Global Debt Is Old Economy

Debt defines economies. Debt The First 5000 Years is a must read for all legitimately interested in the human condition. Humanity evolved from social reciprocity between neighbours. As communities grew and alliances were made, reciprocity became expressed in social and communal currencies.
Social currencies defined social structure and ensured social stability. David Graeber goes on to explain how the pillage and plunder mode of existence that persisted between groups, not sharing the same communal currency, was resolved by conquers who forced debt coinage on conquered communities.
Modern commerce grew as debt instruments expanded and became more complex. Debt The First 5000 Years gives a historical background to the well proven Hyman Minsky analysis of debt and economic cycle. About time main stream analysis also seriously took into consideration the works of Michael Hudson and Steven Keen and others who further explain the power of debt in economic dynamics.