & ,LORDS ( ,MISRULE4.<#g#b#g.> 

,OV] ! NEXT C5TURIES1 ALL ?IS WAS TO BE DE/ROY$4 ,9 ,5GL&1 ! FE/IVE LIFE WAS SY/EMATICALLY ATTACK$ BY ,PURITAN RE=M]S2 !N EV5TUALLY BY RE=M]S EV]Y:]E1 ,CA?OLIC & ,PROTE/ANT ALIKE4 ,AT ! SAME TIME ITS ECONOMIC BASIS 9 POPUL> PROSP]ITY DISSOLV$4 

,:Y ?IS HAPP5$ HAS BE5 A MATT] ( 9T5SE HI/ORICAL DEBATE = C5TURIES4 ,?IS MU* WE KN[3 IT BEGAN ) A MASSIVE 9FLATION4 ,BETWE5 #ae & #a#f#e1 = 9/ANCE1 PRICES 9 ,5GL& 9CREAS$ #e P]C5T1 BUT WAGES ROSE MU* MORE SL[LY1 SO ?AT 9 FIVE G5]ATIONS1 REAL WAGES FELL TO P]HAPS #d P]C5T ( :AT !Y HAD BE54 ,! SAME ?+ HAPP5$ EV]Y:]E 9 ,EUROPE4 

,:Y8 ,! FAVORITE EXPLANATION1 EV] S9CE A ,FR5* LAWY] NAM$ ,JEAN ,BOD9 FIR/ PROPOS$ IT 9 #a#e#f#h1 WAS ! VA/ 9FLUX ( GOLD & SILV] ?AT CAME P\R+ 9TO ,EUROPE AFT] ! CONQUE/ ( ! ,NEW ,WORLD4 ,AS ! VALUE ( PRECI\S METALS COLLAPS$1 ! >GUM5T W5T1 ! PRICE ( EV]Y?+ ELSE SKYROCKET$1 & WAGES SIMPLY C\LDN'T KEEP UP4.<#g#b#h.> ,!RE IS SOME EVID5CE TO SUPPORT ?IS4 ,! HEI<T ( POPUL> PROSP]ITY >\ND #ade DID CORRESPOND TO A P]IOD :5 BULLION--& !RE=E1 CO9--WAS 9 P>TICUL>LY %ORT SUPPLY4.<#g#b#i.> ,! LACK ( CA% PLAY$ HAVOC ) 9T]NATIONAL TRADE 9 P>TICUL>2 9 ! #a#d#fS1 WE HE> ( %IPS FULL ( W>ES =C$ TO TURN BACK FROM MAJOR PORTS1 AS NO ONE HAD ANY CA% ON H& TO BUY FROM !M4 ,! PROBLEM ONLY />T$ TO TURN >\ND LAT] 9 ! DECADE1 ) A SUDD5 BUR/ ( SILV] M9+ 9 ,SAXONY & ! ,TIROL1 FOLL[$ BY ! OP5+ ( NEW SEA R\TES TO ! ,GOLD ,COA/ ( ,WE/ ,AFRICA4 ,!N CAME ! CONQUE/S ( ,CORTES & ,PIZ>RO4 ,BETWE5 #aeb & #a#f#d1 UNTOLD TONS ( GOLD & SILV] FROM ,MEXICO & ,P]U W]E TRANSPORT$ ACROSS ! ,ATLANTIC & ,PACIFIC 9 ,SPANI% TREASURE %IPS4 

,! PROBLEM ) ! CONV5TIONAL /ORY IS ?AT V]Y LITTLE ( ?AT GOLD & SILV] L+]$ V]Y LONG 9 ,EUROPE4 ,MO/ ( ! GOLD 5D$ UP 9 TEMPLES 9 ,9DIA1 & ! OV]:ELM+ MAJORITY ( ! SILV] BULLION WAS ULTIMATELY %IPP$ (F TO ,*9A4 ,! LATT] IS CRUCIAL4 ,IF WE REALLY WANT TO UND]/& ! ORIG9S ( ! MOD]N WORLD ECONOMY1 ! PLACE TO />T IS NOT 9 ,EUROPE AT ALL4 ,! REAL /ORY IS ( H[ ,*9A AB&ON$ ! USE ( PAP] MONEY4 ,IT'S A /ORY WOR? TELL+ BRIEFLY1 BECAUSE V]Y FEW PEOPLE KN[ IT4 

,AFT] ! ,MONGOLS CONQU]$ ,*9A 9 #a#b#g#a1 !Y KEPT ! SY/EM ( PAP] MONEY 9 PLACE1 & EV5 MADE OCCASIONAL 7IF USUALLY DISA/R\S7 ATTEMPTS TO 9TRODUCE IT 9 ! O!R P>TS ( !IR EMPIRE4 ,9 #a#c#f#h1 H[EV]1 !Y W]E OV]?R[N BY ANO!R ( ,*9A'S GREAT POPUL> 9SURRECTIONS1 & A =M] PEASANT LEAD] WAS ONCE AGA9 9/ALL$ 9 P[]4 

,DUR+ !IR C5TURY ( RULE1 ! ,MONGOLS HAD WORK$ CLOSELY ) =EIGN M]*ANTS1 :O BECAME WIDELY DETE/$4 ,P>TLY AS A RESULT1 ! =M] REBELS1 N[ ! ,M+ DYNA/Y1 W]E SUSPICI\S ( COMM]CE 9 ANY =M1 & !Y PROMOT$ A ROMANTIC VISION ( SELF-SUFFICI5T AGR>IAN COMMUNITIES4 ,?IS HAD SOME UN=TUNATE CONSEQU5CES4 ,= ONE ?+1 IT MEANT ! MA9T5ANCE ( ! OLD ,MONGOL TAX SY/EM1 PAID 9 LABOR & 9 K9D2 ESPECIALLY S9CE ?AT1 9 TURN1 WAS BAS$ ON A QUASI-CA/E SY/EM 9 :I* SUBJECTS W]E REGI/]$ AS F>M]S1 CRAFTSM51 OR SOLDI]S & =BIDD5 TO *ANGE !IR JOBS4 ,?IS PROV$ EXTRAORD9>ILY UNPOPUL>4 ,:ILE GOV]NM5T 9VE/M5T 9 AGRICULTURE1 ROADS1 & CANALS DID SET (F A COMM]CIAL BOOM1 MU* ( ?IS COMM]CE WAS TE*NICALLY ILLEGAL1 & TAXES ON CROPS W]E SO HI< ?AT MANY 9DEBT$ F>M]S BEGAN TO FLEE !IR ANCE/RAL L&S4.<#g#c.> 

,TYPICALLY1 SU* FLOAT+ POPULATIONS CAN BE EXPECT$ TO SEEK JU/ AB\T ANY?+ BUT REGUL> 9DU/RIAL EMPLOYM5T2 H]E AS 9 ,EUROPE1 MO/ PREF]R$ A COMB9ATION ( ODD JOBS1 P$DL+1 5T]TA9M5T1 PIRACY1 OR B&ITRY4 ,9 ,*9A1 MANY ALSO TURN$ PROSPECTOR4 ,!RE WAS A M9OR SILV] RU%1 ) ILLEGAL M9ES CROPP+ UP EV]Y:]E4 ,UNCO9$ SILV] +OTS1 9/EAD ( (FICIAL PAP] MONEY & /R+S ( BRONZE CO9S1 SOON BECAME ! REAL MONEY ( ! (F-!-BOOKS 9=MAL ECONOMY4 ,:5 ! GOV]NM5T ATTEMPT$ TO %UT D[N ILLEGAL M9ES 9 ! #a#d#cS & #a#d#dS1 !IR EF=TS SP>K$ LOCAL 9SURRECTIONS1 9 :I* M9]S W\LD MAKE COMMON CAUSE ) DISPLAC$ PEASANTS1 SEIZE NE>BY CITIES1 & SOMETIMES ?REAT5 5TIRE PROV9CES4.<#g#c#a.> 

,9 ! 5D1 ! GOV]NM5T GAVE UP EV5 TRY+ TO SUPPRESS ! 9=MAL ECONOMY4 ,9/EAD1 !Y SWUNG ! O!R WAY 5TIRELY3 /OPP$ ISSU+ PAP] MONEY1 LEGALIZ$ ! M9ES1 ALL[$ SILV] BULLION TO BECOME ! RECOGNIZ$ CURR5CY = L>GE TRANSACTIONS1 & EV5 GAVE PRIVATE M9TS ! AU?ORITY TO PRODUCE /R+S ( CA%4.<#g#c#b.> ,?IS1 9 TURN1 ALL[$ ! GOV]NM5T TO GRADUALLY AB&ON ! SY/EM ( LABOR EXACTIONS & SUB/ITUTE A UNI=M TAX SY/EM PAYABLE 9 SILV]4 

,EFFECTIVELY1 ! ,*9ESE GOV]NM5T HAD GONE BACK TO ITS OLD POLICY ( 5C\RAG+ M>KETS & M]ELY 9T]V5+ TO PREV5T ANY UNDUE CONC5TRATIONS ( CAPITAL4 ,IT QUICKLY PROV$ SPECTACUL>LY SUCCESSFUL1 & ,*9ESE M>KETS BOOM$4 ,9DE$1 MANY SPEAK ( ! ,M+ AS HAV+ ACCOMPLI%$ SOME?+ ALMO/ UNIQUE 9 WORLD HI/ORY3 ?IS WAS A TIME :5 ! ,*9ESE POPULATION WAS EXPLOD+1 BUT LIV+ /&>DS M>K$LY IMPROV$4.<#g#c#c.> ,! PROBLEM WAS ?AT ! NEW POLICY MEANT ?AT ! REGIME HAD TO 5SURE AN ABUNDANT SUPPLY ( SILV] 9 ! C\NTRY1 SO AS TO KEEP ITS PRICE L[ & M9IMIZE POPUL> UNRE/--BUT AS IT TURN$ \T1 ! ,*9ESE M9ES W]E V]Y QUICKLY EXHAU/$4 ,9 ! #a#e#cS1 NEW SILV] M9ES W]E DISCOV]$ 9 ,JAPAN1 BUT !SE W]E EXHAU/$ 9 A DECADE OR TWO AS WELL4 ,BE=E LONG1 ,*9A HAD TO TURN TO ,EUROPE & ! ,NEW ,WORLD4 

,N[1 S9CE ,ROMAN TIMES1 ,EUROPE HAD BE5 EXPORT+ GOLD & SILV] TO ! ,EA/3 ! PROBLEM WAS ?AT ,EUROPE HAD NEV] PRODUC$ MU* ( ANY?+ ?AT ,ASIANS WANT$ TO BUY1 SO IT WAS =C$ TO PAY 9 SPECIE = SILKS1 SPICES1 /EEL1 & O!R IMPORTS4 ,! E>LY YE>S ( ,EUROPEAN EXPANSION W]E L>GELY ATTEMPTS TO GA9 ACCESS EI!R TO ,EA/]N LUXURIES OR TO NEW S\RCES ( GOLD & SILV] ) :I* TO PAY = !M4 ,9 ?OSE E>LY DAYS1 ,ATLANTIC ,EUROPE REALLY HAD ONLY ONE SUB/ANTIAL ADVANTAGE OV] ITS ,MUSLIM RIVALS3 AN ACTIVE & ADVANC$ TRADITION ( NAVAL W>F>E1 HON$ BY C5TURIES ( CONFLICT 9 ! ,M$IT]RANEAN4 ,! MOM5T :5 ,VASCO DA ,GAMA 5T]$ ! ,9DIAN ,OCEAN 9 #a#d#i#h1 ! PR9CIPLE ?AT ! SEAS %\LD BE A ZONE ( PEACEFUL TRADE CAME TO AN IMM$IATE 5D4 ,PORTUGUESE FLOTILLAS BEGAN BOMB>D+ & SACK+ EV]Y PORT CITY !Y CAME ACROSS1 !N SEIZ+ CONTROL ( /RATEGIC PO9TS & EXTORT+ PROTECTION MONEY FROM UN>M$ ,9DIAN ,OCEAN M]*ANTS = ! RI<T TO C>RY ON !IR BUS9ESS UNMOLE/$4 

,AT ALMO/ EXACTLY ! SAME TIME1 ,*RI/OPH] ,COLUMBUS--A ,G5OESE MAPMAK] SEEK+ A %ORT-CUT TO ,*9A--T\*$ L& 9 ! ,NEW ,WORLD1 & ! ,SPANI% & ,PORTUGUESE EMPIRES /UMBL$ 9TO ! GREATE/ ECONOMIC W9DFALL 9 HUMAN HI/ORY3 5TIRE CONT95TS FULL ( UNFA?OMABLE WEAL?1 :OSE 9HABITANTS1 >M$ ONLY ) ,/ONE ,AGE WEAPONS1 BEGAN CONV5I5TLY DY+ ALMO/ AS SOON AS !Y >RIV$4 ,! CONQUE/ ( ,MEXICO & ,P]U L$ TO ! DISCOV]Y ( 5ORM\S NEW S\RCES ( PRECI\S METAL1 & !SE W]E EXPLOIT$ RU?LESSLY & SY/EMATICALLY1 EV5 TO ! PO9T ( L>GELY EXT]M9AT+ ! SURR\ND+ POPULATIONS TO EXTRACT AS MU* PRECI\S METAL AS QUICKLY AS POSSIBLE4 ,AS ,K5NE? ,POM]ANZ HAS REC5TLY PO9T$ \T1 NONE ( ?IS W\LD HAVE BE5 POSSIBLE W]E IT NOT = ! PRACTICALLY UNLIMIT$ ,ASIAN DEM& = PRECI\S METALS4 

,HAD ,*9A 9 P>TICUL> NOT HAD SU* A DYNAMIC ECONOMY ?AT *ANG+ ITS METALLIC BASE C\LD ABSORB ! /AGG]+ QUANTITIES ( SILV] M9$ 9 ! ,NEW ,WORLD OV] ?REE C5TURIES1 ?OSE M9ES MI<T HAVE BECOME UNPR(ITABLE )9 A FEW DECADES4 ,! MASSIVE 9FLATION ( SILV]-D5OM9AT$ PRICES 9 ,EUROPE FROM #ae TO #afd 9DICATES A %R9K+ VALUE = ! METAL !RE EV5 ) ,ASIA DRA9+ (F MU* ( ! SUPPLY4.<#g#c#d.> 

,BY #a#e#d1 A SILV] GLUT CAUS$ A COLLAPSE 9 PRICES ACROSS ,EUROPE2 ! ,AM]ICAN M9ES W\LD1 AT ?IS PO9T1 SIMPLY HAVE /OPP$ FUNCTION+1 & ! 5TIRE PROJECT ( ,AM]ICAN COLONIZATION F\ND]$1 HAD IT NOT BE5 = ! DEM& FROM ,*9A4.<#g#c#e.> ,TREASURE GALLEONS MOV+ T[>D ,EUROPE SOON REFRA9$ FROM UNLOAD+ !IR C>GOES1 9/EAD R\ND+ ! HORN ( ,AFRICA & PROCE$+ ACROSS ! ,9DIAN ,OCEAN T[>D ,CANTON4 ,AFT] #a#e#g#a1 ) ! F\NDATION ( ! ,SPANI% CITY ( ,MANILA1 !Y BEGAN TO MOVE DIRECTLY ACROSS ! ,PACIFIC4 ,BY ! LATE SIXTE5? C5TURY1 ,*9A WAS IMPORT+ ALMO/ FIFTY TONS ( SILV] A YE>1 AB\T #i P]C5T ( ITS SILV]1 & BY ! E>LY SEV5TE5? C5TURY1 #aaf TONS1 OR OV] #ig P]C5T4.<#g#c#f.> ,HUGE AM\NTS ( SILK1 PORCELA91 & O!R ,*9ESE PRODUCTS HAD TO BE EXPORT$ TO PAY = IT4 ,MANY ( !SE ,*9ESE PRODUCTS1 9 TURN1 5D$ UP 9 ! NEW CITIES ( ,C5TRAL & ,S\? ,AM]ICA4 ,?IS ,ASIAN TRADE BECAME ! S+LE MO/ SIGNIFICANT FACTOR 9 ! EM]G+ GLOBAL ECONOMY1 & ?OSE :O ULTIMATELY CONTROLL$ ! F9ANCIAL LEV]S--P>TICUL>LY ,ITALIAN1 ,DUT*1 & ,G]MAN M]*ANT BANK]S--BECAME FANTA/ICALLY RI*4 

,BUT H[ EXACTLY DID ! NEW GLOBAL ECONOMY CAUSE ! COLLAPSE ( LIV+ /&>DS 9 ,EUROPE8 ,ONE ?+ WE DO KN[3 IT CLE>LY WAS NOT BY MAK+ L>GE AM\NTS ( PRECI\S METAL AVAILABLE = EV]YDAY TRANSACTIONS4 ,IF ANY?+1 ! EFFECT WAS ! OPPOSITE4 ,:ILE ,EUROPEAN M9TS W]E /AMP+ \T 5ORM\S NUMB]S ( RIALS1 ?AL]S1 DUCATS1 & D\BLOONS1 :I* BECAME ! NEW M$IUM ( TRADE FROM ,NIC>AGUA TO ,B5GAL1 ALMO/ NONE F\ND !IR WAY 9TO ! POCKETS ( ORD9>Y ,EUROPEANS4 ,9/EAD1 WE HE> CON/ANT COMPLA9TS AB\T ! %ORTAGE ( CURR5CY4 ,9 ,5GL&3 

,= MU* ( ! ,TUDOR P]IOD ! CIRCULAT+ M$IUM WAS SO SMALL ?AT ! TAXABLE POPULATION SIMPLY DID NOT HAVE SUFFICI5T CO9 9 :I* TO PAY ! B5EVOL5CES1 SUBSIDIES1 & T5?S LEVI$ UPON !M1 & TIME & TIME AGA9 H\SEHOLD PLATE1 ! H&IE/ NE> MONEY ?AT MO/ PEOPLE POSSESS$1 HAD TO BE SURR5D]$4.<#g#c#g.> 

,?IS WAS ! CASE 9 MO/ ( ,EUROPE4 ,DESPITE ! MASSIVE 9FLUX ( METAL FROM ! ,AM]ICAS1 MO/ FAMILIES W]E SO L[ ON CA% ?AT !Y W]E REGUL>LY R$UC$ TO MELT+ D[N ! FAMILY SILV] TO PAY !IR TAXES4 

,?IS WAS BECAUSE TAXES HAD TO BE PAID 9 METAL4 ,EV]YDAY BUS9ESS 9 CONTRA/ CONT9U$ TO BE TRANSACT$ MU* AS IT HAD 9 ! ,MIDDLE ,AGES1 BY MEANS ( V>I\S =MS ( VIRTUAL CR$IT MONEY3 TALLIES1 PROMISSORY NOTES1 OR1 )9 SMALL] COMMUNITIES1 SIMPLY BY KEEP+ TRACK ( :O [$ :AT TO :OM4 ,:AT REALLY CAUS$ ! 9FLATION IS ?AT ?OSE :O 5D$ UP 9 CONTROL ( ! BULLION--GOV]NM5TS1 BANK]S1 L>GE-SCALE M]*ANTS--W]E ABLE TO USE ?AT CONTROL TO BEG9 *ANG+ ! RULES1 FIR/ BY 9SI/+ ?AT GOLD & SILV] W]E MONEY1 & SECOND BY 9TRODUC+ NEW =MS ( CR$IT-MONEY = !IR [N USE :ILE SL[LY UND]M9+ & DE/ROY+ ! LOCAL SY/EMS ( TRU/ ?AT HAD ALL[$ SMALL-SCALE COMMUNITIES ACROSS ,EUROPE TO OP]ATE L>GELY )\T ! USE ( METAL CURR5CY4 

,?IS WAS A POLITICAL BATTLE1 EV5 IF IT WAS ALSO A CONCEPTUAL >GUM5T AB\T ! NATURE ( MONEY4 ,! NEW REGIME ( BULLION MONEY C\LD ONLY BE IMPOS$ ?R\< ALMO/ UNP>ALLEL$ VIOL5CE--NOT ONLY OV]SEAS1 BUT AT HOME AS WELL4 ,9 MU* ( ,EUROPE1 ! FIR/ REACTION TO ! 0PRICE REVOLUTION0 & ACCOMPANY+ 5CLOSURES ( COMMON L&S WAS NOT V]Y DIFF]5T FROM :AT HAD SO REC5TLY HAPP5$ 9 ,*9A3 ?\S&S ( ONE-TIME PEASANTS FLEE+ OR BE+ =C$ \T ( !IR VILLAGES TO BECOME VAGABONDS OR 0MA/]LESS M510 A PROCESS ?AT CULM9AT$ 9 POPUL> 9SURRECTIONS4 ,! REACTION ( ,EUROPEAN GOV]NM5TS1 H[EV]1 WAS 5TIRELY DIFF]5T4 ,! REBELLIONS W]E CRU%$1 & ?IS TIME1 NO SUBSEQU5T CONCESSIONS W]E =?COM+4 ,VAGABONDS W]E R\ND$ UP1 EXPORT$ TO ! COLONIES AS 9D5TUR$ LABOR]S1 & DRAFT$ 9TO COLONIAL >MIES & NAVIES--OR1 EV5TUALLY1 SET TO WORK 9 FACTORIES AT HOME4 

,ALMO/ ALL ( ?IS WAS C>RI$ \T ?R\< A MANIPULATION ( DEBT4 ,AS A RESULT1 ! V]Y NATURE ( DEBT1 TOO1 BECAME ONCE AGA9 ONE ( ! PR9CIPAL BONES ( CONT5TION4 

,P>T ,I3 ,GRE$1 ,T]ROR1 ,9DIGNATION1 ,DEBT 

  

,NO D\BT S*OL>S WILL NEV] /OP >GU+ AB\T ! REASONS = ! GREAT 0PRICE REVOLUTION0--L>GELY BECAUSE IT'S NOT CLE> :AT K9D ( TOOLS CAN BE APPLI$4 ,CAN WE REALLY USE ! ME?ODS ( MOD]N ECONOMICS1 :I* W]E DESIGN$ TO UND]/& H[ CONTEMPOR>Y ECONOMIC 9/ITUTIONS OP]ATE1 TO DESCRIBE ! POLITICAL BATTLES ?AT L$ TO ! CREATION ( ?OSE V]Y 9/ITUTIONS8 

,?IS IS NOT JU/ A CONCEPTUAL PROBLEM4 ,!RE >E MORAL DANG]S H]E4 ,TO TAKE :AT MI<T SEEM AN 0OBJECTIVE10 MACRO-ECONOMIC APPROA* TO ! ORIG9S ( ! WORLD ECONOMY W\LD BE TO TREAT ! BEHAVIOR ( E>LY ,EUROPEAN EXPLOR]S1 M]*ANTS1 & CONQU]ORS AS IF !Y W]E SIMPLY RATIONAL RESPONSES TO OPPORTUNITIES--AS IF ?IS W]E JU/ :AT ANYONE W\LD HAVE DONE 9 ! SAME SITUATION4 ,?IS IS :AT ! USE ( EQUATIONS SO (T5 DOES3 MAKE IT SEEM P]FECTLY NATURAL TO ASSUME ?AT1 IF ! PRICE ( SILV] 9 ,*9A IS TWICE :AT IT IS 9 ,SEVILLE1 & 9HABITANTS ( ,SEVILLE >E CAPABLE ( GETT+ !IR H&S ON L>GE QUANTITIES ( SILV] & TRANSPORT+ IT TO ,*9A1 !N CLE>LY !Y WILL1 EV5 IF DO+ SO REQUIRES ! DE/RUCTION ( 5TIRE CIVILIZATIONS4 ,OR IF !RE IS A DEM& = SUG> 9 ,5GL&1 & 5SLAV+ MILLIONS IS ! EASIE/ WAY TO ACQUIRE LABOR TO PRODUCE IT1 !N IT IS 9EVITABLE ?AT SOME WILL 5?RALL$ !M4 ,9 FACT1 HI/ORY MAKES IT QUITE CLE> ?AT ?IS IS NOT ! CASE4 ,ANY NUMB] ( CIVILIZATIONS HAVE PROBABLY BE5 9 A POSITION TO WREAK HAVOC ON ! SCALE ?AT ! ,EUROPEAN P[]S DID 9 ! SIXTE5? & SEV5TE5? C5TURIES 7,M+ ,*9A ITSELF WAS AN OBVI\S C&IDATE71 BUT ALMO/ NONE ACTUALLY DID SO4.<#g#c#h.> 

,CONSID]1 = 9/ANCE1 H[ ! GOLD & SILV] FROM ! ,AM]ICAN M9ES W]E EXTRACT$4 ,M9+ OP]ATIONS BEGAN ALMO/ IMM$IATELY UPON ! FALL ( ! ,AZTEC CAPITAL ( ,T5O*TITLAN 9 #a#e#b#a4 ,:ILE WE >E US$ TO ASSUM+ ?AT ! ,MEXICAN POPULATION WAS DEVA/AT$ SIMPLY AS AN EFFECT ( NEWLY 9TRODUC$ ,EUROPEAN DISEASES1 CONTEMPOR>Y OBS]V]S FELT ?AT ! DRAGOON+ ( ! NEWLY CONQU]$ NATIVES TO WORK 9 ! M9ES WAS AT LEA/ EQUALLY RESPONSIBLE4.<#g#c#i.> ,9 ,! ,CONQUE/ ( ,AM]ICA1 ,TZVETAN ,TODOROV (F]S A COMP5DIUM ( SOME ( ! MO/ *ILL+ REPORTS1 MO/LY FROM ,SPANI% PRIE/S & FRI>S :O1 EV5 :5 COMMITT$ 9 PR9CIPLE TO ! BELIEF ?AT ! EXT]M9ATION ( ! ,9DIANS WAS ! JUDGM5T ( ,GOD1 C\LD NOT DISGUISE !IR HORROR AT SC5ES ( ,SPANI% SOLDI]S TE/+ ! BLADES ( !IR WEAPONS BY EVISC]AT+ R&OM PASS]SBY1 & TE>+ BABIES (F !IR MO!R'S BACKS TO BE EAT5 BY DOGS4 ,SU* ACTS MI<T P]HAPS BE WRITT5 (F AS :AT ONE W\LD EXPECT :5 A COLLECTION ( HEAVILY >M$ M5--MANY ( VIOL5T CRIM9AL BACKGR\ND-->E GIV5 ABSOLUTE IMPUNITY2 BUT ! REPORTS FROM ! M9ES IMPLY SOME?+ F> MORE SY/EMATIC4 ,:5 ,FRAY ,TORIBIO DE ,MOTOL9IA WROTE ( ! T5 PLAGUES ?AT HE BELIEV$ ,GOD HAD VISIT$ ON ! 9HABITANTS ( ,MEXICO1 HE LI/$ SMALLPOX1 W>1 FAM9E1 LABOR EXACTIONS1 TAXES 7:I* CAUS$ MANY TO SELL !IR *ILDR5 TO MONEYL5D]S1 O!RS TO BE TORTUR$ TO DEA? 9 CRUEL PRISONS71 & ! ?\S&S :O DI$ 9 ! BUILD+ ( ! CAPITAL CITY4 ,ABOVE ALL1 HE 9SI/$1 W]E ! UNC\NTABLE NUMB]S :O DI$ 9 ! M9ES3 

,! EI<? PLAGUE WAS ! SLAVES :OM ! ,SPANI>DS MADE 9 ORD] TO PUT !M TO WORK 9 ! M9ES4 ,AT FIR/ ?OSE :O W]E ALREADY SLAVES ( ! ,AZTECS W]E TAK52 !N ?OSE :O HAD GIV5 EVID5CE ( 9SUBORD9ATION2 F9ALLY ALL ?OSE :O C\LD BE CAU<T4 ,DUR+ ! FIR/ YE>S AFT] ! CONQUE/1 ! SLAVE TRAFFIC FL\RI%$1 & SLAVES (T5 *ANG$ MA/]4 ,!Y PRODUC$ SO MANY M>KS ON !IR FACES1 9 ADDITION TO ! ROYAL BR&1 ?AT !Y HAD !IR FACES COV]$ ) LETT]S1 = !Y BORE ! M>KS ( ALL :O HAD B\<T & SOLD !M4 

,! N9? PLAGUE WAS ! S]VICE 9 ! M9ES1 TO :I* ! HEAVILY LAD5 ,9DIANS TRAVEL$ SIXTY LEAGUES OR MORE TO C>RY PROVISIONS 444 ,:5 !IR FOOD GAVE \T !Y DI$1 EI!R AT ! M9ES OR ON ! ROAD1 = !Y HAD NO MONEY TO BUY FOOD & !RE WAS NO ONE TO GIVE IT TO !M4 ,SOME REA*$ HOME 9 SU* A /ATE ?AT !Y DI$ SOON AFT]4 ,! BODIES ( ?OSE ,9DIANS & ( ! SLAVES :O DI$ 9 ! M9ES PRODUC$ SU* A /5* ?AT IT CAUS$ A PE/IL5CE1 ESPECIALLY AT ! M9ES ( ,OAXACA4 ,= HALF A LEAGUE >\ND !SE M9ES & ALONG A GREAT P>T ( ! ROAD ONE C\LD SC>CELY AVOID WALK+ OV] DEAD BODIES OR BONES1 & ! FLOCKS ( BIRDS & CR[S ?AT CAME TO FATT5 !MSELVES UPON ! CORPSES W]E SO NUM]\S ?AT !Y D>K5$ ! SUN40.<#g#d.> 

,SIMIL> SC5ES W]E REPORT$ 9 ,P]U1 :]E :OLE REGIONS W]E DEPOPULAT$ BY =C$ S]VICE 9 ! M9ES1 & ,HISPANIOLA1 :]E ! 9DIG5\S POPULATION WAS ]ADICAT$ 5TIRELY4.<#g#d#a.> 

,:5 DEAL+ ) CONQUI/ADORS1 WE >E SPEAK+ NOT JU/ ( SIMPLE GRE$1 BUT GRE$ RAIS$ TO MY?IC PROPORTIONS4 ,?IS IS1 AFT] ALL1 :AT !Y >E BE/ REMEMB]$ =4 ,!Y NEV] SEEM$ TO GET 5\<4 ,EV5 AFT] ! CONQUE/ ( ,T5O*TITLAN OR ,CUZCO1 & ! ACQUISITION ( HI!RTO-UNIMAG9ABLE RI*ES1 ! CONQU]ORS ALMO/ 9V>IABLY REGR\P$ & />T$ (F 9 SE>* ( MORE TREASURE4 

,MORALI/S ?R\<\T ! AGES HAVE 9VEI<$ AGA9/ ! 5DLESSNESS ( HUMAN GRE$1 JU/ AS !Y HAVE AGA9/ \R SUPPOS$LY 5DLESS LU/ = P[]4 ,:AT HI/ORY ACTUALLY REVEALS1 ?\<1 IS ?AT :ILE HUMANS MAY BE JU/LY ACCUS$ ( HAV+ A PROCLIVITY TO ACCUSE O!RS ( ACT+ LIKE CONQUI/ADORS1 FEW REALLY ACT ?IS WAY !MSELVES4 ,EV5 = ! MO/ AMBITI\S ( US1 \R DREAMS >E MORE LIKE ,S9DBAD'S3 TO HAVE ADV5TURES1 TO ACQUIRE ! MEANS TO SETTLE D[N & LIVE AN 5JOYABLE LIFE1 & !N1 TO 5JOY IT4 ,MAX ,WEB] ( C\RSE >GU$ ?AT ! ESS5CE ( CAPITALISM IS ! URGE--:I* HE ?\<T FIR/ APPE>$ 9 ,CALV9ISM--NEV] TO SETTLE D[N1 BUT TO 5GAGE 9 5DLESS EXPANSION4 ,BUT ! CONQUI/ADORS W]E GOOD ,M$IEVAL ,CA?OLICS1 EV5 IF ONES USUALLY DRAWN FROM ! MO/ RU?LESS & UNPR9CIPL$ ELEM5TS ( ,SPANI% SOCIETY4 ,:Y ! UNREL5T+ DRIVE = MORE & MORE & MORE8 

,IT MI<T HELP1 ,I ?9K1 TO GO BACK TO ! V]Y ONSET ( ,H]NAN ,CORTES'S CONQUE/ ( ,MEXICO3 ,:AT W]E HIS IMM$IATE MOTIVES8 ,CORTES HAD MIGRAT$ TO ! COLONY ( ,HISPANIOLA 9 #a#e#d1 DREAM+ ( GLORY & ADV5TURE1 BUT = ! FIR/ DECADE & A HALF1 HIS ADV5TURES HAD L>GELY CONSI/$ ( S$UC+ O!R PEOPLE'S WIVES4 ,9 #a#e#a#h1 H[EV]1 HE MANAG$ TO F9AGLE HIS WAY 9TO BE+ NAM$ COMM&] ( AN EXP$ITION TO E/ABLI% A ,SPANI% PRES5CE ON ! MA9L&4 ,AS ,B]NAL ,DIAZ DEL ,CA/ILLO1 :O ACCOMPANI$ HIM1 LAT] WROTE1 >\ND ?IS TIME 

,HE BEGAN TO ADORN HIMSELF & BE MORE C>EFUL ( HIS APPE>ANCE ?AN BE=E4 ,HE WORE A PLUME ( FEA!RS1 ) A M$ALLION & A GOLD *A91 & A VELVET CLOAK TRIMM$ ) LOOPS ( GOLD4 ,9 FACT HE LOOK$ LIKE A BOLD & GALLANT ,CAPTA94 ,H[EV]1 HE HAD NO MONEY TO DEFRAY ! EXP5SES ,I HAVE SPOK5 AB\T1 = AT ! TIME HE WAS V]Y POOR & MU* 9 DEBT1 DESPITE ! FACT ?AT HE HAD A GOOD E/ATE ( ,9DIANS & WAS GETT+ GOLD FROM ! M9ES4 ,BUT ALL ?IS HE SP5T ON HIS P]SON1 ON F9]Y = HIS WIFE1 :OM HE HAD REC5TLY M>RI$1 & ON 5T]TA9+ GUE/S 444 

,:5 SOME M]*ANT FRI5DS ( HIS HE>D ?AT HE HAD OBTA9$ HIS COMM& AS ,CAPTA9 ,G5]AL1 !Y L5T HIM F\R ?\S& GOLD PESOS 9 CO9 & ANO!R F\R ?\S& 9 GOODS SECUR$ ON HIS ,9DIANS & E/ATES4 ,HE !N ORD]$ TWO /&>DS & BANN]S TO BE MADE1 WORK$ 9 GOLD ) ! ROYAL >MS & A CROSS ON EA* SIDE ) A LEG5D :I* SAID1 0,COMRADES1 LET US FOLL[ ! SIGN ( ! ,HOLY ,CROSS ) TRUE FAI?1 & ?R\< IT WE %ALL CONQU]40.<#g#d#b.> 

,9 O!R WORDS1 HE'D BE5 LIV+ BEYOND HIS MEANS1 GOT HIMSELF 9 TR\BLE1 & DECID$1 LIKE A RECKLESS GAMBL]1 TO D\BLE D[N & GO = BROKE4 ,UNSURPRIS+1 !N1 ?AT :5 ! GOV]NOR AT ! LA/ M9UTE DECID$ TO CANCEL ! EXP$ITION1 ,CORTES IGNOR$ HIM & SAIL$ = ! MA9L& ) SIX HUNDR$ M51 (F]+ EA* AN EQUAL %>E 9 ! EXP$ITION'S PR(ITS4 ,ON L&+ HE BURN$ HIS BOATS1 EFFECTIVELY /AK+ EV]Y?+ ON VICTORY4 

,LET US SKIP1 !N1 FROM ! BEG9N+ ( ,DIAZ'S BOOK TO ITS F9AL *APT]4 ,?REE YE>S LAT]1 ?R\< SOME ( ! MO/ +5I\S1 RU?LESS1 BRILLIANT1 & UTT]LY DI%ONORABLE BEHAVIOR BY A MILIT>Y LEAD] EV] RECORD$1 ,CORTES HAD HIS VICTORY4 ,AFT] EI<T MON?S ( GRUEL+ H\SE-TO-H\SE W>F>E & ! DEA? ( P]HAPS A HUNDR$ ?\S& ,AZTECS1 ,T5O*TITLAN1 ONE ( ! GREATE/ CITIES ( ! WORLD1 LAY 5TIRELY DE/ROY$4 ,! IMP]IAL TREASURY WAS SECUR$1 & ! TIME HAD COME1 !N1 = IT TO BE DIVID$ 9 %>ES AMONG ! SURVIV+ SOLDI]S4 

,YET ACCORD+ TO ,DIAZ1 ! RESULT AMONG ! M5 WAS \TRAGE4 ,! (FIC]S CONNIV$ TO SEQUE/] MO/ ( ! GOLD1 & :5 ! F9AL TALLY WAS ANN\NC$1 ! TROOPS LE>N$ ?AT !Y W\LD BE RECEIV+ ONLY FIFTY TO EI<TY PESOS EA*4 ,:AT'S MORE1 ! BETT] P>T ( !IR %>ES WAS IMM$IATELY SEIZ$ AGA9 BY ! (FIC]S 9 !IR CAPACITY ( CR$ITORS--S9CE ,CORTES HAD 9SI/$ ?AT ! M5 BE BILL$ = ANY REPLACEM5T EQUIPM5T & M$ICAL C>E !Y HAD RECEIV$ DUR+ ! SIEGE4 ,MO/ F\ND !Y HAD ACTUALLY LO/ MONEY ON ! DEAL4 ,DIAZ WRITES3 

,WE W]E ALL V]Y DEEPLY 9 DEBT4 ,A CROSSB[ WAS NOT TO BE PUR*AS$ = LESS ?AN =TY OR FIFTY PESOS1 A MUSKET CO/ ONE HUNDR$1 A SWORD FIFTY1 & A HORSE FROM #h TO #a PESOS1 & ABOVE4 ,?US EXTRAVAGANTLY DID WE HAVE TO PAY = EV]Y?+6 ,A SURGEON1 :O CALL$ HIMSELF ,MA/RE ,JUAN1 :O HAD T5D$ SOME V]Y BAD W\NDS1 *>G$ WILDLY 9FLAT$ FEES1 & SO DID A QUACK NAM$ ,MURCIA1 :O WAS AN APO!C>Y & A B>B] & ALSO TREAT$ W\NDS1 & !RE W]E ?IRTY O!R TRICKS & SW9DLES = :I* PAYM5T WAS DEM&$ ( \R %>ES AS SOON AS WE RECEIV$ !M4 

,S]I\S COMPLA9TS W]E MADE AB\T ?IS1 & ! ONLY REM$Y ?AT ,CORTES PROVID$ WAS TO APPO9T TWO TRU/WOR?Y P]SONS :O KNEW ! PRICES ( GOODS & C\LD VALUE ANY?+ ?AT WE HAD B\<T ON CR$IT4 ,AN ORD] W5T \T ?AT :ATEV] PRICE WAS PLAC$ ON \R PUR*ASES OR ! SURGEON'S CURES MU/ BE ACCEPT$1 BUT ?AT IF WE HAD NO MONEY1 \R CR$ITORS MU/ WAIT TWO YE>S = PAYM5T4.<#g#d#c.> 

,SPANI% M]*ANTS SOON >RIV$ *>G+ WILDLY 9FLAT$ PRICES = BASIC NECESSITIES1 CAUS+ FUR!R \TRAGE1 UNTIL3 

,\R G5]AL BECOM+ WE>Y ( ! CONT9UAL REPROA*ES :I* W]E ?R[N \T AGA9/ HIM1 SAY+ HE HAD /OL5 EV]Y?+ = HIMSELF1 & ! 5DLESS PETITIONS = LOANS & ADVANCE 9 PAY1 DET]M9$ AT ONCE TO GET RID ( ! MO/ TR\BLESOME FELL[S1 BY =M+ SETTLEM5TS 9 ?OSE PROV9CES :I* APPE>$ MO/ ELIGIBLE = ?IS PURPOSE4.<#g#d#d.> 

,!SE W]E ! M5 :O 5D$ UP 9 CONTROL ( ! PROV9CES1 & :O E/ABLI%$ LOCAL ADM9I/RATION1 TAXES1 & LABOR REGIMES4 ,:I* MAKES IT A LITTLE EASI] TO UND]/& ! DESCRIPTIONS ( ,9DIANS ) !IR FACES COV]$ BY NAMES LIKE SO MANY C\NT]-5DORS$ *ECKS1 OR ! M9ES SURR\ND$ BY MILES ( ROTT+ CORPSES4 ,WE >E NOT DEAL+ ) A PSY*OLOGY ( COLD1 CALCULAT+ GRE$1 BUT ( A MU* MORE COMPLICAT$ MIX ( %AME & RI<TE\S 9DIGNATION1 & ( ! FRANTIC URG5CY ( DEBTS ?AT W\LD ONLY COMP\ND & ACCUMULATE 7!SE W]E1 ALMO/ C]TA9LY1 9T]E/-BE>+ LOANS71 & \TRAGE AT ! IDEA ?AT1 AFT] ALL !Y HAD GONE ?R\<1 !Y %\LD BE HELD TO [E ANY?+ TO BEG9 )4 

,& :AT ( ,CORTES8 ,HE HAD JU/ PULL$ (F P]HAPS ! GREATE/ ACT ( !FT 9 WORLD HI/ORY4 ,C]TA9LY1 HIS ORIG9AL DEBTS HAD N[ BE5 R5D]$ 9CONSEQU5TIAL4 ,YET HE SOMEH[ ALWAYS SEEM$ TO F9D HIMSELF 9 NEW ONES4 ,CR$ITORS W]E ALREADY />T+ TO REPOSSESS HIS HOLD+S :ILE HE WAS (F ON AN EXP$ITION TO ,HONDURAS 9 #a#e#b#f2 ON HIS RETURN1 HE WROTE ! ,EMP]OR ,*>LES ,V ?AT HIS EXP5SES W]E SU* ?AT 0ALL ,I HAVE RECEIV$ HAS BE5 9SUFFICI5T TO RELIVE ME FROM MIS]Y & POV]TY1 BE+ AT ! MOM5T ,I WRITE 9 DEBT = UPW>DS ( FIVE HUNDR$ \NCES ( GOLD1 )\T POSSESS+ A S+LE PESO T[>DS IT40.<#g#d#e.> ,DIS+5U\S1 NO D\BT 7,CORTES AT ! TIME [N$ HIS [N P]SONAL PALACE71 BUT ONLY A FEW YE>S LAT]1 HE WAS R$UC$ TO PAWN+ HIS WIFE'S JEWELRY TO HELP F9ANCE A S]IES ( EXP$ITIONS TO ,CALI=NIA1 HOP+ TO RE/ORE HIS =TUNES4 ,:5 ?OSE FAIL$ TO TURN A PR(IT1 HE 5D$ UP SO BESIEG$ BY CR$ITORS ?AT HE HAD TO RETURN TO ,SPA9 TO PETITION ! EMP]OR 9 P]SON4.<#g#d#f.> 

,IF ALL ?IS SEEMS SUSPICI\SLY REM9ISC5T ( ! F\R? ,CRUSADE1 ) ITS 9DEBT$ KNI<TS /RIPP+ :OLE =EIGN CITIES ( !IR WEAL? & /ILL SOMEH[ W9D+ UP ONLY ONE /EP AHEAD ( !IR CR$ITORS1 !RE IS A REASON4 ,! F9ANCIAL CAPITAL ?AT BACK$ !SE EXP$ITIONS CAME FROM MORE OR LESS ! SAME PLACE 7IF 9 ?IS CASE ,G5OA1 NOT ,V5ICE74 ,:AT'S MORE1 ?AT RELATION%IP1 BETWE5 ! D>+ ADV5TUR] ON ! ONE H&1 ! GAMBL] WILL+ TO TAKE ANY SORT ( RISK1 & ON ! O!R1 ! C>EFUL F9ANCI]1 :OSE 5TIRE OP]ATIONS >E ORGANIZ$ >\ND PRODUC+ /EADY1 MA!MATICAL1 9EXORABLE GR[? ( 9COME1 LIES AT ! V]Y HE>T ( :AT WE N[ CALL 0CAPITALISM40 

,AS A RESULT1 \R CURR5T ECONOMIC SY/EM HAS ALWAYS BE5 M>K$ BY A PECULI> DUAL *>ACT]4 ,S*OL>S HAVE LONG BE5 FASC9AT$ BY ,SPANI% DEBATES ?AT 5SU$1 9 ,SPANI% UNIV]SITIES LIKE ,SANT&]1 AB\T ! HUMANITY ( ! ,9DIANS 7,DID !Y HAVE S\LS8 ,C\LD !Y HAVE LEGAL RI<TS8 ,WAS IT LEGITIMATE TO =CIBLY 5?RALL$ !M871 JU/ AS !Y HAVE >GU$ AB\T ! REAL ATTITUDES ( ! CONQUI/ADORS 7WAS IT CONTEMPT1 REVULSION1 OR EV5 GRUDG+ ADMIRATION = !IR ADV]S>IES87.<#g#d#g.> ,! REAL PO9T IS ?AT AT ! KEY MOM5TS ( DECISION1 NONE ( ?IS MATT]$4 ,?OSE MAK+ ! DECISIONS DID NOT FEEL !Y W]E 9 CONTROL ANYWAY2 ?OSE :O W]E DID NOT P>TICUL>LY C>E TO KN[ ! DETAILS4 ,TO TAKE A TELL+ EXAMPLE3 AFT] ! E>LIE/ YE>S ( ! GOLD & SILV] M9ES DESCRIB$ BY ,MOTOL9IA1 :]E MILLIONS ( ,9DIANS W]E SIMPLY R\ND$ UP & M>*$ (F TO !IR DEA?S1 COLONI/S SETTL$ ON A POLICY ( DEBT PEONAGE3 ! USUAL TRICK ( DEM&+ HEAVY TAXES1 L5D+ MONEY AT 9T]E/ TO ?OSE :O C\LD NOT PAY1 & !N DEM&+ ?AT ! LOANS BE REPAID ) WORK4 ,ROYAL AG5TS REGUL>LY ATTEMPT$ TO =BID SU* PRACTICES1 >GU+ ?AT ! ,9DIANS W]E N[ ,*RI/IAN & ?AT ?IS VIOLAT$ !IR RI<TS AS LOYAL SUBJECTS ( ! ,SPANI% CR[N4 ,BUT AS ) ALMO/ ALL SU* ROYAL EF=TS TO ACT AS PROTECTOR ( ! ,9DIANS1 ! RESULT WAS ! SAME4 ,F9ANCIAL EXIG5CIES 5D$ UP TAK+ PREC$5CE4 ,*>LES ,V HIMSELF WAS DEEPLY 9 DEBT TO BANK+ FIRMS 9 ,FLOR5CE1 ,G5OA1 & ,NAPLES1 & GOLD & SILV] FROM ! ,AM]ICAS MADE UP P]HAPS ONE-FIF? ( HIS TOTAL REV5UE4 ,9 ! 5D1 DESPITE A LOT ( 9ITIAL NOISE & ! 7USUALLY QUITE S9C]E7 MORAL \TRAGE ON ! P>T ( ! K+'S EMISS>IES1 SU* DECREES W]E EI!R IGNOR$ OR1 AT BE/1 5=C$ = A YE> OR TWO BE=E BE+ ALL[$ TO SLIP 9TO ABEYANCE4.<#g#d#h.> 

,ALL ( ?IS HELPS EXPLA9 :Y ! ,*UR* HAD BE5 SO UNCOMPROMIS+ 9 ITS ATTITUDE T[>D USURY4 ,IT WAS NOT JU/ A PHILOSOPHICAL QUE/ION2 IT WAS A MATT] ( MORAL RIVALRY4 ,MONEY ALWAYS HAS ! POT5TIAL TO BECOME A MORAL IMP]ATIVE UNTO ITSELF4 ,ALL[ IT TO EXP&1 & IT CAN QUICKLY BECOME A MORALITY SO IMP]ATIVE ?AT ALL O!RS SEEM FRIVOL\S 9 COMP>ISON4 ,= ! DEBTOR1 ! WORLD IS R$UC$ TO A COLLECTION ( POT5TIAL DANG]S1 POT5TIAL TOOLS1 & POT5TIAL M]*&ISE4.<#g#d#i.> ,EV5 HUMAN RELATIONS BECOME A MATT] ( CO/-B5EFIT CALCULATION4 ,CLE>LY ?IS IS ! WAY ! CONQUI/ADORS VIEW$ ! WORLDS ?AT !Y SET \T TO CONQU]4 

,IT IS ! PECULI> FEATURE ( MOD]N CAPITALISM TO CREATE SOCIAL >RANGEM5TS ?AT ESS5TIALLY =CE US TO ?9K ?IS WAY4 ,! /RUCTURE ( ! CORPORATION IS A TELL+ CASE 9 PO9T--& IT IS NO CO9CID5CE ?AT ! FIR/ MAJOR JO9T-/OCK CORPORATIONS 9 ! WORLD W]E ! ,5GLI% & ,DUT* ,EA/ ,9DIA COMPANIES1 ONES ?AT PURSU$ ?AT V]Y SAME COMB9ATION ( EXPLORATION1 CONQUE/1 & EXTRACTION AS DID ! CONQUI/ADORS4 ,IT IS A /RUCTURE DESIGN$ TO ELIM9ATE ALL MORAL IMP]ATIVES BUT PR(IT4 ,! EXECUTIVES :O MAKE DECISIONS CAN >GUE--& REGUL>LY DO--?AT1 IF IT W]E !IR [N MONEY1 ( C\RSE !Y W\LD NOT FIRE LIFELONG EMPLOYES A WEEK BE=E RETIREM5T1 OR DUMP C>C9OG5IC WA/E NEXT TO S*OOLS4 ,YET !Y >E MORALLY B\ND TO IGNORE SU* CONSID]ATIONS1 BECAUSE !Y >E M]E EMPLOYES :OSE ONLY RESPONSIBILITY IS TO PROVIDE ! MAXIMUM RETURN ON 9VE/M5T = ! COMPANY'S /OCKHOLD]S4 7,! /OCKHOLD]S1 ( C\RSE1 >E NOT GIV5 ANY SAY47 

,! FIGURE ( ,CORTES IS 9/RUCTIVE = ANO!R REASON4 ,WE >E SPEAK+ ( A MAN :O1 9 #a#e#b#a1 HAD CONQU]$ A K+DOM & WAS SITT+ ATOP A VA/ PILE ( GOLD4 ,NEI!R DID HE HAVE ANY 9T5TION ( GIV+ IT AWAY--EV5 TO HIS FOLL[]S4 ,FIVE YE>S LAT]1 HE WAS CLAIM+ TO BE A P5NILESS DEBTOR4 ,H[ WAS ?IS POSSIBLE8 

,! OBVI\S ANSW] W\LD BE3 ,CORTES WAS NOT A K+1 HE WAS A SUBJECT ( ! ,K+ ( ,SPA91 LIV+ )9 ! LEGAL /RUCTURE ( A K+DOM ?AT 9SI/$ ?AT1 IF HE W]E NOT GOOD AT MANAG+ HIS MONEY1 HE W\LD LOSE IT4 ,YET AS WE'VE SE51 ! K+'S LAWS C\LD BE IGNOR$ 9 O!R CASES4 ,:AT'S MORE1 EV5 K+S W]E NOT 5TIRELY FREE AG5TS4 ,*>LES ,V WAS CONT9UALLY 9 DEBT1 & :5 HIS SON ,PHILIP ,I,I--HIS >MIES FI<T+ ON ?REE DIFF]5T FRONTS AT ONCE--ATTEMPT$ ! OLD ,M$IEVAL TRICK ( DEFAULT+1 ALL HIS CR$ITORS1 FROM ! ,G5OESE ,BANK ( ,/4 ,GEORGE TO ! ,G]MAN ,FUGG]S & ,WELS]S1 CLOS$ RANKS TO 9SI/ ?AT HE W\LD RECEIVE NO FUR!R LOANS UNTIL HE />T$ HONOR+ HIS COMMITM5TS4.<#g#e.> 

,CAPITAL1 !N1 IS NOT SIMPLY MONEY4 ,IT IS NOT EV5 JU/ WEAL? ?AT CAN BE TURN$ 9TO MONEY4 ,BUT NEI!R IS IT JU/ ! USE ( POLITICAL P[] TO HELP ONE USE ONE'S MONEY TO MAKE MORE MONEY4 ,CORTES WAS TRY+ TO DO EXACTLY ?AT3 9 CLASSICAL ,AXIAL ,AGE FA%ION1 HE WAS ATTEMPT+ TO USE HIS CONQUE/S TO ACQUIRE PLUND]1 & SLAVES TO WORK ! M9ES1 ) :I* HE C\LD PAY HIS SOLDI]S & SUPPLI]S CA% TO EMB>K ON EV5 FUR!R CONQUE/S4 ,IT WAS A TRI$-&-TRUE =MULA4 ,BUT = ALL ! O!R CONQUI/ADORS1 IT PROVID$ A SPECTACUL> FAILURE4 

,?IS W\LD SEEM TO M>K ! DIFF]5CE4 ,9 ! ,AXIAL ,AGE1 MONEY WAS A TOOL ( EMPIRE4 ,IT MI<T HAVE BE5 CONV5I5T = RUL]S TO PROMULGATE M>KETS 9 :I* EV]YONE W\LD TREAT MONEY AS AN 5D 9 ITSELF2 AT TIMES1 RUL]S MI<T HAVE EV5 COME TO SEE ! :OLE APP>ATUS ( GOV]NM5T AS A PR(IT-MAK+ 5T]PRISE2 BUT MONEY ALWAYS REMA9$ A POLITICAL 9/RUM5T4 ,?IS IS :Y :5 ! EMPIRES COLLAPS$ & >MIES W]E DEMOBILIZ$1 ! :OLE APP>ATUS C\LD SIMPLY MELT AWAY4 ,UND] ! NEWLY EM]G+ CAPITALI/ ORD]1 ! LOGIC ( MONEY WAS GRANT$ AUTONOMY2 POLITICAL & MILIT>Y P[] W]E !N GRADUALLY REORGANIZ$ >\ND IT4 ,TRUE1 ?IS WAS A F9ANCIAL LOGIC ?AT C\LD NEV] HAVE EXI/$ )\T /ATES & >MIES BEH9D IT 9 ! FIR/ PLACE4 ,AS WE HAVE SE5 9 ! CASE ( ,M$IEVAL ,ISLAM1 UND] G5U9E FREE-M>KET CONDITIONS--9 :I* ! /ATE IS NOT 9VOLV$ 9 REGULAT+ ! M>KET 9 ANY SIGNIFICANT WAY1 EV5 9 5=C+ COMM]CIAL CONTRACTS--PURELY COMPETITIVE M>KETS WILL NOT DEVELOP1 & LOANS AT 9T]E/ WILL BECOME EFFECTIVELY IMPOSSIBLE TO COLLECT4 ,IT WAS ONLY ! ,ISLAMIC PROHIBITION AGA9/ USURY1 REALLY1 ?AT MADE IT POSSIBLE = !M TO CREATE AN ECONOMIC SY/EM ?AT /OOD SO F> AP>T FROM ! /ATE4 

,M>T9 ,LU!R WAS MAK+ ?IS V]Y PO9T 9 #a#e#b#d1 RI<T >\ND ! TIME ?AT ,CORTES WAS FIR/ BEG9N+ TO HAVE TR\BLE ) HIS CR$ITORS4 ,IT IS ALL V]Y WELL1 ,LU!R SAID1 = US TO IMAG9E ?AT ALL MI<T LIVE AS TRUE ,*RI/IANS1 9 ACCORDANCE ) ! DICTATES ( ! ,GOSPEL4 ,BUT 9 FACT !RE >E FEW :O >E REALLY CAPABLE ( ACT+ ?IS WAY3 

,*RI/IANS >E R>E 9 ?IS WORLD2 !RE=E ! WORLD NE$S A /RICT1 H>D1 TEMPORAL GOV]NM5T ?AT WILL COMPEL & CON/RA9 ! WICK$ NOT TO ROB & TO RETURN :AT !Y BORR[1 EV5 ?\< A ,*RI/IAN \<T NOT TO DEM& IT1 OR EV5 HOPE TO GET IT BACK4 ,?IS IS NECESS>Y 9 ORD] ?AT ! WORLD NOT BECOME A DES]T1 PEACE MAY NOT P]I%1 & TRADE & SOCIETY NOT BE UTT]LY DE/ROY$2 ALL ( :I* W\LD HAPP5 IF WE W]E TO RULE ! WORLD ACCORD+ TO ! ,GOSPEL & NOT DRIVE & COMPEL ! WICK$1 BY LAWS & ! USE ( =CE1 TO DO :AT IS RI<T 444 ,LET NO ONE ?9K ?AT ! WORLD CAN BE RUL$ )\T BLOOD2 ! SWORD ( ! RUL] MU/ BE R$ & BLOODY2 = ! WORLD WILL & MU/ BE EVIL1 & ! SWORD IS ,GOD'S ROD & V5GEANCE UPON IT4.<#g#e#a.> 

0,NOT TO ROB & TO RETURN :AT !Y BORR[0--A TELL+ JUXTAPOSITION1 CONSID]+ ?AT 9 ,S*OLA/IC !ORY1 L5D+ MONEY AT 9T]E/ HAD ITSELF BE5 CONSID]$ !FT4 

,& ,LU!R WAS REF]R+ TO 9T]E/-BE>+ LOANS H]E4 ,! /ORY ( H[ HE GOT TO ?IS PO9T IS TELL+4 ,LU!R BEGAN HIS C>E] AS A RE=M] 9 #aeb ) FI]Y CAMPAIGNS AGA9/ USURY2 9 FACT1 ONE ( HIS OBJECTIONS TO ! SALE ( ,*UR* 9DULG5CES WAS ?AT IT WAS ITSELF A =M ( SPIRITUAL USURY4 ,!SE POSITIONS WON HIM 5ORM\S POPUL> SUPPORT 9 T[NS & VILLAGES4 ,H[EV]1 HE SOON REALIZ$ ?AT HE'D UNLEA%$ A G5IE ?AT ?REAT5$ TO TURN ! :OLE WORLD UPSIDE-D[N4 ,MORE RADICAL RE=M]S APPE>$1 >GU+ ?AT ! POOR W]E NOT MORALLY OBLIG$ TO REPAY ! 9T]E/ ON USURI\S LOANS1 & PROPOS+ ! REVIVAL ( ,OLD ,TE/AM5T 9/ITUTIONS LIKE ! SABBATICAL YE>4 ,!Y W]E FOLL[$ BY \TRI<T REVOLUTION>Y PREA*]S :O BEGAN ONCE AGA9 QUE/ION+ ! V]Y LEGITIMACY ( >I/OCRATIC PRIVILEGE & PRIVATE PROP]TY4 ,9 #a#e#b#e1 ! YE> AFT] ,LU!R'S S]MON1 !RE WAS A MASSIVE UPRIS+ ( PEASANTS1 M9]S1 & POOR T[NSFOLK ACROSS ,G]MANY3 ! REBELS1 9 MO/ CASES1 REPRES5T+ !MSELVES AS SIMPLE ,*RI/IANS AIM+ TO RE/ORE ! TRUE COMMUNISM ( ! ,GOSPELS4 ,OV] A HUNDR$ ?\S& W]E SLAU<T]$4 ,ALREADY 9 #a#e#b#d1 ,LU!R HAD A S5SE ?AT MATT]S W]E SPILL+ \T ( CONTROL & ?AT HE W\LD HAVE TO *OOSE SIDES3 9 ?AT TEXT1 HE DID SO4 ,OLD ,TE/AM5T LAWS LIKE ! ,SABBATICAL YE>1 HE >GU$1 >E NO LONG] B9D+2 ! ,GOSPEL M]ELY DESCRIBES IDEAL BEHAVIOR2 HUMANS >E S9FUL CREATURES1 SO LAW IS NECESS>Y2 :ILE USURY IS A S91 A F\R TO FIVE-P]C5T RATE ( 9T]E/ IS CURR5TLY LEGAL UND] C]TA9 CIRCUM/ANCES2 & :ILE COLLECT+ ?AT 9T]E/ IS S9FUL1 UND] NO CIRCUM/ANCES IS IT LEGITIMATE TO >GUE ?AT = ?AT REASON1 BORR[]S HAVE ! RI<T TO BREAK ! LAW4.<#g#e#b.> 

,! ,SWISS ,PROTE/ANT RE=M] ,ZW+LI WAS EV5 MORE EXPLICIT4 ,GOD1 HE >GU$1 GAVE US ! DIV9E LAW3 TO LOVE ?Y NEI<BOR AS ?YSELF4 ,IF WE TRULY KEPT ?IS LAW1 HUMANS W\LD GIVE FREELY TO ONE ANO!R1 & PRIVATE PROP]TY W\LD NOT EXI/4 ,H[EV]1 ,JESUS EXCEPT$1 NO HUMAN BE+ HAS EV] BE5 ABLE TO LIVE UP TO ?IS PURE COMMUNI/IC /&>D4 ,!RE=E1 ,GOD HAS ALSO GIV5 US A SECOND1 9F]IOR1 HUMAN LAW1 TO BE 5=C$ BY ! CIVIL AU?ORITIES4 ,:ILE ?IS 9F]IOR LAW CANNOT COMPEL US TO ACT AS WE REALLY \<T TO ACT 70! MAGI/RATE CAN =CE NO ONE TO L5D \T :AT BELONGS TO HIM )\T HOPE ( RECOMP5SE OR PR(IT07--AT LEA/ IT CAN MAKE US FOLL[ ! LEAD ( ! APO/LE ,PAUL1 :O SAID3 0,PAY ALL M5 :AT Y\ [E40.<#g#e#c.> 

,SOON AFT]W>DS1 ,CALV9 WAS TO REJECT ! BLANKET BAN ON USURY 5TIRELY1 & BY #a#f#e1 ALMO/ ALL ,PROTE/ANT D5OM9ATIONS HAD COME TO AGREE ) HIS POSITION ?AT A REASONABLE RATE ( 9T]E/ 7USUALLY FIVE P]C5T7 WAS NOT S9FUL1 PROVID$ ! L5D]S ACT 9 GOOD CONSCI5CE1 DO NOT MAKE L5D+ !IR EXCLUSIVE BUS9ESS1 & DO NOT EXPLOIT ! POOR4.<#g#e#d.> 7,CA?OLIC DOCTR9E WAS SL[] TO COME >\ND1 BUT IT DID ULTIMATELY ACC$E BY PASSIVE ACQUIESC5CE47 

,IF ONE LOOKS AT H[ ALL ?IS WAS JU/IFI$1 TWO ?+S JUMP \T4 ,FIR/1 ,PROTE/ANT ?9K]S ALL CONT9U$ TO MAKE ! OLD ,M$IEVAL >GUM5T AB\T 9T]ESSE3 ?AT 09T]E/0 IS REALLY COMP5SATION = ! MONEY ?AT ! L5D] W\LD HAVE MADE HAD HE BE5 ABLE TO PLACE HIS MONEY 9 SOME MORE PR(ITABLE 9VE/M5T4 ,ORIG9ALLY1 ?IS LOGIC WAS JU/ APPLI$ TO COMM]CIAL LOANS4 ,9CREAS+LY1 IT WAS N[ APPLI$ TO ALL LOANS4 ,F> FROM BE+ UNNATURAL1 !N1 ! GR[? ( MONEY WAS N[ TREAT$ AS COMPLETELY EXPECT$4 ,ALL MONEY WAS ASSUM$ TO BE CAPITAL4.<#g#e#e.> ,SECOND1 ! ASSUMPTION ?AT USURY IS SOME?+ ?AT ONE PROP]LY PRACTICES ON ONE'S 5EMIES1 & !RE=E1 BY EXT5SION1 ?AT ALL COMM]CE P>TAKES SOME?+ ( ! NATURE ( W>1 NEV] 5TIRELY DISAPPE>S4 ,CALV91 = 9/ANCE1 D5I$ ?AT ,DEUT]ONOMY ONLY REF]R$ TO ! ,AMALEKITES2 CLE>LY1 HE SAID1 IT MEANT ?AT USURY WAS ACCEPTABLE :5 DEAL+ ) ,SYRIANS OR ,EGYPTIANS2 9DE$ ) ALL NATIONS ) :OM ! ,JEWS TRAD$4.<#g#e#f.> ,! RESULT ( OP5+ ! GATES WAS1 AT LEA/ TACITLY1 TO SUGGE/ ?AT ONE C\LD N[ TREAT ANYONE1 EV5 A NEI<BOR1 AS A =EIGN]4.<#g#e#g.> ,ONE NE$ ONLY OBS]VE H[ ,EUROPEAN M]*ANT ADV5TUR]S ( ! DAY ACTUALLY W]E TREAT+ =EIGN]S1 9 ,ASIA1 ,AFRICA1 & ! ,AM]ICAS1 TO UND]/& :AT ?IS MI<T MEAN 9 PRACTICE4 

,OR1 ONE MI<T LOOK CLOS] TO HOME4 ,TAKE ! /ORY ( ANO!R WELL-KN[N DEBTOR ( ! TIME1 ! ,M>GRAVE ,CASIMIR ( ,BR&5BURG-,ANSBA* 7#a#d#h#a-#a#e#b#g71 ( ! FAM\S ,HOH5ZOLL]N DYNA/Y3 

,CASIMIR WAS ! SON ( ,M>GRAVE ,FRI$RI* ! ,ELD] ( ,BR&5BURG1 :O HAS COME TO BE KN[N AS ONE ( ! 0MAD PR9CES0 ( ! ,G]MAN ,R5AISSANCE4 ,S\RCES DIFF] ON JU/ H[ MAD HE ACTUALLY WAS4 ,ONE CONTEMPOR>Y *RONICLE DESCRIBES HIM AS 0SOME:AT D]ANG$ 9 HIS HEAD FROM TOO MU* RAC+ & J\/+20 MO/ AGREE ?AT HE WAS GIV5 TO FITS ( 9EXPLICABLE RAGE1 AS WELL AS TO ! SPONSOR%IP ( WILD1 EXTRAVAGANT FE/IVALS1 SAID (T5 TO HAVE DEG5]AT$ 9TO WILD BAC*ANALIAN ORGIES4.<#g#e#h.> 

,ALL AGREE1 H[EV]1 ?AT HE WAS POOR AT MANAG+ HIS MONEY4 ,AT ! BEG9N+ ( #a#e#a#e1 ,FRI$RI* WAS 9 SU* F9ANCIAL TR\BLE--HE IS SAID TO HAVE [$ #b1 GUILD]S--?AT HE AL]T$ HIS CR$ITORS1 MO/LY FELL[ NOBLES1 ?AT HE MI<T SOON BE =C$ TO TEMPOR>ILY SUSP5D 9T]E/ PAYM5TS ON HIS DEBTS4 ,?IS SEEMS TO HAVE CAUS$ A CRISIS ( FAI?1 & )9 A MATT] ( WEEKS1 HIS SON ,CASIMIR /AG$ A PALACE C\P--MOV+1 9 ! E>LY H\RS ( ,FEBRU>Y #b#f1 #a#e#a#e1 TO SEIZE CONTROL ( ! CA/LE ( ,PLASS5BURG :ILE HIS FA!R WAS DI/RACT$ ) ! CELEBRATION ( ,C>NIVAL1 !N =C+ HIM TO SIGN PAP]S ABDICAT+ = REASON ( M5TAL 9FIRMITY4 ,FRI$RI* SP5T ! RE/ ( HIS LIFE CONF9$ 9 ,PLASS5BURG1 D5I$ ALL VISITORS & CORRESPOND5CE4 ,:5 AT ONE PO9T HIS GU>DS REQUE/$ ?AT ! NEW ,M>GRAVE PROVIDE A C\PLE GUILD]S SO HE C\LD PASS ! TIME GAMBL+ ) !M1 ,CASIMIR MADE A GREAT PUBLIC %[ ( REFUSAL1 /AT+ 7RIDICUL\SLY1 ( C\RSE7 ?AT HIS FA!R HAD LEFT HIS AFFAIRS 9 SU* DISA/R\S %APE ?AT HE C\LD NOT POSSIBLY AF=D TO4.<#g#e#i.> 

,CASIMIR DUTIFULLY DOL$ \T GOV]NOR%IPS & O!R PRIZE (FICES TO HIS FA!R'S CR$ITORS4 ,HE TRI$ TO GET HIS H\SE 9 ORD]1 BUT ?IS PROV$ SURPRIS+LY DIFFICULT4 ,HIS 5?USIA/IC EMBRACE ( ,LU!R'S RE=MS 9 #aeba CLE>LY HAD AS MU* TO DO ) ! PROSPECT ( GETT+ HIS H&S ON ,*UR* L&S & MONA/IC ASSETS ?AN ) ANY P>TICUL> RELIGI\S F]VOR4 ,YET AT FIR/1 ! DISPOSITION ( ,*UR* PROP]TY REMA9$ MOOT1 & ,CASIMIR HIMSELF COMP\ND$ HIS PROBLEMS BY RUNN+ UP GAMBL+ DEBTS ( HIS [N SAID TO HAVE AM\NT$ TO NE>LY #e1 GUILD]S4.<#g#f.> 

,PLAC+ HIS CR$ITORS 9 *>GE ( ! CIVIL ADM9I/RATION HAD PR$ICTABLE EFFECTS3 9CREAS+ EXACTIONS ON HIS SUBJECTS1 MANY ( :OM BECAME HOPELESSLY 9DEBT$ !MSELVES4 ,UNSURPRIS+LY1 ,CASIMIR'S L&S 9 ! ,TAUB] ,VALLEY 9 ,FRANCONIA BECAME ONE ( ! EPIC5T]S ( ! REVOLT ( #a#e#b#e4 ,B&S ( >M$ VILLAG]S ASSEMBL$1 DECL>+ !Y W\LD OBEY NO LAW ?AT DID NOT ACCORD ) 0! HOLY WORD ( ,GOD40 ,AT FIR/1 ! NOBLES1 ISOLAT$ 9 !IR SCATT]$ CA/LES1 (F]$ LITTLE RESI/ANCE4 ,! REBEL LEAD]S--MANY ( !M LOCAL %OPKEEP]S1 BUT*]S1 & O!R PROM95T M5 FROM NE>BY T[NS--BEGAN ) A L>GELY ORD]LY CAMPAIGN ( TE>+ D[N CA/LE =TIFICATIONS1 !IR KNI<TLY OCCUPANTS BE+ (F]$ GU>ANTEES ( SAFETY IF !Y COOP]AT$1 AGRE$ TO AB&ON !IR FEUDAL PRIVILEGES1 & SWORE OA?S TO ABIDE BY ! REBELS' ,TWELVE ,>TICLES4 ,MANY COMPLI$4 ,! REAL V5OM ( ! REBELS WAS RES]V$ = CA!DRALS & MONA/]IES1 DOZ5S ( :I* W]E SACK$1 PILLAG$1 & DE/ROY$4 

,CASIMIR'S REACTION WAS TO H$GE HIS BETS4 ,AT FIR/ HE BID$ HIS TIME1 ASSEMBL+ AN >M$ =CE ( AB\T TWO ?\S& EXP]I5C$ SOLDI]S1 BUT REFUS+ TO 9T]V5E AS REBELS PILLAG$ SEV]AL NE>BY MONA/]IES2 9 FACT1 NEGOTIAT+ ) ! V>I\S REBEL B&S 9 SU* APP>5T GOOD FAI? ?AT MANY BELIEV$ HE WAS PREP>+ TO JO9 !M 0AS A ,*RI/IAN BRO!R40.<#g#f#a.> ,9 ,MAY1 H[EV]1 AFT] ! KNI<TS ( ! ,SWABIAN ,LEAGUE DEFEAT$ ! REBELS ( ! ,*RI/IAN ,UNION TO ! S\?1 ,CASIMIR SWUNG 9TO ACTION1 HIS =CES BRU%+ ASIDE POORLY DISCIPL9$ REBEL B&S TO SWEEP ?R\< HIS [N T]RITORIES LIKE A CONQU]+ >MY1 BURN+ & PILLAG+ VILLAGES & T[NS1 SLAU<T]+ WOM5 & *ILDR54 ,9 EV]Y T[N HE SET UP PUNITIVE TRIBUNALS1 & SEIZ$ ALL LOOT$ PROP]TY1 :I* HE KEPT1 EV5 AS HIS M5 ALSO EXPROPRIAT$ ANY WEAL? /ILL TO BE F\ND 9 ! REGION'S CA!DRALS1 O/5SIBLY AS EM]G5CY LOANS TO PAY HIS TROOPS4 

,IT SEEMS SIGNIFICANT ?AT ,CASIMIR WAS1 ( ALL ! ,G]MAN PR9CES1 BO? ! LONGE/ TO WAV] BE=E 9T]V5+1 & ! MO/ SAVAGELY V5GEFUL ONCE HE DID4 ,HIS =CES BECAME NOTORI\S NOT ONLY = EXECUT+ ACCUS$ REBELS1 BUT SY/EMATICALLY *OPP+ (F ! F+]S ( ACCUS$ COLLABORATORS1 HIS EXECUTION] KEEP+ A GRIM L$G] ( AMPUTAT$ BODY P>TS = LAT] REIMBURSEM5T--A K9D ( C>NAL 9V]SION ( ! ACC\NT L$G]S ?AT HAD CAUS$ HIM SO MU* TR\BLE 9 HIS LIFE4 ,AT ONE PO9T1 9 ! T[N ( ,KITZ+51 ,CASIMIR ORD]$ ! G\G+ \T ( ! EYES ( FIFTY-EI<T BUR<]S :O HAD1 HE DECL>$1 0REFUS$ TO LOOK AT HIM AS !IR LORD40 ,AFT]W>DS HE RECEIV$ ! FOLL[+ BILL3.<#g#f#b.>  
 #h BEHEAD$     #fi EYES PUT \T OR F+]S CUT (F   #aad #a_/#b  FL4   FROM ?IS TO D$UCT     ,RECEIV$ FROM ! ,RO!NBURG]S   #a FL4   ,RECEIV$ FROM ,LUDWIG VON ,HUTT5   #b FL4   ,REMA9D]     ,PLUS #b MON?S' PAY AT #h FL4 P] MON?   #af FL4   ,TOTAL   #aah #a_/#b  FL4   

.<,SIGN$.> ,AUGU/91 ! EXECUTION]1 :O ! ,KITZ+]S CALL 0,MA/] ,\*40 

,! REPRESSION EV5TUALLY 9SPIR$ ,CASIMIR'S BRO!R ,GEORG 7LAT] KN[N AS 0! ,PI\S07 TO WRITE A LETT] ASK+ HIM IF ,CASIMIR WAS 9T5D+ TO TAKE UP A TRADE--S9CE1 AS ,GEORG G5TLY REM9D$ HIM1 HE C\LD NOT V]Y WELL CONT9UE TO BE A FEUDAL OV]LORD IF HIS PEASANTS W]E ALL DEAD4.<#g#f#c.> 

,) SU* ?+S HAPP5+1 IT IS H>DLY SURPRIS+ ?AT M5 LIKE ,?OMAS ,HOBBES CAME TO IMAG9E ! BASIC NATURE ( SOCIETY AS A W> ( ALL AGA9/ ALL1 FROM :I* ONLY ! ABSOLUTE P[] ( MON>*S C\LD SAVE US4 ,AT ! SAME TIME1 ,CASIMIR'S BEHAVIOR--COMB9+ AS IT DOES A G5]AL ATTITUDE ( UNPR9CIPL$1 COLD-BLOOD$ CALCULATION ) \TBUR/S ( ALMO/ 9EXPLICABLY V9DICTIVE CRUELTY--SEEMS1 LIKE ?AT ( ,CORTES'S ANGRY FOOT SOLDI]S :5 UNLEA%$ ON ! ,AZTEC PROV9CES1 TO EMBODY SOME?+ ESS5TIAL AB\T ! PSY*OLOGY ( DEBT4 ,OR1 MORE PRECISELY1 P]HAPS1 AB\T ! DEBTOR :O FEELS HE HAS DONE NO?+ TO DES]VE BE+ PLAC$ 9 HIS POSITION3 ! FRANTIC URG5CY ( HAV+ TO CONV]T EV]Y?+ >\ND ONESELF 9TO MONEY1 & RAGE & 9DIGNATION AT HAV+ BE5 R$UC$ TO ! SORT ( P]SON :O W\LD DO SO4 

,P>T ,I,I3 ,! ,WORLD ( ,CR$IT & ! ,WORLD ( ,9T]E/ 

  
  

,( ALL ! BE+S ?AT HAVE EXI/5CE ONLY 9 ! M9DS ( M51 NO?+ IS MORE FANTA/ICAL & NICE ?AN ,CR$IT2 IT IS NEV] TO BE =C$2 IT HANGS UPON OP9ION2 IT DEP5DS UPON \R PASSIONS ( HOPE & FE>2 IT COMES MANY TIMES UNS\<T-=1 & (T5 GOES AWAY )\T REASON2 & ONCE LO/1 IT IS H>DLY TO BE QUITE RECOV]$4  
  
  

--,*>LES ,DAV5ANT1 #afif  
  
  

,HE ?AT HAS LO/ HIS CR$IT IS DEAD TO ! WORLD4  
  
  

--,5GLI% & ,G]MAN ,PROV]B  
  

,! PEASANTS' VISIONS ( COMMUNI/IC BRO!RHOOD DID NOT COME \T ( NO:]E4 ,!Y W]E ROOT$ 9 REAL DAILY EXP]I5CE3 ( ! MA9T5ANCE ( COMMON FIELDS & =E/S1 ( EV]YDAY COOP]ATION & NEI<BORLY SOLID>ITY4 ,IT IS \T ( SU* HOMELY EXP]I5CE ( EV]YDAY COMMUNISM ?AT GR& MY?IC VISIONS >E ALWAYS BUILT4.<#g#f#d.> ,OBVI\SLY1 RURAL COMMUNITIES W]E ALSO DIVID$1 SQUABBL+ PLACES1 S9CE COMMUNITIES ALWAYS >E--BUT 9S(> AS !Y >E COMMUNITIES AT ALL1 !Y >E NECESS>ILY F\ND$ ON A GR\ND ( MUTUAL AID4 ,! SAME1 9CID5TALLY1 CAN BE SAID ( MEMB]S ( ! >I/OCRACY1 :O MI<T HAVE F\<T 5DLESSLY OV] LOVE1 L&1 HONOR1 & RELIGION1 BUT NONE!LESS /ILL COOP]AT$ REM>KABLY WELL ) ONE ANO!R :5 IT REALLY MATT]$ 7MO/ ( ALL1 :5 !IR POSITION AS >I/OCRATS WAS ?REAT5$72 JU/ AS ! M]*ANTS & BANK]S1 MU* AS !Y COMPET$ ) ONE ANO!R1 MANAG$ TO CLOSE RANKS :5 IT REALLY MATT]$4 ,?IS IS :AT ,I REF] TO AS ! 0COMMUNISM ( ! RI*10 & IT IS A P[]FUL =CE 9 HUMAN HI/ORY4.<#g#f#e.> 

,! SAME1 AS WE'VE SE5 REPEAT$LY1 APPLIES TO CR$IT4 ,!RE >E ALWAYS DIFF]5T /&>DS = ?OSE ONE CONSID]S FRI5DS OR NEI<BORS4 ,! 9EXORABLE NATURE ( 9T]E/-BE>+ DEBT1 & ! ALT]NATELY SAVAGE & CALCULAT+ BEHAVIOR ( ?OSE 5SLAV$ TO IT1 >E TYPICAL ABOVE ALL ( DEAL+S BETWE5 /RANG]S3 IT'S UNLIKELY ?AT ,CASIMIR FELT MU* MORE K9%IP ) HIS PEASANTS ?AN ,CORTES DID ) ! ,AZTECS 79 FACT1 MO/ LIKELY LESS1 S9CE ,AZTEC W>RIORS W]E AT LEA/ >I/OCRATS74 ,9SIDE ! SMALL T[NS & RURAL HAMLETS1 :]E ! /ATE WAS MO/LY F> AWAY1 ,M$IEVAL /&>DS SURVIV$ 9TACT1 & 0CR$IT0 WAS JU/ AS MU* A MATT] ( HONOR & REPUTATION AS IT HAD EV] BE54 ,! GREAT UNTOLD /ORY ( \R CURR5T AGE IS ( H[ !SE ANCI5T CR$IT SY/EMS W]E ULTIMATELY DE/ROY$4 

,REC5T HI/ORICAL RESE>*1 NOTABLY ?AT ( ,CRAIG ,MULDREW1 :O HAS SIFT$ ?R\< ?\S&S ( 9V5TORIES & C\RT CASES FROM SIXTE5?- & SEV5TE5?-C5TURY ,5GL&1 HAS CAUS$ US TO REVISE ALMO/ ALL \R OLD ASSUMPTIONS AB\T :AT EV]YDAY ECONOMIC LIFE AT ?AT TIME WAS LIKE4 ,( C\RSE1 V]Y LITTLE ( ! ,AM]ICAN GOLD & SILV] ?AT REA*$ ,EUROPE ACTUALLY 5D$ UP 9 ! POCKETS ( ORD9>Y F>M]S1 M]C]S1 OR HAB]DA%]S4.<#g#f#f.> ,! LION'S %>E /AY$ 9 ! C(F]S ( EI!R ! >I/OCRACY OR ! GREAT ,LONDON M]*ANTS1 OR ELSE 9 ! ROYAL TREASURY4.<#g#f#g.> ,SMALL *ANGE WAS ALMO/ NONEXI/5T4 ,AS ,I'VE ALREADY PO9T$ \T1 9 ! POOR] NEI<BORHOODS ( CITIES OR L>GE T[NS1 %OPKEEP]S W\LD ISSUE !IR [N LEAD1 LEA!R1 OR WOOD5 TOK5 MONEY2 9 ! SIXTE5? C5TURY ?IS BECAME SOME?+ ( A FAD1 ) >TISANS & EV5 POOR WID[S PRODUC+ !IR [N CURR5CY AS A WAY TO MAKE 5DS MEET4.<#g#f#h.> ,ELSE:]E1 ?OSE FREQU5T+ ! LOCAL BUT*]1 BAK]1 OR %OEMAK] W\LD SIMPLY PUT ?+S ON ! TAB4 ,! SAME WAS TRUE ( ?OSE ATT5D+ WEEKLY M>KETS1 OR SELL+ NEI<BORS MILK OR *EESE OR C&LE-WAX4 ,9 A TYPICAL VILLAGE1 ! ONLY PEOPLE LIKELY TO PAY CA% W]E PASS+ TRAVEL]S1 & ?OSE CONSID]$ RIFF-RAFF3 PAUP]S & NE']-DO-WELLS SO NOTORI\SLY D[N ON !IR LUCK ?AT NO ONE W\LD EXT5D CR$IT TO !M4 ,S9CE EV]YONE WAS 9VOLV$ 9 SELL+ SOME?+1 H[EV] JU/ AB\T EV]YONE WAS BO? CR$ITOR & DEBTOR2 MO/ FAMILY 9COME TOOK ! =M ( PROMISES FROM O!R FAMILIES2 EV]YONE KNEW & KEPT C\NT ( :AT !IR NEI<BORS [$ ONE ANO!R2 & EV]Y SIX MON?S OR YE> OR SO1 COMMUNITIES W\LD HELD A G5]AL PUBLIC 0RECKON+10 CANCEL+ DEBTS \T AGA9/ EA* O!R 9 A GREAT CIRCLE1 ) ONLY ?OSE DIFF]5CES !N REMA9+ :5 ALL WAS DONE BE+ SETTL$ BY USE ( CO9 OR GOODS4.<#g#f#i.> 

,! REASON ?AT ?IS UP5DS \R ASSUMPTIONS IS ?AT WE'RE US$ TO BLAM+ ! RISE ( CAPITALISM ON SOME?+ VAGUELY CALL$ 0! M>KET0--! BREAKUP ( OLD] SY/EMS ( MUTUAL AID & SOLID>ITY1 & ! CREATION ( A WORLD ( COLD CALCULATION1 :]E EV]Y?+ HAD ITS PRICE4 ,REALLY1 ,5GLI% VILLAG]S APPE> TO HAVE SE5 NO CONTRADICTION BETWE5 ! TWO4 ,ON ! ONE H&1 !Y BELIEV$ /RONGLY 9 ! COLLECTIVE /EW>D%IP ( FIELDS1 /REAMS1 & =E/S1 & ! NE$ TO HELP NEI<BORS 9 DIFFICULTY4 ,ON ! O!R H&1 M>KETS W]E SE5 AS A K9D ( ATT5UAT$ V]SION ( ! SAME PR9CIPLE1 S9CE !Y W]E 5TIRELY F\ND$ ON TRU/4 ,MU* LIKE ! ,TIV WOM5 ) !IR GIFTS ( YAMS & OKRA1 NEI<BORS ASSUM$ !Y \<T TO BE CON/ANTLY SLI<TLY 9 DEBT TO ONE ANO!R4 ,AT ! SAME TIME1 MO/ SEEM TO HAVE BE5 QUITE COM=TABLE ) ! IDEA ( BUY+ & SELL+1 OR EV5 ) M>KET FLUCTUATIONS1 PROVID$ IT DIDN'T GET TO ! PO9T ( ?REAT5+ HONE/ FAMILIES' LIVELIHOODS4.<#g#g.> ,EV5 :5 LOANS AT 9T]E/ BEGAN TO BE LEGALIZ$ 9 #a#e#d#e1 ?AT DID NOT RUFFLE TOO MANY FEA!RS1 AS LONG AS IT TOOK PLACE )9 ?AT SAME L>G] MORAL FRAMEWORK3 L5D+ WAS CONSID]$ AN APPROPRIATE VOCATION1 = EXAMPLE1 = WID[S ) NO O!R S\RCE ( 9COME1 OR AS A WAY = NEI<BORS TO %>E 9 ! PR(ITS FROM SOME M9OR COMM]CIAL V5TURE4 ,WILLIAM ,/\T1 A ,QUAK] M]*ANT FROM ,LANCA%IRE1 SPOKE GL[+LY ( ,H5RY ,C[>D1 ! TRADESMAN 9 :OSE %OP HE FIR/ APPR5TIC$3 

,MY MA/] !N HAD A FULL TRADE ( GROC]IES1 IRONMONG]W>E1 & SEV]AL O!R GOODS1 & V]Y MU* RESPECT$ & TRU/$1 NOT ONLY BY ! PEOPLE ( HIS [N RELIGI\S PR(ESSION1 BUT BY ALL O!RS ( ALL PR(ESSIONS & CIRCUM/ANCES 444 ,HIS CR$IT WAS SO MU*1 ?AT ANY :O HAD MONEY TO DISPOSE ( LODG$ IT ) HIM TO PUT \T TO 9T]E/ OR TO MAKE USE ( IT4.<#g#g#a.> 

,9 ?IS WORLD1 TRU/ WAS EV]Y?+4 ,MO/ MONEY LIT]ALLY WAS TRU/1 S9CE MO/ CR$IT >RANGEM5TS W]E H&%AKE DEALS4 ,:5 PEOPLE US$ ! WORD 0CR$IT10 !Y REF]R$ ABOVE ALL TO A REPUTATION = HONE/Y & 9TEGRITY2 & A MAN OR WOMAN'S HONOR1 VIRTUE1 & RESPECTABILITY1 BUT ALSO1 REPUTATION = G5]OSITY1 DEC5CY1 & GOOD-NATUR$ SOCIABILITY1 W]E AT LEA/ AS IMPORTANT CONSID]ATIONS :5 DECID+ :E!R TO MAKE A LOAN AS W]E ASSESSM5TS ( NET 9COME4.<#g#g#b.> ,AS A RESULT1 F9ANCIAL T]MS BECAME 9DI/+UI%ABLE FROM MORAL ONES4 ,ONE C\LD SPEAK ( O!RS AS 0WOR?IES10 AS 0A WOMAN ( HI< E/IMATION0 OR 0A MAN ( NO ACC\NT10 & EQUALLY ( 0GIV+ CR$IT0 TO SOMEONE'S WORDS :5 ONE BELIEVES :AT !Y SAY 70CR$IT0 IS FROM ! SAME ROOT AS 0CRE$0 OR 0CR$IBILITY071 OR ( 0EXT5D+ CR$IT0 TO !M1 :5 ONE TAKES !M AT !IR WORD ?AT !Y WILL PAY ONE BACK4 

,ONE %\LD NOT IDEALIZE ! SITUATION4 ,?IS WAS A HI<LY PATRI>*AL WORLD3 A MAN'S WIFE OR DAU<T]'S REPUTATION = *A/ITY WAS AS MU* A P>T ( HIS 0CR$IT0 AS HIS [N REPUTATION = K9DNESS OR PIETY4 ,:AT'S MORE1 ALMO/ ALL PEOPLE BEL[ ! AGE ( #c1 MALE OR FEMALE1 W]E EMPLOY$ AS S]VANTS 9 SOMEONE ELSE'S H\SEHOLD--AS F>MH&S1 MILKMAIDS1 APPR5TICES--& AS SU*1 W]E ( 0NO ACC\NT0 AT ALL4.<#g#g#c.> ,F9ALLY1 ?OSE :O LO/ CR$IBILITY 9 ! EYES ( ! COMMUNITY BECAME1 EFFECTIVELY1 P>IAHS1 & DESC5D$ 9TO ! CRIM9AL OR SEMI-CRIM9AL CLASSES ( ROOTLESS LABOR]S1 BEGG>S1 H>LOTS1 CUTPURSES1 HAWK]S1 P$DL]S1 =TUNE-TELL]S1 M9/RELS1 & O!R SU* 0MA/]LESS M50 OR 0WOM5 ( ILL REPUTE40.<#g#g#d.> 

,COLD CA% WAS EMPLOY$ L>GELY BETWE5 /RANG]S1 OR :5 PAY+ R5TS1 TI!S1 & TAXES TO L&LORDS1 BAILIFFS1 PRIE/S1 & O!R SUP]IORS4 ,! L&$ G5TRY & WEAL?Y M]*ANTS1 :O ES*EW$ H&%AKE DEALS1 W\LD (T5 USE CA% ) ONE ANO!R1 ESPECIALLY TO PAY (F BILLS ( EX*ANGE DRAWN ON ,LONDON M>KETS4.<#g#g#e.> ,ABOVE ALL1 GOLD & SILV] W]E US$ BY ! GOV]NM5T TO PUR*ASE >MS & PAY SOLDI]S1 & AMONG ! CRIM9AL CLASSES !MSELVES4 ,?IS MEANT ?AT CO9S W]E MO/ LIKELY TO BE US$ BO? BY ! SORT ( PEOPLE :O RAN ! LEGAL SY/EM--! MAGI/RATES1 CON/ABLES1 & JU/ICES ( ! PEACE--& BY ?OSE VIOL5T ELEM5TS ( SOCIETY !Y SAW IT AS !IR BUS9ESS TO CONTROL4 

,OV] TIME1 ?IS L$ TO AN 9CREAS+ DISJUNCTURE ( MORAL UNIV]SES4 ,= MO/1 :O TRI$ TO AVOID 5TANGLEM5T 9 ! LEGAL SY/EM JU/ AS MU* AS !Y TRI$ TO AVOID ! AFFAIRS ( SOLDI]S & CRIM9ALS1 DEBT REMA9$ ! V]Y FABRIC ( SOCIABILITY4 ,BUT ?OSE :O SP5T !IR WORK+ LIVES )9 ! HALLS ( GOV]NM5T & GREAT COMM]CIAL H\SES GRADUALLY BEGAN TO DEVELOP A V]Y DIFF]5T P]SPECTIVE1 :]EBY CA% EX*ANGE WAS NORMAL & IT WAS DEBT ?AT CAME TO BE SE5 AS T+$ ) CRIM9ALITY4 

,EA* P]SPECTIVE TURN$ ON A C]TA9 TACIT !ORY ( ! NATURE ( SOCIETY4 ,= MO/ ,5GLI% VILLAG]S1 ! REAL FONT & FOCUS ( SOCIAL & MORAL LIFE WAS NOT SO MU* ! *UR* AS ! LOCAL ALE-H\SE--& COMMUNITY WAS EMBODI$ ABOVE ALL 9 ! CONVIVIALITY ( POPUL> FE/IVALS LIKE ,*RI/MAS OR ,MAY ,DAY1 ) EV]Y?+ ?AT SU* CELEBRATIONS 5TAIL$3 ! %>+ ( PLEASURES1 ! COMMUNION ( ! S5SES1 ALL ! PHYSICAL EMBODIM5T ( :AT WAS CALL$ 0GOOD NEI<BORHOOD40 ,SOCIETY WAS ROOT$ ABOVE 9 ! 0LOVE & AMITY0 ( FRI5DS & K91 & IT F\ND EXPRESSION 9 ALL ?OSE =MS ( EV]YDAY COMMUNISM 7HELP+ NEI<BORS ) *ORES1 PROVID+ MILK OR *EESE = OLD WID[S7 ?AT W]E SE5 TO FL[ FROM IT4 ,M>KETS W]E NOT SE5 AS CONTRADICT+ ?IS E?OS ( MUTUAL AID4 ,IT WAS1 MU* AS IT WAS = ,TUSI1 AN EXT5SION ( MUTUAL AID--& = MU* ! SAME REASON3 BECAUSE IT OP]AT$ 5TIRELY ?R\< TRU/ & CR$IT4.<#g#g#f.> 

,5GL& MI<T NOT HAVE PRODUC$ A GREAT !ORI/ LIKE ,TUSI1 BUT ONE CAN F9D ! SAME ASSUMPTIONS E*O$ 9 MO/ ( ! ,S*OLA/IC WRIT]S1 AS = 9/ANCE 9 ,JEAN ,BOD9'S ,DE ,REPUBLICA1 WIDELY CIRCULAT$ 9 ,5GLI% TRANSLATION AFT] #a#f#e4 0,AMITY & FRI5D%IP10 ,BOD9 WROTE1 0>E ! F\NDATION ( ALL HUMAN & CIVIL SOCIETY0--!Y CON/ITUTE ?AT 0TRUE1 NATURAL JU/ICE0 ON :I* ! :OLE LEGAL /RUCTURE ( CONTRACTS1 C\RTS1 & EV5 GOV]NM5T MU/ NECESS>ILY BE BUILT4.<#g#g#g.> ,SIMIL>LY1 :5 ECONOMIC ?9K]S REFLECT$ ON ! ORIG9S ( ! MONEY1 !Y SPOKE ( 0TRU/+1 EX*ANG+1 & TRAD+40.<#g#g#h.> ,IT WAS SIMPLY ASSUM$ ?AT HUMAN RELATIONS CAME FIR/4 

,AS A RESULT1 ALL MORAL RELATIONS CAME TO BE CONCEIV$ AS DEBTS4 0,=GIVE US \R DEBTS0--?IS WAS ! P]IOD1 ! V]Y 5D ( ! ,MIDDLE ,AGES1 ?AT ?IS TRANSLATION ( ! ,LORD'S ,PRAY] GA9$ SU* UNIV]SAL POPUL>ITY4 ,S9S >E DEBTS TO ,GOD3 UNAVOIDABLE1 BUT P]HAPS MANAGEABLE1 S9CE AT ! 5D ( TIME \R MORAL DEBTS & CR$ITS WILL BE ALL CANCEL$ \T AGA9/ EA* O!R 9 ,GOD'S F9AL ,RECKON+4 ,! NOTION ( DEBT 9S]T$ ITSELF 9TO EV5 ! MO/ 9TIMATE ( HUMAN RELATIONS4 ,LIKE ! ,TIV1 ,M$IEVAL VILLAG]S W\LD SOMETIMES REF] TO 0FLE% DEBTS10 BUT ! NOTION WAS COMPLETELY DIFF]5T3 IT REF]R$ TO ! RI<T ( EI!R P>TN] 9 A M>RIAGE TO DEM& SEX FROM ! O!R1 :I* 9 PR9CIPLE EI!R C\LD DO :5EV] HE OR %E DESIR$4 ,! PHRASE 0PAY+ ONE'S DEBTS0 ?US DEVELOP$ CONNOTATIONS1 MU* AS ! ,ROMAN PHRASE 0DO+ ONE'S DUTY0 HAD1 C5TURIES BE=E4 ,GE(FREY ,*AUC] EV5 MAKES A PUN \T ( 0TALLY0 7,FR5*3 TAILLE7 & 0TAIL0 9 ! ,%IPMAN'S ,TALE1 A /ORY AB\T A WOMAN :O PAYS H] HUSB&'S DEBTS ) SEXUAL FAVORS3 0& IF SO ,I BE FAILLE1 ,I AM Y\RE WYF1 SCORE IT UPON MY TAILLE40.<#g#g#i.> 

,EV5 ,LONDON M]*ANTS W\LD OCCASIONALLY APPEAL TO ! LANGUAGE ( SOCIABILITY1 9SI/+ ?AT 9 ! F9AL ANALYSIS1 ALL TRADE IS BUILT ON CR$IT1 & CR$IT IS REALLY JU/ AN EXT5SION ( MUTUAL AID4 ,9 #a#f#i#f1 = 9/ANCE1 ,*>LES ,DAV5ANT WROTE ?AT EV5 IF !RE W]E A G5]AL COLLAPSE ( CONFID5CE 9 ! CR$IT SY/EM1 IT C\LD NOT LA/ LONG1 BECAUSE EV5TUALLY1 :5 PEOPLE REFLECT$ ON ! MATT] & REALIZ$ ?AT CR$IT IS SIMPLY AN EXT5SION ( HUMAN SOCIETY1 

,!Y WILL F9D1 ?AT NO TRAD+ NATION EV] DID SUBSI/1 & C>RY ON ITS BUS9ESS BY REAL /OCK .<?AT IS1 JU/ CO9 & M]*&ISE.>2 ?AT TRU/ & CONFID5CE 9 EA* O!R1 >E AS NECESS>Y TO L9K & HOLD A PEOPLE TOGE!R1 AS OB$I5CE1 LOVE1 FRI5D%IP1 OR ! 9T]C\RSE ( SPEE*4 ,& :5 EXP]I5CE HAS TAU<T MAN H[ WEAK HE IS1 DEP5D+ ONLY ON HIMSELF1 HE WILL BE WILL+ TO HELP O!RS1 & CALL UPON ! ASSI/ANCE ( HIS NEI<BORS1 :I* ( C\RSE1 BY DEGREES1 MU/ SET CR$IT AGA9 AFLOAT4.<#g#h.> 

,DAV5ANT WAS AN UNUSUAL M]*ANT 7HIS FA!R WAS A POET74 ,MORE TYPICAL ( HIS CLASS W]E M5 LIKE ,?OMAS ,HOBBES1 :OSE ,LEVIA?AN1 PUBLI%$ 9 #a#f#e#a1 WAS 9 MANY WAYS AN EXT5D$ ATTACK ON ! V]Y IDEA ?AT SOCIETY IS BUILT ON ANY SORT ( PRIOR TIES ( COMMUNAL SOLID>ITY4 

,HOBBES MI<T BE CONSID]$ ! OP5+ SALVO ( ! NEW MORAL P]SPECTIVE1 & IT WAS A DEVA/AT+ ONE4 ,:5 ,LEVIA?AN CAME \T1 IT'S NOT CLE> :AT SC&ALIZ$ ITS READ]S MORE3 ITS REL5TLESS MAT]IALISM 7,HOBBES 9SI/$ ?AT HUMANS W]E BASICALLY MA*9ES :OSE ACTIONS C\LD BE UND]/OOD BY ONE S+LE PR9CIPLE3 ?AT !Y T5D$ TO MOVE T[>D ! PROSPECT ( PLEASURE & AWAY FROM ! PROSPECT ( PA971 OR ITS RESULTANT CYNICISM 7IF LOVE1 AMITY1 & TRU/ >E SU* P[]FUL =CES1 ,HOBBES ASK$1 :Y IS IT ?AT EV5 )9 \R FAMILIES1 WE LOCK \R MO/ VALUABLE POSSESSIONS 9 /RONGBOXES87 ,/ILL1 ,HOBBES' ULTIMATE >GUM5T--?AT HUMANS1 BE+ DRIV5 BY SELF-9T]E/1 CANNOT BE TRU/$ TO TREAT EA* O!R JU/LY ( !IR [N ACCORD1 & !RE=E ?AT SOCIETY ONLY EM]GES :5 !Y COME TO REALIZE ?AT IT IS TO !IR LONG-T]M ADVANTAGE TO GIVE UP A PORTION ( !IR LIB]TIES & ACCEPT ! ABSOLUTE P[] ( ! ,K+--DIFF]$ LITTLE FROM >GUM5TS ?AT !OLOGIANS LIKE ,M>T9 ,LU!R HAD BE5 MAK+ A C5TURY E>LI]4 ,HOBBES SIMPLY SUB/ITUT$ SCI5TIFIC LANGUAGE = BIBLICAL REF]5CES4.<#g#h#a.> 

,I WANT TO DRAW P>TICUL> ATT5TION TO ! UND]LY+ NOTION ( 0SELF-9T]E/40.<#g#h#b.> ,IT IS 9 A REAL S5SE ! KEY TO ! NEW PHILOSOPHY4 ,! T]M FIR/ APPE>S 9 ,5GLI% RI<T >\ND ,HOBBES' TIME1 & IT IS1 9DE$1 DIRECTLY BORR[$ FROM 9T]ESSE1 ! ,ROMAN LAW T]M = 9T]E/ PAYM5TS4 ,:5 IT WAS FIR/ 9TRODUC$1 MO/ ,5GLI% AU?ORS SEEM$ TO VIEW ! IDEA ?AT ALL HUMAN LIFE CAN BE EXPLA9$ AS ! PURSUIT ( SELF-9T]E/ AS A CYNICAL1 =EIGN1 ,MA*IAVELLIAN IDEA1 ONE ?AT SAT UNCOM=TABLY ) TRADITIONAL ,5GLI% MORES4 ,BY ! EI<TE5? C5TURY1 MO/ 9 $UCAT$ SOCIETY ACCEPT$ IT AS SIMPLE COMMON S5SE4 

,BUT :Y 09T]E/08 ,:Y MAKE A G5]AL !ORY ( HUMAN MOTIVATION \T ( A WORD ?AT ORIG9ALLY MEANT 0P5ALTY = LATE PAYM5T ON A LOAN08 

,P>T ( ! T]M'S APPEAL WAS ?AT IT D]IV$ FROM BOOKKEEP+4 ,IT WAS MA!MATICAL4 ,?IS MADE IT SEEM OBJECTIVE1 EV5 SCI5TIFIC4 ,SAY+ WE >E ALL REALLY PURSU+ \R [N SELF-9T]E/ PROVIDES A WAY TO CUT PA/ ! WELT] ( PASSIONS & EMOTIONS ?AT SEEM TO GOV]N \R DAILY EXI/5CE1 & TO MOTIVATE MO/ ( :AT WE ACTUALLY OBS]VE PEOPLE TO DO 7NOT ONLY \T ( LOVE & AMITY1 BUT ALSO 5VY1 SPITE1 DEVOTION1 PITY1 LU/1 EMB>RASSM5T1 TORPOR1 9DIGNATION1 & PRIDE7 & DISCOV] ?AT1 DESPITE ALL ?IS1 MO/ REALLY IMPORTANT DECISIONS >E BAS$ ON ! RATIONAL CALCULATION ( MAT]IAL ADVANTAGE--:I* MEANS ?AT !Y >E FAIRLY PR$ICTABLE AS WELL4 0,JU/ AS ! PHYSICAL WORLD IS RUL$ BY ! LAWS ( MOVEM5T10 WROTE ,HELVETIUS1 9 A PASSAGE REM9ISC5T ( ,LORD ,%ANG1 0NO LESS IS ! MORAL UNIV]SE RUL$ BY LAWS ( 9T]E/40.<#g#h#c.> ,& ( C\RSE IT WAS ON ?IS ASSUMPTION ?AT ALL ! QUADRATIC EQUATIONS ( ECONOMIC !ORY C\LD ULTIMATELY BE BUILT4.<#g#h#d.> 

,! PROBLEM IS ?AT ! ORIG9 ( ! CONCEPT IS NOT RATIONAL AT ALL4 ,ITS ROOTS >E !OLOGICAL1 & ! !OLOGICAL ASSUMPTIONS UND]P9N+ IT NEV] REALLY W5T AWAY4 0,SELF-9T]E/0 IS FIR/ ATTE/$ TO 9 ! WRIT+S ( ! ,ITALIAN HI/ORIAN ,FRANCESCO ,GUICCIAD9I 7:O WAS1 9 FACT1 A FRI5D ( ,MA*IAVELLI71 >\ND #a#e#a1 AS A EUPHEMISM = ,/4 ,AUGU/9E'S CONCEPT ( 0SELF-LOVE40 ,= ,AUGU/9E1 ! 0LOVE ( ,GOD0 LEADS US TO B5EVOL5CE T[>D \R FELL[S2 SELF-LOVE1 9 CONTRA/1 REF]S TO ! FACT ?AT1 S9CE ! ,FALL ( ,MAN1 WE >E CURS$ BY 5DLESS1 9SATIABLE DESIRES = SELF-GRATIFICATION--SO MU* SO ?AT1 IF LEFT TO \R [N DEVICES1 WE WILL NECESS>ILY FALL 9TO UNIV]SAL COMPETITION1 EV5 W>4 ,SUB/ITUT+ 09T]E/0 = 0LOVE0 MU/ HAVE SEEM$ AN OBVI\S MOVE1 S9CE ! ASSUMPTION ?AT LOVE IS ! PRIM>Y EMOTION WAS PRECISELY :AT AU?ORS LIKE ,GUICCIAD9I W]E TRY+ TO GET AWAY FROM4 ,BUT IT KEPT ?AT SAME ASSUMPTION ( 9SATIABLE DESIRES UND] ! GUISE ( IMP]SONAL MA?1 S9CE :AT IS 09T]E/0 BUT ! DEM& ?AT MONEY NEV] CEASE TO GR[8 ,! SAME WAS TRUE :5 IT BECAME ! T]M = 9VE/M5TS--0,I HAVE A TWELVE-P]C5T 9T]E/ 9 ?AT V5TURE0--IT IS MONEY PLAC$ 9 ! CONT9UAL PURSUIT ( PR(IT4.<#g#h#e.> ,! V]Y IDEA ?AT HUMAN BE+S >E MOTIVAT$ PRIM>ILY BY 0SELF-9T]E/10 !N1 WAS ROOT$ 9 ! PR(\NDLY ,*RI/IAN ASSUMPTION ?AT WE >E ALL 9CORRIGIBLE S9N]S2 LEFT TO \R [N DEVICES1 WE WILL NOT SIMPLY PURSUE A C]TA9 LEVEL ( COM=T & HAPP9ESS & !N /OP TO 5JOY IT2 WE WILL NEV] CA% 9 ! *IPS1 LIKE ,S9DBAD1 LET ALONE QUE/ION :Y WE NE$ TO BUY *IPS TO BEG9 )4 ,& AS ,AUGU/9E ALREADY ANTICIPAT$1 9F9ITE DESIRES 9 A F9ITE WORLD MEANS 5DLESS COMPETITION1 :I* 9 TURN IS :Y1 AS ,HOBBES 9SI/$1 \R ONLY HOPE ( SOCIAL PEACE LIES 9 CONTRACTUAL >RANGEM5TS & /RICT 5=CEM5T BY ! APP>ATUS ( ! /ATE4 

,! /ORY ( ! ORIG9S ( CAPITALISM1 !N1 IS NOT ! /ORY ( ! GRADUAL DE/RUCTION ( TRADITIONAL COMMUNITIES BY ! IMP]SONAL P[] ( ! M>KET4 ,IT IS1 RA!R1 ! /ORY ( H[ AN ECONOMY ( CR$IT WAS CONV]T$ 9TO AN ECONOMY ( 9T]E/2 ( ! GRADUAL TRANS=MATION ( MORAL NETWORKS BY ! 9TRUSION ( ! IMP]SONAL--& (T5 V9DICTIVE--P[] ( ! /ATE4 ,5GLI% VILLAG]S 9 ,ELIZABE?AN OR ,/U>T TIMES DID NOT LIKE TO APPEAL TO ! JU/ICE SY/EM1 EV5 :5 ! LAW WAS 9 !IR FAVOR--P>TLY ON ! PR9CIPLE ?AT NEI<BORS %\LD WORK ?+S \T ) ONE ANO!R1 BUT MA9LY1 BECAUSE ! LAW WAS SO EXTRAORD9>ILY H>%4 ,UND] ,ELIZABE?1 = EXAMPLE1 ! PUNI%M5T = VAGRANCY 7UNEMPLOYM5T7 WAS1 = FIR/ (F5SE1 TO HAVE ONE'S E>S NAIL$ TO A PILLORY2 = REPEAT (F5D]S1 DEA?4.<#g#h#f.> 

,! SAME WAS TRUE ( DEBT LAW1 ESPECIALLY S9CE DEBTS C\LD (T51 IF ! CR$ITOR WAS SUFFICI5TLY V9DICTIVE1 BE TREAT$ AS A CRIME4 ,9 ,*ELSEA >\ND #a#f#f1 

,M>G>ET ,%>PLES WAS PROSECUT$ = /EAL+ CLO?1 0:I* %E HAD CONV]T$ 9TO A PETTICOAT = H] [N WE>+10 FROM ,RI*>D ,B5NETT'S %OP4 ,H] DEF5SE WAS ?AT %E HAD B>GA9$ ) ,B5NETT'S S]VANT = ! CLO?1 0BUT HAV+ NOT MONEY SUFFICI5T 9 H] PURSE TO PAY = IT1 TOOK IT AWAY ) PURPOSE TO PAY = IT SO SOON AS %E C\LD3 & ?AT %E AFT]W>DS AGRE$ ) ,MR ,B5NETT ( A PRICE = IT40 ,B5NETT CONFIRM$ ?AT ?IS WAS SO3 AFT] AGREE+ TO PAY HIM #bb %ILL+S1 ,M>G>ET 0DELIV]$ A HAMP] ) GOODS 9 IT AS A PAWN = SECURITY ( ! MONEY1 & F\R %ILL+S N9EP5CE 9 MONEY40 ,BUT 0SOON AFT] HE DISLIK$ UPON BETT] CONSID]ATION TO HOLD AGREEM5T ) H]3 & DELIV]$ ! HAMP] & GOODS BACK10 & COMM5C$ =MAL LEGAL PROCE$+S AGA9/ H]4.<#g#h#g.> 

,AS A RESULT1 ,M>G>ET ,%>PLES WAS HANG$4 

,OBVI\SLY1 IT WAS ! R>E %OPKEEP] :O WI%$ TO SEE EV5 HIS MO/ IRRITAT+ CLI5T ON ! GALL[S4 ,!RE=E DEC5T PEOPLE T5D$ TO AVOID ! C\RTS 5TIRELY4 ,ONE ( ! MO/ 9T]E/+ DISCOV]IES ( ,CRAIG ,MULDREW'S RESE>* IS ?AT ! MORE TIME PASS$1 ! LESS TRUE ?IS BECAME4 

,EV5 9 ! LATE ,MIDDLE ,AGES1 9 ! CASE ( REALLY L>GE LOANS1 IT WAS NOT UNUSUAL = CR$ITORS TO LODGE CLAIMS 9 LOCAL C\RTS--BUT ?IS WAS REALLY JU/ A WAY ( 5SUR+ ?AT !RE WAS A PUBLIC RECORD 7REMEMB] ?AT MO/ PEOPLE AT ! TIME W]E ILLIT]ATE74 ,DEBTORS W]E WILL+ TO GO ALONG ) ! PROCE$+S 9 P>T1 IT W\LD SEEM1 BECAUSE IF !RE WAS ANY 9T]E/ BE+ *>G$1 IT MEANT ?AT IF !Y DID DEFAULT1 ! L5D] WAS JU/ AS GUILTY 9 ! EYES ( ! LAW AS !Y W]E4 ,LESS ?AN ONE-P]C5T ( !SE CASES W]E EV] BR\<T TO JUDGM5T4.<#g#h#h.> ,! LEGALIZATION ( 9T]E/ BEGAN TO *ANGE ! NATURE ( ! PLAY+ FIELD4 ,9 ! #a#e#hS1 :5 9T]E/-BE>+ LOANS BEGAN TO BECOME COMMON BETWE5 VILLAG]S1 CR$ITORS ALSO BEGAN TO 9SI/ ON ! USE ( SIGN$1 LEGAL BONDS2 ?IS L$ TO SU* AN EXPLOSION ( APPEALS TO ! C\RTS ?AT 9 MANY SMALL T[NS1 ALMO/ EV]Y H\SEHOLD SEEM$ TO BE CAU<T UP 9 DEBT LITIGATION ( SOME SORT OR O!R4 ,ONLY A T9Y PROPORTION ( !SE SUITS W]E EV] BR\<T TO JUDGM5T1 EI!R3 ! USUAL EXP$I5T WAS /ILL TO RELY ON ! SIMPLE ?REAT ( PUNI%M5T TO 5C\RAGE DEBTORS TO SETTLE \T ( C\RT4.<#g#h#i.> ,/ILL1 AS A RESULT1 ! FE> ( DEBTOR'S PRISON--OR WORSE--CAME TO HANG OV] EV]YONE1 & SOCIABILITY ITSELF CAME TO TAKE ON ! COLOR ( CRIME4 ,EV5 ,MR4 ,C[>D1 ! K9DLY %OPKEEP]1 WAS EV5TUALLY LAID L[4 ,HIS GOOD CR$IT ITSELF BECAME A PROBLEM1 ESPECIALLY AS HE FELT HONOR-B\ND TO USE IT TO HELP ! LESS =TUNATE3 

,HE ALSO DEALT 9 M]*&ISE ) LOOSE P>TN]S1 & BECAME CONC]N$ MU* ) P]SONS ( DECL9+ CIRCUM/ANCES1 :]E NEI!R PR(IT NOR CR$IT C\LD BE GOT2 & HE GAVE UNEAS9ESS TO HIS WIFE1 BY HIS FREQU5T+ SOME H\SES ( NO GOOD *>ACT]4 ,& %E WAS A V]Y 9DOL5T WOMAN1 & DREW MONEY PRIVATELY FROM HIM1 & HIS CIRCUM/ANCES BECAME SO BURD5SOME ?AT HE DAILY EXPECT$ TO BE MADE A PRISON]4 ,:I*1 ) ! %AME ( =FEIT+ HIS =M] REPUTATION1 IT DREW HIM 9TO DESPAIR & BROKE HIS HE>T1 SO ?AT HE KEPT TO HIS H\SE = SOME TIME & DI$ ( GRIEF & %AME4.<#g#i.> 

,IT IS P]HAPS NOT SURPRIS+1 :5 ONE CONSULTS CONTEMPOR>Y S\RCES AB\T :AT ?OSE PRISONS W]E LIKE1 P>TICUL>LY = ?OSE :O W]E NOT ( >I/OCRATIC ORIG9S4 ,MR4 ,C[>D W\LD SURELY HAVE KN[N1 AS ! CONDITIONS AT ! MO/ NOTORI\S1 LIKE ,FLEET & ,M>%ALSEA1 CAUS$ P]IODIC SC&ALS :5 EXPOS$ 9 P>LIAM5T OR ! POPUL> PRESS1 FILL+ ! PAP]S ) /ORIES ( %ACKL$ DEBTORS 0COV]$ ) FIL? & V]M91 & SUFF]$ TO DIE1 )\T PITY1 ( HUNG] & JAIL FEV]10 AS ! >I/OCRATIC R\ES PLAC$ 9 ! ELITE SIDE ( ! SAME JAILS LIV$ LIVES ( COM=T1 VISIT$ BY MANICURI/S & PRO/ITUTES4.<#g#i#a.> 

,! CRIM9ALIZATION ( DEBT1 !N1 WAS ! CRIM9ALIZATION ( ! V]Y BASIS ( HUMAN SOCIETY4 ,IT CANNOT BE OV]EMPHASIZ$ ?AT 9 A SMALL COMMUNITY1 EV]YONE NORMALLY WAS BO? L5D] & BORR[]4 ,ONE CAN ONLY IMAG9E ! T5SIONS & TEMPTATIONS ?AT MU/ HAVE EXI/$ 9 A COMMUNITIES--& COMMUNITIES1 MU* ?\< !Y >E BAS$ ON LOVE1 9 FACT1 BECAUSE !Y >E BAS$ ON LOVE1 WILL ALWAYS ALSO BE FULL ( HATR$1 RIVALRY & PASSION--:5 IT BECAME CLE> ?AT ) SUFFICI5TLY CLEV] S*EM+1 MANIPULATION1 & P]HAPS A BIT ( /RATEGIC BRIB]Y1 !Y C\LD >RANGE TO HAVE ALMO/ ANYONE !Y HAT$ IMPRISON$ OR EV5 HANG$4 ,:AT WAS IT ?AT ,RI*>D ,B5NETT REALLY HAD AGA9/ ,M>G>ET ,%>PLES8 ,WE'LL NEV] KN[ ! BACK-/ORY1 BUT IT'S A PRETTY SAFE BET ?AT !RE WAS ONE4 ,! EFFECTS ON COMMUNAL SOLID>ITY MU/ HAVE BE5 DEVA/AT+4 ,! SUDD5 ACCESSIBILITY ( VIOL5CE REALLY DID ?REAT5 TO TRANS=M :AT HAD BE5 ! ESS5CE ( SOCIALITY 9TO A W> ( ALL AGA9/ ALL4.<#g#i#b.> ,IT'S NOT SURPRIS+ !N1 ?AT BY ! EI<TE5? C5TURY1 ! V]Y NOTION ( P]SONAL CR$IT HAD ACQUIR$ A BAD NAME1 ) BO? L5D]S & BORR[]S CONSID]$ EQUALLY SUSPECT4.<#g#i#c.> ,! USE ( CO9S--AT LEA/ AMONG ?OSE :O HAD ACCESS TO !M--HAD COME TO SEEM MORAL 9 ITSELF4 

,UND]/&+ ALL ?IS ALL[S US TO SEE SOME ( ! ,EUROPEAN AU?ORS CONSID]$ 9 E>LI] *APT]S 9 AN 5TIRELY NEW LI<T4 ,TAKE ,PANURGE'S 5COMIUM ON DEBT3 IT TURNS \T ?AT ! REAL JOKE IS NOT ! SUGGE/ION ?AT DEBT TIES COMMUNITIES TOGE!R 7ANY ,5GLI% OR ,FR5* PEASANT ( ! DAY W\LD HAVE SIMPLY ASSUM$ ?IS71 OR EV5 ?AT ONLY DEBT TIES COMMUNITIES TOGE!R2 IT IS PUTT+ ! S5TIM5T 9 ! M\? ( A WEAL?Y S*OL> :O'S REALLY AN 9VET]ATE CRIM9AL--?AT IS1 HOLD+ UP POPUL> MORALITY AS A MIRROR TO MAKE FUN ( ! V]Y UPP] CLASSES :O CLAIM$ TO DISAPPROVE ( IT4 ,OR CONSID] ,ADAM ,SMI?3 

,IT IS NOT FROM ! B5EVOL5CE ( ! BUT*]1 ! BREW]1 OR ! BAK]1 ?AT WE EXPECT \R D9N]1 BUT FROM !IR REG>D TO !IR [N 9T]E/4 ,WE ADDRESS \RSELVES1 NOT TO !IR HUMANITY BUT TO !IR SELF-LOVE1 & NEV] TALK TO !M ( \R [N NECESSITIES BUT ( !IR ADVANTAGES4.<#g#i#d.> 

,! BIZ>RE ?+ H]E IS ?AT1 AT ! TIME ,SMI? WAS WRIT+1 ?IS SIMPLY WASN'T TRUE4.<#g#i#e.> ,MO/ ,5GLI% %OPKEEP]S W]E /ILL C>RY+ \T ! MA9 P>T ( !IR BUS9ESS ON CR$IT1 :I* MEANT ?AT CU/OM]S APPEAL$ TO !IR B5EVOL5CE ALL ! TIME4 ,SMI? C\LD H>DLY HAVE BE5 UNAW>E ( ?IS4 ,RA!R1 HE IS DRAW+ A UTOPIAN PICTURE4 ,HE WANTS TO IMAG9E A WORLD 9 :I* EV]YONE US$ CA%1 9 P>T BECAUSE HE AGRE$ ) ! EM]G+ MIDDLE-CLASS OP9ION ?AT ! WORLD W\LD BE A BETT] PLACE IF EV]YONE REALLY DID CONDUCT !MSELVES ?IS WAY1 & AVOID CONFUS+ & POT5TIALLY CORRUPT+ ONGO+ 5TANGLEM5TS4 ,WE %\LD ALL JU/ PAY ! MONEY1 SAY 0PLEASE0 & 0?ANK Y\10 & LEAVE ! /ORE4 ,:AT'S MORE1 HE USES ?IS UTOPIAN IMAGE TO MAKE A L>G] PO9T3 ?AT EV5 IF ALL BUS9ESSES OP]AT$ LIKE ! GREAT COMM]CIAL COMPANIES1 ) AN EYE ONLY TO SELF-9T]E/1 IT W\LDN'T MATT]4 ,EV5 ! 0NATURAL SELFI%NESS & RAPACITY0 ( ! RI*1 ) ALL !IR 0VA9 & 9SATIABLE DESIRES0 WILL /ILL1 ?R\< ! LOGIC ( ! 9VISIBLE H&1 LEAD TO ! B5EFIT ( ALL4.<#g#i#f.> 

,9 O!R WORDS1 ,SMI? SIMPLY IMAG9$ ! ROLE ( CONSUM] CR$IT 9 HIS [N DAY1 JU/ AS HE HAD HIS ACC\NT ( ! ORIG9S ( MONEY4.<#g#i#g.> ,?IS ALL[$ HIM TO IGNORE ! ROLE ( BO? B5EVOL5CE & MALEVOL5CE 9 ECONOMIC AFFAIRS2 BO? ! E?OS ( MUTUAL AID ?AT =MS ! NECESS>Y F\NDATION ( ANY?+ ?AT W\LD LOOK LIKE A FREE M>KET 7?AT IS1 ONE :I* IS NOT SIMPLY CREAT$ & MA9TA9$ BY ! /ATE71 & ! VIOL5CE & %E] V9DICTIV5ESS ?AT HAD ACTUALLY GONE 9TO CREAT+ ! COMPETITIVE1 SELF-9T]E/$ M>KETS ?AT HE WAS US+ AS HIS MODEL4 

,NIETZS*E1 9 TURN1 WAS TAK+ UP ,SMI?'S PREMISES1 ?AT LIFE IS EX*ANGE1 BUT LAY+ B>E EV]Y?+ 7! TORTURE1 MURD]1 MUTILATION7 ?AT ,SMI? PREF]R$ NOT TO HAVE TO TALK AB\T4 ,N[ ?AT WE HAVE SE5 JU/ A LITTLE ( ! SOCIAL CONTEXT1 IT'S DIFFICULT TO READ ,NIETZS*E'S O!RWISE PUZZL+ DESCRIPTIONS ( ANCI5T HUNT]S & H]DSM5 KEEP+ ACC\NTS ( DEBTS & DEM&+ EA* O!RS' EYES & F+]S )\T IMM$IATELY ?9K+ ( ,CASIMIR'S EXECUTION]1 :O ACTUALLY DID PRES5T HIS MA/] ) A BILL = G\G$ EYES & SEV]$ F+]S4 ,:AT HE IS REALLY DESCRIB+ IS :AT IT TOOK TO PRODUCE A WORLD 9 :I* ! SON ( A PROSP]\S MIDDLE-CLASS REV]5D1 SU* AS HIMSELF1 C\LD SIMPLY ASSUME ?AT ALL HUMAN LIFE IS PREMIS$ ON CALCULAT$1 SELF-9T]E/$ EX*ANGE4 

,P>T ,I,I,I3 ,IMP]SONAL ,CR$IT-MONEY 

  

,ONE REASON ?AT HI/ORIANS TOOK SO LONG TO NOTICE ! ELABORATE POPUL>-CR$IT SY/EMS ( ,TUDOR & ,/U>T ,5GL& IS ?AT 9TELLECTUALS ( ! TIME SPOKE AB\T MONEY 9 ! AB/RACT2 !Y R>ELY M5TION$ IT4 ,= ! $UCAT$ CLASSES1 0MONEY0 SOON CAME TO MEAN GOLD & SILV]4 ,MO/ WROTE AS IF IT C\LD BE TAK5 = GRANT$ ?AT GOLD & SILV] HAD ALWAYS BE5 US$ AS MONEY = ALL NATIONS 9 HI/ORY &1 PRESUMABLY1 ALWAYS W\LD BE4 

,?IS NOT ONLY FLEW 9 ! FACE ( ,>I/OTLE2 IT DIRECTLY CONTRADICT$ ! DISCOV]IES ( ,EUROPEAN EXPLOR]S ( ! TIME1 :O W]E F9D+ %ELL MONEY1 BEAD MONEY1 FEA!R MONEY1 SALT MONEY1 & AN 5DLESS V>IETY ( O!R CURR5CIES EV]Y:]E !Y W5T4.<#g#i#h.> ,YET ALL ?IS JU/ CAUS$ ECONOMIC ?9K]S TO DIG 9 !IR HEELS4 ,SOME APPEAL$ TO AL*EMY TO >GUE ?AT ! MONET>Y /ATUS ( GOLD & SILV] HAD A NATURAL BASIS3 GOLD 7:I* P>TOOK ( ! SUN7 & SILV] 7:I* P>TOOK ( ! MOON7 W]E ! P]FECT$1 ET]NAL =MS ( METAL T[>D :I* ALL BAS] METALS T5D TO EVOLVE4.<#g#i#i.> ,MO/1 H[EV]1 DIDN'T FEEL ?AT MU* EXPLANATION WAS REQUIR$2 ! 9TR9SIC VALUE ( PRECI\S METALS WAS SIMPLY SELF-EVID5T4 ,AS A RESULT1 :5 ROYAL ADVIS]S OR ,LONDON PAMPHLETE]S DISCUSS$ ECONOMIC PROBLEMS1 ! ISSUES !Y DEBAT$ W]E ALWAYS ! SAME3 ,H[ DO WE KEEP BULLION FROM LEAV+ ! C\NTRY8 ,:AT DO WE DO AB\T ! CRIPPL+ %ORTAGE ( CO98 ,= MO/1 QUE/IONS LIKE 0,H[ DO WE MA9TA9 TRU/ 9 LOCAL CR$IT SY/EMS80 SIMPLY DID NOT >ISE4 

,?IS WAS EV5 MORE EXTREME 9 ,BRITA9 ?AN ON ! ,CONT95T1 :]E 0CRY+ UP0 OR 0CRY+ D[N0 ! CURR5CY WAS /ILL AN OPTION4 ,9 ,BRITA91 AFT] A DISA/R\S ATTEMPT AT DEVALUATION UND] ! ,TUDORS1 SU* EXP$I5TS W]E AB&ON$4 ,H5CE=?1 DEBASEM5T BECAME A MORAL ISSUE4 ,= ! GOV]NM5T TO MIX BASE METAL 9TO ! PURE ET]NAL SUB/ANCE ( A CO9 WAS CLE>LY WRONG4 ,SO1 TO A LESS] EXT5T1 WAS CO9-CLIPP+1 A NE>-UNIV]SAL PRACTICE 9 ,5GL&1 :I* MI<T BE ?\<T ( AS A K9D ( POPUL> V]SION ( DEVALUATION1 S9CE IT 9VOLV$ SECRETLY %AV+ SILV] (F ! $GES ( CO9S & !N PRESS+ !M D[N SO !Y SEEM$ LIKE !Y W]E /ILL ! ORIG9AL SIZE4 

,:AT'S MORE1 ?OSE NEW =MS ( VIRTUAL MONEY ?AT BEGAN TO EM]GE 9 ! NEW AGE W]E FIRMLY ROOT$ 9 !SE SAME ASSUMPTIONS4 ,?IS IS CRITICAL1 BECAUSE IT HELPS EXPLA9 :AT MI<T O!RWISE SEEM A BIZ>RE CONTRADICTION3 ,H[ IS IT ?AT ?IS AGE ( RU?LESS MAT]IALISM1 9 :I* ! NOTION ?AT MONEY WAS A SOCIAL CONV5TION WAS DEF9ITIVELY REJECT$1 ALSO SAW ! RISE ( PAP] MONEY1 ALONG ) A :OLE HO/ ( NEW CR$IT 9/RUM5TS & =MS ( F9ANCIAL AB/RACTION ?AT HAVE BECOME SO TYPICAL ( MOD]N CAPITALISM8 ,TRUE1 MO/ ( !SE--*ECKS1 BONDS1 /OCKS1 ANNUITIES--HAD !IR ORIG9S 9 ! METAPHYSICAL WORLD ( ! ,MIDDLE ,AGES4 ,YET 9 ?IS NEW AGE1 !Y UND]W5T AN 5ORM\S EFFLORESC5CE4 

,IF ONE LOOKS AT ! ACTUAL HI/ORY1 ?\<1 IT QUICKLY BECOMES CLE> ?AT ALL ( !SE NEW =MS ( MONEY 9 NO WAY UND]M9$ ! ASSUMPTION ?AT MONEY WAS F\ND$ ON ! 09TR9SIC0 VALUE ( GOLD & SILV]3 9 FACT1 !Y RE9=C$ IT4 ,:AT SEEMS TO HAVE HAPP5$ IS ?AT1 ONCE CR$IT BECAME UNLAT*$ FROM REAL RELATIONS ( TRU/ BETWE5 9DIVIDUALS 7:E!R M]*ANTS OR VILLAG]S71 IT BECAME APP>5T ?AT MONEY C\LD1 9 EFFECT1 BE PRODUC$ SIMPLY BY SAY+ IT WAS !RE2 BUT ?AT1 :5 ?IS IS DONE 9 ! AMORAL WORLD ( A COMPETITIVE M>KETPLACE1 IT W\LD ALMO/ 9EVITABLY LEAD TO SCAMS & CONFID5CE GAMES ( EV]Y SORT--CAUS+ ! GU>DIANS ( ! SY/EM TO P]IODICALLY PANIC1 & SEEK NEW WAYS TO LAT* ! VALUE ( ! V>I\S =MS ( PAP] BACK ONTO GOLD & SILV]4 

,?IS IS ! /ORY NORMALLY TOLD AS 0! ORIG9S ( MOD]N BANK+40 ,FROM \R P]SPECTIVE1 ?\<1 :AT IT REVEALS IS JU/ H[ CLOSELY B\ND TOGE!R W>1 BULLION1 & !SE NEW CR$IT 9/RUM5TS W]E4 ,ONE NE$ ONLY CONSID] ! PA?S NOT TRAVEL$4 ,= 9/ANCE3 !RE WAS NO 9TR9SIC REASON :Y A BILL ( EX*ANGE C\LDN'T BE 5DORS$ OV] TO A ?IRD P>TY1 !N BECOME G5]ALLY TRANSF]ABLE--?US1 9 EFFECT TURN+ IT 9TO A =M ( PAP] MONEY4 ,?IS IS H[ PAP] MONEY FIR/ EM]G$ 9 ,*9A4 ,9 ,M$IEVAL ,EUROPE !RE W]E P]IODIC MOVEM5TS 9 ?AT DIRECTION1 BUT = A V>IETY ( REASONS1 !Y DID NOT GO F>4.<#h.> ,ALT]NATELY1 BANK]S CAN PRODUCE MONEY BY ISSU+ BOOK CR$ITS = MORE ?AN !Y HAVE ON CA% RES]VE4 ,?IS IS CONSID]$ ! V]Y ESS5CE ( MOD]N BANK+1 & IT CAN LEAD TO ! CIRCULATION ( PRIVATE BANK NOTES4.<#h#a.> ,SOME MOVES W]E MADE 9 ?IS DIRECTION AS WELL1 ESPECIALLY 9 ,ITALY1 BUT IT WAS A RISKY PROPOSITION1 S9CE !RE WAS ALWAYS ! DANG] ( DEPOSITORS PANICK+ & MAK+ A RUN1 & MO/ ,M$IEVAL GOV]NM5TS ?REAT5$ EXTREMELY H>% P5ALTIES ON BANK]S UNABLE TO MAKE RE/ITUTION 9 SU* CASES3 AS WITNESS$ BY ! EXAMPLE ( ,FRANCES* ,CA/ELLO1 BEHEAD$ 9 FRONT ( HIS [N BANK 9 ,B>CELONA 9 #a#c#f4.<#h#b.> 

,:]E BANK]S EFFECTIVELY CONTROLL$ ,M$IEVAL GOV]NM5TS1 IT PROV$ SAF] & MORE PR(ITABLE TO MANIPULATE ! GOV]NM5T'S [N F9ANCES4 ,! HI/ORY ( MOD]N F9ANCIAL 9/RUM5TS1 & ! ULTIMATE ORIG9S ( PAP] MONEY1 REALLY BEG9 ) ! ISSU+ ( MUNICIPAL BONDS--A PRACTICE BEGUN BY ! ,V5ETIAN GOV]NM5T 9 ! TWELF? C5TURY :51 NE$+ A QUICK 9FUSION ( 9COME = MILIT>Y PURPOSES1 IT LEVI$ A COMPULSORY LOAN ON ITS TAXPAY+ CITIZ5S1 = :I* IT PROMIS$ EA* ( !M FIVE P]C5T ANNUAL 9T]E/1 & ALL[$ ! 0BONDS0 OR CONTRACTS TO BECOME NEGOTIABLE1 ?US1 CREAT+ A M>KET 9 GOV]NM5T DEBT4 ,!Y .<! ,V5ETIAN GOV]NM5T8.> T5D$ TO BE QUITE METICUL\S AB\T 9T]E/ PAYM5TS1 BUT S9CE ! BONDS HAD NO SPECIFIC DATE ( MATURITY1 !IR M>KET PRICES (T5 FLUCTUAT$ WILDLY ) ! CITY'S POLITICAL & MILIT>Y =TUNES1 & SO DID RESULT+ ASSESSM5TS ( ! LIKELIHOOD ?AT !Y W\LD BE ABLE TO BE REPAID4 ,SIMIL> PRACTICES QUICKLY SPREAD TO ! O!R ,ITALIAN /ATES & TO NOR!RN ,EUROPEAN M]*ANT 5CLAVES AS WELL3 ! ,UNIT$ ,PROV9CES ( ,HOLL& F9ANC$ !IR LONG W> ( 9DEP5D5CE AGA9/ ! ,HAPSBURGS 7#a#e#f#h-#a#f#d#h7 L>GELY ?R\< A S]IES ( =C$ LOANS1 ?\< !Y FLOAT$ NUM]\S VOLUNT>Y BOND ISSUES AS WELL4.<#h#c.> 

,=C+ TAXPAY]S TO MAKE A LOAN IS1 9 ONE S5SE1 SIMPLY DEM&+ ?AT !Y PAY !IR TAXES E>LY2 BUT :5 ! ,V5ETIAN /ATE FIR/ AGRE$ TO PAY 9T]E/--& 9 LEGAL T]MS1 ?IS WAS AGA9 9T]ESSE1 A P5ALTY = LATE PAYM5T--IT WAS 9 PR9CIPLE P5ALIZ+ ITSELF = NOT IMM$IATELY GIV+ ! MONEY BACK4 ,IT'S EASY TO SEE H[ ?IS MI<T RAISE ALL SORTS ( QUE/IONS AB\T ! LEGAL & MORAL RELATION BETWE5 PEOPLE & GOV]NM5T4 ,ULTIMATELY1 ! COMM]CIAL CLASSES 9 ?OSE M]CANTILE REPUBLICS ?AT PIONE]$ !SE NEW =MS ( F9ANC+ DID 5D UP SEE+ !MSELVES AS [N+ ! GOV]NM5T MORE ?AN !Y SAW !MSELVES AS BE+ 9 ITS DEBT4 ,NOT ONLY ! COMM]CIAL CLASSES3 BY #a#f#e1 A MAJORITY ( ,DUT* H\SEHOLDS HELD AT LEA/ A LITTLE GOV]NM5T DEBT4.<#h#d.> ,H[EV]1 ! TRUE P>ADOX ONLY APPE>S :5 ONE BEG9S TO 0MONETIZE0 ?IS DEBT--?AT IS1 TO TAKE GOV]NM5T PROMISES TO PAY & ALL[ !M TO CIRCULATE AS CURR5CY4 

,:ILE ALREADY BY ! SIXTE5? C5TURY1 M]*ANTS W]E US+ BILLS ( EX*ANGE TO SETTLE DEBTS1 GOV]NM5T DEBT BONDS--R5TES1 JUROS1 ANNUITIES--W]E ! REAL CR$IT MONEY ( ! NEW AGE4 ,IT'S H]E ?AT WE HAVE TO LOOK = ! REAL ORIG9S ( ! 0PRICE REVOLUTION0 ?AT HAMM]$ ONCE-9DEP5D5T T[NSFOLK & VILLAG]S 9TO ! GR\ND & OP5$ ! WAY = MO/ ( !M TO ULTIMATELY BE R$UC$ TO WAGE LABOR]S1 WORK+ = ?OSE :O HAD ACCESS TO !SE HI<] =MS ( CR$IT4 ,EV5 9 ,SEVILLE1 :]E ! TREASURE FLEETS FROM ! ,NEW ,WORLD FIR/ T\*$ PORT 9 ! ,OLD1 BULLION WAS NOT MU* US$ 9 DAY-TO-DAY TRANSACTIONS4 ,MO/ ( IT WAS TAK5 DIRECTLY TO ! W>EH\SES ( ,G5OESE BANK]S OP]AT+ FROM ! PORT & /OR$ = %IPM5T EA/4 ,BUT 9 ! PROCESS1 IT BECAME ! BASIS = COMPLEX CR$IT S*EMES :]EBY ! VALUE ( ! BULLION WAS LOAN$ TO ! EMP]OR TO FUND MILIT>Y OP]ATIONS1 9 EX*ANGE = PAP]S 5TITL+ ! BE>] TO 9T]E/-BE>+ ANNUITIES FROM ! GOV]NM5T--PAP]S ?AT C\LD 9 TURN BE TRAD$ AS IF !Y W]E MONEY4 ,BY SU* MEANS1 BANK]S C\LD ALMO/ 5DLESSLY MULTIPLY ! ACTUAL VALUE ( GOLD & SILV] !Y HELD4 ,ALREADY 9 ! #a#e#gS1 WE HE> ( FAIRS 9 PLACES LIKE ,M$9A DEL ,CAMPO1 NOT F> FROM ,SEVILLE1 ?AT HAD BECOME 0V]ITABLE FACTORIES ( C]TIFICATES10 ) TRANSACTIONS C>RI$ \T EXCLUSIVELY ?R\< PAP]4.<#h#e.> ,S9CE :E!R ! ,SPANI% GOV]NM5T W\LD ACTUALLY PAY !IR DEBTS1 OR H[ REGUL>LY1 W]E ALWAYS SLI<TLY UNC]TA91 ! BILLS W\LD T5D TO CIRCULATE AT A DISC\NT--ESPECIALLY AS JUROS BEGAN CIRCULAT+ ?R\<\T ! RE/ ( ,EUROPE--CAUS+ CONT9UAL 9FLATION4.<#h#f.> 

,IT WAS ONLY ) ! CREATION ( ! ,BANK ( ,5GL& 9 #afid ?AT ONE CAN SPEAK ( G5U9E PAP] MONEY1 S9CE ITS BANKNOTES W]E 9 NO S5SE BONDS4 ,!Y W]E ROOT$1 LIKE ALL ! O!RS1 9 ! K+'S W> DEBTS4 ,?IS CAN'T BE EMPHASIZ$ 5\<4 ,! FACT ?AT MONEY WAS NO LONG] A DEBT [$ TO ! K+1 BUT A DEBT [$ BY ! K+1 MADE IT V]Y DIFF]5T ?AN :AT IT HAD BE5 BE=E4 ,9 MANY WAYS IT HAD BECOME A MIRROR IMAGE ( OLD] =MS ( MONEY4 

,! READ] WILL RECALL ?AT ! ,BANK ( ,5GL& WAS CREAT$ :5 A CONSORTIUM ( =TY ,LONDON & ,$9BUR< M]*ANTS--MO/LY ALREADY CR$ITORS TO ! CR[N--(F]$ ,K+ ,WILLIAM ,I,I,I A ,G,B,P#a4#b MILLION LOAN TO HELP F9ANCE HIS W> AGA9/ ,FRANCE4 ,9 DO+ SO1 !Y ALSO CONV9C$ HIM TO ALL[ !M 9 RETURN TO =M A CORPORATION ) A MONOPOLY ON ! ISSUANCE ( BANKNOTES--:I* W]E1 9 EFFECT1 PROMISSORY NOTES = ! MONEY ! K+ N[ [$ !M4 ,?IS WAS ! FIR/ 9DEP5D5T NATIONAL C5TRAL BANK1 & IT BECAME ! CLE>+H\SE = DEBTS [$ BETWE5 SMALL] BANKS2 ! NOTES SOON DEVELOP$ 9TO ! FIR/ ,EUROPEAN NATIONAL PAP] CURR5CY4 ,YET ! GREAT PUBLIC DEBATE ( ! TIME1 A DEBATE AB\T ! V]Y NATURE ( MONEY1 WAS AB\T NOT PAP] BUT METAL4 ,! #a#f#iS W]E A TIME ( CRISIS = ,BRITI% CO9AGE4 ,! VALUE ( SILV] HAD RIS5 SO HI< ?AT NEW ,BRITI% CO9S 7! M9T HAD REC5TLY DEVELOP$ ! 0MILL$ $GE0 FAMILI> FROM CO9S N[ADAYS1 :I* MADE !M CLIP-PRO(7 W]E ACTUALLY WOR? LESS ?AN !IR SILV] CONT5T1 ) PR$ICTABLE RESULTS4 ,PROP] SILV] CO9S VANI%$2 ALL ?AT REMA9$ 9 CIRCULATION W]E ! OLD CLIPP$ ONES1 & !SE W]E BECOM+ 9CREAS+LY SC>CE4 ,SOME?+ HAD TO BE DONE4 ,A W> ( PAMPHLETS 5SU$1 :I* CAME TO A HEAD 9 #a#f#i#e1 ONE YE> AFT] ! F\ND+ ( ! BANK4 ,*>LES ,DAV5ANT'S ESSAY ON CR$IT1 :I* ,I'VE ALREADY CIT$1 WAS ACTUALLY P>T ( ?IS P>TICUL> PAMPHLET-W>3 HE PROPOS$ ?AT ,BRITA9 MOVE TO A PURE CR$IT MONEY BAS$ ON PUBLIC TRU/1 & HE WAS IGNOR$4 ,! ,TREASURY PROPOS$ TO CALL 9 ! CO9AGE & REISSUE IT AT A #b- TO #b#e-P]C5T L[] WEI<T1 SO AS TO BR+ IT BACK BEL[ ! M>KET PRICE = SILV]4 ,MANY :O SUPPORT$ ?IS POSITION TOOK EXPLICITLY ,*>TALI/ POSITIONS1 9SI/+ ?AT SILV] HAS NO 9TR9SIC VALUE ANYWAY1 & ?AT MONEY IS SIMPLY A MEASURE E/ABLI%$ BY ! /ATE4.<#h#g.> ,! MAN :O WON ! >GUM5T1 H[EV]1 WAS ,JOHN ,LOCKE1 ! ,LIB]AL PHILOSOPH]1 AT ?AT TIME ACT+ AS ADVIS] TO ,SIR ,ISAAC ,NEWTON1 !N ,W>D5 ( ! ,M9T4 ,LOCKE 9SI/$ ?AT ONE CAN NO MORE MAKE A SMALL PIECE ( SILV] WOR? MORE BY RELABEL+ IT A 0%ILL+0 ?AN ONE CAN MAKE A %ORT MAN TALL] BY DECL>+ !RE >E N[ FIFTE5 9*ES 9 A FOOT4 ,GOLD & SILV] HAD A VALUE RECOGNIZ$ BY EV]YONE ON E>?2 ! GOV]NM5T /AMP SIMPLY ATTE/$ TO ! WEI<T & PURITY ( A CO91 &--AS HE ADD$ 9 WORDS V]ITABLY %IV]+ ) 9DIGNATION--= GOV]NM5TS TO TAMP] ) ?IS = !IR [N ADVANTAGE WAS JU/ AS CRIM9AL AS ! CO9-CLIPP]S !MSELVES3 

,! USE & 5D ( ! PUBLIC /AMP IS ONLY TO BE A GU>D & V\*] ( ! QUALITY ( SILV] :I* M5 CONTRACT =2 & ! 9JURY DONE TO ! PUBLIC FAI?1 9 ?IS PO9T1 IS ?AT :I* 9 CLIPP+ & FALSE CO9+ HEI<T5S ! ROBB]Y 9TO TREASON4.<#h#h.> 

,!RE=E1 HE >GU$1 ! ONLY REC\RSE WAS TO RECALL ! CURR5CY & RE/RIKE IT AT EXACTLY ! SAME VALUE ?AT IT HAD BE=E4 

,?IS WAS DONE1 & ! RESULTS W]E DISA/R\S4 ,9 ! YE>S IMM$IATELY FOLL[+1 !RE WAS ALMO/ NO CO9AGE 9 CIRCULATION2 PRICES & WAGES COLLAPS$2 !RE WAS HUNG] & UNRE/4 ,ONLY ! WEAL?Y W]E 9SULAT$1 S9CE !Y W]E ABLE TO TAKE ADVANTAGE ( ! NEW CR$IT MONEY1 TRAD+ BACK & =? PORTIONS ( ! K+'S DEBT 9 ! =M ( BANKNOTES4 ,! VALUE ( !SE NOTES1 TOO1 FLUCTUAT$ A BIT AT FIR/1 BUT EV5TUALLY /ABILIZ$ ONCE !Y W]E MADE R$EEMABLE 9 PRECI\S METALS4 ,= ! RE/1 ! SITUATION ONLY REALLY IMPROV$ ONCE PAP] MONEY1 &1 EV5TUALLY1 SMALL]-D5OM9ATION CURR5CY1 BECAME MORE WIDELY AVAILABLE4 ,! RE=MS PROCE$$ TOP-D[N1 & V]Y SL[LY1 BUT !Y DID PROCE$1 & !Y GRADUALLY CAME TO CREATE ! WORLD :]E EV5 ORD9>Y1 EV]YDAY TRANSACTIONS ) BUT*]S & BAK]S W]E C>RI$ \T 9 POLITE1 IMP]SONAL T]MS1 ) SMALL *ANGE1 & !RE=E IT BECAME POSSIBLE TO IMAG9E EV]YDAY LIFE ITSELF AS A MATT] ( SELF-9T]E/$ CALCULATION4 

,IT'S EASY 5\< TO SEE :Y ,LOCKE W\LD ADOPT ! POSITION ?AT HE DID4 ,HE WAS A SCI5TIFIC MAT]IALI/4 ,= HIM1 0FAI?0 9 GOV]NM5T--AS 9 ! QUOTE ABOVE--WAS NOT ! CITIZ5S' BELIEF ?AT ! GOV]NM5T WILL KEEP ITS PROMISES1 BUT SIMPLY ?AT IT WON'T LIE TO !M2 ?AT IT W\LD1 LIKE A GOOD SCI5TI/1 GIVE !M ACCURATE 9=MATION1 & :O WANT$ TO SEE HUMAN BEHAVIOR AS F\ND$ 9 NATURAL LAWS ?AT--LIKE ! LAWS ( PHYSICS ?AT ,NEWTON HAD SO REC5TLY DESCRIB$--W]E HI<] ?AN ?OSE ( ANY M]E GOV]NM5T4 ,! REAL QUE/ION IS :Y ! ,BRITI% GOV]NM5T AGRE$ ) HIM & RESOLUTELY /UCK TO ?IS POSITION DESPITE ALL ! IMM$IATE DISA/]S4 ,SOON AFT]W>DS1 9 FACT1 ,BRITA9 ADOPT$ ! GOLD /&>D 79 #a#g#a#g7 & ! ,BRITI% ,EMPIRE MA9TA9$ IT1 & ) IT ! NOTION ?AT GOLD & SILV] W]E MONEY1 D[N TO ITS F9AL DAYS4 

,TRUE1 ,LOCKE'S MAT]IALISM ALSO CAME TO BE BROADLY ACCEPT$--EV5 TO BE ! WAT*WORD ( ! AGE4.<#h#i.> ,MA9LY1 ?\<1 ! RELIANCE ON GOLD & SILV] SEEM$ TO PROVIDE ! ONLY *ECK ON ! DANG]S 9VOLV$ ) ! NEW =MS ( CR$IT-MONEY1 :I* MULTIPLI$ V]Y QUICKLY--ESPECIALLY ONCE ORD9>Y BANKS W]E ALL[$ TO CREATE MONEY TOO4 ,IT SOON BECAME APP>5T ?AT F9ANCIAL SPECULATION1 UNMOOR$ FROM ANY LEGAL OR COMMUNITY CON/RA9TS1 WAS CAPABLE ( PRODUC+ RESULTS ?AT SEEM$ TO V]GE ON 9SANITY4 ,! ,DUT* ,REPUBLIC1 :I* PIONE]$ ! DEVELOPM5T ( /OCK M>KETS1 HAD ALREADY EXP]I5C$ ?IS 9 ! TULIP MANIA ( #a#f#c#g--! FIR/ ( A S]IES ( SPECULATIVE 0BUBBLES10 AS !Y CAME TO BE KN[N1 9 :I* FUTURE PRICES W\LD FIR/ BE BID ?R\< ! CEIL+ BY 9VE/ORS & !N COLLAPSE4 ,A :OLE S]IES ( SU* BUBBLES HIT ! ,LONDON M>KETS 9 ! #a#f#iS1 9 ALMO/ EV]Y CASE BUILT >\ND A NEW JO9T-/OCK CORPORATION =M$1 9 IMITATION ( ! ,EA/ ,9DIA ,COMPANY1 >\ND SOME PROSPECTIVE COLONIAL V5TURE4 ,! FAM\S ,S\? ,SEA ,BUBBLE 9 #a#g#b--9 :I* A NEWLY =M$ TRAD+ COMPANY1 GRANT$ A MONOPOLY ( TRADE ) ! ,SPANI% COLONIES1 B\<T UP A CONSID]ABLE PORTION ( ! ,BRITI% NATIONAL DEBT & SAW ITS %>ES BRIEFLY SKYROCKET BE=E COLLAPS+ 9 IGNOM9Y--WAS ONLY ! CULM9ATION4 ,ITS COLLAPSE WAS FOLL[$ ! NEXT YE> BY ! COLLAPSE ( ,JOHN ,LAW'S FAM\S ,BANQUE ,ROYALE 9 ,FRANCE1 ANO!R C5TRAL-BANK EXP]IM5T--SIMIL> TO ! ,BANK ( ,5GL&--?AT GREW SO QUICKLY ?AT )9 A FEW YE>S IT HAD ABSORB$ ALL ! ,FR5* COLONIAL TRAD+ COMPANIES1 & MO/ ( ! ,FR5* CR[N'S [N DEBT1 ISSU+ ITS [N PAP] MONEY1 BE=E CRA%+ 9TO NO?+NESS 9 #a#g#b#a1 S5D+ ITS *IEF EXECUTIVE FLEE+ = HIS LIFE4 ,9 EA* CASE1 ?IS WAS FOLL[$ BY LEGISLATION3 9 ,BRITA91 TO =BID ! CREATION ( NEW JO9T-/OCK COMPANIES 7O!R ?AN = ! BUILD+ ( TURNPIKES & CANALS71 & 9 ,FRANCE1 TO ELIM9ATE PAP] MONEY BAS$ 9 GOV]NM5T DEBT 5TIRELY4 

,IT'S UNSURPRIS+1 !N1 ?AT ,NEWTONIAN ECONOMICS 7IF WE MAY CALL IT ?AT7--! ASSUMPTION ?AT ONE CANNOT SIMPLY CREATE MONEY1 OR EV51 REALLY1 T9K] ) IT--CAME TO BE ACCEPT$ BY ALMO/ EV]YONE4 ,!RE HAD TO BE SOME SOLID1 MAT]IAL F\NDATION TO ALL ?IS1 OR ! 5TIRE SY/EM W\LD GO 9SANE4 ,TRUE1 ECONOMI/S W]E TO SP5D C5TURIES >GU+ AB\T :AT ?AT F\NDATION MI<T BE 7WAS IT REALLY GOLD1 OR WAS IT L&1 HUMAN LABOR1 ! UTILITY OR DESIRABILITY ( COMMODITIES 9 G5]AL87 BUT ALMO/ NO ONE RETURN$ TO ANY?+ LIKE ! ,>I/OTELIAN VIEW4 

,ANO!R WAY TO LOOK AT ?IS MI<T BE TO SAY ?AT ! NEW AGE CAME TO BE 9CREAS+LY UNCOM=TABLE ) ! POLITICAL NATURE ( MONEY4 ,POLITICS1 AFT] ALL1 IS ! >T ( P]SUASION2 ! POLITICAL IS ?AT DIM5SION ( SOCIAL LIFE 9 :I* ?+S REALLY DO BECOME TRUE IF 5\< PEOPLE BELIEVE !M4 ,! PROBLEM IS ?AT 9 ORD] TO PLAY ! GAME EFFECTIVELY1 ONE CAN NEV] ACKN[L$GE ?IS3 IT MAY BE TRUE ?AT1 IF ,I C\LD CONV9CE EV]YONE 9 ! WORLD ?AT ,I WAS ! ,K+ ( ,FRANCE1 ,I W\LD 9 FACT BECOME ! ,K+ ( ,FRANCE2 BUT IT W\LD NEV] WORK IF ,I W]E TO ADMIT ?AT ?IS WAS ! ONLY BASIS ( MY CLAIM4 ,9 ?IS S5SE1 POLITICS IS V]Y SIMIL> TO MAGIC--ONE REASON BO? POLITICS & MAGIC T5D1 JU/ AB\T EV]Y:]E1 TO BE SURR\ND$ BY A C]TA9 HALO ( FRAUD4 ,!SE SUSPICIONS W]E WIDELY VAUNT$ AT ! TIME4 ,9 #a#g#a#a1 ! SATIRICAL ESSAYI/ ,JOSEPH ,ADDISON P5N$ A LITTLE FANTASY AB\T ! ,BANK ( ,5GL&'S--& AS A RESULT1 ! ,BRITI% MONET>Y SY/EM'S--DEP5D5CE ON PUBLIC FAI? 9 ! POLITICAL /ABILITY ( ! ?RONE4 7,! ,ACT ( ,SETTLEM5T ( #aga WAS ! BILL ?AT GU>ANTE$ ! ROYAL SUCCESSION1 & A SPONGE WAS A POPUL> SYMBOL = DEFAULT74 ,9 A DREAM1 HE SAID1 

,I SAW ,PUBLIC ,CR$IT1 SET ON H] ?RONE 9 ! ,GROC]'S ,HALL1 ! ,GREAT ,*>T] OV] H] HEAD1 ! ,ACT ( ,SETTLEM5T FULL 9 H] VIEW4 ,H] T\* TURN$ EV]Y?+ TO GOLD4 ,BEH9D H] SEAT1 BAGS FILL$ ) CO9 W]E PIL$ UP TO ! CEIL+4 ,ON H] RI<T ! DOOR FLIES OP54 ,! ,PRET5D] RU%ES 91 A SPONGE 9 ONE H&1 & 9 ! O!R A SWORD1 :I* HE %AKES AT ! ,ACT ( ,SETTLEM5T4 ,! BEAUTIFUL ,QUE5 S9KS D[N FA9T+4 ,! SPELL BY :I* %E HAS TURN$ ALL ?+S >\ND H] 9TO TREASURE IS BROK54 ,! MONEY BAGS %R9K LIKE PRICK$ BLADD]S4 ,! PILES ( GOLD PIECES >E TURN$ 9TO BUNDLES ( RAGS OR FAGOTS ( WOOD5 TALLIES4.<#h#a.> 

,IF ONE DOES NOT BELIEVE 9 ! K+1 !N ! MONEY VANI%ES ) HIM4 

,?US K+S1 MAGICIANS1 M>KETS1 & AL*EMI/S ALL FUZ$ 9 ! PUBLIC IMAG9ATION DUR+ ?IS ]A1 & WE /ILL TALK AB\T ! 0AL*EMY0 ( ! M>KET1 OR 0F9ANCIAL MAGICIANS40 ,9 ,GOE!'S ,FAU/ 7#a#h#h71 HE ACTUALLY HAS HIS H]O--9 HIS CAPACITY AS AL*EMI/-MAGICIAN--PAY A VISIT TO ! ,HOLY ,ROMAN ,EMP]OR4 ,! ,EMP]OR IS S9K+ UND] ! WEI<T ( 5DLESS DEBTS ?AT HE HAS PIL$ UP PAY+ = ! EXTRAVAGANT PLEASURES ( HIS C\RT4 ,FAU/1 & HIS ASSI/ANT1 ,MEPHI/OPHELES1 CONV9CE HIM ?AT HE CAN PAY (F HIS CR$ITORS BY CREAT+ PAP] MONEY4 ,IT'S REPRES5T$ AS AN ACT ( PURE PRE/IDIGITATION4 0,Y\ HAVE PL5TY ( GOLD LY+ SOME:]E UND]NEA? Y\R L&S10 NOTES ,FAU/4 0,JU/ ISSUE NOTES PROMIS+ Y\R CR$ITORS Y\'LL GIVE IT TO !M LAT]4 ,S9CE NO ONE KN[S H[ MU* GOLD !RE REALLY IS1 !RE'S NO LIMIT TO H[ MU* Y\ CAN PROMISE40.<#h#a#a.> 

,?IS K9D ( MAGICAL LANGUAGE ALMO/ NEV] APPE>S 9 ! ,MIDDLE ,AGES4.<#h#a#b.> ,IT W\LD APPE> ?AT IT'S ONLY 9 A RESOLUTELY MAT]IALI/ AGE ?AT ?IS ABILITY TO SIMPLY PRODUCE ?+S BY SAY+ ?AT !Y >E !RE COMES TO BE SE5 AS A SC&AL\S1 EV5 DIABOLICAL4 ,& ! SURE/ SIGN ?AT ONE HAS 5T]$ SU* A MAT]IALI/ AGE IS PRECISELY ! FACT ?AT IT IS SE5 SO4 ,WE HAVE ALREADY OBS]V$ ,RABELAIS1 AT ! V]Y BEG9N+ ( ! AGE1 REV]T+ TO LANGUAGE ALMO/ ID5TICAL TO ?AT US$ BY ,PLUT>* :5 HE RAIL$ AGA9/ MONEYL5D]S 9 ,ROMAN TIMES--0LAU<+ AT ?OSE NATURAL PHILOSOPH]S :O HOLD ?AT NO?+ CAN BE MADE ( NO?+10 AS !Y MANIPULATE !IR BOOKS & L$G]S TO DEM& BACK MONEY !Y NEV] ACTUALLY HAD4 ,PANURGE JU/ TURN$ IT >\ND3 NO1 IT'S BY BORR[+ ?AT ,I MAKE SOME?+ \T ( NO?+1 & BECOME A K9D ( GOD4 

,BUT CONSID] ! FOLL[+ L9ES1 (T5 ATTRIBUT$ TO ,LORD ,JOSIAH ,*>LES ,/AMP1 DIRECTOR ( ! ,BANK ( ,5GL&3 

,! MOD]N BANK+ SY/EM MANUFACTURES MONEY \T ( NO?+4 ,! PROCESS IS P]HAPS ! MO/ A/\ND+ PIECE ( SLEI<T ( H& ?AT WAS EV] 9V5T$4 ,BANK+ WAS CONCEIV$ 9 9IQUITY & BORN 9 S94 ,BANK]S [N ! E>?2 TAKE IT AWAY FROM !M1 BUT LEAVE !M ) ! P[] TO CREATE CR$IT1 & ) ! /ROKE ( A P5 !Y WILL CREATE 5\< MONEY TO BUY IT BACK AGA9 444 ,IF Y\ WI% TO REMA9 SLAVES ( ,BANK]S1 & PAY ! CO/ ( Y\R [N SLAV]Y1 LET !M CONT9UE TO CREATE DEPOSITS4.<#h#a#c.> 

,IT SEEMS EXTREMELY UNLIKELY ?AT ,LORD ,/AMP EV] REALLY SAID ?IS1 BUT ! PASSAGE HAS BE5 CIT$ 5DLESSLY--9 FACT1 IT'S PROBABLY ! S+LE MO/ (T5-QUOT$ PASSAGE BY CRITICS ( ! MOD]N BANK+ SY/EM4 ,H[EV] APOCRYPHAL1 IT CLE>LY /RIKES A *ORD1 & APP>5TLY = ! SAME REASON3 BANK]S >E CREAT+ SOME?+ \T ( NO?+4 ,!Y >E NOT ONLY FRAUDS & MAGICIANS4 ,!Y >E EVIL1 BECAUSE !Y'RE PLAY+ ,GOD4 

,BUT !RE'S A DEEP] SC&AL ?AN M]E PRE/IDIGITATION4 ,IF ,M$IEVAL MORALI/S DID NOT RAISE SU* OBJECTIONS1 IT WAS NOT JU/ BECAUSE !Y W]E COM=TABLE ) METAPHYSICAL 5TITIES4 ,!Y HAD A MU* MORE FUNDAM5TAL PROBLEM ) ! M>KET3 GRE$4 ,M>KET MOTIVES W]E HELD TO BE 9H]5TLY CORRUPT4 ,! MOM5T ?AT GRE$ WAS VALIDAT$1 & UNLIMIT$ PR(IT WAS CONSID]$ A P]FECTLY VIABLE 5D 9 ITSELF1 ?IS POLITICAL1 MAGICAL ELEM5T BECAME A G5U9E PROBLEM1 BECAUSE IT MEANT ?AT EV5 ?OSE ACTORS--! BROK]S1 /OCK-JOBB]S1 TRAD]S--:O EFFECTIVELY MADE ! SY/EM RUN HAD NO CONV9C+ LOYALTY TO ANY?+1 EV5 TO ! SY/EM ITSELF4 

,HOBBES1 :O FIR/ DEVELOP$ ?IS VISION ( HUMAN NATURE 9TO AN EXPLICIT !ORY ( SOCIETY1 WAS WELL AW>E ( ?IS GRE$ DILEMMA4 ,IT =M$ ! BASIS ( HIS POLITICAL PHILOSOPHY4 ,EV51 HE >GU$1 IF WE >E ALL RATIONAL 5\< TO UND]/& ?AT IT'S 9 \R LONG-T]M 9T]E/ TO LIVE 9 PEACE & SECURITY1 \R %ORT-T]M 9T]E/S >E (T5 SU* ?AT KILL+ & PLUND]+ >E ! MO/ OBVI\SLY PR(ITABLE C\RSES TO TAKE1 & ALL IT TAKES IS A FEW TO CA/ ASIDE !IR SCRUPLES TO CREATE UTT] 9SECURITY & *AOS4 ,?IS WAS :Y HE FELT ?AT M>KETS C\LD ONLY EXI/ UND] ! EGIS ( AN ABSOLUTI/ /ATE1 :I* W\LD =CE US TO KEEP \R PROMISES & RESPECT ONE ANO!R'S PROP]TY4 ,BUT :AT HAPP5S :5 WE'RE TALK+ AB\T A M>KET 9 :I* IT IS /ATE DEBTS & /ATE OBLIGATIONS !MSELVES ?AT >E BE+ TRAD$2 :5 ONE CANNOT REALLY SPEAK ( A /ATE MONOPOLY ON =CE BECAUSE ONE IS OP]AT+ 9 AN 9T]NATIONAL M>KET :]E ! PRIM>Y CURR5CY IS BONDS ?AT ! /ATE DEP5DS ON = ITS V]Y ABILITY TO M>%AL MILIT>Y =CE8 

,HAV+ MADE 9CESSANT W> ON ALL REMA9+ =MS ( ! COMMUNISM ( ! POOR1 EV5 TO ! PO9T ( CRIM9ALIZ+ CR$IT1 ! MA/]S ( ! NEW M>KET SY/EM DISCOV]$ ?AT !Y HAD NO OBVI\S JU/IFICATION LEFT TO MA9TA9 EV5 ! COMMUNISM ( ! RI*--?AT LEVEL ( COOP]ATION & SOLID>ITY REQUIR$ TO KEEP ! ECONOMIC SY/EM RUNN+4 ,TRUE1 = ALL ITS 5DLESS /RA9S & P]IODIC BREAKD[NS1 ! SY/EM HAS HELD \T SO F>4 ,BUT AS REC5T EV5TS HAVE DRAMATICALLY TE/IFI$1 IT HAS NEV] BE5 RESOLV$4 

,P>T ,I,V3 ,SO ,:AT ,IS ,CAPITALISM1 ,ANYWAY8 

  

,WE >E US$ TO SEE+ MOD]N CAPITALISM 7ALONG ) MOD]N TRADITIONS ( DEMOCRATIC GOV]NM5T7 AS EM]G+ ONLY LAT]3 ) ! ,AGE ( ,REVOLUTIONS--! 9DU/RIAL REVOLUTION1 ! ,AM]ICAN & ,FR5* REVOLUTIONS--A S]IES ( PR(\ND BREAKS AT ! 5D ( ! EI<TE5? C5TURY ?AT ONLY BECAME FULLY 9/ITUTIONALIZ$ AFT] ! 5D ( ! ,NAPOLEONIC ,W>S4 ,H]E WE COME FACE TO FACE ) A PECULI> P>ADOX4 ,IT W\LD SEEM ?AT ALMO/ ALL ELEM5TS ( F9ANCIAL APP>ATUS ?AT WE'VE COME TO ASSOCIATE ) CAPITALISM--C5TRAL BANKS1 BOND M>KETS1 %ORT-SELL+1 BROK]AGE H\SES1 SPECULATIVE BUBBLES1 SECURIZATION1 ANNUITIES--CAME 9TO BE+ NOT ONLY BE=E ! SCI5CE ( ECONOMICS 7:I* IS P]HAPS NOT TOO SURPRIS+71 BUT ALSO BE=E ! RISE ( FACTORIES1 & WAGE LABOR ITSELF4.<#h#a#d.> ,?IS IS A G5U9E *ALL5GE TO FAMILI> WAYS ( ?9K+4 ,WE LIKE TO ?9K ( ! FACTORIES & WORK%OPS AS ! 0REAL ECONOMY10 & ! RE/ AS SUP]/RUCTURE1 CON/RUCT$ ON TOP ( IT4 ,BUT IF ?IS W]E REALLY SO1 !N H[ CAN IT BE ?AT ! SUP]/RUCTURE CAME FIR/8 ,CAN ! DREAMS ( ! SY/EM CREATE ITS BODY8 

,ALL ?IS RAISES ! QUE/ION ( :AT 0CAPITALISM0 IS TO BEG9 )1 A QUE/ION ON :I* !RE IS NO CONS5SUS AT ALL4 ,! WORD WAS ORIG9ALLY 9V5T$ BY SOCIALI/S1 :O SAW CAPITALISM AS ?AT SY/EM :]EBY ?OSE :O [N CAPITAL COMM& ! LABOR ( ?OSE :O DO NOT4 ,PROPON5TS1 9 CONTRA/1 T5D TO SEE CAPITALISM AS ! FRE$OM ( ! M>KETPLACE1 :I* ALL[S ?OSE ) POT5TIALLY M>KETABLE VISIONS TO PULL RES\RCES TOGE!R TO BR+ ?OSE VISIONS 9TO BE+4 ,JU/ AB\T EV]YONE AGREES1 H[EV]1 ?AT CAPITALISM IS A SY/EM ?AT DEM&S CON/ANT1 5DLESS GR[?4 ,5T]PRISES HAVE TO GR[ 9 ORD] TO REMA9 VIABLE4 ,! SAME IS TRUE ( NATIONS4 ,JU/ AS FIVE P]C5T P] ANNUM WAS WIDELY ACCEPT$1 AT ! DAWN ( CAPITALISM1 AS ! LEGITIMATE COMM]CIAL RATE ( 9T]E/--?AT IS1 ! AM\NT ?AT ANY 9VE/OR C\LD NORMALLY EXPECT H] MONEY TO BE GR[+ BY ! PR9CIPLE ( 9T]ESSE--SO IS FIVE P]C5T N[ ! ANNUAL RATE AT :I* ANY NATION'S ,G,D,P REALLY \<T TO GR[4 ,:AT WAS ONCE AN IMP]SONAL ME*ANISM ?AT COMPELL$ PEOPLE TO LOOK AT EV]Y?+ >\ND !M AS A POT5TIAL S\RCE ( PR(IT HAS COME TO BE CONSID]$ ! ONLY OBJECTIVE MEASURE ( ! HEAL? ( ! HUMAN COMMUNITY ITSELF4 

,/>T+ FROM \R BASEL9E DATE ( #a#g1 !N1 :AT WE SEE AT ! DAWN ( MOD]N CAPITALISM IS A GIGANTIC F9ANCIAL APP>ATUS ( CR$IT & DEBT ?AT OP]ATES--9 PRACTICAL EFFECT--TO PUMP MORE & MORE LABOR \T ( JU/ AB\T EV]YONE ) :OM IT COMES 9TO CONTACT1 & AS A RESULT PRODUCES AN 5DLESSLY EXP&+ VOLUME ( MAT]IAL GOODS4 ,IT DOES SO NOT JU/ BY MORAL COMPULSION1 BUT ABOVE ALL BY US+ MORAL COMPULSION TO MOBILIZE %E] PHYSICAL =CE4 ,AT EV]Y PO9T1 ! FAMILI> BUT PECULI>LY ,EUROPEAN 5TANGLEM5T ( W> & COMM]CE REAPPE>S--(T5 9 />TL+ NEW =MS4 ,! FIR/ /OCK M>KETS 9 ,HOLL& & ,BRITA9 W]E BAS$ MA9LY 9 TRAD+ %>ES ( ! ,EA/ & ,WE/ ,9DIA COMPANIES1 :I* W]E BO? MILIT>Y & TRAD+ V5TURES4 ,= A C5TURY1 ONE SU* PRIVATE1 PR(IT-SEEK+ CORPORATION GOV]N$ ,9DIA4 ,! NATIONAL DEBTS ( ,5GL&1 ,FRANCE1 & ! O!RS W]E BAS$ 9 MONEY BORR[$ NOT TO DIG CANALS & ]ECT BRIDGES1 BUT TO ACQUIRE ! GUNP[D] NE$$ TO BOMB>D CITIES & TO CON/RUCT ! CAMPS REQUIR$ = ! HOLD+ ( PRISON]S & ! TRA9+ ( RECRUITS4 ,ALMO/ ALL ! BUBBLES ( ! EI<TE5? C5TURY 9VOLV$ SOME FANTA/IC S*EME TO USE ! PROCE$S ( COLONIAL V5TURES TO PAY = ,EUROPEAN W>S4 ,PAP] MONEY WAS DEBT MONEY1 & DEBT MONEY WAS W> MONEY1 & ?IS HAS ALWAYS REMA9$ ! CASE4 ,?OSE :O F9ANC$ ,EUROPE'S 5DLESS MILIT>Y CONFLICTS ALSO EMPLOY$ ! GOV]NM5T'S POLICE & PRISONS TO EXTRACT EV]-9CREAS+ PRODUCTIVITY FROM ! RE/ ( ! POPULATION4 

,AS EV]YBODY KN[S1 ! WORLD M>KET SY/EM 9ITIAT$ BY ! ,SPANI>DS & ,PORTUGUESE EMPIRES FIR/ >OSE 9 ! SE>* = SPICES4 ,IT SOON SETTL$ 9TO ?REE BROAD TRADES1 :I* MI<T BE LABEL$ ! >MS TRADE1 ! SLAVE TRADE1 & ! DRUG TRADE4 ,! LA/ REF]S MO/LY TO S(T DRUGS1 ( C\RSE1 LIKE C(FEE1 TEA1 & ! SUG> TO PUT 9 !M1 & TOBACCO1 BUT DI/ILL$ LIQUOR FIR/ APPE>S AT ?IS /AGE ( HUMAN HI/ORY AS WELL1 & AS WE ALL KN[1 ,EUROPEANS HAD NO COMPUNCTIONS AB\T AGGRESSIVELY M>KET+ OPIUM 9 ,*9A AS A WAY ( F9ALLY PUTT+ AN 5D TO ! NE$ TO EXPORT BULLION4 ,! CLO? TRADE ONLY CAME LAT]1 AFT] ! ,EA/ ,9DIA ,COMPANY US$ MILIT>Y =CE TO %UT D[N ! 7MORE EFFICI5T7 ,9DIAN COTTON EXPORT TRADE4 ,ONE NE$ ONLY TAKE A GLANCE AT ! BOOK ?AT PRES]VES ,*>LES ,DAV5ANT'S #afif ESSAY ON CR$IT & HUMAN FELL[%IP3 ,! POLITICAL & COMM]CIAL WORKS ( ?AT CELEBRAT$ WRIT] ,*>LES ,D',AV5ANT3 RELAT+ TO ! TRADE & REV5UE ( ,5GL&1 ! ,PLANTATION TRADE1 ! ,EA/-,9DIA TRADE & ,AFRICAN TRADE4 0,OB$I5CE1 LOVE1 & FRI5D%IP0 MI<T SUFFICE TO GOV]N RELATIONS BETWE5 FELL[ ,5GLI%M51 !N1 BUT 9 ! COLONIES1 IT WAS MA9LY JU/ OB$I5CE4 

,AS ,I'VE DESCRIB$1 ! ,ATLANTIC SLAVE TRADE CAN BE IMAG9$ AS A GIANT *A9 ( DEBT-OBLIGATIONS1 /RET*+ FROM ,BRI/OL TO ,CALAB> TO ! HEADWAT]S ( ! ,CROSS ,RIV]1 :]E ! ,>O TRAD]S SPONSOR$ !IR SECRET SOCIETIES2 JU/ AS 9 ! ,9DIAN ,OCEAN TRADE1 SIMIL> *A9S CONNECT$ ,UTRE*T TO ,CAPET[N TO ,JAK>TA TO ! ,K+DOM ( ,GELGEL1 :]E ,BAL9ESE K+S >RANG$ !IR COCKFI<TS TO LURE !IR [N SUBJECTS TO GAMBLE !IR FRE$OM AWAY4 ,9 EI!R CASE1 ! 5D PRODUCT WAS ! SAME3 HUMAN BE+S SO 5TIRELY RIPP$ FROM !IR CONTEXTS1 & H5CE SO ?OR\<LY DEHUMANIZ$1 ?AT !Y W]E PLAC$ \TSIDE ! REALM ( DEBT 5TIRELY4 

,! MIDDLEM5 9 !SE *A9S1 ! V>I\S COMM]CIAL L9KS ( ! DEBT *A9 ?AT CONNECT$ ! /OCK-JOBB]S 9 ,LONDON ) ! ,>O PRIE/S 9 ,NIG]IA1 PE>L DIV]S 9 ! ,>U ISL&S ( ,EA/]N ,9DONESIA1 ,B5GALI TEA PLANTATIONS1 OR ,AMAZONIAN RUBB]-TAPP]S1 GIVE ONE ! IMPRESSION ( HAV+ BE5 SOB]1 CALCULAT+1 UNIMAG9ATIVE M54 ,AT EI!R 5D ( ! DEBT *A91 ! :OLE 5T]PRISE SEEM$ TO TURN ON ! ABILITY TO MANIPULATE FANTASIES1 & TO RUN A CON/ANT P]IL ( SLIPP+ 9TO :AT EV5 CONTEMPOR>Y OBS]V]S CONSID]$ V>IETIES ( PHANTASMAGORIC MADNESS4 ,ON ! ONE 5D W]E ! P]IODIC BUBBLES1 PROPELL$ 9 P>T BY RUMOR & FANTASY & 9 P>T BY ! FACT ?AT JU/ AB\T EV]YONE 9 CITIES LIKE ,P>IS & ,LONDON ) ANY DISPOSABLE CA% W\LD SUDD5LY BECOME CONV9C$ ?AT !Y W\LD SOMEH[ BE ABLE TO PR(IT FROM ! FACT ?AT EV]YONE ELSE WAS SUCCUMB+ TO RUMOR & FANTASY4 

,*>LES ,MAC,KAY HAS LEFT US SOME IMMORTAL DESCRIPTIONS ( ! FIR/ ( !SE1 ! FAM\S 0,S\? ,SEA ,BUBBLE0 ( #a#g#a4 ,ACTUALLY1 ! ,S\? ,SEA ,COMPANY ITSELF 7:I* GREW SO L>GE ?AT AT ONE PO9T IT B\<T UP MO/ ( ! NATIONAL DEBT7 WAS JU/ ! AN*OR = :AT HAPP5$1 A GIANT CORPORATION1 ITS /OCK CON/ANTLY BALLOON+ 9 VALUE1 ?AT SEEM$1 TO PUT IT 9 CONTEMPOR>Y T]MS1 0TOO BIG TO FAIL40 ,IT SOON BECAME ! MODEL = HUNDR$S ( NEW />TUP (F]+S3 

,9NUM]ABLE JO9T-/OCK COMPANIES />T$ UP EV]Y:]E4 ,!Y SOON RECEIV$ ! NAME ,BUBBLES1 ! MO/ APPROPRIATE IMAG9ATION C\LD DEVISE 444 ,SOME ( !M LA/$ A WEEK OR A =TNI<T1 & W]E NO MORE HE>D (1 :ILE O!RS C\LD NOT EV5 LIVE \T ?AT SPAN ( EXI/5CE4 ,EV]Y EV5+ PRODUC$ NEW S*EMES1 & EV]Y MORN+ NEW PROJECTS4 ,! HI<E/ ( ! >I/OCRACY W]E AS EAG] 9 ?IS HOT PURSUIT ( GA9 AS ! MO/ PLODD+ JOBB] 9 ,CORNHILL4.<#h#a#e.> 

,! AU?OR LI/S1 AS >BITR>Y EXAMPLES1 EI<TY-SIX S*EMES1 RANG+ FROM ! MANUFACTURE ( SOAP OR SAILCLO?1 ! PROVISION ( 9SURANCE = HORSES1 TO A ME?OD TO 0MAKE DEAL-BO>DS \T ( SAWDU/40 ,EA* ISSU$ /OCK2 EA* ISSUE W\LD APPE>1 !N BE SCOOP$ UP & AVIDLY TRAD$ BACK & =? 9 TAV]NS1 C(FEE-H\SES1 ALLEYS1 & HAB]DA%]IES ACROSS ! CITY4 ,9 EV]Y CASE !IR PRICE WAS QUICKLY BID ?R\< ! CEIL+--EA* NEW BUY] BETT+1 EFFECTIVELY1 ?AT HE OR %E C\LD UNLOAD !M TO SOME EV5 MORE GULLIBLE SUCK] BE=E ! 9EVITABLE COLLAPSE4 ,SOMETIMES PEOPLE BID ON C>DS & C\PONS ?AT W\LD ALL[ !M NO MORE ?AN ! RI<T TO BID ON O!R %>ES LAT]4 ,?\S&S GREW RI*4 ,?\S&S MORE W]E RU9$4 

,! MO/ ABSURD & PREPO/]\S ( ALL1 & :I* %EW$1 MORE COMPLETELY ?AN ANY O!R1 ! UTT] MADNESS ( ! PEOPLE1 WAS ONE />T$ BY AN UNKN[N ADV5TUR]1 5TITL$ 0,A COMPANY = ! C>RY+ ON ( AN UND]TAK+ ( GREAT ADVANTAGE1 BUT NOBODY TO KN[ :AT IT IS40 

,! MAN ( G5IUS :O ESSAY$ ?IS BOLD & SUCCESSFUL 9ROAD UPON PUBLIC CR$ULITY M]ELY /AT$ 9 HIS PROSPECTUS ?AT ! REQUIR$ CAPITAL WAS HALF A MILLION1 9 FIVE ?\S& %>ES ( #a#a4 EA*1 DEPOSIT #b#a4 P] %>E4 ,EA* SUBSCRIB]1 PAY+ HIS DEPOSIT1 W\LD BE 5TITL$ TO #a#a4 P] ANNUM P] %>E4 ,H[ ?IS IMM5SE PR(IT WAS TO BE OBTA9$1 HE W\LD NOT CONDESC5D TO 9=M !M AT ?AT TIME1 BUT PROMIS$ ?AT 9 A MON? ! FULL P>TICUL>S W\LD BE DULY ANN\NC$1 & CALL MADE = ! REMA9+ #i#h#a4 ( ! SUBSCRIPTION4 ,NEXT MORN+1 AT N9E O'CLOCK1 ?IS GREAT MAN OP5$ AN (FICE 9 ,CORNHILL4 ,CR[DS BESET HIS DOOR1 & :5 HE %UT UP AT ?REE O'CLOCK1 HE F\ND ?AT NO LESS ?AN ONE ?\S& %>ES HAD BE5 SUBSCRIB$ =1 & ! DEPOSITS PAID4 

,HE WAS PHILOSOPH] 5\< TO BE CONT5T$ ) HIS V5TURE1 & SET (F ?AT SAME EV5+ = ! ,CONT95T4 ,HE WAS NEV] HE>D ( AGA94.<#h#a#f.> 

,IF ONE IS TO BELIEVE ,MAC,KAY1 ! 5TIRE POPULATION ( ,LONDON CONCEIV$ ! SIMULTANE\S DELUSION1 NOT ?AT MONEY C\LD REALLY BE MANUFACTUR$ \T ( NO?+1 BUT ?AT O!R PEOPLE W]E FOOLI% 5\< TO BELIEVE ?AT IT C\LD--& ?AT1 BY ?AT V]Y FACT1 !Y ACTUALLY C\LD MAKE MONEY \T ( NO?+ AFT] ALL4 

,MOV+ TO ! O!R SIDE ( ! DEBT *A91 WE F9D FANTASIES RANG+ FROM ! *>M+ TO ! APOCALYPTIC4 ,9 ! AN?ROPOLOGICAL LIT]ATURE1 !RE IS EV]Y?+ FROM ! BEAUTIFUL 0SEA WIVES0 ( ,>U PE>L DIV]S1 :O WILL NOT YIELD UP ! TREASURES ( ! OCEAN UNLESS C\RT$ ) GIFTS B\<T ON CR$IT FROM LOCAL ,*9ESE %OPS1.<#h#a#g.> TO ! SECRET M>KETS :]E ,B5GALI L&LORDS PUR*ASE <O/S TO T]RORIZE 9SUBORD9ATE DEBT PEONS2 TO ,TIV FLE%-DEBTS1 A FANTASY ( HUMAN SOCIETY CANNIBALIZ+ ITSELF2 TO F9ALLY1 OCCASIONS AT :I*1 ! ,TIV NI<TM>E APPE>S TO HAVE V]Y NE>LY BECOME TRUE4.<#h#a#h.> ,ONE ! MO/ FAM\S & DI/URB+ WAS ! GREAT ,PUTUMAYO SC&AL ( #a#i#i-#a#i#a#a1 9 :I* ! ,LONDON READ+ PUBLIC WAS %OCK$ TO DISCOV] ?AT ! AG5TS ( ! SUBSIDI>Y ( A ,BRITI% RUBB] COMPANY OP]AT+ 9 ! ,P]UVIAN RA9=E/ HAD CREAT$ !IR V]Y [N ,HE>T ( ,D>KNESS1 EXT]M9AT+ T5S ( ?\S&S ( ,HUITOTO ,9DIANS--:O ! AG5TS 9SI/$ ON REF]R+ TO ONLY AS 0CANNIBALS0--9 SC5ES ( RAPE1 TORTURE1 & MUTILATION ?AT RECALL$ ! V]Y WOR/ ( ! CONQUE/ F\R HUNDR$ YE>S E>LI]4.<#h#a#i.> 

,9 ! DEBATES ?AT FOLL[$1 ! FIR/ IMPULSE WAS TO BLAME EV]Y?+ ON A SY/EM :]EBY ! ,9DIANS W]E SAID TO HAVE BE5 CAU<T 9 A DEBT TRAP1 MADE COMPLETELY DEP5D5T ON ! COMPANY /ORE3 

,! ROOT ( ! :OLE EVIL WAS ! SO CALL$ PATRON OR 0PEONAGE0 SY/EM--A V>IETY ( :AT US$ TO BE CALL$ 9 ,5GL& ! 0TRUCK SY/EM0--BY :I* ! EMPLOYEE1 =C$ TO BUY ALL HIS SUPPLIES AT ! EMPLOY]'S /ORE1 IS KEPT HOPELESSLY 9 DEBT1 :ILE BY LAW HE IS UNABLE TO LEAVE HIS EMPLOYM5T UNTIL HIS DEBT IS PAID 444 ,! PEON IS ?US1 AS (T5 AS NOT1 A DE FACTO SLAVE2 & S9CE 9 ! REMOT] REGIONS ( ! VA/ CONT95T !RE IS NO EFFECTIVE GOV]NM5T1 HE IS :OLLY AT ! M]CY ( HIS MA/]4.<#h#b.> 

,! 0CANNIBALS0 :O 5D$ UP FLOGG$ TO DEA?1 CRUCIFI$1 TI$ UP & US$ = T>GET PRACTICE1 OR HACK$ TO PIECES ) MA*ETES = FAILURE TO BR+ 9 SUFFICI5T QUANTITIES ( RUBB]1 HAD1 ! /ORY W5T1 FALL5 9TO ! ULTIMATE DEBT TRAP2 S$UC$ BY ! W>ES ( ! COMPANY'S AG5TS1 !Y'D 5D$ UP B>T]+ AWAY !IR V]Y LIVES4 

,A LAT] ,P>LIAM5T>Y 9QUIRY DISCOV]$ ?AT ! REAL /ORY WAS NO?+ ( ! SORT4 ,! ,HUITOTO HAD NOT BE5 TRICK$ 9TO BECOM+ DEBT PEONS AT ALL4 ,IT WAS ! AG5TS & OV]SE]S S5T 9TO ! REGION :O W]E1 MU* LIKE ! CONQUI/ADORS1 DEEPLY 9DEBT$--9 !IR CASE1 TO ! ,P]UVIAN COMPANY ?AT HAD COMMISSION$ !M1 :I* WAS ULTIMATELY RECEIV+ ITS [N CR$IT FROM ,LONDON F9ANCI]S4 ,!SE AG5TS HAD C]TA9LY >RIV$ ) EV]Y 9T5TION ( EXT5D+ ?AT WEB ( CR$IT TO 9CLUDE ! ,9DIANS1 BUT DISCOV]+ ! ,HUITOTO TO HAVE NO 9T]E/ 9 ! CLO?1 MA*ETES1 & CO9S !Y HAD BR\<T TO TRADE ) !M1 !Y'D F9ALLY GIV5 UP & JU/ />T$ R\ND+ ,9DIANS UP & =C+ !M TO ACCEPT LOANS AT GUNPO9T1 !N TABULAT+ ! AM\NT ( RUBB] !Y [$4.<#h#b#a.> ,MANY ( ! ,9DIANS MASSACR$1 9 TURN1 HAD SIMPLY BE5 TRY+ TO RUN AWAY4 

,9 REALITY1 !N1 ! ,9DIANS HAD BE5 R$UC$ TO SLAV]Y2 IT'S JU/ ?AT1 BY #a#i#g1 NO ONE C\LD OP5LY ADMIT ?IS4 ,A LEGITIMATE 5T]PRISE HAD TO HAVE SOME MORAL BASIS1 & ! ONLY MORALITY ! COMPANY KNEW WAS DEBT4 ,:5 IT BECAME CLE> ?AT ! ,HUITOTO REJECT$ ! PREMISE1 EV]Y?+ W5T HAYWIRE1 & ! COMPANY 5D$ UP1 LIKE ,CASIMIR1 CAU<T 9 A SPIRAL ( 9DIGNANT T]ROR ?AT ULTIMATELY ?REAT5$ TO WIPE \T ITS V]Y ECONOMIC BASIS4 

,IT IS ! SECRET SC&AL ( CAPITALISM ?AT AT NO PO9T HAS IT BE5 ORGANIZ$ PRIM>ILY >\ND FREE LABOR4.<#h#b#b.> ,! CONQUE/ ( ! ,AM]ICAS BEGAN ) MASS 5SLAVEM5T1 !N GRADUALLY SETTL$ 9TO V>I\S =MS ( DEBT PEONAGE1 ,AFRICAN SLAV]Y1 & 09D5TUR$ S]VICE0--?AT IS1 ! USE ( CONTRACT LABOR1 WORK]S :O HAD RECEIV$ CA% 9 ADVANCE & W]E ?US B\ND = FIVE-1 SEV5-1 OR T5-YE> T]MS TO PAY IT BACK4 ,NE$LESS TO SAY1 9D5TUR$ S]VANTS W]E RECRUIT$ L>GELY FROM AMONG PEOPLE :O W]E ALREADY DEBTORS4 ,9 ! #a#fS !RE W]E AT TIMES ALMO/ AS MANY :ITE DEBTORS AS ,AFRICAN SLAVES WORK+ 9 S\!RN PLANTATIONS1 & LEGALLY !Y W]E AT FIR/ 9 ALMO/ ! SAME SITUATION1 S9CE 9 ! BEG9N+1 PLANTATION SOCIETIES W]E WORK+ )9 A ,EUROPEAN LEGAL TRADITION ?AT ASSUM$ SLAV]Y DID NOT EXI/1 SO EV5 ,AFRICANS 9 ! ,C>OL9AS W]E CLASSIFI$1 AS CONTRACT LABOR]S4.<#h#b#c.> ,( C\RSE ?IS LAT] *ANG$ :5 ! IDEA ( 0RACE0 WAS 9TRODUC$4 ,:5 ,AFRICAN SLAVES W]E FRE$1 !Y W]E REPLAC$1 ON PLANTATIONS FROM ,B>BADOS TO ,MAURITIUS1 ) CONTRACT LABOR]S AGA93 ?\< N[ ONES RECRUIT$ MA9LY 9 ,9DIA OR ,*9A4 ,*9ESE CONTRACT LABOR]S BUILT ! ,NOR? ,AM]ICAN RAILROAD SY/EM1 & ,9DIAN 0COOLIES0 BUILT ! ,S\? ,AFRICAN M9ES4 ,! PEASANTS ( ,RUSSIA & ,POL&1 :O HAD BE5 FREE L&HOLD]S 9 ! ,MIDDLE ,AGES1 W]E ONLY MADE S]FS AT ! DAWN ( CAPITALISM1 :5 !IR LORDS BEGAN TO SELL GRA9 ON ! NEW WORLD M>KET TO FE$ ! NEW 9DU/RIAL CITIES TO ! WE/4.<#h#b#d.> ,COLONIAL REGIMES 9 ,AFRICA & ,S\!A/ ,ASIA REGUL>LY DEM&$ =C$ LABOR FROM !IR CONQU]$ SUBJECTS1 OR1 ALT]NATELY1 CREAT$ TAX SY/EMS DESIGN$ TO =CE ! POPULATION 9TO ! LABOR M>KET ?R\< DEBT4 ,BRITI% OV]LORDS 9 ,9DIA1 />T+ ) ! ,EA/ ,9DIA ,COMPANY BUT CONT9U+ UND] ,H] ,MAJE/Y'S GOV]NM5T1 9/ITUTIONALIZ$ DEBT PEONAGE AS !IR PRIM>Y MEANS ( CREAT+ PRODUCTS = SALE ABROAD4 

,?IS IS A SC&AL NOT JU/ BECAUSE ! SY/EM OCCASIONALLY GOES HAYWIRE1 AS IT DID 9 ! ,PUTUMAYO1 BUT BECAUSE IT PLAYS HAVOC ) \R MO/ *]I%$ ASSUMPTIONS AB\T :AT CAPITALISM REALLY IS--P>TICUL>LY ?AT1 9 ITS BASIC NATURE1 CAPITALISM HAS SOME?+ TO DO ) FRE$OM4 ,= ! CAPITALI/S1 ?IS MEANS ! FRE$OM ( ! M>KETPLACE4 ,= MO/ WORK]S1 IT MEANS FREE LABOR4 ,M>XI/S HAVE QUE/ION$ :E!R WAGE LABOR IS ULTIMATELY FREE 9 ANY S5SE 7S9CE SOMEONE ) NO?+ TO SELL BUT HIS OR H] BODY CANNOT 9 ANY S5SE BE CONSID]$ A G5U9ELY FREE AG5T71 BUT !Y /ILL T5D TO ASSUME ?AT FREE WAGE LABOR IS ! BASIS ( CAPITALISM4 ,& ! DOM9ANT IMAGE 9 ! HI/ORY ( CAPITALISM IS ! ,5GLI% WORK+MAN TOIL+ 9 ! FACTORIES ( ! 9DU/RIAL REVOLUTION1 & ?IS IMAGE CAN BE TRAC$ =W>D TO ,SILICON ,VALLEY1 ) A /RAI<T L9E 9 BETWE54 ,ALL ?OSE MILLIONS ( SLAVES & S]FS & COOLIES & DEBT PEONS DISAPPE>1 OR IF WE MU/ SPEAK ( !M1 WE WRITE !M (F AS TEMPOR>Y BUMPS ALONG ! ROAD4 ,LIKE SWEAT%OPS1 ?IS IS ASSUM$ TO BE A /AGE ?AT 9DU/RIALIZ+ NATIONS HAD TO PASS ?R\<1 JU/ AS IT IS /ILL ASSUM$ ?AT ALL ?OSE MILLIONS ( DEBT PEONS & CONTRACT LABOR]S & SWEAT%OP WORK]S :O /ILL EXI/1 (T5 9 ! SAME PLACES1 WILL SURELY LIVE TO SEE !IR *ILDR5 BECOME REGUL> WAGE LABOR]S ) HEAL? 9SURANCE & P5SIONS1 & !IR *ILDR51 DOCTORS & LAWY]S & 5TREPR5EURS4 

,:5 ONE LOOKS AT ! ACTUAL HI/ORY ( WAGE LABOR1 EV5 9 C\NTRIES LIKE ,5GL&1 ?AT PICTURE BEG9S TO MELT AWAY4 ,9 MO/ ( ,M$IEVAL NOR!RN ,EUROPE1 WAGE LABOR HAD BE5 MA9LY A LIFE/YLE PH5OM5ON4 ,FROM R\<LY ! AGE ( TWELVE OR F\RTE5 TO R\<LY TW5TY-EI<T OR ?IRTY1 EV]YONE WAS EXPECT$ TO BE EMPLOY$ AS A S]VANT 9 SOMEONE ELSE'S H\SEHOLD--USUALLY ON A YE>LY CONTRACT BASIS1 = :I* !Y RECEIV$ ROOM1 BO>D1 PR(ESSIONAL TRA9+1 & USUALLY A WAGE ( SOME SORT--UNTIL !Y ACCUMULAT$ 5\< RES\RCES TO M>RY & SET UP A H\SEHOLD ( !IR [N4.<#h#b#e.> ,! FIR/ ?+ ?AT 0PROLET>IANIZATION0 CAME TO MEAN WAS ?AT MILLIONS ( Y\NG M5 & WOM5 ACROSS ,EUROPE F\ND !MSELVES EFFECTIVELY /UCK 9 A K9D ( P]MAN5T ADOLESC5CE4 ,APPR5TICES & J\RNEYM5 C\LD NEV] BECOME 0MA/]S10 & ?US1 NEV] ACTUALLY GR[ UP4 ,EV5TUALLY1 MANY BEGAN TO GIVE UP & M>RY E>LY--TO ! GREAT SC&AL ( ! MORALI/S1 :O 9SI/$ ?AT ! NEW PROLET>IAT W]E />T+ FAMILIES !Y C\LD NOT POSSIBLY SUPPORT4.<#h#b#f.> 

,!RE IS1 & HAS ALWAYS BE51 A CURI\S AFF9ITY BETWE5 WAGE LABOR & SLAV]Y4 ,?IS IS NOT JU/ BECAUSE IT WAS SLAVES ON ,C>IBBEAN SUG> PLANTATIONS :O SUPPLI$ ! QUICK-5]GY PRODUCTS ?AT P[]$ MU* ( E>LY WAGE LABOR]S' WORK2 NOT JU/ BECAUSE MO/ ( ! SCI5TIFIC MANAGEM5T TE*NIQUES APPLI$ 9 FACTORIES 9 ! 9DU/RIAL REVOLUTION CAN BE TRAC$ BACK TO ?OSE SUG> PLANTATIONS2 BUT ALSO BECAUSE BO? ! RELATION BETWE5 MA/] & SLAVE1 & BETWE5 EMPLOY] & EMPLOYEE1 >E 9 PR9CIPLE IMP]SONAL3 :E!R Y\'VE BE5 SOLD OR Y\'RE SIMPLY R5T$ Y\RSELF \T1 ! MOM5T MONEY *ANGES H&S1 :O Y\ >E IS SUPPOS$ TO BE UNIMPORTANT2 ALL ?AT'S IMPORTANT IS ?AT Y\ >E CAPABLE ( UND]/&+ ORD]S & DO+ :AT Y\'RE TOLD4.<#h#b#g.> 

,?IS IS ONE REASON1 P]HAPS1 ?AT 9 PR9CIPLE1 !RE WAS ALWAYS A FEEL+ ?AT BO? ! BUY+ ( SLAVES & ! HIR+ ( LABOR]S %\LD REALLY NOT BE ON CR$IT1 BUT %\LD EMPLOY CA%4 ,! PROBLEM1 AS ,I'VE NOT$1 WAS ?AT = MO/ ( ! HI/ORY ( ,BRITI% CAPITALISM1 ! CA% SIMPLY DIDN'T EXI/4 ,EV5 :5 ! ,ROYAL ,M9T BEGAN TO PRODUCE SMALL]-D5OM9ATION SILV] & COPP] CO9S1 ! SUPPLY WAS SPORADIC & 9ADEQUATE4 ,?IS IS H[ ! 0TRUCK SY/EM0 DEVELOP$ TO BEG9 )3 DUR+ ! 9DU/RIAL REVOLUTION1 FACTORY [N]S W\LD (T5 PAY !IR WORK]S ) TICKETS OR V\*]S GOOD ONLY 9 LOCAL %OPS1 ) :OSE [N]S !Y HAD SOME SORT ( 9=MAL >RANGEM5T1 OR1 9 MORE ISOLAT$ P>TS ( ! C\NTRY1 :I* !Y [N$ !MSELVES4.<#h#b#h.> ,TRADITIONAL CR$IT RELATIONS ) ONE'S LOCAL %OPKEEP] CLE>LY TOOK ON AN 5TIRELY NEW COMPLEXION ONCE ! %OPKEEP] WAS EFFECTIVELY AN AG5T ( ! BOSS4 ,ANO!R EXP$I5T WAS TO PAY WORK]S AT LEA/ P>TLY 9 K9D--& NOTICE ! V]Y RI*NESS ( ! VOCABUL>Y = ! SORTS ( ?+S ONE WAS ASSUM$ TO BE ALL[$ TO APPROPRIATE FROM ONE'S WORKPLACE1 P>TICUL>LY FROM ! WA/E1 EXCESS1 & SIDE PRODUCTS3 CABBAGE1 *IPS1 ?RUMS1 SWEEP+S1 BUGG+S1 GLEAN+S1 SWEEP+S1 POT*+S1 VAILS1 POAKE1 COLTAGE1 KNOCKD[NS1 T+E4.<#h#b#i.> 0,CABBAGE10 = 9/ANCE1 WAS ! CLO? LEFT OV] FROM TAILOR+1 0*IPS0 ! PIECES ( BO>D ?AT DOCKWORK]S HAD ! RI<T TO C>RY FROM !IR WORKPLACE 7ANY PIECE ( TIMB] LESS ?AN TWO FEET LONG71 0?RUMS0 W]E TAK5 FROM ! W>P+-B>S ( LOOMS1 & SO ON4 ,& ( C\RSE WE HAVE ALREADY HE>D AB\T PAYM5T 9 ! =M ( COD1 OR NAILS4 

,EMPLOY]S HAD A F9AL EXP$I5T3 WAIT = ! MONEY TO %[ UP1 & 9 ! MEANTIME1 DON'T PAY ANY?+--LEAV+ !IR EMPLOYES TO GET BY ) ONLY :AT !Y C\LD SCR\NGE FROM !IR %OP FLOORS1 OR :AT !IR FAMILIES C\LD F9AGLE 9 \TSIDE EMPLOYM5T1 RECEIVE 9 *>ITY1 PRES]VE 9 SAV+S POOLS ) FRI5DS & FAMILIES1 OR1 :5 ALL ELSE FAIL$1 ACQUIRE ON CR$IT FROM ! LOAN %>KS & PAWNBROK]S :O RAPIDLY CAME TO BE SE5 AS ! P]5NIAL SC\RGE ( ! WORK+ POOR4 ,! SITUATION BECAME SU* ?AT1 BY ! N9ETE5? C5TURY1 ANY TIME A FIRE DE/ROY$ A ,LONDON PAWN%OP1 WORK+-CLASS NEI<BORHOODS W\LD BRACE = ! WAVE ( DOME/IC VIOL5CE ?AT W\LD 9EVITABLY 5SUE :5 MANY A WIFE WAS =C$ TO CONFESS ?AT %E'D LONG S9CE SECRETLY HOCK$ H] HUSB&'S ,SUNDAY SUIT4.<#h#c.> 

,WE >E1 N[ADAYS1 US$ TO ASSOCIAT+ FACTORIES EI<TE5 MON?S 9 >RE>S = WAGES ) A NATION 9 ECONOMIC FREE-FALL1 SU* AS OCCURR$ DUR+ ! COLLAPSE ( ! ,SOVIET ,UNION2 BUT [+ TO ! H>D-MONEY POLICIES ( ! ,BRITI% GOV]NM5T1 :O W]E ALWAYS CONC]N$ ABOVE ALL TO 5SURE ?AT !IR PAP] MONEY DIDN'T FLOAT AWAY 9 ANO!R SPECULATIVE BUBBLE1 9 ! E>LY DAYS ( 9DU/RIAL CAPITALISM1 SU* A SITUATION WAS 9 NO WAY UNUSUAL4 ,EV5 ! GOV]NM5T WAS (T5 UNABLE TO F9D ! CA% TO PAY ITS [N EMPLOYES4 ,9 EI<TE5?-C5TURY ,LONDON1 ! ,ROYAL ,ADMIRALTY WAS REGUL>LY OV] A YE> BEH9D 9 PAY+ ! WAGES ( ?OSE :O LABOR$ AT ! ,DEPT=D DOCKS--ONE REASON ?AT !Y W]E WILL+ TO TOL]ATE ! APPROPRIATION ( *IPS1 NOT TO M5TION HEMP1 CANVAS1 /EEL BOLTS1 & CORDAGE4 ,9 FACT1 AS ,L9EBAU< HAS %[N1 ! SITUATION ONLY REALLY BEGAN TO TAKE RECOGNIZABLE =M >\ND #a#h1 :5 ! GOV]NM5T /ABILIZ$ ITS F9ANCES1 BEGAN PAY+ CA% WAGES ON S*$ULE1 & !RE=E TRI$ TO ABOLI% ! PRACTICE ( :AT WAS N[ RELABEL$ 0WORKPLACE PILF]+0--:I*1 MEET+ \TRAG$ RESI/ANCE ON ! P>T ( ! DOCKWORK]S1 WAS MADE PUNI%ABLE BY :IPP+ & IMPRISONM5T4 ,SAMUEL ,B5?AM1 ! 5G9E] PUT 9 *>GE ( RE=M+ ! DOCKY>DS1 HAD TO TURN !M 9TO A REGUL> POLICE /ATE 9 ORD] TO BE ABLE TO 9/ITUTE A REGIME ( PURE WAGE LABOR--TO :I* PURPOSE HE ULTIMATELY CONCEIV$ ! NOTION ( BUILD+ A GIANT T[] 9 ! MIDDLE TO GU>ANTEE CON/ANT SURVEILLANCE1 AN IDEA ?AT WAS LAT] BORR[$ BY HIS BRO!R ,J]EMY = ! FAM\S ,PANOPTICON4.<#h#c#a.> 

,M5 LIKE ,SMI? & ,B5?AM W]E IDEALI/S2 EV5 UTOPIANS4 ,TO UND]/& ! HI/ORY ( CAPITALISM1 H[EV]1 WE HAVE TO BEG9 BY REALIZ+ ?AT ! PICTURE WE HAVE 9 \R HEADS1 ( WORK]S :O DUTIFULLY PUN* ! CLOCK AT #h3 A4M4 & RECEIVE REGUL> REMUN]ATION EV]Y ,FRIDAY1 ON ! BASIS ( A TEMPOR>Y CONTRACT ?AT EI!R P>TY IS FREE TO BREAK (F AT ANY TIME1 BEGAN AS A UTOPIAN VISION1 WAS ONLY GRADUALLY PUT 9TO EFFECT EV5 9 ,5GL& & ,NOR? ,AM]ICA1 & HAS NEV]1 AT ANY PO9T1 BE5 ! MA9 WAY ( ORGANIZ+ PRODUCTION = ! M>KET1 EV]1 ANY:]E4 

,?IS IS ACTUALLY :Y ,SMI?'S WORK IS SO IMPORTANT4 ,HE CREAT$ ! VISION ( AN IMAG9>Y WORLD ALMO/ 5TIRELY FREE ( DEBT & CR$IT1 & !RE=E1 FREE ( GUILT & S92 A WORLD :]E M5 & WOM5 W]E FREE TO SIMPLY CALCULATE !IR 9T]E/S 9 FULL KN[L$GE ?AT EV]Y?+ HAD BE5 PRE>RANG$ BY ,GOD TO 5SURE ?AT IT WILL S]VE ! GREAT] GOOD4 ,SU* IMAG9>Y CON/RUCTS >E ( C\RSE :AT SCI5TI/S REF] TO AS 0MODELS10 & !RE'S NO?+ 9TR9SICALLY WRONG ) !M4 ,ACTUALLY ,I ?9K A FAIR CASE CAN BE MADE ?AT WE CANNOT ?9K )\T !M4 ,! PROBLEM ) SU* MODELS--AT LEA/1 IT ALWAYS SEEMS TO HAPP5 :5 WE MODEL SOME?+ CALL$ 0! M>KET0--IS ?AT1 ONCE CREAT$1 WE HAVE A T5D5CY TO TREAT !M AS OBJECTIVE REALITIES1 OR EV5 FALL D[N BE=E !M & />T WOR%IP+ !M AS GODS4 0,WE MU/ OBEY ! DICTATES ( ! M>KET60 

,K>L ,M>X1 :O KNEW QUITE A BIT AB\T ! HUMAN T5D5CY TO FALL D[N & WOR%IP \R [N CREATIONS1 WROTE ,DAS ,CAPITAL 9 AN ATTEMPT TO DEMON/RATE ?AT1 EV5 IF WE DO />T FROM ! ECONOMI/S' UTOPIAN VISION1 SO LONG AS WE ALSO ALL[ SOME PEOPLE TO CONTROL PRODUCTIVE CAPITAL1 &1 AGA91 LEAVE O!RS ) NO?+ TO SELL BUT !IR BRA9S & BODIES1 ! RESULTS WILL BE 9 MANY WAYS B>ELY DI/+UI%ABLE FROM SLAV]Y1 & ! :OLE SY/EM WILL EV5TUALLY DE/ROY ITSELF4 ,:AT EV]YONE SEEMS TO =GET IS ! 0AS IF0 NATURE ( HIS ANALYSIS4.<#h#c#b.> ,M>X WAS WELL AW>E ?AT !RE W]E F> MORE BOOTBLACKS1 PRO/ITUTES1 BUTL]S1 SOLDI]S1 P$DL]S1 *IMNEYSWEEPS1 FL[] GIRLS1 /REET MUSICIANS1 CONVICTS1 NANNIES1 & CAB DRIV]S 9 ! ,LONDON ( HIS DAY ?AN !RE W]E FACTORY WORK]S4 ,HE WAS NEV] SUGGE/+ ?AT ?AT'S :AT ! WORLD WAS ACTUALLY LIKE4 

,/ILL1 IF !RE IS ANY?+ ?AT ! LA/ SEV]AL HUNDR$ YE>S ( WORLD HI/ORY HAVE %[N1 IT'S ?AT UTOPIAN VISIONS CAN HAVE A C]TA9 APPEAL4 ,?IS IS AS TRUE ( ,ADAM ,SMI?'S AS ( ?OSE RANG$ AGA9/ IT4 ,! P]IOD FROM R\<LY #ahbe TO #aige IS A BRIEF BUT DET]M9$ EF=T ON ! P>T ( A L>GE NUMB] ( V]Y P[]FUL PEOPLE--) ! AVID SUPPORT ( MANY ( ! LEA/ P[]FUL--TO TRY TO TURN ?AT VISION 9TO SOME?+ LIKE REALITY4 ,CO9S & PAP] MONEY W]E1 F9ALLY1 PRODUC$ 9 SUFFICI5T QUANTITIES ?AT EV5 ORD9>Y PEOPLE C\LD CONDUCT !IR DAILY LIVES )\T APPEAL TO TICKETS1 TOK5S1 OR CR$IT4 ,WAGES />T$ TO BE PAID ON TIME4 ,NEW SORTS ( %OPS1 >CADES1 & GALL]IES APPE>$1 :]E EV]YONE PAID 9 CA%1 OR ALT]NATELY1 AS TIME W5T ON1 BY MEANS ( IMP]SONAL =MS ( CR$IT LIKE 9/ALLM5T PLANS4 ,AS A RESULT1 ! OLD PURITANICAL NOTION ?AT DEBT WAS S9 & DEGRADATION BEGAN TO TAKE A PR(\ND HOLD ON MANY ( ?OSE :O CAME TO CONSID] !MSELVES ! 0RESPECTABLE0 WORK+ CLASSES1 :O (T5 TOOK FRE$OM FROM ! CLUT*ES ( ! PAWNBROK] & LOAN %>K AS A PO9T ( PRIDE1 :I* SEP>AT$ !M FROM DRUNK>DS1 HU/L]S1 & DIT*-DIGG]S AS SURELY AS ! FACT ?AT !Y W]5'T MISS+ TEE?4 

,SPEAK+ AS SOMEONE BR\<T UP 9 ?AT SORT ( WORK+-CLASS FAMILY 7MY BRO!R DI$ AT ! AGE ( #e#c1 HAV+ REFUS$ TO HIS DY+ DAY TO ACQUIRE A CR$IT C>D71 ,I CAN ATTE/ TO ! DEGREE ?AT1 = ?OSE :O SP5D MO/ ( !IR WAK+ H\RS WORK+ AT SOMEONE ELSE'S ORD]S1 ! ABILITY TO PULL \T A WALLET FULL ( BANKNOTES ?AT >E UNCONDITIONALLY ONE'S [N CAN BE A COMPELL+ =M ( FRE$OM4 ,IT'S NOT SURPRIS+ ?AT SO MANY ( ! ECONOMI/S' ASSUMPTIONS--MO/ ( ?OSE = :I* ,I HAVE BE5 TAK+ !M TO TASK OV] ! C\RSE ( ?IS BOOK--HAVE BE5 EMBRAC$ BY ! LEAD]S ( ! HI/ORIC WORK]S' MOVEM5TS1 SO MU* SO ?AT !Y HAVE COME TO %APE \R VISIONS ( :AT ALT]NATIVES TO CAPITALISM MI<T BE LIKE4 ,! PROBLEM IS NOT JU/--AS ,I DEMON/RAT$ 9 *APT] #g--?AT IT IS ROOT$ 9 A DEEPLY FLAW$1 EV5 P]V]SE1 CONCEPTION ( HUMAN FRE$OM4 ,! REAL PROBLEM IS ?AT1 LIKE ALL UTOPIAN DREAMS1 IT IS IMPOSSIBLE4 ,WE C\LD NO MORE HAVE A UNIV]SAL WORLD M>KET ?AN WE C\LD HAVE A SY/EM 9 :I* EV]YONE :O WASN'T A CAPITALI/ WAS SOMEH[ ABLE TO BECOME A RESPECTABLE1 REGUL>LY PAID WAGE LABOR] ) ACCESS TO ADEQUATE D5TAL C>E4 ,A WORLD LIKE ?AT HAS NEV] EXI/$ & NEV] C\LD EXI/4 ,:AT'S MORE1 ! MOM5T ?AT EV5 ! PROSPECT ?AT ?IS MI<T HAPP5 BEG9S TO MAT]IALIZE1 ! :OLE SY/EM />TS TO COME AP>T4 

,P>T ,I,V3 ,APOCALYPSE 

  

,LET US RETURN1 F9ALLY1 TO :]E WE BEGAN3 ) ,CORTES & ! ,AZTEC TREASURE4 ,! READ] MI<T HAVE ASK$ H]SELF1 ,:AT DID HAPP5 TO IT8 ,DID ,CORTES REALLY /EAL IT FROM HIS [N M58 

,! ANSW] SEEMS TO BE ?AT BY ! TIME ! SIEGE WAS OV]1 !RE WAS V]Y LITTLE ( IT LEFT4 ,CORTES SEEMS TO HAVE GOTT5 HIS H&S ON MU* ( IT LONG BE=E ! SIEGE EV5 BEGAN4 ,A C]TA9 PORTION HE HAD WON BY GAMBL+4 

,?IS /ORY1 TOO1 IS 9 ,B]NAL ,DIAZ1 & IT IS /RANGE & PUZZL+1 BUT ALSO1 ,I SUSPECT1 PR(\ND4 ,LET ME FILL 9 SOME ( ! GAPS 9 \R /ORY4 ,AFT] BURN+ HIS BOATS1 ,CORTES BEGAN TO ASSEMBLE AN >MY ( LOCAL ALLIES1 :I* WAS EASY TO DO BECAUSE ! ,AZTECS W]E WIDELY HAT$1 & !N HE BEGAN TO M>* ON ! ,AZTEC CAPITAL4 ,MOCTEZUMA1 ! ,AZTEC EMP]OR1 :O HAD BE5 MONITOR+ ! SITUATION CLOSELY1 CONCLUD$ ?AT HE NE$$ TO AT LEA/ FIGURE \T :AT SORT ( PEOPLE HE WAS DEAL+ )1 SO HE 9VIT$ ! 5TIRE ,SPANI% =CE 7ONLY A FEW HUNDR$ M57 TO BE HIS (FICIAL GUE/S 9 ,T5O*TITLAN4 ,?IS EV5TUALLY L$ TO A S]IES ( PALACE 9TRIGUES DUR+ :I* ,CORTES'S M5 BRIEFLY HELD ! EMP]OR HO/AGE BE=E BE+ =CIBLY EXPELL$4 

,DUR+ ! TIME :5 ,MOCTEZUMA WAS BE+ HELD CAPTIVE 9 HIS [N PALACE1 HE & ,CORTES PASS$ A GOOD DEAL ( !IR TIME PLAY+ AN ,AZTEC GAME CALL$ TOTOLOQUE4 ,!Y PLAY$ = GOLD1 & ,CORTES1 ( C\RSE1 *EAT$4 ,AT ONE PO9T1 ,MOCTEZUMA'S M5 BR\<T ! MATT] TO ! K+'S ATT5TION1 BUT ! K+ JU/ LAU<$ & MADE A JOKE ( IT--NEI!R WAS HE CONC]N$ LAT] :5 ,P$RO DE ,ALV>ADO1 ,CORTES'S *IEF LIEUT5ANT1 BEGAN *EAT+ EV5 MORE FLAGRANTLY1 DEM&+ GOLD = EA* PO9T LO/ & :5 HE LO/1 PAY+ ONLY 9 WOR?LESS PEBBLES4 ,:Y ,MOCTEZUMA BEHAV$ SO HAS REMA9$ SOME?+ ( AN HI/ORICAL MY/]Y4 ,DIAZ TOOK IT AS A GE/URE ( LORDLY MAGNANIMITY1 P]HAPS EV5 A WAY ( PUTT+ ! PETTY-M9D$ ,SPANI>DS 9 !IR PLACE4.<#h#c#c.> 

,ONE HI/ORIAN1 ,+A ,CL5N9D51 SUGGE/S AN ALT]NATE 9T]PRETATION4 ,AZTEC GAMES1 %E NOTES1 T5D$ TO HAVE A PECULI> FEATURE3 !RE WAS ALWAYS A WAY ?AT1 BY A FREAK /ROKE ( LUCK1 ONE C\LD A*IEVE TOTAL VICTORY4 ,?IS SEEMS TO HAVE BE5 TRUE1 = 9/ANCE1 ( !IR FAM\S BALL GAMES4 ,OBS]V]S ALWAYS WOND]1 VIEW+ ! T9Y /ONE HOOPS SET HI< ABOVE ! C\RT1 H[ ANYONE C\LD EV] POSSIBLY HAVE MANAG$ TO SCORE4 ,! ANSW] SEEMS TO BE3 !Y DIDN'T1 AT LEA/ NOT ?AT WAY4 ,NORMALLY ! GAME HAD NO?+ TO DO ) ! HOOP4 ,! GAME WAS PLAY$ BETWE5 TWO OPPOS+ SQUADS1 ATTIR$ AS = BATTLE1 KNOCK+ ! BALL BACK & =?3 

,! NORMAL ME?OD ( SCOR+ WAS ?R\< ! SL[ ACCUMULATION ( PO9TS4 ,BUT ?AT PROCESS C\LD BE DRAMATICALLY PREEMPT$4 ,TO S5D ! BALL ?R\< ONE ( ! R+S--A FEAT1 GIV5 ! SIZE ( ! BALL & ! R+1 PRESUMABLY R>] ?AN A HOLE 9 ONE 9 GOLF--GAVE 9/ANT VICTORY1 [N]%IP ( ALL ! GOODS WAG]$1 & ! RI<T TO PILLAGE ! CLOAKS ( ! ONLOOK]S4.<#h#c#d.> 

,:OEV] SCOR$ ! PO9T WON EV]Y?+1 D[N TO ! AUDI5CE'S CLO?+4 

,!RE W]E SIMIL> RULES 9 BO>D GAMES1 SU* AS ,CORTES & ,MOCTEZUMA W]E PLAY+3 IF1 BY SOME FREAK /ROKE ( LUCK1 ONE ( ! DICE L&$ ON ITS $GE1 ! GAME WAS OV]1 & ! W9N] TOOK EV]Y?+4 ,?IS1 ,CL5N9D5 SUGGE/S1 MU/ HAVE BE5 :AT ,MOCTEZUMA WAS REALLY WAIT+ =4 ,AFT] ALL1 HE WAS CLE>LY 9 ! MIDDLE ( EXTRAORD9>Y EV5TS4 ,/RANGE CREATURES HAD APPE>$1 APP>5TLY FROM NO:]E1 ) UNHE>D-( P[]S4 ,RUMORS ( EPIDEMICS1 ( ! DE/RUCTION ( NE>BY NATIONS1 HAD PRESUMABLY ALREADY REA*$ HIM4 ,IF EV] !RE WAS A TIME ?AT SOME GR&IOSE REVELATION WAS DUE FROM ! GODS1 !N SURELY ?IS WAS IT4 

,SU* AN ATTITUDE DOES SEEM TO FIT P]FECTLY ) ! SPIRIT ( ,AZTEC CULTURE GLEAN$ FROM ITS LIT]ATURE1 :I* EXUD$ A S5SE ( IMP5D+ CATA/ROPHE1 P]HAPS A/ROLOGICALLY DET]M9$1 JU/ POSSIBLY AVOIDABLE--BUT PROBABLY NOT4 ,SOME HAVE SUGGE/$ ?AT ,AZTECS MU/ HAVE SOMEH[ BE5 AW>E ?AT !Y W]E A CIVILIZATION SKAT+ ON ! BR9K ( ECOLOGICAL CATA/ROPHE2 O!RS1 ?AT ! APOCALYPTIC TONE IS RETROSPECTIVE--S9CE1 AFT] ALL1 :AT WE KN[ ( ,AZTEC LIT]ATURE IS ALMO/ 5TIRELY GLEAN$ FROM M5 & WOM5 :O ACTUALLY DID EXP]I5CE ITS COMPLETE DE/RUCTION4 ,/ILL1 !RE DOES SEEM TO BE A C]TA9 FRANTIC QUALITY 9 C]TA9 ,AZTEC PRACTICES--! SACRIFICE ( AS MANY AS T5S ( ?\S&S ( W> PRISON]S1 MO/ NOTABLY 9 ! APP>5T BELIEF ?AT1 W]E ! ,SUN NOT CONT9UALLY F$ ) HUMAN HE>TS1 IT W\LD DIE & WORLD ) IT--?AT IT'S H>D TO EXPLA9 9 ANY O!R WAY4 

,IF ,CL5N9D5 IS RI<T1 = ,MOCTEZUMA1 HE & ,CORTES W]E NOT SIMPLY GAMBL+ = GOLD4 ,GOLD WAS TRIVIAL4 ,! /AKES W]E ! 5TIRE UNIV]SE4 

,MOCTEZUMA WAS ABOVE ALL A W>RIOR1 & ALL W>RIORS >E GAMBL]S2 BUT UNLIKE ,CORTES1 HE WAS CLE>LY 9 EV]Y WAY A MAN ( HONOR4 ,AS WE'VE ALSO SE51 ! QU9TESS5CE ( A W>RIOR'S HONOR1 :I* IS A GREATNESS ?AT CAN ONLY COME FROM ! DE/RUCTION & DEGRADATION ( O!RS1 IS HIS WILL+NESS TO ?R[ HIMSELF 9TO A GAME :]E HE RISKS ?AT SAME DE/RUCTION & DEGRADATION HIMSELF--&1 UNLIKE ,CORTES1 TO PLAY GRACI\SLY1 & BY ! RULES4.<#h#c#e.> ,:5 ! TIME CAME1 IT MEANT BE+ WILL+ TO /AKE EV]Y?+4 

,HE DID4 ,& AS IT TURNS \T1 NO?+ HAPP5$4 ,NO DIE L&$ ON ITS $GE4 ,CORTES CONT9U$ TO *EAT1 ! GODS S5T NO REVELATION1 & ! UNIV]SE WAS EV5TUALLY DE/ROY$4 

,IF !RE'S SOME?+ TO BE LE>N$ H]E--& AS ,I SAY1 ,I ?9K !RE IS--IT IS ?AT !RE MAY BE A DEEP]1 MORE PR(\ND RELATION BETWE5 GAMBL+ & APOCALYPSE4 ,CAPITALISM IS A SY/EM ?AT 5%R9ES ! GAMBL] AS AN ESS5TIAL P>T ( ITS OP]ATION1 9 A WAY ?AT NO O!R EV] HAS2 YET AT ! SAME TIME1 CAPITALISM SEEMS TO BE UNIQUELY 9CAPABLE ( CONCEIV+ ( ITS [N ET]NITY4 ,C\LD !SE TWO FACTS BE L9K$8 

,I %\LD BE MORE PRECISE H]E4 ,IT'S NOT 5TIRELY TRUE ?AT CAPITALISM IS 9CAPABLE ( CONCEIV+ ( ITS [N ET]NITY4 ,ON ! ONE H&1 ITS EXPON5TS DO (T5 FEEL OBLIG$ TO PRES5T IT AS ET]NAL1 BECAUSE !Y 9SI/ ?AT IS IT IS ! ONLY POSSIBLE VIABLE ECONOMIC SY/EM3 ONE ?AT1 AS !Y /ILL SOMETIMES LIKE TO SAY1 0HAS EXI/$ = FIVE ?\S& YE>S & WILL EXI/ = FIVE ?\S& MORE40 ,ON ! O!R H&1 IT DOES SEEM ?AT ! MOM5T A SIGNIFICANT PORTION ( ! POPULATION BEG9S TO ACTUALLY BELIEVE ?IS1 & P>TICUL>LY1 />TS TREAT+ CR$IT 9/ITUTIONS AS IF !Y REALLY WILL BE >\ND =EV]1 EV]Y?+ GOES HAYWIRE4 ,NOTE H]E H[ IT WAS ! MO/ SOB]1 CAUTI\S1 RESPONSIBLE CAPITALI/ REGIMES--! SEV5TE5?-C5TURY ,DUT* ,REPUBLIC1 ! EI<TE5?-C5TURY ,BRITI% ,COMMONWEAL?--! ONES MO/ C>EFUL AB\T MANAG+ !IR PUBLIC DEBT--?AT SAW ! MO/ BIZ>RE EXPLOSIONS ( SPECULATIVE FR5ZY1 ! TULIP MANIAS & ,S\? ,SEA BUBBLES4 

,MU* ( ?IS SEEMS TO TURN ON ! NATURE ( NATIONAL DEFICITS & CR$IT MONEY4 ,! NATIONAL DEBT IS1 AS POLITICIANS HAVE COMPLA9$ PRACTICALLY S9CE !SE ?+S FIR/ APPE>$1 MONEY BORR[$ FROM FUTURE G5]ATIONS4 ,/ILL1 ! EFFECTS HAVE ALWAYS BE5 /RANGELY D\BLE-$G$4 ,ON ! ONE H&1 DEFICIT F9ANC+ IS A WAY ( PUTT+ EV5 MORE MILIT>Y P[] 9 ! H&S ( PR9CES1 G5]ALS1 & POLITICIANS2 ON ! O!R1 IT SUGGE/S ?AT GOV]NM5T [ES SOME?+ TO ?OSE IT GOV]NS4 ,9S(> AS \R MONEY IS ULTIMATELY AN EXT5SION ( ! PUBLIC DEBT1 !N :5EV] WE BUY A NEWSPAP] OR A CUP ( C(FEE1 OR EV5 PLACE A BET ON A HORSE1 WE >E TRAD+ 9 PROMISES1 REPRES5TATIONS ( SOME?+ ?AT ! GOV]NM5T WILL GIVE US AT SOME TIME 9 ! FUTURE1 EV5 IF WE DON'T KN[ EXACTLY :AT IT IS4.<#h#c#f.> 

,IMMANUEL ,WALL]/E9 LIKES TO PO9T \T ?AT ! ,FR5* ,REVOLUTION 9TRODUC$ SEV]AL PR(\NDLY NEW IDEAS 9 POLITICS--IDEAS :I*1 FIFTY YE>S BE=E ! REVOLUTION1 ! VA/ MAJORITY ( $UCAT$ ,EUROPEANS W\LD HAVE WRITT5 (F AS CRAZY1 BUT :I*1 FIFTY YE>S AFT]W>DS1 JU/ AB\T ANYONE FELT !Y HAD TO AT LEA/ PRET5D !Y ?\<T W]E TRUE4 ,! FIR/ IS ?AT SOCIAL *ANGE IS 9EVITABLE & DESIRABLE3 ?AT ! NATURAL DIRECTION ( HI/ORY IS = CIVILIZATION TO GRADUALLY IMPROVE4 ,! SECOND IS ?AT ! APPROPRIATE AG5T TO MANAGE SU* *ANGE IS ! GOV]NM5T4 ,! ?IRD IS ?AT ! GOV]NM5T GA9S ITS LEGITIMACY FROM AN 5TITY CALL$ 0! PEOPLE40.<#h#c#g.> ,IT'S EASY TO SEE H[ ! V]Y IDEA ( A NATIONAL DEBT--A PROMISE ( CONT9UAL FUTURE IMPROVEM5T 7AT ! V]Y LEA/1 FIVE P]C5T ANNUAL IMPROVEM5T7 MADE BY GOV]NM5T TO PEOPLE--MI<T ITSELF HAVE PLAY$ A ROLE 9 9SPIR+ SU* A REVOLUTION>Y NEW P]SPECTIVE4 ,YET AT ! SAME TIME1 :5 ONE LOOKS AT :AT M5 LIKE ,MIRABEAU1 ,VOLTAIRE1 ,DID]OT1 ,SIEYES--! PHILOSOPHES :O FIR/ PROPOS$ ?AT NOTION ( :AT WE N[ CALL 0CIVILIZATION0--W]E ACTUALLY >GU+ AB\T 9 ! YE>S IMM$IATELY LEAD+ UP TO ! REVOLUTION1 IT WAS EV5 MORE AB\T ! DANG] ( APOCALYPTIC CATA/ROPHE1 ( ! PROSPECT ( CIVILIZATION AS !Y KNEW IT BE+ DE/ROY$ BY DEFAULT & ECONOMIC COLLAPSE4 

,P>T ( ! PROBLEM WAS ! OBVI\S ONE3 ! NATIONAL DEBT IS1 FIR/1 BORN ( W>2 SECOND1 IT IS NOT [$ TO ALL ! PEOPLE EQUALLY1 BUT ABOVE ALL TO CAPITALI/S--& 9 ,FRANCE AT ?AT TIME1 0CAPITALI/0 MEANT1 SPECIFICALLY1 0?OSE :O HELD PIECES ( ! NATIONAL DEBT40 ,! MORE DEMOCRATICALLY 9CL9$ FELT ?AT ! 5TIRE SITUATION WAS OPPROBRI\S4 0,! MOD]N !ORY ( ! P]PETUATION ( DEBT10 ,?OMAS ,JEFF]SON WROTE1 >\ND ?IS SAME TIME1 0HAS DR5*$ ! E>? ) BLOOD1 & CRU%$ ITS 9HABITANTS UND] BURD5S EV] ACCUMULAT+40.<#h#c#h.> ,MO/ ,5LI<T5M5T ?9K]S FE>$ ?AT IT PROMIS$ EV5 WORSE4 ,9TR9SIC TO ! NEW1 0MOD]N0 NOTION ( IMP]SONAL DEBT1 AFT] ALL1 WAS ! POSSIBILITY ( BANKRUPTCY4.<#h#c#i.> ,BANKRUPTCY1 AT ?AT TIME1 WAS 9DE$ SOME?+ ( A P]SONAL APOCALYPSE3 IT MEANT PRISON1 ! DISSOLUTION ( ONE'S E/ATE2 = ! LEA/ =TUNATE1 IT MEANT TORTURE1 />VATION1 & DEA?4 ,:AT NATIONAL BANKRUPTCY W\LD MEAN1 AT ?AT PO9T 9 HI/ORY1 NOBODY KNEW4 ,!RE W]E SIMPLY NO PREC$5TS4 ,YET AS NATIONS F\<T GREAT] & BLOODI] W>S1 & !IR DEBTS ESCALAT$ GEOMETRICALLY1 DEFAULT BEGAN TO APPE> UNAVOIDABLE4.<#h#d.> ,ABBE ,SIEYES FIR/ PUT =W>D HIS GREAT S*EME = REPRES5TATIVE GOV]NM5T1 = 9/ANCE1 PRIM>ILY AS A WAY ( RE=M+ ! NATIONAL F9ANCES1 TO F5D (F ! 9EVITABLE CATA/ROPHE4 ,& :5 IT HAPP5$1 :AT W\LD IT LOOK LIKE8 ,W\LD ! MONEY BECOME WOR?LESS8 ,W\LD MILIT>Y REGIMES SEIZE P[]1 REGIMES ACROSS ,EUROPE BE LIKEWISE =C$ TO DEFAULT & FALL LIKE DOM9OS1 PLUNG+ ! CONT95T 9TO 5DLESS B>B>ISM1 D>KNESS1 & W>8 ,MANY W]E ALREADY ANTICIPAT+ ! PROSPECT ( ! ,T]ROR LONG BE=E ! REVOLUTION ITSELF4.<#h#d#a.> 

,IT'S A /RANGE /ORY BECAUSE WE >E US$ TO ?9K+ ( ! ,5LI<T5M5T AS ! DAWN ( A UNIQUE PHASE ( HUMAN OPTIMISM1 BORNE ON ASSUMPTIONS ?AT ! ADVANCE ( SCI5CE & HUMAN KN[L$GE W\LD 9EVITABLY MAKE LIFE WIS]1 SAF]1 & BETT] = EV]YONE--A NAIVE FAI? SAID TO HAVE PEAK$ 9 ! ,FABIAN SOCIALISM ( ! #a#h#iS1 ONLY TO BE ANNIHILAT$ 9 ! TR5*ES ( ,WORLD ,W> ,I4 ,9 FACT1 EV5 ! ,VICTORIANS W]E HAUNT$ BY ! DANG]S ( DEG5]ATION & DECL9E4 ,MO/ ( ALL1 ,VICTORIANS %>$ ! NE>-UNIV]SAL ASSUMPTION ?AT CAPITALISM ITSELF W\LD NOT BE >\ND =EV]4 ,9SURRECTION SEEM$ IMM95T4 ,MANY ,VICTORIAN CAPITALI/S OP]AT$ UND] ! S9C]E BELIEF ?AT !Y MI<T1 AT ANY MOM5T1 F9D !MSELVES HANG+ FROM TREES4 ,9 ,*ICAGO1 = 9/ANCE1 A FRI5D ONCE TOOK ME ON A DRIVE D[N A BEAUTIFUL OLD /REET1 FULL ( MANSIONS FROM ! #a#h#gS3 ! REASON1 HE EXPLA9$1 ?AT IT LOOK$ LIKE ?AT1 WAS ?AT MO/ ( ,*ICAGO'S RI* 9DU/RIALI/S ( ! TIME W]E SO CONV9C$ ?AT ! REVOLUTION WAS IMMAN5T ?AT !Y COLLECTIVELY RELOCAT$ ALONG ! ROAD ?AT L$ TO ! NE>E/ MILIT>Y BASE4 ,ALMO/ NONE ( ! GREAT !ORI/S ( CAPITALISM1 FROM ANY:]E ON ! POLITICAL SPECTRUM1 FROM ,M>X TO ,WEB]1 TO ,S*UMPET]1 TO VON ,MISES1 FELT ?AT CAPITALISM WAS LIKELY TO BE >\ND = MORE ?AN ANO!R G5]ATION OR TWO AT ! MO/4 

,ONE C\LD GO FUR!R3 ! MOM5T ?AT ! FE> ( IMM95T SOCIAL REVOLUTION NO LONG] SEEM$ PLAUSIBLE1 BY ! 5D ( ,WORLD ,W> ,I,I1 WE W]E IMM$IATELY PRES5T$ ) ! SPECT] ( NUCLE> HOLOCAU/4.<#h#d#b.> ,!N1 :5 ?AT NO LONG] SEEM$ PLAUSIBLE1 WE DISCOV]$ GLOBAL W>M+4 ,?IS IS NOT TO SAY ?AT !SE ?REATS W]E NOT1 & >E NOT1 REAL4 ,YET IT DOES SEEM /RANGE ?AT CAPITALISM FEELS ! CON/ANT NE$ TO IMAG9E1 OR TO ACTUALLY MANUFACTURE1 ! MEANS ( ITS [N IMM95T EXT9CTION4 ,IT'S 9 DRAMATIC CONTRA/ TO ! BEHAVIOR ( ! LEAD]S ( SOCIALI/ REGIMES1 FROM ,CUBA TO ,ALBANIA1 :O1 :5 !Y CAME TO P[]1 IMM$IATELY BEGAN ACT+ AS IF !IR SY/EM W\LD BE >\ND =EV]--IRONICALLY 5\<1 CONSID]+ !Y 9 FACT TURN$ \T TO BE SOME?+ ( AN HI/ORICAL BLIP4 

,P]HAPS ! REASON IS BECAUSE :AT WAS TRUE 9 #aga IS /ILL TRUE4 ,PRES5T$ ) ! PROSPECT ( ITS [N ET]NITY1 CAPITALISM--OR ANYWAY1 F9ANCIAL CAPITALISM--SIMPLY EXPLODES4 ,BECAUSE IF !RE'S NO 5D TO IT1 !RE'S ABSOLUTELY NO REASON NOT TO G5]ATE CR$IT--?AT IS1 FUTURE MONEY--9F9ITELY4 ,REC5T EV5TS W\LD C]TA9LY SEEM TO CONFIRM ?IS4 ,! P]IOD LEAD+ UP TO #bi WAS ONE 9 :I* MANY BEGAN TO BELIEVE ?AT CAPITALISM REALLY WAS GO+ TO BE >\ND =EV]2 AT ! V]Y LEA/1 NO ONE SEEM$ ANY LONG] TO BE ABLE TO IMAG9E AN ALT]NATIVE4 ,! IMM$IATE EFFECT WAS A S]IES ( 9CREAS+LY RECKLESS BUBBLES ?AT BR\<T ! :OLE APP>ATUS CRA%+ D[N4 

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

,*RONOLOGY 3 
,JANU>Y #f1 #bba 3 ,*APT] #aa -- ,ADD$4 
,JANU>Y #a#g1 #bbb 3 ,*APT] #aa -- ,UPDAT$4 

 FILE G5]AT$ FROM 3  
HTTP3_/_/REVOLTLIB4COM_/