,*APT] #c 
,PRIMORDIAL ,DEBTS 

,PEOPLE 3 

,AU?OR 3 ,DAVID ,GRAEB] 

,TEXT 3 

,PRIMORDIAL ,DEBTS 

  
  

,9 BE+ BORN EV]Y BE+ IS BORN AS DEBT [$ TO ! GODS1 ! SA9TS1 ! ,FA!RS & TO M54 ,IF ONE MAKES A SACRIFICE1 IT IS BECAUSE ( A DEBT [+ TO ! GODS FROM BIR? 444 ,IF ONE RECITES A SACR$ TEXT1 IT IS BECAUSE ( A DEBT [+ TO ! SA9TS 444 ,IF ONE WI%ES = (FSPR+1 IT IS BECAUSE ( A DEBT DUE TO ! FA!RS FROM BIR? 444 ,& IF ONE GIVES HOSPITALITY1 IT IS BECAUSE IT IS A DEBT [+ TO M54  
  
  

--,SATAPA?A ,BRAHMANA #a4#g4#a#b1 #a-#f  
  
  

,LET US DRIVE AWAY ! EVIL EFFECTS ( BAD DREAMS1 JU/ AS WE PAY (F DEBTS4  
  
  

--,RIG ,V$A #h4#d#g4#a#g  
  

,! REASON ?AT ECONOMICS TEXTBOOKS N[ BEG9 ) IMAG9>Y VILLAGES IS BECAUSE IT HAS BE5 IMPOSSIBLE TO TALK AB\T REAL ONES4 ,EV5 SOME ECONOMI/S HAVE BE5 =C$ TO ADMIT ?AT ,SMI?'S ,L& ( ,B>T] DOESN'T REALLY EXI/4.<#e#c.> 

,! QUE/ION IS :Y ! MY? HAS BE5 P]PETUAT$1 ANYWAY4 ,ECONOMI/S HAVE LONG S9CE JETTISON$ O!R ELEM5TS ( ,! ,WEAL? ( ,NATIONS--= 9/ANCE1 ,SMI?'S LABOR !ORY ( VALUE & DISAPPROVAL ( JO9T-/OCK CORPORATIONS4 ,:Y NOT SIMPLY WRITE (F ! MY? ( B>T] AS A QUA9T ,5LI<T5M5T P>ABLE1 & 9/EAD ATTEMPT TO UND]/& PRIMORDIAL CR$IT >RANGEM5TS--OR ANYWAY1 SOME?+ MORE 9 KEEP+ ) ! HI/ORICAL EVID5CE8 

,! ANSW] SEEMS TO BE ?AT ! ,MY? ( ,B>T] CANNOT GO AWAY1 BECAUSE IT IS C5TRAL TO ! 5TIRE DISC\RSE ( ECONOMICS4 

,RECALL H]E :AT ,SMI? WAS TRY+ TO DO :5 HE WROTE ,! ,WEAL? ( ,NATIONS4 ,ABOVE ALL1 ! BOOK WAS AN ATTEMPT TO E/ABLI% ! NEWF\ND DISCIPL9E ( ECONOMICS AS A SCI5CE4 ,?IS MEANT ?AT NOT ONLY DID ECONOMICS HAVE ITS [N PECULI> DOMA9 ( /UDY--:AT WE N[ CALL 0! ECONOMY10 ?\< ! IDEA ?AT !RE EV5 WAS SOME?+ CALL$ AN 0ECONOMY0 WAS V]Y NEW 9 ,SMI?'S DAY--BUT ?AT ?IS ECONOMY OP]AT$ ACCORD+ TO LAWS ( MU* ! SAME SORT AS ,SIR ,ISAAC ,NEWTON HAD SO REC5TLY ID5TIFI$ AS GOV]N+ ! PHYSICAL WORLD4 ,NEWTON HAD REPRES5T$ ,GOD AS A COSMIC WAT*MAK] :O HAD CREAT$ ! PHYSICAL MA*9]Y ( ! UNIV]SE 9 SU* A WAY ?AT IT W\LD OP]ATE = ! ULTIMATE B5EFIT ( HUMANS1 & !N LET IT RUN ON ITS [N4 ,SMI? WAS TRY+ TO MAKE A SIMIL>1 ,NEWTONIAN >GUM5T4.<#e#d.> ,GOD--OR ,DIV9E ,PROVID5CE1 AS HE PUT IT--HAD >RANG$ MATT]S 9 SU* A WAY ?AT \R PURSUIT ( SELF-9T]E/ W\LD NONE!LESS1 GIV5 AN UNFETT]$ M>KET1 BE GUID$ 0AS IF BY AN 9VISIBLE H&0 TO PROMOTE ! G5]AL WELF>E4 ,SMI?'S FAM\S 9VISIBLE H& WAS1 AS HE SAYS 9 HIS ,!ORY ( ,MORAL ,S5TIM5TS1 ! AG5T ( ,DIV9E ,PROVID5CE4 ,IT WAS LIT]ALLY ! H& ( ,GOD4.<#e#e.> 

,ONCE ECONOMICS HAD BE5 E/ABLI%$ AS A DISCIPL9E1 ! !OLOGICAL >GUM5TS NO LONG] SEEM$ NECESS>Y OR IMPORTANT4 ,PEOPLE CONT9UE TO >GUE AB\T :E!R AN UNFETT]$ FREE M>KET REALLY WILL PRODUCE ! RESULTS ?AT ,SMI? SAID IT W\LD2 BUT NO ONE QUE/IONS :E!R 0! M>KET0 NATURALLY EXI/S4 ,! UND]LY+ ASSUMPTIONS ?AT D]IVE FROM ?IS CAME TO BE SE5 AS COMMON S5SE--SO MU* SO ?AT1 AS ,I'VE NOT$1 WE SIMPLY ASSUME ?AT :5 VALUABLE OBJECTS DO *ANGE H&S1 IT WILL NORMALLY BE BECAUSE TWO 9DIVIDUALS HAVE BO? DECID$ !Y W\LD GA9 A MAT]IAL ADVANTAGE BY SWAPP+ !M4 ,ONE 9T]E/+ COROLL>Y IS ?AT1 AS A RESULT1 ECONOMI/S HAVE COME TO SEE ! V]Y QUE/ION ( ! PRES5CE OR ABS5CE ( MONEY AS NOT ESPECIALLY IMPORTANT1 S9CE MONEY IS JU/ A COMMODITY1 *OS5 TO FACILITATE EX*ANGE1 & :I* WE USE TO MEASURE ! VALUE ( O!R COMMODITIES4 ,O!RWISE1 IT HAS NO SPECIAL QUALITIES4 ,/ILL1 9 #a#i#e#h1 ,PAUL ,SAMUELSON1 ONE ( ! LEAD+ LI<TS ( ! NEOCLASSICAL S*OOL ?AT /ILL PR$OM9ATES 9 MOD]N ECONOMIC ?\<T1 C\LD EXPRESS DISDA9 = :AT HE CALL$ 0! SOCIAL CONTRIVANCE ( MONEY40 0,EV5 9 ! MO/ ADVANC$ 9DU/RIAL ECONOMIES10 HE 9SI/$1 0IF WE /RIP EX*ANGE D[N TO ITS B>E/ ESS5TIALS & PEEL (F ! OBSCUR+ LAY] ( MONEY1 WE F9D ?AT TRADE BETWE5 9DIVIDUALS & NATIONS L>GELY BOILS D[N TO B>T]40.<#e#f.> ,O!RS SPOKE ( A 0VEIL ( MONEY0 OBSCUR+ ! NATURE ( ! 0REAL ECONOMY0 9 :I* PEOPLE PRODUC$ REAL GOODS & S]VICES & SWAPP$ !M BACK & =?4.<#e#g.> 

,CALL ?IS ! F9AL APO!OSIS ( ECONOMICS AS COMMON S5SE4 ,MONEY IS UNIMPORTANT4 ,ECONOMIES--0REAL ECONOMIES0-->E REALLY VA/ B>T] SY/EMS4 ,! PROBLEM IS ?AT HI/ORY %[S ?AT )\T MONEY1 SU* VA/ B>T] SY/EMS DO NOT OCCUR4 ,EV5 :5 ECONOMIES 0REV]T TO B>T]10 AS ,EUROPE WAS SAID TO DO 9 ! ,MIDDLE ,AGES1 !Y DON'T ACTUALLY AB&ON ! USE ( MONEY4 ,!Y JU/ AB&ON ! USE ( CA%4 ,9 ! ,MIDDLE ,AGES1 = 9/ANCE1 EV]YONE CONT9U$ TO ASSESS ! VALUE ( TOOLS & LIVE/OCK 9 ! OLD ,ROMAN CURR5CY1 EV5 IF ! CO9S !MSELVES HAD CEAS$ TO CIRCULATE4.<#e#h.> 

,IT'S MONEY ?AT HAD MADE IT POSSIBLE = US TO IMAG9E \RSELVES 9 ! WAY ECONOMI/S 5C\RAGE US TO DO3 AS A COLLECTION ( 9DIVIDUALS & NATIONS :OSE MA9 BUS9ESS IS SWAPP+ ?+S4 ,IT'S ALSO CLE> ?AT ! M]E EXI/5CE ( MONEY1 9 ITSELF1 IS NOT 5\< TO ALL[ US SEE ! WORLD ?IS WAY4 ,IF IT W]E1 ! DISCIPL9E ( ECONOMICS W\LD HAVE BE5 CREAT$ 9 ANCI5T ,SUM]1 OR ANYWAY1 F> E>LI] ?AN #a#g#g#f1 :5 ,ADAM ,SMI?'S ,! ,WEAL? ( ,NATIONS APPE>$4 

,! MISS+ ELEM5T IS 9 FACT EXACTLY ! ?+ ,SMI? WAS ATTEMPT+ TO D[NPLAY3 ! ROLE ( GOV]NM5T POLICY4 ,9 ,5GL&1 9 ,SMI?'S DAY1 IT BECAME POSSIBLE TO SEE ! M>KET1 ! WORLD ( BUT*]S1 IRONMONG]S1 & HAB]DA%]S1 AS ITS [N 5TIRELY 9DEP5D5T SPH]E ( HUMAN ACTIVITY BECAUSE ! ,BRITI% GOV]NM5T WAS ACTIVELY 5GAG$ 9 FO/]+ IT4 ,?IS REQUIR$ LAWS & POLICE1 BUT ALSO1 SPECIFIC MONET>Y POLICIES1 :I* LIB]ALS LIKE ,SMI? W]E 7SUCCESSFULLY7 ADVOCAT+4.<#e#i.> ,IT REQUIR$ PEGG+ ! VALUE ( ! CURR5CY TO SILV]1 BUT AT ! SAME TIME GREATLY 9CREAS+ ! MONEY SUPPLY1 & P>TICUL>LY ! AM\NT ( SMALL *ANGE 9 CIRCULATION4 ,?IS NOT ONLY REQUIR$ HUGE AM\NTS ( T9 & COPP]1 BUT ALSO ! C>EFUL REGULATION ( ! BANKS ?AT W]E1 AT ?AT TIME1 ! ONLY S\RCE ( PAP] MONEY4 ,! C5TURY BE=E ,! ,WEAL? ( ,NATIONS HAD SE5 AT LEA/ TWO ATTEMPTS TO CREATE /ATE-SUPPORT$ C5TRAL BANKS1 9 ,FRANCE & ,SW$51 ?AT HAD PROV5 TO BE SPECTACUL> FAILURES4 ,9 EA* CASE1 ! W\LD-BE C5TRAL BANK ISSU$ NOTES BAS$ L>GELY ON SPECULATION ?AT COLLAPS$ ! MOM5T 9VE/ORS LO/ FAI?4 ,SMI? SUPPORT$ ! USE ( PAP] MONEY1 BUT LIKE ,LOCKE BE=E HIM1 HE ALSO BELIEV$ ?AT ! RELATIVE SUCCESS ( ! ,BANK ( ,5GL& & ,BANK ( ,SCOTL& HAD BE5 DUE TO !IR POLICY ( PEGG+ PAP] MONEY FIRMLY TO PRECI\S METALS4 ,?IS BECAME ! MA9/REAM ECONOMIC VIEW1 SO MU* SO ?AT ALT]NATIVE !ORIES ( MONEY AS CR$IT--! ONE ?AT ,MIT*ELL-,9NES ADVOCAT$--W]E QUICKLY RELEGAT$ TO ! M>G9S1 !IR PROPON5TS WRITT5 (F AS CRANKS1 & ! V]Y SORT ( ?9K+ ?AT L$ TO BAD BANKS & SPECULATIVE BUBBLES 9 ! FIR/ PLACE4 

,IT MI<T BE HELPFUL1 !N1 TO CONSID] :AT !SE ALT]NATIVE !ORIES ACTUALLY W]E4 

,/ATE & ,CR$IT ,!ORIES ( ,MONEY 

  

,MIT*ELL-,9NES WAS AN EXPON5T ( :AT CAME TO BE KN[N AS ! ,CR$IT ,!ORY ( MONEY1 A POSITION ?AT OV] ! C\RSE ( ! N9ETE5? C5TURY HAD ITS MO/ AVID PROPON5TS NOT 9 ,MIT*ELL-,9NES'S NATIVE ,BRITA9 BUT 9 ! TWO UP-&-COM+ RIVAL P[]S ( ! DAY1 ! ,UNIT$ ,/ATES & ,G]MANY4 ,CR$IT ,!ORI/S 9SI/$ ?AT MONEY IS NOT A COMMODITY BUT AN ACC\NT+ TOOL4 ,9 O!R WORDS1 IT IS NOT A 0?+0 AT ALL4 ,Y\ CAN NO MORE T\* A DOLL> OR A DEUTS*M>K ?AN Y\ CAN T\* AN H\R OR A CUBIC C5TIMET]4 ,UNITS ( CURR5CY >E M]ELY AB/RACT UNITS ( MEASUREM5T1 & AS ! CR$IT !ORI/S CORRECTLY NOT$1 HI/ORICALLY1 SU* AB/RACT SY/EMS ( ACC\NT+ EM]G$ LONG BE=E ! USE ( ANY P>TICUL> TOK5 ( EX*ANGE4.<#f.> 

,! OBVI\S NEXT QUE/ION IS3 ,IF MONEY IS A JU/ A Y>D/ICK1 :AT !N DOES IT MEASURE8 ,! ANSW] WAS SIMPLE3 DEBT4 ,A CO9 IS1 EFFECTIVELY1 AN ,I,\4 ,:]EAS CONV5TIONAL WISDOM HOLDS ?AT A BANKNOTE IS1 OR %\LD BE1 A PROMISE TO PAY A C]TA9 AM\NT ( 0REAL MONEY0 7GOLD1 SILV]1 :ATEV] ?AT MI<T BE TAK5 TO MEAN71 ,CR$IT ,!ORI/S >GU$ ?AT A BANKNOTE IS SIMPLY ! PROMISE TO PAY SOME?+ ( ! SAME VALUE AS AN \NCE ( GOLD4 ,BUT ?AT'S ALL ?AT MONEY EV] IS4 ,!RE'S NO FUNDAM5TAL DIFF]5CE 9 ?IS RESPECT BETWE5 A SILV] DOLL>1 A ,SUSAN ,B4 ,AN?ONY DOLL> CO9 MADE ( A COPP]-NICKEL ALLOY DESIGN$ TO LOOK VAGUELY LIKE GOLD1 A GRE5 PIECE ( PAP] ) A PICTURE ( ,GEORGE ,WA%+TON ON IT1 OR A DIGITAL BLIP ON SOME BANK'S COMPUT]4 ,CONCEPTUALLY1 ! IDEA ?AT A PIECE ( GOLD IS REALLY JU/ AN ,I,\ IS ALWAYS RA!R DIFFICULT TO WRAP ONE'S HEAD >\ND1 BUT SOME?+ LIKE ?IS MU/ BE TRUE1 BECAUSE EV5 :5 GOLD & SILV] CO9S W]E 9 USE1 !Y ALMO/ NEV] CIRCULAT$ AT !IR BULLION VALUE4 

,H[ C\LD CR$IT MONEY COME AB\T8 ,LET US RETURN TO ! ECONOMICS PR(ESSORS' IMAG9>Y T[N4 ,SAY1 = EXAMPLE1 ?AT ,JO%UA W]E TO GIVE HIS %OES TO ,H5RY1 &1 RA!R ?AN ,H5RY [+ HIM A FAVOR1 ,H5RY PROMISES HIM SOME?+ ( EQUIVAL5T VALUE4.<#f#a.> ,H5RY GIVES ,JO%UA AN ,I,\4 ,JO%UA C\LD WAIT = ,H5RY TO HAVE SOME?+ USEFUL1 & !N R$EEM IT4 ,9 ?AT CASE ,H5RY W\LD RIP UP ! ,I,\ & ! /ORY W\LD BE OV]4 ,BUT SAY ,JO%UA W]E TO PASS ! ,I,\ ON TO A ?IRD P>TY--,%EILA--TO :OM HE [ES SOME?+ ELSE4 ,HE C\LD TICK IT (F AGA9/ HIS DEBT TO A F\R? P>TY1 ,LOLA--N[ ,H5RY WILL [E ?AT AM\NT TO H]4 ,H5CE IS MONEY BORN4 ,BECAUSE !RE'S NO LOGICAL 5D TO IT4 ,SAY ,%EILA N[ WI%ES TO ACQUIRE A PAIR ( %OES FROM ,$I?2 %E CAN JU/ H& ,$I? ! ,I,\1 & ASSURE H] ?AT ,H5RY IS GOOD = IT4 ,9 PR9CIPLE1 !RE'S NO REASON ?AT ! ,I,\ C\LD NOT CONT9UE CIRCULAT+ >\ND T[N = YE>S--PROVID$ PEOPLE CONT9UE TO HAVE FAI? 9 ,H5RY4 ,9 FACT1 IF IT GOES ON LONG 5\<1 PEOPLE MI<T =GET AB\T ! ISSU] 5TIRELY4 ,?+S LIKE ?IS DO HAPP54 ,! AN?ROPOLOGI/ ,KEI? ,H>T ONCE TOLD ME A /ORY AB\T HIS BRO!R1 :O 9 ! '#eS WAS A ,BRITI% SOLDI] /ATION$ 9 ,HONG ,KONG4 ,SOLDI]S US$ TO PAY !IR B> TABS BY WRIT+ *ECKS ON ACC\NTS BACK 9 ,5GL&4 ,LOCAL M]*ANTS W\LD (T5 SIMPLY 5DORSE !M OV] TO EA* O!R & PASS !M >\ND AS CURR5CY3 ONCE1 HE SAW ONE ( HIS [N *ECKS1 WRITT5 SIX MON?S BE=E1 ON ! C\NT] ( A LOCAL V5DOR COV]$ ) AB\T =TY DIFF]5T T9Y 9SCRIPTIONS 9 ,*9ESE4 

,:AT CR$IT !ORI/S LIKE ,MIT*ELL-,9NES W]E >GU+ IS ?AT EV5 IF ,H5RY GAVE ,JO%UA A GOLD CO9 9/EAD ( A PIECE ( PAP]1 ! SITUATION W\LD BE ESS5TIALLY ! SAME4 ,A GOLD CO9 IS A PROMISE TO PAY SOME?+ ELSE ( EQUIVAL5T VALUE TO A GOLD CO94 ,AFT] ALL1 A GOLD CO9 IS NOT ACTUALLY USEFUL 9 ITSELF4 ,ONE ONLY ACCEPTS IT BECAUSE ONE ASSUMES O!R PEOPLE WILL4 

,9 ?IS S5SE1 ! VALUE ( A UNIT ( CURR5CY IS NOT ! MEASURE ( ! VALUE ( AN OBJECT1 BUT ! MEASURE ( ONE'S TRU/ 9 O!R HUMAN BE+S4 

,?IS ELEM5T ( TRU/ ( C\RSE MAKES EV]Y?+ MORE COMPLICAT$4 ,E>LY BANKNOTES CIRCULAT$ VIA A PROCESS ALMO/ EXACTLY LIKE :AT ,I'VE JU/ DESCRIB$1 EXCEPT ?AT1 LIKE ! ,*9ESE M]*ANTS1 EA* RECIPI5T ADD$ HIS OR H] SIGNATURE TO GU>ANTEE ! DEBT'S LEGITIMACY4 ,BUT G5]ALLY1 ! DIFFICULTY 9 ! ,*>TALI/ POSITION--?IS IS :AT IT CAME TO BE CALL$1 FROM ! ,LAT9 *>TA1 OR TOK5--IS TO E/ABLI% :Y PEOPLE W\LD CONT9UE TO TRU/ A PIECE ( PAP]4 ,AFT] ALL1 :Y C\LDN'T ANYONE JU/ SIGN ,H5RY'S NAME ON AN ,I,\8 ,TRUE1 ?IS SORT ( DEBT-TOK5 SY/EM MI<T WORK )9 A SMALL VILLAGE :]E EV]YONE KNEW ONE ANO!R1 OR EV5 AMONG A MORE DISP]S$ COMMUNITY LIKE SIXTE5?-C5TURY ,ITALIAN OR TW5TIE?-C5TURY ,*9ESE M]*ANTS1 :]E EV]YONE AT LEA/ HAD WAYS ( KEEP+ TRACK ( EV]YBODY ELSE4 ,BUT SY/EMS LIKE !SE CANNOT CREATE A FULL-BL[N CURR5CY SY/EM1 & !RE'S NO EVID5CE ?AT !Y EV] HAVE4 ,PROVID+ A SUFFICI5T NUMB] ( ,I,\S TO ALL[ EV]YONE EV5 9 A M$IUM-SIZ$ CITY TO BE ABLE TO C>RY \T A SIGNIFICANT PORTION ( !IR DAILY TRANSACTIONS 9 SU* CURR5CY W\LD REQUIRE MILLIONS ( TOK5S4.<#f#b.> ,TO BE ABLE TO GU>ANTEE ALL ( !M1 ,H5RY W\LD HAVE TO BE ALMO/ UNIMAG9ABLY RI*4 

,ALL ?IS W\LD BE MU* LESS ( A PROBLEM1 H[EV]1 IF ,H5RY W]E1 SAY1 ,H5RY ,I,I1 ,K+ ( ,5GL&1 ,DUKE ( ,NORM&Y1 ,LORD ( ,IREL&1 & ,C\NT ( ,ANJ\4 

,! REAL IMPETUS = ! ,*>TALI/ POSITION1 9 FACT1 CAME \T ( :AT CAME TO BE KN[N AS ! 0,G]MAN ,HI/ORICAL ,S*OOL10 :OSE MO/ FAM\S EXPON5T WAS ! HI/ORIAN ,G4,F4 ,KNAPP1 :OSE ,/ATE ,!ORY ( ,MONEY FIR/ APPE>$ 9 #a#i#e4.<#f#c.> ,IF MONEY IS SIMPLY A UNIT ( MEASURE1 IT MAKES S5SE ?AT EMP]ORS & K+S %\LD CONC]N !MSELVES ) SU* MATT]S4 ,EMP]ORS & K+S >E ALMO/ ALWAYS CONC]N$ TO E/ABLI%$ UNI=M SY/EMS ( WEI<TS & MEASURES ?R\<\T !IR K+DOMS4 ,IT IS ALSO TRUE1 AS ,KNAPP OBS]V$1 ?AT ONCE E/ABLI%$1 SU* SY/EMS T5D TO REMA9 REM>KABLY /ABLE OV] TIME4 ,DUR+ ! REIGN ( ! ACTUAL ,H5RY ,I,I 7#a#a#e#d-#a#a#h#i71 JU/ AB\T EV]YONE 9 ,WE/]N ,EUROPE WAS /ILL KEEP+ !IR ACC\NTS US+ ! MONET>Y SY/EM E/ABLI%$ BY ,*>LEMAGNE SOME #ce YE>S E>LI]--?AT IS1 US+ P\NDS1 %ILL+S1 & P5CE--DESPITE ! FACT ?AT SOME ( !SE CO9S HAD NEV] EXI/$ 7,*>LEMAGNE NEV] ACTUALLY /RUCK A SILV] P\ND71 NONE ( ,*>LEMAGNE'S ACTUAL %ILL+S & P5CE REMA9$ 9 CIRCULATION1 & ?OSE CO9S ?AT DID CIRCULATE T5D$ TO V>Y 5ORM\SLY 9 SIZE1 WEI<T1 PURITY1 & VALUE4.<#f#d.> ,ACCORD+ TO ! ,*>TALI/S1 ?IS DOESN'T REALLY MATT]4 ,:AT MATT]S IS ?AT !RE IS A UNI=M SY/EM = MEASUR+ CR$ITS & DEBTS1 & ?AT ?IS SY/EM REMA9S /ABLE OV] TIME4 ,! CASE ( ,*>LEMAGNE'S CURR5CY IS P>TICUL>LY DRAMATIC BECAUSE HIS ACTUAL EMPIRE DISSOLV$ QUITE QUICKLY1 BUT ! MONET>Y SY/EM HE CREAT$ CONT9U$ TO BE US$1 = KEEP+ ACC\NTS1 )9 HIS =M] T]RITORIES = MORE ?AN #h YE>S4 ,IT WAS REF]R$ TO1 9 ! SIXTE5? C5TURY1 QUITE EXPLICITLY AS 0IMAG9>Y MONEY10 & D]NI]S & LIVRES W]E ONLY COMPLETELY AB&ON$1 AS UNITS ( ACC\NT1 >\ND ! TIME ( ! ,FR5* ,REVOLUTION4.<#f#e.> 

,ACCORD+ TO ,KNAPP1 :E!R OR NOT ! ACTUAL1 PHYSICAL MONEY /UFF 9 CIRCULATION CORRESPONDS TO ?IS 0IMAG9>Y MONEY0 IS NOT P>TICUL>LY IMPORTANT4 ,IT MAKES NO REAL DIFF]5CE :E!R IT'S PURE SILV]1 DEBAS$ SILV]1 LEA!R TOK5S1 OR DRI$ COD--PROVID$ ! /ATE IS WILL+ TO ACCEPT IT 9 PAYM5T ( TAXES4 ,BECAUSE :ATEV] ! /ATE WAS WILL+ TO ACCEPT1 = ?AT REASON1 BECAME CURR5CY4 ,ONE ( ! MO/ IMPORTANT =MS ( CURR5CY 9 ,5GL& 9 ,H5RY'S TIME W]E NOT*$ 0TALLY /ICKS0 US$ TO RECORD DEBTS4 ,TALLY /ICKS W]E QUITE EXPLICITLY ,I,\S3 BO? P>TIES TO A TRANSACTION W\LD TAKE A HAZELWOOD TWIG1 NOT* IT TO 9DICATE ! AM\NT [$1 & !N SPLIT IT 9 HALF4 ,! CR$ITOR W\LD KEEP ONE HALF1 CALL$ 0! /OCK0 7H5CE ! ORIG9 ( ! T]M 0/OCK HOLD]07 & ! DEBTOR KEPT ! O!R1 CALL$ 0! /UB0 7H5CE ! ORIG9 ( ! T]M 0TICKET /UB407 ,TAX ASSESSORS US$ SU* TWIGS TO CALCULATE AM\NTS [$ BY LOCAL %]IFFS4 ,(T51 ?\<1 RA!R ?AN WAIT = ! TAXES TO COME DUE1 ,H5RY'S EX*EQU] W\LD (T5 SELL ! TALLIES AT A DISC\NT1 & !Y W\LD CIRCULATE1 AS TOK5S ( DEBT [$ TO ! GOV]NM5T1 TO ANYONE WILL+ TO TRADE = !M4.<#f#f.> 

,MOD]N BANKNOTES ACTUALLY WORK ON A SIMIL> PR9CIPLE1 EXCEPT 9 REV]SE4.<#f#g.> ,RECALL H]E ! LITTLE P>ABLE AB\T ,H5RY'S ,I,\4 ,! READ] MI<T HAVE NOTIC$ ONE PUZZL+ ASPECT ( ! EQUATION3 ! ,I,\ CAN OP]ATE AS MONEY ONLY AS LONG AS ,H5RY NEV] PAYS HIS DEBT4 ,9 FACT ?IS IS PRECISELY ! LOGIC ON :I* ! ,BANK ( ,5GL&--! FIR/ SUCCESSFUL MOD]N C5TRAL BANK--WAS ORIG9ALLY F\ND$4 ,9 #a#f#i#d1 A CONSORTIUM ( ,5GLI% BANK]S MADE A LOAN ( ,G,B,P#a1#b1 TO ! K+4 ,9 RETURN !Y RECEIV$ A ROYAL MONOPOLY ON ! ISSUANCE ( BANKNOTES4 ,:AT ?IS MEANT 9 PRACTICE WAS !Y HAD ! RI<T TO ADVANCE ,I,\S = A PORTION ( ! MONEY ! K+ N[ [$ !M TO ANY 9HABITANT ( ! K+DOM WILL+ TO BORR[ FROM !M1 OR WILL+ TO DEPOSIT !IR [N MONEY 9 ! BANK--9 EFFECT1 TO CIRCULATE OR 0MONETIZE0 ! NEWLY CREAT$ ROYAL DEBT4 ,?IS WAS A GREAT DEAL = ! BANK]S 7!Y GOT TO *>GE ! K+ #h P]C5T ANNUAL 9T]E/ = ! ORIG9AL LOAN & SIMULTANE\SLY *>GE 9T]E/ ON ! SAME MONEY TO ! CLI5TS :O BORR[$ IT71 BUT IT ONLY WORK$ AS LONG AS ! ORIG9AL LOAN REMA9$ \T/&+4 ,TO ?IS DAY1 ?IS LOAN HAS NEV] BE5 PAID BACK4 ,IT CANNOT BE4 ,IF IT EV] W]E1 ! 5TIRE MONET>Y SY/EM ( ,GREAT ,BRITA9 W\LD CEASE TO EXI/4.<#f#h.> 

,IF NO?+ ELSE1 ?IS APPROA* HELPS SOLVE ONE ( ! OBVI\S MY/]IES ( ! FISCAL POLICY ( SO MANY E>LY K+DOMS3 ,:Y DID !Y MAKE SUBJECTS PAY TAXES AT ALL8 ,?IS IS NOT A QUE/ION WE'RE US$ TO ASK+4 ,! ANSW] SEEMS SELF-EVID5T4 ,GOV]NM5TS DEM& TAXES BECAUSE !Y WI% TO GET !IR H&S ON PEOPLE'S MONEY4 ,BUT IF ,SMI? WAS RI<T1 & GOLD & SILV] BECAME MONEY ?R\< ! NATURAL WORK+S ( ! M>KET COMPLETELY 9DEP5D5TLY ( GOV]NM5TS1 !N W\LDN'T ! OBVI\S ?+ BE TO JU/ GRAB CONTROL ( ! GOLD & SILV] M9ES8 ,!N ! K+ W\LD HAVE ALL ! MONEY HE C\LD POSSIBLY NE$4 ,9 FACT1 ?IS IS :AT ANCI5T K+S W\LD NORMALLY DO4 ,IF !RE W]E GOLD & SILV] M9ES 9 !IR T]RITORY1 !Y W\LD USUALLY TAKE CONTROL ( !M4 ,SO :AT EXACTLY WAS ! PO9T ( EXTRACT+ ! GOLD1 /AMP+ ONE'S PICTURE ON IT1 CAUS+ IT TO CIRCULATE AMONG ONE'S SUBJECTS--& !N DEM&+ ?AT ?OSE SAME SUBJECTS GIVE IT BACK AGA98 

,?IS DOES SEEM A BIT ( A PUZZLE4 ,BUT IF MONEY & M>KETS DO NOT EM]GE SPONTANE\SLY1 IT ACTUALLY MAKES P]FECT S5SE4 ,BECAUSE ?IS IS ! SIMPLE/ & MO/ EFFICI5T WAY TO BR+ M>KETS 9TO BE+4 ,LET US TAKE A HYPO!TICAL EXAMPLE4 ,SAY A K+ WI%ES TO SUPPORT A /&+ >MY ( FIFTY ?\S& M54 ,UND] ANCI5T OR M$IEVAL CONDITIONS1 FE$+ SU* A =CE WAS AN 5ORM\S PROBLEM--UNLESS !Y W]E ON ! M>*1 ONE W\LD NE$ TO EMPLOY ALMO/ AS MANY M5 & ANIMALS JU/ TO LOCATE1 ACQUIRE1 & TRANSPORT ! NECESS>Y PROVISIONS4.<#f#i.> ,ON ! O!R H&1 IF ONE SIMPLY H&S \T CO9S TO ! SOLDI]S & !N DEM&S ?AT EV]Y FAMILY 9 ! K+DOM WAS OBLIG$ TO PAY ONE ( ?OSE CO9S BACK TO Y\1 ONE W\LD1 9 ONE BL[1 TURN ONE'S 5TIRE NATIONAL ECONOMY 9TO A VA/ MA*9E = ! PROVISION+ ( SOLDI]S1 S9CE N[ EV]Y FAMILY1 9 ORD] TO GET !IR H&S ON ! CO9S1 MU/ F9D SOME WAY TO CONTRIBUTE TO ! G5]AL EF=T TO PROVIDE SOLDI]S ) ?+S !Y WANT4 ,M>KETS >E BR\<T 9TO EXI/5CE AS A SIDE EFFECT4 

,?IS IS A BIT ( A C>TOON V]SION1 BUT IT IS V]Y CLE> ?AT M>KETS DID SPR+ UP >\ND ANCI5T >MIES2 ONE NE$ ONLY TAKE A GLANCE AT ,KAUTILYA'S ,>?ASASATRA1 ! ,SASSANIAN 0CIRCLE ( SOV]EIGNTY10 OR ! ,*9ESE 0,DISC\RSES ON ,SALT & ,IRON0 TO DISCOV] ?AT MO/ ANCI5T RUL]S SP5T A GREAT DEAL ( !IR TIME ?9K+ AB\T ! RELATION BETWE5 M9ES1 SOLDI]S1 TAXES1 & FOOD4 ,MO/ CONCLUD$ ?AT ! CREATION ( M>KETS ( ?IS SORT WAS NOT JU/ CONV5I5T = FE$+ SOLDI]S1 BUT USEFUL 9 ALL SORTS ( WAYS1 S9CE IT MEANT (FICIALS NO LONG] HAD TO REQUISITION EV]Y?+ !Y NE$$ DIRECTLY FROM ! POPULACE1 OR FIGURE \T A WAY TO PRODUCE IT ON ROYAL E/ATES OR ROYAL WORK%OPS4 ,9 O!R WORDS1 DESPITE ! DOGG$ LIB]AL ASSUMPTION--AGA91 COM+ FROM ,SMI?'S LEGACY--?AT ! EXI/5CE ( /ATES & M>KETS >E SOMEH[ OPPOS$1 ! HI/ORICAL RECORD IMPLIES ?AT EXACTLY ! OPPOSITE IS ! CASE4 ,/ATELESS SOCIETIES T5D ALSO TO BE )\T M>KETS4 

,AS ONE MI<T IMAG9E1 /ATE !ORIES ( MONEY HAVE ALWAYS BE5 ANA!MA TO MA9/REAM ECONOMI/S WORK+ 9 ! TRADITION ( ,ADAM ,SMI?4 ,9 FACT1 ,*>TALISM HAS T5D$ TO BE SE5 AS A POPULI/ UND]SIDE ( ECONOMIC !ORY1 FAVOR$ MA9LY BY CRANKS4.<#g.> ,! CURI\S ?+ IS ?AT ! MA9/REAM ECONOMI/S (T5 5D$ UP ACTUALLY WORK+ = GOV]NM5TS & ADVIS+ SU* GOV]NM5TS TO PURSUE POLICIES MU* LIKE ?OSE ! ,*>TALI/S DESCRIB$--?AT IS1 TAX POLICIES DESIGN$ TO CREATE M>KETS :]E !Y HAD NOT EXI/$ BE=E--DESPITE ! FACT ?AT !Y W]E 9 !ORY COMMITT$ TO ,SMI?'S >GUM5T ?AT M>KETS DEVELOP SPONTANE\SLY ( !IR [N ACCORD4 

,?IS WAS P>TICUL>LY TRUE 9 ! COLONIAL WORLD4 ,TO RETURN TO ,MADAGASC> = A MOM5T3 ,I HAVE ALREADY M5TION$ ?AT ONE ( ! FIR/ ?+S ?AT ! ,FR5* G5]AL ,GALLI5I1 CONQU]OR ( ,MADAGASC>1 DID :5 ! CONQUE/ ( ! ISL& WAS COMPLETE 9 #aia WAS TO IMPOSE A HEAD TAX4 ,NOT ONLY WAS ?IS TAX QUITE HI<1 IT WAS ALSO ONLY PAYABLE 9 NEWLY ISSU$ ,MALAGASY FRANCS4 ,9 O!R WORDS1 ,GALLI5I DID 9DE$ PR9T MONEY & !N DEM& ?AT EV]YONE 9 ! C\NTRY GIVE SOME ( ?AT MONEY BACK TO HIM4 

,MO/ /RIK+ ( ALL1 ?\<1 WAS LANGUAGE HE US$ TO DESCRIBE ?IS TAX4 ,IT WAS REF]R$ TO AS ! 0IMPOT MORALISATEUR10 ! 0$UCATIONAL0 OR 0MORALIZ+ TAX40 ,9 O!R WORDS1 IT WAS DESIGN$--TO ADOPT ! LANGUAGE ( ! DAY--TO TEA* ! NATIVES ! VALUE ( WORK4 ,S9CE ! 0$UCATIONAL TAX0 CAME DUE %ORTLY AFT] H>VE/ TIME1 ! EASIE/ WAY = F>M]S TO PAY IT WAS TO SELL A PORTION ( !IR RICE CROP TO ! ,*9ESE OR ,9DIAN M]*ANTS :O SOON 9/ALL$ !MSELVES 9 SMALL T[NS ACROSS ! C\NTRY4 ,H[EV]1 H>VE/ WAS :5 ! M>KET PRICE ( RICE WAS1 = OBVI\S REASONS1 AT ITS L[E/2 IF ONE SOLD TOO MU* ( ONE'S CROP1 ?AT MEANT ONE W\LD NOT HAVE 5\< LEFT TO FE$ ONE'S FAMILY = ! 5TIRE YE>1 & ?US BE =C$ TO BUY ONE'S [N RICE BACK1 ON CR$IT1 FROM ?OSE SAME M]*ANTS LAT] 9 ! YE> :5 PRICES W]E MU* HI<]4 ,AS A RESULT1 F>M]S QUICKLY FELL HOPELESSLY 9TO DEBT 7! M]*ANTS D\BL+ AS LOAN %>KS74 ,! EASIE/ WAYS TO PAY BACK ! DEBT WAS EI!R TO F9D SOME K9D ( CA% CROP TO SELL--TO />T GR[+ C(FEE1 OR P9EAPPLES--OR ELSE TO S5D ONE'S *ILDR5 (F TO WORK = WAGES 9 ! CITY1 OR ON ONE ( ! PLANTATIONS ?AT ,FR5* COLONI/S W]E E/ABLI%+ ACROSS ! ISL&4 ,! :OLE PROJECT MI<T SEEM NO MORE ?AN A CYNICAL S*EME TO SQUEEZE *EAP LABOR \T ( ! PEASANTRY1 & IT WAS ?AT1 BUT IT WAS ALSO SOME?+ MORE4 ,! COLONIAL GOV]NM5T WAS W]E ALSO QUITE EXPLICIT 7AT LEA/ 9 !IR [N 9T]NAL POLICY DOCUM5TS71 AB\T ! NE$ TO MAKE SURE ?AT PEASANTS HAD AT LEA/ SOME MONEY ( !IR [N LEFT OV]1 & TO 5SURE ?AT !Y BECAME ACCU/OM$ TO ! M9OR LUXURIES--P>ASOLS1 LIP/ICK1 COOKIES--AVAILABLE AT ! ,*9ESE %OPS4 ,IT WAS CRUCIAL ?AT !Y DEVELOP NEW TA/ES1 HABITS1 & EXPECTATIONS2 ?AT !Y LAY ! F\NDATIONS ( A CONSUM] DEM& ?AT W\LD 5DURE LONG AFT] ! CONQU]ORS HAD LEFT1 & KEEP ,MADAGASC> =EV] TI$ TO ,FRANCE4 

,MO/ PEOPLE >E NOT /UPID1 & MO/ ,MALAGASY UND]/OOD EXACTLY :AT !IR CONQU]ORS W]E TRY+ TO DO TO !M4 ,SOME W]E DET]M9$ TO RESI/4 ,MORE ?AN SIXTY YE>S AFT] ! 9VASION1 A ,FR5* AN?ROPOLOGI/1 ,G]>D ,AL?ABE1 WAS ABLE TO OBS]VE VILLAGES ON ! EA/ COA/ ( ! ISL& :OSE 9HABITANTS W\LD DUTIFULLY %[ UP AT ! C(FEE PLANTATIONS TO E>N ! MONEY = !IR POLL TAX1 & !N1 HAV+ PAID IT1 /UDI\SLY IGNORE ! W>ES = SALE AT ! LOCAL %OPS & 9/EAD TURN OV] ANY REMA9+ MONEY TO L9EAGE ELD]S1 :O W\LD !N USE IT TO BUY CATTLE = SACRIFICE TO !IR ANCE/ORS4.<#g#a.> ,MANY W]E QUITE OP5 9 SAY+ ?AT !Y SAW !MSELVES AS RESI/+ A TRAP4 

,/ILL1 SU* DEFIANCE R>ELY LA/S =EV]4 ,M>KETS DID GRADUALLY TAKE %APE1 EV5 9 ?OSE P>TS ( ! ISL& :]E NONE HAD PREVI\SLY EXI/$4 ,) !M CAME ! 9EVITABLE NETWORK ( LITTLE %OPS4 ,& BY ! TIME ,I GOT !RE1 9 #a#i#i1 A G5]ATION AFT] ! POLL TAX HAD F9ALLY BE5 ABOLI%$ BY A REVOLUTION>Y GOV]NM5T1 ! LOGIC ( ! M>KET HAD BECOME SO 9TUITIVELY ACCEPT$ ?AT EV5 SPIRIT M$IUMS W]E RECIT+ PASSAGES ?AT MI<T AS WELL HAVE COME FROM ,ADAM ,SMI?4 

,SU* EXAMPLES C\LD BE MULTIPLI$ 5DLESSLY4 ,SOME?+ LIKE ?IS OCCURR$ 9 JU/ AB\T EV]Y P>T ( ! WORLD CONQU]$ BY ,EUROPEAN >MS :]E M>KETS W]E NOT ALREADY 9 PLACE4 ,RA!R ?AN DISCOV]+ B>T]1 !Y 5D$ UP US+ ! V]Y TE*NIQUES ?AT MA9/REAM ECONOMICS REJECT$ TO BR+ SOME?+ LIKE ! M>KET 9TO BE+4 

,9 ,SE>* ( A ,MY? 

  

,AN?ROPOLOGI/S HAVE BE5 COMPLA9+ AB\T ! ,MY? ( ,B>T] = ALMO/ A C5TURY4 ,OCCASIONALLY1 ECONOMI/S PO9T \T ) SLI<T EXASP]ATION ?AT !RE'S A FAIRLY SIMPLE REASON :Y !Y'RE /ILL TELL+ ! SAME /ORY DESPITE ALL ! EVID5CE AGA9/ IT3 AN?ROPOLOGI/S HAVE NEV] COME UP ) A BETT] ONE4.<#g#b.> ,?IS IS AN UND]/&ABLE OBJECTION1 BUT !RE'S A SIMPLE ANSW] TO IT4 ,! REASONS :Y AN?ROPOLOGI/S HAV5'T BE5 ABLE TO COME UP ) A SIMPLE1 COMPELL+ /ORY = ! ORIG9S ( MONEY IS BECAUSE !RE'S NO REASON TO BELIEVE !RE C\LD BE ONE4 ,MONEY WAS NO MORE EV] 09V5T$0 ?AN MUSIC OR MA!MATICS OR JEWELRY4 ,:AT WE CALL 0MONEY0 ISN'T A 0?+0 AT ALL1 IT'S A WAY ( COMP>+ ?+S MA!MATICALLY1 AS PROPORTIONS3 ( SAY+ ONE ( ,X IS EQUIVAL5T TO SIX ( ,Y4 ,AS SU* IT IS PROBABLY AS OLD AS HUMAN ?\<T4 ,! MOM5T WE TRY TO GET ANY MORE SPECIFIC1 WE DISCOV] ?AT !RE >E ANY NUMB] ( DIFF]5T HABITS & PRACTICES ?AT HAVE CONV]G$ 9 ! /UFF WE N[ CALL 0MONEY10 & ?IS IS PRECISELY ! REASON :Y ECONOMI/S1 HI/ORIANS1 & ! RE/ HAVE F\ND IT SO DIFFICULT TO COME UP ) A S+LE DEF9ITION4 

,CR$IT ,!ORI/S HAVE LONG BE5 HOBBL$ BY ! LACK ( AN EQUALLY COMPELL+ N>RATIVE4 ,?IS IS NOT TO SAY ?AT ALL SIDES 9 ! CURR5CY DEBATES ?AT RANG$ BETWE5 #ahe & #aie W]E NOT 9 ! HABIT ( DEPLOY+ MY?OLOGICAL WEAPONRY4 ,?IS WAS TRUE P>TICUL>LY1 P]HAPS1 9 ! ,UNIT$ ,/ATES4 ,9 #a#h#i#d1 ! ,GRE5BACK]S1 :O PU%$ = DETA*+ ! DOLL> FROM GOLD 5TIRELY TO ALL[ ! GOV]NM5T TO SP5D FREELY ON JOB-CREATION CAMPAIGNS1 9V5T$ ! IDEA ( ! ,M>* ON ,WA%+TON--AN IDEA ?AT WAS TO HAVE 5DLESS RESONANCE 9 ,U4,S4 HI/ORY4 ,L4 ,FRANK ,BAUM'S BOOK ,! ,WOND]FUL ,WIZ>D ( ,OZ1 :I* APPE>$ 9 #a#i1 IS WIDELY RECOGNIZ$ TO BE A P>ABLE = ! ,POPULI/ CAMPAIGN ( ,WILLIAM ,J5N+S ,BRYAN1 :O TWICE RAN = PRESID5T ON ! ,FREE ,SILV] PLAT=M--V[+ TO REPLACE ! GOLD /&>D ) A BIMETALLIC SY/EM ?AT W\LD ALL[ ! FREE CREATION ( SILV] MONEY ALONGSIDE GOLD4.<#g#c.> ,AS ) ! ,GRE5BACK]S1 ONE ( ! MA9 CON/ITU5CIES = ! MOVEM5T WAS DEBTORS3 P>TICUL>LY1 ,MIDWE/]N F>M FAMILIES SU* AS ,DORO?Y'S1 :O HAD BE5 FAC+ A MASSIVE WAVE ( =ECLOSURES DUR+ ! SEV]E RECESSION ( ! #a#h#iS4 ,ACCORD+ TO ! ,POPULI/ READ+1 ! ,WICK$ ,WIT*ES ( ! ,EA/ & ,WE/ REPRES5T ! ,EA/ & ,WE/ ,COA/ BANK]S 7PROMOT]S ( & B5EFACTORS FROM ! TI<T MONEY SUPPLY71 ! ,SC>ECR[ REPRES5T$ ! F>M]S 7:O DIDN'T HAVE ! BRA9S TO AVOID ! DEBT TRAP71 ! ,T9 ,WOODSMAN WAS ! 9DU/RIAL PROLET>IAT 7:O DIDN'T HAVE ! HE>T TO ACT 9 SOLID>ITY ) ! F>M]S71 ! ,C[>DLY ,LION REPRES5T$ ! POLITICAL CLASS 7:O DIDN'T HAVE ! C\RAGE TO 9T]V5E74 ,! YELL[ BRICK ROAD1 SILV] SLIPP]S1 EM]ALD CITY1 & HAPLESS ,WIZ>D PRESUMABLY SPEAK = !MSELVES4.<#g#d.> 0,OZ0 IS ( C\RSE ! /&>D ABBREVIATION = 0\NCE40.<#g#e.> ,AS AN ATTEMPT TO CREATE A NEW MY?1 ,BAUM'S /ORY WAS REM>KABLY EFFECTIVE4 ,AS POLITICAL PROPAG&A1 LESS SO4 ,WILLIAM ,J5N+S ,BRYAN FAIL$ 9 ?REE ATTEMPTS TO W9 ! PRESID5CY1 ! SILV] /&>D WAS NEV] ADOPT$1 & FEW N[ADAYS EV5 REMEMB] :AT ,! ,WOND]FUL ,WIZ>D ( ,OZ WAS ORIG9ALLY SUPPOS$ TO BE AB\T4.<#g#f.> 

,= /ATE-MONEY !ORI/S 9 P>TICUL>1 ?IS HAS BE5 A PROBLEM4 ,/ORIES AB\T RUL]S US+ TAXES TO CREATE M>KETS 9 CONQU]$ T]RITORIES1 OR TO PAY = SOLDI]S OR O!R /ATE FUNCTIONS1 >E NOT P>TICUL>LY 9SPIR+4 ,G]MAN IDEAS ( MONEY AS ! EMBODIM5T ( NATIONAL WILL DID NOT TRAVEL V]Y WELL4 

,EV]Y TIME !RE WAS A MAJOR ECONOMIC MELTD[N1 H[EV]1 CONV5TIONAL LAISSEZ-FAIRE ECONOMICS TOOK ANO!R HIT4 ,! ,BRYAN CAMPAIGNS W]E BORN AS A REACTION TO ! ,PANIC ( #a#h#i#c4 ,BY ! TIME ( ! ,GREAT ,DEPRESSION ( ! #a#i#cS1 ! V]Y NOTION ?AT ! M>KET C\LD REGULATE ITSELF1 SO LONG AS ! GOV]NM5T 5SUR$ ?AT MONEY WAS SAFELY PEGG$ TO PRECI\S METALS1 WAS COMPLETELY DISCR$IT$4 ,FROM R\<LY #aicc TO #a#i#g#i1 EV]Y MAJOR CAPITALI/ GOV]NM5T REV]S$ C\RSE & ADOPT$ SOME V]SION ( ,KEYNESIANISM4 ,KEYNESIAN OR?ODOXY />T$ FROM ! ASSUMPTION ?AT CAPITALI/ M>KETS W\LD NOT REALLY WORK UNLESS CAPITALI/ GOV]NM5TS W]E WILL+ EFFECTIVELY TO PLAY NANNY3 MO/ FAM\SLY1 BY 5GAG+ 9 MASSIVE DEFICIT 0PUMP-PRIM+0 DUR+ D[NTURNS4 ,:ILE 9 ! '#hS1 ,M>G>ET ,?AT*] 9 ,BRITA9 & ,RONALD ,REAGAN 9 ! ,UNIT$ ,/ATES MADE A GREAT %[ ( REJECT+ ALL ( ?IS1 IT'S UNCLE> H[ MU* !Y REALLY DID4.<#g#g.> ,& 9 ANY CASE1 !Y W]E OP]AT+ 9 ! WAKE ( AN EV5 GREAT] BL[ TO PREVI\S MONET>Y OR?ODOXY3 ,RI*>D ,NIXON'S DECISION 9 #aiga TO UNPEG ! DOLL> FROM PRECI\S METALS 5TIRELY1 ELIM9ATE ! 9T]NATIONAL GOLD /&>D1 & 9TRODUCE ! SY/EM ( FLOAT+ CURR5CY REGIMES ?AT HAS DOM9AT$ ! WORLD ECONOMY EV] S9CE4 ,?IS MEANT 9 EFFECT ?AT ALL NATIONAL CURR5CIES W]E H5CE=?1 AS NEOCLASSICAL ECONOMI/S LIKE TO PUT IT1 0FIAT MONEY0 BACK$ ONLY BY ! PUBLIC TRU/4 

,N[1 ,JOHN ,MAYN>D ,KEYNES HIMSELF WAS MU* MORE OP5 TO :AT HE LIK$ TO CALL ! 0ALT]NATIVE TRADITION0 ( CR$IT & /ATE !ORIES ?AN ANY ECONOMI/ ( ?AT /ATURE 7& ,KEYNES IS /ILL >GUABLY ! S+LE MO/ IMPORTANT ECONOMIC ?9K] ( ! TW5TIE? C5TURY7 BE=E OR S9CE4 ,AT C]TA9 PO9TS HE IMM]S$ HIMSELF 9 IT3 HE SP5T SEV]AL YE>S 9 ! #a#i#bS /UDY+ ,MESOPOTAMIAN CUNEI=M BANK+ RECORDS TO TRY TO ASC]TA9 ! ORIG9S ( MONEY--HIS 0,BABYLONIAN MADNESS10 AS HE W\LD LAT] CALL IT4.<#g#h.> ,HIS CONCLUSION1 :I* HE SET =? AT ! V]Y BEG9N+ ( HIS ,TREATISE ON ,MONEY1 HIS MO/ FAM\S WORK1 WAS MORE OR LESS ! ONLY CONCLUSION ONE C\LD COME TO IF ONE />T$ NOT FROM FIR/ PR9CIPLES1 BUT FROM A C>EFUL EXAM9ATION ( ! HI/ORICAL RECORD3 ?AT ! LUNATIC FR+E WAS1 ESS5TIALLY1 RI<T4 ,:ATEV] ITS E>LIE/ ORIG9S1 = ! LA/ F\R ?\S& YE>S1 MONEY HAS BE5 EFFECTIVELY A CREATURE ( ! /ATE4 ,9DIVIDUALS1 HE OBS]V$1 MAKE CONTRACTS ) ONE ANO!R4 ,!Y TAKE \T DEBTS1 & !Y PROMISE PAYM5T4 

,! ,/ATE1 !RE=E1 COMES 9 FIR/ ( ALL AS ! AU?ORITY ( LAW :I* 5=CES ! PAYM5T ( ! ?+ :I* CORRESPONDS TO ! NAME OR DESCRIPTION 9 ! CONTRACT4 ,BUT IT COMES D\BLY :51 9 ADDITION1 IT CLAIMS ! RI<T TO DET]M9E & DECL>E :AT ?+ CORRESPONDS TO ! NAME1 & TO V>Y ITS DECL>ATION FROM TIME TO TIME--:51 ?AT IS TO SAY IT CLAIMS ! RI<T TO RE$IT ! DICTION>Y4 ,?IS RI<T IS CLAIM$ BY ALL MOD]N ,/ATES & HAS BE5 SO CLAIM$ = SOME F\R ?\S& YE>S AT LEA/4 ,IT IS :5 ?IS /AGE 9 ! EVOLUTION ( ,MONEY HAS BE5 REA*$ ?AT ,KNAPP'S ,*>TALISM--! DOCTR9E ?AT MONEY IS PECULI>LY A CREATION ( ! ,/ATE--IS FULLY REALIZ$ 444 ,TO-DAY ALL CIVILIZ$ MONEY IS1 BEYOND ! POSSIBILITY ( DISPUTE1 *>TALI/4.<#g#i.> 

,?IS DOES NOT MEAN ?AT ! /ATE NECESS>ILY CREATES MONEY4 ,MONEY IS CR$IT1 IT CAN BE BR\<T 9TO BE+ BY PRIVATE CONTRACTUAL AGREEM5TS 7LOANS1 = 9/ANCE74 ,! /ATE M]ELY 5=CES ! AGREEM5T & DICTATES ! LEGAL T]MS4 ,H5CE ,KEYNES' NEXT DRAMATIC ASS]TION3 ?AT BANKS CREATE MONEY1 & ?AT !RE IS NO 9TR9SIC LIMIT TO !IR ABILITY TO DO SO3 S9CE H[EV] MU* !Y L5D1 ! BORR[] WILL HAVE NO *OICE BUT TO PUT ! MONEY BACK 9TO SOME BANK AGA91 & ?US1 FROM ! P]SPECTIVE ( ! BANK+ SY/EM AS A :OLE1 ! TOTAL NUMB] ( DEBITS & CR$ITS WILL ALWAYS CANCEL \T4.<#h.> ,! IMPLICATIONS W]E RADICAL1 BUT ,KEYNES HIMSELF WAS NOT4 ,9 ! 5D1 HE WAS ALWAYS C>EFUL TO FRAME ! PROBLEM 9 A WAY ?AT C\LD BE RE9TEGRAT$ 9TO ! MA9/REAM ECONOMICS ( HIS DAY4 

,NEI!R WAS ,KEYNES MU* ( A MY?MAK]4 ,9S(> AS ! ALT]NATIVE TRADITION HAS COME UP ) AN ANSW] TO ! ,MY? ( ,B>T]1 IT WAS NOT FROM ,KEYNES' [N EF=TS 7,KEYNES ULTIMATELY DECID$ ?AT ! ORIG9S ( MONEY W]E NOT P>TICUL>LY IMPORTANT7 BUT 9 ! WORK ( SOME CONTEMPOR>Y NEO-,KEYNESIANS1 :O W]E NOT AFRAID TO FOLL[ SOME ( HIS MORE RADICAL SUGGE/IONS AS F> AS !Y W\LD GO4 

,! REAL WEAK L9K 9 /ATE-CR$IT !ORIES ( MONEY WAS ALWAYS ! ELEM5T ( TAXES4 ,IT IS ONE ?+ TO EXPLA9 :Y E>LY /ATES DEM&$ TAXES 79 ORD] TO CREATE M>KETS47 ,IT'S ANO!R TO ASK 0BY :AT RI<T80 ,ASSUM+ ?AT E>LY RUL]S W]E NOT SIMPLY ?UGS1 & ?AT TAXES W]E NOT SIMPLY EXTORTION--& NO ,CR$IT ,!ORI/1 TO MY KN[L$GE1 TOOK SU* A CYNICAL VIEW EV5 ( E>LY GOV]NM5T--ONE MU/ ASK H[ !Y JU/IFI$ ?IS SORT ( ?+4 

,N[ADAYS1 WE ALL ?9K WE KN[ ! ANSW] TO ?IS QUE/ION4 ,WE PAY \R TAXES SO ?AT ! GOV]NM5T CAN PROVIDE US ) S]VICES4 ,?IS />TS ) SECURITY S]VICES--MILIT>Y PROTECTION BE+1 (T51 AB\T ! ONLY S]VICE SOME E>LY /ATES W]E REALLY ABLE TO PROVIDE4 ,BY N[1 ( C\RSE1 ! GOV]NM5T PROVIDES ALL SORTS ( ?+S4 ,ALL ( ?IS IS SAID TO GO BACK TO SOME SORT ( ORIG9AL 0SOCIAL CONTRACT0 ?AT EV]YONE SOMEH[ AGRE$ ON1 ?\< NO ONE REALLY KN[S EXACTLY :5 OR BY :OM1 OR :Y WE %\LD BE B\ND BY ! DECISIONS ( DI/ANT ANCE/ORS ON ?IS ONE MATT] :5 WE DON'T FEEL P>TICUL>LY B\ND BY ! DECISIONS ( \R DI/ANT ANCE/ORS ON ANY?+ ELSE4.<#h#a.> ,ALL ( ?IS MAKES S5SE IF Y\ ASSUME ?AT M>KETS COME BE=E GOV]NM5TS1 BUT ! :OLE >GUM5T TOTT]S QUICKLY ONCE Y\ REALIZE ?AT !Y DON'T4 

,!RE IS AN ALT]NATIVE EXPLANATION1 ONE CREAT$ TO BE 9 KEEP+ ) ! /ATE-CR$IT !ORY APPROA*4 ,IT'S REF]R$ TO AS 0PRIMORDIAL DEBT !ORY0 & IT HAS BE5 DEVELOP$ L>GELY 9 ,FRANCE1 BY A TEAM ( RESE>*]S--NOT ONLY ECONOMI/S BUT AN?ROPOLOGI/S1 HI/ORIANS1 & CLASSICI/S--ORIG9ALLY ASSEMBL$ >\ND ! FIGURES ( ,MI*EL ,AGLIETTA & ,&RE ,ORLEANS1.<#h#b.> & MORE REC5TLY1 ,BRUNO ,!]T1 & IT HAS S9CE BE5 TAK5 UP BY NEO-,KEYNESIANS 9 ! ,UNIT$ ,/ATES & ! ,UNIT$ ,K+DOM AS WELL4.<#h#c.> 

,IT'S A POSITION ?AT HAS EM]G$ QUITE REC5TLY1 & AT FIR/1 L>GELY AMID DEBATES AB\T ! NATURE ( ! EURO4 ,! CREATION ( A COMMON ,EUROPEAN CURR5CY SP>K$ NOT ONLY ALL SORTS ( 9TELLECTUAL DEBATES 7DOES A COMMON CURR5CY NECESS>ILY IMPLY ! CREATION ( A COMMON ,EUROPEAN /ATE8 ,OR ( A COMMON ,EUROPEAN ECONOMY OR SOCIETY8 ,>E !SE ULTIMATELY ! SAME ?+87 BUT DRAMATIC POLITICAL ONES AS WELL4 ,! CREATION ( ! EURO ZONE WAS SPE>HEAD$ ABOVE ALL BY ,G]MANY1 :OSE C5TRAL BANKS /ILL SEE !IR MA9 GOAL AS COMBAT+ 9FLATION4 ,:AT'S MORE1 TI<T MONEY POLICIES & ! NE$ TO BALANCE BUDGETS HAV+ BE5 US$ AS ! MA9 WEAPON TO *IP AWAY WELF>E-/ATE POLICIES 9 ,EUROPE1 IT HAS NECESS>ILY BECOME ! /AKE ( POLITICAL /RUGGLES BETWE5 BANK]S & P5SION]S1 CR$ITORS & DEBTORS1 JU/ AS HEAT$ AS ?OSE ( #a#h#iS ,AM]ICA4 

,! CORE >GUM5T IS ?AT ANY ATTEMPT TO SEP>ATE MONET>Y POLICY FROM SOCIAL POLICY IS ULTIMATELY WRONG4 ,PRIMORDIAL-DEBT !ORI/S 9SI/ ?AT !SE HAVE ALWAYS BE5 ! SAME ?+4 ,GOV]NM5TS USE TAXES TO CREATE MONEY1 & !Y >E ABLE TO DO SO BECAUSE !Y HAVE BECOME ! GU>DIANS ( ! DEBT ?AT ALL CITIZ5S HAVE TO ONE ANO!R4 ,?IS DEBT IS ! ESS5CE ( SOCIETY ITSELF4 ,IT EXI/S LONG BE=E MONEY & M>KETS1 & MONEY & M>KETS !MSELVES >E SIMPLY WAYS ( *OPP+ PIECES ( IT UP4 

,AT FIR/1 ! >GUM5T GOES1 ?IS S5SE ( DEBT WAS EXPRESS$ NOT ?R\< ! /ATE1 BUT ?R\< RELIGION4 ,TO MAKE ! >GUM5T1 ,AGLIETTA & ,ORLEANS FIX$ ON C]TA9 WORKS ( E>LY ,SANSKRIT RELIGI\S LIT]ATURE3 ! HYMNS1 PRAY]S1 & POETRY COLLECT$ 9 ! ,V$AS & ! ,BRAHMANAS1 PRIE/LY COMM5T>IES COMPOS$ OV] ! C5TURIES ?AT FOLL[$1 TEXTS ?AT >E N[ CONSID]$ ! F\NDATIONS ( ,H9DU ?\<T4 ,IT'S NOT AS ODD A *OICE AS IT MI<T SEEM4 ,!SE TEXTS CON/ITUTE ! E>LIE/ KN[N HI/ORICAL REFLECTIONS ON ! NATURE ( DEBT4 

,ACTUALLY1 EV5 ! V]Y E>LIE/ ,V$IC POEMS1 COMPOS$ SOMETIME BETWE5 #ae & #ab BC1 EV9CE A CON/ANT CONC]N ) DEBT--:I* IS TREAT$ AS SYNONYM\S ) GUILT & S94.<#h#d.> ,!RE >E NUM]\S PRAY]S PLEAD+ ) ! GODS TO LIB]ATE ! WOR%IP] FROM ! %ACKLES OR BONDS ( DEBT4 ,SOMETIMES !SE SEEM TO REF] TO DEBT 9 ! LIT]AL S5SE--,RIG ,V$A #a4#c#d1 = 9/ANCE1 HAS A LONG DESCRIPTION ( ! SAD PLI<T ( GAMBL]S :O 0W&] HOMELESS1 9 CON/ANT FE>1 9 DEBT1 & SEEK+ MONEY40 ,ELSE:]E IT'S CLE>LY METAPHORICAL4 

,9 !SE HYMNS1 ,YAMA1 ! GOD ( DEA?1 FIGURES PROM95TLY4 ,TO BE 9 DEBT WAS TO HAVE A WEI<T PLAC$ ON Y\ BY ,DEA?4 ,TO BE UND] ANY SORT ( UNFULFILL$ OBLIGATION1 ANY UNKEPT PROMISE1 TO GODS OR TO M51 WAS TO LIVE 9 ! %AD[ ( ,DEA?4 ,(T51 EV5 9 ! V]Y E>LY TEXTS1 DEBT SEEMS TO /& 9 = A BROAD] S5SE ( 9N] SUFF]+1 FROM :I* ONE BEGS ! GODS--P>TICUL>LY ,AGNI1 :O REPRES5TS ! SACRIFICIAL FIRE--= RELEASE4 ,IT WAS ONLY ) ! ,BRAHMANAS ?AT COMM5TATORS />T$ TRY+ TO WEAVE ALL ?IS TOGE!R 9TO A MORE COMPREH5SIVE PHILOSOPHY4 ,! CONCLUSION3 ?AT HUMAN EXI/5CE IS ITSELF A =M ( DEBT4 

,A MAN1 BE+ BORN1 IS A DEBT2 BY HIS [N SELF HE IS BORN TO ,DEA?1 & ONLY :5 HE SACRIFICES DOES HE R$EEM HIMSELF FROM ,DEA?4.<#h#e.> 

,SACRIFICE 7& !SE E>LY COMM5TATORS W]E !MSELVES SACRIFICIAL PRIE/S7 IS ?US CALL$ 0TRIBUTE PAID TO ,DEA?40 ,OR SU* WAS ! MANN] ( SPEAK+4 ,9 REALITY1 AS ! PRIE/S KNEW BETT] ?AN ANYONE1 SACRIFICE WAS DIRECT$ TO ALL ! GODS1 NOT JU/ ,DEA?--,DEA? WAS JU/ ! 9T]M$I>Y4 ,FRAM+ ?+S ?IS WAY1 ?\<1 DID IMM$IATELY RAISE ! ONE PROBLEM ?AT ALWAYS COMES UP1 :5EV] ANYONE CONCEIVES HUMAN LIFE ?R\< SU* AN IDIOM4 ,IF \R LIVES >E ON LOAN1 :O W\LD ACTUALLY WI% TO REPAY SU* A DEBT8 ,TO LIVE 9 DEBT IS TO BE GUILTY1 9COMPLETE4 ,BUT COMPLETION CAN ONLY MEAN ANNIHILATION4 ,9 ?IS WAY1 ! 0TRIBUTE0 ( SACRIFICE C\LD BE SE5 AS A K9D ( 9T]E/ PAYM5T1 ) ! LIFE ( ! ANIMAL SUB/ITUT+ TEMPOR>ILY = :AT'S REALLY [$1 :I* IS \RSELVES--A M]E PO/PONEM5T ( ! 9EVITABLE4.<#h#f.> 

,DIFF]5T COMM5TATORS PROPOS$ DIFF]5T WAYS \T ( ! DILEMMA4 ,SOME AMBITI\S ,BRAHM9S BEGAN TELL+ !IR CLI5TS ?AT SACRIFICIAL RITUAL1 IF DONE CORRECTLY1 PROMIS$ A WAY TO BREAK \T ( ! HUMAN CONDITION 5TIRELY & A*IEVE ET]NITY 7S9CE1 9 ! FACE ( ET]NITY1 ALL DEBTS BECOME MEAN+LESS47.<#h#g.> ,ANO!R WAY WAS TO BROAD5 ! NOTION ( DEBT1 SO ?AT ALL SOCIAL RESPONSIBILITIES BECOME DEBTS ( ONE SORT OR ANO!R4 ,?US TWO FAM\S PASSAGES 9 ! ,BRAHMANAS 9SI/ ?AT WE >E BORN AS A DEBT NOT JU/ TO ! GODS1 TO BE REPAID 9 SACRIFICE1 BUT ALSO TO ! ,SAGES :O CREAT$ ! ,V$IC LE>N+ TO BEG9 )1 :I* WE MU/ REPAY ?R\< /UDY2 TO \R ANCE/ORS 70! ,FA!RS071 :O WE MU/ REPAY BY HAV+ *ILDR52 & F9ALLY1 0TO M50--APP>5TLY MEAN+ HUMANITY AS A :OLE1 TO BE REPAID BY (F]+ HOSPITALITY TO /RANG]S4.<#h#h.> ,ANYONE1 !N1 :O LIVES A PROP] LIFE IS CON/ANTLY PAY+ BACK EXI/5TIAL DEBTS ( ONE SORT OR ANO!R2 BUT AT ! SAME TIME1 AS ! NOTION ( DEBT SLIDES BACK 9TO A SIMPLE S5SE ( SOCIAL OBLIGATION1 IT BECOMES SOME?+ F> LESS T]RIFY+ ?AN ! S5SE ?AT ONE'S V]Y EXI/5CE IS A LOAN TAK5 AGA9/ ,DEA?4.<#h#i.> ,NOT LEA/ BECAUSE SOCIAL OBLIGATIONS ALWAYS CUT BO? WAYS4 ,ESPECIALLY S9CE1 ONCE ONE HAS ONESELF FA!R$ *ILDR51 ONE IS JU/ AS MU* A DEBTOR AS A CR$ITOR4 

,:AT PRIMORDIAL-DEBT !ORI/S HAVE DONE IS TO PROPOSE ?AT ! IDEAS 5COD$ 9 !SE ,V$IC TEXTS >E NOT PECULI> TO A C]TA9 9TELLECTUAL TRADITION ( E>LY ,IRON ,AGE RITUAL SPECIALI/S 9 ! ,GANGES VALLEY1 BUT ?AT !Y >E ESS5TIAL TO ! V]Y NATURE & HI/ORY ( HUMAN ?\<T4 ,CONSID] = EXAMPLE ?IS /ATEM5T1 FROM AN ESSAY BY ,FR5* ECONOMI/ ,BRUNO ,!]T ) ! UN9SPIR+ TITLE 0,! ,SOCIO-,CULTURAL ,DIM5SIONS ( ! ,CURR5CY3 ,IMPLICATIONS = ! ,TRANSITION TO ! ,EURO10 PUBLI%$ 9 ! ,J\RNAL ( ,CONSUM] ,POLICY 9 #a#i#i#i3 

,AT ! ORIG9 ( MONEY WE HAVE A 0RELATION ( REPRES5TATION0 ( DEA? AS AN 9VISIBLE WORLD1 BE=E & BEYOND LIFE--A REPRES5TATION ?AT IS ! PRODUCT ( ! SYMBOLIC FUNCTION PROP] TO ! HUMAN SPECIES & :I* 5VISAGES BIR? AS AN ORIG9AL DEBT 9CURR$ BY ALL M51 A DEBT [+ TO ! COSMIC P[]S FROM :I* HUMANITY EM]G$4 

,PAYM5T ( ?IS DEBT1 :I* CAN H[EV] NEV] BE SETTL$ ON E>?--BECAUSE ITS FULL REIMBURSEM5T IS \T ( REA*--TAKES ! =M ( SACRIFICES :I*1 BY REPL5I%+ ! CR$IT ( ! LIV+1 MAKE IT POSSIBLE TO PROLONG LIFE & EV5 9 C]TA9 CASES TO A*IEVE ET]NITY BY JO9+ ! ,GODS4 ,BUT ?IS 9ITIAL BELIEF-CLAIM IS ALSO ASSOCIAT$ ) ! EM]G5CE ( SOV]EIGN P[]S :OSE LEGITIMACY RESIDES 9 !IR ABILITY TO REPRES5T ! 5TIRE ORIG9AL COSMOS4 ,& IT IS !SE P[]S ?AT 9V5T$ MONEY AS A MEANS ( SETTL+ DEBTS--A MEANS :OSE AB/RACTION MAKES IT POSSIBLE TO RESOLVE ! SACRIFICIAL P>ADOX BY :I* PUTT+ TO DEA? BECOMES ! P]MAN5T MEANS ( PROTECT+ LIFE4 ,?R\< ?IS 9/ITUTION1 BELIEF IS 9 TURN TRANSF]R$ TO A CURR5CY /AMP$ ) ! EFFIGY ( ! SOV]EIGN--A MONEY PUT 9 CIRCULATION BUT :OSE RETURN IS ORGANIZ$ BY ?IS O!R 9/ITUTION :I* IS ! TAX_/SETTLEM5T ( ! LIFE DEBT4 ,SO MONEY ALSO TAKES ON ! FUNCTION ( A MEANS ( PAYM5T4.<#i.> 

,IF NO?+ ELSE1 ?IS PROVIDES A NEAT ILLU/RATION ( H[ DIFF]5T >E /&>DS ( DEBATE 9 ,EUROPE FROM ?OSE CURR5T 9 ! ,ANGLO-,AM]ICAN WORLD4 ,ONE CAN'T IMAG9E AN ,AM]ICAN ECONOMI/ ( ANY /RIPE WRIT+ SOME?+ LIKE ?IS4 ,/ILL1 ! AU?OR IS ACTUALLY MAK+ A RA!R CLEV] SYN!SIS H]E4 ,HUMAN NATURE DOES NOT DRIVE US TO 0TRUCK & B>T]40 ,RA!R1 IT 5SURES ?AT WE >E ALWAYS CREAT+ SYMBOLS--SU* AS MONEY ITSELF4 ,?IS IS H[ WE COME TO SEE \RSELVES 9 A COSMOS SURR\ND$ BY 9VISIBLE =CES2 AS 9 DEBT TO ! UNIV]SE4 

,! +5I\S MOVE ( C\RSE IS TO FOLD ?IS BACK 9TO ! /ATE !ORY ( MONEY--S9CE BY 0SOV]EIGN P[]S0 ,!]T ACTUALLY MEANS 0! /ATE40 ,! FIR/ K+S W]E SACR$ K+S :O W]E EI!R GODS 9 !IR [N RI<T OR /OOD AS PRIVILEG$ M$IATORS BETWE5 HUMAN BE+S & ! ULTIMATE =CES ?AT GOV]N$ ! COSMOS4 ,?IS SETS US ON A ROAD TO ! GRADUAL REALIZATION ?AT \R DEBT TO ! GODS WAS ALWAYS1 REALLY1 A DEBT TO ! SOCIETY ?AT MADE US :AT WE >E4 

,! 0PRIMORDIAL DEBT10 WRITES ,BRITI% SOCIOLOGI/ ,GE(FREY ,+HAM1 0IS ?AT [$ BY ! LIV+ TO ! CONT9UITY & DURABILITY ( ! SOCIETY ?AT SECURES !IR 9DIVIDUAL EXI/5CE40.<#i#a.> ,9 ?IS S5SE IT IS NOT JU/ CRIM9ALS :O [E A 0DEBT TO SOCIETY0--WE >E ALL1 9 A C]TA9 S5SE1 GUILTY1 EV5 CRIM9ALS4 

,= 9/ANCE1 ,+HAM NOTES ?AT1 :ILE !RE IS NO ACTUAL PRO( ?AT MONEY EM]G$ 9 ?IS WAY1 0!RE IS CONSID]ABLE 9DIRECT ETYMOLOGICAL EVID5CE03 

,9 ALL ,9DO-,EUROPEAN LANGUAGES1 WORDS = 0DEBT0 >E SYNONYM\S ) ?OSE = 0S90 OR 0GUILT01 ILLU/RAT+ ! L9KS BETWE5 RELIGION1 PAYM5T & ! M$IATION ( ! SACR$ & PR(ANE REALMS BY 0MONEY40 ,= EXAMPLE1 !RE IS A CONNECTION BETWE5 MONEY 7,G]MAN ,GELD71 9DEMNITY OR SACRIFICE 7,OLD ,5GLI% ,GEILD71 TAX 7,GO?IC ,GILD7 &1 ( C\RSE1 GUILT4.<#i#b.> 

,OR1 TO TAKE ANO!R CURI\S CONNECTION3 ,:Y W]E CATTLE SO (T5 US$ AS MONEY8 ,! ,G]MAN HI/ORIAN ,B]N>D ,LAUM LONG AGO PO9T$ \T ?AT 9 ,HOM]1 :5 PEOPLE MEASURE ! VALUE ( A %IP OR SUIT ( >MOR1 !Y ALWAYS MEASURE IT 9 OX5--EV5 ?\< :5 !Y ACTUALLY EX*ANGE ?+S1 !Y NEV] PAY = ANY?+ 9 OX54 ,IT IS H>D TO ESCAPE ! CONCLUSION ?AT ?IS WAS BECAUSE AN OX WAS :AT ONE (F]$ ! GODS 9 SACRIFICE4 ,H5CE !Y REPRES5T$ ABSOLUTE VALUE4 ,FROM ,SUM] TO ,CLASSICAL ,GREECE1 SILV] & GOLD W]E D$ICAT$ AS (F]+S 9 TEMPLES4 ,EV]Y:]E1 MONEY SEEMS TO HAVE EM]G$ FROM ! ?+ MO/ APPROPRIATE = GIV+ TO ! GODS4.<#i#c.> 

,IF ! K+ HAS SIMPLY TAK5 OV] GU>DIAN%IP ( ?AT PRIMORDIAL DEBT WE ALL [E TO SOCIETY = HAV+ CREAT$ US1 ?IS PROVIDES A V]Y NEAT EXPLANATION = :Y ! GOV]NM5T FEELS IT HAS ! RI<T TO MAKE US PAY TAXES4 ,TAXES >E JU/ A MEASURE ( \R DEBT TO ! SOCIETY ?AT MADE US4 ,BUT ?IS DOESN'T REALLY EXPLA9 H[ ?IS K9D ( ABSOLUTE LIFE-DEBT CAN BE CONV]T$ 9TO MONEY1 :I* IS BY DEF9ITION A MEANS ( MEASUR+ & COMP>+ ! VALUE ( DIFF]5T ?+S4 ,?IS IS JU/ AS MU* A PROBLEM = CR$IT !ORI/S AS = NEOCLASSICAL ECONOMI/S1 EV5 IF ! PROBLEM = !M IS SOME:AT DIFF]5TLY FRAM$4 ,IF Y\ />T FROM ! B>T] !ORY ( MONEY1 Y\ HAVE TO RESOLVE ! PROBLEM ( H[ & :Y Y\ W\LD COME TO SELECT ONE COMMODITY TO MEASURE JU/ H[ MU* Y\ WANT EA* ( ! O!R ONES4 ,IF Y\ />T FROM A CR$IT !ORY1 Y\ >E LEFT ) ! PROBLEM ,I DESCRIB$ 9 ! FIR/ *APT]3 H[ TO TURN A MORAL OBLIGATION 9TO A SPECIFIC SUM ( MONEY1 H[ ! M]E S5SE ( [+ SOMEONE ELSE A FAVOR CAN EV5TUALLY TURN 9TO A SY/EM ( ACC\NT+ 9 :I* ONE IS ABLE TO CALCULATE EXACTLY H[ MANY %EEP OR FI% OR *UNKS ( SILV] IT W\LD TAKE TO REPAY ! DEBT4 ,OR 9 ?IS CASE1 H[ DO WE GO FROM ?AT ABSOLUTE DEBT WE [E TO ,GOD TO ! V]Y SPECIFIC DEBTS WE [E \R C\S9S1 OR ! B>T5D]8 

,! ANSW] PROVID$ BY PRIMORDIAL-DEBT !ORI/S IS1 AGA91 +5I\S4 ,IF TAXES REPRES5T \R ABSOLUTE DEBT TO ! SOCIETY ?AT CREAT$ US1 !N ! FIR/ /EP T[>D CREAT+ REAL MONEY COMES :5 WE />T CALCULAT+ MU* MORE SPECIFIC DEBTS TO SOCIETY1 SY/EMS ( F9ES1 FEES1 & P5ALTIES1 OR EV5 DEBTS WE [E TO SPECIFIC 9DIVIDUALS :O WE HAVE WRONG$ 9 SOME WAY1 & ?US TO :OM WE /& 9 A RELATION ( 0S90 OR 0GUILT40 

,?IS IS ACTUALLY MU* LESS IMPLAUSIBLE ?AN IT MI<T S\ND4 ,ONE ( ! PUZZL+ ?+S AB\T ALL ! !ORIES AB\T ! ORIG9S ( MONEY ?AT WE'VE BE5 LOOK+ AT SO F> IS ?AT !Y ALMO/ COMPLETELY IGNORE ! EVID5CE ( AN?ROPOLOGY4 ,AN?ROPOLOGI/S DO HAVE A GREAT DEAL ( KN[L$GE ( H[ ECONOMIES )9 /ATELESS SOCIETIES ACTUALLY WORK$--H[ !Y /ILL WORK 9 PLACES :]E /ATES & M>KETS HAVE BE5 UNABLE TO COMPLETELY BREAK UP EXI/+ WAYS ( DO+ ?+S4 ,!RE >E 9NUM]ABLE /UDIES (1 SAY1 ! USE ( CATTLE AS MONEY 9 EA/]N OR S\!RN ,AFRICA1 ( %ELL MONEY 9 ! ,AM]ICAS 7WAMPUM BE+ ! MO/ FAM\S EXAMPLE7 OR ,PAPUA ,NEW ,GU9EA1 BEAD MONEY1 FEA!R MONEY1 ! USE ( IRON R+S1 C[RIES1 SPONDYLUS %ELLS1 BRASS RODS1 OR WOODPECK] SCALPS4.<#i#d.> ,! REASON ?AT ?IS LIT]ATURE T5DS TO BE IGNOR$ BY ECONOMI/S IS SIMPLE3 0PRIMITIVE CURR5CIES0 ( ?IS SORT IS ONLY R>ELY US$ TO BUY & SELL ?+S1 & EV5 :5 !Y >E1 NEV] PRIM>ILY TO BUY & SELL EV]YDAY ITEMS SU* AS *ICK5S OR EGGS OR %OES OR POTATOES4 ,RA!R ?AN BE+ EMPLOY$ TO ACQUIRE ?+S1 !Y >E MA9LY US$ TO RE>RANGE RELATIONS BETWE5 PEOPLE4 ,ABOVE ALL1 TO >RANGE M>RIAGES & TO SETTLE DISPUTES1 P>TICUL>LY ?OSE >IS+ FROM MURD]S OR P]SONAL 9JURY4 

,!RE IS EV]Y REASON TO BELIEVE ?AT \R [N MONEY />T$ ! SAME WAY--EV5 ! ,5GLI% WORD 0TO PAY0 IS ORIG9ALLY D]IV$ FROM A WORD = 0TO PACIFY1 APPEASE0--AS 91 TO GIVE SOMEONE SOME?+ PRECI\S1 = 9/ANCE1 TO EXPRESS JU/ H[ BADLY Y\ FEEL AB\T HAV+ JU/ KILL$ HIS BRO!R 9 A DRUNK5 BRAWL1 & H[ MU* Y\ W\LD REALLY LIKE TO AVOID ?IS BECOM+ ! BASIS = AN ONGO+ BLOOD-FEUD4.<#i#e.> 

,DEBT !ORI/S >E ESPECIALLY CONC]N$ ) ?IS LATT] POSSIBILITY4 ,?IS IS P>TLY BECAUSE !Y T5D TO SKIP PA/ ! AN?ROPOLOGICAL LIT]ATURE & LOOK AT E>LY LAW CODES--TAK+ 9SPIRATION H]E1 FROM ! GR\NDBREAK+ WORK ( ONE ( ! TW5TIE? C5TURY'S GREATE/ NUMISMATI/S1 ,PHILIP ,GRI]SON1 :O 9 ! '#gS1 FIR/ SUGGE/$ ?AT MONEY MI<T FIR/ HAVE EM]G$ FROM E>LY LEGAL PRACTICE4 ,GRI]SON WAS AN EXP]T 9 ! ,EUROPEAN ,D>K ,AGES1 & HE BECAME FASC9AT$ BY :AT HAVE COME TO BE KN[N AS ! 0,B>B>IAN ,LAW ,CODES10 E/ABLI%$ BY MANY ,G]MANIC PEOPLES AFT] ! DE/RUCTION ( ! ,ROMAN ,EMPIRE 9 ! #fS & #gS--,GO?S1 ,FRISIANS1 ,FRANKS1 & SO ON--SOON FOLL[$ BY SIMIL> CODES PUBLI%$ EV]Y:]E FROM ,RUSSIA TO ,IREL&4 ,C]TA9LY !Y >E FASC9AT+ DOCUM5TS4 ,ON ! ONE H&1 !Y MAKE IT ABUNDANTLY CLE> JU/ H[ WRONG >E CONV5TIONAL ACC\NTS ( ,EUROPE >\ND ?IS TIME 0REV]T+ TO B>T]40 ,ALMO/ ALL ( ! ,G]MANIC LAW CODES USE ,ROMAN MONEY TO MAKE ASSESSM5TS2 P5ALTIES = !FT1 = 9/ANCE1 >E ALMO/ ALWAYS FOLL[$ BY DEM&S ?AT ! ?IEF NOT ONLY RETURN ! /OL5 PROP]TY BUT PAY ANY \T/&+ R5T 7OR 9 ! EV5T ( /OL5 MONEY1 9T]E/7 [+ = ! AM\NT ( TIME IT HAS BE5 9 HIS POSSESSION4 ,ON ! O!R H&1 !SE W]E SOON FOLL[$ BY LAW CODES BY PEOPLE LIV+ 9 T]RITORIES ?AT HAD NEV] BE5 UND] ,ROMAN RULE--9 ,IREL&1 ,WALES1 ,NORDIC C\NTRIES1 ,RUSSIA--& !SE >E IF ANY?+ EV5 MORE REVEAL+4 ,!Y C\LD BE REM>KABLY CREATIVE1 BO? 9 :AT C\LD BE US$ AS A MEANS ( PAYM5T & ON ! PRECISE BREAKD[N ( 9JURIES & 9SULTS ?AT REQUIR$ COMP5SATION3 

,COMP5SATION 9 ! ,WEL% LAWS IS RECKON$ PRIM>ILY 9 CATTLE & 9 ! ,IRI% ONES 9 CATTLE OR BONDMAIDS 7CUMAL71 ) CONSID]ABLE USE ( PRECI\S METALS 9 BO?4 ,9 ! ,G]MANIC CODES IT IS MA9LY 9 PRECI\S METAL 444 ,9 ! ,RUSSIAN CODES IT WAS SILV] & FURS1 GRADUAT$ FROM M>T5 D[N TO SQUIRREL4 ,!IR DETAIL IS REM>KABLE1 NOT ONLY 9 ! P]SONAL 9JURIES 5VISION$--SPECIFIC COMP5SATIONS = ! LOSS ( AN >M1 A H&1 A =EF+]1 A NAIL1 = A BL[ ON ! HEAD SO ?AT ! BRA9 IS VISIBLE OR BONE PROJECTS--BUT 9 ! COV]AGE SOME ( !M GAVE TO ! POSSESSIONS ( ! 9DIVIDUAL H\SEHOLD4 ,TITLE ,I,I ( ! ,SALIC ,LAW DEALS ) ! !FT ( PIGS1 ,TITLE ,I,I,I ) CATTLE1 ,TITLE ,I,V ) %EEP1 ,TITLE ,V ) GOATS1 ,TITLE ,V,I ) DOGS1 EA* TIME ) AN ELABORATE BREAKD[N DIFF]5TIAT+ BETWE5 ANIMALS ( DIFF]5T AGE & SEX4.<#i#f.> 

,?IS DOES MAKE A GREAT DEAL ( PSY*OLOGICAL S5SE4 ,I'VE ALREADY REM>K$ H[ DIFFICULT IT IS TO IMAG9E H[ A SY/EM ( PRECISE EQUIVAL5CES--ONE Y\NG HEAL?Y MILK C[ IS EQUIVAL5T TO EXACTLY ?IRTY-SIX *ICK5S--C\LD >ISE FROM MO/ =MS ( GIFT EX*ANGE4 ,IF ,H5RY GIVES ,JO%UA A PIG & FEELS HE HAS RECEIV$ AN 9ADEQUATE C\NT]-GIFT1 HE MI<T MOCK ,JO%UA AS A *EAPSKATE1 BUT HE W\LD HAVE LITTLE OCCASION TO COME UP ) A MA!MATICAL =MULA = PRECISELY H[ *EAP HE FEELS ,JO%UA HAS BE54 ,ON ! O!R H&1 IF ,JO%UA'S PIG JU/ DE/ROY$ ,H5RY'S G>D51 & ESPECIALLY1 IF ?AT L$ TO A FI<T 9 :I* ,H5RY LO/ A TOE1 & ,H5RY'S FAMILY IS N[ HAUL+ ,JO%UA UP 9 FRONT ( ! VILLAGE ASSEMBLY--?IS IS PRECISELY ! CONTEXT :]E PEOPLE >E MO/ LIKELY TO BECOME PETTY & LEGALI/IC & EXPRESS \TRAGE IF !Y FEEL !Y HAVE RECEIV$ ONE GROAT LESS ?AN WAS !IR RI<TFUL DUE4 ,?AT MEANS EXACT MA!MATICAL SPECIFICITY3 = 9/ANCE1 ! CAPACITY TO MEASURE ! EXACT VALUE ( A TWO-YE>-OLD PREGNANT S[4 ,:AT'S MORE1 ! LEVY+ ( P5ALTIES MU/ HAVE CON/ANTLY REQUIR$ ! CALCULATION ( EQUIVAL5CES4 ,SAY ! F9E IS 9 M>T5 PELTS BUT ! CULPRIT'S CLAN DOESN'T HAVE ANY M>T5S4 ,H[ MANY SQUIRREL SK9S WILL DO8 ,OR PIECES ( SILV] JEWELRY8 ,SU* PROBLEMS MU/ HAVE COME UP ALL ! TIME & L$ TO AT LEA/ A R\<-&-READY SET ( RULES ( ?UMB OV] :AT SORTS ( VALUABLE W]E EQUIVAL5T TO O!RS4 ,?IS W\LD HELP EXPLA9 :Y1 = 9/ANCE1 M$IEVAL ,WEL% LAW CODES CAN CONTA9 DETAIL$ BREAKD[NS NOT ONLY ( ! VALUE ( DIFF]5T AGES & CONDITIONS ( MILK C[1 BUT ( ! MONET>Y VALUE ( EV]Y OBJECT LIKELY TO BE F\ND 9 AN ORD9>Y HOME/EAD1 D[N TO ! CO/ ( EA* PIECE ( TIMB]--DESPITE ! FACT ?AT !RE SEEMS NO REASON TO BELIEVE ?AT MO/ SU* ITEMS C\LD EV5 BE PUR*AS$ ON ! OP5 M>KET AT ! TIME4.<#i#g.> 

,!RE IS SOME?+ V]Y COMPELL+ 9 ALL ?IS4 ,= ONE ?+1 ! PREMISE MAKES A GREAT DEAL ( 9TUITIVE S5SE4 ,AFT] ALL1 WE DO [E EV]Y?+ WE >E TO O!RS4 ,?IS IS SIMPLY TRUE4 ,! LANGUAGE WE SPEAK & EV5 ?9K 91 \R HABITS & OP9IONS1 ! K9D ( FOOD WE LIKE TO EAT1 ! KN[L$GE ?AT MAKES \R LI<TS SWIT* ON & TOILETS FLU%1 EV5 ! /YLE 9 :I* WE C>RY \T \R GE/URES ( DEFIANCE & REBELLION AGA9/ SOCIAL CONV5TIONS--ALL ( ?IS1 WE LE>N$ FROM O!R PEOPLE1 MO/ ( !M LONG DEAD4 ,IF WE W]E TO IMAG9E :AT WE [E !M AS A DEBT1 IT C\LD ONLY BE 9F9ITE4 ,! QUE/ION IS3 ,DOES IT REALLY MAKE S5SE TO ?9K ( ?IS AS A DEBT8 ,AFT] ALL1 A DEBT IS BY DEF9ITION SOME?+ ?AT WE C\LD AT LEA/ IMAG9E PAY+ BACK4 ,IT IS /RANGE 5\< TO WI% TO BE SQU>E ) ONE'S P>5TS--IT RA!R IMPLIES ?AT ONE DOES NOT WI% TO ?9K ( !M AS P>5TS ANY MORE4 ,W\LD WE REALLY WANT TO BE SQU>E ) ALL HUMANITY8 ,:AT W\LD ?AT EV5 MEAN8 ,& IS ?IS DESIRE REALLY A FUNDAM5TAL FEATURE ( ALL HUMAN ?\<T8 

,ANO!R WAY TO PUT ?IS W\LD BE3 ,>E PRIMORDIAL-DEBT !ORI/S DESCRIB+ A MY?1 HAVE !Y DISCOV]$ A PR(\ND TRU? ( ! HUMAN CONDITION ?AT HAS ALWAYS EXI/$ 9 ALL SOCIETIES1 & IS IT SIMPLY SPELL$ \T P>TICUL>LY CLE>LY 9 C]TA9 ANCI5T TEXTS FROM ,9DIA--OR >E !Y 9V5T+ A MY? ( !IR [N8 

,CLE>LY IT MU/ BE ! LATT]4 ,!Y >E 9V5T+ A MY?4 

,! *OICE ( ! ,V$IC MAT]IAL IS SIGNIFICANT4 ,! FACT IS1 WE KN[ ALMO/ NO?+ AB\T ! PEOPLE :O COMPOS$ !SE TEXTS & LITTLE AB\T ! SOCIETY ?AT CREAT$ !M4.<#i#h.> ,WE DON'T EV5 KN[ IF 9T]E/-BE>+ LOANS EXI/$ 9 ,V$IC ,9DIA--:I* OBVI\SLY HAS A BE>+ ON :E!R PRIE/S REALLY SAW SACRIFICE AS ! PAYM5T ( 9T]E/ ON A LOAN WE [E TO ,DEA?4.<#i#i.> ,AS A RESULT1 ! MAT]IAL CAN S]VE AS A K9D ( EMPTY CANVAS1 OR A CANVAS COV]$ ) HI]OGLYPHICS 9 AN UNKN[N LANGUAGE1 ON :I* WE CAN PROJECT ALMO/ ANY?+ WE WANT TO4 ,IF WE LOOK AT O!R ANCI5T CIVILIZATIONS 9 :I* WE DO KN[ SOME?+ AB\T ! L>G] CONTEXT1 WE F9D ?AT NO SU* NOTION ( SACRIFICE AS PAYM5T IS 9 EVID5CE4.<#a.> ,IF WE LOOK ?R\< ! WORK ( ANCI5T !OLOGIANS1 WE F9D ?AT MO/ W]E FAMILI> ) ! IDEA ?AT SACRIFICE WAS A WAY BY :I* HUMAN BE+S C\LD 5T] 9TO COMM]CIAL RELATIONS ) ! GODS1 BUT ?AT !Y FELT IT WAS PAT5TLY RIDICUL\S3 ,IF ! GODS ALREADY HAVE EV]Y?+ !Y WANT1 :AT EXACTLY DO HUMANS HAVE TO B>GA9 )8.<#a#a.> ,WE'VE SE5 9 ! LA/ *APT] H[ DIFFICULT IT IS TO GIVE GIFTS TO K+S4 ,) GODS 7LET ALONE ,GOD7 ! PROBLEM IS MAGNIFI$ 9F9ITELY4 ,EX*ANGE IMPLIES EQUALITY4 ,9 DEAL+ ) COSMIC =CES1 ?IS WAS SIMPLY ASSUM$ TO BE IMPOSSIBLE FROM ! />T4 

,! NOTION ?AT DEBTS TO GODS W]E APPROPRIAT$ BY ! /ATE1 & ?US BECAME ! BASES = TAXATION SY/EMS1 CAN'T REALLY /& UP EI!R4 ,! PROBLEM H]E IS ?AT 9 ! ANCI5T WORLD1 FREE CITIZ5S DIDN'T USUALLY PAY TAXES4 ,G5]ALLY SPEAK+1 TRIBUTE WAS LEVI$ ONLY ON CONQU]$ POPULATIONS4 ,?IS WAS ALREADY TRUE 9 ANCI5T ,MESOPOTAMIA1 :]E ! 9HABITANTS ( 9DEP5D5T CITIES DID NOT USUALLY HAVE TO PAY DIRECT TAXES AT ALL4 ,SIMIL>LY1 AS ,MOSES ,F9LEY PUT IT1 0,CLASSICAL ,GREEKS LOOK$ UPON DIRECT TAXES AS TYRANNICAL & AVOID$ !M :5EV] POSSIBLE4.<#a#b.> ,A!NIAN CITIZ5S DID NOT PAY DIRECT TAXES ( ANY SORT2 ?\< ! CITY DID SOMETIMES DI/RIBUTE MONEY TO ITS CITIZ5S1 A K9D ( REV]SE TAXATION--SOMETIMES DIRECTLY1 AS ) ! PROCE$S ( ! ,LAURIUM SILV] M9ES1 & SOMETIMES 9DIRECTLY1 AS ?R\< G5]\S FEES = JURY DUTY OR ATT5D+ ! ASSEMBLY4 ,SUBJECT CITIES1 H[EV]1 DID HAVE TO PAY TRIBUTE4 ,EV5 )9 ! ,P]SIAN ,EMPIRE1 ,P]SIANS DID NOT HAVE TO PAY TRIBUTE TO ! ,GREAT ,K+1 BUT ! 9HABITANTS ( CONQU]$ PROV9CES DID4.<#a#c.> ,! SAME WAS TRUE 9 ,ROME1 :]E = A V]Y LONG TIME1 ,ROMAN CITIZ5S NOT ONLY PAID NO TAXES BUT HAD A RI<T TO A %>E ( ! TRIBUTE LEVI$ ON O!RS1 9 ! =M ( ! DOLE--! 0BREAD0 P>T ( ! FAM\S 0BREAD & CIRCUSES40.<#a#d.> 

,9 O!R WORDS1 ,B5JAM9 ,FRANKL9 WAS WRONG :5 HE SAID ?AT 9 ?IS WORLD NO?+ IS C]TA9 EXCEPT DEA? & TAXES4 ,?IS OBVI\SLY MAKES ! IDEA ?AT ! DEBT TO ONE IS JU/ A V>IATION ON ! O!R MU* H>D] TO MA9TA94 

,NONE ( ?IS1 H[EV]1 DEALS A MORTAL BL[ TO ! /ATE !ORY ( MONEY4 ,EV5 ?OSE /ATES ?AT DID NOT DEM& TAXES DID LEVY FEES1 P5ALTIES1 T>IFFS1 & F9ES ( ONE SORT OR ANO!R4 ,BUT IT IS V]Y H>D TO RECONCILE ) ANY !ORY ?AT CLAIMS /ATES W]E FIR/ CONCEIV$ AS GU>DIANS ( SOME SORT ( COSMIC1 PRIMORDIAL DEBT4 

,IT'S CURI\S ?AT PRIMORDIAL-DEBT !ORI/S NEV] HAVE MU* TO SAY AB\T ,SUM] OR ,BABYLONIA1 DESPITE ! FACT ?AT ,MESOPOTAMIA IS :]E ! PRACTICE ( LOAN+ MONEY AT 9T]E/ WAS FIR/ 9V5T$1 PROBABLY TWO ?\S& YE>S BE=E ! ,V$AS W]E COMPOS$--& ?AT IT WAS ALSO ! HOME ( ! WORLD'S FIR/ /ATES4 ,BUT IF WE LOOK 9TO ,MESOPOTAMIAN HI/ORY1 IT BECOMES A LITTLE LESS SURPRIS+4 ,AGA91 :AT WE F9D !RE IS 9 MANY WAYS ! EXACT OPPOSITE ( :AT SU* !ORI/S W\LD HAVE PR$ICT$4 

,! READ] WILL RECALL H]E ?AT ,MESOPOTAMIAN CITY-/ATES W]E DOM9AT$ BY VA/ ,TEMPLES3 GIGANTIC1 COMPLEX 9DU/RIAL 9/ITUTIONS (T5 /AFF$ BY ?\S&S--9CLUD+ EV]YONE FROM %EPH]DS & B>GE-PULL]S TO SP9N]S & WEAV]S TO DANC+ GIRLS & CL]ICAL ADM9I/RATORS4 ,BY AT LEA/ #bg BC1 AMBITI\S RUL]S HAD BEGUN TO IMITATE !M BY CREAT+ PALACE COMPLEXES ORGANIZ$ ON SIMIL> T]MS--) ! EXCEPTION ?AT :]E ! ,TEMPLES C5T]$ ON ! SACR$ *AMB]S ( A GOD OR GODDESS1 REPRES5T$ BY A SACR$ IMAGE :O WAS F$ & CLO!D & 5T]TA9$ BY PRIE/LY S]VANTS AS IF HE OR %E W]E A LIV+ P]SON4 ,PALACES C5T]$ ON ! *AMB]S ( AN ACTUAL LIVE K+4 ,SUM]IAN RUL]S R>ELY W5T SO F> AS TO DECL>E !MSELVES GODS1 BUT !Y (T5 CAME V]Y CLOSE4 ,H[EV]1 :5 !Y DID 9T]F]E 9 ! LIVES ( !IR SUBJECTS 9 !IR CAPACITY AS COSMIC RUL]S1 !Y DID NOT DO IT BY IMPOS+ PUBLIC DEBTS1 BUT RA!R BY CANCEL+ PRIVATE ONES4.<#a#e.> 

,WE DON'T KN[ PRECISELY :5 & H[ 9T]E/-BE>+ LOANS ORIG9AT$1 S9CE !Y APPE> TO PR$ATE WRIT+4 ,MO/ LIKELY1 ,TEMPLE ADM9I/RATORS 9V5T$ ! IDEA AS A WAY ( F9ANC+ ! C>AVAN TRADE4 ,?IS TRADE WAS CRUCIAL BECAUSE :ILE ! RIV] VALLEY ( ANCI5T ,MESOPOTAMIA WAS EXTRAORD9>ILY F]TILE & PRODUC$ HUGE SURPLUSES ( GRA9 & O!R FOOD/UFFS1 & SUPPORT$ 5ORM\S NUMB]S ( LIVE/OCK1 :I* 9 TURN SUPPORT$ A VA/ WOOL & LEA!R 9DU/RY1 IT WAS ALMO/ COMPLETELY LACK+ 9 ANY?+ ELSE4 ,/ONE1 WOOD1 METAL1 EV5 ! SILV] US$ AS MONEY1 ALL HAD TO BE IMPORT$4 ,FROM QUITE E>LY TIMES1 !N1 ,TEMPLE ADM9I/RATORS DEVELOP$ ! HABIT ( ADVANC+ GOODS TO LOCAL M]*ANTS--SOME ( !M PRIVATE1 O!RS !MSELVES ,TEMPLE FUNCTION>IES--:O W\LD !N GO (F & SELL IT OV]SEAS4 ,9T]E/ WAS JU/ A WAY = ! ,TEMPLES TO TAKE !IR %>E ( ! RESULT+ PR(ITS4.<#a#f.> ,H[EV]1 ONCE E/ABLI%$1 ! PR9CIPLE SEEMS TO HAVE QUICKLY SPREAD4 ,BE=E LONG1 WE F9D NOT ONLY COMM]CIAL LOANS1 BUT ALSO CONSUM] LOANS--USURY 9 ! CLASSICAL S5SE ( ! T]M4 ,BY C#b#d BC IT ALREADY APPE>S TO HAVE BE5 COMMON PRACTICE ON ! P>T ( LOCAL (FICIALS1 OR WEAL?Y M]*ANTS1 TO ADVANCE LOANS TO PEASANTS :O W]E 9 F9ANCIAL TR\BLE ON COLLAT]AL & BEG9 TO APPROPRIATE !IR POSSESSIONS IF !Y W]E UNABLE TO PAY4 ,IT USUALLY />T$ ) GRA91 %EEP1 GOATS1 & FURNITURE1 !N MOV$ ON TO FIELDS & H\SES1 OR1 ALT]NATELY OR ULTIMATELY1 FAMILY MEMB]S4 ,S]VANTS1 IF ANY1 W5T QUICKLY1 FOLL[$ BY *ILDR51 WIVES1 & 9 SOME EXTREME OCCASIONS1 EV5 ! BORR[] HIMSELF4 ,!SE W\LD BE R$UC$ TO DEBT-PEONS3 NOT QUITE SLAVES1 BUT V]Y CLOSE TO ?AT1 =C$ 9TO P]PETUAL S]VICE 9 ! L5D]'S H\SEHOLD--OR1 SOMETIMES1 9 ! ,TEMPLES OR ,PALACES !MSELVES4 ,9 !ORY1 ( C\RSE1 ANY ( !M C\LD BE R$EEM$ :5EV] ! BORR[] REPAID ! MONEY1 BUT = OBVI\S REASONS1 ! MORE A PEASANT'S RES\RCES W]E /RIPP$ AWAY FROM HIM1 ! H>D] ?AT BECAME4 

,! EFFECTS W]E SU* ?AT !Y (T5 ?REAT5$ TO RIP SOCIETY AP>T4 ,IF = ANY REASON !RE WAS A BAD H>VE/1 L>GE PROPORTIONS ( ! PEASANTRY W\LD FALL 9TO DEBT PEONAGE2 FAMILIES W\LD BE BROK5 UP4 ,BE=E LONG1 L&S LAY AB&ON$ AS 9DEBT$ F>M]S FL$ !IR HOMES = FE> ( REPOSSESSION & JO9$ SEMI-NOMADIC B&S ON ! DES]T FR+ES ( URBAN CIVILIZATION4 ,FAC$ ) ! POT5TIAL = COMPLETE SOCIAL BREAKD[N1 ,SUM]IAN & LAT] ,BABYLONIAN K+S P]IODICALLY ANN\NC$ G5]AL AMNE/IES3 0CLEAN SLATES10 AS ECONOMIC HI/ORIAN ,MI*AEL ,HUDSON REF]S TO !M4 ,SU* DECREES W\LD TYPICALLY DECL>E ALL \T/&+ CONSUM] DEBT NULL & VOID 7COMM]CIAL DEBTS W]E NOT AFFECT$71 RETURN ALL L& TO ITS ORIG9AL [N]S1 & ALL[ ALL DEBT-PEONS TO RETURN TO !IR FAMILIES4 ,BE=E LONG1 IT BECAME MORE OR LESS A REGUL> HABIT = K+S TO MAKE SU* A DECL>ATION ON FIR/ ASSUM+ P[]1 & MANY W]E =C$ TO REPEAT IT P]IODICALLY OV] ! C\RSE ( !IR REIGNS4 

,9 ,SUM]IA1 !SE W]E CALL$ 0DECL>ATIONS ( FRE$OM0--& IT IS SIGNIFICANT ?AT ! ,SUM]IAN WORD AM>GI1 ! FIR/ RECORD$ WORD = 0FRE$OM0 9 ANY KN[N HUMAN LANGUAGE1 LIT]ALLY MEANS 0RETURN TO MO!R0--S9CE ?IS IS :AT FRE$ DEBT-PEONS W]E F9ALLY ALL[$ TO DO4.<#a#g.> 

,MI*AEL ,HUDSON >GUES ?AT ,MESOPOTAMIAN K+S W]E ONLY 9 A POSITION TO DO ?IS BECAUSE ( !IR COSMIC PRET5SIONS3 9 TAK+ P[]1 !Y SAW !MSELVES AS LIT]ALLY RECREAT+ HUMAN SOCIETY1 & SO W]E 9 A POSITION TO WIPE ! SLATE CLEAN ( ALL PREVI\S MORAL OBLIGATIONS4 ,/ILL1 ?IS IS AB\T AS F> FROM :AT PRIMORDIAL-DEBT !ORI/S HAD 9 M9D AS ONE C\LD POSSIBLY IMAG9E4.<#a#h.> 

,PROBABLY ! BIGGE/ PROBLEM 9 ?IS :OLE BODY ( LIT]ATURE IS ! 9ITIAL ASSUMPTION3 ?AT WE BEG9 ) AN 9F9ITE DEBT TO SOME?+ CALL$ 0SOCIETY40 ,IT'S ?IS DEBT TO SOCIETY ?AT WE PROJECT ONTO ! GODS4 ,IT'S ?IS SAME DEBT ?AT !N GETS TAK5 UP BY K+S & NATIONAL GOV]NM5TS4 

,:AT MAKES ! CONCEPT ( SOCIETY SO DECEPTIVE IS ?AT WE ASSUME ! WORLD IS ORGANIZ$ 9TO A S]IES ( COMPACT1 MODUL> UNITS CALL$ 0SOCIETIES10 & ?AT ALL PEOPLE KN[ :I* ONE !Y'RE 94 ,HI/ORICALLY1 ?IS IS V]Y R>ELY ! CASE4 ,IMAG9E ,I AM A ,*RI/IAN ,>M5IAN M]*ANT LIV+ UND] ! REIGN ( ,G5<IS ,KHAN4 ,:AT IS 0SOCIETY0 = ME8 ,IS IT ! CITY :]E ,I GREW UP1 ! SOCIETY ( 9T]NATIONAL M]*ANTS 7) ITS [N ELABORATE CODES ( CONDUCT7 )9 :I* ,I CONDUCT MY DAILY AFFAIRS1 O!R SPEAK]S ( ,>M5IAN1 ,*RI/5DOM 7OR MAYBE JU/ ,OR?ODOX ,*RI/5DOM71 OR ! 9HABITANTS ( ! ,MONGOL EMPIRE ITSELF1 :I* /RET*$ FROM ! ,M$IT]RANEAN TO ,KOREA8 ,HI/ORICALLY1 K+DOMS & EMPIRES HAVE R>ELY BE5 ! MO/ IMPORTANT REF]5CE PO9TS 9 PEOPLES' LIVES4 ,K+DOMS RISE & FALL2 !Y ALSO /R5G!N & WEAK52 GOV]NM5TS MAY MAKE !IR PRES5CE KN[N 9 PEOPLE'S LIVES QUITE SPORADICALLY1 & MANY PEOPLE 9 HI/ORY W]E NEV] 5TIRELY CLE> :OSE GOV]NM5T !Y W]E ACTUALLY 94 ,EV5 UNTIL QUITE REC5TLY1 MANY ( ! WORLD'S 9HABITANTS W]E NEV] EV5 QUITE SURE :AT C\NTRY !Y W]E SUPPOS$ TO BE 91 OR :Y IT %\LD MATT]4 ,MY MO!R1 :O WAS BORN A ,JEW 9 ,POL&1 ONCE TOLD ME A JOKE FROM H] *ILDHOOD3 

,!RE WAS A SMALL T[N LOCAT$ ALONG ! FRONTI] BETWE5 ,RUSSIA & ,POL&2 NO ONE WAS EV] QUITE SURE TO :I* IT BELONG$4 ,ONE DAY AN (FICIAL TREATY WAS SIGN$ & NOT LONG AFT]1 SURVEYORS >RIV$ TO DRAW A BORD]4 ,SOME VILLAG]S APPROA*$ !M :]E !Y HAD SET UP !IR EQUIPM5T ON A NE>BY HILL4 

0,SO :]E >E WE1 ,RUSSIA OR ,POL&80 

0,ACCORD+ TO \R CALCULATIONS1 Y\R VILLAGE N[ BEG9S EXACTLY ?IRTY-SEV5 MET]S 9TO ,POL&40 

,! VILLAG]S IMM$IATELY BEGAN DANC+ = JOY4 

0,:Y80 ! SURVEYORS ASK$4 0,:AT DIFF]5CE DOES IT MAKE80 

0,DON'T Y\ KN[ :AT ?IS MEANS80 !Y REPLI$4 0,IT MEANS WE'LL NEV] HAVE TO 5DURE ANO!R ONE ( ?OSE T]RIBLE ,RUSSIAN W9T]S60 

,H[EV]1 IF WE >E BORN ) AN 9F9ITE DEBT TO ALL ?OSE PEOPLE :O MADE \R EXI/5CE POSSIBLE1 BUT !RE IS NO NATURAL UNIT CALL$ 0SOCIETY0--!N :O OR :AT EXACTLY DO WE REALLY [E IT TO8 ,EV]YONE8 ,EV]Y?+8 ,SOME PEOPLE OR ?+S MORE ?AN O!RS8 ,& H[ DO WE PAY A DEBT TO SOME?+ SO DIFFUSE8 ,OR1 P]HAPS MORE TO ! PO9T1 :O EXACTLY CAN CLAIM ! AU?ORITY TO TELL US H[ WE CAN REPAY IT1 & ON :AT GR\NDS8 

,IF WE FRAME ! PROBLEM ?AT WAY1 ! AU?ORS ( ! ,BRAHMANAS >E (F]+ A QUITE SOPHI/ICAT$ REFLECTION ON A MORAL QUE/ION ?AT NO ONE HAS REALLY EV] BE5 ABLE TO ANSW] ANY BETT] BE=E OR S9CE4 ,AS ,I SAY1 WE CAN'T KN[ MU* AB\T ! CONDITIONS UND] :I* ?OSE TEXTS W]E COMPOS$1 BUT SU* EVID5CE AS WE DO HAVE SUGGE/S ?AT ! CRUCIAL DOCUM5TS DATE FROM SOMETIME BETWE5 #e & #d BC--?AT IS1 R\<LY ! TIME ( ,SOCRATES--:I* 9 ,9DIA APPE>S TO HAVE BE5 JU/ >\ND ! TIME ?AT A COMM]CIAL ECONOMY1 & 9/ITUTIONS LIKE CO9$ MONEY & 9T]E/-BE>+ LOANS W]E BEG9N+ TO BECOME FEATURES ( EV]YDAY LIFE4 ,! 9TELLECTUAL CLASSES ( ! TIME W]E1 MU* AS !Y W]E 9 ,GREECE & ,*9A1 GRAPPL+ ) ! IMPLICATIONS4 ,9 !IR CASE1 ?IS MEANT ASK+3 ,:AT DOES IT MEAN TO IMAG9E \R RESPONSIBILITIES AS DEBTS8 ,TO :OM DO WE [E \R EXI/5CE8 

,IT'S SIGNIFICANT ?AT !IR ANSW] DID NOT MAKE ANY M5TION EI!R ( 0SOCIETY0 OR /ATES 7?\< C]TA9LY K+S & GOV]NM5TS C]TA9LY EXI/$ 9 E>LY ,9DIA74 ,9/EAD1 !Y FIX$ ON DEBTS TO GODS1 TO SAGES1 TO FA!RS1 & TO 0M540 ,IT W\LDN'T BE AT ALL DIFFICULT TO TRANSLATE !IR =MULATION 9TO MORE CONTEMPOR>Y LANGUAGE4 ,WE C\LD PUT IT ?IS WAY4 ,WE [E \R EXI/5CE ABOVE ALL3 

O ,TO ! UNIV]SE1 COSMIC =CES1 AS WE W\LD PUT IT N[1 TO ,NATURE4 ,! GR\ND ( \R EXI/5CE4 ,TO BE REPAID ?R\< RITUAL3 RITUAL BE+ AN ACT ( RESPECT & RECOGNITION TO ALL ?AT BESIDE :I* WE >E SMALL4.<#a#i.> 

O ,TO ?OSE :O HAVE CREAT$ ! KN[L$GE & CULTURAL ACCOMPLI%M5TS ?AT WE VALUE MO/2 ?AT GIVE \R EXI/5CE ITS =M1 ITS MEAN+1 BUT ALSO ITS %APE4 ,H]E WE W\LD 9CLUDE NOT ONLY ! PHILOSOPH]S & SCI5TI/S :O CREAT$ \R 9TELLECTUAL TRADITION BUT EV]YONE FROM ,WILLIAM ,%AKESPE>E TO ?AT LONG-S9CE-=GOTT5 WOMAN1 SOME:]E 9 ! ,MIDDLE ,EA/1 :O CREAT$ LEAV5$ BREAD4 ,WE REPAY !M BY BECOM+ LE>N$ \RSELVES & CONTRIBUT+ TO HUMAN KN[L$GE & HUMAN CULTURE4 

O ,TO \R P>5TS1 & !IR P>5TS--\R ANCE/ORS4 ,WE REPAY !M BY BECOM+ ANCE/ORS4 

O ,TO HUMANITY AS A :OLE4 ,WE REPAY !M BY G5]OSITY TO /RANG]S1 BY MA9TA9+ ?AT BASIC COMMUNI/IC GR\ND ( SOCIALITY ?AT MAKES HUMAN RELATIONS1 & H5CE LIFE1 POSSIBLE4 

,SET \T ?IS WAY1 ?\<1 ! >GUM5T BEG9S TO UND]M9E ITS V]Y PREMISE4 ,!SE >E NO?+ LIKE COMM]CIAL DEBTS4 ,AFT] ALL1 ONE MI<T REPAY ONE'S P>5TS BY HAV+ *ILDR51 BUT ONE IS NOT G5]ALLY ?\<T TO HAVE REPAID ONE'S CR$ITORS IF ONE L5DS ! CA% TO SOMEONE ELSE4.<#a#a.> 

,MYSELF1 ,I WOND]3 ,C\LDN'T ?AT REALLY BE ! PO9T8 ,P]HAPS :AT ! AU?ORS ( ! ,BRAHMANAS W]E REALLY DEMON/RAT+ WAS ?AT1 9 ! F9AL ANALYSIS1 \R RELATION ) ! COSMOS IS ULTIMATELY NO?+ LIKE A COMM]CIAL TRANSACTION1 NOR C\LD IT BE4 ,?AT IS BECAUSE COMM]CIAL TRANSACTIONS IMPLY BO? EQUALITY & SEP>ATION4 ,!SE EXAMPLES >E ALL AB\T OV]COM+ SEP>ATION3 Y\ >E FREE FROM Y\R DEBT TO Y\R ANCE/ORS :5 Y\ BECOME AN ANCE/OR2 Y\ >E FREE FROM Y\R DEBT TO ! SAGES :5 Y\ BECOME A SAGE1 Y\ >E FREE FROM Y\R DEBT TO HUMANITY :5 Y\ ACT ) HUMANITY4 ,ALL ! MORE SO IF ONE IS SPEAK+ ( ! UNIV]SE4 ,IF Y\ CANNOT B>GA9 ) ! GODS BECAUSE !Y ALREADY HAVE EV]Y?+1 !N Y\ C]TA9LY CANNOT B>GA9 ) ! UNIV]SE1 BECAUSE ! UNIV]SE IS EV]Y?+--& ?AT EV]Y?+ NECESS>ILY 9CLUDES Y\RSELF4 ,ONE C\LD 9 FACT 9T]PRET ?IS LI/ AS A SUBTLE WAY ( SAY+ ?AT ! ONLY WAY ( 0FREE+ ONESELF0 FROM ! DEBT WAS NOT LIT]ALLY REPAY+ DEBTS1 BUT RA!R %[+ ?AT !SE DEBTS DO NOT EXI/ BECAUSE ONE IS NOT 9 FACT SEP>ATE TO BEG9 )1 & H5CE ?AT ! V]Y NOTION ( CANCEL+ ! DEBT1 & A*IEV+ A SEP>ATE1 AUTONOM\S EXI/5CE1 WAS RIDICUL\S FROM ! />T4 ,OR EV5 ?AT ! V]Y PRESUMPTION ( POSIT+ ONESELF AS SEP>ATE FROM HUMANITY OR ! COSMOS1 SO MU* SO ?AT ONE CAN 5T] 9TO ONE-TO-ONE DEAL+S ) IT1 IS ITSELF ! CRIME ?AT CAN BE ANSW]$ ONLY BY DEA?4 ,\R GUILT IS NOT DUE TO ! FACT ?AT WE CANNOT REPAY \R DEBT TO ! UNIV]SE4 ,\R GUILT IS \R PRESUMPTION 9 ?9K+ ( \RSELVES AS BE+ 9 ANY S5SE AN EQUIVAL5T TO ,EV]Y?+ ,ELSE ?AT ,EXI/S OR ,HAS ,EV] ,EXI/$1 SO AS TO BE ABLE TO CONCEIVE ( SU* A DEBT 9 ! FIR/ PLACE4.<#a#a#a.> 

,OR LET US LOOK AT ! O!R SIDE ( ! EQUATION4 ,EV5 IF IT IS POSSIBLE TO IMAG9E \RSELVES AS /&+ 9 A POSITION ( ABSOLUTE DEBT TO ! COSMOS1 OR TO HUMANITY1 ! NEXT QUE/ION BECOMES3 ,:O EXACTLY HAS A RI<T TO SPEAK = ! COSMOS1 OR HUMANITY1 TO TELL US H[ ?AT DEBT MU/ BE REPAID8 ,IF !RE'S ANY?+ MORE PREPO/]\S ?AN CLAIM+ TO /& AP>T FROM ! 5TIRE UNIV]SE SO AS TO 5T] 9TO NEGOTIATIONS ) IT1 IT IS CLAIM+ TO SPEAK = ! O!R SIDE4 

,IF ONE W]E LOOK+ = ! E?OS = AN 9DIVIDUALI/IC SOCIETY SU* AS \R [N1 ONE WAY TO DO IT MI<T WELL BE TO SAY3 WE ALL [E AN 9F9ITE DEBT TO HUMANITY1 SOCIETY1 NATURE1 OR ! COSMOS 7H[EV] ONE PREF]S TO FRAME IT71 BUT NO ONE ELSE C\LD POSSIBLY TELL US H[ WE >E TO PAY IT4 ,?IS AT LEA/ W\LD BE 9TELLECTUALLY CONSI/5T4 ,IF SO1 IT W\LD ACTUALLY BE POSSIBLE TO SEE ALMO/ ALL SY/EMS ( E/ABLI%$ AU?ORITY--RELIGION1 MORALITY1 POLITICS1 ECONOMICS1 & ! CRIM9AL-JU/ICE SY/EM--AS SO MANY DIFF]5T FRAUDUL5T WAYS TO PRESUME TO CALCULATE :AT CANNOT BE CALCULAT$1 TO CLAIM ! AU?ORITY TO TELL US H[ SOME ASPECT ( ?AT UNLIMIT$ DEBT \<T TO BE REPAID4 ,HUMAN FRE$OM W\LD !N BE \R ABILITY TO DECIDE = \RSELVES H[ WE WANT TO DO SO4 

,NO ONE1 TO MY KN[L$GE1 HAS EV] TAK5 ?IS APPROA*4 ,9/EAD1 !ORIES ( EXI/5TIAL DEBT ALWAYS 5D UP BECOM+ WAYS ( JU/IFY+--OR LAY+ CLAIM TO--/RUCTURES ( AU?ORITY4 ,! CASE ( ! ,H9DU 9TELLECTUAL TRADITION IS TELL+ H]E4 ,! DEBT TO HUMANITY APPE>S ONLY 9 A FEW E>LY TEXTS1 & IS QUICKLY =GOTT54 ,ALMO/ ALL LAT] ,H9DU COMM5TATORS IGNORE IT & 9/EAD PUT !IR EMPHASIS ON A MAN'S DEBT TO HIS FA!R4.<#a#a#b.> 

,PRIMORDIAL-DEBT !ORI/S HAVE O!R FI% TO FRY4 ,!Y >E NOT REALLY 9T]E/$ 9 ! COSMOS1 BUT ACTUALLY1 9 0SOCIETY40 

,LET ME RETURN AGA9 TO ?AT WORD1 0SOCIETY40 ,! REASON ?AT IT SEEMS LIKE SU* A SIMPLE1 SELF-EVID5T CONCEPT IS BECAUSE WE MO/LY USE IT AS A SYNONYM = 0NATION40 ,AFT] ALL1 :5 ,AM]ICANS SPEAK ( PAY+ !IR DEBT TO SOCIETY1 !Y >E NOT ?9K+ ( !IR RESPONSIBILITIES TO PEOPLE :O LIVE 9 ,SW$54 ,IT'S ONLY ! MOD]N /ATE1 ) ITS ELABORATE BORD] CONTROLS & SOCIAL POLICIES1 ?AT 5ABLES US TO IMAG9E 0SOCIETY0 9 ?IS WAY1 AS A S+LE B\ND$ 5TITY4 ,?IS IS :Y PROJECT+ ?AT NOTION BACKW>DS 9TO ,V$IC OR ,M$IEVAL TIMES WILL ALWAYS BE DECEPTIVE1 EV5 ?\< WE DON'T REALLY HAVE ANO!R WORD4 

,IT SEEMS TO ME ?AT ?IS IS EXACTLY :AT ! PRIMORDIAL-DEBT !ORI/S >E DO+3 PROJECT+ SU* A NOTION BACKW>DS4 

,REALLY1 ! :OLE COMPLEX ( IDEAS !Y >E TALK+ AB\T--! NOTION ?AT !RE IS ?IS ?+ CALL$ SOCIETY1 ?AT WE HAVE A DEBT TO IT1 ?AT GOV]NM5TS CAN SPEAK = IT1 ?AT IT CAN BE IMAG9$ AS A SORT ( SECUL> GOD--ALL ( !SE IDEAS EM]G$ TOGE!R >\ND ! TIME ( ! ,FR5* ,REVOLUTION1 OR 9 ITS IMM$IATE WAKE4 ,9 O!R WORDS1 IT WAS BORN ALONGSIDE ! IDEA ( ! MOD]N NATION-/ATE4 

,WE CAN ALREADY SEE !M COM+ TOGE!R CLE>LY 9 ! WORK ( ,AUGU/E ,COMTE1 9 E>LY N9ETE5?-C5TURY ,FRANCE4 ,COMTE1 A PHILOSOPH] & POLITICAL PAMPHLETE] N[ MO/ FAM\S = HAV+ FIR/ CO9$ ! T]M 0SOCIOLOGY10 W5T SO F>1 BY ! 5D ( HIS LIFE1 AS ACTUALLY PROPOS+ A ,RELIGION ( ,SOCIETY1 :I* HE CALL$ ,POSITIVISM1 BROADLY MODEL$ ON ,M$IEVAL ,CA?OLICISM1 REPLETE ) VE/M5TS :]E ALL ! BUTTONS W]E ON ! BACK 7SO !Y C\LDN'T BE PUT ON )\T ! HELP ( O!RS74 ,9 HIS LA/ WORK1 :I* HE CALL$ A 0,POSITIVI/ ,CATE*ISM10 HE ALSO LAID D[N ! FIR/ EXPLICIT !ORY ( SOCIAL DEBT4 ,AT ONE PO9T SOMEONE ASKS AN IMAG9>Y ,PRIE/ ( ,POSITIVISM :AT HE ?9KS ( ! NOTION ( HUMAN RI<TS4 ,! PRIE/ SC(FS AT ! V]Y IDEA4 ,?IS IS NONS5SE1 HE SAYS1 AN ]ROR BORN ( 9DIVIDUALISM4 ,POSITIVISM UND]/&S ONLY DUTIES4 ,AFT] ALL3 

,WE >E BORN UND] A LOAD ( OBLIGATIONS ( EV]Y K9D1 TO \R PR$ECESSORS1 TO \R SUCCESSORS1 TO \R CONTEMPOR>IES4 ,AFT] \R BIR? !SE OBLIGATIONS 9CREASE OR ACCUMULATE BE=E ! PO9T :]E WE >E CAPABLE ( R5D]+ ANYONE ANY S]VICE4 ,ON :AT HUMAN F\NDATION1 !N1 C\LD ONE SEAT ! IDEA ( 0RI<TS08.<#a#a#c.> 

,:ILE ,COMTE DOESN'T USE ! WORD 0DEBT10 ! S5SE IS CLE> 5\<4 ,WE HAVE ALREADY ACCUMULAT$ 5DLESS DEBTS BE=E WE GET TO ! AGE AT :I* WE CAN EV5 ?9K ( PAY+ !M4 ,BY ?AT TIME1 !RE'S NO WAY TO CALCULATE TO :OM WE EV5 [E !M4 ,! ONLY WAY TO R$EEM \RSELVES IS TO D$ICATE \RSELVES TO ! S]VICE ( ,HUMANITY AS A :OLE4 

,9 HIS LIFETIME1 ,COMTE WAS CONSID]$ SOME?+ ( A CRACKPOT1 BUT HIS IDEAS PROV$ 9FLU5TIAL4 ,HIS NOTION ( UNLIMIT$ OBLIGATIONS TO SOCIETY ULTIMATELY CRY/ALLIZ$ 9 ! NOTION ( ! 0SOCIAL DEBT10 A NOTION TAK5 UP AMONG SOCIAL RE=M]S &1 EV5TUALLY1 SOCIALI/ POLITICIANS 9 MANY P>TS ( ,EUROPE & ABROAD4.<#a#a#d.> 0,WE >E ALL BORN AS DEBTORS TO SOCIETY03 9 ,FRANCE ! NOTION ( A SOCIAL DEBT SOON BECAME SOME?+ ( A CAT*PHRASE1 A SLOGAN1 & EV5TUALLY A CLI*E4.<#a#a#e.> ,! /ATE1 ACCORD+ TO ?IS VIEW1 WAS M]ELY ! ADM9I/RATOR ( AN EXI/5TIAL DEBT ?AT ALL ( US HAVE TO ! SOCIETY ?AT CREAT$ US1 EMBODI$ NOT LEA/ 9 ! FACT ?AT WE ALL CONT9UE TO BE COMPLETELY DEP5D5T ON ONE ANO!R = \R EXI/5CE1 EV5 IF WE >E NOT COMPLETELY AW>E ( H[4 

,!SE >E ALSO ! 9TELLECTUAL & POLITICAL CIRCLES ?AT %AP$ ! ?\<T ( ,EMILE ,DURKHEIM1 ! F\ND] ( ! DISCIPL9E ( SOCIOLOGY ?AT WE KN[ TODAY1 :O 9 A WAY DID ,COMTE ONE BETT] BY >GU+ ?AT ALL GODS 9 ALL RELIGIONS >E ALWAYS ALREADY PROJECTIONS ( SOCIETY--SO AN EXPLICIT RELIGION ( SOCIETY W\LD NOT EV5 BE NECESS>Y4 ,ALL RELIGIONS1 = ,DURKHEIM1 >E SIMPLY WAYS ( RECOGNIZ+ \R MUTUAL DEP5D5CE ON ONE ANO!R1 A DEP5D5CE ?AT AFFECTS US 9 A MILLION WAYS ?AT WE >E NEV] 5TIRELY AW>E (4 0,GOD0 & 0SOCIETY0 >E ULTIMATELY ! SAME4 

,! PROBLEM IS ?AT = SEV]AL HUNDR$ YE>S N[1 IT HAS SIMPLY BE5 ASSUM$ ?AT ! GU>DIAN ( ?AT DEBT WE [E = ALL ( ?IS1 ! LEGITIMATE REPRES5TATIVES ( ?AT AMORPH\S SOCIAL TOTALITY ?AT HAS ALL[$ US TO BECOME 9DIVIDUALS1 MU/ NECESS>ILY BE ! /ATE4 ,ALMO/ ALL SOCIALI/ OR SOCIALI/IC REGIMES 5D UP APPEAL+ TO SOME V]SION ( ?IS >GUM5T4 ,TO TAKE ONE NOTORI\S EXAMPLE1 ?IS WAS H[ ! ,SOVIET ,UNION US$ TO JU/IFY =BIDD+ !IR CITIZ5S FROM EMIGRAT+ TO O!R C\NTRIES4 ,! >GUM5T WAS ALWAYS3 ,! ,U,S,S,R CREAT$ !SE PEOPLE1 ! ,U,S,S,R RAIS$ & $UCAT$ !M1 MADE !M :O !Y >E4 ,:AT RI<T DO !Y HAVE TO TAKE ! PRODUCT ( \R 9VE/M5T & TRANSF] IT TO ANO!R C\NTRY1 AS IF !Y DIDN'T [E US ANY?+8 ,NEI!R IS ?IS RHETORIC RE/RICT$ TO SOCIALI/ REGIMES4 ,NATIONALI/S APPEAL TO EXACTLY ! SAME K9D ( >GUM5TS--ESPECIALLY 9 TIMES ( W>4 ,& ALL MOD]N GOV]NM5TS >E NATIONALI/ TO SOME DEGREE4 

,ONE MI<T EV5 SAY ?AT :AT WE REALLY HAVE1 9 ! IDEA ( PRIMORDIAL DEBT1 IS ! ULTIMATE NATIONALI/ MY?4 ,ONCE WE [$ \R LIVES TO ! GODS ?AT CREAT$ US1 PAID 9T]E/ 9 ! =M ( ANIMAL SACRIFICE1 & ULTIMATELY PAID BACK ! PR9CIPAL ) \R LIVES4 ,N[ WE [E IT TO ! ,NATION ?AT =M$ US1 PAY 9T]E/ 9 ! =M ( TAXES1 & :5 IT COMES TIME TO DEF5D ! NATION AGA9/ ITS 5EMIES1 TO (F] TO PAY IT ) \R LIVES4 

,?IS IS A GREAT TRAP ( ! TW5TIE? C5TURY3 ON ONE SIDE IS ! LOGIC ( ! M>KET1 :]E WE LIKE TO IMAG9E WE ALL />T \T AS 9DIVIDUALS :O DON'T [E EA* O!R ANY?+4 ,ON ! O!R IS ! LOGIC ( ! /ATE1 :]E WE ALL BEG9 ) A DEBT WE CAN NEV] TRULY PAY4 ,WE >E CON/ANTLY TOLD ?AT !Y >E OPPOSITES1 & ?AT BETWE5 !M !Y CONTA9 ! ONLY REAL HUMAN POSSIBILITIES4 ,BUT IT'S A FALSE DI*OTOMY4 ,/ATES CREAT$ M>KETS4 ,M>KETS REQUIRE /ATES4 ,NEI!R C\LD CONT9UE )\T ! O!R1 AT LEA/1 9 ANY?+ LIKE ! =MS WE W\LD RECOGNIZE TODAY4 

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