Debt-based Economic Transaction
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A Debt-based Economic Transaction is an economic transaction that involves debt.
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- Counter-Example(s):
- See: Barter-based, Currency-based Economic Transaction.
References
2011
- (Graeber, 2011) ⇒ David Graeber. (2011). “Debt: The First 5000 Years." Melville House. ISBN:1612190987
- QUOTE: Every economics textbook says the same thing: Money was invented to replace onerous and complicated barter systems — to relieve ancient people from having to haul their goods to market. The problem with this version of history? There’s not a shred of evidence to support it. Here anthropologist David Graeber presents a stunning reversal of conventional wisdom. He shows that 5,000 years ago, during the beginning of the agrarian empires, humans have used elaborate credit systems. It is in this era, Graeber shows, that we also first encounter a society divided into debtors and creditors.