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PmcIiCJn IDVcIO
1W 1LKb , by a scrics ot strangc coincidcnccs, I tound mysct
attcnding a gardcn party at Vcstminstcr Abbcy. I was a bit uncom-
tortabc. It`s not that othcr gucsts wcrcn`t p|casant and amicab|c, and
lathcr Cracmc, whohad organizcd thc party, was nothing it not a gra-
cious and charming host. ut I tct morc than a ittc out ot p| acc. At
onc point, lathcr Cracmc intcrvcncd, saying that thcrc was somconc
by a ncarby tountainwhom I woud ccrtain|y want to mcct. Shcturncd
out to bc a trim, wc| |-appointcd young woman who, hc cxpaincd, was
an attorncy-"but morc ot thc activist kind. Shc works tor a tounda-
tion that providcs cga support tor anti-povcrty groups in London.
Iou` probaby havc a ot to ta|k about. "
Vc chattcd. Shc to|d mc about hcr |ob. I to| d hcr I had bccn
invovcd tor many ycars with thc goba| |usticc movcmcnt-"anti-
gobaization movcmcnt, " as it was usuay cacd in thc mcdia. Shc
was curious. shc`d ot coursc rcad a ot about Scattc, Ccnoa, thc tcar
gas and strcct battcs, but . . . wc|, had wc rcay accompishcd any-
thing by a| ot that:
"Actuay, " I said, "I think it`s kind ot amazing how much wc did
managc to accomp|ish in thosc hrst coupc ot ycars. "
Z L 1
"lor cxampc:"
"Vc, tor cxampc, wc managcd to amost compctcy dcstroy
thc INl. "
As it happcncd, shc didn`t actuay know what thc INl was, so
I ottcrcd that thc Intcrnationa Nonctary lund basicay actcd as thc
word`s dcbt cntorccrs-"Iou might say, thc high-hnancc cquivacnt
ot thc guys who comc to brcak your cgs. " I aunchcd into historica
background, cxpaining how, during thc `;os oi crisis, lLC coun-
trics cndcd up pouring so much ot thcir ncwtound richcs into Vcstcrn
banks that thc banks cou|dn`t hgurc out whcrc to invcst thc moncy,
how Citibank and Chasc thcrctorc bcgan scnding agcnts around thc
word trying to convincc Jhird Vord dictators and poiticians to takc
out oans at thc timc, this was cacd "go-go banking"j , how thcy
startcd out at cxtrcmcy ow ratcs ot intcrcst that amost immcdiatcy
skyrockctcd to zo pcrccnt or so duc to tight U. S. moncy poicics in thc
cary `8os, how, during thc `8os and `os, this cd to thc Jhird Vord
dcbt crisis, how thc INl thcn stcppcd in to insist that, in ordcr to
obtain rchnancing, poor countrics woud bc obigcd to abandon pricc
supports on basic toodstutts, or cvcn poicicsot kccpingstratcgic tood
rcscrvcs, and abandon trcc hcath carc and trcc cducation, how a ot
this had cd to thc coapsc ot a thc most basic supports tor somc ot
thc poorcst and most vuncrabc pcopc on carth. I spokc ot povcrty,
ot thc ooting ot pubic rcsourccs, thc coapsc ot socictics, cndcmic
viocncc, manutrition, hopccssncss, and brokcn ivcs.
"ut what was ]OHI position:" thc awycr askcd.
"About thc INl: Vc wantcd to aboish it. "
"lo, I mcan, about thc Jhird Vord dcbt. "
"h, wcwantcd toaboish that too. Jhc immcdiatc dcmand was
to stop thc INl trom imposing structura ad|ustmcnt poicics, which
wcrc doing a thc dircct damagc, but wc managcd to accompish that
surprisingy quicky. Jhcmorc ong-tcrmaimwasdcbt amncsty. Somc-
thing aong thc incs ot thc bibica |ubicc. As tar as wc wcrc con-
ccrncd," I tod hcr, "thirty ycars ot moncy howing trom thc poorcst
countrics to thc richcst was quitc cnough. "
"ut," shc ob|cctcd, as it this wcrc sct-cvidcnt, "thcy`d borrowcd
thc moncy! Surcy onc has to pay onc`s dcbts. "
It was at this point that I rcaizcd this was going to bc a vcry dit-
tcrcnt sort ot convcrsation than I had originay anticipatcd.
Vhcrc to start: I coud havc bcgun by cxpaining how thcsc oans
had originay bccn takcn out by unccctcd dictators who paccd most
ot it dirccty in thcir Swiss bank accounts, and ask hcr to contcmpatc
thc |usticc ot insisting that thc cndcrs bc rcpaid, not by thc dictator,
N 1 N L L A | L H | L N L | N H L N | U b | N O
or cvcn by his cronics, but by itcray taking tood trom thc mouths ot
hungry chidrcn. r to think about how many ot thcsc poor countrics
had actuay arcady paid back what thcy`d borrowcd thrcc or tour
timcs now, but that through thc miracc ot compound intcrcst, it sti
hadn`t madc a signihcant dcnt in thc principa. I coud aso obscrvc
that thcrc was a dittcrcncc bctwccn rchnancing oans, and dcmanding
that in ordcr to obtain rchnancing, countrics havc to toow somc or-
thodox trcc-markct cconomic poicydcsigncdin Vashington or Zurich
that thcircitizcnshadncvcragrccd toandncvcrwoud, and thatit was
a bit dishoncst to insist that countrics adopt dcmocratic constitutions
and thcn aso insist that, whocvcr gcts ccctcd, thcy havc no contro
ovcr thcir country`s poicics anyway. r that thc cconomic poicics
imposcd by thc INl didn`t cvcn work. ut thcrc was a morc basic
probcm. thc vcry assumption that dcbts bace to bc rcpaid.
Actuay, thc rcmarkablc thing about thc statcmcnt "onc has to
pay onc`s dcbts" is that cvcn according to standard cconomic thcory,
it isn`t truc. A cndcr is supposcd to acccpt a ccrtain dcgrcc ot risk. It
a oans, no mattcr howidiotic, wcrcsti rctricvabc--it thcrc wcrc no
bankruptcy aws, tor instancc-thc rcsuts woud bc disastrous. Vhat
rcason woud cndcrs havc not to makc a stupid oan:
"Vc, I know that sounds ikc common scnsc," I said, "but thc
tunny thing is, cconomicay, that`s not how oans arc actuay sup-
poscdtowork. linanciainstitutionsarcsupposcdtobcways otdircct-
ing rcsourccs toward prohtabc invcstmcnts. It a bank wcrc guarantccd
to gct its moncy back, pus intcrcst, no mattcr what it did, thc whoc
systcm woudn`t work. Say I wcrc to wak into thc ncarcst branch ot
thc Royalank otScotand andsay `Iouknow, I |ustgotarcaygrcat
tip on thc horscs. Jhink you coud cnd mc a coupc miion quid:`
bviousy thcy`d |ust augh at mc. ut that`s |ust bccausc thcy know it
my horscdidn`tcomc in, thcrc`dbc no way tor thcm to gct thc moncy
back. ut, imaginc thcrc was somc aw that said thcy wcrc guarantccd
to gct thcir moncy back no mattcr what happcns, cvcn it that mcant, I
don`t know, scing my daughtcr into savcry or harvcsting my organs
or somcthing. Vc, in that casc, why not: Vhy bothcr waiting tor
somconc to wak in who has a viabc pan to sct up a aundromat or
somc such: asica|y, that`s thc situation thc INl crcatcd on a goba
cvc-which is how you coud havc a thosc banks wiing to tork
ovcr biions ot dolars to a bunch otobvious crooks in thc hrst pacc. "
I didn`t gct quitc that tar, bccausc at about that point a drunkcn
hnancicr appcarcd, having noticcd that wc wcrc taking about moncy,
and bcgan tcing tunny storics about mora hazard-which somchow,
L 1
bctorc too |ong, had morphcd into a |ong and not particu|ar|y cngross-
ing account ot onc ot his scxua| conqucsts. I drittcd ott.
Sti|l, tor scvcra| days attcrward,

that phrasc kcpt rcsonating in

my hcad.
"Surc|y onc has to pay onc`s dcbts. "
Jhc rcason it`s so powcrtu| is that it`s not actua| |y an cconomic
statcmcnt. it`s a mora| statcmcnt. Attcr a||, isn`t paying onc`s dcbts
what mora|ity is supposcd to bc a|l about: Civing pcop|c what is duc
thcm. Acccpting onc`s rcsponsibi|itics. lu|h| | ing onc`s ob|igations to
othcrs, |ust as onc wou|d cxpcct thcm to tu|h| | thcir ob|igations to you.
Vhat cou|d bc a morc obvious cxamp|c ot shirking onc`s rcsponsibi|i-
tics than rcncging on a promisc, or rctusing to pay a dcbt:
It was that vcry apparcnt sc| t-cvidcncc, I rca|izcd, that madc thc
statcmcnt so insidious. Jhis was thc kind ot |inc that cou|d makc tcr-
rib|c things appcar uttcr|y b|and and unrcmarkab|c. Jhis may sound
strong, butit`shard notto tcc| strong|y aboutsuch mattcrsonccyou`vc
witncsscd thc cttccts. I had. lor a|most two ycars, I had |ivcd in thc
high|ands ot Nadagascar. Short|y bctorc I arrivcd, thcrc had bccn an
outbrcak ot malaria. It was a particu|ar|y viru|cnt outbrcak bccausc
ma|aria had bccn wipcd out in high|and Nadagascar many ycars bc-
torc, so that, attcr a coup|c ot gcncrations, most pcop|c had |ost thcir
immunity. Jhc prob|cm was, it took moncy to maintain thc mosquito
cradication program, sincc thcrc had to bc pcriodic tcsts to makc surc
mosquitocs wcrcn`t starting to brccdagainand sprayingcampaignsitit
was discovcrcd that thcy wcrc. lot a | ot ot moncy. ut owing to INl-
imposcd austcrity programs, thc govcrnmcnt had to cut thc monitoring
program. Jcn thousand pcop|c dicd. I mct young mothcrs gricving tor
| ostchi|drcn. nc might think itwou|d bc hard to makc acasc that thc
|oss ot tcn thousand human |ivcs is rca||y |ustihcd in ordcr to cnsurc
that Citibank wou|dn`t havc to cut its |osscs on onc irrcsponsib|c |oan
that wasn`t particu|ar|y important to its ba|ancc shcct anyway. ut
hcrc was a pcrtcct|ydcccntwoman-onc who workcd tor a charitab|c
organization, no |css-who took itas sc|t-cvidcnt that it was. Attcr a||,
thcy owcd thcmoncy, and surc|y onc hastopayonc`s dcbts.
8 8 8 8 8
lor thc ncxt tcw wccks, that phrasc kcpt coming back at mc. Vhy
dcbt: Vhat makcs thc conccpt so strangc|y powcrtu|: Consumcr dcbt
is thc |itcb|ood ot our cconomy. A|| modcrn nation-statcs arc bui|t on
dchcit spcnding. Ocbt has comc to bc thc ccntra| issuc ot intcrnationa|
N 1 N L L A | L H | L N L | N H L N | U b | N D
poitics. ut nobody sccms to know cxacty what it is, or how to think
about it.
Jhcvcry tactthat wc don`t knowwhatdcbtis, thcvcry hcxibiity
ot thc conccpt, is thc basis ot its powcr. It history shows anything, it
is that thcrc`s no bcttcr way to |ustity rcations toundcd on viocncc,
to makc such rcations sccm mora, than by rctraming thcm in thc
anguagcotdcbt-abovc a, bccauscit immcdiatcy makcs it sccm that
it`s thc victim who`s doing somcthing wrong. Nahosi undcrstand this .
So do thc commandcrs ot conqucring armics. lor thousands ot ycars,
viocnt mcn havc bccn abc to tc thcir victims that thosc victims owc
thcm somcthing. It nothing csc, thcy "owc thcm thcir ivcs" a tcing
phrascj bccausc thcy havcn`t bccn kicd.
lowadays, tor cxampc, miitary aggrcssion is dchncd as a crimc
against humanity, and intcrnationa courts, whcn thcy arc brought
to bcar, usuay dcmand that aggrcssors pay compcnsation. Ccrma-
ny had to pay massivc rcparations attcr Vord Var I, and Iraq is
sti paying Kuwait tor Saddam lusscin`s invasion in Io. Ict thc
Jhird Vord dcbt, thc dcbt ot countrics ikc Nadagascar, oivia, and
thc lhiippincs, sccms to work prcciscy thc othcr way around. Jhird
Vord dcbtor nations arc amost cxcusivcy countrics that havc at onc
timc bccn attackcd and conqucrcd by Luropcan countrics-ottcn, thc
vcry countrics to whom thcy now owc moncy. In I8, tor cxampc,
lrancc invadcd Nadagascar, disbandcd thc govcrnmcnt ot thcn-Quccn
Ranavaona III, and dccarcd thc country a lrcnch coony. nc ot thc
hrst things Ccncra Caicni did attcr "pacihcation, " as thcy ikcd to
ca it thcn, was to imposc hcavy taxcs on thc Naagasy popuation,
in part so thcy coud rcimbursc thc costs ot having bccn invadcd, but
aso, sincclrcnchcoonics wcrc supposcd to bc hscay sct-supporting,
to dctray thc costs ot buiding thc rairoads, highways, bridgcs, panta-
tions, and so torth that thc lrcnch rcgimc wishcd to buid. Naagasy
taxpaycrs wcrc ncvcr askcd whcthcr thcy wantcd thcsc rairoads, high-
ways, bridgcs, and pantations, or a|owcd much input into whcrc and
how thcy wcrc buit. ' Jo thc contrary. ovcr thc ncxt hat ccntury, thc
lrcnch army and poicc saughtcrcd quitc a numbcr ot Naagasy who
ob|cctcdtoo strongyto thc arrangcmcnt upwards othata miion, by
somc rcports, during onc rcvot in Iq;j . It`s not as it Nadagascar has
cvcr donc anycomparabcdamagc to lrancc. Ocspitcthis, trom thcbc-
ginning, thc Naagasy pcopc wcrc tod thcy owcd lrancc moncy, and
to this day, thc Naagasy pcopc arc sti hcd to owc lrancc moncy,
and thc rcst ot thc word acccpts thc |usticc ot this arrangcmcnt. Vhcn
thc "intcrnationacommunity" docs pcrccivc a mora issuc, it`s usuay
L 1
whcn thcy tcc thc Naagasy govcrnmcnt is bcing sow to pay thcir
dcbts.
ut dcbt is not |ust victor`s |usticc; it can aso bc a way ot pun-
ishing winncrs who wcrcn`t supposcd to win. Jhc most spcctacuar
cxampc ot this is thc history ot thc Rcpubic ot laiti-thc hrst poor
country to bc paccd in pcrmancnt dcbt pconagc. laiti was a nation
toundcd by tormcr pantation savcs who had thc tcmcrity not ony
to risc up in rcbcion, amidst grand dccarations ot univcrsa rights
and trccdoms, but to dctcat lapocon`s armics scnt to rcturn thcm to
bondagc. lrancc immcdiatcy insistcd that thc ncw rcpubicowcd it:o
miion trancs in damagcs tor thc cxpropriatcd pantations, as wc as
thc cxpcnscs ot outhtting thc taicd miitary cxpcditions, and a othcr
nations, incuding thc Unitcd Statcs, agrccd to imposc an cmbargo on
thc country unti it was paid. Jhc sum was intcntionay impossibc
cquivacnt to about :8 biion doarsj , and thc rcsutant cmbargo cn-
surcd thatthc namc "laiti" has bccn asynonym tor dcbt, povcrty, and
human miscry cvcr sincc.
Somctimcs, though, dcbt sccms to mcan thc vcry oppositc. Starting
in thc :8os, thc UnitcdStatcs, whichinsistcd onstrict tcrms tor thc rc-
paymcnt ot Jhird Vord dcbt, itsct accrucd dcbts that casiy dwartcd
thosc ot thc cntirc Jhird Vord combincd-mainy tuccd by miitary
spcnding. Jhc U. S. torcign dcbt, though, takcs thc torm ot trcasury
bonds hcd by institutiona invcstors in countrics Ccrmany, |apan,
South Korca, Jaiwan, Jhaiand, thcCutStatcsj thatarcinmostcascs,
cftcctivcy, U. S. miitary protcctoratcs, most covcrcd in U. S. bascs tu
ot arms and cquipmcnt paid tor with that vcry dchcit spcnding. Jhis
has changcd a ittc now that China has gottcn in on thc gamc China
is a spccia casc, tor rcasons that wi bc cxpaincd atcrj , but not vcry
much-cvcn China hnds that thc tact it hods so many U. S. trcasury
bonds makcs it to somc dcgrcc bchodcn to U. S. intcrcsts, rathcr than
thc othcr way around.
So what is thc status ot a this moncy continuay bcing tunnccd
into thc U. S. trcasury: Arc thcsc oans: r is it tributc: In thc past,
miitary powcrs that maintaincd hundrcds ot miitary bascs outsidc
thcir own homc tcrritory wcrc ordinariy rctcrrcd to as "cmpircs," and
cmpircs rcguary dcmandcd tributc trom sub|cct pcopcs. Jhc U. S.
govcrnmcnt, otcoursc, insists that itisnot an cmpirc-but onc coud
casiy makc a casc that thc ony rcason it insists on trcating thcsc pay-
mcnts as "oans" and not as "tributc" is prcciscy to dcny thc rcaity
ot what`s going on.
low, it`structhat, throughout history, ccrtain sorts ot dcbt, and
ccrtain sorts ot dcbtor, havc aways bccn trcatcd diftcrcnty than
N 1 N L L A | L H | L N L | N H L N | U b | N 1
othcrs. In thc ;zos, onc ol thc things that most scandaizcd thc ritish
pubic whcnconditionsatdcbtors`prisonswcrccxposcd inthc popuar
prcss was thc lact that thcsc prisons wcrc rcguary dividcd into two
scctions. Aristocraticinmatcs, whooltcnthoughtotabrictstay inlcct
or Marshasca as somcthing ot a tashion statcmcnt, wcrc wincd and
dincd by ivcricd scrvants and aowcd to rcccivc rcguar visits trom
prostitutcs. n thc "common sidc," impovcrishcd dcbtors wcrc shack-
cd togcthcrintinyccs, "covcrcd with hth and vcrmin," as onc rcport
put it, "and sultcrcd to dic, without pity, ol hungcr and |ai tcvcr. "`
In a way you can scc currcnt word cconomic arrangcmcnts as a
much argcr vcrsion ol thc samc thing. thc U. S. in this casc bcing thc
Cadiac dcbtor, Madagascar thc paupcr starving in thc ncxt cc-
whic thc Cadiac dcbtors` scrvants ccturc him on how his probcms
arc duc to his own irrcsponsibiity.
And thcrc`s somcthing morc tundamcnta going on hcrc, a phio-
sophica qucstion, cvcn, that wc might do wc to contcmpatc. Vhat
is thc diltcrcncc bctwccn a gangstcr puing out a gun and dcmand-
ing you givc him a thousand doars ol "p.otcction moncy," and that
samc gangstcr puing out a gun and dcmanding you providc him with
a thousand-doar "oan": In most ways, obviousy, nothing. ut in
ccrtain ways thcrc /s a dillcrcncc. As in thc casc ot thc U. S. dcbt to
Korca or |apan, wcrc thc baancc ol powcr at any point to shitt, wcrc
Amcrica to osc its miitary suprcmacy, wcrc thc gangstcr to osc his
hcnchmcn, that "oan" might start bcing trcatcd vcry dittcrcnty. It
might bccomc a gcnuinc iabiity. ut thc crucia ccmcnt woud sti
sccm to bc thc gun.
Jhcrc`s an od vaudcvic gag that makcs thc samc point cvcn morc
ccganty-hcrc, as improvcd on by Stcvc Vright.
l was waking down thc strcct with a fricnd thcothcrday and
aguywith agunjumpsoutof an acyandsays"stick `cmup. "
As l puoutmy wact, l hgurc, "shoudn`t bc a tota oss."
So l pu out somc moncy, turn to my fricnd and say, "Mcy,
Frcd, hcrc`s that hIty bucks l owc you. "
Jhc robbcrwas so oIIcndcdhc tookout a thousand doars
of his own moncy, forccd Frcd to cnd it to mc at gunpoint,
and thcn took it back again.
In thc hna anaysis, thc man with thc gun docsn`t havc to do anything
hc docsn`t want to do. ut in ordcr to bc abc to run cvcn a rcgimc
bascd onviocncc cttcctivcy, onc nccds tocstabish somc kind otsct ot
rucs. Jhc rucs can bc compctcy arbitrary. In a way it docsn`t cvcn
L 1
mattcr what thcy arc. r, at cast, it docsn`t mattcr at hrst. Jhc prob-
cm is, thc momcnt onc starts traming things in tcrms ot dcbt, pcopc
wi incvitably start asking who rcay owcs what to whom.
Argumcnts about dcbt havc bccn going on tor at cast hvc thou-
sand ycars. lor most ot human history-at cast, thc history ot statcs
and cmpircs-most human bcings havc bccn tod that thcy arc dcbt-
ors. ' listorians, and particuary historians ot idcas, havc bccn oddy
rcuctant to considcr thc human conscqucnccs; c-pcciay sincc this
situation-morc than any othcr-has causcd continua outragc and rc-
scntmcnt. Jc pcopc thcy arc intcrior, thcy arc unikcy to bc pcascd,
but this surprisingy rarcy cads to armcd rcvot. Jc pcopc that thcy
arc potcntia cquas who havc taicd, and that thcrctorc, cvcn what
thcy do havc thcy do not dcscrvc, that it isn`t righty thcirs, and you
arc much morc ikcy to inspirc ragc. Ccrtainy this is what history
woud sccm to tcach us. lor thousands ot ycars, thc struggc bctwccn
rich and poor has argcy takcn thc torm ot conhicts bctwccn crcditors
and dcbtors-ot argumcnts about thc rights and wrongs ot intcrcst
paymcnts, dcbt pconagc, amncsty, rcposscssion, rcstitution, thc scqucs-
tcringotshccp, thcscizingotvincyards, andthc scing ot dcbtors` chi-
drcn into savcry. y thc samc tokcn, tor thc ast hvc thousand ycars,
with rcmarkabc rcguarity, popuar insurrcctions havc bcgun thc samc
way. with thc ritua dcstruction ot thc dcbt rccords-tabcts, papyri,
cdgcrs, whatcvcr torm thcy might havc takcn in any particuar timc
and pacc. Attcr that, rcbcsusuaygoattcrthcrccordsotandhoding
and tax asscssmcnts. j As thc grcat cassicist Noscs lincy ottcn ikcd
to say, in thc ancicnt word, a rcvoutionary movcmcnts had a singc
program. "Cancc thc dcbts and rcdistributc thc and. "'
ur tcndcncy to ovcrook this is a thc morc pccuiar whcn you
considcr how much ot our contcmporary mora and rcigious anguagc
originay cmcrgcd dirccty trom thcsc vcry conhicts. Jcrms ikc "rcck-
oning" or "rcdcmption" arc ony thc most obvious, sincc thcy`rc takcn
dirccty trom thc anguagc ot ancicnt hnancc. In a argcr scnsc, thc
samc can bc said ot "guit," "trccdom, " "torgivcncss," and cvcn "sin. "
Argumcnts aboutwho rcay owcs whattowhom havcpaycd accntra
roc in shaping our basic vocabuary ot right and wrong.
Jhctactthatsomuchotthis anguagc didtakcshapcinargumcnts
about dcbt has ctt thc conccpt strangcy incohcrcnt. Attcr a, to arguc
with thc king, onc has to usc thc king`s anguagc, whcthcr or not thc
initia prcmiscs makc scnsc.
It onc ooks at thc history ot dcbt, thcn, what onc discovcrs hrst
ot a is protound mora contusion. Its most obvious manitcstation is
that most cvcrywhcrc, onc hnds that thc ma|ority ot human bcings
N 1 N L L A | L H | L N L | N H L N | U b | N
hod simutancousy that Ij paying back moncy onc has borrowcd is
a simpc mattcr ot moraity, and zj anyonc in thc habit ot cnding
moncy is cvi.
It`s truc that opinions on this attcr point do shitt back and torth.
nc cxtrcmc possibiity might bc thc situation thc lrcnch anthropoo-
gist |can-Caudc Cacy cncountcrcd in a rcgion ot thc castcrn limaa-
yas, whcrc as rcccnty as thc I;os, thc ow-ranking castcs-thcy wcrc
rctcrrcd to as "thc vanquishcd oncs, " sincc thcy wcrc thought to bc
dcsccndcd trom a popuaton oncc conqucrcd by thc currcnt andord
castc, many ccnturics bctorcivcd in a situation ot pcrmancnt dcbt
dcpcndcncy. Landcss and pcnnicss, thcy wcrc obigcd to soicit oans
trom thc andords simpy to hnd a way to cat-not tor thc moncy,
sincc thc sums wcrc patry, but bccausc poor dcbtors wcrc cxpcctcd
to pay back thc intcrcst in thc torm ot work, which mcant thcy wcrc
at cast providcd with tood and shctcr whic thcy ccancd out thcir
crcditors` outhouscs and rcrootcd thcir shcds. lor thc "vanquishcd"-
as tor most pcopc in thc word, actuay-thc most signihcant itc
cxpcnscs wcrc wcddings and tuncras. Jhcsc rcquircd a good dca ot
moncy, which aways had to bc borrowcd. In such cascs it was com-
mon practicc, Cacy cxpains, tor high-castc moncycndcrs to dcmand
onc ot thc borrowcr`s daughtcrs as sccurity. ttcn, whcn a poor man
had to borrow moncy tor his daughtcr`s marriagc, thc sccurity woud
bc thc bridc hcrsct. Shc woud bc cxpcctcd to rcport to thc cndcr's
houschod attcr hcr wcdding night, spcnd a tcw months thcrc as his
concubinc, and thcn, oncc hc grcw borcd, bc scnt ott to somc ncarby
timbcr camp, whcrc shc woud havc to spcnd thc ncxt ycar or two as
a prostitutc working ott hcr tathcr`s dcbt. ncc it was paid ott, shc'd
rcturn to hcr husband and bcgin hcr marricd itc.
Jhis sccms shocking, outragcous cvcn, but Cacy docs not rcport
any widcsprcad tccing ot in|usticc. Lvcryonc sccmcd to tcc that this
was |ust thc way things workcd. lcithcr was thcrc much conccrn
voiccd among thc oca rahmins, who wcrc thc utimatc arbitcrs in
mattcrs ot moraity-though this is hardy surprising, sincc thc most
promincnt moncycndcrs wcrc ottcn rahmins thcmscvcs.
Lvcn hcrc, ot coursc, it`s hard to know what pcopc wcrc saying
bchind coscd doors. It a group ot Naoist rcbcs wcrc to suddcny scizc
contro ot thc arca somc do opcratc in this part ot rura Indiaj and
round up thc oca usurcrs tor tria, wc might hcar a sorts ot vicws
cxprcsscd.
Sti, what Cacy dcscribcs rcprcscnts, as I say, onc cxtrcmc ot
possibiity. onc in which thc usurcrsthcmscvcs arc thc utimatcmora
authoritics. Comparc this with, say, mcdicva lrancc, whcrc thc mora
1 L 1
status ot moncycndcrs was scriousy in qucstion. Jhc Cathoic Church
had aways torbiddcn thc practicc ot cnding moncy at intcrcst, but
thc rucs ottcn tc into dcsuctudc, causing thc Church hicrarchy to
authorizc prcaching campaigns, scnding mcndicant triars to travctrom
town to town warning usurcrs that uncss thcy rcpcntcd and madc
tu rcstitution ot a intcrcst cxtractcd trom thcir victims, thcy woud
surcy go to lc.
Jhcsc scrmons, many ot which havc survivcd, arc tu ot horror
storics ot Cod`s |udgmcnt on unrcpcntant cndcrs. storics ot rich mcn
struck down by madncss or tcrribc discascs, hauntcd by dcathbcd
nightmarcs ot thc snakcs or dcmons who woud soon rcnd or cat
thcir hcsh. In thc twctth ccntury, whcn such campaigns rcachcd thcir
hcights, morc dircct sanctions bcgan to bc cmpoycd. Jhc papacy is-
sucd instructions to oca parishcs that a known usurcrs wcrc to bc
cxcommunicatcd; thcy wcrc not to bc aowcd to rcccivc thc sacra-
mcnts, and undcr no conditions coud thcir bodics bc buricd on ha-
owcd ground. nc lrcnch cardina, |acqucs dc Vitry, writing around
tzto, rccordcdthcstoryot aparticuaryinhucntiamoncycndcrwhosc
tricnds tricd to prcssurc thcir parish pricst to ovcrook thc rucs and
aow him to bc buricd in thc oca churchyard.
Sincc thc dcad usurcr`s fricnds wcrc vcry insistcnt, thc pricst
yicdcd to thcir prcssurc and said, "Lct us put his body on a
donkcyandsccGod`swi, and whatMcwidowiththcbody.
Vhcrcvcr thc donkcy takcs it, bc it a church, a ccmctcry, or
cscwhcrc, thcrc wi l bury it. " Jhc bodywaspaccdupon thc
donkcy which without dcviating cithcr to right or cft, took it
straightoutoftownto thcplaccwhcrcthicvcsarchangcdfrom
thc gibbct, and with a hcarty buck, scnt thc cadavcr uying into
thc dung bcncath thc gaows.
Looking ovcrword itcraturc, it is amost impossibc to hnd a singc
sympathctic rcprcscntation ot a moncycndcr-or anyway, a protcs-
siona moncycndcr, which mcans by dchnition onc who chargcs intcr-
cst. I`m not surc thcrc is anothcr protcssion cxccutioncrs:j with such
a consistcntybad imagc. It`s cspcciay rcmarkabc whcn onc considcrs
that unikc cxccutioncrs, usurcrs ottcn rank among thc richcst and
most powcrtu pcopc in thcir communitics. Ict thc vcry namc, "usu-
rcr," cvokcs imagcs ot oan sharks, bood moncy, pounds ot hcsh, thc
scing ot sous, and bchind thcm a, thc Ocvi, ottcn rcprcscntcd as
himsct a kind ot usurcr, an cvi accountant with his books and cdgcrs,
or atcrnatcy, as thc hgurc ooming |ust bchind thc usurcr, biding his
N 1 N L L A | L H | L N L | N H L N | U b | N 11
timc unti hc can rcposscss thc sou ot a viain who, by his vcry oc-
cupation, has ccary madc a compact with lc.
listoricay, thcrc havc bccn ony two cttcctivc ways tor a cndcr
to try to wriggc out ot thc opprobrium. cithcr shunt ott rcsponsibiity
onto somc thirdparty, or insist that thc borrowcriscvcn worsc. Inmc-
dicvaLuropc,torinstancc,ordsottcntookthchrstapproach,cmpoy-
ing|cwsas surrogatcs. Nanywoudcvcnspcakot "our |cws-thatis,
|cws undcr thcir pcrsona protcction-though in practicc this usuay
mcant that thcy woud hrst dcny |cws in thcir tcrritorics any mcans
ot making a iving cxccpt by usury guarantccing that thcy woud bc
widcy dctcstcdj , thcn pcriodicay turn on thcm, caiming thcy wcrc
dctcstabc crcaturcs, and takc thc moncy tor thcmscvcs. Jhc sccond
approachisotcoursc morc common. utitusuay cadsto thcconcu-
sion that both partics to a oan arc cquay guity; thc whoc attair is a
shabby busincss; and most ikcy, both arc damncd.
thcr rcigious traditions havc dittcrcnt pcrspcctivcs. In mcdicva
lindu aw codcs, not ony wcrc intcrcst-bcaring oans pcrmissibc thc
main stipuation was that intcrcst shoud ncvcr cxcccd principaj , but
it was ottcn cmphasizcd that a dcbtor who did not pay woud bc
rcborn as a savc in thc houschod ot his crcditor-or in atcr codcs,
rcborn as his horsc or ox. Jhc samc tocrant attitudc toward cndcrs,
and warnings ot karmic rcvcngc against borrowcrs, rcappcar in many
strands ot uddhism. Lvcn so, thc momcnt that usurcrs wcrc thought
togotootar, cxacty thcsamcsortot storicsas toundinLuropcwoud
start appcaring. A Ncdicva |apancsc author rccounts onc hc insists
it`s a truc storyabout thc tcrritying tatc ot liromushimc, thc witc
ot a wcathy district govcrnor around ;;6 A. Ancxccptionay grccdy
woman,
shc woud add watcr to thc ricc winc shc sod and makc a
hugcproht onsuch diutcd sakc. n thcdayshc oancd somc-
thing to somconc shc woud usc a smal mcasuring cup, but
on thc day of cocction shc uscd a argc onc. Vhcn cnding
ricc hcr scalc rcgistcrcd sma portions, but whcn shc rcccivcd
paymcnt itwas in argc amounts. Jhc intcrcst that shc forciby
cocctcd was trcmcndous-oftcn as much as tcn or cvcn onc
hundrcd timcs thc amount of thc origina oan. Shc was rigid
about coccting dcbts, showing no mcrcy whatsocvcr. ccausc
of this, many pcopc wcrc thrown into a statc of anxicty, thcy
abandoncd thcir houschods to gct away from hcr and took to
wandcring in othcr provinccs.
1Z L 1
Attcrshcdicd, torscvcn days, monks praycd ovcrhcr scacd cothn. n
thc scvcnth, hcr body mystcriousy sprang to itc.
Jhosc who camc to look at hcr cncountcrcd an indcscribablc
stcnch. From thc waist up shc had alrcady bccomc an ox with
four-inch horns protruding from hcr forchcad. Mcr two hands
hadbccomc thchoovcsofan ox, hcrnailswcrcnowcrackcdso
that thcy rcscmblcd an ox hoof`s instcp. From thc waist down,
howcvcr, hcr body was that of a human. Shc dislikcd ricc and
prcfcrrcd to cat grass. Mcr manncr of cating was rumination.
lakcd, shc would lic in hcr own cxcrcmcnt. '
Cawkcrs dcsccndcd. Cuity and ashamcd, thc tamiy madc dcspcratc
attcmpts to buy torgivcncss, canccing a dcbts owcd to thcm by any-
body, donating much ot thcir wcath to rcigious cstabishmcnts. li-
nay, mcrcituy, thc monstcr dicd.
Jhc author, himsct a monk, tct that thc story rcprcscntcd a ccar
casc ot prcmaturc rcincarnation-thc woman was bcing punishcd by
thc aw ot karma tor hcr vioations ot "what is both rcasonabc and
right. " lis probcm was that uddhist scripturcs, insotar as thcy cx-
picitywcighcdinonthcmattcr, didn`tprovidc aprcccdcnt. lormaly,
it was dcbtors who wcrc supposcd to bc rcborn as oxcn, not crcditors.
As a rcsut, whcn it camc timc to cxpain thc mora ot thc story, his
cxposition grcw dccidcdy contusing.
lt is as onc sutra says: "Whcn wc do not rcpay thc things that
wc havc borrowcd, our paymcnt bccomcs that of bcing rcborn
as a horsc or ox. " "Jhc dcbtor is likc a slavc, thc crcditor is
likc amastcr. " r again: "a dcbtor is aphcasantand his crcdi-
tor ahawk. " lfyou arc in asituation ofhaving grantcd aloan,
do not put unrcasonablc prcssurc on your dcbtor for rcpay-
mcnt. lf you do, you willbc rcborn as a horsc or an ox and bc
put to workforhimwhowas indcbtto you,andthcn you will
rcpaymanytimcs ovcr.'
So which wi it bc: Jhcy can`t both cnd up as animas in cach othcr`s
barns.
Athc grcat rcigioustraditionssccmtobang upagainstthisquan-
daryinonc torm oranothcr. n thc onchand, insotaras ahumanrc-
ationsinvovcdcbt, thcyarcamoray compromiscd. othparticsarc
probaby arcady guity ot somcthing |ust by cntcring into thc rcation-
ship; at thc vcry cast thcy run a signihcant dangcr ot bccoming guity
N 1 N L L A | L H | L N L | N H L N | U b | N 1O
i trcpaymcnti sdcaycd. nthc othcr hand, whcnwcsaysomconc acts
ikc thcy "don`t owc anything to anybody, " wc`rc hardy dcscribing thc
pcrson as a paragon ot virtuc. In thc sccuar word, moraity consists
argcy ot tuhing our obigations to othcrs, and wc havc a stubborn
tcndcncy to imaginc thosc obigations as dcbts. Nonks, pcrhaps, can
avoid thc dicmma by dctaching thcmscvcs trom thc sccuar word
cntircy, but thc rcst ot us appcarcondcmncd to ivc in a univcrscthat
docsn`t makc a ot ot scnsc.
8 8 8 8 8
Jhc story ot liromushimc is a pcrtcct iustration ot thc impusc to
throw thc accusaton back at thc accuscr-|ust as in thc story about
thc dcad usurcr and thc donkcy, thc cmphasis on cxcrcmcnt, animas,
and humiiation isccary mcant as poctic |usticc, thc crcditor torccd to
cxpcricncc thc samc tccings ot disgracc and dcgradation that dcbtors
arc aways madc totcc. It`s a a morc vivid, morc visccra way ot ask-
ing that samc qucstion. "Vho rcay owcs what to whom:"
It`s aso a pcrtcct iustration ot how thc momcnt onc asks thc
qucstion "Vho rcay owcs what to whom:, " onc has bcgun to adopt
thccrcditor`sanguagc. |ustas it wc don`tpayour dcbts, "ourpaymcnt
bccomcs that ot bcing rcborn as a horsc or an ox"; so it you arc an
unrcasonabc crcditor, you too wi "rcpay. " Lvcn karmic |usticc can
thus bc rcduccd to thc anguagc ot a busincss dca.
lcrcwccomcto thcccntraqucstionotthis book. Vhat, prcciscy,
docs it mcan to say that our scnsc ot moraity and |usticc is rcduccd to
thc anguagc ot a busincss dca: Vhat docs it mcan whcn wc rcducc
mora obigations to dcbts: Vhat changcs whcn thc onc turns into
thc othcr: And how do wc spcak about thcm whcn our anguagc has
bccn so shapcd by thc markct: n onc cvc thc dittcrcncc bctwccn an
obigation and a dcbt is simpc and obvious. A dcbt is thc obigation
to pay a ccrtain sum ot moncy. As a rcsut, a dcbt, unikc any othcr
torm ot obigation, can bc prcciscy quantihcd. Jhis aows dcbts to
bccomc simpc, cod, and impcrsona-which, in turn, aows thcm to
bc transtcrabc. It onc owcs a tavor, or onc`s itc, to anothcr human
bcing-it is owcd to that pcrson spccihcay. ut it onc owcs torty
thousand doars at :z-pcrccnt intcrcst, it docsn`t rcay mattcr who thc
crcditor is; ncithcr docs cithcr ot thc two partics havc to think much
about what thc othcr party nccds, wants, is capabc ot doing-as thcy
ccrtainy woud it what was owcd was a tavor, or rcspcct, or gratitudc.
nc docs not nccd to cacuatc thc human cttccts; onc nccd ony ca-
cuatc principa, baanccs, pcnatics, and ratcs ot intcrcst. It you cnd
1 L 1
up having to abandon your homc and wandcr in othcr provinccs, it
yourdaughtcrcnds up in a miningcampworkingas a prostitutc, wc,
that`s untortunatc, but incidcnta to thc crcditor. Noncy is moncy, and
a dca`s a dca.
lrom this pcrspcctivc, thc crucia tactor, and a topic that wi bc
cxporcd at cngth in thcsc pagcs, is moncy`s capacity to turn mora-
ity into a mattcr ot impcrsona arithmctic-and by doing so, to |ustity
things that woud othcrwisc sccm outragcous or obsccnc. Jhc tactor
ot viocncc, which I havc bccn cmphasizing up unti now, may appcar
sccondary. Jhc dittcrcncc bctwccn a "dcbt" and a mcrc mora obiga-
tion is not thc prcscncc or abscncc ot mcn with wcapons who can cn-
torcc that obigation by scizing thc dcbtor`s posscssions or thrcatcning
to brcak his cgs. It is simpy that a crcditor has thc mcans to spccity,
numcricay, cxacty how much thc dcbtor owcs.
lowcvcr, whcn onc ooks a ittc coscr, onc discovcrs that thcsc
two ccmcnts-thc viocncc and thc quantihcation-arc intimatcy
inkcd. In tact it`s amost impossibc to hnd onc without thc othcr.
lrcnchusurcrshadpowcrtutricndsand cntorccrs, capabcot buying
cvcn Church authoritics. low csc woud thcy havc cocctcd dcbts
that wcrc tcchnicay icga: liromushimc was uttcry uncompromis-
ing with hcr dcbtors-"showing no mcrcy whatsocvcr"-but thcn, hcr
husband was thc govcrnor. Shc didn`t havc to show mcrcy. Jhosc
ot us who do not havc armcd mcn bchind us cannot attord to bc
so cxacting.
Jhc way viocncc, or thc thrcat ot viocncc, turns human rcations
into mathcmatics wi crop up again and again ovcr thc coursc ot this
book. It is thc utimatc sourcc ot thc mora contusion that sccms to
hoat around cvcrything surrounding thc topic ot dcbt. Jhc rcsuting
dicmmas appcar to bc as od as civiization itsct. Vc can obscrvc thc
proccss in thc vcry caricst rccords trom ancicnt Ncsopotamia; it hnds
its hrst phiosophica cxprcssion in thc Vcdas, rcappcars in cndcss
torms throughout rccordcd history, and sti ics undcrncath thc csscn-
tia tabric ot our institutions today-statc and markct, our most basic
conccptions ot thc naturc ot trccdom, moraity, sociaity-a ot which
havc bccn shapcd by a history ot war, conqucst, and savcry in ways
wc`rc no ongcr capabc ot cvcn pcrcciving bccausc wc can no ongcr
imaginc things any othcr way.
8 8 8 8 8
Jhcrc arc obvious rcasonswhy this is a particuaryimportant momcnt
to rccxaminc thc history ot dcbt. Scptcmbcr zoo8 saw thc bcginning ot
N 1 N L L A | L H | L N L | N H L N | U b | N 1D
d hnanciacrisisthatamost brought thccntircwordcconomy scrccch-
ing to a hat. In many ways thc word cconomy did. ships stoppcd
moving across thc occans, and thousands wcrc paccd in dry dock.
uiding crancswcrc dismantcd, as no morc buidings wcrc bcing put
up. anks argcy ccascd making oans. In thc wakc ot this, thcrc was
not ony pubic ragc and bcwidcrmcnt, but thc bcginning ot an actua
pubic convcrsation aboutthcnaturcotdcbt, ot moncy, ot thc hnancia
institutions that havc comc to hod thc tatc ot nations in thcir grip.
ut that was |ust a momcnt. Jhc convcrsation ncvcr cndcd up tak-
ing pacc.
Jhc rcason that pcopc wcrc rcady tor such a convcrsation was
that thc story cvcryonc had bccn tod tor thc ast dccadc or so had |ust
bccn rcvcacd to bc a coossa ic. Jhcrc`s rcay no niccr way to say
it. lor ycars, cvcryonc had bccn hcaring ot a whoc host ot ncw, utra-
sophisticatcd hnancia innovations. crcdit and commodity dcrivativcs,
coatcraizcd mortgagc obigation dcrivativcs, hybrid sccuritics, dcbt
swaps, and so on. Jhcsc ncw dcrivativc markcts wcrc so incrcdiby
sophisticatcd, that-according to onc pcrsistcnt story-a promincnt in-
vcstmcnt housc had to cmpoy astrophysicists to run trading programs
so compcx that cvcn thc hnancicrs coudn`t bcgin to undcrstand thcm.
Jhc mcssagc was transparcnt. cavc thcsc things to thc protcssionas.
Iou coudn`t possiby gct your minds around this. Lvcn it you don`t
ikc hnancia capitaists vcry much and tcw sccmcd incincd to arguc
thatthcrc wasmuch to ikcaboutthcmj , thcywcrcnothingitnotcapa-
bc, in tact so prctcrnaturay capabc, that dcmocratic ovcrsight ot h-
nanciamarkcts was simpy inconccivabc. Lvcna ot ot acadcmics tc
tor it. I wc rcmcmbcr going to contcrcnccs in zoo6 and zoo; whcrc
trcndy socia thcorists prcscntcd papcrs arguing that thcsc ncw torms
ot sccuritization, inkcd to ncw intormation tcchnoogics, hcradcd a
ooming transtormation in thc vcry naturc ot timc, possibiity-rcaity
itsct. I rcmcmbcr thinking. "Suckcrs!" And so thcy wcrc. j
Jhcn, whcn thc rubbc had stoppcd bouncing, it turncd out that
many it not most ot thcm had bccn nothing morc than vcry caboratc
scams. Jhcy consistcd ot opcrations ikc scing poor tamiics mort-
gagcs crattcd in such a way as to makc cvcntua dctaut incvitabc;
taking bcts on how ong it woud takc thc hodcrs to dctaut; packag-
ing mortgagc and bct togcthcr and scing thcm to institutiona invcs-
tors rcprcscnting, pcrhaps, thc mortgagc-hodcrs` rctircmcnt accountsj
caiming that it woud makc moncy no mattcr what happcncd, and a-
ow saidinvcstorsto pass such packagcs around as itthcy wcrc moncy;
turning ovcr rcsponsibiity tor paying ott thc bct to a giant insurancc
congomcratc that, wcrc it to sink bcncath thc wcight ot its rcsutant
1 L 1
dcbt whch ccrtany woudhappcnj , woud thcn havc to bc bacd out
by taxpaycrs as such congomcratcs wcrc ndccdbacd outj . ' In othcr
words, t ooks vcry much kc an unusuay caboratc vcrson ot what
banks wcrc dong whcn thcy cnt moncy to dctators n ova and
Cabon n thc atc `;os. makc uttcry rrcsponsbc oans wth thc tu
knowcdgc that, oncc t bccamc known thcy had donc so, potcans
and burcaucrats woud scrambc to cnsurc that thcy`d st bc rcm
burscdanyway, nomattcr howmanyhuman vcs had tobc dcvastatcd
and dcstroycd n ordcr to do t.
Jhc dttcrcncc, though, was that ths tmc, thc bankcrs wcrc dong
t on an nconccvabc scac. thc tota amount ot dcbt thcy had run up
was argcr than thc combncd Cross Oomcstc lroducts ot cvcry coun-
try n thc word-and t thrcw thc word nto a taspn and amost
dcstroycd thc systcm tsct.
Armcs and pocc gcarcd up to combat thc cxpcctcd rots and
unrcst, but nonc matcrazcd. ut ncthcr havc any sgnhcant changcs
nhow thc systcm s run. At thc tmc, cvcryonc assumcd that, wth thc
vcry dchnng nsttutons ot captasm Lchman rothcrs, Ctbank,
Ccncra Notorsj crumbng, andacamsto supcrorwsdomrcvcacd
to bc tasc, wc woud at cast rcstart a broadcr convcrsaton about thc
naturc ot dcbt and crcdt nsttutons. And not |ust a convwcrsaton.
lt sccmcd that most Amcrcans wcrc opcn to radca soutons.
5urvcys showcd that an ovcrwhcmng ma|orty ot Amcrcans tct that
thc banks shoud not bc rcscucd, ubatecer tbe economic consequences,
but that ordnary ctzcns stuck wthbad mortgagcs shoud bc bacd
out. lnthc Untcd5tatcsthssqutccxtraordnary. 5ncccoonadays,
Amcrcans havc bccn thc popuaton cast sympathctc to dcbtors. In a
way ths s odd, sncc Amcrca was scttcd argcy by abscondng dcbt-
ors, but t`s a country whcrc thc dca that moraty s a mattcr ot pay-
ng onc`s dcbts runs dccpcr than amost any othcr. In coona days, an
nsovcntdcbtor`scarwas ottcnnacdtoapost. Jhc UntcdStatcs was
oncotthcast countrcs nthc word toadopta aw ot bankruptcy. dc-
sptc thc tact that n I;8;, thc Consttuton spcchcay chargcd thc ncw
govcrnmcnt wth crcatng onc, a attcmpts wcrc rc|cctcd on "mora
grounds unt t88. Jhc changc was cpocha. lor ths vcry rcason,
pcrhaps, thosc nchargc otmodcratng dcbatc nthc mcdaand cgsa-
turcs dccdcd that ths was not thc tmc. Jhc Untcd 5tatcs govcrnmcnt
cttcctvcy put a thrcc-tron-doar and-Ad ovcr thc probcm and
changcd nothng. Jhc bankcrs wcrc rcscucd; sma-scac dcbtors-wth
a patry tcw cxccptons-wcrc not.' Jo thc contrary, n thc mddc ot
thc grcatcst cconomc rcccsson sncc thc `os, wc arc arcady bcgn-
nng to scc a backash aganst thcm-drvcn by hnanca corporatons
N 1 N t tA | L H | tN t | N H L N | U b | N 11
who havc now turncd to thc samc govcrnmcnt that baicd thcm out
to appy thc fu forcc of thc aw against ordinary citizcns in hnancia
troubc. "It`s not a crimc to owc moncy," rcports thc Ninncapois-St.
Iau StarTr/|une, "ut pcopc arc routincy bcing thrown in |ai tor
taiingto pay dcbts. " In Ninncsota, "thc usc ofarrcstwarrants against
dcbtors has |umpcd 6o pcrccnt ovcr thc past four ycars, with 8q cascs
in zoo .. . In Iinois and southwcst Indiana, somc |udgcs |ai dcbtors
|or missingcourt-ordcrcd dcbt paymcnts. In cxtrcmc cascs, pcopc stay
in |ail unti thcy raisc a minimum paymcnt. In january zo:o|, a |udgc
scntcnccd a Kcnncy, I. , man `to indchnitcincarccration`unti hc camc
up with $oo toward a umbcr yard dcbt. "''
In othcr words, wc arc moving toward a rcstoration ot somc-
thing much ikc dcbtors` prisons. Ncanwhic, thc convcrsation stoppcd
dcad, popuar ragc against baiouts sputtcrcd into incohcrcncc, and
wc sccm to bc tumbing incxoraby toward thc ncxt grcat hnancia
catastrophc-thc ony rca qucstion bcing |ust how ong it wi takc.
Vc havc rcachcd thc point at which thc INl itscf, now trying to
rcposition itscf as thc conscicncc of goba capitaism, has bcgun to
issuc warnings that if wc continuc on thc prcscnt coursc, no baiout
is ikcy to bc forthcoming thc ncxt timc. Jhc pubic simpy wi not
stand for it, and as a rcsut, cvcrything rcay wi comc apart. "INl
Varns 5ccond aiout Voud `Jhrcatcn Ocmocracy`` rcads onc rcccnt
hcadinc. '` f coursc by "dcmocracy" thcy mcan "capitaism. "j Surcy
it mcans somcthing that cvcn thosc who fcc thcy arc rcsponsibc for
kccping thc currcnt goba cconomic systcm running, who |ust a fcw
ycars ago actcd as if thcy coud simpy assumc thc currcnt systcm
woud bc around forcvcr, arc now sccing apocaypsc cvcrywhcrc.
8 8 8 8 8
In this casc, thc INl has a point. Vc havc cvcry rcason to bcicvc that
wc do indccd stand on thc brink ot cpocha changcs.
Admittcdy, thc usua impusc is to imaginc cvcrything around us
as absolutcy ncw. lowhcrc is this so truc as with moncy. low many
timcs havc wc bccn tod that thc advcnt of virtua moncy, thc dcma-
tcriaization of cash into pastic and doars into bips of ccctronic
information, has brought us to an unprcccdcntcd ncw hnancia word:
Jhc assumption that wc wcrc in such unchartcd tcrritory, of coursc,
was onc of thc things that madc it so casy for thc ikcs ot Codman
Sachs and AIC to convincc pcopc that no onc coud possiby undcr-
stand thcir dazzing ncw hnancia instrumcnts. Jhc momcnt onc casts
mattcrs on a broad historica scac, though, thc hrst thing onc carns
1 L 1
is that thcrc`s nothing ncw about virtua moncy. Actuay, this was thc
origina lorm ol moncy. Crcdit systcm, tabs, cvcn cxpcnsc accounts, a
cxistcd ong bclorc cash. Jhcsc things arc as od as civiization itscl.
Jruc, wc aso hnd that history tcnds to movc back and lorth bctwccn
pcriods dominatcd by buion-whcrc it`s assumcd that god and silvcr
dI6 moncy-and pcriods whcrc moncy is assumcd to bc an abstrac-
tion, a virtua unit ol account. ut historicay, crcdit moncy comcs
hrst, and what wc arc witncssing today is a rcturn ol assumptions that
woud havc bccn considcrcd obvious common scnsc in, say, thc Niddc
Agcs-or cvcn ancicnt Ncsopotamia.
uthistorydocsprovidclascinatinghintsolwhatwc mightcxpcct.
lor instancc. in thc past, agcs ol virtua crcdit moncy amost invari-
aby invovc thc crcation ol institutions dcsigncd to prcvcnt cvcrything
going haywirc-to stop thc cndcrs lrom tcaming up with burcaucrats
and poiticians to squcczc cvcrybody dry, as thcy sccm to bc doing
now. Jhcy arc accompanicd by thc crcation ol institutions dcsigncd to
protcct dcbtors. Jhc ncw agc ol crcdit moncy wc arc in sccms to havc
startcd prcciscy backwards. It bcgan with thc crcation ol goba insti-
tutions ikc thc INl dcsigncd to protcct not dcbtors, but crcditors. At
thc samc timc, on thc kind ol historica scac wc`rc taking about hcrc,
a dccadc or two is nothing. Vc havc vcry ittc idca what to cxpcct.
8 8 8 8 8
Jhis book is a history ol dcbt, thcn, but it aso uscs that history as
a way to ask lundamcnta qucstions about what human bcings and
human socicty arc or coud bc ikc-what wc actuay do owc cach
othcr, what it cvcn mcans to ask that qucstion. As a rcsut, thc book
bcgins by attcmpting to puncturc a scrics ol myths-not ony thc Nyth
ol artcr, which is takcn up in thc hrst chaptcr, but aso riva myths
about primordia dcbts to thc gods, or to thc statc that inonc way or
anothcrlormthcbasisol ourcommon-scnscassumptionsabout thcna-
turc ol cconomy and socicty. In that common-scnsc vicw, thc Statc and
thc Narkct towcr abovc a clsc as diamctricay opposcd principcs.
listorica rcaity rcvcas, howcvcr, that thcy wcrc born togcthcr and
havc aways bccn intcrtwincd. Jhc onc thing that a thcsc misconccp-
tions havc in common, wc wi hnd, is that thcy tcnd to rcducc a hu-
man rcations to cxchangc, as il our tics to socicty, cvcn to thc cosmos
itscl, can bc imagincd in thc samc tcrms as a busincss dca. Jhis cads
to anothcr qucstion. Il not cxchangc, thcn what: In chaptcr hvc, I wi
bcgin to answcr thc qucstion by drawing on thc truits ot anthropo-
ogy to dcscribc a vicw ol thc mora basis ol cconomic ilc; thcn rcturn
N 1 N L L A | L H | L N L | N H L N | U b | N 1
tothc qucstion otthc origins otmoncy todcmonstratc how thc vcry
principc otcxchangc cmcrgcdargcy as ancltcctot viocncc-that thc
rca origins ot moncy arc to bc tound in crimc and rccompcnsc, war
and savcry, honor, dcbt, andrcdcmption. Jhat, in turn, opcnsthcway
to starting, with chaptcr cight, an actua history ot thc ast hvc thou-
sand ycars ot dcbt and crcdit, with its grcat atcrnations bctwccn agcs
ot virtua and physica moncy. Nany ot thc discovcrics hcrc arc pro-
toundy uncxpcctcd. trom thc origins ot modcrn conccptions ot rights
and trccdoms in ancicnt savc aw, to thc origins ot invcstmcnt capita
in mcdicva Chincsc uddhism, to thc tact that many ot Adam Smith`s
most tamous argumcnts appcar to havc bccn cribbcd trom thc works
ot trcc-markct thcorists trom mcdicva lcrsia a story which, incidcn-
tay, has intcrcsting impications tor undcrstanding thc currcnt appca
ot poitica Isamj . A ot this scts thc stagc tor a trcsh approach to thc
ast hvc hundrcd ycars, dominatcd by capitaist cmpircs, and aows us
to atcastbcginaskingwhatmightrcaybcat stakcinthc prcscnt day.
lor a vcry ong timc, thc intccctua conscnsus has bccn that wc
can no ongcr ask Crcat Qucstions. Incrcasingy, it`s ooking ikc wc
havc no othcr choicc.
0h8 pt0 r 1W0
1M L YY1M 0| 8kR1LR
|or etery subtle anJ comlicateJ
question, tbere is a erjectly simle
anJ straigbtjoruarJ ansuer, ubicb is
urong.
.1. cnCkcn
WH1 b 1HL LKLNL bctwccn a mcrc obigation, a scnsc that
onc ought to bchavcin a ccrtain way, or cvcnthat onc owcs somcthing
to somconc, and a de|t, propcry spcaking: Jhc answcr is simpc.
moncy. Jhc dittcrcnccbctwccn a dcbt and an obigationis that a dcbt
can bc prcciscy quantihcd. Jhis rcquircs moncy.
lot ony is it moncy thatmakcs dcbt possibc. moncyand dcbtap-
pcar on thc sccnc at cxacty thc samc timc. Somc ot thc vcry hrst writ-
tcn documcnts that havc comc down to us arc Ncsopotamian tabcts
rccording crcdits and dcbits, rations issucd by tcmpcs, moncy owcd
tor rcnt ot tcmpc ands, thc vauc ot cach prcciscy spccihcd in grain
and sivcr. Somc ot thc caricst works ot pora phiosophy, in turn, arc
rchcctions on what it mcans to imaginc moraity as dcbt-that is, in
tcrms ot moncy.
Ahistoryotdcbt, thcn, isthusncccssariy ahistoryotmoncy-and
thc casicst way to undcrstand thc roc that dcbt has paycd in human
socicty is simpy to toow thc torms that moncy has takcn, and thc
way moncy has bccn uscd, across thc ccnturics-and thc argumcnts
that incvitaby cnsucd about what a this mcans. Sti, this is ncccs-
sariy a vcry dittcrcnt history ot moncy than wc arc uscd to. Vhcn
cconomists spcak ot thc origins ot moncy, tor cxampc, dcbt is aways
somcthing ot an attcrthought. lirst comcs bartcr, thcn moncy; crcdit
ony dcvcops atcr. Lvcnit oncconsuts books on thc history ot moncy
in, say, lrancc, India, or China, what onc gcncray gcts is a history
ot coinagc, with barcy any discussion ot crcdit arrangcmcnts at a.
lor amost a ccntury, anthropoogists ikc mc havc bccn pointing out
Z Z L 1
that thcrc is somcthing vcry wrong with this picturc. Jhc standard
cconomic-history vcrsion has ittc to do with anything wc obscrvc
whcn wc cxaminc how cconomic itc is actuay conductcd, in rca
communitics and markctpaccs, amost anywhcrc whcrc onc is much
morc ikcy to discovcr cvcryonc in dcbt to cvcryonc csc in a dozcn
dittcrcnt ways, and that most transactions takc pacc without thc usc
ot currcncy.
Vhy thc discrcpancy:
Somc ot it is |ust thc naturc ot thc cvidcncc. coins arc prcscrvcd in
thc archcoogica rccord; crcdit arrangcmcnts usuay arc not. Sti, thc
probcm runs dccpcr. Jhc cxistcncc ot crcdit and dcbt has aways bccn
somcthing ot a scanda tor cconomists, sincc it`s amost impossibc to
prctcnd that thosc cnding and borrowing moncy arc acting on purcy
"cconomic" motivations tor instancc, that a oan to a strangcr is thc
samc as a oan to onc`s cousinj ; it sccms important, thcrctorc, to bcgin
thc story ot moncy in an imaginary word trom which crcdit and dcbt
havc bccn cntircy crascd. ctorcwc can appy thc toos ot anthropo-
ogy to rcconstruct thc rca history ot moncy, wc nccd to undcrstand
what`s wrong with thc convcntiona account.
Lconomistsgcncray spcak ot thrcc tunctions ot moncy. mcdium
ot cxchangc, unit ot account, and storc ot vauc. A cconomic tcxt-
books trcat thc hrst as primary. lcrc`s a tairy typica cxtract trom
Econom/cs, by Casc, lair, Cartncr, and lcathcr I6j .
NOnCy s Vta tO thC WOrkng O a markCt CCOnOmy. lmagnC
What l C WOud bC kC WthOut t. hC atCrnatVC tO a mOn-
Ctary CCOnOmy s bartCr, pCOpC CXChangng gOOds and sCrVCCs
Or OthCr gOOds and sCrVCCs drCCt!y nstCad O CXChangng Va
thC mCdum O mOnCy.
OW dOCs a bartCr systCm WOrkr buppOsC yOu Want CrOs-
sants, Cggs and OrangC ju!CC Or brCakast. lnstCad O gOng tO
thC grOCCrs and buyng thCsC thngs Wth mOnCy, yOu WOud
haVC tO hnd sOmCOnC WhO has thCsC tCms and s W ng tO
tradC thCm. AOu WOud asO haVC tO haVC sOmCthng thC bakCr,
thC OrangC juCC purVCyOr and thC Cgg VCndOr Want. aVng
pCnCs tO tradC W dO yOu nO gOOd thC bakCr and thC Or-
angC juCC and Cgg sC!Crs dO nOt Want pCnCs.
P bartCr systCm rCqurCs a doubc concidcncc otwants Or
tradC tO takC paCC. hat s, tO CCCt a tradC, l nCCd nOt Ony
haVC tO hnd sOmCOnC WhO has What l Want, but that pCrsOn
must a!sO Want What l haVC. hCrC thC rangC O tradCd gOOds
s sma!!, as t s n rCatVCy unsOphstCatCd CCOnOmCs, t s
1 N L N 1 1 N | H 1 L H
not difhcult to hnd somconc to tradc with, and bartcr is oftcn
uscd.
Z O
Jhisattcrpointisqucstionabc, butit`sphrascd insovagucaway that
it woud bc hard to disprovc.
ln a complcx socicty with many goods, bartcr cxchangcs in-
volvc an intolcrablc amount of cffort. lmaginc trying to hnd
pcoplcwhooffcrfor salc allthcthingsyoubuy in atypicaltrip
to thc groccr`s, and who arc willing to acccpt goods that you
havc to offcr in cxchangc for thcir goods.
Somc agrccd-upon mcdium of cxchangc or mcans of pay-
mcntj ncatly climinatcs thc doublc coincidcncc of wants prob-
lcm.
It`s important to cmphasizc that this is not prcscntcd as somcthing
that actuay happcncd, but as a purcy imaginary cxcrcisc. "Jo scc
that socicty bcnchts trom a mcdium ot cxchangc" writc cgg, lischcr
and Oornbuch ,Econom/cs, zoo
]
j , "imaginc a bartcr cconomy. " "Imag-
inc thc dithcuty you woud havc today," writc Naundcr, Nycrs, Va,
and Nicr ,Econom/cs Exp/a/ned, pp, , "it you had to cxchangc your
abor dirccty tor thc truits ot somconc csc`s abor. " "Imaginc, " writc
larkin and King ,Econom/cs, pp, , "you havc roostcrs, but you want
roscs. "' nc coud mutipy cxampcs cndcssy. |ust about cvcry cco-
nomics tcxtbook cmpoycd today scts out thc probcm thc samc way.
listoricay, thcy notc, wc know that thcrc was a timc whcn thcrc
was no moncy. Vhat must it havc bccn ikc: Vc, ct us imaginc an
cconomy somcthing ikc today`s, cxccpt with no moncy. Jhat woud
havc bccn dccidcdy inconvcnicnt! Surcy, pcopc must havc invcntcd
moncy tor thc sakc ot cthcicncy.
Jhc story ot moncy tor cconomists aways bcgins with a tantasy
word ot bartcr. Jhc probcm is whcrc to ocatc this tantasy in timc
andspacc. Arc wctaking aboutcavcmcn, lacihcIsandcrs, thcAmcri-
can tronticr: nc tcxtbook, by cconomists |oscph Stigitz and |ohn
Orith, takcs us to what appcars to bc an imaginary lcw Lngand or
Nidwcstcrn town.
nc can imagincan old-stylc farmcrbartcring withthc black-
smith, thc tailor, thc groccr, and thc doctor in his small town.
For simplc bartcr to work, howcvcr, thcrc must bc a doubc
coincdcnccotwants . . . Mcnryhas potatocs and wantsshocs,
|oshuahasancxtrapairofshocsandwantspotatocs. artcring
Z L 1
can makc thcm both happicr. But if Mcnry has hrcwood and
|oshua docs not nccd any of that, thcn bartcring for |oshua`s
shocs rcquircs onc or both of thcm to go scarching for morc
pcopc in thc hopc of making a mutiatcra cxchangc. Moncy
providcs a way to makc mutiatcra cxchangc much simpcr.
Mcnry scs his hrcwood to somconc csc for moncy and uscs
thc moncy to buy |oshua`s shocs.'
Again thisis|usta makc-bcicvc and much ikc thc prcscnt, cxccpt
with moncy somchow puckcd away. As a rcsut it makcs no scnsc.
Vho in thcir right mind woud sct up a groccry in such a pacc: And
how woud thcy gct suppics: ut ct`s cavc that asidc. Jhcrc is a
simpc rcason why cvcryonc who writcs an cconomics tcxtbook tccs
thcy havc to tc us thc samc story. lor cconomists, it is in a vcry rca
scnsc thc most important story cvcr tod. It was by tcing it, in thc
signihcant ycar ot t;;6, that Adam Smith, profcssor ot mora phioso-
phy at thc Univcrsity ot Casgow, cttcctivcy brought thc discipinc ot
cconomicsinto bcing.
lc did not makc up thc story cntircy out ot whoc coth. Arcady
in o sC, Aristotc was spccuating aong vagucy simiar incs in his
trcatisc on poitics. At hrst, hc suggcstcd, tamiics must havc produccd
cvcrything thcy nccdcd tor thcmscvcs. Craduay, somc woudprcsum-
aby havc spcciaizcd, somc growing corn, othcrs making winc, swap-
ping onc tor thc othcr.' Noncy, Aristotc assumcd, must havc cmcrgcd
trom such a proccss. ut, ikc thc mcdicva schoomcn who occasion-
ay rcpcatcd thc story, Aristotc was ncvcr ccar as to how.
In thc ycars attcr Coumbus, as Spanish and lortugucsc advcn-
turcrs wcrc scouring thc word tor ncw sourccs ot god and sivcr,
thcsc vaguc storics disappcar. Ccrtainy no onc rcportcd discovcring a
and otbartcr. Nost sixtccnth- andscvcntccnth-ccntury travccrs in thc
Vcst Indics or Atrica assumcd that a socictics woud ncccssariy havc
thcir own torms ot moncy, sincc a socictics had govcrnmcnts and a
govcrnmcnts issucd moncy.
Adam Smith, on thc othcr hand, was dctcrmincd to ovcrturn thc
convcntiona wisdom ot his day. Abovc a, hc ob|cctcd to thc notion
that moncy was a crcationot govcrnmcnt. Inthis, Smith was thc intc-
cctua hcir ot thc Libcra tradition ot phiosophcrs ikc |ohn Lockc,
who had argucd that govcrnmcnt bcgins in thc nccd to protcct privatc
propcrty and opcratcd bcst whcnit tricd toimit itsct to that tunction.
Smith cxpandcd on thc argumcnt, insisting that propcrty, moncy and
markcts not ony cxistcd bctorc poitica institutions but wcrc thc vcry
toupdation ot human socicty. It toowcd that insotar as govcrnmcnt
1 N L N 1 1 N | H 1 L H Z D
shoud pay any roc in monctary attairs, it shoud imit itsct to guar-
antccing thc soundncss ot thc currcncy. It was ony by making such an
argumcnt that hc coud insist that cconomics is itsct a hcd ot human
inquiry with its own principcs and aws-that is, as distinct trom, say
cthics or poitics.
Smith`s argumcnt is worth aying out in dctai bccausc it is, as I
say, thc grcat tounding myth ot thc discipinc ot cconomics.
Vhat, hc bcgins, is thc basis ot cconomic itc, propcry spcaking:
It is "accrtain propcnsity in human naturc . . . thc propcnsity to truck,
bartcr, and cxchangc onc thing tor anothcr. " Animas don`t do this.
"lobody, "Smithobscrvcs, "cvcr saw a dog makc a tairand dcibcratc
cxchangc ot onc bonc tor anothcr with anothcr dog. " ut humans, it
cttto thcirown dcviccs, wi incvitaby bcgin swapping and comparing
things. Jhis is |ust what humans do. Lvcn ogic and convcrsation arc
rcay |ust torms ot trading, and as in a things, humans wi aways
try to scck thcir own bcst advantagc, to scck thc grcatcst proht thcy
can trom thc cxchangc. '
Itisthis drivc tocxchangc, inturn, which crcatcs that division ot
abor rcsponsibc for a human achicvcmcntand civiization. lcrc thc
sccncshittstoanothcroncot thosccconomists'tarawaytantasyands-
it sccms to bc an amagam ot lorth Amcrican Indians and Ccntra
Asian pastora nomads.
l 0
ln a tribc oI huntcrs or shcphcrds a particular pcrson makcs
bows and arrows, Ior cxamplc, with morc rcadincss and dcx-
tcrity than any othcr. Mc Ircqucntly cxchangcs thcm Ior cattlc
or Ior vcnison with his companions, and hc hnds at last that
hc can in this manncr gct morc cattlc and vcnison, than iI hc
himsclI wcnt to thc hc|d to catch thcm. From a rcgard to his
own intcrcst, thcrcIorc, thc making oI bows and arrows grows
to bc his chicI busincss, and hc bccomcs a sort oI armourcr.
Anothcr cxccls in making thc Iramcs and covcrs of thcir littlc
huts or movcablc houscs. Mc is accustomcd to bc oI usc in this
way to his ncighbours, who rcward him in thc samc manncr
with cattlc and with vcnison, till at last hc hnds it his intcrcst
to dcdicatc himscI cntircly to this cmploymcnt, and to bccomc
a sort of housc-carpcntcr. ln thc samc manncr a third bccomcs
a smith or a brazicr, a Iourth a tanncr or drcsscr oI hidcs or
skins, thc principal part oI thc clothing oI savagcs . . .
It`s ony oncc wc havc cxpcrt arrow-makcrs, wigwam-makcrs, and
so on that pcopc start rcaizing thcrc`s a probcm. loticc how, as in
Z L 1
so many cxampcs, wc havc a tcndcncy to sip trom imaginary savagcs
to sma-town shopkccpcrs.
ut whcn thc division of labor hrst bcgan to takc placc, this
powcr of cxchanging must frcqucntly havc bccn vcry much
cloggcd and cmbarrasscd in its opcrations. nc man, wc shall
supposc, has morc of a ccrtaincommoditythan hc himsclf has
occasion for, whilc anothcr has lcss. Jhc formcr conscqucntly
would bc glad to disposc of, and thc lattcr to purchasc, a part
of this supcruuity. utifthislattcrshouldchancc to havcnoth-
ing that thc formcr standsinnccd oI, nocxchangccan bc madc
bctwccn thcm. Jhc butchcr has morc mcat in his shop than
hc himsclf can consumc, and thc brcwcr and thc bakcr would
cach of thcmbc willing to purchasc a part of it. ut thcyhavc
nothing to offcr in cxchangc . . .
8 8 8 8 8
In ordcr to avoid thc inconvcnicncy of such situations, cvcry
prudcntmanin cvcrypcriod of socicty, aftcr thc hrst cstablish-
mcnt of thc division of labor, must naturally havc cndcavorcd
to managchis affairs in such a manncr, as to havc at all timcs
by him, bcsidcs thc pcculiar producc of his own industry, a
ccrtain quantity of somc onc commodity or othcr, such as hc
imagincd thatfcwpcoplcwouldbc likcly to rcfusc in cxchangc
for thc producc of thcir industry.
!
|
bo cvcryonc wi incvitaby start stockpiing somcthing thcy hgurc
that cvcryonc csc is ikcy to want. Jhis has a paradoxica cttcct,
bccausc at a ccrtain point, rathcr than making that commodity css
va|uabc sincc cvcryonc arcady has somcj it bccomcs morc vauabc
bccausc it bccomcs, cttcctivcy, currcncyj .
Salt is said to bc thc common instrumcnt oI commcrcc and
cxchangcs in Abyssinia, a spccics of shclls in somc parts of
thc coast of India, dricd cod at lcwfoundland, tobacco in
Virginia, sugar in somc oI our Vcst India colonics, hidcs or
drcsscd lcathcr insomcothcr countrics, and thcrc is at this day
a villagc in Scotland whcrc it is not uncommon, I am told, for
aworkman to carry nails instcad ofmoncyto thc bakcr`s shop
or thc alc-housc. '
1 N L N 1 1 N | H 1 L H Z 1
Lvcntuay, ot coursc, at cast tor ong-dstancc tradc, t a bos
down to prccous mctas, sncc thcsc arc dcay sutcd to scrvc as cur-
rcncy, bcngdurabc, portabc, and abc to bccndcssy subdvdcd nto
dcntca portons.
LCrCnt mCtas haVC bCCn madC usC O by dCrCnt natOns
Or ths purpOsC. rOn Was thC COmmOn nstrumCnt O COm-
mCrCC amOng thC anCCnt bpartans, COppCr amOng thC anCCnt
hOmans, and gOd and sVCr amOng a rCh and COmmCrCa
natOns.
8 8 8 8 8
hOsC mCtas sCCm Orgnay tO haVC bCCn madC usC O Or ths
purpOsC n rudC bars, WthOut any stamp Or COnagC . . .
8 8 8 8 8
hC usC O mCtas n ths rudC statC Was attCndCd Wth tWO VCry
COnsdCrabC nCOnVCnCnCCs, hrst Wth thC trOubC O WCgh-
ng, and, sCCOndy, Wth that O assayng thCm. ln thC prCCOus
mCtas, WhCrC a sma dCrCnCC n thC quantty makCs a grCat
dCrCnCC n thC VauC, CVCn thC busnCss O WCghng, Wth
prOpCr CXaCtnCss, rCqurCs at Cast VCry aCCuratC WCghts and
sCaCs. hC WCghng O gOd n partCuar s an OpCratOn O
sOmC nCCty . . .
!
`
It`s casy to scc whcrc ths s gong. Usng rrcguar mcta ngots s
cascr than bartcr, but woudn`t standardzng thc unts-say, stamp-
ng pcccs ot mcta wth untorm dcsgnatons guarantccng wcght and
hncncss, ndttcrcntdcnomnatons-makc thngs cascr st: Ccaryt
woud, and so was conagc born. Jruc, ssung conagc mcant govcrn-
mcntshadto gct nvovcd, snccthcygcncray ranthc mnts; but nthc
standard vcrson ot thc story, govcrnmcnts havc ony ths onc mtcd
roc to guarantcc thc moncy suppy-and tcnd to do t bady, sncc
throughout hstory, unscrupuous kngshavc ottcn chcatcd by dcbasng
thc conagc and causng nhaton and othcr sorts ot potca havoc n
what was orgnay a mattcr ot smpc cconomc common scnsc.
Jcngy, ths story paycd a cruca roc not ony n toundng thc
dscpnc ot cconomcs, but n thc vcry dca that thcrc was somcthng
cacd "thc cconomy," whch opcratcd by ts own rucs, scparatc trom
moraorpotcatc, thatcconomstscoudtakcasthcr hcdot study.
Z L 1
"Jhc cconomy" is whcrc wc indugc in our natura propcnsity to truck
and bartcr. Vc arc sti trucking and bartcring. Vc aways wi bc.
Noncy is simpy thc most cthcicnt mcans.
Lconomists ikc Kar Ncngcr and Stancy |cvons atcr improvcd
on thc dctais ot thc story, most ot a by adding various mathcmati-
ca cquations to dcmonstratc that a random assortmcnt ot pcopc with
random dcsircs coud, in thcory, producc not ony a singc commodity
to usc as moncy but a unitorm pricc systcm. In thc proccss, thcy aso
substitutcd a sorts ot imprcssivc tcchnica vocabuary i. c. , "inconvc-
nicnccs" bccamc "transaction costs"j . Jhc crucia thing, though, is that
by now, this story has bccomc simpc common scnsc tor most pcopc.
Vctcachittochidrcninschoobooksandmuscums. Lvcrybodyknows
it. "ncc upon a timc, thcrc was bartcr. It was dithcut. So pcopc in-
vcntcd moncy. Jhcn camc thc dcvcopmcnt ot banking and crcdit. " It
a torms a pcrtccty simpc, straighttorward progrcssion, a proccss ot
incrcasing sophistication and abstraction that has carricd humanity,
ogicay and incxoraby, trom thc Stonc Agc cxchangc ot mastodon
tusks to stock markcts, hcdgc tunds, andsccuritizcd dcrivativcs.
'
'
It rcay has bccomc ubiquitous. Vhcrcvcr wc hnd moncy, wc aso
hnd thc story. At onc point, in thc town ot Arivonimamo, in Nadagas-
car, I had thc privicgc ot intcrvicwing a Kaanoro, a tiny ghosty crca-
turc that a oca spirit mcdium caimcd to kccp hiddcn away in a chcst
in his homc. Jhc spirit bcongcd to thc brothcr ot a notorious oca
oan shark, a horribc woman namcd lordinc, and to bc honcst I was
a bit rcuctant to havc anything to do with thc tamiy, but somc ot my
tricnds insistcd-sincc attcr a, this was a crcaturc trom ancicnt timcs.
Jhccrcaturc spokc trom bchind a scrccn in an ccric, othcrwordy qua-
vcr. ut a it wasrcayintcrcstcdintakingabout was moncy. linay,
sighty cxaspcratcd by thc whoc charadc, I askcd, "So, what did you
usc tor moncy back in ancicnt timcs, whcn you wcrc sti aivc:"
Jhc mystcrious voicc immcdiatcy rcpicd, "lo. Vc didn`t usc
moncy. In ancicnt timcs wc uscd to bartcr commoditics dirccty, onc
tor thc othcr . . ."
8 f 8 8 8
Jhcstory, thcn, is cvcrywhcrc. Itis thc tounding myth ot oursystcm ol
cconomic rcations. It is so dccpy cstabishcd in common scnsc, cvcn
in paccs ikc Nadagascar, that most pcopc on carth coudn`t imaginc
any othcr way that moncy possiby coud havc comc about.
Jhc probcm is thcrc`s no cvidcncc that it cvcr happcncd, and an
cnormous amount ot cvidcncc suggcsting that it did not.
1 N L N 1 1 N | H 1 L H Z
lor ccnturics now, cxporcrs havc bccn trying to hnd this tabcd
andot bartcr-noncwith succcss. AdamSmithscthisstoryinaborigi-
na lorth Amcrica othcrs prctcrrcd Atrica or thc lacihcj . In Smith`s
timc, atcastitcoud bcsaidthatrciabcintormation onlativc Amcr-
ican cconomic systcms was unavaiabc in Scottish ibrarics. ut by
mid-ccntury, Lcwis lcnry Norgan`s dcscriptions ot thc Six lations
ot thc Iroquois, among othcrs, wcrc widcy pubishcd-and thcy madc
ccar that thc main cconomic institution among thc Iroquois nations
wcrc onghouscs whcrc most goods wcrc stockpicd and thcn aocatcd
by womcn`s councis, and no onc cvcr tradcd arrowhcads tor sabs ot
mcat. Lconomists simpy ignorcd this intormation.
'
' Stancy |cvons,
tor cxampc, who in t8;t wrotc what has comc to bc considcrcd thc
cassic book on thc origins ot moncy, took his cxampcs straight trom
Smith, with Indians swapping vcnison tor ck and bcavcr hidcs, and
madc nousc otactua dcscriptions ot Indian itc that madcitccar that
Smith had simpy madc this up. Around that samc timc, missionarics,
advcnturcrs, and coonia administrators wcrc tanning out across thc
world, many bringing copics ot Smith`s book with thcm, cxpccting to
hnd thc and ot bartcr. lonc cvcr did. Jhcy discovcrcd an amost cnd-
css varicty ot cconomic systcms. ut to this day, no onc has bccn abc
to ocatc a part ot thc word whcrc thc ordinary modc ot cconomic
transaction bctwccn ncighbors takcs thc torm ot "I` givc you twcnty
chickcns tor that cow. "
Jhc dchnitivc anthropoogica work on bartcr, by Caroinc lum-
phrcy, ot Cambridgc, coud not bc morc dchnitivc in its concusions.
"lo cxampc ot a bartcr cconomy, purc and simpc, has cvcr bccn
dcscribcd, ct aonc thc cmcrgcncc trom it ot moncy; a avaiabc cth-
nography suggcsts that thcrc ncvcr has bccn such a thing."
'
-
low, a this hardy mcans that bartcr docs not cxist-or cvcn
that it`s ncvcr practiccd by thc sort ot pcopc that Smith woud rctcr to
as "savagcs. " It |ust mcans that it`s amost ncvcr cmpoycd, as Smith
imagincd, bctwccn tcow viagcrs. rdinariy, it takcs pacc bctwccn
strangcrs, cvcn cncmics. Lct us bcgin with thc lambikwara ot razi.
Jhcy woud sccm to ht a thc critcria. thcy arc a simpc socicty with-
out much in thc way ot division ot abor, organizcd into sma bands
that traditionay numbcrcd at bcst a hundrcd pcopc cach. ccasion-
ay itoncband spots thc cooking hrcs ot anothcr in thcir vicinity, thcy
wi scnd cmissarics to ncgotiatc a mccting tor purposcs ot tradc. It thc
ottcr is acccptcd, thcy wi hrst hidc thcir womcn and chidrcn in thc
torcst, thcn invitc thc mcn ot othcr band to visit camp. Lach band has
a chict; oncc cvcryonc has bccn asscmbcd, cach chict givcs a torma
spccch praising thc othcr party and bcitting his own; cvcryonc puts
O L 1
asdc thcr wcapons to sng and dancc togcthcr-though thc dancc s
onc that mimcs mtary controntaton. Jhcn, ndvduas trom cach
sdc approach cachothcrto tradc.
l an ndVdua! Wants an ObjCCt hC CXtO!s t by sayng hOW hnC
t s. l a man Va!uCs an ObjCCt and Wants muCh n CXChangC Or
t, nstCad O sayng that t s VCry Va!uab!C hC says that t s nO
gOOd, thus shOWng hs dCsrC tO kCCp t. hs aXC s nO gOOd,
t s VCry Od, t s VCry du!!, hC W ! say, rCCrrng tO hs aXC
WhCh thC OthCr Wants.
hs argumCnt s CarrCd On n an angry tOnC O VOCC un-
t! a sCtt!CmCnt s rCaChCd. hCn agrCCmCnt has bCCn rCaChCd
CaCh snatChCs thC ObjCCt Out O thC OthCrs hand. l a man has
bartCrCd a nCCkaCC, nstCad O takng t O and handng t
OVCr, thC OthCr pCrsOn must takC t O Wth a shOW O OrCC.
LsputCs, OtCn Cadng tO hghts, OCCur WhCn OnC party s a
!tt!C prCmaturC and snatChCs thC ObjCCt bCOrC thC OthCr has
hnshCd argung. '
Jhcwhocbusincssconcudcswth a grcattcastatwhch thcwom-
cn rcappcar, but ths too can cad to probcms, sncc amdst thc musc
andgood chccr, thcrcsampc opportunty torscductons. ' Jhssomc-
tmcs cd to |caous quarrcs. ccasonay, pcopc would gct kcd.
artcr, thcn, tor a thc tcstivc ccmcnts, was carrcd out bc-
twccn pcopc who mght othcrwisc bc cncmcs and hovcrcd about an
nch away trom outright wartarc-and, t thc cthnographcr is to bc
bcicvcd-t onc sdc atcr dccidcd thcy had bccn takcn advantagcot, t
coud vcry casy cad to actua wars.
Jo shtt our spotight hatway around thc word to Vcstcrn Am-
hcm Land n Austraa, whcrc thc Cunwinggu pcopc arc tamous tor
cntcrtanng ncghbors n rtuas ot ccrcmona bartcr cacd thc dza-
ma/ag. lcrc thc thrcat ot actua vocncc sccms much morc dstant.
larty, thss bccauscthngsarcmadccascr by thc cxstcncc ot a mo-
ctysystcmthatcmbraccsthcwhocrcgon. no onc saowcdto marry,
or cvcn havc scx wth, pcopc ot thcr own mocty, no mattcr whcrc
thcy comc trom, but anyonc trom thc othcr s tcchncay a potcnta
match. Jhcrctorc, tor a man, cvcn in dstant communtcs, hat thc
womcn arcstrctytorbddcn, hat otthcmtargamc. Jhc rcgons aso
unitcd by oca spcciazaton. cach pcopc has ts own tradc product to
bc bartcrcd wth thc othcrs.
Vhattoows s tromadcscriptionot a dzama/ag hcdn thcIqos,
as obscrvcd by an anthropoogst namcd Ronad crndt.
1 N L N 1 1 N | H 1 L H O 1
ncc agan, t bcgns as strangcrs, attcr somc nta ncgotatons,
arc nvtcd nto thc hosts` man camp. Jhc vistors n ths partcuar
cxampc wcrc tamous tor thcir "much-przcd scrratcd spcars"-thcir
hosts had acccss to good Luropcan coth. Jhc tradng bcgns whcn
thc vistng party, whch consstcd ot both mcn and womcn, cntcrs
thc camp`s dancng ground ot "ring pacc," and thrcc ot thcm bcgan
to cntcrtan thcr hosts wth musc. Jwo mcn start sngng, a thrd ac-
compancs thcm on thc d/djer/du. ctorc ong, womcn trom thc hosts`
sidc comc and attack thc muscans.
NCn and WOmCn rsC and bCgn tO danCC. hC dzama|ag OpCns
WhCn tWO LunWnggu WOmCn O thC OppOstC mOCty tO thC
sngng mCn gVC dzama|ag" tO thC attCr. hCy prCsCnt CaCh
man Wth a pCCC O COth, and ht Or tOuCh hm, pu ng hm
dOWn On thC grOund, Cang hm a dzama|ag husband, and
jOkng Wth hm n an CrOtC VCn. hCn anOthCr WOman O thC
OppOstC mOCty tO thC ppC payCr gVCs hm ClOth, hts and
jOkCs Wth hm.
hs sCts n mOtOn thC dzama|ag CXChangC. NCn rOm thC
Vstng grOup st quCty WhC WOmCn O thC OppOstC mOCty
COmC OVCr and gVC thCm COth, ht thCm, and nVtC thCm tO
COpuatC, thCy takC any bCrty thCy ChOOsC Wth thC mCn, amd
amusCmCnt and appausC, WhC thC sngng and danCng COn-
tnuC. OmCn try tO undO thC mCns On COVCrngs Or tOuCh
thCr pCnsCs, and tO drag thCm rOm thC rng paCC Or CO-
tus. hC mCn gO Wth thCr dzama|ag partnCrs, Wth a shOW O
rCuCtanCC, tO COpulatC n thC bushCs aWay rOm thC hrCs WhCh
ght up thC danCCrs. hCy may gVC thC WOmCn tObaCCO Or
bCads. hCn thC WOmCn rCturn, thCy gVC part O ths tObaCCO
tO thCr OWn husbands, WhO haVC CnCOuragCd thCm tO gO dza-
ma|ag. hC husbands, n turn, usC thC tObaCCO tO pay thCr OWn
CmaC dzama|ag partnCrs . . .' '
lcwsngcrsandmusicansappcar, arcagainassautcdanddraggcd
ott to thc bushcs; mcn cncouragc thcr wvcs "not to bc shy," so as to
mantan thc Cunwnggu rcputation tor hospitaty; cvcntuay thosc
mcn aso takc thc ntatvc wth thc vstors` wvcs, ottcrng coth, ht-
tng thcm, and cadng thcm ott nto thc bushcs. cads and tobacco
crcuatc. lnay, oncc partcipants havc a parcd ott at cast oncc,
and thc gucsts arc satishcd wth thc coth thcy havc acqurcd, thc
womcn stop dancng and stand n two rows and thc vistors inc up to
rcpay thcm.
O Z L 1
hCn Visiting mCn O OnC mOCty danCC tOWards thC WOmCn
O thC OppOstC mOCty, n OrdCr tO gVC thCm dzama|ag. "
hCy hOd shOVC-nOsCd spCars pOsCd, prCtCndng tO spCar thC
WOmCn, but nstCad ht thCm Wth thC hat O thC badC. C
W nOt spCar yOu, Or WC haVC arCady spCarCd yOu Wth Our
pCnsCs. hCy prCsCnt thC spCars tO thC WOmCn. hCn Vstng
mCn O thC OthCr mOCty gO thrOugh thC samC aCtOns Wth thC
WOmCn O thCr OppOstC mOCty, gVng thCm spCars Wth sCr-
ratCd pOnts. hs tCrmnatCs thC CCrCmOny, WhCh s O OWCd
by a argC dstrbutOn O OOd.
Jhis is a particuary dramatic casc, but dramatic cascs arc rcvca-
ing. Vhat thc Cunwinggu hosts appcar to havc bccn abc to do hcrc,
owing to thc rcativcy amicabc rcations bctwccn ncighboring pcopcs
in Vcstcrn Arnhcm Land, is to takc a thc ccmcnts in lambikwara
bartcr thc music and dancing, thc potcntia hostiity, thc scxua in-
trigucj , and turn it a into a kind ot tcstivc gamc-onc not, pcrhaps,
without its dangcrs, but as thc cthnographcr cmphasizcsj considcrcd
cnormous tun by cvcryonc conccrncd.
Vhat asuch cascsot tradcthroughbartcrhavcincommonisthat
thcy arc mcctings with strangcrs who wi, ikcy as not, ncvcr mcct
again, andwithwhomonc ccrtainywinotcntcr into any ongoing rc-
ations. Jhis is why a dircct onc-on-onc cxchangc is appropriatc. cach
sidc makcs thcir tradc andwaks away. It`s a madc possibc by aying
down an initia mantc ot sociabiity, in thc torm ot sharcd pcasurcs,
music and dancc-thc usua basc ot conviviaity on which tradc must
aways bc buit. Jhcn comcs thc actua trading, whcrcboth sidcs makc
a grcat dispay ot thc atcnt hostiity that ncccssariy cxists in any cx-
changc ot matcria goods bctwccn strangcrs-whcrc ncithcr party has
no particuar rcason not to takc advantagc ot thc othcr-by paytu
mock aggrcssion, though in thc lambikwara casc, whcrc thc mantc
ot sociabiity is cxtrcmcy thin, mock aggrcssion is in constant dangcr
ot sipping ovcr into thc rca thing. Jhc Cunwinggu, with thcir morc
rcaxcd attitudc toward scxuaity, havc quitc ingcniousy managcd to
makc thc sharcd pcasurcs and aggrcssion into cxacty thc samc thing.
Rcca hcrc thc anguagc ot thc cconomics tcxtbooks. "Imaginc a
socicty without moncy. "Imaginc a bartcr cconomy. nc thing thcsc
cxampcs makc abundanty ccar is |ust how imitcd thc imaginativc
powcrs ot most cconomists turn out to bc.
'
Vhy: Jhc simpcst answcr woud bc. tor thcrc to cvcn bc a disci-
pinc cacd "cconomics, adiscipinc that conccrns itsct hrst and torc-
most with how individuas scck thc most advantagcous arrangcmcnt
1 N L N 1 1 N | H 1 L H O O
tor thc cxchangc ot shocs tor potatocs, or coth tor spcars, it must
assumc that thc cxchangc ot such goods nccd havc nothing to do with
war, passion, advcnturc, mystcry, scx, or dcath. Lconomics assumcs a
division bctwccn dittcrcnt sphcrcs ot human bchavior that, among pco
pc ikc thc Cunwinngu and thc lambikwara, simpy docs not cxist.
Jhcsc divisions in turn arc madc possibc by vcry spccihc institutiona
arrangcmcnts. thc cxistcncc ot awycrs, prisons, and poicc, to cnsurc
that cvcn pcopc who don`t ikc cach othcr vcry much, who havc no
intcrcst in dcvcoping any kind ot ongoing rcationship, but arc simpy
intcrcstcd in gctting thcir hands on as much ot thc othcrs` posscssions
as possibc, wi noncthccss rctrain trom thc most obvious cxpcdicnt
thcttj . Jhis in turn aows us to assumc that itc is ncaty dividcd bc
twccn thc markctpacc, whcrc wc do our shopping, and thc "sphcrc
ot consumption," whcrc wc conccrn ourscvcs with music, tcasts, and
scduction. In othcr words, thcvision ot thcword that torms thcbasis
ot thc cconomics tcxtbooks, which Adam Smith paycd so argc a part
in promugating, has by now bccomc so much a part ot our common
scnsc that wc hnd it hard to imaginc any othcr possibc arrangcmcnt.
lromthcsccxampcs, it bcgins to bcccarwhy thcrcarc no socict-
ics bascd on bartcr. Such a socicty coud ony bc onc in which cvcry-
body was an inch away trom cvcrybody csc`s throat; but noncthccss
hovcring thcrc, poiscd to strikc but ncvcr actuay striking, torcvcr.
Jruc, bartcr docs somctimcsoccur bctwccn pcopc who do not consid-
crcachothcrstrangcrs, butthcy`rcusuaypcopcwho mightaswc bc
strangcrs-that is, who tcc no scnsc ot mutua rcsponsibiity or trust,
or thc dcsirc to dcvcop ongoing rcations. Jhc lukhtun ot lorthcrn
lakistan, tor instancc, arc tamous tor thcir opcn-handcd hospitaity.
artcr is what you do with thosc to whom you arc not bound by tics
ot hospitaity or kinship, or much ot anything cscj .
P Iavoritc modc oI cxchangc among mcn is bartcr, or ada|-
|ada| givc and takcj . Mcn arc always on thc alcrt Ior thc
possibility oI bartcring onc oI thcir posscssions Ior somcthing
bcttcr. Itcn thc cxchangc is likcIor likc: a radio Ior a radio,
sunglasscs Ior sunglasscs, a watch Ior a watch. Mowcvcr, un-
likc objccts can also bc cxchangcd, such as, in onc instancc, a
bicyclc Ior two donkcys. Ada|-|ada| is always practiccd with
non-rclativcs and aIIords mcn a grcat dcal oI plcasurc as thcy
attcmpt to gct thc advantagc ovcr thcir cxchangc partncr. P
good cxchangc, in which a man Iccls hc has gottcn thc bcttcr
oI thc dcal, is causcIor bragging and pridc. lI thc cxchangc is
bad, thc rccipicnt trics to rcncgc on thc dcal or, Iailing that, to
O L 1
pam oII thc Iauty objcct on somconc unsuspccting. Jhc bcst
partncr in ada|-|ada| is somconc who is distant spatiay and
wi thcrcIorc havc ittcopportunityto compain.
lcithcr arc such unscrupuous motivcs imitcd to Ccntra| Asia.
Jhcy sccm inhcrcnt to thcvcry naturc ot bartcr-which woud cxpain
thc tact that in thc ccntury or two bctorc 5mith`s timc, thc Lnglish
words "truck and bartcr," ikc thcir cquiva|cnts in lrcnch, 5panish,
Ccrman, Outch, and lortugucsc, itcray mcant "to trick, bamboozc,
or rip ott. "

5wapping onc thing dirccty tor anothcr whic trying to

gct thc bcst dca onc can out ot thc transaction is, ordinariy, how
onc dcas with pcopc onc docsn`t carc about and docsn`t cxpcct to
scc again. Vhat rcason is thcrc not to try to takc advantagc ot such
a pcrson: It, on thc othcr hand, onc carcs cnough about somconc-a
ncighbor, a tricnd-to wish to dca with hcr tairy and honcsty, onc
wi incvitaby also carc about hcr cnough to takc hcr individua nccds,
dcsircs, and situation into account. Lvcn it you do swap onc thing tor
anothcr, you arc ikcy to tramc thc mattcr as a gitt.
8 8 8 8 8
Jo iustratc what I mcan by this, ct`s rcturn to thc cconomics tcxt-
books and thc probcm ot thc "doubc coincidcncc ot wants. " Vhcn
wc ctt lcnry, hc nccdcd a pair ot shocs, but a hc had ying around
wcrc somc potatocs. |oshua had an cxtra pair ot shocs, but hc didn`t
rcay nccd potatocs. 5incc moncy has not yct bccn invcntcd, thcy havc
a probcm. Vhat arc thcy to do:
Jhc hrst thing that shoud bc clcar by now is thatwc`d rcay havc
to know a bit morc about |oshua and lcnry. Vho arc thcy: Arc thcy
rcatcd: It so, how: Jhcyappcartolivcina smacommunity. Anytwo
pcopc who havc bccn iving thcir ivcs in thc samc sma community
wi havc somc sort ot compicatcd history with cach othcr. Arc thcy
tricnds, rivas, aics, ovcrs, cncmics, or scvcraotthcsc things atoncc:
Jhc authors otthcorigina cxampc sccmto assumctwoncighbors
ot roughy cqua status, notcoscy rc|atcd, buton tricndy tcrms-that
is, as closc to ncutra cquaity as onc can gct. Lvcn so, this docsn`t say
much. lor cxampc, it lcnry was living in a 5cncca onghousc, and
nccdcd shocs, |oshua woud not cvcn cntcr into it, hc`d simpy mcn-
tion it to his witc, who`d bring up thc mattcr with thc othcr matrons,
tctchmatcriastromthconghousc`scocctivcstorchousc, andscw him
somc. Atcrnatcly, to hnd a sccnario ht tor an imaginary cconomics
1 N L N 1 1 N | H 1 L H O D
tcxtbook, wc might pacc |oshua and lcnry togcthcr in a sma, inti-
matc community ikc a lambikwara or Cunwinggu band.
5CLlAKl I
Mcnry walks up to |oshua and says "Micc shocs!"
|oshua says, "h, thcy`rc notmuch, butsincc yousccmto likc
thcm, by all mcans takc thcm. "
Mcnry takcs thc shocs.
Mcnry`s potatocsarc not atissucsincc both partics arc pcrfcctly
wcll awarc that if |oshua wcrc cvcr short of potatocs, Mcnry would
givc him somc.
And that`s about it. t coursc it`s not ccar, in this casc, how ong
lcnry wi actuay gct to kccp thc shocs. It probaby dcpcnds on how
nicc thcy arc. It thcy wcrc |ust ordinary shocs, this might bc thc cnd ot
thc mattcr. It thcy arc in any way uniquc or bcautitu, thcy might cnd
up bcing passcd around. Jhcrc`s a tamous story that |ohn and Lorna
Narsha, who carricd out a study ot Kaahari ushmcn in thc `6os,
oncc gavc a knitc to onc ot thcir tavoritc intormants. Jhcy ctt and
camc back a ycar atcr, ony to discovcr that prctty much cvcryonc in
thc band had bccn in posscssion ot thcknitcat somc point inbctwccn.
n thc othcr hand, scvcra Arab tricnds conhrm to mc that in css
stricty cgaitarian contcxts, thcrc is an cxpcdicnt. It a tricndpraiscs a
braccct or bag, you arc normay cxpcctcd to immcdiatcy say "takc
it-but it you arc rcay dctcrmincd to hod on to it, you can aways
say, "ycs, isn`t it bcautitu: It was a gitt.
ut ccary, thc authors ot thc tcxtbook havc a sighty morc im-
pcrsona transaction in mind. Jhc authors sccm to imaginc thc two
mcn as thc hcads ot patriarcha houschods, on good tcrms with cach
othcr, but who kccp thcir own suppics. lcrhaps thcy ivc in onc ot
thosc 5cottishviagcs with thc butchcr and thc bakcr in Adam 5mith`s
cxampcs, or a coonia scttcmcnt in lcw Lngand. Lxccpt tor somc
rcason thcy`vc ncvcr hcard ot moncy. It`s a pccuiar tantasy, but ct`s
scc what wc can do.
5CEAKl Z
Mcnrywalksup to |oshuaandsays, "Micc shocs' "
r, pcrhaps-lct`s makc this a bit morc rcalistic-Mcnry`s wifc
is chatting with |oshua`s and stratcgically lcts slip that thc statc of
Mcnry`s shocs is gctting so bad hc`scomplainingabout corns.
d L 1
Jhc mcssagc s convcycd, and joshua comcs by thc ncxt day to
ottcr hs cxtra par to Mcnry as a prcscnt, nsstng that ths s | ust
a ncghbor|y gcsturc. Mc wou|d ccrtan|y ncvcr want anythng n
rcturn.
It docsn`t mattcr whcthcr joshua s snccrc n sayngths. y do-
ng so, joshua thcrcby rcg stcrs a crcdt. Mcnry owcs hm onc.
Mow mght Mcnry pay joshua back Jhcrc arc cnd|css poss-
b |tcs. Icrhaps joshua rca||y docs want potatocs. Mcnry wats a
dscrctc ntcrva| and drops thcm ott, nsstng that ths too s | ust a
gtt. r joshua docsn`t nccd potatocs now but Mcnry wats unt| hc
docs. r maybc a ycar |atcr, joshua s p|annng a banquct, so hc
comcs stro|| ng by Mcnry` s barnyard and says "lcc pg . . .
n any ol thcsc sccnaros, thc problcm ol "doubl c concdcncc ol
wants, ` so cndlcssly nvokcd n thc cconomcs tcxtbooks, s mpl ydsap-
pcars. Mcnry mght not havc somcthng )oshua wants rght now. But
l thc two arc ncghbors, t` s obvously only a mattcr ol tmc bclorc
hc w l l . '
hs n turn mcans that thc nccd to stockp lccommonl y acccptablc
tcms n thc way that Smth suggcstcd dsappcars as wcl l . Vth t gocs
thc nccd to dcvclop currcncy. As wth so many actual smal l commun -
tcs, cvcryonc smpl y kccpstrack olwho owcs what to whom.
hcrc s | ust onc ma| or conccptual problcm hcrconc thc attcn-
tvc rcadcr mght havc notccd. Mcnry "owcs )oshua onc. ` Lnc what!
Mow do you quantly a lavor! Ln what bas s do you say that th s
many potatocs, or ths bg a pg, sccms morc or lcss cquvalcnt to a
pa r ol shocs ! Bccausc cvcn l thcsc thngs rcman rough-and-rcady ap-
prox matons, thcrc must bc some way to cstablsh that X s roughly
cquvalcnt to I, or slghtly worsc or slghtly bcttcr. Oocsn` t ths mpl y
that somcthng lkc moncy, at lcast n thc scnsc ol a unt ol accounts
by whch onc can comparc thc val uc ol dllcrcnt ob| ccts, al rcady has
to cx st!
n most glt cconom cs, thcrc actual l y s a rough-and-rcady way
to sol vc thc probl cm. Lnc cstabl shcs a scr cs ol rankcd catcgorcs ol
types ol thng. Igs and shocs may bc consdcrcd ob| ccts ol roughly
cquvalcnt status, onc can gvc onc n rcturn lor thc othcr, coral ncck-
laccs arc qutc anothcr mattcr, onc would havc to gvc back anothcr
nccklacc, or at lcast anothcr pccc ol| cwcl ryanthropologsts arc uscd
to rclcrrng to thcsc as crcatng dllcrcnt "sphcrcs ol cxchangc. `` hs
docs s mpl ly thngs somcwhat. Vhcn cross-cultural bartcr bccomcs a
rcgul ar and uncxccptonal thng, t tcnds to opcratc accordng to s m -
l ar prncplcs. thcrc arc onl y ccrtan th ngs tradcd lor ccrtan othcrs
1 N L N 1 1 N | H 1 L H O 1
coth tor spcars, tor cxampcj , whch makcs t casy to work out tra-
dtona cquvacnccs. lowcvcr, ths docsn`t hcp us at a with thc
probcm ot thc orgn ot moncy. Actuay, t makcs t nhntcy worsc.
Vhy stockpc sat or god or hsh t thcy can ony bc cxchangcd tor
somc thngs and not othcrs:
In fact, thcrc s good rcason to bccvc that bartcr s not a par-
tcuary anccnt phcnomcnon at a, but has ony rcay bccomc wdc-
sprcad inmodcrntmcs. Ccrtany n most otthc cascswc knowabout,
t takcs pacc bctwccn pcopc who arc tamar wth thc usc ot moncy,
but tor onc rcason or anothcr, don`t havc a ot ot t around. Eaboratc
bartcr systcms ottcn crop up n thc wakc ot thc coapsc ot natona
cconomcs. mostrcccntynRussainthc `os, andnArgcntnaaround
zooz, whcnrubcsnthc hrst casc, anddoarsnthcsccond, cttcctvcy
dsappcarcd. ccasonay onc can cvcn hnd somc knd ot currcncy
bcgnning to dcvcop. tor nstancc, n lV camps and many prsons,
nmatcs havc ndccd bccn known to usc cgarcttcs as a knd ot cur-
rcncy, much to thc dcght and cxctcmcnt ot protcssona cconomsts.
ut hcrc too wc arc takng about pcopc who grcw up usng moncy
andnowhavc to makcdo wthouttcxacty thc stuaton "magncd
by thc cconomcs tcxtbooks wth whch I bcgan.
Jhc morc trcqucnt souton s to adopt somc sort ot crcdt systcm.
Vhcn much ot Europc "rcvcrtcd to bartcr attcr thc coapsc ot thc
Roman Emprc, and thcn agan attcr thc Carongan Empirc kcwsc
tc apart, ths sccms to bc what happcncd. lcopc contnucd kccpng
accounts n thc od mpcra currcncy, cvcn t thcy wcrc no ongcr us-
ng cons. Smiary, thc lukhtun mcn who kc to swap bcyccs tor
donkcys arc hardy untamar wth thc usc ot moncy. Noncy has cx-
stcd n that part ot thc word tor thousands ot ycars. Jhcy |ust prctcr
drcct cxchangc bctwccn cquasn ths casc, bccausc thcy consdcr t
morc many.
Jhc mostrcmarkabcthngs thatcvcnn Adam Smth`s cxampcs
ot hsh and nas and tobacco bcng uscd as moncy, thc samc sort ot
thng was happcnng. In thc ycars toowng thc appcarancc ot Tbe
Wea/tb of Nat/ons, schoars chcckcd nto most ot thosc cxampcs and
dscovcrcdthat n |ust about cvcry casc, thc pcopcnvovcdwcrc qutc
tamar wth thc usc ot moncy, and n tact, uere usng moncyas a
unt ot account.

Jakc thc cxampc ot dricd cod, supposcdy uscd as

moncy n lcwtoundand. As thc rtsh dpomat A. Ntchc-Inncs
pontcd out amost a ccntury ago, what Smth dcscrbcs was rcay an
uson, crcatcd by a smpc crcdtarrangcmcnt.
O L 1
In thc car|y days ot thc lcwtound|and hshng ndustry, thcrc
was no pcrmancnt Europcan popu|aton, thc hshcrs wcnt thcrc
tor thc hshng scason on|y, and thosc who wcrc not hshcrs
wcrc tradcrs who bought thc drcd hsh and so|d to thc hshcrs
thcr da|y supp|cs. Jhc |attcr so|d thcr catch to thc tradcrs at
thc markct prcc n pounds, sh| |ngs and pcncc, and obta ncd
n rcturn a crcdton thcr books, wth whch thcy pad tor thcr
supp|cs. a|anccs duc by thctradcrswcrcpadtorbydratts on
Eng|and or Francc. ` '
t was qu tc thc samc n thc Scott sh v l l agc. t` s not as l anyonc
actua| l y walkcd nto thc local pub, pl unkcd down a roohng nal, and
askcd lor a p nt ol bccr. Lmploycrs n Sm th` s day oltcn l ackcd con
to pay thcr workcrs, wagcs could bc dclaycd by a ycar or morc, n
thc mcant mc, t was consdcrcd acccptabl c lor cmployccs to carry oll
cthcr somc ol thcr own products or |cltovcr work matcr al s, l umbcr,
labrc, cord, and so on. hc na l s wcrc dc lacto ntcrcst on what thcr
cmploycrs owcd thcm. Sothcy wcntto thc pub, ran up a tab, and whcn
occason pcrmttcd, brought n a bag ol nals to chargc oll aganst thc
dcbt. hc l aw makng tobacco lcgal tcndcr n Vrgna sccms to havc
bccn an attcmpt by pl antcrs to obl gc local mcrchants to acccpt thcr
products as a crcdt around harvcst tmc. n cllcct, thc l aw lorccd al l
mcrchants n Vrgna to bccomc mddlcmcn n thc tobacco busncss,
whcthcr thcy lkcd t or not, | ust as al l Vcst ndan mcrchants wcrc
obl gcd to bccomc sugar dcalcrs, sncc that`s what all thcr wcalthcr
customcrs brought n to wrtc oll aganst thcr dcbt.
hc prmary cxamp|cs, thcn, wcrc oncs n whch pcoplc wcrc
mprovsng crcdt systcms, bccausc actua| moncygold and slvcr
conagc was n short supply. But thc most shockng blow to thc con-
vcntonal vcrson olcconomchstorycamcwth thctrans|aton, hrstol
Lgyptan hcroglyphcs, and thcn ol Ncsopotaman cunclorm, whch
pushcd back scho|ars` knowlcdgc ol wrttcn h story al most thrcc m l -
lcnn a, lrom thc tmc olMomcr crca 8oo sCj , whcrct had hovcrcd n
Sm th` s tmc, to rough|y oo sC. Vhat thcsc tcxts rcvcalcd was that
crcdt systcms ol cxact|y ths sort actually preceded thc nvcnton ol
conagc by thousands olycars.
hc Ncsopotam an systcm s thc bcst-documcntcd, morc so than
that ol haraonc Egypt whch appcars s m l ar) , Shang Lhna about
whch wc know lttlc) , or thc ndus Vallcy cvlzaton about whch
wc know nothng at al l ) . As t happcns, wc know a grcat dcal about
Ncsopotam a, sncc thc vast ma| orty ol cunclorm documcnts wcrc
hnancal n naturc.
1 N L N 1 1 N | H 1 L H O
hc Sumcran cconomy was dom natcd by vast tcmplc and palacc
complcxcs. hcscwcrcoltcn stallcd by thousands. prcsts and olhc al s,
craltspcop|c who workcd n thc r ndustr al workshops, larmcrs and
shcphcrds who workcd thcr consdcrablc cstatcs. Lvcn though anccnt
Sumcr was usually dvdcd nto a l argc numbcr ol ndcpcndcnt cty-
statcs, by thc tmc thc curtan gocs up on Ncsopotaman cvl zaton
around oo, tcmplc adm n strators alrcady appcar to havc dcvclopcd
a snglc, unlorm systcm ol accountancyonc that s n somc ways
stll wth us, actual l y, bccausc t` s to thc Sumcrans that wc owc such
thngs as thc dozcn or thc zq-hour day. ' hc basc monctary unt was
thc s lvcr shckcl . Lnc shckcl ` s wcght n sl vcr was cstabl shcd as thc
cquvalcnt ol onc gur, or bushcl ol barlcy. A shckcl was subdvdcd
nto 6o m nas, corrcspondng to onc porton ol barlcyon thc prn-
cplc thatthcrcwcrco days n a month, and cmpl cworkcrsrcccvcd
two ratons ol barlcy cvcry day. t`s casy to scc that "moncy` n ths
scnsc s n no way thc product ol commcrcal transactons . t was ac-
tually crcatcd by burcaucrats n ordcr to kccp track ol rcsourccs and
movc thngs back and lorth bctwccn dcpartmcnts.
cmplc burcaucrats uscd thc systcm to cal cul atc dcbts rcnts, lccs,
l oans . . . ) n slvcr. S lvcr was, cllcctvcly, moncy. And t dd ndccd
crcul atc n thc lorm ol unworkcd chunks, "rudc bars` as Smth had
put t. '' n ths hc was rght. But t was al most thc onl y part olhs ac-
count that was rght. Lnc rcason was that s l vcr dd not crcul atc vcry
much. Nost olt| ustsat around n cmplcandal acc trcasurcs, somc
ol whch rcmancd, carclul l y guardcd, n thc samc pl acc lor l tcral l y
thousandsolycars. t would havc bccn casy cnough to standardzc thc
ngots, stamp thcm,crcatcsomc authortatvcsystcmto guarantcc thcr
purty. hc tcchnology cx stcd. Yct no onc saw any partcul ar nccd to
do so. Lnc rcason was that whlc dcbts wcrc cal cul atcd n slvcr, thcy
dd not havc to bc pa/d n slvcrn lact, thcy could bc pad n morc
or lcss anythng onc had around. casants who owcd moncy to thc
cmplc or al acc, or to somc cmplc or a| acc olhc al , sccm to havc
scttlcd thcr dcbts mostly n barlcy, whch s why hxng thc rato ols l -
vcr to barl cywas so mportant. But t was pcrlcctly acccptabl cto show
up wth goats, or lurnturc, or l ap s lazul . cmpl cs and al accs wcrc
hugc ndustr al opcratonsthcy could hnd a usclor al mostanythng. ''
n thc markctplaccs that croppcd up n Ncsopotam an ctcs, prc-
cs wcrc al so cal cul atcd n slvcr, and thc prccs ol commodtcs that
wcrcn` t cntrcly control l cd by thc cmplcs and al accs would tcnd to
huctuatc accordng to suppl yanddcmand. Butcvcn hcrc, such cvdcncc
as wc havc suggcsts that most transactons wcrc bascd on crcdt. Ncr-
chants who somctmcs workcd lor thc cmplcs, somct mcs opcratcd
L 1
ndcpcndcntly) wcrc among thc lcw pcoplc who dd, oltcn, actually usc
slvcr n transactons, but cvcn thcy mostly dd much olthcr dcalngs
on crcdt, and ordnary pcoplc buyng bccr lrom "alc womcn, ` or l o-
cal nnkccpcrs, oncc agan, dd so by runnng up a tab, to bc scttlcd at
harvcst tmc n barlcy oranyth ngthcy mght havc had at hand.''
At ths pont, | ust about cvcry aspcct ol thc convcntonal story ol
thc orgns olmoncy l ay n rubbl c. Karcly has an h storcalthcorybccn
so absolutcly and systcmatcally rclutcd. By thc carly dccadcs ol thc
twcntcth ccntury, al l thc pcccs wcrc n placc to complctcly rcwrtc
thc hstory ol moncy. hc groundwork was lad by Ntchcll-nncs
thc samc onc ` vc al rcadyc tcd on thc mattcr olthc codn two cssays
that appcarcd n Pcw 1ork` s 8anking Lau ]ourna/ n II and IIq.
n thcsc, Ntchcll-nncs mattcr-ol-lactly lad out thc lal sc assumptons
on whchcxstngcconomc h story was bascd and suggcstcd that what
was rcal l y nccdcd was a h story oldcbt.
nc ol thc popu|ar la| |accs n connccton wth commcrcc s
that n modcrn days a moncy-savng dcvcc has bccn ntro-
duccd ca||cd credit and that, bclorc ths dcvcc was known,
a||, purchascs wcrcpad lor n cash, n othcr words n cons. P
carclu| nvcstgaton shows that thc prccsc rcvcrsc s truc. In
o|dcn days cons p|aycd a lar sma|lcr part n commcrcc than
thcydo to-day. Indccd so sma|| was thc quantty olcons, that
thcy dd not cvcn sulhcc lor thc nccds ol thc Ncdcva| Lng-
|sh| Koya| houscho|d and cstatcs whch rcgu|ar|y uscd tokcns
olvarous knds lor thc purposc olmakng smal| paymcnts. bo
unmportant ndccd was thc conagc that somctmcs Kngs dd
not hcstatc to ca|| t a|| n lorrc-mntngand rc-ssuc and st|l
commcrcc wcnt on | ust thc samc.'
n lact, our standard account ol monctary hstory s prccscly
backwards. Vc dd not bcgn wth bartcr, dscovcr moncy, and thcn
cvcntual l y dcvclop crcdt systcms. t happcncd prccscly thc othcr way
around. Vhat wc now call vrtual moncy camc hrst. Lons camc much
latcr, and thcr usc sprcad only uncvcnly, ncvcr complctcly rcplacng
crcdt systcms. Bartcr, n turn, appcars to bc l argcly a knd olaccdcn-
tal byproduct olthc usc ol conagc or papcr moncy. hstorcal l y, t has
manly bccn what pcoplc who arc uscd to cash transactons do whcn
lor onc rcason or anothcr thcy havc no acccss to currcncy.
hc curous thng s that t ncvcr happcncd. hs ncw hstory was
ncvcrwrttcn. t` snotthatanycconomsthascvcrrclutcdNtchcll-nncs.
hcy | ust gnorcd hm. cxtbooks dd not changc thcr storycvcn l
1 N L N 1 1 N | H 1 L H 1
al l thc cvdcncc madc clcar that thc story was s mply wrong. coplc
st ll wrtc hstorcs ol moncy that arc actual l y hstorcs ol conagc, on
thc assumpton that n thc past, thcsc wcrc ncccssarly thc samc thng,
pcrods whcn conagc l argcly vanshcd arc st l l dcscrbcd astmcs whcn
thc cconomy "rcvcrtcd to bartcr, ` as l thc mcanng ol ths phrasc s
scll-cvdcnt, cvcn though no onc actually knows what t mcans. As a
rcsult wc havc ncxt-to-no dca how, say, thc nhabtant ol a Outch
town n o AD actual l y wcnt about acqurng chccsc or spoons or hr-
ng muscans to play at hs daughtcr` s wcddnglct alonc how any ol
ths was lkcly to bc arrangcd n cmba or Samarkand.'
0N 8 pt0 r 1N r 00
P R | Y0R 0| kL 0L 615
ln heing horn etery heing i s horn as
Jeht oueJ to the goJs, the saints, the
|athers anJ to men. lj one makes a sac-
rice, it is hecause oj a deht ouing to
the goJ! jrom hirth . . . lj one recites a
sacreJ text, it is hecause oj a Jeht ouing
to the saints . . . lj one uishes jor ojj

spring, it is hecause oj a deht Jue to the

jathers jrom hirth . . . AnJ ij one gites
hospitality, it is hecause it is a Jeht ou-
ing to men.
-Satapatha rahmana I. ;. Iz, I~
Let us Jrite auay the etil e[ects oj haJ
dreams, ust as ue pay ojj Jehts.
-Kig \eJa B. q;. I;
1HL KLbN 1H1 cconomcs tcxtbooks now bcgn wth magnary
vagcs s bccausc t has bccn mpossbc to tak about rca oncs. Lvcn
somccconomsts havcbccntorccdto admtthatSmth`s Landotartcr
docsn`t rcay cxst. '
Jhc qucstion s why thc myth has bccn pcrpctuatcd, anyway.
Lconomsts havcong sncc|cttsoncd othcr ccmcnts ot Tbe Wea/tb Of
MattOnb-tor nstancc, Smth`s abor thcory ot vauc and dsapprova
ot |ont-stockcorporatons. Vhy not smpywrtcott thc myth ot bar-
tcr as a quant Lnghtcnmcnt parabc, and nstcad attcmpt to undcr-
stand prmordia crcdt arrangcmcnts-or anyway, somcthng morc n
kccpng wth thc hstorca cvdcncc:
Jhc answcr sccms to bc that thc Nyth ot artcr cannot go away,
bccausc t s ccntra to thc cntrc dscoursc ot cconomcs.
L 1
Kccall hcrc what Smth was tryng to do whcn hc wrotc Tbe
Wea/tb of Nat/ons. Abovc al l , thc book was an attcmpt to cstablsh
thc ncwlound dscpl nc olcconom cs as a sccncc. hs mcant that not
only dd cconom cs havc ts own pccular doman ol studywhat wc
now call "thc cconomy, ` though thc dca that thcrc cvcn was somc-
thng cal lcd an "cconomy` was vcry ncw n Smth` s daybut that
ths cconomy opcratcd accordng to laws ol much thc samc sort as
S r saac Pcwton had so rcccntly dcnthcd as govcrnng thc physcal
world. Pcwtonhad rcprcscntcd Lod as a cosmcwatchmakcr who had
crcatcd thc physcal machncry ol thc unvcrsc n such a way that t
would opcratc lor thc ul tmatc bcncht ol humans, and thcn lct t run
on ts own. Smth was tryng to makc a s m l ar, Pcwtonan argumcnt.
Lodor O v nc rovdcncc, as hc put thad arrangcd mattcrs n
such a way that ourpursutolscll-ntcrcst would noncthclcss, gvcn an
unlcttcrcd markct, bc gudcd "as l by an nv s bl c hand` to promotc
thc gcncral wcllarc. Sm th` s lamous nvsblc hand was, as hc says n
hs Tbeory of Mora/ Sent/ments, thcagcntolO vncrovdcncc. t was
ltcrally thc hand ol Lod. '
Lncccconomcshadbccncstabl shcd asa dscplnc, thcthcologcal
argumcnts no longcr sccmcd ncccssary or mportant. coplc contnuc
to arguc about whcthcr an unlcttcrcd lrcc markct rcally w l l producc
thc rcsults that Sm th sad t would, but no onc qucstons whcthcr "thc
markct` naturally cxsts. hc undcrlyng assumptons that dcrvc lrom
ths camcto bc sccn as common scnsc so much so that, as ` vc notcd,
wc smply assumc that whcn val uabl c ob| ccts do changc hands, t w l l
normal l y bc bccausc two ndvdual s havc both dccdcd thcy would
gan a matcr al advantagc by swappng thcm. Lncntcrcstngcorollary
s that, as a rcsult, cconomsts havc comc to scc thc vcry qucston ol
thc prcscncc or abscncc ol moncy as not cspccal l y mportant, sncc
moncy s | ust a commodty, choscn to lac l tatc cxchangc, and whch
wc uscto mcasurc thc val ucolothcrcommodtcs . Lthcrwsc, thas no
spccal qualtcs. St l l , n t8, aul Samuclson, onc olthc lcadng lghts
ol thc ncocl asscal school that stll prcdom natcs n modcrn cconomc
thought, could cxprcss dsda n lor what hc cal lcd "thc socal contrv-
ancc olmoncy. ` "Lvcn n thc most advanccd ndustral cconomcs, ` hc
nsstcd, " lwc strpcxchangcdown to ts barcst csscntals and pccl oll
thc obscurng laycr ol moncy, wc hnd that tradc bctwccn ndvduals
and natons l argcly bo l s down to bartcr. `' Lthcrs spokc ol a "vc l ol
moncy` obscurng thc naturc ol thc "rcal cconomy` n whch pcoplc
produccd rcal goods and scrvccs and swappcd thcm back and lorth. '
Lal l ths thc hnal apothcos s ol cconomcs as common scnsc.
Noncy s unmportant. Lconom cs"rcal cconomcs`arc rcally vast
| H | N H | L L 1 b 4 D
bartcr systcms. hc problcm s that hstory shows that wthout moncy,
such vast bartcr systcms do notoccur. Lvcn whcn cconomcs "rcvcrt to
bartcr, ` asLuropc was sad to do n thc Nddlc Agcs, thcy don`t actu-
ally abandon thc usc ol moncy. hcy | ust abandon thc usc olcash. n
thc N ddl c Agcs, lor nstancc, cvcryonc contnucd to asscss thc val uc
ol tools and lvcstock n thc ol d Koman currcncy, cvcn l thc cons
thcmsclvcs had ccascd to crculatc.
t` s moncy that had madc t poss bl c lor us to magnc oursclvcs n
thc way cconom sts cncouragc us to do. as a col l ccton ol ndvdual s
andnat onswhoscma nbus ncss s swappngth ngs. t` s al socl carthat
thcmcrccxstcncc olmoncy, n tscll, s notcnoughtoal l ow us sccthc
worl dths way. l twcrc, thc dscplncolcconomcswoul dhavcbccn
crcatcd n anccnt Sumcr, oranyway, lar carlcr than t;;6, whcnAdam
Sm th` s Tbe Wea/tb of Nations appcarcd.
hc mssng clcmcnt s n lact cxactly thc thng Smth was at-
tcmptng to downpl ay. thc rolc ol govcrnmcnt polcy. n Lngland, n
Sm th` s day, t bccamc poss bl c to scc thc markct, thc world ol butch-
crs, ronmongcrs, and habcrdashcrs, as ts own cntrcly ndcpcndcnt
sphcrc ol human actvty bccausc thc Brtsh govcrnmcnt was actvcly
cngagcd n lostcrng t. hs rcqu rcd l aws and polcc, but also, spcchc
monctary polccs, whch l bcral s lkc Smth wcrc succcsslul l y) advo-
catng. t rcqurcd pcggng thc valuc ol thc currcncy to s lvcr, but at
thc samc tmc grcatly ncrcasng thc moncy supply, and partcularly
thc amount ol small changc n crculaton. hs not onl y rcqurcd
hugc amounts ol tn and coppcr, but also thc carclul rcgulaton ol thc
banks that wcrc, at that tmc, thc only sourcc ol papcr moncy. hc
ccntury bclorc Tbe Wea/tb of Nations had sccn at lcast two attcmpts
to crcatc statc-supportcd ccntral banks, n rancc and Swcdcn, that
had provcn to bc spcctacul ar lal urcs. n cach casc, thc would-bc ccn-
tral bank ssucd notcs bascd l argcly on spcculaton that col l apscd thc
momcnt nvcstors lost lath. Smth supportcd thc usc olpapcr moncy,
but lkc Lockc bclorc hm, hc also bcl cvcd that thc rclatvc succcss
ol thc Bank ol Lngland and Bank ol Scotland had bccn duc to thcr
polcy olpcggng papcr moncy hrml y to prccous mctal s. hs bccamc
thc manstrcam cconomc vcw, so much so that al tcrnatvcthcorcs ol
moncy as crcdtthc onc that Ntchcll-nncs advocatcdwcrc quckly
rclcgatcd to thc margns, thcr proponcnts wrttcn oll as cranks, and
thcvcry sort olthnkng that lcd to bad banks and spcculatvcbubblcs
n thc hrst pl acc.
t mght bc hclplul , thcn, to consdcr what thcsc al tcrnatvc thco-
rcs actually wcrc.
L 1
5t8t0 8 0 J 0r0J l t 1h00r l 0s 0f Y0 0 0
Ntchcll-nncs was an cxponcnt ol what camc to bc known as thc
Lrcdt hcory ol moncy, a poston that ovcr thc coursc ol thc nnc-
tccnth ccntury had ts most avd proponcnts not n Ntchcl l-nncs` s
natvc Brtan but n thctwo up-and-comng rval powcrs ol thc day,
thc Ontcd Statcs and Lcrmany. Lrcdt hcorsts ns stcd that moncy
s not a commodty but an accountng tool . n othcr words, t s not a
"thng` at al l . You can no morc touch a dol l ar or a dcutschmark than
you can touch an hour or a cubc ccntmctcr. Onts ol currcncy arc
mcrcly abstract unts ol mcasurcmcnt, and as thc crcdt thcorsts cor-
rcctly notcd, hstor cal l y, such abstract systcms ol accountng cmcrgcd
long bclorc thc usc ol any partcular tokcn olcxchangc.
hc obvous ncxtqucston s. l moncy s a | ust a yardstck, what
thcn docs t mcasurc! hc answcr was s mpl c. dcbt. A con s, cllcc-
tvcly, an LO. Vhcrcas convcntonalwsdom holdsthata banknotc s,
orshoul dbc, a promscto pay a ccrta n amount ol"rcal moncy` gold,
slvcr, whatcvcr that mght bc takcn to mcan) , Lrcdt hcorsts argucd
that a banknotc s smpl y thc promsc to pay sometb/ng ol thc samc
val uc as an ouncc ol gol d. But that` s al l that moncy cvcr s. hcrc` s
no lundamcntal dllcrcncc n th s rcspcct bctwccn a slvcr dol l ar, a
Susan B. Anthony dol l ar con madc ol a coppcr-nckcl al l oy dcsgncd
to look vagucly lkc gold, a grccn pccc ol papcr wth a pcturc ol
Lcorgc Vashngton on t, or a dgtal bl p on somc bank` s computcr.
Lonccptual l y, thc dca that a pccc ol gold s rcal l y | ust an LO s
al ways rathcr dlhcult to wrap onc` s hcad around, but somcthng lkc
ths must bc truc, bccausccvcn whcn gold and s lvcr cons wcrcn usc,
thcy al most ncvcr crculatcd at thcr bul l on valuc.
owcouldcrcdtmoncy comcabout ! Lctus rcturn to thccconom-
cs prolcssors` magnary town. Say, lor cxampl c, that )oshua wcrc
to gvc hs shocs to cnry, and, rathcr than cnry owng hm a la-
vor, cnry promscs h m somcthng ol cquva|cnt val uc. ' cnry gvcs
)oshua an LO. )oshua could wat lor cnry to havc somcthng usc-
lul , and thcn rcdccm t. n that casc cnry would rp up thc LO and
thc story would bc ovcr. But say )oshua wcrc to pass thc LO on to a
thrd partyShcl ato whom hc owcs somcthng cl sc. c could tck
t oll aganst h s dcbt to a lourth party, Lolanow cnry wll owc
that amount to hcr. cncc s moncy born. Bccausc thcrc` s no logca|
cnd to t. Say Shcla now wshcs to acqurc a par olshocs lrom Ldth,
shc can | ust hand Ldth thc LO, and assurc hcr that cnry s good
lor t. n prncplc, thcrc` s no rcason that thc LO could not contnuc
| H | N H | L L 1 b 1
crculatng around town lor ycarsprovdcd pcoplc contnuc to havc
lath n cnry. n lact, l t gocs on long cnough, pcoplc mght lorgct
about thc ssucr cntrcl y. hngs lkc ths do happcn. hc anthropolo-
gst Kcth art oncc told mc a story about h s brothcr, who n thc `os
was a Brttsh soldcrstatoncd nong Kong. Soldcrs uscd to pay thcr
bar tabs by wrtng chccks on accounts back n Lngland. Local mcr-
chants would oltcn smply cndorsc thcm ovcr to cach othcr and pass
thcmaroundas currcncy. oncc, hc saw onc olh s own chccks, wrttcn
sx months bclorc, on thc countcrola local vcndorcovcrcd wth about
lorty dllcrcnt tny nscrptons n Lhncsc.
Vhat crcdt thcorsts lkc Ntchcl l -nncs wcrc argung s that cvcn
lcnry gavc )oshua a gold con nstcad ol a pccc ol papcr, thc stu-
aton would bc csscnt al l y thc samc. A gold con s a promsc to pay
somcthng clsc olcquvalcnt val uc to a gold con. Altcr al l , a gol d con
s not actually usclul n tscll. Lnc onlyacccpts t bccausc onc assumcs
othcrpcoplc w l l .
n th s scnsc, thc val uc ol a un t ol currcncy s not thc mcasurc
ol thc valuc ol an ob| cct, but thc mcasurc ol onc` s trust n othcr
human bcngs.
hs clcmcnt ol trust ol coursc makcs cvcrythng morc compl -
catcd. Larly banknotcs crculatcd vt a a proccss al most cxactl y l kc
what ` vc | ust dcscrbcd, cxccpt that, lkc thc Lhncsc mcrchants, cach
rccpcnt addcd h s or hcr sgnaturc to guarantcc thc dcbt` s lcgt macy.
But gcncral l y, thc dlhculty n thc Lhartal st postonth s s what
t camc to bc cal lcd, lrom thc Latn cbarta, or tokcn s to cstabl sh
why pcopl c would cont nuc to trust a p ccc ol papcr. Altcr al l , why
coul dn` t anyonc | ust sgn cnry` s namc on an LO! ruc, ths sort
ol dcbt-tokcn systcm mght work wthn a smal l vl l agc whcrc cvcry-
onc kncw onc anothcr, or cvcn among a morc d spcrscd cOmmunty
lkc sxtccnth-ccntury ta|an or twcntcth-ccntury Lhncsc mcrchants,
whcrc cvcryonc at lcast had ways olkccpng track ol cvcrybody cl sc.
But systcms lkc thcsccannotcrcatca lul l -blown currcncy systcm, and
thcrc` s no cvdcncc that thcy cvcr havc. rovdng a sulhccnt numbcr
ol LOs to allow cvcryonc cvcn n a mcdt um-szcd c ty to bc ablc to
carry out a sgnhcant porton ol thcr da l y transactons n such cur-
rcncy would rcqurc m l l ons ol tokcns.
| 0
o bc abl c to guarantcc al l ol
thcm, cnry would havc to bc al most un magnably rch.
Al l ths would bc much lcss ola probl cm, howcvcr, lcnry wcrc,
say, cnry , Kng ol Lngland, Oukc ol Pormandy, Lord ol rcl and,
and Lount ol An| ou.
hc rcal mpctus lor thc Lhartalst poston, n lact, camc out ol
what camc to bc known as thc "Lcrman storcal School , ` whosc
L 1
most lamous cxponcnt was thc hstoran L. . Knapp, whosc State
Tbeory of Money hrst appcarcd n Io. ' ' l moncy s smpl y a un t
ol mcasurc, t makcs scnsc that cmpcrors and kngs should conccrn
thcmsclvcs wth such mattcrs. Lmpcrors and kngs arc almost always
conccrncd to cstabl shcd unlorm systcms ol wcghts and mcasurcs
throughout thcr kngdoms. t s also truc, as Knapp obscrvcd, that
oncc cstablshcd, such systcms tcnd to rcman rcmarkably stablc ovcr
tmc. Ourng thc rcgn ol thc actual cnry IIq-II8j , | ust about
cvcryonc n Vcstcrn Luropc was st l l kccpng thcr accounts usng thc
monctary systcm cstabl shcd by Lharlcmagnc somc o ycars carlcr
that s, usng pounds, sh l lngs, and pcncccsptc thc lact that somc
ol thcsc cons had ncvcr cxstcd Lharlcmagnc ncvcr actual l y struck
a s l vcr pound) , nonc ol Lharlcmagnc` s actual sh l lngs and pcncc rc-
mancd n crculaton, and thosc cons that dd crculatc tcndcd to
vary cnormously n szc, wcght, purty, and val uc. Accordng to thc
Lhartalsts, ths docsn` t rcally mattcr. Vhat mattcrs s that thcrc s a
unlorm systcm lor mcasurng crcdts and dcbts, and that ths systcm
rcma ns stablc ovcr tmc. hc casc ol Lharlcmagnc` s currcncy s par-
tcularly dramatc bccausc h s actual cmprc dssolvcd qutc quckly,
but thc monctary systcm hc crcatcd contnucd to bc uscd, lor kccpng
accounts, wthn h s lormcrtcrrtorcslor morc than 8oo ycars. t was
rclcrrcd to, n thc sxtccnth ccntury, qutc cxplctly as " magnary
moncy, ` and dcrncrs and lvrcs wcrc onl y complctcly abandoncd, as
un ts ol account, around thctmc olthcrcnch Kcvol uton.
Accordng to Knapp, whcthcr or not thc actual , physcal moncy
stull n crculaton corrcsponds to ths " magnary moncy` s not par-
tcularly mportant. t makcs no rcal dllcrcncc whcthcr t` s purc sl-
vcr, dcbascd slvcr, lcathcr tokcns, or drcd codprovdcd thc statc
s w l l ng to acccpt t n paymcnt ol taxcs. Bccausc whatcvcr thc statc
was w l lng to acccpt, lor that rcason, bccamc currcncy. Lnc ol thc
most mportant lorms ol currcncy n Lngland n cnry` s tmc wcrc
notchcd "tal l y stcks` uscd to rccord dcbts. ally stcks wcrc qutc
cxplctly LOs. both partcs to a transacton would takc a hazclwood
twg, notch t to ndcatc thc amount owcd, and thcn splt t n hall.
hc crcdtor would kccp onc hall, callcd "thc stock` hcncc thc orgn
ol thc tcrm "stock holdcr`) and thc dcbtor kcpt thc othcr, callcd "thc
stub` hcncc thc orgn ol thc tcrm "tckct stub. ` ) ax asscssors uscd
such twgs to cal culatc amounts owcd by local shcrlls. Lltcn, though,
rathcr than wa t lor thc taxcs to comc duc, cnry` s cxchcqucr would
oltcn scl l thc tallcs at a dscount, and thcy would crculatc, as tokcns
oldcbt owcd to thc govcrnmcnt, to anyonc wl l ng to tradclor thcm. ' '
| H | N H | L L 1 b
Nodcrn banknotcs actual l y work on a s m l ar prncplc, cxccpt n
rcvcrsc. Kccall hcrc thc lttlc parabl c about cnry` s LO. hc rcadcr
mght havc notccd onc puzzlng aspcct ol thc cquaton. thc LO can
opcratc as moncy only aslongascnry ncvcr payshsdcbt. n lact ths
s prcctscly thc logc on whch thcBankolLnglandthc hrst succcsslul
modcrn ccntral bankwas org nal l y loundcd. n I6q, a consortum
ol Lngl sh bankcrs madc a loan ol LI,zoo,ooo to thc kng. n rcturn
thcy rcccvcd a royal monopoly on thc ssuancc ol banknotcs. Vhat
ths mcant n practcc was thcy had thc rght to advancc LOs lor a
porton ol thc moncy thc kng now owcd thcm to any nhabtant ol thc
kngdom wt l l ng to borrow lrom thcm, or wllng to dcpost thcr own
moncy n thc bankn cllcct, to crculatc or " monctzc` thc ncwly
crcatcd royal dcbt. hs was a grcat dcal lor thc bankcrs thcy got
to chargc thc kng 8 pcrccnt annual ntcrcst lor thc orgnal loan and
smultancously chargc ntcrcst on thc samc moncy to thc cl cnts who
borrowcd t) , but t onl y workcd as long as thc orgnal loan rcmancd
outstandng. o ths day, ths loan hasncvcrbccn pad back. tcannot
bc. l t cvcr wcrc, thc cntrc monctarysystcm ol Lrcat Brtan would
ccasc to cxst.
! 6
l noth ng clsc, ths approach hclps sol vc onc olthc obvous mys-
tcrcs ol thc hscal polcy ol so many carly kngdoms. Vhy dd thcy
makc sub| ccts pay taxcs at al l ! hs s not a qucstton wc` rc uscd to
askng. hc answcr sccms scll-cvdcnt. Lovcrnmcnts dcmand taxcs bc-
causc thcy wsh to gct thcr hands on pcoplc` s moncy. But lSmth was
rght, andgol d and s l vcrbccamcmoncythrough thc natural workngs
olthc markct complctcly ndcpcndcntlyolgovcrnmcnts, thcn wouldn` t
thc obvous thng bc to | ust grab control olthcgol d and s l vcr mncs !
hcn thc kng would havc al l thc moncy hc coul d possbly nccd. n
lact, ths s what anccnt k ngs would norma| ly do. lthcrcwcrcgol d
and s l vcr mncs n thc r tcrr tory, thcy would usual l y takc control ol
thcm. So what cxactly was thc pont ol cxtractng thc gold, stampng
onc` s pcturc on tt, causng t to crculatc among onc` s sub| cctsand
thcn dcmandng that thosc samc sub| ccts gvc t back aga n!
hs docs sccm a bt ola puzzlc. But l moncy and markcts do not
cmcrgc spontancousl y, t actually makcs pcrlcct scnsc. Bccausc ths s
thc smplcst and most clhccnt way to br ng markcts nto bcng. Lct
us takc a hypothctcal cxamplc. Say a kng wtshcs to support a stand-
ng army olhlty thousand mcn. Ondcr anccnt or mcdcval condtt ons,
lccdng such a lorcc was an cnormous problcmunlcss thcy wcrc on
thc march, onc woul d nccd to cmpl oy al most as many mcn and an -
mal s | ust to l ocatc, acqurc, and transport thc ncccssary provsons. '
Ln thc othcr hand, l onc smply hands out cons to thc soldcrs and
D L 1
thcn dcmands that cvcry lam | y n thc kngdom was ob| gcd to pay
onc ol thosc cons back to you, onc would, n onc bl ow, turn onc` s
cnt rc natonal cconomy nto a vast machnc lor thc provsonng ol
soldcrs, sncc now cvcry lam | y, n ordcr to gct thcr hands on thc
cons, musthnd somcway to contr butc to thcgcncra|cllort toprovdc
so|dcrs wth thngs thcy want. Narkcts arc brought nto cxstcncc as a
sdc cllcct.
hs s a bt ol a cartoon vcrson, but t s vcry c|car that markcts
dd sprng up around anccnt armcs, onc nccd only takc a g|ancc at
Kaut l ya` s Artbasasatra, thc Sassan an "crclc ol sovcrcgnty, ` or thc
Lhncsc "O scourscs on Sa|t and ron` to d scovcr that most anccnt
rulcrs spcnt a grcat dcal ol thcr tmc thnkng about thc rc|aton bc-
twccn mncs, soldcrs, taxcs, and lood. Nost concludcd that thc crc-
aton ol markcts ol ths sort was not | ust convcncnt lor lccdng sol -
dcrs, but usclul n al l sorts ol ways, sncc t mcant olhcal s no |ongcr
had to rcquston cvcrythng thcy nccdcd drcct|y lrom thc popu|acc,
or hgurc out a way to producc t on roya| cstatcs or roya| workshops.
n othcr words, dcsptc thc doggcd lbcral assumptonaga n, com-
ng lrom Sm th` s lcgacythat thc cxstcncc ol statcs and markcts arc
somchow opposcd, thc hstorca| rccord mpl cs that cxactl y thc op-
postc s thc casc. Statc|css socctcs tcnd a| so to bc wthout markcts.
As onc mght magnc, statc thcorcs ol moncy havc a| ways bccn
anathcma to ma nstrcam cconom sts workng n thc tradton olAdam
Sm th. nlact, Lharta| smhastcndcd to bcsccnas a populstundcrsdc
ol cconomc thcory, lavorcd ma nly by cranks. ' hc curous thng s
that thc ma nstrcam cconomsts oltcn cndcd up actua| l y work ng lor
govcrnmcnts and advsng such govcrnmcnts to pursuc po| ccs much
lkc thosc thc Lhartalsts dcscrbcdthat s, tax polccs dcsgncd to
crcatc markcts whcrc thcy had not cxstcd bclorcdcsptc thc lact
that thcy wcrc n thcory commttcd to Sm th` s argumcnt that markcts
dcvclop spontancously olthcr own accord.
hs waspartcular|y truc n thc col onal world. o rcturn to Nad-
agascar lor a momcnt. havc a| rcady mcntoncd that onc ol thc hrst
thngs that thc rcnchgcncral Lal lcn , conqucror olNadagascar, dd
whcn thc conqucst ol thc s| and was complctc n tot was to mposc
a hcad tax. Pot only was ths tax qutc hgh, t was al so onl y payab|c
n ncwly ssucd Nalagasy lrancs. n othcr words, Lal|cn dd ndccd
prnt moncy and thcn dcmand that cvcryonc n thc country gvc somc
olthat moncy back to h m.
Noststrkng olal | , though, was l anguagc hc uscdto dcscrbc ths
tax. t was rclcrrcd to as thc "imp6t mora/isateur, " thc "cducat ona| `
or " moralzng tax. ` n othcr words, t was dcsgncdto adopt thc
| H | N H | L L 1 b D 1
languagc ol thc dayto tcach thc natvcs thc val uc ol work. Sncc
thc "cducatonal tax` camc duc shortly altcr harvcst t mc, thc cascst
way lorlarmcrs to pay t was to scll a porton olthcr rcc crop to thc
Lhncsc or ndan mcrchants who soon nstallcd thcmsclvcs n smal l
towns across thc country. owcvcr, harvcst was whcn thc markct
prcc ol rcc was, lor obvous rcasons, at ts lowcst, l onc sold too
much ol onc`s crop, that mcant onc would not havc cnough lclt to
lccd onc`s lam l y lor thc cntrc ycar, and thus bc lorccd to buy onc` s
own r cc back, on crcd t, lrom thosc samc mcrchants l atcr n thc ycar
whcn prt ccs wcrc much h ghcr. As a rcsul t, larmcrs qu ckl y lcl l hopc-
lcssly nto dcbt thc mcrchants doublng as loan sharks) . hc cascst
ways to pay back thc dcbt was cthcr to hnd somc knd ol cash crop
to scllto start growng collcc, or pncapplcsr clsc to scnd onc` s
ch ldrcn oll to work lor wagcsn thccty, or on onc olthc plantatons
that rcnch colonsts wcrc cstablshng across thc sland. hc wholc
pro|cct mght sccm no morc than a cyncal schcmc to squcczc chcap
l abor out ol thc pcasantry, and t was that, but t was al so somcthng
morc. hc colonal govcrnmcnt was wcrc al so qu tc cxplct at lcast
n thcr own ntcrnal pol cy documcnts) , about thc nccd to makc surc
that pcasants had at lcast somc moncy ol thcr own lclt ovcr, and to
cnsurc that thcy bccamc accustomcd to thc mnor luxurcsparasol s,
l pstck, cookcsava l abl c at thc Lhncsc shops. t was crucal that
thcy dcvclop ncw tastcs, habts, and cxpcctat ons, that thcy l ay thc
loundatons ol a consumcr dcmand that would cndurc long altcr thc
conqucrors had lclt, and kccpNadagascar lorcvcr tcd to rancc.
Nost pcoplc arc not stupd, and most Nalagasy undcrstood cx-
actly what thcr conqucrors wcrc tryng to do to thcm. Somc wcrc
dctcrmncd to rcsst. Norc than sxty ycars altcr thc nvas on, a rcnch
anthropologst, Lcrard Althabc, was ablc to obscrvc v l l agcs on thc
cast coast ol thc sl and whosc nhabtants would dutlul l y show up at
thc collcc pl antatons to carn thc moncy lor thcr poll tax, and thcn,
havng pad t, stud ousl y gnorc thc warcs lor sal c at thc l ocal shops
and nstcad turn ovcr any rcmanng moncy to l ncagc cldcrs, who
would thcn usc t to buy cattlc lor sacrhcc to thcr anccstors. ' ' Nany
wcrc qutc opcn n sayng that thcy saw thcmsclvcs as rcsstng a trap.
St l l , such dchancc rarc|y lasts lorcvcr. Narkcts dd gradually takc
shapc, cvcn n thosc parts ol thc sl and whcrc nonc had prcv ousl y
cxstcd. Vth thcmcamcthcncvtabl cnctwork ollttlc shops. And by
thc tmc got thcrc, n to, a gcncraton altcr thc pol l tax had hnal l y
bccn abol shcd by a rcvolutonary govcrnmcnt, thc l og c olthc markct
had bccomc so ntutvcly acccptcd that cvcn sprt mcdumswcrc rcct-
ng passagcs that mght as wcll havc comc lrom Adam Sm th.
D Z L 1
Such cxamplcs could bc multpl cd cnd|cssl y. Somcthng l kc ths
occurrcd n | ust about cvcry part olthc world conqucrcd by Luropcan
armswhcrcmarkcts wcrcnot al rcady n pl acc. Kathcr than d scovcrng
bartcr, thcy cndcd up usng thc vcry tcchnqucs that manstrcam cco-
nomcs rc|cctcd to brng somcthng lkc thc markct nto bcng.
l 0 b |60 0f M 0
Anthropologsts havc bccn compl anng about thc Nyth ol Bartcr lor
al most a ccntury. Lccasonal l y, cconomsts pont out wth slght cx-
aspcraton that thcrc` s a larly smplc rcason why thcy` rc stll tcl l ng
thc samc story dcsptc al l thc cvdcncc aganst t. anthropologsts havc
ncvcr comc up wth a bcttcronc. hs s an undcrstandablc ob| cct on,
but thcrc` s a smplc answcr to t. hc rcasons why anthropologsts
havcn` t bccn abl c to comc up wth a smplc, compc|lng story lor thc
orgns ol moncy s bccausc thcrc` s no rcason to bclcvc thcrc could bc
onc. Noncy was no morc cvcr " nvcntcd` than musc or mathcmatcs
or | cwclry. Vhat wc cal| "moncy` sn` t a "thng` at all, t` s a way ol
comparng thngs mathcmatcal l y, as proportons. olsayng onc olX s
cqu va| cntto sx olY. As such t s probabl y as old as human thought.
hc momcnt wc try to gct any morc spcc hc, wc d scovcr that thcrc
arc any numbcr ol dllcrcnt habts and practccs that havc convcrgcd
n thc stull wc now cal | "moncy, ` and ths s prccscly thc rcason why
cconomsts, hstor ans, and thc rcst havc lound t so dlhcult to comc
up wth a sng|c dchnton.
Lrcdthcorsts havc long bccn hobblcd by thc |ack ol an cqual l y
compcllng narratvc. hs s not to say that al l s dcs n thc currcncy
dcbatcs that rangcd bctwccn Io and Io wcrc not n thc habt ol
dcployng mytholog ca| wcaponry. hs was truc partcularly, pcrhaps,
n thc Ontcd Statcs. n Iq, thc Lrccnbackcrs, who pushcd lor dc-
tachng thc dollar lromgold cntrcly to a|low thc govcrnmcnt to spcnd
lrccly on | ob-crcaton campagns, nvcntcd thc dca ol thc Narch on
Vash ngtonan dca that was to havc cndlcss rcsonancc n O. S. hs-
tory. L. rank Baum` s book Tbe Wonderfu/ Wizard of Oz, whch ap-
pcarcd n Ioo, s wdcly rccognzcd to bc a parablc lor thc opul st
campagn ol V l l am )cnnngs Bryan, who twcc ran lor prcsdcnt on
thc rcc Slvcr pl atlormvowng to rcp|acc thc gold standard wth a
bmctallc systcm that would al l ow thc lrcc crcaton ol slvcr moncy
alongsdc gold. ' As wth thc Lrccnbackcrs, onc ol thc man consttu-
cnccs lor thc movcmcnt was dcbtors. partcularly, Ndwcstcrn larm
| H | N H | L L 1 b D O
lamlcs such a s Oorothy' s, who had bccn lacng a massvc wavc ol
lorcclosurcs durng thc scvcrc rcccsson ol thc I8gos. Accordng to thc
opulst rcadng, thc Vckcd Vtchcs ol thc Last and Vcst rcprcscnt
thc Last and Vcst Loast bankcrs promotcrs ol and bcnclactors lrom
thc tght moncy supply) , thc Scarccrow rcprcscntcd thc larmcrs who
ddn' thavc thc brans to avod thc dcbt trap) , thc n Voodsman was
thc ndustral prolctarat who ddn' thavc thc hcart to act tn sol dartty
wth thc larmcrs) , thc Lowardly Lon rcprcscntcd thc poltcal cl ass
who d dn' t havc thc couragc to ntcrvcnc) . hc ycllow brck road,
s lvcr sl ppcrs, cmcra|d cty, and haplcss V zard prcsumabl y spcak lor
thcmsclvcs. "Lz` s olcoursc thc standard abbrcvaton lor "ouncc. `'
As an attcmpt to crcatc a ncw myth, Baum' s story was rcmarkably cl-
lcctvc. As poltcal propaganda, lcss so. V l l am)cnnngs Bryan la|cd
n thrcc attcmpts to wn thc prcsdcncy, thc s lvcr standard was ncvcr
adoptcd, andlcw nowadays cvcn rcmcmbcr what Tbe Wonderfu/ Wiz-
ard of Oz was org nal l y supposcd to bc about. '
or statc-moncy thcorsts n partcular, ths has bccn a problcm.
Storcs about rulcrs usng taxcs to crcatc markcts n conqucrcd tcrrto-
rcs, or to pay lor soldcrs or othcr statc lunctons, arc not partcularly
nsprng. Lcrman dcas ol moncy as thc cmbodmcnt ol natonal wll
dd not travcl vcry wcl l .
Lvcry tmc thcrc was a ma| or cconomc mcltdown, howcvcr, con-
vcntonal l a sscz-larc cconomcs took anothcr ht. hc Bryan cam-
pagns wcrc born as a rcacton to thc anc olI8g. By thc tmc olthc
Lrcat Ocprcss on ol thc Igos, thc vcry noton that thc markct could
rcgulatc tscll, so long asthcgovcrnmcntcnsurcd that moncy was salc-
lypcggcd to prccous mctal s, was complctclyd scrcdtcd. rom roughly
Ig to Ig;g, cvcry ma| or captalst govcrnmcnt rcvcrscd coursc and
adoptcd somc vcrson ol Kcyncs an sm. Kcyncsan orthodoxy startcd
lrom thc assumpton that captalst markcts would not rcally work
unlcss captalst govcrnmcnts wcrc wl l ng cllcctvcly to play nanny.
most lamousl y, by cngagng n massvc dchc t "pump-prmng` durng
downturns. Vhl c n thc ' 8os, Nargarct hatchcr n Brtan and Kon-
ald Kcagan n thc Ontcd Statcs madc a grcat show ol rc| cctng a l ol
ths, t' s unclcar how muchthcyrcallydd. ' And nanycasc, thcy wcrc
opcratng n thc wakc ol an cvcn grcatcr blow to prcvous monctary
orthodoxy. Kchard P xon' s dccson n Ig;I to unpcg thc dollar lrom
prccous mctals cntrcl y, cl m natc thcntcrnatonal gol dstandard, and
ntroducc thc systcm ol hoatng currcncy rcgmcs that has domnatcd
thc world cconomy cvcr sncc. hs mcant n cllcct that all natonal
currcnccs wcrc hcncclorth, as ncoclasscal cconom sts lkc to put t,
"hat moncy` backcd only by thc publ c trust.
D L 1
Pow, )ohn Naynard Kcyncs hmscl lwas much morc opcn to what
hc lkcd to cal l thc "altcrnatvc tradt on` ol crcdt and statc thcorcs
than any cconom stolthat staturc and Kcyncs s stll arguably thc sn-
gc most mportant cconom c thnkcr ol thc twcntcth ccntury) bclorc
or sncc. At ccrta n potnts hc mmcrscd hmscll n t. hc spcnt scvcral
ycars n thc Igzos studyng Ncsopotam an cunclorm bankng rccords
to try to asccrtan thc orgns ol moncyh s "Babyl onan madncss, `
as hc would latcr cal l t. s concluson, whch hc sct lorth at thc
vcry bcgnnng ol hs Treatise on Money, hs most lamous work, was
morc or lcss thc only concl us on onc coul d comc to lonc startcd not
lrom hrst prncplcs, but lrom a carclul cxamnaton ol thc hstorcal
rccord. that thc lunatc lrngc was, csscnt al l y, rght. Vhatcvcr tscarl-
cst orgns, lorthc last lour thousand ycars, moncy has bccncllcctvcly
a crcaturc ol thc statc. ndvduals, hc obscrvcd, makc contracts wth
onc anothcr. hcy takc out dcbts, and thcy promsc paymcnt.
JhcStatc, thcrctorc, comcs nhrstotall asthcauthortyollaw
whch cntorccs thcpaymcnt otthcthngwhch corrcsponds to
thc namc or dcscrpton n thc contract. But t comcs doubly
whcn, n addton, t clams thc rght todctcrmnc and dcclarc
ubat tbing corrcsponds to thc namc, and to vary ts dcclara-
ton tromtmc to t mc-whcn, that s to say t clams thc rght
to rc-cdt thc dctonary. Jhs rght s clamcd by all modcrn
Statcs and has bccn so clamcd tor somc tour thousand ycars
at lcast. It s whcn ths stagc n thc cvoluton ot Noncy has
bccn rcachcd that Knapp` s Chartalsm-thc doctrnc that mon-
cy s pccularly a crcaton ot thc Statcs tully rcalzcd . . .
Jo-day all cvlzcd moncy s, bcyond thc possbl ty otd sputc,
chartalst.
hs docs not mcan that thc statc ncccssar ly creates moncy. Non-
cy s crcdt, t can bc brought nto bcng by prvatc contractual agrcc-
mcnts l oans, lor nstancc) . hc statc mcrcly cnlorccs thc agrccmcnt
and dctatcs thc lcgal tcrms. cncc Kcyncs` ncxt dramatc asscrton.
that banks crcatc moncy, and that thcrc s no ntrnsc l m t to thcr
ab l ty to do so. sncc howcvcr much thcy lcnd, thc borrowcr w l l
havc no chocc but to put thc moncy back nto somc bank aga n, and
thus, lrom thc pcrspcctvc ol thc bankng systcm as a wholc, thc total
numbcr oldcbts andcrcdtsw l | always canccl out. hc mplcatons
wcrc radcal , but Kcyncs h mscll was not. n thc cnd, hc was always
carc|ul to lramc thc problcm n a way that could bc rcntcgratcd nto
thc manstrcam cconomcs ol hs day.
| H | N H | L L 1 b D D
Pcthcr was Kcyncs much ol a mythmakcr. nsolar a s thc altcrna-
ttvc tradtton has comc up wth an answcr to thc Nyth ol Bartcr, t
was not lrom Kcyncs` own cllorts Kcyncs ultmatcly dccdcd that thc
ortgns ol moncy wcrc not partcularly mportant) but n thc work ol
somc contcmporary nco-Kcyncs ans, who wcrc not alrad to lol l ow
somc ol h s morc radcal suggcstons as lar as thcy would go.
hcrcalwcakl nk n statc-crcdt thcorcsolmoncy was al waysthc
cl cmcntoltaxcs. t s onc thng to cxplan why carly statcs dcmandcd
taxcs n ordcr to crcatc markcts. ) t` s anothcr to ask "by what rght!`
Assumng thatcarly rulcrs wcrc nots mpl y thugs, and thattaxcs wcrc
not smpl y cxtortonand no Lrcdtt hcorst, to my knowlcdgc, took
such a cyncal vcw cvcn olcarly govcrnmcntonc must ask how thcy
| ust hcd ths sort olthng.
Powadays, wc al l thnk wc know thc answcr to ths qucston. Vc
pay ourtaxcs sothatthcgovcrnmcntcanprovdc us wth scrvccs. hs
starts wth sccurty scrvccsm l tary protccton bcng, oltcn, about
thc only scrvcc somc carly statcswcrc rcally abl c to provt dc. By now,
ol coursc, thc govcrnmcnt provdcs al l sorts ol thngs. Al l ol ths s
sa dto go backtosomcsortolorgnal "soct al contract` thatcvcryonc
somchow agrccd on, though no onc rcal l y knows cxactly whcn or by
whom, or why wc should bc bound by thc dcc st ons ol dstant anccs-
tors on ths onc mattcr whcn wc don` t lccl partcularly bound by thc
dccsons olour dstant anccstors on anythng cl sc. ' Al l ol ths makcs
scnsc l you assumc that markcts comc bclorc govcrnmcnts, but thc
wholc argumcnt tottcrs quckly oncc you rcalzc that thcy don` t.
hcrc s an al tcrnatvc cxpl anat on, onc crcatcd to bc n kccpng
wth thc statc-crcdt thcory approach. t`s rclcrrcd to as "prmordal
dcbt thcory` and t has bccn dcvclopcd l argcly n rancc, by a tcam ol
rcscarchcrsnot only cconomsts but anthropologtsts, hstorans, and
classc stsortg nal l y asscmblcd around thc hgurcs ol Nchcl Aglctta
and Andrc Lrlcans,' and morc rcccntly, Bruno hcrct, and t has stncc
bccn takcn up by nco-Kcyncs ans n thc Ontcd Statcs and thc Ontcd
Kngdom as wc| | .
t` s a poston that hascmcrgcd qu tc rcccntly, and at hrst, l argcly
amdst dcbatcs aboutthcnaturc olthccuro. hc crcatton ola common
Luropcan currcncy sparkcd not only al l sorts ol ntcllcctual dcbatcs
docs a common currcncy ncccssarly mply thc crcaton ol a common
Luropcan statc! Lr ol a common Luropcan cconomy or soccty! Arc
thcsc ultmatcly thc samc thng! ) but dramatc poltcal oncs as wcl l .
hccrcaton olthccurozoncwas spcarhcadcd abovc al l by Lcrmany,
whosc ccntral banks stl l scc thcr ma n goal as combatng tnhaton.
Vhat' s morc, tght moncy polccs and thc nccd to bal ancc budgcts
D L 1
havng bccn uscd as thc ma n wcapon to chp away wcllarc-statc pol -
ccs nLuropc, t has ncccssarly bccomcthc stakcolpoltcal strugglcs
bctwccn bankcrs and pcnsoncrs, crcdtors and dcbtors, | ust as hcatcd
as thosc ol I8gos Amcrca.
hc corc argumcnt sthat anyattcmptto scparatc monctary polcy
lrom socal polcy s ultmatcly wrong. rmord al -dcbt thcorsts ns st
that thcsc havc always bccnthc samc thng. Lovcrnmcnts usc taxcs to
crcatc moncy, and thcy arc ablc to do so bccausc thcy havc bccomc thc
guardans olthc dcbt that all ctzcns havc to onc anothcr. hsdcbt s
thc csscncc ol soccty tscll. t cxsts long bclorc moncy and markcts,
and moncy and markcts thcmsclvcs arc smpl y ways olchoppng pcccs
ol t up.
At hrst, thc argumcnt gocs, ths scnsc ol dcbt was cxprcsscd not
throughthcstatc, butthroughrclgon. o makcthc argumcnt, Aglctta
and Lrlcans hxcd onccrtanworksolcarly Sanskrt rcltgous l tcraturc.
thc hymns, praycrs, and poctry col lcctcd n thc Vcdas and thc Brahma-
nas, prcstly commcntarcs composcd ovcrthc ccnturcs that lol|owcd,
tcxts that arc now consdcrcd thc loundatons ol ndu thought. t` s
not as odd a chocc as t mght sccm. hcsctcxtsconstttutc thc carlcst
known hstorcal rchcctons on thc naturc oldcbt.
Actual l y, cvcn thc vcry carlcst Vcdc pocms, composcd somctmc
bctwccn Ioo and IzoosC, cvncc a constant conccrn wth dcbtwhch
s trcatcd as synonymous wth gult and s n. hcrc arc numcrous
praycrs plcadng wth thc gods to l bcratc thc worshppcr lrom thc
shacklcs or bonds oldcbt. Somctmcs thcsc sccm to rclcrto dcbt n thc
ltcral scnscKg Vcda Io. q, lor nstancc, has a l ong dcscrpton ol
thc sad plght olgamblcrs who "wandcr homclcss, n constant lcar, n
dcbt, and scckng moncy. ` Llscwhcrc t` s clcarly mctaphor cal .
n thcsc hymns, Yama, thc god ol dcath, hgurcs promncntly. o
bc n dcbt was to havc a wcght pl accd on you by Ocath. o bc undcr
any sort ol unlulhllcd obl gaton, any unkcpt promsc, to gods or to
mcn, was to lvc n thc shadow olOcath. Lltcn, cvcn n thc vcry carly
tcxts, dcbt sccms to stand n lor a broadcr scnsc ol nncr sullcrng,
lrom whch onc bcgs thc godspartcularly Agn , who rcprcscnts thc
sacr hc al hrclor rclcasc. t was only wth thc Brahmanas that com-
mcntators startcd tryng to wcavc al l ths togcthcr nto a morc com-
prchcnsvc phlosophy. hc concluson. that human cxstcncc s ttscll
a lorm oldcbt.
A man, bcng born, s a dcbt, by hs own sclt hc s born to
Ocath, and only whcn hc sacrhccs docs hc rcdccm hmsclt
trom Ocath.``
| H | N H | L L 1 b D 1
Sacrhcc and thcsc carly commcntators wcrc thcmsclvcs sacrhc al
prcsts) s thuscal lcd "trbutc pa d to Ocath. ` Lr such was thcmanncr
olspcakng. n rcalty, as thcprcsts kncw bcttcr than anyonc, sacrhcc
was d rcctcd to al l thc gods, not | ust IcathOcath was | ust thc ntcr-
mcdary. ramng thngs ths way, though, dd mmcdatcly rasc thc
onc problcm that always comcs up, whcncvcr anyonc conccvcs human
llc through such an d om. lourlvcs arcon l oan, whowoul dactually
wsh to rcpay such a dcbt ! o lvc n dcbt s to bc gulty, ncomplctc.
But complcton can only mcan ann h l at on. n ths way, thc "trbutc`
ol sacr hcc could bc sccn as a knd ol ntcrcst paymcnt, wth thc l lc
ol thc an mal substtutng tcmporarly lor what' s rcally owcd, whch s
oursclvcsa mcrc postponcmcnt ol thc ncvtablc.''
O llcrcnt commcntators proposcd dllcrcnt ways out ol thc dt l cm-
ma. Somc ambtous Brahm nsbcgan tcllngthcrclcnts that sacrhcal
rtual , l donc corrcctly, prom scd a way to brcak out ol thc human
condton cntrcly and achcvc ctcrnty s ncc, n thc lacc olctcrnty, al l
dcbts bccomc mcannglcss. ) '` Anothcr way was to broadcn thc noton
ol dcbt, so that al l socal rcspons b l tcs bccomc dcbts ol onc sort or
anothcr. hus two lamous passagcs n thc Brahmanas nsst that wc
arc born as a dcbt not | ust to thc gods, to bc rcpad n sacrhcc, but
also to thc Sagcs who crcatcd thc Vcdc lcarnng to bcgn wth, whch
wc must rcpay through study, to our anccstors "thc athcrs `) , who
wc must rcpay by havng chldrcn, and hnal l y, "to mcn`apparcntly
mcanng humanty as a wholc, to bc rcpad by ollcrng hosptalty to
strangcrs. ` Anyonc, thcn, who lvcs a propcr llc s constantly payng
back cxstcntal dcbts ol onc sort or anothcr, but at thc samc tmc, as
thcnot on ol dcbt sl dcs back nto a smplc scnsc ol socal obl gat on,
tt bccomcs somcthng lar l css tcrrlyng than thc scnsc that onc' s vcry
cxstcncc s a loan takcn aganst Ocath.' Pot lcast bccausc socal ob-
lgatons always cut both ways. Lspcc al l y s ncc, oncc onc has oncscll
lathcrcd chldrcn, onc s | ust as much a dcbtor as a crcd tor.
Vhat prmordal-dcbt thcorsts havc donc s to proposc that thc
dcas cncodcd n thcsc Vcdc tcxts arc not pccul ar to a ccrtan ntcl-
lcctual tradton ol carly ron Agc rtual spccalsts n thc Langcs val-
lcy, but that thcy arc csscntal to thc vcry naturc and h story olhuman
thought. Lonsdcr lor cxampl cths statcmcnt, lrom ancssayby rcnch
cconomst Bruno hcrct wth thc unnsprng ttlc "hc Soco-Lultural
O mcnsons ol thc Lurrcncy. mpl catons lor thc ranston to thc
Luro, ` publ shcd n thc ]ourna/ of Consumer lo//cy n I.
At thc orgn ot moncy wc havc a "rclaton ot rcprcscnta-
ton" otdcath as an nvsblc world, bctorc and bcyond l tca
D L 1
rcprcscntaton that s thc product ot thc symbolc tuncton
propcr to thc human spcccs and whch cnvsagcs brth as an
orgnal dcbt ncurrcd by all mcn, a dcbt owng to thc cosmc
powcrstrom whch humanty cmcrgcd.
Iaymcnt ot ths dcbt, whch can howcvcr ncvcr bc scttlcd
on carth-bccausctstullrcmburscmcntsoutotrcach-takcs
thc torm ot sacrhccs whch, by rcplcnshng thc crcdt ot thc
lvng, makc t possblc to prolong l tc and cvcnn ccrtancascs
to achcvc ctcrnty by | o nng thc Cods. But ths ntal bcl ct-
clam s alsoassoc atcd wth thc cmcrgcncc otsovcrcgnpowcrs
whosc lcgt macy rcsdcs n thcr ab l ty to rcprcscnt thc cntrc
orgnal cosmos. And t sthcsc powcrs that nvcntcd moncy as
a mcans ot scttlng dcbts-a mcans whosc abstracton makcs
t possblc to rcsolvc thc sacrhcal paradox by whch put-
tng to dcath bccomcs thc pcrmancnt mcans otprotcctng l tc.
Jhrough ths nsttuton, bclct s n turn transtcrrcd to a cur-
rcncystampcdwth thc cthgy otthc sovcrcgn-a moncy put n
crculaton but whosc rcturn s organzcd by ths othcr nsttu-
ton whch s thc tax/scttlcmcntotthc l tc dcbt. bo moncy also
takcs on thc tuncton ota mcans otpaymcnt. `

l nothng cl sc, ths provdcs a ncat l lustraton ol how dllcrcnt

arc standards ol dcbatc n Luropc lrom thosc currcnt n thc Anglo-
Amcrcan worl d. Lnc can` t magnc an Amcrcan cconomst ol any
strpcwrtng somcthng l kc th s. St | l , thc author s actually makng a
rathcr clcvcr synthcss hcrc. uman naturc docs not drvc us to "truck
and bartcr. ` Kathcr, t cnsurcs that wc arc al ways crcatng symbol s
such as moncy tscll. hs s how wc comc to scc oursclvcs n a cosmos
surroundcd by nvsbl c lorccs, as n dcbt to thc un vcrsc.
hc ngcn ous movc ol coursc s to lo| d ths back nto thc statc
thcory ol moncysncc by "sovcrcgn powcrs` hcrct actually mcans
"thc statc. ` hc hrst kngs wcrc sacrcd kngs who wcrc cthcr gods n
thcr own rghtorstoodasprv|cgcd mcdatorsbctwccnhuman bcngs
and thc ultmatc lorccs that govcrncd thc cosmos. h s scts us on a
road to thc gradual rcalzaton that our dcbt to thc gods was al ways,
rcal| y, a dcbt to thc soccty that madc us what wc arc.
hc "prmordal dcbt, `wrtcsBrtsh socologst Lcollrcy ngham,
"s that owcd by thc lvng to thc contnuty and durab lty olthc soc-
cty that sccurcs thcr ndvdual cxstcncc. `'' n ths scnsc t s not | ust
cr m nal s who owc a "dcbt to soccty`wc arc al l , n a ccrtan scnsc,
gulty, cvcn cr m nal s.
| H | N H | L L 1 b D
or nstancc, ngham notcs that, whlcthcrc s no actual proolthat
moncy cmcrgcd n ths way, "thcrc s consdcrablc ndrcct ctymol og-
cal cvdcncc` .
I nall Indo-Europcan l anguagcs, words tor "dcbt` arc synony-
mous wth thosc tor "s n` L "gu l t`, l l ustratng thc lnks bc-
twccn rclgon, paymcnt and thc mcdaton ot thc sacrcd and
protanc rcalms by "moncy. `Iorcxamplc,thcrcsa connccton
bctwccn moncy , Ccrman Ce/d, , ndcmnty or sacr hcc ,Lld
Englsh Cei/d, , tax ,Cothc Ci/d, and, otcoursc, gult.'
Lr, to takc anothcr curous connccton. Vhy wcrc cattlc so oltcn
uscd as moncy! hc Lcrman h storan Bcrnard Laum long ago pontcd
out that n omcr, whcn pcoplc mcasurc thc val uc ola shp or sut ol
armor, thcy always mcasurc t n oxcncvcn though whcn thcy actu-
al l ycxchangcthngs, thcy ncvcr pay lor anythng n oxcn. t s hard to
cscapc thc concluson that ths was bccausc an ox was what onc ol-
lcrcd thc gods n sacrhcc. cnccthcy rcprcscntcd absolutcval uc. rom
Sumcr to Llasscal Lrcccc, slvcr and gold wcrc dcdcatcd as ollcrngs
n tcmpl cs. Lvcrywhcrc, moncy sccms to havc cmcrgcd lrom thc thng
most appropratc lor gvng to thc gods. ''
l thc kng has smply takcn ovcr guardanshp ol that prmordal
dcbt wc al l owc to soccty lor havng crcatcd us, ths provdcs a vcry
ncat cxpl anat on lor why thc govcrnmcnt lccls t has thc rght to makc
us pay taxcs. axcs arc | ust a mcasurc ol our dcbt to thc soccty that
madc us. But ths docsn` t rcally cxplan how ths knd olabsol utc l lc-
dcbt can bc convcrtcd nto money, whch s by dchnton a mcans ol
mcasurng and comparng thc val uc ol d/[erent thngs. hs s | ust as
much a problcmlorcrcdtthcorsts aslor ncoclasscal cconomsts, cvcn
l thc problcm lor thcm s somcwhat dllcrcnt|y lramcd. l you start
lrom thc bartcr thcory ol moncy, you havc to rcsolvc thc problcm ol
how andwhyyou would comc to sclcct onccommodty to mcasurc| ust
how much you want cach olthc othcr oncs. lyou start lrom a crcdt
thcory, you arc lclt wth thc problcm dcscrbcd n thc hrst chaptcr.
how to turn a moral obl gaton nto a spcchc sum ol moncy, how thc
mcrc scnsc ol owng somconc clsc a lavor can cvcntual l y turn nto a
systcm ol accountng n whch onc s abl c to calcul atc cxactly how
many shccp or hsh or chunks olslvcr t would takc to rcpay thc dcbt.
Lr n ths casc, how do wc go lrom that absol utc dcbt wc owc to Lod
to thc vcry spcchc dcbts wc owc our cousns, or thc bartcndcr!
hc answcr provdcd by prmorda|-dcbt thcorsts s, aga n, ngc-
nous. l taxcs rcprcscnt our absol utc dcbt to thc soccty that crcatcd
L 1
us, thcn thc hrst stcp toward crcatng rcal moncy comcs whcn wc start
cal cul atng much morc spcchc dcbts to soccty, systcms ol hncs, lccs,
and pcnal t cs, or cvcn dcbts wc owc to spcchc nd v dual s who wc
havc wrongcd n somc way, and thus to whom wc stand n a rclaton
ol "s n` or "gul t . `
hs s actuall y much lcss mpl ausbl c than t mght sound. Lncol
thc puzzlng thngs about al l thc thcorcs about thc orgns ol moncy
that wc` vc bccn lookng at so lar s that thcy al most complctcly g-
norc thc cvdcncc ol anthropology. Anthropologsts do havc a grcat
dcal olknowlcdgc ol how cconomcs wthn statclcss socctcs actual l y
workcdhow thcy stll work n pl accs whcrcstatcs and markcts havc
bccn unablc to complctcly brcak up cxstng ways ol dong thngs.
hcrc arc nnumcrablc studcs ol, say, thc usc ol cattlc as moncy n
castcrn or southcrn Alrca, ol shcll moncy n thc Amcr cas wampum
bc ng thc most lamous cxamplc) or apua Pcw Lunca, bcad moncy,
lcathcr moncy, thc usc ol ron rngs, cowrcs, spondylus shclls, brass
rods, orwoodpcckcr scal ps. ' hc rcason thatths ltcraturctcnds to bc
gnorcd by cconomsts s s mpl c. "pr m tvc currcnccs` ol ths sort s
onl y rarcly uscd to buy and scll thngs, and cvcn whcn thcy arc, ncvcr
pr marly to buy and scll cvcryday tcms such as chckcns or cggs or
shocs or potatocs. Kathcr than bcng cmploycd to acqurc thngs, thcy
arc ma nl y uscd to rcarrangc rclatons bctwccn pcoplc. Abovc al l , to
arrangc marragcs and to scttlc dsputcs, partcularly thosc arsng lrom
murdcrs or pcrsonal n| ury.
hcrc s cvcry rcason to bclcvc that our own moncy startcd thc
samc waycvcn thc Lnglsh word "to pay` s orgnally dcrvcd lrom
a word lor "to pacly, appcasc`as n, to gvc somconc somcthng
prccous, lor nstancc, to cxprcss | ust how badly youlccl about havng
| ust k l l cd h s brothcr n a drunkcn brawl, and how much you would
rcal l y lkc to avod ths bccomngthc bass lor an ongong blood-lcud. ''
Ocbt thcorsts arc cspcc al l y conccrncd wth ths l attcr possbl -
ty. hs s partly bccausc thcy tcnd to skp past thc anthropologcal
ltcraturc and look at carly law codcstakng nspraton hcrc, lrom
thcgroundbrcakng work olonc olthctwcntcth ccntury` s grcatcst nu-
m smatsts, hl p Lrcrson, who nthc `;os, hrstsuggcstcd thatmoncy
mght hrst havc cmcrgcd lrom carly lcgal practcc. Lrcrson was an
cxpcrt n thc Luropcan Oark Agcs, and hc bccamc lascnatcd by what
havc comc to bc known as thc "Barbaran Law Lodcs, ` cstabl shcd by
many Lcrmanc pcoplcs altcr thc dcstructon ol thc Koman Lmprc n
thc 6oos and ;oosLoths, rsans, ranks, and so onsoon lollowcd
by s m l ar codcs publ shcd cvcrywhcrc lrom Kussa to rcland. Lcr-
tanly thcy arc lascnatng documcnts. Ln thc onc hand, thcy makc t
| H | N H | L L 1 b 1
abundantly clcar | ust how wrong arc convcnt onal accounts olLuropc
around ths tmc "rcvcrtng to bartcr. ` Al most al l olthc Lcrmanc law
codcs usc Koman moncy to makc asscssmcnts, pcnal ttcs lor thclt, lor
nstancc, arc almost always lol l owcd by dcmands that thc thcl not
only rcturn thc stolcn propcrty but pay any outstandng rcnt or n thc
cvcnt ol stolcn moncy, ntcrcst) owng lor thc amount ol tmc t has
bccn n h sposscsson. Ln thc othcr hand, thcsc wcrc soon lol lowcd by
l awcodcs bypcopl cl vng n tcrrtorcs that had ncvcrbccn undcrKo-
man rulc n rcland, Valcs, Pordc countrcs, Kuss aand thcsc arc
l anythtng cvcn morc rcvcal ng. hcy could bc rcmarkabl y crcatvc,
both n what cou|d bc uscd as a mcans olpaymcnt and on thc prccsc
brcakdown olt n| urcs and nsults that rcqurcd compcnsat on.
Compcnsaton nthcVclsh laws srcckoncd pr marly ncattlc
and n thc Irsh oncs n cattlc or bondmads , cuma/, , wth
consdcrablc usc ot prccous mctals n both. In thc Ccrmanc
codcs t s manly n prccous mctal . . . In thc Kussan codcs t
was slvcr and turs, graduatcd trom martcn down to squrrcl .
Jhcr dcta l s rcmarkablc, not only n thc pcrsonal n| urcs
cnvsoncd-spcchc compcnsatons tor thc loss ot an arm, a
hand, a torchngcr, a nal, tor a blow on thc hcad so that thc
bran s vsblc or bonc pro| ccts-but n thc covcragc somc ot
thcmgavcto thcposscssons otthcndvdual houschol d. Jtlc
II ot thc Salc Law dcals wth thc thctt ot pgs, Jtlc III wth
cattlc, Jtlc IV wth shccp, Jtlc V wth goats, Jtlc VI wth
dogs, cach tmc wth an claboratc brcakdown d ttcrcnt atng
bctwccn anmals otd ttcrcnt agc and scx."
hs docs makc a grcat dcal ol psychologcal scnsc. ` vc al rcady
rcmarkcd how dlhcult t s to magnc how a systcm ol prccsc
cquvalcnccsonc young hcalthy mlk cow s cquvalcnt to cxactly
thrty-sx chckcnscoul d artsc lrom most lorms ol glt cxchangc. Il
cnry gvcs )oshua a pg and lccls hc has rcccvcd an nadcquatc
countcr-glt, hc mght mock )oshua asa chcapskatc, buthc wouldhavc
lttlc occason to comc up wth a mathcmatcal lormula lor prcctscly
how chcap hc lccls )oshua has bccn. Ln thc othcr hand, t l )oshua` s
pg | ust dcstroycd cnry` s gardcn, and cspccal | y, l that lcd to a hght
n whch cnry lost a toc, and cnry` s lam l y s now haulng )oshua
up n lront olthc vl lagc asscmblyths s prcctscly thc contcxtwhcrc
pcoplc arc most l kcly to bccomc pctty and lcgalstc and cxprcss out-
ragc lthcy lccl thcy havc rcccvcd onc groat lcss than was thcr rght-
lul duc. hat mcans cxact mathcmatcal spcchcty. lor nstancc, thc
Z L 1
capacty to mcasurc thc cxact valuc ol a two-ycar-old prcgnant sow.
Vhat' s morc, thc lcvyng ol pcnaltcs must havc constantly rcqu rcd
thc calculaton ol cquvalcnccs. Say thc hnc s n martcn pclts but thc
culprt' s clan docsn' t havc any martcns. ow many squrrcl skns w l l
do! Lrp cccs ol s l vcr | cwclry! Such probl cms must havc comc up al l
thc t mc and l cd to at l cast a rough-and-rcady sct ol rul cs ol thumb
ovcr what sorts ol val uabl c wcrc cqu val cnt to othcrs. hs woul d
hclp cxpl a n why, lor nstancc, mcd cval Vc|sh l aw codcs can contan
dcta lcd brcakdowns not only ol thc val uc oldllcrcnt agcs and cond-
tons ol m l k cow, but ol thc monctary valuc olcvcry ob| cct lkcly to
bc lound n an ord nary homcstcad, down to thc cost olcach pccc ol
t mbcrdcsptc thclactthatthcrcsccms no rcason to bclcvc that most
such tcms could cvcn bc purchascd on thc opcn markct at thc tmc. ''
8 8 8 8 8
hcrc s somcthngvcry compcllng n al l ths. oroncthng, thc prcm-
sc makcs a grcat dcal ol ntutvc scnsc. Altcr all, wc do owc cvcry-
thng wc arc to othcrs. hs s smply truc. hc l anguagc wc spcak and
cvcnthnk n, our habts and opnons, thc knd ollood wc lkc to cat,
thc knowlcdgc that makcs our lghts swtch on and tolcts hush, cvcn
thc stylc n whch wc carry out our gcsturcs ol dchancc and rcbcl l on
aganst socal convcntonsal l ol ths, wc lcarncd lrom othcr pcoplc,
most ol thcm long dcad. l wc wcrc to magnc what wc owc thcm as
a dcbt, t coul d onl y bc nhntc. hc qucston s. Oocs t rcally makc
scnsc to thnk olths as a dcbt! Altcr all, a dcbt s by dchnton somc-
thng that wc could at lcast magnc payng back. t s strangc cnough
to wsh to bc squarc wth onc's parcntst rathcr mpl cs thatoncdocs
not wsh to thnk olthcm as parcnts any morc. Vould wc rcally want
to bc squarc wth all human ty! Vhat would that cvcn mcan! And s
ths dcs rc rcally a lundamcntal lcaturc ol al l human thought!
Anothcr way to put th s woul d bc. Arc prmordal-dcbt thcorsts
descr/|/ng a myth, havc thcy d scovcrcd a prolound truth ol thc hu-
man condton that has always cx stcd n al l socctcs, and s t smpl y
spcl l cd out partcularly cl carl y n ccrtan anctcnt tcxtslrom ndaor
arc thcy /ncent/ng a myth ol thcr own!
Llcarly t must bc thc l attcr. hcy arc nvcntng a myth.
hc chocc ol thc Vcdc matcral s

sgnhcant. hc lact s, wc
know almost nothng about thc pcoplc who composcd thcsc tcxts and
lttlc about thc soccty that crcatcd thcm. ' Vc don' t cvcn know l
| H | N H | L L 1 b O
ntcrcst-bcarng l oans cxstcd n Vcdc ndawhch obvously has a
bcarng on whcthcr prcsts rcal l y saw sacrhcc as thc paymcnt ol ntcr-
cst on a loan wc owc to Ocath. ' As a rcsult, thc matcr al can scrvc as
a knd ol cmpty canvas, or a canvas covcrcd wth hcroglyphcs n an
unknown l anguagc, on whch wc can pro|cct al most anythng wc want
to. lwc look atothcr anccntcvlzatons nwhchwc doknow somc-
thng about thc l argcr contcxt, wc hnd that no such noton ol sacrhcc
as paymcnt s n cvdcncc. ' l wc look through thc work ol anccnt
thco|og ans, wc hnd that mostwcrclam l ar wth thc dca that sacrhcc
was a way by whch human bcngs cou|d cntcr nto commcrc al rcla-
tons wth thc gods, but that thcy lclt t was patcntly rdcul ous. lthc
gods al rcady havc cvcrythng thcy want, what cxactly do humans havc
to bargan wth!'' Vc`vc sccn n thc last chaptcr how d lhcult t s to
gvc glts to kngs. Vth gods |ct a|onc Lod) thc problcm s magn hcd
nhntcl y. Lxchangc mplcs cqualty. n dcalng wth cosmc lorccs, ths
was smply assumcd to bc mpossblc lrom thc start.
hc noton that dcbts to gods wcrc appropr atcd by thc statc,
and thus bccamc thc bascs lor taxaton systcms, can` t rcal l y stand
up cthcr. hc problcm hcrc s that n thc anccnt world, lrcc ctzcns
ddn`t usual l ypay taxcs. Lcncrally spcakng, trbutc was lcvcd only on
conqucrcd populat ons. hs was al rcady truc n anccnt Ncsopotam a,
whcrc thcnhabtants olndcpcndcntc t csdd not usual | yhavcto pay
drcct taxcs at al l . S m l arly, as Noscs nlcy put t, " Ll asscal Lrccks
lookcd upon drccttaxcs astyranncal and avodcd thcm whcncvcr pos-
s bl c. ' Athcnan ctzcns dd not pay drcct taxcs ol any sort, though
thccty dd somctmcs d strbutc moncy to ts ctzcns, a knd olrcvcrsc
taxatonsomctmcs drcctly, as wth thc procccds olthc Laurum s l -
vcr mncs, and somctmcs ndrcctly, as through gcncrous lccs lor | ury
duty or attcndng thc asscmbl y. Sub| cct ctcs, howcvcr, dd havcto pay
trbutc. Lvcn wthn thc crsan Lmprc, crs ans dd not havc to pay
trbutc to thc Lrcat Kng, but thc nhabtants ol conqucrcd provnccs
dd. '' hc samc was truc n Komc, whcrc lor a vcry long tmc, Koman
ctzcns not only pad no taxcs but had a rght to a sharc olthc trbutc
lcvcd on othcrs, n thc lorm ol thc dolcthc "brcad` part ol thc la-
mous "brcad and crcuscs. `'
n othcr words, Bcn| am n rankln was wrong whcn hc sad that
n ths world nothng s ccrtan cxccpt dcath and taxcs. hs obvously
makcs thc dca that thc dcbt to onc s | ust a varaton on thc othcr
much hardcr to manta n.
Ponc ol th s, howcvcr, dcals a mortal bl ow to thc statc thcory
ol moncy. Lvcn thosc statcs that dd not dcmand taxcs dd lcvy lccs,
pcnaltcs, tarlls, and hncs ol onc sort or anothcr. But t /s vcry hard
L 1
to rcconc l c wth any thcory that cl a ms statcs wcrc hrst conccvcd as
guard ans ol somc sort ol cosm c, pr mord al dcbt.
t` s curous that prmordal-dcbt thcorsts ncvcr havc much to say
aboutSumcr or Babyl ont a, dcsptc thc lact that Ncsopotam a s whcrc
thc practcc ol l oanng moncy at t ntcrcst was hrst nvcntcd, probably
two thousand ycars bclorc thc Vcdas wcrc composcdand that t was
al so thc homc ol thc worl d` s hrst statcs. But l wc look nto Ncsopo-
taman hstory, t bccomcs a lttlc lcss surprsng. Aga n, what wc hnd
thcrc s n many ways thc cxact oppostc olwhat such thcorsts would
havc prcdctcd.
hc rcadcr w l l rccal l hcrc that Ncsopotam an cty-statcs wcrc
dom natcd by vast cmplcs. ggantc, complcx ndustral nsttutons
oltcn stallcd by thousandsncludng cvcryonc lrom shcphcrds and
bargc-pullcrs to spnncrs and wcavcrs to dancng grls and cl crcal ad-
m nstrators. By at lcast z;oo C, ambtousrul crshad bcgunto mtatc
thcm by crcatng pal acc complcxcs organ zcd on s m l ar tcrmswth
thc cxccptt on that whcrc thc cmplcs ccntcrcd on thc sacrcd chambcrs
ol a god or goddcss, rcprcscntcd by a sacrcd magc who was lcd and
clothcd and cntcrtancd by prcstly scrvants as l hc or shc wcrc a lv-
ng pcrson. alaccs ccntcrcd on thc chambcrs ol an actual lvc kng.
Sumcran rulcrs rarcly wcnt so lar as to dcclarc thcmsclvcs gods, but
thcy oltcn camc vcry closc. owcvcr, whcn thcy dd ntcrlcrc n thc
lvcs ol thcr sub| ccts n thcr capacty as cosmc rulcrs, thcy dd not
do t by mposng publc dcbts, but rathcr by cancclng prvatc oncs.''
Vc don` t know prccscly whcn and how ntcrcst-bcarng l oans
orgnatcd, sncc thcy appcar to prcdatc wrtng. Nost l kcl y, cmplc
adm nstrators nvcntcd thc tdca as a way ol hnancng thc caravan
tradc. hs tradc was crucal bccausc whlc thc rvcr vallcy ol anccnt
Ncsopotam a was cxtraordnart l y lcrtlc and produccd hugc surpluscs
ol gran and othcr loodstulls, and supportcd cnormous numbcrs ol
lvcstock, whch n turn supportcd a vast wool and lcathcr ndustry, t
was al most complctcly lackng n anyth ng clsc. Stonc, wood, mctal ,
cvcn thc s lvcr uscd as moncy, al l hadto bc mportcd. rom quttc carly
tmcs, thcn, cmplc admn strators dcvclopcd thc habt ol advancng
goods to l ocal mcrchantssomc ol thcm prvatc, othcrs thcmsclvcs
cmplc lunctonarcswho would thcn go oll and scl l t ovcrscas.
ntcrcst was | ust a way lor thc cmpl cs to takc thcr sharc ol thc rc-
sultngprohts. '' owcvcr, oncc cstablshcd, thc prncplc sccms to havc
quckly sprcad. Bclorc long, wc hnd not on|y commcrc al l oans, but
also consumcr l oansusury nthc c| ass cal scnsc olthc tcrm. Byczqoo
C t al rcady appcars to havc bccn common practcc on thc part ol lo-
cal olhc al s, or wcalthy mcrchants, to advancc loans to pcasants who
| H | N H | L L 1 b D
wcrc n hnancal troublc on collatcral and bcgn to appropratc thcr
posscssons l thcy wcrc unablc to pay. t usually startcd wtth gra n,
shccp, goats, andlurnturc, thcn movcd on to hclds andhouscs, or, al -
tcrnatcly or ul tmatcly, laml y mcmbcrs. Scrvants, lany, wcnt quckl y,
lol lowcd by chldrcn, wvcs, and n somc cxtrcmc occas ons, cvcn thc
borrowcr h mscll. hcsc would bc rcduccd to dcbt-pcons. not qutc
s|avcs, but vcry closc to that, lorccd nto pcrpctual scrvcc n thc lcnd-
cr` s houscholdor, somct mcs, n thc cmplcs or a| accs thcmsclvcs.
n thcory, ol coursc, any ol thcm cou|d bc rcdccmcd whcncvcr thc bor-
rowcr rcpad thc moncy, butlor obvous rcasons, thc morc a pcasant` s
rcsourccs wcrcstrppcd away lrom h m, thc hardcr that bccamc.
hc cllccts wcrc such that thcy oltcn thrcatcncd to rp soccty
apart. l lor any rcason thcrc was a bad harvcst, | argc proportons ol
thc pcasantry wou|d lal | nto dcbt pconagc, lamlcs would bc bro-
kcn up. Bclorc long, lands lay abandoncd as ndcbtcd larmcrs hcd
thcr homcs lor lcar ol rcposscsson and | oncd scm-nomadc bands
on thc dcscrt lrngcs ol urban cvlzat on. accd wth thc potcnta|
lor complctc socal brcakdown, Sumcran and l atcr Babylonan k ngs
pcrodcal ly announccd gcncral amncstcs. "cl can slatcs, ` as cconomc
hstoran Nchac| udson rclcrs to thcm. Such dccrccs would typ cal l y
dccl arca| l outstandng consumcr dcbt nul l and vod commcrcal dcbts
wcrc not allcctcd) , rcturn a| l land to ts org nal owncrs, and a| l ow al l
dcbt-pcons to rcturn to thc r laml cs . Bclorc long, t bccamc morc or
lcss a rcgul ar habt lor kngs to makc such a dcclaraton on hrst as-
sumng powcr, and many wcrclorccd to rcpcat t pcrodcally ovcr thc
coursc ol thcr rcgns.
n Sumcra, thcsc wcrc callcd "dcclaratons ol lrccdom`and t
s sgnhcant that t hc Sumcran word amarg/, t hc hrst rccordcd word
lor "lrccdom` n any known human languagc, ltcrally mcans "rcturn
to mothcr`sncc ths s what lrccd dcbt-pcons wcrc hnally al l owcd
to do. ''
Nchacl udson argucs that Ncsopotam an kngs wcrc only n
a poston to do ths bccausc ol thcr cosmc prctcns ons. n takng
powcr, thcy saw thcmsclvcs as ltcrally rccrcatng human soccty, and
so wcrc n a poston to wpc thc slatc clcan ol al l prcvous moral ob-
lgatons. St l l , ths s about as larlrom what prmordal -dcbtthcorsts
had n mnd as onc could possbly magnc. '
8 f 8 8 8
robably thc bggcst problcm n ths wholc body ol ltcraturc ts thc n -
tal assumpt on. that wcbcg nwth an nhn tcdcbttosomcthngcal l cd
L 1
"soccty. `t` sthsdcbtto soccty thatwc pro|cctonto thc gods. t` sths
samc dcbt that thcn gcts takcn up by kngs and natonal govcrnmcnts.
Vhat makcs thc conccpt ol soccty so dcccptvc s that wc assumc
thc world s organzcd nto a scrcs ol compact, modular unts cal lcd
"socctcs, ` and that all pcoplc know whch onc thcy` rc n. stor-
cally, ths s vcry rarcly thc casc. magnc am a Lhrstan Armcnap
mcrchant lvng undcr thc rcgn ol Lcnghs Khan. Vhat s "soccty`
lor mc! s t thc cty whcrc grcw up, thc soccty ol ntcrnatonal
mcrchants wth ts own claboratc codcs ol conduct) wthn whch
conduct my da l y allars, othcr spcakcrs olArmcn an, Lhrstcndom or
maybc | ust Lrthodox Lhrstcndom) , or thc nhabtants ol thc Nongo|
cmprc tscll, whch strctchcd lrom thc Ncdtcrrancan to Korca! s-
tor cal l y, kngdoms and cmprcs havc rarcly bccn thc most mportant
rclcrcncc ponts n pcoplcs` lvcs. Kngdoms rsc and lal | , thcy also
strcngthcn and wcakcn, govcrnmcnts may makc thcrprcscncc known
n pcopl c` s lvcs qutc sporad ca| l y, and many pcop|c n h story wcrc
ncvcr cntrcly clcar whosc govcrnmcnt thcy wcrc actual l y n. Lvcn untl
qu tc rcccntly, many olthc world` s nhabtants wcrc ncvcr cvcn qutc
surc what country thcywcrcsupposcd to bc n, or why t should mat-
tcr. Ny mothcr, who was born a )cw n ol and, oncc told mc a | okc
lrom hcr ch ldhood.
Jhcrc was a small town locatcd along thc trontcr bctwccn
Kussa and Ioland, no onc was cvcr gutc surc to whch t
bclongcd. Lnc day an othcal trcaty was sgncd and not long
attcr, survcyors arrvcd to draw a bordcr. Somc vllagcrs ap-
proachcd thcm whcrc thcy had sct up thcr cgupmcnt on a
ncarby h l l .
"So whcrc arcwc, Kussa orIoland!`
"Accordng toourcalculatons, yourvllagc now bcgns cx-
actly thrty-scvcn mctcrs nto Ioland. `
Jhc vllagcrs mmcd atcly bcgan dancng tor | oy.
"Vhy ` thc survcyors askcd. "Vhat d ttcrcncc docs t
makc `
"Oon` t you know what ths mcans ! ` thcy rcplcd. "It mcans
wc` l l ncvcr havc to cndurc anothcr onc ot thosc tcrrblc Kus-
san wntcrs! `
owcvcr, l wc arc born wth an nhnttc dcbt to al l thosc pcop|c
who madc our cxstcncc possbl c, but thcrc s no natural unt ca| lcd
"soccty`thcn who orwhat cxactly do wc rcal | yowc tto! Lvcryonc!
Lvcryth ng! Somc pcoplc or thngs morc than othcrs ! Andhow do wc
| H | N H | L L 1 b 1
paya dcbtto somcthngso dllusc! Lr, pcrhaps morc to thcpont, who
cxactly can cl a m thc authorty to tcll us how wc can rcpay t, and on
what grounds !
l wc lramc thc problcm that way, thc authors ol thc Brahmanas
arc ollcrng a qutc soph stcatcd rchccton on a mora|qucstonthat no
onc has rcal l ycvcrbccn abl c to answcr anybcttcrbclorc or sncc. As
say, wc can` tknow much about thc condtons undcr whch thosc tcxts
wcrc composcd, but such cvdcncc as wc do havc suggcsts that thc
crucal documcnts datc lrom somctmc bctwccnoo andqoo bCthat
s, roughly thc t mc olSocratcswh ch n nda appcars to havc bccn
| ust around thc t mc that a commcrca| cconomy, and nsttutons lkc
co ncd moncy and ntcrcst-bcarng loans wcrc bcgnn ng to bccomc
lcaturcs ol cvcryday l lc. hc ntcllcctual classcs ol thc t mc wcrc,
much as thcy wcrc n Lrcccc and Lh na, grappl ng w th thc mp| ca-
tons . n thc rcasc, th s mcant ask ng. Vhat docs t mcan to mag nc
our rcspons b l t cs as dcbts ! o whom do wc owc our cx stcncc!
t` s sgnhcant that thcr answcr dd not makc any mcnton cthcr
ol"soccty` orstatcs though ccrtan| ykngs andgovcrnmcnts ccrta nl y
cxstcd ncarl ynd a) . nstcad, thcyhxcdondcbtstogods, tosagcs, to
lathcrs, and to "mcn. ` t woul dn` t bc at al l dlhcult to translatc thcr
lormulaton nto morc contcmporary languagc. Vc could put t ths
way. Vc owc our cx stcncc abovc al l .
W
Jo thc unvcrsc, cosmc torccs, as wc would put t now, to laturc.
Jhcground otour cxstcncc. Jo bc rcpadthrough rtual . rtua| bc-
ng an act otrcspcct and rccognton to al l that bcsdc whch wc arc
sma.'
W
Jo thosc who havc crcatcd thc knowlcdgc and cultura| accom-
pl shmcnts that wc va|uc most, that gvc our cxstcncc ts torm, ts
mcanng, but also ts shapc. Mcrc wc would ncludc not on|y thc
ph losophcrs and sccntsts who crcatcd our ntcllcctua| tradton
butcvcryonctromVl|am bhakcspcarc to that long-sncc-torgottcn
woman, somcwhcrc n thc NddlcEast, who crcatcd lcavcncd brcad.
Vc rcpay thcm by bccomng lcarncd oursc|vcs and contrbutng to
human knowlcdgc and human culturc.
W
Jo our parcnts, and thcrparcnts-our anccstors. Vcrcpay thcm by
bccomng anccstors.
W
Jo humanty as a wholc. Vc rcpay thcm by gcncrosty to strang-
crs, by mantanng that basc communstc ground ot soca|ty that
makcs human rclatons, and hcncc l tc, possblc.
L 1
Sct out ths way, though, thc argumcnt bcgns to undcrmnc ts
vcry prcmsc. hcsc arc nothng lkc commcrcal dcbts. Altcr all, onc
mght rcpay onc` s parcnts by havng chldrcn, but onc s not gcncr-
ally thought to havc rcpad onc`s crcdtors l onc lcnds thc cash to
somconc c| sc. '`
Nyscll, wondcr. Loul dn` t that rca| l y bc thc po nt! crhaps what
thc authors ol thc Brahmanas wcrc rcal l y dcmonstratng was that, n
thchnal ana|yss, ourrclaton wththccosmos sul t matclynothng|kc
a commcrcal transacton, nor coul d t bc. hat s bccausc commcrcal
transactons mpl y both cqualty and scparat on. hcsc cxamplcs arc
al l about ovcrcomng scparat on. you arc lrcc lrom your dcbt to your
anccstors whcn you bccomc an anccstor, you arc lrcc lrom your dcbt
to thc sagcs whcn you bccomc a sagc, you arc lrcc lrom your dcbt to
humanty whcn you act wth humanty. A| l thc morc solonc t s spcak-
ng ol thc unvcrsc. l you cannot bargan wth thc gods bccausc thcy
al rcady havc cvcrythng, thcn you ccrtanly cannot bargan wth thc
unvcrsc, bccausc thc unvcrsc /s cvcryth ngand thatcvcrythng ncccs-
sar l y nc|udcs yoursc|l. Lnc could n lact ntcrprct ths lst as a subtlc
way olsayng that thc onl y way ol"lrccng oncscll` lromthc dcbt was
not l tcral l y rcpayng dcbts, but rathcr showng that thcsc dcbts do
not cxst bccausc onc s not n lact scparatc to bcgn wth, and hcncc
that thc vcry noton ol cancclng thc dcbt, and achtcvng a scparatc,
autonomous cxtstcncc, was rdculous lrom thc start. Lr cvcn that thc
vcry prcsumpton olpostng oncscll as scparatc lrom humanty or thc
cosmos, so much so that onc can cntcr nto onc-to-onc dcal ngs wth
t, s tscll thc crmc that can bc answcrcd onl y by dcath. Lur gul t s
not duc to thc lact that wc cannot rcpay our dcbt to thc unvcrsc. Lur
gu l ts our prcsumpton tn thnkng ol oursc|vcs as bcng n any scnsc
an cquva|cnt to Lvcrythng Llsc that Lxsts or as Lvcr Lxstcd, so as
to bc ablc to conccvc olsuch a dcbt n thc hrst pl acc. ''
Lr |ct us | ook at thc othcr sdc ol thc cquaton. Lvcn l t s pos-
s bl c to magnc oursclvcs as standtng n a poston ol abso|utc dcbt to
thc cosmos, or to humanty, thc ncxt qucston bccomcs. Vho cxactly
has a rght to spcak lor thc cosmos, or humanty, to tcll us how that
dcbt must bc rcpad! lthcrc` s anythng morc prcpostcrous than clam-
ng to stand apart lrom thc cntrc unvcrsc so as to cntcr nto ncgota-
tons wth t, t t s c| a mng to spcak lor thc othcr sdc.
lonc wcrc l ookng lor thc cthos lor an ndvdual stcsoccty such
asourown, oncwaytodo tmghtwcll bcto say. wcal l owcan nhn tc
dcbt to humanty, soccty, naturc, or thc cosmos howcvcr onc prclcrs
to lramc t) , but no onc c|sc could poss bl y tc|l us how wc arc to pay t.
hs at lcast wou|d bc ntcl lcctual l y cons stcnt. l so, t would actual l y
| H | N H | L L 1 b
bcpossblc to scc al most a| l systcms olcstabl shcd authortyrclgon,
moralty, poltcs, cconomcs, and thc crmnal-| ustcc systcmas so
many dllcrcnt lraudulcnt ways to prcsumc to cal culatc what cannot
bc calculatcd, to clam thc authorty to tcll us how somc aspcct olthat
unl m tcd dcbt ought to bc rcpa d. uman lrccdom would thcn bc our
ab l ty to dccdcloroursc| vcs how wc want to do so.
Po onc, to my knowlcdgc, has cvcr takcn th s approach. n-
stcad, thcorcs ol cxstcntal dcbt always cnd up bccomng ways ol
| ustlyngor layng clam tostructurcs ol authorty. hc casc ol
thc ndu ntcllcctual tradton s tcllng hcrc. hc dcbt to humanty
appcars only n a lcw carly tcxts, and s quckly lorgottcn. Almost al l
l atcrndu commcntators gnorc t and nstcad putthc rcmphas s on
a man' s dcbt to h s lathcr.
8 8 8 8 8
rmord al -dcbt thcorsts havc othcr hsh to lry. hcy arc not rcally
ntcrcstcd n thc cosmos, but actual l y, n "soccty. `
Lct mc rcturn agan t o that word, "soccty. ` hc rcason that t
sccms lkc such a smplc, scll-cvdcnt conccpt s bccausc wc mostly
usc t as a synonym lor "naton. ` Altcr al|, whcn Amcrcans spcak ol
payng thcr dcbt to soccty, thcy arc not thnkng ol thcr rcspons b l -
t cs to pcopl c who lvc n Swcdcn. t` s only thc modcrn statc, wth ts
claboratc bordcr controls and soc al pol c cs, thatcnablcs us to magnc
"soccty` n ths way, as a snglc boundcd cntty. hs s why pro| cct-
ng that noton backwards nto Vcdc or Ncdcval tmcs wll always bc
dcccptvc, cvcn though wc don` t rcally havc anothcr word.
t sccms to mc that ths s cxactly what thc prmord al -dcbt thco-
rsts arc dong. pro| cctng such a noton backwards.
Kcal l y, thc wholc complcx ol dcas thcy arc talkng aboutthc
noton that thcrc s ths thng cal lcd soccty, that wc havc a dcbt to t,
that govcrnmcnts can spcak lor t, that t can bc magncd as a sort ol
sccul argodal l olthcsc dcas cmcrgcd togcthcr around thc tmc olthc
rcnch Kcvoluton, or n ts mmcdatc wakc. n othcr words, t was
born alongsdc thc dca olthc modcrn naton-statc.
Vc can al rcady scc thcm com ng togcthcr clcarly n thc work ol
Augustc Lomtc, n carl y n nctccnth-ccntury rancc. Lomtc, a ph-
losophcr and poltcal pamphlctccr now most lamous lor hav ng hrst
concd thc tcrm " socol ogy, ` wcnt so lar, by thc cnd ol h s l lc, as
actual l y proposng a Kcl g on ol Soc cty, wh ch hc cal l cd os t v sm,
1 L 1
broadly modclcd on Ncdcval Lathol c sm, rcplctc wth vcstmcnts
whcrc all thc buttons wcrc on thc back so thcy coul dn` t bc put on
wthoutthc hclp olothcrs) . n h s l astwork, whch hccal lcd a "ostv-
st Latcch sm, ` hc also l addown thc hrstcxplctthcoryolsocaldcbt.
At onc pont somconc asks an magnary rcst ol ostvtsm what hc
thtnks olthc noton olhuman rghts . hc prcst scolls at thc vcry dca.
hs s nonscnsc, hc says, an crror born ol ndvdual sm. ostvsm
undcrstands onl y dutcs. Altcr al l .
Vcarc born undcr a load ol obl gatons ol cvcry knd, toour
prcdcccssors, to our succcssors, to our contcmporarcs. Altcr
our brth thcsc obl gatons ncrcasc or accumul atc bclorc thc
pont whcrc wc arc capablc ol rcndcrng anyonc any scrvcc.
Ln what human loundaton, thcn, could onc scat thc dca ol
"rghts`
'
Vhl cLomtcdocsn' tuscthc word "dcbt, ` thc scnscs clcarcnough.
Vc havc al rcady accumulatcd cndlcss dcbts bclorc wc gct to thc agc at
whch wc can cvcn thnk olpayng thcm. By that tmc, thcrc' s no way
to calculatc to whom wc cvcn owc thcm. hc only way to rcdccm our-
sclvcs s to dcdcatc oursclvcs to thc scrvcc ol uman ty as a wholc.
n h s l lct mc, Lomtc was consdcrcd somcthngola crackpot, but
h s dcas provcd nhucnt al . s noton ol unl mtcd oblgatons to so-
ccty ul tmatcly crystal l zcd n thc noton olthc "socal dcbt, ` a noton
takcnup among socal rclormcrs and, cvcntual l y, soc al stpoltcans tn
many parts olLuropc and abroad. "Vc arc al l born asdcbtors to so-
ccty`. n rancc thc noton ola socal dcbt soon bccamc somcthng ol
a catchphrasc, a slogan, and cvcntual l y a clchc.' hc statc, accordng
to ths vcw, was mcrcly thc admnstrator ol an cxstcntal dcbt that
al l ol us havc to thc soccty that crcatcd us, cmbodcd not lcast n thc
lactthatwc al l contnuc to bccomplctclydcpcndcnt ononc anothcrlor
our cx stcncc, cvcn l wc arc not complctcly awarc olhow.
hcscarc al so thc ntcllcctual and pol t cal crclcs that shapcd thc
thought ol Lml c Ourkhc m, thc loundcr ol thc dscplnc ol socology
that wc know today, who n a way dd Lomtc onc bcttcr by argung
that all gods n al l rclg ons arc always al rcady pro| cctons olsoccty
so an cxplct rclgon ol soccty would not cvcn bc ncccssary. All
rclg ons, lor Ourkhc m, arc smply ways ol rccognzng our mutual
dcpcndcncc on onc anothcr, a dcpcndcncc that allccts us n a mllon
ways that wc arc ncvcr cntrcly awarc ol. "Lod` and "soccty` arc
ultmatcly thc samc.
| H | N H | L L 1 b 1 1
hc problcm s that lor scvcral hundrcd ycars now, t has s mpl y
bccnassumcd that thcguard an olthatdcbtwc owc lor al l olth s, thc
lcg tmatc rcprcscntatvcs olthat amorphous socal total ty that has al -
lowcd us to bccomc ndt vt dual s, must ncccssarl y bc thc statc. Al most
al l socal st or socal stc rcgmcs cnd up appcalng to somc vcrson ol
ths argumcnt. o takconcnotorouscxamplc, ths was howthc Sovct
Onon uscd to | ustly lorbddng thcr ctzcns lrom cmtgratng to othcr
countrcs. hc argumcnt was always. hc OSSK crcatcd thcsc pcoplc,
thc OSSK ra scd and cducatcd thcm, madc thcm who thcy arc. Vhat
rght do thcy havc to takc thc product ol our nvcstmcnt and translcr
t to anothcr country, as lthcy ddn' t owc us anytht ng! Pcthcr s ths
rhctorc rcstrctcd to socal st rcg mcs. Patonalsts appcal to cxactly
thc samc knd ol argumcntsspcc al l y n tmcs ol war. And all mod-
crn govcrnmcnts arc natt onalst to somc dcgrcc.
Lnc mght cvcn say that what wc rcally havc, tn thc tdca ol pr-
mordtal dcbt, s thc ultmatc natonal st myth. Lncc wc owcd our lvcs
to thcgods thatcrcatcd us, padntcrcstt nthc lorm olanmal sacrhcc,
and ultmatcly pad back thc prncpal wtth our l vcs. Pow wc owc t
to thc Paton that lormcd us, pay ntcrcst t n thc lorm ol taxcs, and
whcn t comcs tmc to dclcnd thc naton aganst ts cncmcs, to ollcr
to pay t wth our lvcs.
hs s a grcattrapolthc twcntcth ccntury. ononc sdc sthclogc
olthc markct, whcrc wc lkc to magnc wc al l startout as ndvduals
who don' t owc cach othcr anythtng. Ln thc othcr s thc logc ol thc
statc, whcrc wc al l bcgn wth a dcbt wc can ncvcr truly pay. Vc arc
constantly told that thcy arc opposttcs, and that bctwccn thcm thcy
contan thc only rcal human possbltcs. But t's a lalsc dchotomy.
Statcs crcatcd markcts. Narkcts rcqurc statcs. Pcthcr coul d contnuc
wthout thc othcr, at lcast, n anythng lkc thc lorms wc would rcc-
ognzc tod

y.
0N 8 pt0 r |0u r
0R u LL1Y kN0 RL 0L YP1| 0 N
We ui// buy tbe oor jor si/ter, tbe
neeJy jor a air oj sanJa/s.
-Amos z. 6
1HL KLLK M1 havc notccd that thcrc s an unrcsolvcd dcbatc
bctwccn thosc who scc moncy as a commodty and thosc who scc t
as an LO. Vhch onc s t By now, thc answcr should bc obv ous.
t` s both. Kc thart, probabl ythcbcst-known currcnt anthropologcal
authorty on thc sub| cct, pontcd ths out many ycars ago. hcrc arc,
hc lamously obscrvcd, two sdcs to any co n.
Look at a co nlrom yourpockct. Ln oncs dcs "hcads`-thc
symbol olthc pol tcal authorty whch mntcd thc con, on thc
othcr sdc s "tals`-thc prccsc spcchcaton ol thc amount
thc con s worth as paymcntn cxchangc. Lnc sdc rcmnds us
that statcs undcrwrtc currcnccs and thc moncy s orgnally a
rcl aton bctwccn pcrsons n soccty, a tokcn pcrhaps. Jhc othcr
rcvcals thc con as a thng, capablc ol cntcrng nto dchntc
rcl atons wth othcr thngs. '
Llcarly, moncy was not nvcntcd to ovcrcomc thc nconvcncnccs
olbartcr bctwccn ncghborssncc ncghbors would havc no rcason to
cngagc n bartcr n thc hrst placc. St l l , a systcm ol purc crcdt moncy
would havc scrous nconvcncnccs as wcl l . Lrcdt moncy s bascd on
trust, and n compcttvc markcts, trust tscll bccomcs a scarcc com-
modty. hs s partcularly truc ol dcalngs bctwccn strangcrs. Vthn
thc Koman cmprc, a s lvcr con stampcd wth thc magc ol bcrus
mght havc crculatcd at a val uc consdcrably hghcr than thc val uc ol
thc slvcr t contancd. Anccnt cons nvar abl y crcul atcd at a val uc
hghcr than thcr mctal contcnt. hs was l argcly bccausc bcr us` s
govcrnmcnt was w l l ng to acccpt thcm at lacc val uc. owcvcr, thc
1 L 1
crs an govcrnmcnt probably wasn' t, and thc Nauryan and Lhncsc
govcrnmcnts ccrta nl y wcrcn' t. Vcry l argc numbcrs olKoman gold and
sl vcr cons dd cnd up n nda and cvcn Lhna, ths s prcsumabl y thc
ma n rcason that thcy wcrc madc olgold and s lvcr to bcgn wth.
Vhat' s truc lor a vast cmprc lkc Komc or Lhna s obvously
al l thc morc truc lor a Sumcran or Lrcck cty-statc, lct al onc anyonc
opcratngwthn thc knd olbrokcnchcckcrboard olkngdoms, towns,
and tny prncpaltcs that prcva l cd n most ol Ncdcval Luropc or
nda. As ' vc pontcd out, oltcn what was nsdc and what was out-
sdc wcrc not cspcc al l y cl car. Vthn a communtya town, a cty,
a guld or rclgous socctyprctty much anythng could luncton as
moncy, provdcd cvcryonc kncw thcrc was someone w l l ng to acccpt
t to canccl out a dcbt. o ollcr onc partcularly strkng cxamplc, n
ccrtan c t cs n nnctccnth-ccntury S am, smal l changc cons stcd cn-
trcly ol porcclan Lhncsc gam ng countcrsbas cal l y, thc cquvalcnt
ol pokcr chps ssucd by l ocal casnos. l onc ol thcsc casnos wcnt
out olbusncss or lost ts lccnsc, ts owncrs would havc to scnd a crcr
through thc strccts bangng a gong and announcng that anyonc hol d-
ng such chts had thrccdays to rcdccm thcm. ' or ma| or transact ons,
ol coursc, currcncy that was al so acccptablc outs dc thc communty
usual l y sl vcr or gold agan) was ordnarly cmploycd.
n a smlar way, Lnglsh shops, lor many ccnturcs, would ssuc
thcrown wood or lcad orlcathcrtokcnmoncy. hc practccwasoltcn
tcchncal l y llcgal , but t contnucd untl rclatvcly rcccnt tmcs. crc s
an cxamplc lrom thc scvcntccnth ccntury, bya ccrtan cnry, who had
a storc at Stony Stratlord, Bucknghamshrc.
hs s cl carl y a casc ol thc samc prncpl c. cnry would provdc
small changc nthc lorm olLOs rcdccmablcath sown storc. Assuch,
thcy m ght c rcul atc broadl y, at l cast among anyonc who dd rcgul ar
busncss at that shop. But thcy wcrc unlkcly to travcl vcry lar lrom
StonyStratlordmosttokcns, n lact, ncvcrcrculatcd morcthana lcw
blocks n any drcct on. or l argcr transactons, cvcryonc, ncludng
cnry, cxpcctcd moncy n a lorm that would bc acccptablc anywhcrc,
ncl udng n taly or rancc. '
H U L L1 1 N H L L N | 1 | N 1 D
hroughout mostolht story, cvcn whcrcwc do hnd claboratc mar-
kcts, wc al so hnd a complcx | umbl c ol dt llcrcnt sorts ol currcncy.
Somc ol thcsc may havc ortgtnal l y cmcrgcd lrom bartcr bctwccn lor-
cgncrs. thc cacao moncy ol Ncsoamcrtca or salt moncy ol Lthopt a
arc lrcqucntly ctcd cxamplcs. ' Lthcrs arosc lrom crcd t systcms, or
lrom argumcnts ovcr what sort ol goods should bc acccptablc to pay
taxcs or othcr dcbts. Such qucsttons wcrc oltcn mattcrs ol cndlcss
contcstatton. Lnc could oltcn lcarn a lot about thc balancc olpoltcal
lorccs t n a gtvcn ttmc and placc by what sorts ol thtngs wcrc acccpt-
ablc as currcncy. or tnstancc. t n much thc samc way that colont al
Vt rgt nt a pl antcrs managcd to pass a l aw obltgtng shopkccpcrs to ac-
ccpt thcr tobacco as currcncy, mcdcval omcranan pcasants appcar
to havc at ccrtatn ponts convtnccd thcr rulcrs to makc taxcs, lccs,
and customsdut cs, wht chwcrcrcgstcrcd t nKoman currcncy, actual l y
payabl c t n wt nc, chccsc, pcppcrs, chckcns, cggs, and cvcn hcrrng
much to thc annoyancc ol travcltng mcrchants, who thcrclorc had
to cthcr carry such th ngs around t n ordcr to pay thc tolls or buy
thcm locally at pr ccs that would havc bccn morc advantagcous to
thct r suppltcrs lor that vcry rcason. hs was t n an arca wtth a lrcc
pcasantry, rathcr than scrls. hcy wcrc n a rclatvcly strong pol t tcal
post ton. nothcrtmcs and pl accs, thcntcrcsts ollords and mcrchants
prcvat l cd t nstcad.
hus moncy ts al most always somcthtng hovcrtng bctwccn a com-
modtty and a dcbt-tokcn. ht s s probabl y why cot nsptcccs olstlvcr
or gold that arc alrcady val uabl c commodt ttcs t n thcmsclvcs, but that,
bctng stampcd wth thc cmblcm ol a local polttcal authorty, bccamc
cvcn morc val uablcstl l stt t n our hcads as thc qutntcsscntt al lorm
ol moncy. hcy most pcrlcctl y straddlc thc dtvtdc that dchncs what
moncy t s t n thc hrst pl acc. Vhat` s morc, thc rclatton bctwccn thc two
was a mattcr olconstantpol tt cal contcstatt on.
nothcrwords, thc battlc bctwccn statc and markct, bctwccn gov-
crnmcnts and mcrchants t s not t nhcrcnt to thc human condt t on.
8 8 8 f 8
Lur two ortgtn storcsthc myth ol bartcr and thc myth ol prmordt al
dcbtmay appcar to bc about as lar apart as thcy coul d bc, but n
thct rown way, thcy arc also two st dcs olthc samc cot n. Lnc assumcs
thc othcr. t` s onl y oncc wc can t magtnc human l t lc as a scrcs olcom-
mcrct al transactons that wc` rc capablc ol scct ng our rclatton to thc
unvcrsc t n tcrms oldcbt.
1 L 1
o l l ustratc, lct mc cal l a pcrhaps surprsmg wtncss, rcdrch
Pctzschc, a man ablc to scc wth uncommon clarty what happcns
whcn you try to magnc thc world n commcrcal tcrms.
Pctzschc` s On tbe Cenea/ogy of Mora/s appcarcd n I88;. n t, hc
bcgns w th an argumcntthatm ghtwcl l havcbccntakcndrcctly lrom
Adam Sm thbut hc takcs t a stcp lurthcr than Smth cvcr darcd to,
nsstng that not | ust bartcr, but buyng and scllng tscll, prcccdc any
othcr lorm ol human rcl atonshp. hc lcclng ol pcrsonal obl gaton,
hc obscrvcs,
has ts orgn n thc oldcst and most pr mtvc pcrsonal rcla-
tonshp thcrc s, n thc rclatonshp bctwccn scllcr and buycr,
crcdtor and dcbtor. Mcrc lor thc hrst tmc onc pcrson movcd
up aganst anothcr pcrson, hcrc an ndvdual measured bimse/f
aganst anothcr ndvdual . Vc havc lound no cv lzaton stll
at such a low lcvcl that somcthng ol ths rclatonshp s not
alrcady pcrccptblc. Jo sct prccs, to mcasurc valucs, to thnk
up cquvalcnccs, to cxchangc th ngs-that prcoccupcd man` s
vcry hrst thnkng to such a dcgrcc that n a ccrtan scnsc
t` s what thnkng itse/f s. Mcrc thc oldcst lorm ol astutcncss
was brcd, hcrc, too, wc can assumc arc thc hrst bcg nnngs ol
man`s prdc, hs lcclng ol prc-cmncncc n rclaton to othcr
anmals. Icrhaps our word "man` , manas, contnucs to cx-
prcss drcctly somcthng ol tbis lcclng ol thc scll. thc human
bcngdcscrbcsh mscllas a bcng whch asscsscsvalucs, whch
valucs and mcasurcs, as thc "nhcrcntly calculatng anmal . `
Scllngand buyng, togcthcr wth thcrpsychologcal attrbutcs,
arc cvcn oldcr than thc bcgnnngs ol any lorm ol socal orga-
nzatons and groupngs, out ol thc most rud mcntary lorm ol
pcrsonal lcgal rghts thc buddnglcclng olcxchangc, contract,
gult, law, duty, andcompcnsatonwasnstcad hrst transferred
to thc crudcst and carlcst socal structurcs , n thcr rclaton-
shps wth smlar socal structurcs) , along wth thc habt ol
comparng powcr wth powcr, ol mcasurng, olcalculatng.
Smth, too, wc wll rcmcmbcr, saw thc orgns ol languagcand
hcncc ol human thoughtas lyng n our propcnsty to "cxchangc onc
thnglor anothcr, ` nwhch hcal sosawthc orgns olthc markct. hc
urgc to tradc, to comparc val ucs, s thc vcry thng that makcs us ntcl-
lgcnt bcngs, and dllcrcnt lrom othcr an mal s. Soccty comcs l atcr
whch mcans our dcas about rcsponsbl tcs to othcr pcoplc hrst takc
shapc n strctly commcrc al tcrms.
H U L L1 1 N H L L N | 1 | N 1 1
Onlkc wth Sm th, howcvcr, t ncvcr occurrcd to Pctzschc that
you could havc a world whcrc al l such transactons mmcdatcly canccl
out. Any systcm ol commcrc al accountng, hc assumcd, w l l producc
crcdtors and dcbtors. n lact, hc bclcvcd that t was lrom ths vcry
lact that human moralty cmcrgcd. Potc, hc says, how thc Lcrman
word scbu/d mcans both "dcbt` and "gu lt . ` At hrst, to bc n dcbt
was smpl y to bc gulty, and crcdtors dclghtcd n punshng dcbtors
unabl c to rcpay thcr l oans by nhctng "all sorts ol hum l aton and
torturc on thc body ol thc dcbtor, lor nstancc, cuttng as much hcsh
ollas sccmcd appropratc lor thc dcbt. `' n lact, Pctzschcwcnt so lar
as to nsst that thosc orgnal barbaran law codcs that tabul atcd so
much lor a runcd cyc, so much lor a scvcrcd hngcr, wcrc notorgnal l y
mcant to hx ratcs ol monctary compcnsaton lor thc loss olcycs and
hngcrs, but to cstabl sh how much olthc dcbtor` s body crcdtors wcrc
all owcd to takc! Pccdlcss to say, hc docsn` t provdc a scntlla ol cv-
dcncc lor ths nonc cxsts) . ' But to ask lor cvdcncc would bc to m ss
thc pont. c arc dcal nghcrcnot w th a rcal h storcal argumcnt but
wth a purcly magnatvc cxcrcsc.
hcn humans dd bcgn to lorm communtcs, Pctzschc contn-
ucs, thcy ncccssarly bcgan to magnc thcr rclatonshp to thc com-
muntynthcsctcrms. hctrbcprovdcsthcmwthpcaccandsccurty.
hcy arc thcrclorc n ts dcbt. Lbcyng ts l aws s a way ol payng t
back "payng your dcbt to soccty` aga n) . But ths dcbt, hc says, s
al so padhcrc toon sacrhcc.
Vthn thc orgnal tr bal coopcratvcs-wc`rc talkng about
prmcval t mcs-thc l vng gcncraton always acknowlcdgcd a
lcgal obl gaton to thc prcvous gcncratons, and cspccally to
thc carlcst onc whch had loundcd thc trbc . e e | crc thc
rcgnng convcton s that thc trbc only exists at all only bc-
causc ol thc sacrhccs and achcvcmcnts ol ts anccstors-and
that pcoplc havc to pay tbem |ack wth sacrhccs and achcvc-
mcnts. In ths pcoplc rccognzc a de|t whch kccps stcadly
growng bccausc thcsc anccstors n thcr cont nung cxstcncc
as powcrlul sprts do not stop gvng thc trbc ncw advantagcs
and lcndng thcm thcr powcr. Oo thcy do ths lor lrcc ut
thcrc s no "lor lrcc` lor thosc raw and "sprtually dcsttutc`
agcs. Vhat can pcoplc gvc back to thcm bacrhccs ,at hrst as
nourshmcnt undcrstood vcry crudcly) , lcstvals, chapcls, sgns
ol honor, abovc al l , obcdcncc-lor all customs, as work ol
onc` s anccstors, arc also thcr statutcs and commands. Oo pco-
plccvcrgvc thcm cnough Jhs suspcon rcmans and grows.
'
'
1 L 1
n othcr words, lor Pctzschc, startng lrom Adam Sm th' s as-
sumptons abouthuman naturc mcans wc mustncccssarlycnd up wth
somcthng vcry much along thc lncs olprmord al -dcbt thcory. Lnthc
onc hand, t s bccausc ol our lcclng oldcbt to thc anccstors that wc
obcy thc anccstral l aws. ths s why wc lcclthat thc communty has thc
rght to rcact "l kc an angry crcdtor` and punsh us lor our transgrcs-
sons lwc brcak thcm. n a l argcr scnsc, wc dcvclop a crccpng lcclng
that wc could ncvcr rcally pay back thcanccstors, that no sacrhcc not
cvcn thc sacrhcc ol our hrst-born) wll cvcr truly rcdccm us. Vc arc
tcrrhcd ol thc anccstors, and thc strongcr and morc powcrlul a com-
munty bccomcs, thc morc powcrlul thcy sccm to bc, untl hnal l y, "thc
anccstor s ncccssarly transhgurcd nto a god. ` As communtcs grow
nto kngdoms and kngdoms nto unvcrsal cmprcs, thc gods thcm-
sclvcscomcto sccm morcunvcrsal , thcy takc ongrandcr, morccosmc
prctcnt ons, rulng thc hcavcns, castng thundcrboltscul m natng n
thc Lhrstan god, who, as thc max mal dcty, ncccssarly "brought
about thc max mum lcclng olndcbtcdncss on carth. `Lvcn our anccs-
tor Adam s no longcr hgurcd as a crcdtor, but as a transgrcssor, and
thcrclorc a dcbtor, who passcs on to us hs burdcn ol Lrgnal S n.
Fna||y, wth thc mposs b | ty otdschargng thc dcbt, pcop|c
a|so comc up wth thc noton that t s mpossb|c to rcmovc
thc pcnancc, thc dca that t cannot bc pad ott , eterna/ pun-
shmcnt`) . . . untt| a|| ot a suddcn wc contront thc paradox -
ca| and horrtyng cxpcdcnt wth whch a martyrcd humanty
tound tcmporary rc|ct, that strokc ot gcnus ot Cbristianity.
Cod sacrhcnghmsc|ttor thc gu|tothuman bcngs, Cod pay-
ngh msc|tback wth h msc|t, Cod as thc on|y onc who can rc-
dccm man tromwhattorhuman bcngs has bccomc mpossb|c
to rcdccm-thc crcdtor sacrhcng hmsc|ttorthc dcbtor, out
ot /oce can pcop|c bc|cvc that) , out ot |ovc tor hs dcbtor'
'

t al l makcs pcrlcct scnsc l you start lrom Pctzschc' s ntal prcm-

sc. hc problcm s that thc prcmsc s nsanc.
hcrc s alsocvcryrcasontobclcvcthatPctzschckncwthcprcm-
sc was nsanc, n lact, that ths was thc cntrc pont. Vhat Pctzschc
s dong hcrc s startng out lrom thc standard, common-scnsc assump-
tons about thc naturc ol human bc ngs prcvalcnt n h s day and to a
l argc cxtcnt, st l l prcvalcnt)that wc arc ratonal calculatng machncs,
that commcrcal scll-ntcrcst comcs bclorc soccty, that "soccty` tscll
s | ust a way ol puttng a knd ol tcmporary ld on thc rcsultng con-
hct. hat s, hc s startng out lrom ordnary bourgcos assumptons
H U L L1 1 N H L L N | 1 | N 1
and drvng thcm to a placc whcrc thcy can onl y shock a bourgcos
audcncc.
t' s a worthy gamc and no onc has cvcr pl aycd t bcttcr, but t' s
a gamc pl aycd cntrcly w th n thc boundarcs ol bourgcos thought. t
has nothng to say to anythngthatlcs bcyond that. hcbcstrcsponsc
to anyonc who wants to takc scrously Pctzschc' s lantascs about sav-
agc huntcrs choppng pcccs oll cach othcr' s bodcs lor la lurc to rcmt
arc thc words ol an actual huntcr-gathcrcran nut lrom Lrccnland
madc lamous n thc Oan sh wrtcr ctcr rcuchcn` s 8ook of tbe Es-
ktmo. rcuchcn tclls how onc day, altcr comng homc hungry lrom an
unsucccsslul walrus-huntng cxpcdton, hc lound onc olthc succcsslul
huntcrs droppng oll scvcral hundrcd pounds olmcat. c thankcd h m
proluscly. hc man ob| cctcd ndgnantl y.
"Op n our country wc arc human! ` sa d thc huntcr. "And
sncc wc arc human wc hclp cach othcr. Vc don't lkc to hcar
anybody say thanks lor that. Vhat gct today you may gct
tomorrow. Op hcrc wc say that by glts onc makcs slavcs and
by whps onc makcs dogs. `' `
hc l ast lnc s somcthng ol an anthropolog cal cl ass c, and s m -
l ar statcmcnts about thc rclusal to calculatc crcdts and dcb ts can
bc lound through thc anthropologcal l tcraturc on cgaltaran hunt-
ng socctcs. Kathcr than sccng hmscl l as human bccausc hc could
makc cconomc calculatons, thc huntcr ns stcd that bcng truly hu-
man mcant refus/ng to makc such cal cul atons, rclusng to mcasurc or
rcmcmbcr who had gvcn what to whom, lor thc prccsc rcason that
dong so would ncvtably crcatc a world whcrc wc bcgan "comparng
powcr wth powcr, mcasurng, calculatng` and rcducng cach othcr to
slavcs or dogs through dcbt.
t's not that hc, lkc untold m l l ons ol s m l ar cgaltaran sprts
throughout h story, was unawarc that humans havc a propcnsty to
calculatc. l hc wasn` t awarc ol t, hc could not havc sad what hc
d d. Llcoursc wc havc a propcnsty to calculatc. Vc havc al l sorts ol
propcnstcs. n any rcal -l lc stuaton, wc havc propcnstcs that drvc
us n scvcral dllcrcnt contradctory drcctons s multancousl y. Po onc
s morc rcal than any othcr. hc rcal qucston s whch wc takc as
thc loundaton ol our humanty, and thcrclorc, makc thc bass ol our
cvlzaton. l Pctzschc' s analyss ol dcbt s hclplul to us, thcn, t s
bccausc t rcvcal s thatwhcn wc start lrom thcassumpton thathuman
thought s csscntal l y a mattcr ol commcrcal calculaton, that buyng
and scllng arc thc bass ol human socctythcn, ycs, oncc wc bcgn
L 1
to thnk about our rclatonshp wth thc cosmos, wc w l l ncccssarly
conccvc ol t n tcrms oldcbt.
8 8 8 8 f
do thnk Pctzschc hclps us n anothcr way as wcll . to undcrstand thc
conccpt ol rcdcmpt on. Pczschc' s account ol "prmcval t mcs` mght
bc absurd, but h s dcscrpton ol Lhrstantyol how a scnsc oldcbt
s translormcd nto an abdng scnsc olgult, and gult to scll-l oathng,
and scll-l oathng to scll-torturcal l olths docs rng vcry truc.
hy, lor nstancc, do wc rclcr to Lhrst as thc "rcdccmcr` ! hc
prmary mcanng ol "rcdcmpt on` s to buy somcthng back, or to
rccovcr somcthng that had bccn gvcn up n sccurty lor a l oan, to ac-
qurc somcthng by payng oll a dcbt. t s rathcr strkng to thnk that
thc vcry corc ol thc Lhrstan mcssagc, salvaton tscll, thc sacrhcc ol
Lod' s own son to rcscuc humanty lrom ctcrnal damnaton, should bc
lramcd n thc l anguagc ola hnancal transacton.
Pctzschc mght havc bccn startng lrom thc samc assumptons as
Adam Smth, but clcarly thccarly Lhrstans wcrcn' t. hcroots olths
thnkng l c dccpcr than Smth' s wth hs naton ol shopkccpcrs. hc
authors ol thc Brahmanas wcrc not alonc n borrowng thc languagc
ol thc markctplacc as a way ol thnkng about thc human condton.
ndccd, to onc dcgrcc or anothcr, al l thc ma| or world rclgons do tht s.
hc rcason s that al l ol thcmlrom Zoroastr an sm to sl am
arosc amdst ntcnsc argumcnts about thc rolc ol moncy and thc mar-
kct n human l lc, andpartcularly about what thcsc nsttutons mcant
lorlundamcntal qucstons olwhathuman bcngs owcd to onc anothcr.
hc qucston ol dcbt, and argumcnts about dcbt, ran through cvcry
aspcct olthcpoltcal l lc olthctmc. hcsc argumcnts wcrc sct amdst
rcvolts, pcttons, rclormst movcmcnts. Somc such movcmcnts gancd
al l cs n thc tcmplcs and pal accs. Lthcrs wcrc brutally supprcsscd.
Nost ol thc tcrms, slogans, and spcchc ssucs bcng dcbatcd, though,
havc bccn lost to hstory. c | ust don' t know what a polttcal dcbatc
n a Syran tavcrn n;o C was lkcly to bc about. As a rcsult, wc havc
spcnt thousands ol ycars contcmplatng sacrcd tcxts lul l ol poltcal
al l usons that woul d havc bccn nstantly rccognzablc to any rcadcr at
thc tmc whcn thcy wcrc wrttcn, but whosc mcanng wc now can only
gucss at. ''
Lnc olthc unusual thngs about thc Bblc s that t prcscrvcs somc
bts ol ths l argcr contcxt. o rcturn to thc noton ol rcdcmpton.
thc cbrcw words padab and goa/, both transl atcd as "rcdcmpt on, `
coul d bc uscdlor buy ngback anythng onc had sol d to somconc clsc,
H U L L1 1 N H L L N | 1 | N 1
partcularly thc rccovcry ol anccstral l and, or to rccovcrng somc ob-
| cct hcld by crcdtors n way ol a plcdgc. ' ' hc cxampl c lorcmost n
thc mnds olprophcts and thcolog ans sccms to havc bccn thc l ast. thc
rcdcmpton olplcdgcs, and cspcc al l y, ollaml y mcmbcrs hcld as dcbt-
pawns. t would sccm that thc cconomy ol thc cbrcw kngdoms, by
thc tmc ol thc prophcts, was al rcady bcg nnng to dcvclop thc samc
knd oldcbtcr scsthat had longbccncommon n Ncsopotam a. cspc-
cally n ycars ol bad harvcsts, thc poor bccamc ndcbtcd to rch ncgh-
bors or to wcalthy moncylcndcrs n thc towns, thcy would bcgn to
losc ttlc to thcr hclds and to bccomc tcnants on what had bccn thcr
own l and, and thcr sons and daughtcrs would bc rcmovcd to scrvc as
scrvants n thcr crcdtors' houschol ds, or cvcn sold abroad as slavcs. '
hc carlcr prophcts contan al l usons to such crscs, but thc book ol
Pchcm ah, wrttcn n crsan tmcs, s thc most cxplct.
bomcalsothcrc wcrc that sad, "Vc havc mortgagcd ourlands,
vncyards, andhouscs, that wcmght buy corn, bccausc olthc
dcarth. `
Jhcrc wcrc also thosc that sad, "Vc havc borrowcd moncy
lor thc kng`s trbutc, and that upon our lands and vncyards.
"Yctnow our hcsh s as thchcsh olour brcthrcn, our chl-
drcn as thcrch ldrcn. and, lo, wcbrngnto bondagc our sons
and our daughtcrs to bc scrvants, and somc ol our daughtcrs
arc brought unto bondagc alrcady. ncthcr s t n our powcr
to rcdccm thcm, lor othcr mcn havc our lands and v ncyards. `
And l was vcry angry whcn l hcard thcr cry and thcsc
words.
Jhcn l consultcd wth myscll, and l rcbukcd thcnobl cs, and
thc rulcrs, and sad unto thcm, "Yc cxact usury, cvcry onc ol
hs brothcr. ` And l sct a grcat asscmbly aganst thcm.
Pchcm ah was a )cw born n Babylon, a lormcr cup- bcarcr to thc
crsan cmpcror. n qqq C, hc managcd to talk thc Lrcat Kng nto
appontng h m govcrnor ol h s natvc )udaca. c al so rcccvcd pcr-
msson to rcbuld thc cmplc n )crusalcm that had bccn dcstroycd
by Pcbuchadnczzar morc than two ccnturcs carlcr. n thc coursc ol
rcbuldng, sacrcd tcxts wcrc rccovcrcd and rcstorcd, n a scnsc, ths
was thc momcnt ol thc crcaton ol what wc now consdcr )uda sm.
hcproblcm wasthatPchcmah quckly loundh mscl lconlrontcd
wth a socal cr s s. All around h m, mpovcrshcd pcasants wcrc un-
abl c to pay thc r taxcs, crcdtors wcrc carryng oll thc chldrcn ol thc
poor. s hrst rcsponsc was to ssuc a cl assc Babyl onan-stylc "clcan
Z L 1
slatc` cdcthavng h mscll bccn born n Babyl on, hc was clcarly la-
m l ar wth thc gcncral prncpl c. All non-commcrcal dcbts wcrc to bc
lorgvcn. Nax mum ntcrcst ratcs wcrc sct. At thc samc tmc, though,
Pchcmah managcd to locatc, rcvsc, and rcssuc much oldcr )cwsh
l aws, now prcscrvcd n Lxodus, Ocutcronomy, and Lcvt cus, whch
tn ccrtan ways wcnt cvcn lurthcr, by nsttutonalzng thc prncpl c. ' '
hc most lamous olthcsc s thc Law ol)ub l cc. a l aw that stpul atcd
that all dcbts would bc automatcal l y canccl lcd "n thc babbath ycar`
that s, altcr scvcn ycars had passcd) , and that al l who l angushcd n
bondagc owng to such dcbts would bc rclcascd.
"rccdom, ` n thc Bbl c, as n Ncsopotam a, camc to rclcr abovc
al l to rclcasclromthc cllccts oldcbt. Lvcrtmc, thch story olthc)cw-
sh pcoplc tscllcamc to bc ntcrprctcd n ths lght. thc l bcraton lrom
bondagc n Lgypt was Lod' s hrst, paradgmatc act ol rcdcmpton, thc
hstorcal trbulatons ol thc )cws dclcat, conqucst, cxlc) wcrc sccn
as m slortuncs that would cvcntual l y lcad to a hnal rcdcmpton wth
thc comng ol thc Ncssahthough ths could only bc accomplshcd,
prophcts such as )crcm ah warncd thcm, altcr thc )cwsh pcoplc truly
rcpcntcd ol thcr sns carryng cach othcr oll nto bondagc, whorng
altcr lal sc gods, thc volaton ol commandmcnts) . n ths lght, thc
adopton ol thc tcrm by Lhrstans s hardly surprsng. Kcdcmpton
was a rclcasc lrom onc' s burdcn olsn and gult, and thc cnd olh story
would bc that momcnt whcn all sl atcs arc wpcd clcan and all dcbts
hnal l y l ltcd whcn a grcat bl ast lrom angclc trumpcts wll announcc
thc hnal )ublcc.
l so, "rcdcmpt on` s no longcr about buyng somcthng back.
t` s rcal l y morc a mattcr ol dcstroyng thc cntrc systcm ol account-
ng. n many Nddlc Lastcrn ctcs, ths was ltcrally truc. onc ol thc
common acts durng dcbt cancclaton was thc ccrcmonal dcstructon
ol thc tablcts on whch hnancal rccords had bccn kcpt, an act to bc
rcpcatcd, much lcss olhc al l y, n | ust about cvcry ma|or pcasant rcvolt
n hstory.
hs lcads to anothcr problcm. Vhat s possblc n thc mcantmc,
bclorc that hnal rcdcmpton comcs ! n onc ol h s morc dsturbng
parablcs, thc arablc ol thc Onlorgvng bcrvant, )csus sccmcd to bc
cxplctly playng wth thc problcm.
Jhcrclorc, thc kngdom olhcavcn s lkc a kng who wantcd to
scttlc accounts wth hs scrvants. As hc bcgan thc scttlcmcnt, a
man who owcd hm tcn thousand talcnts was brought to hm.
bncc hc was not ablc to pay, thc mastcr ordcrcd that hc and
H U L L1 1 N H L L N | 1 | N
hs wlc and hs chldrcn and all that hc had bc sold to rcpay
thc dcbt.
Jhc scrvant lcl l on hs knccs bclorc hm. "c patcnt wth
mc, ` hcbcggcd, "and wllpaybackcvcrythng. `Jhcscrvant' s
mastcr took pty on h m, cancclcd thc dcbt, and lct hm go.
ut whcn that scrvant wcnt out, hc lound onc ol hs lcllow
scrvants who owcd hm a hundrcd dcnar . Mc grabbcd hm
and bcgan to chokc h m. "Iay back what you owc mc! ` hc
dcmandcd.
Ms lcllow scrvant lcl l to hs knccs and bcggcd hm, "c
patcnt wth mc, and wll pay you back. `
uthcrcluscd. nstcad,hcwcnt ollandhadthc man thrown
nto prson untl hc could pay thc dcbt. Vhcn thc othcr scr-
vants saw what had happcncd, thcy wcrc grcatly dstrcsscd and
wcnt and told thcr mastcr cvcrythng that had happcncd.
Jhcn thc mastcr ca|lcd thc scrvant n. "You wckcd scr-
vant, ` hc sad, " cancclcd all that dcbt ol yours bccausc you
bcggcd mc to. bhouldn't you havc had mcrcy on your lcllow
scrvant | ust as had on you ` n angcr hs mastcr turncd hm
ovcr to thc | a lcrs to bc torturcd, untl hc should pay back al l
hc owcd.
O
hs s qutc an cxtraordnary tcxt. L n onc lcvcl t' s a | okc, n oth-
crs, t could hardly bc morc scr ous.
Vc bcg n w th thc k ng w sh ng to "scttlc accounts` wth h s scr-
vants. hc prcmsc s absurd. Kngs, lkc gods, can't rcally cntcr nto
rclatons ol cxchangc wth thcr sub| ccts, sncc no party s poss bl c.
And th s s a k ng who cl carl y /s Lod. Lcrta nl y thcrc can bc no hnal
scttlng ol accounts.
So at bcst wc arc dcalng wth an act olwhmsy on thc kng' s part.
hc absurdty ol thc prcmsc s hammcrcd homc by thc sum thc hrst
manbroughtbclorc h m s sa d to owc. n anccnt)udaca, to say somc-
onc owcs a crcdtor "tcn thousand talcnts` would bc lkc now sayng
somconc owcs "a hundrcd bllon dol l ars. ` hc numbcr s a | okc, too,
t s mpl y stands n lor "a sum no human bcng couldcvcr, concc vabl y,
rcpay. `'
accd wth nhntc, cxstcntal dcbt, thc scrvant can onl y tcll obv-
ous l cs. "a hundrcd b l l on! burc, ' m good lor t! )ust gvc mc a l ttl c
morc t mc. ` hcn, suddcnl y, apparcntl y | ust as arbtrar l y, thc Lord
lorgvcs h m.
Yct, t turnsout, thcamncsty has a condton hc snotawarcol. t
s ncumbcnt on h s bcng wl l ng toact n an analogous way to othcr
4 L 1
humansn ths partcular casc, anothcr scrvant who owcs h m to
transl atc agan nto contcmporary tcrms) , maybc a thousand bucks.
a l ng thc tcst, thc human s cast nto hcl l loral l ctcrnty, or "untl hc
should pay back al l hc owcd, ` whch n ths casc comcs down to thc
samc thng.
hc parablc has long bccn a chal l cngc to thcolog ans. t's normal l y
ntcrprctcd as a commcnt on thc cndlcss bounty ol Lod' s gracc and
how l ttlc c dcmands olus n comparsonand thus, by mplcat on,
as a way ol suggcstng that torturng us n hcll lor al l ctcrnty s not
as unrcasonabl c as t mght sccm. Lcrta nl y, thc unlorgvng scrvant s
a gcnu ncl y odous charactcr. St l l , what s cvcn morc strkng to mc
s thc tact suggcston that lorgvcncss, n ths world, s ul tmatcly m-
poss bl c. Lhrstans practcally say as much cvcry tmc thcy rcctc thc
Lord' sraycr, and ask Lod to "lorgvc us ourdcbts, aswc al so lorgvc
our dcbtors. `' t rcpcats thc story ol thc parabl c al most cxactly, and
thc mplcatons arc s m l arly drc. Altcr al l , most Lhrst ans rcctng
thc praycr arc awarc that thcy do not gcncrally lorgvc thcr dcbtors.
Vhy thcn should Lod lorgvc thcm thcr s ns !
Vhat' s morc, thcrc s thc l ngcrng suggcston that wc rcally
couldn' t lvc up to thosc standards, cvcn lwc trcd. Lnc olthc thngs
that makcs thc)csus olthc Pcw cstamcnt such a tantalzng charactcr
s that t' s ncvcr clcar what hc's tcllng us. Lvcrythng can bc rcad two
ways. Vhcn hc calls on h s lollowcrs to lorgvc all dcbts, rclusc to cast
thc hrst stonc, turn thc othcr chcck, l ovc thcr cncmcs, to hand ovcr
thcr posscssons to thc poors hc rcal l y cxpcctng thcm to do th s!
Lr arc such dcmands | ust a way ol throwng n thcr laccs that, sncc
wc arc clcarly not prcparcd to act ths way, wc arc all snncrs whosc
salvaton can onl y comc n anothcr worlda poston that can bc and
hasbccn) uscd to | ustly al mostanythng! hs s a vsonolhuman l lc
as nhcrcntly corrupt, but t al so lramcs cvcn sprtual allars n com-
mcrc al tcrms. wth cal cul atons ol s n, pcnancc, and absoluton, thc
Ocvl and St. ctcr wth thcr rval lcdgcr books, usual l y accompancd
by thc crccpng lcclng that t` s al l a charadc bccausc thc vcry lact that
wc arc rcduccd to playng such a gamc ol tabulatng s ns rcvcal s us to
bc lundamcntally unworthy ol lorgvcncss.
Vorl d rclgons, as wc shal l scc, arc lul l ol ths k nd ol amb va-
l cncc. Ln thc onc hand thcy arc outcrcs aga nst thc markct, on thc
othcr, thcy tcnd to lramc thcr ob| cctons n commcrc al tcrmsas l
to arguc that turnng human llc nto a scrcs ol transactons s not a
vcry good dcal . Vhat thnk cvcn thcsc lcw cxamplcs rcvcal , though,
s how much s bcng papcrcd ovcr n thc convcnt onal accounts olthc
orgns and hstory ol moncy. hcrc s somcthng al most touchngly
H U L L1 1 N H L L N | 1 | N D
navc n thc storcs about ncghbors swappng potatocs lor an cxtra
par ol shocs. Vhcn thc anccnts thought about moncy, lrcndly swaps
wcrc hardl y thc hrst thng that camc to mnd.
ruc, somc mght havc thought about thcr tab at thc local alc-
housc, or, l thcy wcrc a mcrchant or adm n strator, ol storchouscs,
account books, cxotc mportcd dclghts. or most, though, what was
l kcl y to comc to m nd was thc scllng olslavcs and ransomng olprs-
oncrs, corrupt tax-larmcrs and thc dcprcdatons olconqucrng armcs,
mortgagcs and ntcrcst, thclt and cxtorton, rcvcngc and punshmcnt,
and, abovc al l , thc tcnson bctwccn thc nccd lor moncy to crcatclam-
l cs, to acqurc a brdc so as to havc chldrcn, and usc ol that samc
moncy to dcstroy lamlcsto crcatc dcbts that lcad to thc samc w lc
and ch l drcn bcng takcn away. "Somc ol our daughtcrs arc brought
unto bondagc al rcady. ncthcr s t n our powcr to rcdccm thcm. ` Lnc
can onl y magnc what thosc words mcant, cmotonal l y, to a lathcr n
a patrarchal soccty n whch a man` s ablty to protcct thc honor ol
h s lam l y was cvcrythng. Yct ths s what moncy mcant to thc ma-
| orty ol pcoplc lor most ol human h story. thc tcrrlyng prospcct ol
onc` s sons and daughtcrs bcng carrcd oll to thc homcs ol rcpulsvc
strangcrs to clcan thcr pots and provdc thc occasonal scxual scrvccs,
to bc sub| cct to cvcry conccvablc lorm ol volcncc and abusc, pos-
sbly lor ycars, conccvabl y lorcvcr, as thcr parcnts watcd, hclplcss,
avodng cyc contact wth thcr ncghbors, who kncw cxactly what was
happcnng to thosc thcy wcrc supposcd to havc bccn abl c to protcct.
Llcarly ths was thc worst thng that could happcn to anyoncwhch
s why, n thc parablc, t could bc trcatcd as ntcrchangcablc wth bc-
ng "turncd ovcr to thc | alors to bc torturcd` lor l lc. And that` s | ust
lrom thc pcrspcctvc ol thc lathcr. Lnc can only magnc how t mght
havc lclt to bc thc daughtcr. Yct, ovcr thc coursc ol human hstory,
untold m l l ons oldaughtcrs havc known and n lact many stl l know)
cxactly what t` s lkc.
Lnc mght ob| cct that ths was | ust assumcd to bc n thc naturc
ol thngs. lkc thc mposton ol trbutc on conqucrcd populatons, t
mght havc bccn rcscntcd, but t wasn` t consdcrcd a moral ssuc, a
mattcr olrght and wrong. Somc thngs | ust happcn. hs has bccn thc
most common atttudc olpcasants to such phcnomcna throughout hu-
man hstory. Vhat` s strkng about thc hstorcal rccord s that n thc
casc ol dcbt crscs, ths was not how many rcactcd. Nany actually d d
bccomc ndgnant. So many, n lact, that most ol our contcmporary
languagc ol socal | ustcc, our way ol spcakng ol human bondagc and
cmancpaton, contnucs to ccho anccnt argumcnts about dcbt.
L 1
t' s partcularly strkng bccausc so many othcr thngs do sccm to
havc bccn acccptcd as smpl y n thc naturc olthngs. Lnc docs not scc
a s m l ar outcry aganst castc systcms, lor cxamplc, or lor that mattcr,
thc nsttuton olsl avcry. Surcly slavcs and untouchablcs oltcn cxpcr-
cnccd at lcast cqual horrors. Po doubt many protcstcd thc r condt on.
Vhy was t that thc dcbtors' protcsts sccmcd to carry such grcatcr
moral wcght ! Vhy wcrc dcbtors so much morc cllcctvc n wnnng
thc car olprcsts, prophcts, olhc al s, and socal rclormcrs ! Vhy was t
that olhc al s lkc Pchcm ah wcrc wllng to gvc such sympathctc con-
sdcraton to thcr compl ants, to nvcgh, to summon grcat asscmbl cs !
Somc havc suggcstcd practcal rcasons. dcbt crscs dcstroycd thc
lrcc pcasantry, and t was lrcc pcasants who wcrc draltcd nto anccnt
armcs to hght n wars. ' Po doubt ths was a lactor, clcarly t wasn' t
thconl yonc. hcrc s norcasontobclcvcthatPchcm ah, lor nstancc,
n h s angcr at thc usurcrs, was prmarly conccrncd wth h s ab l ty
to lcvy troops lor thc crsan kng. t s somcthng morc lundamcntal .
Vhat makcs dcbtdllcrcnt s that t s prcmscd on an assumpton
olcqualty.
o bc a slavc, orlowcr-castc, s to bc ntrnscally nlcror. Vc arc
dcalng wth rclatons ol unadul tcratcd hcrarchy. n thc casc ol dcbt,
wc arc dcalng wth two ndvduals who bcgn as cqual partcs to a
contract. Lcgal l y, at lcast as lar as thc contract s conccrncd, thcy arc
thc samc.
Vc can add that, n thcanc cnt world, whcn pcopl c who actual l y
wcrcmorcorlcsssoc al cquals loancd moncyto onc anothcr,thctcrms
appcar to havc normally bccn qutc gcncrous. Lltcn no ntcrcst was
chargcd, or lt was, t was vcry low. "And don' t chargc mc ntcrcst, `
wrotc onc wcalthy Lanaantc to anothcr, n a tablct datcd around
Izoo sC, "altcr all, wc arc both gcntl cmcn. `' Bctwccn closc kn, many
"loans` wcrc probabl y, thcn as now, | ust glts that no onc scrously
cxpcctcd to rccovcr. Loans bctwccn rch and poor wcrc somcthng
clsc aga n.
hcprobl cm was that, unl kc status d stnctons l kccastc or sl av-
cry, thcl ncbctwccn rch and poorwasncvcrprccsclydrawn. Lnccan
magncthcrcactonola larmcrwhowcntup tothchouscola wcalthy
cousn, on thc assumpton that "humans hclp cach othcr, ` and cndcd
up, a ycar or two l atcr, watchng hs vncyard sczcd and h s sons and
daughtcrs lcd away. Such bchavor could bc | usthcd, n lcgal tcrms, by
nsstng that thc l oan was not a lorm ol mutual ad but a commcrc al
rclatonshpa contract s a contract. t al so rcqu rcd a ccrtan rcl-
abl c acccss to supcror lorcc. ) But t could only havc lcl t lkc a tcrrbl c
bctrayal . Vhat' s morc, lramng t as a brcacholcontractmcant statng
H U L L1 1 N H L L N | 1 | N 1
that ths was, n lact, a moral ssuc. thcsc two partcs ougbt to bc
cqual s, but onc had lalcd to honor thc barga n. sycholog cal l y, ths
can only havc madc thc ndgnty olthc dcbtor's condton all thc morc
pa nlul , sncc t madc t possblc to say that t was h s own turptudc
that scalcd h s daughtcr' s latc. But that | ust madc thc motvc all thc
morc compcllng to throw back thc moral aspcrs ons. "Lur hcsh s as
thc hcsh olour brcthrcn, our chl drcn asthc rchldrcn. ` Vc arc al l thc
samc pcopl c. Vc havc a rcspons b l ty to takcaccountolonc anothcr' s
nccds andntcrcsts. owthcn could my brothcr do ths t o mc!
nthcLl d cstamcnt casc, dcbtors wcrc abl cto marshal a partcu-
l arl y powcrlul moral argumcntas thc authors ol Ocutcronomy con-
stantly rcmndcd thcr rcadcrs, wcrc not thc )cws al l slavcs n Lgypt,
and had thcy not all bccn rcdccmcd by Lod! Vas t rght, whcn thcy
had al l bccn gvcn ths promscd land to sharc, lor somc to takc that
l and awaylromothcrs ! Vas trghtlora populatonoll bcratcd slavcs
to go aboutcnsl avngoncaothcr' schldrcn!''
_
utanalogous argumcnts
wcrc bcng madc n s m l arstuatons al most cvcrywhcrc n thc anccnt
world. n Athcns, n Komc, and lor that mattcr, n Lhnawhcrc lcg-
cnd had t that conagc tscll was hrst nvcntcd by an anccnt cmpcror
to rcdccm thc chldrcn ol lamlcs who had bccn lorccd to scll thcm
altcr a scrcs oldcvastatng hoods.
hrough most ol h story, whcn ovcrt poltcal conhct bctwccn
classcs dd appcar, t took thc lorm ol plcas lor dcbt canccllatonthc
lrccng ol thosc n bondagc, and usual l y, a morc | ust rcal locaton ol
thc l and. Vhat wc scc, n thc Bbl c and othcr rclgous tradtons, arc
traccs ol thc moral argumcnts by whch suchcl a ms wcrc | usthcd, usu-
al l y sub| cct to al l sorts ol magnatvc twsts and turns, but ncvtabl y,
to somc dcgrcc, ncorporatng thc l anguagc olthc markctplacc tscll.
0N 8 pt 0r |l v0
A 6 R | L| 1R LA1| 5L 0N 1M L Y0RAL
0R0u N 05 0| L00N 0Y| 0 RL LA1| 0N5
1 1LLL 1HL Hb1K1 ol dcbt, thcn, s al so ncccssar l y to rccon-
struct how thc languagc olthc markctplacc has comc to pcrvadc cvcry
aspcct ol human l lc cvcn to provdc thc tcrm nol ogy lor thc moral
and rclg ous vo ccs ostcns bl y ra scd aga nst t. Vc havc al rcady sccn
how both Vcdc and Lhr st an tcachngs thus cnd up mak ng thc samc
cur ous movc. hrst dcscrbng al l moral ty as dcbt, but thcn, n thc r
vcry manncr oldong so, dcmonstratng that moral ty cannot rcal l y bc
rcduccd to dcbt, that t must bc groundcd n somcthng cl sc. '
But what ! Kclgous trad t ons prclcr vast, cosmolog cal answcrs.
thc altcrnat vc to thc moralty ol dcbt lcs n rccognton ol contnu-
ty wth thc unvcrsc, or l lc n thc cxpcctaton ol thc mmncnt an-
n h laton ol thc un vcrsc, or absolutc subord nat on to thc dc ty, or
w thdrawal nto anothcr world. Ny own a ms arc morc modcst, so
w l l takc thc oppostc approach. l wc rcally want to undcrstand thc
moral grounds olcconom c l lc, and by cxtcns on, human l lc, t sccms
to mc that wc must start nstcad wth thc vcry small th ngs. thc cvcry-
day dcta l s ol soc al cx stcncc, thc way wc trcat our lr cnds, cncm cs,
and ch l drcnoltcn w th gcsturcs so tny pass ng thc sal t, bumm ng
a c garcttc) that wc ord nar ly ncvcr stop to th nk about thcm at al l .
Anthropology has shown us | ust how d llcrcnt and numcrous arc thc
ways n whch humans havc bccn known to organzc thcmsclvcs. But
t al so rcvcal s somc rcmarkablc commonal tcslundamcntal moral
pr nc pl csthat appcar to cxst cvcrywhcrc, and that w l l alwaystcndto
bc nvokcd, whcrcvcr pcopl c translcr ob| ccts back and lorth or arguc
about what othcr pcoplc owc thcm.
Lnc ol thc rcasons that human l lc s so compl catcd, n turn, s
bccausc many ol thcsc prncplcs contradct onc anothcr. As wc w l l
scc, thcy arc constantl y pul l ng us n rad cal l y d llcrcnt d rcct ons. hc
moral logc ol cxchangc, and hcncc ol dcbt, s onl y onc, n any g vcn
stuaton, thcrc arc l kcly to bc complctcly d llcrcnt prncplcs that
L 1
coul d bc brought to bcar. n ths scnsc, thc moral conlus on dscusscd
n thc hrst chaptcr s hardly ncw, n a scnsc, moral thought s loundcd
on ths vcry tcns on.
8 f 8 f 8
o rcally undcrstand what dcbt s, thcn, t w l l bc ncccssary to un-
dcrstand how t` s d llcrcnt lrom othcr sorts ol oblgaton that human
bc ngs mght havc to onc anothcrwh ch, n turn, mcans mapp ng
out what thosc othcr sorts ol oblgaton actual l y arc. Oo ng so, how-
cvcr, poscspccul archallcngcs. Lontcmporary soc al thcorycconomc
anthropol ogy ncludcdollcrs surprsngly lttlc hclp n ths rcgard.
hcrc` s an cnormous anthropologcal l tcraturc on glts, lor nstancc,
startng wth thc rcnch anthropologst Narccl Nauss` s cssay ol Igz,
cvcn on "glt cconom cs` t hat opcratc on complctcly dllcrcnt prn-
cplcs than markct cconomcsbut n thc cnd, al most al l th s ltcraturc
conccntratcs on thc cxchangc ol glts, assumng that whcncvcr onc
gvcs a glt, ths act ncurs a dcbt, and thc rccpcnt must cvcntually
rccprocatc n knd. Nuch as n thc casc ol thc grcat rclg ons, thc
logc ol thc markctplacc has nsnuatcd tscll cvcn nto thc thnkng ol
thosc who arc most cxplctly opposcd to t. As a rcsul t, am go ng
to havc to start ovcr hcrc, to crcatc a ncw thcory, prctty much lrom
scratch.
art ol thc probl cm s thc cxtraordnary placc that cconomcs cur-
rcntly holds n thc socal sccnccs. n many ways t s trcatcd as a knd
ol mastcr dscplnc. )ust about anyonc who runs anythng mportant
n Amcrca s cxpcctcd to havc somc tranng n cconomc thcory, orat
lcast to bc lam l ar wth ts basc tcncts. As a rcsult, thosc tcncts havc
comc to bc trcatcd as rcccvcd wsdom, as bascally bcyond qucston
onc knows onc s n thc prcscncc ol rcccvcd wsdom whcn, l onc
chal lcngcs t, thc hrst rcacton s to trcat onc as smply gnorant
"You obv ousl y havc ncvcr hcard ol thc Lallcr Lurvc` , " Llcarly you
nccd a coursc n Lconomcs IoI `thc thcory s sccn as so obv ousl y
truc that no onc who undcrstands t could poss bl y dsagrcc. ) Vhat` s
morc, thosc branchcs olsocal thcory that makc thc grcatcst cl a ms to
"sccnthc status`"ratonal chocc thcory, ` lor nstanccstart lrom
thc samc assumptons about human psychology that cconomsts do.
that human bcngs arcbcst vcwcd as scll-ntcrcstcd actors calculatng
how to gct thc bcst tcrms possblc out olany stuaton, thc most proht
or plcasurc or happncss lor thc lcast sacrhcc or nvcstmcntcur ous,
consdcrng cxpcr mcntal psychol ogsts havc dcmonstratcd ovcr and
ovcr agan that thcsc assumptons smpl y arcn` t truc.
1 N L N H L H U N b | L N N | H L L 1 | N b 1
rom carly on, thcrc wcrc thosc who w shcd to crcatc a thco-
ry ol socal ntcracton groundcd n a morc gcncrous vcw ol human
naturcnsstng that moral l lc comcs down to somcthng morc than
mutual advantagc, that t s motvatcd abovc al l by a scnsc ol | ustcc.
hc kcy tcrm hcrc bccamc "rccprocty, ` thc scnsc ol cquty, bal ancc,
larncss, and symmctry, cmbodcd n our magc ol | ustcc as a sct ol
scalcs. Lconomc transactons wcrc | ust onc varant ol thc prncplc
ol balanccd cxchangcand onc that had a notorous tcndcncy to go
awry. But l onc cxamncs mattcrs closcly, onc hnds that al l human
rclatons arc bascd on somc varaton on rccprocty.
n thc Igos, ' 6os and ' ;os, thcrc was somcthng ola crazc lor ths
sort ol thng, n thc gusc ol what was thcn callcd "cxchangc thcory, `
dcvclopcd n nhntc varatons, lrom Lcorgc omans' "Soc al Lx-
changc hcory` n thc Ontcd Statcs to Llaudc Lcv-Strauss` s Structur-
alsm n rancc. Lcv-Strauss, who bccamc a knd ol ntcllcctual god n
anthropology, madc thccxtraordnary argumcntthathuman l lc could
bc magncd as consstng ol thrcc sphcrcs. l anguagc whch cons stcd
olthc cxchangc olwords) , knshp whch cons stcd olthc cxchangc ol
womcn) , and cconomcs whch consstcd ol thc cxchangc ol thngs) .
Al l thrcc, hc nsstcd, wcrc govcrncd by thc samc lundamcntal l aw ol
rccprocty. '
Lcv -Strauss' sstar s lallcnnow, andsuchcxtrcmc statcmcntssccm,
n rctrospcct, a l ttlc b t rdculous. Stll, t' s not as l anyonc has pro-
poscd a bold ncw thcory to rcpl acc al l ths. nstcad, thc assumptons
havc s mpl y rctrcatcd nto thc background. Almostcvcryonccontnucs
to assumc that n ts lundamcntal naturc, socal l lc s bascd on thc
prncplc ol rccprocty, and thcrclorc that al l human ntcracton can
bcst bc undcrstood as a knd ol cxchangc. l so, thcn dcbt rcal l y s at
thc root olal l moralty, bc
_
ausc dcbt s what happcns whcn somc bal -
ancc has not yctbccn rcstorcd.
Butcan all | ustcc rcally bc rcduccd to rccprocty! t's casy cnough
to comc up wth lorms olrccprocty that don' t sccm partcularly | ust.
"Oountoothcrsasyou wouldw shothcrsto dounto you` mghtsccm
lkc an cxccllcnt loundaton lor a systcm ol cthcs, butlor most ol us,
"ancyclorancyc` docsnotcvokc| ustcc so much as vndctvc brutal-
ty. ' "Lnc good turndcscrvcsanothcr` sa plcasant scntmcnt, but " ' l l
scratch your back, youscratch m nc` s shorthand lor pol tcal corrup-
ton. Lonvcrscly, thcrc arc rcl atonshps that sccm clcarly moral but
appcar to havc nothng to do wth rccprocty. hc rclaton bctwccn
mothcr and chld san olt-ctcd cxamplc. Nost olus lcarn our scnsc ol
| ustcc and moralty hrst lrom our parcnts. Yct t s cxtrcmcly dlhcult
to scc thc rclatqn bctwccn parcnt and chld as partcularly rccprocal .
Z L 1
Voul d wc rcally bc wl l ng to concludc that thcrclorc t s not a moral
rclatonsh p! hat t has nothng to do w th | ustcc!
hc Lanadan novcl t st Nargarct Atwood bcgns a rcccnt book on
dcbt wth a s m l ar paradox.
laturc Vrtcr Erncst Jhompson bcton had an odd b l l prc-
scntcd to hm on hs twcnty-hrst brthday. It was a rccord kcpt
by hs lathcr ol all thc cxpcnscs conncctcd wth young Erncst` s
chldhood and youth, ncludng thc lcc chargcd by thc doctor
lordclvcrng h m. Evcn morc oddly,Erncstssad to havcpad
t. I uscd to thnk that Nr. bcton bcnor was a | crk, but now
I`m wondcrng. `
Nost ol us woul dn` t wondcr much. Such bchavor sccms mon-
strous, nhuman. Lcrtanly Scton d d. hc pad thc b l l , butncvcrspokc
to h s lathcr agan altcrward. And n a way, ths s prccscly why thc
prcscntaton ol such a bll sccms so outragcous. Squarng accounts
mcans that thc two partcs havc thc ab l ty to wal k away lrom cach
othcr. y prcscntng t, hslathcr suggcstcd hc` d | ustas soon havc noth-
ng lurthcr to do wth h m.
n othcr words, wh l cmostolus can magnc whatwc owcto our
parcnts as a k nd oldcbt, lcw ol us can magnc bc ngabl c to actual l y
pay tor cvcn that such a dcbtcvcrsbou/d bc pa d. Yct l t can` t bc
pad, n what scnsc s t a "dcbt` at al l ! And l t s not a dcbt, what
s t!
8 8 f 8 8
Lnc obvous placc to look lor al tcrnatvcs s n cascs ol human ntcr-
acton n whch cxpcctatons ol rccprocty sccm to slam nto a wal l .
Pnctccnth-ccntury travclcrs` accounts, lor nstancc, arclul l olth ssort
ol thng. Nssonarcs workng n ccrtan parts ol Alr ca would oltcn
bc astoundcd by thc rcactons thcy woul d rcccvc whcn thcy adm n s-
tcrcd mcd c ncs. crc` s a typ cal cxampl c, lrom a r t sh m ss onary
n Longo.
P day or two altcr wc rcachcd Vana wc lound onc olthc na-
tvcs vcry ll wth pncumon a. Combcr trcatcd hm and kcpt
hm alvc on strong lowl-soup, a grcat dcal ol carctul nursng
and attcnton was vstcd on h m, lor hs housc was bcsdc thc
camp. Vhcn wc wcrc rcady to go on our way agan, thc man
was wcl l . Jo our astonshmcnt hc camc and askcd us lor a
1 N L N H L H U N b | L N N | H L L 1 | N b O
prcscnt, and was as astonshcd and dsgustcd as hc had madc
us to bc, whcn wc dcclncd gvng t. Vc suggcstcd that t was
hs placc to brng us a prcscnt and to show somc grattudc.
Mc sad to us, "Vcll ndccd! You whtc mcn havc no shamc! `
n thc carly dccadcs ol thc twcntcth ccntury, thc rcnch ph l oso-
phcr Luc cn Lcvy-Bruhl , n an attcmpt to provc that "natvcs` op

r-
atcd w th an cntrcly dllcrcnt lorm ol l ogc, complcd a l st ol s m l ar
storcs. lor nstancc, ola man savcd lrom drown ngwho procccdcd to
ask hs rcscucr to g vch m somc ncc cl othcs to wcar, oranothcrwho,
on bc ng nurscd back to hcalth altcr hav ng bccn savagcd by a tgcr,
dcmandcd a knlc. Lnc rcnch m ss onary workng n Lcntral Alrca
ns stcd that such thngs happcncd to hm on a rcgul ar bas s.
Yousavc a pcrson` s l lc, andyoumust cxpcct torcccvc a vst
lrom hm bclorc long, you arc nowundcran oblgaton to hm,
and you wll notgctrd ol hm cxccpt by gvng hm prcscnts.
Pow, ccrta nl y, thcrc s al most always lclt to bc somcthng cx-
traordnary about savng a l lc. Anythng surroundng brth and dcath
al most cannot hclp but partakc ol thc nhntc, and, thcrclorc, throw
all cvcryday mcans ol moral calculaton askcw. hs s probably why
storcs lkc ths had bccomc somcthng ol a clchc n Amcrca whcn
was growng up. rcmcmbcr as a chl d scvcral tmcs bcng told that
among thc nut or somctmcs t was among Buddhsts, or Lhncsc,
but curously, ncvcr Alrcans)that l onc savcs somconc cl sc' s l lc,
onc s consdcrcd rcspons bl c lor takng carc ol that pcrson lorcvcr.
t dchcs our scnsc ol rccprocty. But somchow, t al so makcs a wcrd
knd ol scnsc.
Vc havcnowayolknowng what was rcally gongonn thc mnds
ol thc patcnts n thcsc storcs, sncc wc don' t know who thcy wcrc
or what sort ol cxpcctatons thcy had how thcy normal l y ntcractcd
wth thcr doctors, lor cxamplc) . But wc can gucss. Lct' s try a thought
cxpcr mcnt. magnc that wc arc dcalng wth a pl acc whcrc, l onc
man savcd anothcr' s llc, thc two bccamc lkc brothcrs. Lach was now
cxpcctcd to sharc cvcrythng, and to prov dc lor thc othcr whcn hc
was n nccd. lso, thc patcnt would surcly notcc that hs ncw brothcr
appcarcd to bc cxtraordnarl y wcalthy, not n much nccd olanythng,
but that hc, thc patcnt, was l ackng n many thngs thc m ss onary
could provdc.
Al tcrnatcly and morc lkcly) , magnc that wc arc dcalng notwth
a rclatonshp ol radcal cqual ty but thc vcry oppostc. n many parts
L 1
ol Alrca, accompl shcd curcrs wcrc also mportant poltcal hgurcs
wth cxtcnsvc cl cntclcs ol lormcr patcnts. A woul d-bc lollowcr thus
arrvcs to dcclarc hs poltcal al lcgancc. Vhat compl catcs thc mattcr
n ths casc s that lollowcrs olgrcat mcn, n ths part ol Alrca, wcrc
n a rclatvcly strong barganng poston. Lood hcnchmcn wcrc hard
to comc by, mportant pcoplc wcrc cxpcctcd to bc gcncrous wth lol-
lowcrs to kccp thcm lrom | onng somc rval ' s cntouragc nstcad. lso,
askng lor a sh rt or knlc would bc a way ol askng lor conhrmaton
that thc m ssonary docs w sh to havc thc man as a lollowcr. ayng
hm back, n contrast, woul d bc, lkc bcton' s gcsturc to h s lathcr, an
nsult. a way olsayngthatdcsptc thc mssonary havngsavcd h s l lc,
hc would | ust as soon havc nothng lurthcr to do wth h m.
8 8 8 8 8
h s s a thought cxpcrmcntbccausc wc don' t rcally know what thc
Alrcan patcnts wcrc thnkng. hc pont s that such lorms olradcal
cqualty and radcal ncqual ty do cxst n thc world, that cach carrcs
wthn t ts own knd olmoral ty, ts own way olthnkng andargung
about thc rghts and wrongs ol any gvcn stuaton, and thcsc moral -
tcs arccnt rcl yd llcrcntthan thatoltt-lor-tatcxchangc. n thcrcstol
thc chaptcr, wl l provdc a rough-and-rcady way to map outthc man
poss b l tcs, by proposng that thcrc arc thrcc ma n moral prncplcs
on wh ch cconom c rclatons can bc loundcd, al l ol wh ch occur n
any human soccty, and wh ch wl l cal l commun sm, h crarchy, and
cxchangc.
00 mmu 0 l s m
w l l dchnc commun sm hcrc a s any human rclatonshp that opcratcs
on thc prncplcs ol "lrom cach accordng to thcr ab ltcs, to cach ac-
cordng to thcr nccds . `
adm t that t hc usagc hcrc s a b t provocatvc. "Lommun sm` s
a word that cancvokc strong cmotonal rcactonsma nl y, olcoursc,
bccausc wc tcnd to dcntly t wth "communst` rcg mcs. hs s ron-
c, sncc thc Lommunst partcs that rulcd ovcr thc ObbK and ts sat-
clltcs, and that st l l rulc Lhna and Luba, ncvcr dcscrbcd thcr own
systcms as "communst. ` hcy dcscrbcd thcm as "socal st . ` " Lom-
mun sm` was al ways a dstant, somcwhat luzzy utopan dcal , usual l y
1 N L N H L H U N b | L N N | H L L 1 | N b D
to bc accompancd by thc wthcrng away olthc statc to bc achcvcd
at somc pont n thc dstant luturc.
Lur thnkng about commun sm has bccn domnatcd by a myth.
Lncc upon a t mc, humans hcld al l th ngs n commonn thc Lar-
dcn ol Ldcn, durng thc Loldcn Agc ol Saturn, n alcolthc huntcr-
gathcrcr bands. hcn camc thc al l , as a rcsult ol whch wc arc now
curscd wth dvsons ol powcr and prvatc propcrty. hc drcam was
that somcday, wth thc advancc oltcchnology and gcncral prospcrty,
wth socal rcvoluton or thc gudancc ol thc arty, wc would hnal l y
bc n a pos t on to put thngs back, to rcstorc common owncrsh p and
common managcmcnt olcol lcctvc rcsourccs. hroughout thc l ast two
ccnturcs, Lommun sts and ant- Lommunsts argucd ovcr how pl au-
sblc th s p cturc was and whcthcr t woul d bc a blcssng or a nght-
marc. ut thcy all agrccd on thc basc lramcwork. commun sm was
aboutcol lcctvcpropcrty, "pr m tvc commun sm`dd oncc cxst n thc
d stant past, and somcday t mght rcturn.
Vc m ght cal l t h s " myth c commun s m`or cvcn, " cp c
commun sm`a story wc l kc to tcl l oursclvcs. S ncc thc days ol thc
rcnch Kcvoluton, t has nsprcd m l lons, but t has also donc cnor-
mous damagc to human ty. t`s hgh tmc, thnk, to brush thc cntrc
argumcnt asdc. n lact, "commun sm` s not somc magcal utop a,
and nc thcrdocs t havc anyth ng to do wth owncrsh p ol thc mcans
ol producton. t s somcthng that cx sts r ght nowthat cx sts, to
somc dcgrcc, n any human soccty, although thcrc has ncvcrbccn onc
n whch ecerytb/ng has bccn organ zcd n that way, and t woul d bc
dlhcult to magnc how thcrc coul d bc. Al l ol us act l kc commun sts
a good dcal olthc tmc. Ponc olus acts lkc a commun st cons stcntly.
" Lommun st soccty`n thc scnsc ol a soccty organ zcd cxclusvcly
on that snglc prncplc could ncvcr cxst. ut al l socal systcms, cvcn
cconom c systcms lkc captal sm, havc al ways bccn bul t on top ol a
bcdrock ol actually-cxstng commun sm.
Startng, as say, lrom thc prncplc ol "lrom cach accordng to
thc r ab ltcs, to cach accordng to thc r nccds` al l ows us tol ookpast
thc qucston ol ndvdual or prvatc owncrshp wh ch s oltcn l ttlc
morc than lormal lcgalty anyway) and at much morc mmcdatc and
practcal qucstons olwho has acccss to what sorts olthngs and undcr
whatcondtons. 'Vhcncvcr t s thcopcratvc prncplc, cvcn lt`s | ust
two pcoplc who arc ntcractng, wc can say wc arc n thc prcscncc ol
a sort ol commun sm.
Al most cvcryonc lollows ths prncplc lthcy arc col l aboratng on
somc common pro| cct. ' l somconc hxng a brokcn watcr ppc says,
"Mand mc thc wrcnch, ` h s co-workcr w l l not, gcncral l y spcakng,
L 1
say, "And what do gct lor t!` cvcn lthcy arc workng lor Lxxon-
Nobl, Burgcr Kng, or Loldman Sachs. hc rcason s smplc clhccncy
roncal l y cnough, consdcrng thc convcntonal wsdom that "com-
mun sm | ust docsn' twork`) . lyourcal l ycarc aboutgcttng somcthng
donc, thc mostclhccntwayto go aboutt s obvously to al locatctasks
by ab lty and gvc pcoplc whatcvcr thcy nccd to do thcm. ' ' Lnc mght
cvcn say that t' s onc ol thc scandals ol captal sm that most captal-
st hrms, ntcrnal l y, opcratc communstcal l y. ruc, thcy don' t tcnd
to opcratc vcry dcmocratcal l y. Nost oltcn thcy arc organzcd around
m l tary-stylc top-down chans ol command. But thcrc s oltcn an n-
tcrcstng tcns on hcrc, bccausc top-down cha ns ol command arc not
partcularly clhccnt. thcy tcnd to promotc stupdty among thosc on
top, rcscntlul loot-draggng among thosc on thc bottom. hc grcatcr
thc nccd to mprovsc, thc morc dcmocratc thc coopcraton tcnds to
bccomc. nvcntors havc always undcrstood ths, start-up captalsts lrc-
qucntly hgurc t out, and computcr cngnccrs havc rcccntly rcdscov-
crcd thc prncplc. not only wth thngs lkc lrccwarc, whch cvcryonc
talks about, but cvcn n thc organzaton ol thcr busncsscs. Applc
Lomputcrs s a lamous cxamplc. t was loundcd by mostly Kcpubl -
can) computcr cngnccrs who brokc lrom BN n S l con Val lcy n thc
Ig8os, lormng l ttlc dcmocratc crclcs ol twcnty to lorty pcoplc wth
thcr laptops n cach othcr' s garagcs.
hs s prcsumabl y al so why n thc mmcdatc wakc ol grcat d-
sastcrsa hood, a blackout, or an cconomc collapscpcoplc tcnd
to bchavc thc samc way, rcvcrtng to a rough-and-rcady commun sm.
owcvcr br chy, hcrarchcs and markcts and thcl kcbccomc luxurcs
that no onc can allord. Anyonc who has l vcd through such a momcnt
can spcak to thcr pccul ar qualtcs, thc way that strangcrs bccomc
s stcrs and brothcrs and human soccty tscll sccms to bc rcborn. hs
s mportant, bccausc t shows that wc arc not s mpl y talkng about
coopcraton. n lact, commun/sm /s tbe foundat/on of a// buman soc/a-
|///ty. t s what makcs soccty poss bl c. hcrc s always an assumpton
that anyonc who s not actually an cncmy can bc cxpcctcd on thc prn-
cplc ol "lrom cach accordng to thcr ab ltcs, ` at lcast to an cxtcnt.
lor cxampl c, lonc nccds to hgurc out how to gctsomcwhcrc, and thc
othcr knows thc way.
Vc so takc ths lor grantcd, n lact, that thc cxccptons arc thcm-
scl vcs rcvcalng. L. L. Lvans-rtchard, an anthropologst who n thc
Igzos carrcd out rcscarch among thc Pucr, P l otc pastoralsts n
southcrn Sudan, rcports h s dscomhturc whcn hc rcalzcd that somc-
onc had ntcntonally gvcn h m wrong d rcct ons.
1 N L N H L H U N b | L N N | H L L 1 | N b 1
n onc occason l askcd thc way to a ccrtan placc and was
dcl bcratcly dcccvcd. l rcturncd n chagrn to camp and askcd
thc pcoplc why thcy had told mc thc wrong way. nc olthcm
rcplcd, "You arc a lorcgncr, why should wc tcll you thc rght
way Evcn l a lucr who was a strangcr askcd us thc way wc
would say to hm, 'You conttnuc stratght along that path,' but
wc would nottcll hmthat thc path lorkcd. Vhy should wc tcll
h mutyou arc now a mcmbcr olour camp and you arc knd
to our cht ldrcn, so wc wll tcl l you thc rght way n luturc. `'
hcPucrarcconstantly cngagcd n lcuds, any strangcr m ghtwcll
turn out to bc an cncmy thcrc to scout out a good pl acc lor an am-
bush, and t would bc unw sc to gvc such a pcrson usclul nlormat on.
Vhat` s morc, Lvans-rtchard` s own stuaton was obv ousl y rclcvant,
sncc hcwas an agcnt olthc rtsh govcrnmcntthc samcgovcrnmcnt
that had rcccntly scnt n thc KAI to stralc and bomb thc nhabtants
ol th s vcry scttlcmcnt bclorc lorc bl y rcscttl ng thcm thcrc. Ondcr
thc ct rcumstanccs, thc nhab tants` trcatmcnt olLvans-rtchard sccms
qutc gcncrous. hc ma n po nt, though, s that t rcqu rcs somcthng
on th s scal can mmcdatc thrcat to l lc and l mb, tcrror-bomb ng ol
c v l an popul at onsbclorc pcoplc w l l ord nar l y consdcr not g v ng
a strangcr accuratc d rcctons. ''
t`s not | ust d rcct ons. Lonvcrsaton s a doma n part cul arl y d s-
poscd to commun sm. Lcs, nsul ts, put-downs, and othcr sorts olvcr-
bal aggrcss on arc mportantbut thcy dcrvc most ol thcr powcr
lrom thc sharcd assumpton that pcoplc do not ord nar l y act th s way.
an nsul t docs not stng unl css onc assumcs that othcrs w l l normal l y
bc consdcratc ol onc` s lccl ngs, and t` s mposs bl c to l c to somconc
who docs not assumc you would ord nar l y tcll thc truth. Vhcn wc
gcnu ncl y wsh to brcak oll am cabl c rclatons w th somconc, wc stop
spcakng to thcm cntrcly.
hc samc gocs lor smal l courtcscs l kc ask ng lor a l ght, or cvcn
lor a c garcttc. tsccms morc lcgtmatc to ask a strangcr lor a cgarcttc
than lor an cquvalcnt amount olcash, orcvcn lood, n lact, lonc has
bccn dcnthcd as a lcl l ow smokcr, t` s rathcr d lhcult to rclusc such a
rcqucst. n such cascsa match, a p ccc ol nlormat on, hol d ng thc
clcvatoronc mght say thc "lrom cach` clcmcnt s so m n mal that
most ol us comply w thout cvcn thnkng about t t. Lonvcrscly, thc
samc s truc lanothcr pcrson` s nccdcvcn a strangcr` ss partcular-
l y spcctacul arorcxtrcmc. lhc sdrownng, lor cxampl c. la ch l d has
lallcn onto thc subway tracks, wc assumc that anyonc who s capablc
olhclp ng hcr up w l l do so.
L 1
w l l cal l ths "basclnc commun sm` . thc undcrstandng that,
unlcss pcoplc consdcr thcmsclvcs cncmcs, l thc nccd s consdcrcd
grcat cnough, or thc cost consdcrcd rcasonabl c cnough, thc prncplc
ol "lrom cach accordng to thcr ab l tcs, to cach accordng to thcr
nccds` w l l bc assumcd to appl y. Llcoursc, dllcrcnt commun tcs ap-
pl y vcry dllcrcnt standards. n l argc, mpcrsonal urban communtcs,
such a standard maygo no lurthcr than askng lor a lght ordrcctons.
hs mght not sccm lkc much, but t lounds thc poss b lty ol l argcr
socal rclatons. n smallcr, lcss mpcrsonal communtcscspcc al l y
thosc not d v dcd nto socal classcsthc samc l og c w l l l kcl y cxtcnd
much lurthcr. lor cxamplc, t s oltcn cllcctvcly mpossblc to rclusc
a rcqucst not | ust lor tobacco, but lor loodsomctmcs cvcn lrom
a strangcr, ccrta nl y lrom anyonc consdcrcd to bcl ong to thc com-
munty. Lxactly onc pagc altcr dcscrbng h s dlhcultcs n askng lor
drcct ons, Lvans-rtchard notcs that thcsc samc Pucr hnd t al most
mpossblc, whcn dcalng wth somconc thcy havc acccptcd as a mcm-
bcr ol thcr camp, to rclusc a rcqucst lor al most any tcm ol common
consumpton, so that a man or woman known to havc anythng cxtra
n thc way ol gra n, tobacco, tool s, or agrcultural mpl cmcnts can bc
cxpcctcd to scc thcr stockplcs dsappcar al most mmcdatcl y. '' ow-
cvcr, ths basclnc olopcnhandcd sharng and gcncrosty ncvcr cxtcnds
to cvcrythng. Lltcn, n lact, thngs lrccl y sharcd arc trcatcd as trval
and un mportant lor that vcry rcason. Among thc Pucr, truc wcalth
takcs thc lorm olcattlc. Po onc would lrccly sharc thcr cattlc, n lact,
young Pucr mcn lcarn that thcy arc cxpcctcd to dclcnd thcr cattlc
wth thcr lvcs, lor ths rcason, cattlc arc ncthcr bought nor sol d.
hc obl gaton to sharclood, and whatcvcr clsc s consdcrcd a ba-
scncccssty, tcndstobccomcthcbas solcvcrydaymoral tyna soccty
whosc mcmbcrs scc thcmsclvcs as cqual s. Anothcr anthropologst, Au-
drcy Kchards, oncc dcscrbcd how Bcmba mothcrs, "such lax dscpl-
narans n cvcrythng clsc, ` w l l scold thcr ch ldrcn harshl y lthcygvc
onc an orangc or somc othcr trcat and thc chld docs not mmcdatcly
ollcrto sharc twthhcrlrcnds. ''Butsharng salso, nsuchsocctcs
n any, l wc rcal l y thnk about ta ma| or locus ol l lc' s plcasurcs.
As a rcsult, thc nccd to sharc s partcularly acutc n both thc bcst ol
tmcs and thc worst ol tmcs. durng lamncs, lor cxamplc, but al so
durng momcnts olcxtrcmc plcnty. Larl y mssonary accountsolnatvc
Porth Amcrcans al most nvarabl y ncludc awcstruck rcmarks on gcn-
crosty n tmcs ol lamnc, oltcn to total strangcrs . ' At thc samc tmc,
nrcturnngtromthc rhshng,thc rhuntng,andthc rtradng,
thcy cxchangc manygtts, tthcy havcthus obtancd somcthng
1 N L N H L H U N b | L N N | H L L 1 | N b
unusually good, cvcn l thcy havc bought t, or l t has bccn
gvcn to thcm, thcy makc a lcast to thc wholc vllagc wth t.
Jhcrhosptalty towards al| sorts ol strangcrs s rcmarkablc. '
hc morc cl aboratc thc lcast, thc morc l kcl y onc s to scc somc
combnat on ol lrcc sharng ol somc thngs lor nstancc, lood and
drnk) andcarclul d str buton olothcrs. say, przc mcat, whcthcrlrom
gamc or sacr hcc, whch s oltcn parcclcd out accord ng to vcry clabo-
ratc protocols or cqual l y cl aboratc glt cxchangc. hc gvng and tak-
ng ol glts oltcn takcs on a dstnctly gamcl kc qual ty, contnuous
oltcn wth thc actual gamcs, contcsts, pagcants, and pcrlormanccs that
also oltcn mark popular lcstval s. As wth soccty at l argc, thc sharcd
convvalty coul d bc sccn as a knd ol communstc basc on top ol
whch cvcrythng clsc s constructcd. t also hclps to cmphaszc that
sharng s not smply about moralty, but al so about plcasurc. Sol-
tary pl casurcs w l l always cxst, but lor most human bcngs, thc most
plcasurablc actvtcs al most al ways nvolvc sharng somcthng. mus c,
lood, l quor, drugs, goss p, drama, bcds. hcrc s a ccrta ncommun sm
olthcscnscs at thcrootol mostth ngs wc consdcr lun.
hc surcst way t o know that onc s n t hc prcscncc ol commu-
nstc rclatons s that not onl y arc no accounts takcn, but t woul d
bc consdcrcd ollcnsvc, or s mpl y b zarrc, to cvcn consdcr dong so.
Lach v l l agc, cl an, or naton w th n thc Lcaguc ol thc odcnosauncc,
or roquos, lorcxamplc, was dvdcd nto two halvcs. ' hs s a com-
mon pattcrn. n othcr parts ol thc world Amazon a, Ncl ancsa) too,
thcrc arc arrangcmcnts n whch mcmbcrs ol onc sdc can only marry
somconc lrom thc othcr sdc, or onl y catlood grown on thc othcr sdc,
such rulcs arc cxplctly dcsgncd to makc cach sdc dcpcndcnt on thc
othcrlor somcbas cncccsstyoll lc. AmongthcSx roquos, cach sdc
wascxpcctcdto bury thc othcr` s dcad. Pothng would bc morc absurd
than lor onc sdc to compl a n that, "last ycar, wc burcd hvc ol your
dcad, but you onl y burcd two ol ours . `
Basclnccommun sm mght bc consdcrcd thc raw matcr al ol soc-
alty, a rccognton olour ultmatc ntcrdcpcndcnccthat s thc ul t matc
substancc ol socal pcacc. Stl l , n most c rcumstanccs, that m n mal
basclnc s not cnough. Lnc al ways bchavcs n a sp r t ol soldarty
morc wth somc pcoplc than othcrs, and ccrtan nsttutons arc spc-
chcal l y bascd on prncplcs ol sol darty and mutual ad. rst among
thcsc arc thosc wc lovc, wth mothcrs bcng thc paradgm ol sclhcss
lovc. Lthcrs ncludc closc rclatvcs, wvcs and husbands, lovcrs, onc` s
closcst lrcnds. hcsc arc thc pcoplc wth whom wc sharc cvcrythng,
or at lcast to whom wc know wc can turn n nccd, whch s thc
1 L 1
dchnton ola truc lrcnd cvcrywhcrc. Such lr cndshps may bc lorma| -
zcd by a rtual as "bond-lr cnds` or "b|ood brothcrs` who cannot
rclusc cach othcr anythtng. As a rcsul t, any communty could bc sccn
as crss-crosscd wth rc|atons ol " ndvdua| stc commun sm, ` onc-to-
onc rc|atons that opcratc, to varyng ntcnsttcs and dcgrccs, on thc
bas s ol "lrom cach accordng to thcr ab|ty, to cach accordng to
thcr nccds. ` ' '
hs samc |ogc can bc, and s, cxtcndcd wthn groups. not on|y
coopcratvc work groups, but al most any n-group w | | dchnc tscllby
crcatng ts own sort ol basclnc commun sm. hcrc w|l bc ccrtan
thngs sharcd or madc lrccly ava l abl c wthn thc group, othcrs that
anyonc w|| bc cxpcctcd to provdc lor othcr mcmbcrs on rcqucst, that
onc wou|d ncvcr sharc wth or provdc to outsdcrs. hclp n rcpar-
ng onc` s ncts n an assocaton ol hshcrman, statoncry supp| cs n
an olhcc, ccrtan sorts ol nlormaton among commodty tradcrs, and
so lorth. A|so, ccrtan catcgorcs ol pcoplc wc can a| ways ca| | on n
ccrtan stuat ons, such as harvcstng or movng housc. " Lnc cou|d go
on lrom hcrc to varous lorms ol sharng, poo|ng, who gcts to ca| | on
whom lor hc|p wtth ccrtan tasks. movng, or harvcstng, or cvcn, l
onc s n troub| c, provdng an ntcrcst-lrcc |oan. na||y, thcrc arc thc
dllcrcnt sorts ol "commons, ` thc col|cctvcadm n straton olcommon
rcsourccs.
hc socology ol cvcryday communsm s a potcntt al l y cnormous
hc|d, but onc whch, owng to our pccu| ar tdco|ogca| bl nkcrs, wc
havc bccn unablc to wrtc about bccausc wc havc bccn l argc|y unab| c
to scc t. Kathcr than try to lurthcr outlnc t, w l | | mt mysc| l to
thrcc hna| ponts.
rst, wc arc not rca||y dcalng wth rccprocty hcrcor at bcst,
only wth rccprocty n thc broadcst scnsc. ' Vhat s cqual on both
sdcs s thc knowlcdgc that thc othcr pcrson uou/d do thc samc lor
you, not that thcy ncccssar|y u///. hc roquots cxamp|c brngs homc
c|carly what makcs ths poss bl c. that such rc| atons arc bascd on a
prcsumpton ol ctcrnty. Soccty w|| a| ways cxst. hcrclorc, thcrc
wl| always bc a north and a south sdc ol thc v| | agc. hs s why no
accounts nccd bc takcn. n a sm|ar way, pcop|c tcnd to trcat thcr
mothcrs and bcst lrcnds as lthcy w | | al ways cxst, howcvcrwcl| thcy
know t sn` t truc.
hc sccond pont has to do wth thc lamous "law ol hospta|ty. `
hcrc s a pccul ar tcnson bctwccn a common stcrcotypc ol what arc
ca| |cd "prmtvc socctcs` pcop|c |ackng both statcs and markcts)
as socctcs n whch anyonc not a mcmbcr ol thc communty s as-
sumcd to bc an cncmy, and thc lrcqucnt accounts ol carly Luropcan
1 N L N H L H U N b | L N N | H L L 1 | N b 1 1
travc|crs awcstruck by thc cxtraordnary gcncrosty shown thcm by
actua| "savagcs . ` Lrantcd, thcrc s a ccrtan truth to both sdcs. Vhcr-
cvcr a strangcr s a dangcrous potcnt a| cncmy, thc norma| way to
ovcrcomc thc dangcr s by somc dramatc gcsturc ol gcncrosty whosc
vcry magn hccncc catapults thcm nto that mutua| socalty that s thc
ground lor a|| pcacclu| soca| rc|at ons. ruc, whcn onc s dca|ng w th
comp|ctc|y unknown quanttcs, thcrc s oltcn a proccss ol tcstng. Both
Lhrstophcr Lo| umbus, n span o| a, and Laptan Look, no|yncsa,
rcportcd s m | ar storcs ol s| andcrs who cthcr hcc, attack, or ollcr
cvcrythngbut who oltcn | atcr cntcr thc boats and hc|p thcmsc|vcs to
anythng thcy takc a lancy to, provokng thrcats ol vo|cncc lrom thc
crcw, who thcn dd thcr utmost to cstab|sh thcprncp|c that rclatons
bctwccn strangc pcoplcs shou|d bc mcdatcd nstcad by "norma| ` com-
mcrca| cxchangc.
t` s undcrstandab| c that dcalngs wth potcnta| | y host|c strangcrs
shou|d cncouragc an a| | -or-nothng logc, a tcnson prcscrvcd cvcn n
Lng|sh n thc ctymo| ogy ol thc words "host, ` "host | c, ` "hostagc, `
and ndccd "hospta|ty, ` a| | olwhch arcdcrvcd lrom thcsamcLatn
root. Vhat want to cmphaszc hcrc s that a| | such gcsturcs arc
smp|y cxaggcratcd dsp|ays ol that vcry "basc| nc commun sm` that
havc a| rcady argucd s thc ground ola| | human soca| | lc. hs s why,
lor nstancc, thc dllcrcncc bctwccn lrcnds and cncmcs s so oltcn
artcu| atcd through loodand oltcn thc most commonp| acc, humb| c,
domcst c sorts ol lood. as n thc lam | ar pr nc p| c, common n both
Luropc and thc Ndd|c Last, that thosc who havc sharcd brcad and
sa|t mustncvcrharm oncanothcr. nlact,thoscth ngsthatcxst abovc
a|| to bc sharcd oltcn bccomc thosc thngs onc cannot sharc wth cn-
cmcs. Among thc Pucr, so lrcc wth lood and cvcryday posscssons,
l onc man murdcrs anothcr, a b|ood lcud lo| | ows. Lvcryonc n thc
vcnty w | | oltcn havc to | nc up on onc sdc oranothcr, and thosc on
oppostc sdcs arc strct|y lorbddcn to cat wth anyonc on thc othcr,
or cvcn to drnk lrom a cup or bow| onc ol thcr ncwlound cncmcs
has prcvous|y uscd, |cst tcrr b|c rcsu|ts cnsuc. ' hc cxtraordnary n-
convcncncc ths crcatcs s a ma| or nccntvc to try to ncgotatc somc
sort olsctt|cmcnt. By thc samc tokcn, t s oltcn sad that pcoplc who
havc sharcd |ood, or thc rght, archctypa| knd ol lood, arc lorbddcn
to harm onc anothcr, howcvcr much thcy mght bc othcrwsc nc| ncd
to do so. At t mcs, ths can takc on an a|most comca| lorma|ty, as n
thc Arab story ol thc burg| ar who, wh | c ransackng somconc` s housc,
stuck hs hngcr n a | ar to scc l t was lu| | ol sugar, on|y to d scovcr
t was lul | ol sa|t nstcad. Kca|zng that hc had now catcn sa|t at thc
owncr` s tab|c, hc dut|u| | y put back cvcrythng hc`d sto|cn.
1 Z L 1
nal l y, oncc wc start thnkng ol commun sm as a pr nc pl c ol
moral ty rathcr than | ust a qucston ol propcrty owncrsh p, t bccomcs
clcar that ths sort olmoral ty s almost always at pl ay to somc dcgrcc
n any transact oncvcn commcrcc. l onc s on soc ablc tcrms wth
somconc, t` s hard to complctc|y gnorc thcr stuaton. Ncrchants ol-
tcn rcducc prccs lor thc nccdy. h s s onc ol thc ma n rcasons why
shopkccpcrs npoorncghborhoods arc almost ncvcrolthc samccthnc
group asthcr customcrs, t would bc al most mposs bl clor a mcrchant
who grcw up n thc ncghborhood to makc moncy, as thcy would bc
undcr constant prcssurc to gvc hnancal brcaks, or at lcast casy crcdt
tcrms, to thcr mpovcr shcd rclatvcs and school chums. hc oppostc
s truc as wcl l . An anthropologstwho |vcd lor somct mc n rural)ava
oncc told mc that shc mcasurcd hcr lngustc ab | t cs by how wcll shc
could barga n at thc |ocal bazaar. t lrustratcd hcr that shc could ncvcr
gct t down to a pr cc as low as l ocal pcoplc sccmcd pay. "Vcl l , ` a )a-
vancsc lrcnd hnal l y had to cxpl a n, "thcy chargc rch )avancsc pcoplc
morc, too. `
Lncc aga n, wc arc back t o thc pr nc plc that l thc nccds lor
nstancc, d rc povcrty) , or thc ab l t cs lor nstancc, wcalth bcyond
magnaton) , arc sulhccntly dramat c, thcn unlcss thcrc s a complctc
abscncc ol soc al ty, somc dcgrcc ol commun st c moralty w l l al most
ncvtabl ycntcr nto thc waypcoplc takc accounts. ' A urksh lolktalc
about thc Ncdcval Suh mystc Pasruddn od| a l l ustratcs thc com-
plcxtcs thus ntroduccd nto thc vcry conccpt olsupply and dcmand.
LnC day WhCn asruddn Was Ct n ChargC O thC !OCa! tCa-
hOusC, thC kng and sOmC rCtanCrs, WhO had bCCn huntng
nCarby, stOppCd n Or brCakast.
LO yOu haVC qua! Cggsr askCd thC kng.
l m surC l Can hnd sOmC, ansWCrCd asrudd n.
hC kng OrdCrCd an OmC!Ct O a dO2Cn qua! Cggs, and
asruddn hurrCd Out tO OOk Or thCm. PtCr thC kng and hs
party had CatCn, hC ChargCd thcm a hundrCd gOd p CCCs.
hC kng Was pu22Cd. PrC qua Cggs rCa!y that rarC n ths
part O thC COuntryr
lt s nOt sO muCh qua! Cggs that arC rarC arOund hCrC,
asruddn rCpCd. lts mOrC Vsts rOm kngs.
Exc N 8 0 0
Lommun sm, thcn, s bascd ncthcr n cxchangc nor n rccprocty
cxccpt, as havc obscrvcd, n thc scnsc that t docs nvo|vc mutual cx-
pcctatonsand rcspons b l t cs. Lvcn hcrc, t sccms bcttcrto usc anothcr
1 N L N H L H U N b | L N N | H L L 1 | N b 1 d
word "mutualty` !) so as to cmphaszc that cxchangc opcratcs on
cntrc|y dllcrcnt prncpl cs, that t` s a lundamcntal ly d llcrcnt knd ol
moral log c.
Lxchangc s al l about cquvalcncc. t` s a back-and-lorth proccss
nvolvng two sdcs n whch cach sdc gvcs as good as t gcts. hs
s why onc can spcak ol pcoplc cxchangng words l thcrc` s an argu-
mcnt) , blows, or cvcn gunhrc. ' n thcsc cxampl cs, t` s not that thcrc
s cvcr an cxact cquvalcncccvcn lthcrc wcrc somc way to mcasurc
an cxact cquvalcncc but morc a constantproccss olntcracton tcnd-
ng toward cquvalcncc. Actua| l y, thcrc` s somcthng ol a paradox hcrc.
cach sdc n cach casc s tryng to outdo thc othcr, but, unlcss onc sdc
s uttcrly put to rout, t` s cascst to brcak thc who|c thng oll whcn
both consdcr thc outcomc to bc morc or lcss cvcn. Vhcn wc movc to
thc cxchangc ol matcra| goods, wc hnd a s m | ar tcns on. Lltcn thcrc
s an clcmcnt ol compctton, l nothng clsc, thcrc` s always that pos-
sbl ty. Butatthc samc tmc, thcrc` s a scnsc thatboth sdcs arc kccpng
accounts, and that, unlkc what happcns n commun sm, whch al ways
partakcs ol a ccrtan not on ol ctcrnty, thc cnt rc rcl atonshp can bc
cancc|cd out, and cthcr party can ca|l an cnd to t at any tmc.
hs clcmcnt ol compctton can work n complctcly dllcrcnt
ways. n cascs ol bartcr or commcrc al cxchangc, whcn both partcs to
thc transacton arc only ntcrcstcd n thc va|uc ol goods bcng trans-
actcd, thcy may wcllas cconomsts nsstthcy shou|dtry to scck thc
max mum matcr al advantagc. Ln thc othcr hand, as anthropologsts
havc|ongpontcd out, whcn thccxchangc solglts, that s, thc ob| ccts
passng back and lorth arc ma nl y consdcrcd ntcrcstng n how thcy
rchcct on and rcarrangc rclatons bctwccn thc pcoplc carryng out thc
transact on, thcn nsolar as compctton cntcrs n, t s |kcly to work
prccscly thc othcr way aroundto bccomc a mattcr ol contcsts ol
gcncrosty, olpcoplc showng ollwho can gvc morc away.
Lctmc takcthcsconc at a tmc.
Vhat marks commcrc al cxchangc s that t` s " mpcrsona| `. who t
s that s scllng somcthng to us, or buyng somcthng lrom us, should
n prncp|c bc cntrc|y rrclcvant. Vc arc s mp| y comparng thc val uc
or two ob| ccts. ruc, as wth any prncplc, n practcc, ths s rarc| y
complctc|y truc. hcrc has to bc somc m n mal cl cmcnt oltrust lor a
transacton to bc carrcd out at al l , and, unlcss onc s dcalng wth a
vcndng machnc, that usual l y rcqurcs somc outward dspl ay ol socal -
ty. Lvcn n thc most mpcrsonal shoppng ma| l or supcrmarkct, c|crks
arc cxpcctcd to at lcast s mul atc pcrsonal warmth, patcncc, and othcr
rcassurng qua|tcs, n a Nddlc-Lastcrn bazaar, onc mght havc to go
through an cl aboratc proccss ol cstablshng a s mul atcd lrcndshp,
sharng tca, lood, or tobacco, bclorc cngagng n s m | ar| y c| aboratc
1 L 1
hagg|ngan ntcrcstng rtua| that bcgns by cstab| sh ng soca| ty
through basc|nc commun smand contnucs wth an oltcn pro|ongcd
mock batt|c ovcr prccs. t`s a|| donc on thc bas s ol thc assumpton
that buycr and sc||cr arc, at |cast at that momcnt, lrcnds and thus
cachcntt|cdto lcc| outragcd andndgnant at thc othcr` sunrcasonab|c
dcmands) , but t` s a| | a l tt|c pccc olthcatcr. Lncc thc ob| cct changcs
hands, thcrc s no cxpcctaton that thc two w|| cvcr havc anythng to
do wth cach othcr agan.
Nost oltcn ths sort ol hagg|ngn Nadagascar thc tcrm lor t
|tcra||y mcans "to batt|c out a sa| c` , m/ady carotra)can bc a sourcc
ol p|casurc n tsc|l.
hc hrst tmc v stcd Ana| akc|y, thc grcat c|oth markct n Nada-
gascar` s captal , camc wth a Na|agasy lrcnd ntcnt on buy ng a
swcatcr. hc who|c proccss took about lour hours. t wcnt somcthng
|kc th s . my lrcnd wou|d spot a |tkc|y swcatcr hangng nsomc booth,
ask thc prcc, and thcn shc wou|d bcgn a pro|ongcd batt|c olwts wth
thc vcndor, nvarab|y nvo|vng dramatc dsp|ays ol nsu|t and ndg-
naton, and s mu|atcd wa|kngs oll n dsgust. Lltcn t sccmcd nncty
pcrccnt ol thc argumcnt was spcnt on a hna| , tny dllcrcncc ol a lcw
arary|tcra| | y, pcnncsthatsccmcd to bccomca prolound mattcr ol
prncp|c on cthcr sdc, sncc a mcrchant` s la | urc to conccdc t cou|d
snk thccntrc dca| .
hc sccond tmc vstcd Ana| akc|y wcnt wth anothcr lrcnd,
a| so a young woman, who had a l st olmcasurcs olc|oth to buy sup-
p|cd by hcr sstcr. At cach booth shc adoptcd thc samc proccdurc. shc
smp| y wa|kcd up and askcd lor thc prcc.
hc man wou|d quotc hcr onc.
"A| | rght, ` shc thcn askcd, "and what` s your rca| hna| prcc!`
c` dtc| | hcr, and shc` dhand ovcr thc moncy.
"Vat a mnutc! ` askcd. "You can do that!
"Surc, ` shc sa d. "Vhy not ! `
cxp| a ncd whathad happcncd w th my | astlrcnd.
"Lh, ycah, ` shc sa d. "Somc pcop|c cn| oy that sort ol thng. `
Lxchangc a| | ows us t o cancc| out our dcbts. t gvcs us a way to
ca|| t cvcn. hcncc, to cnd thc rc|atonshp. Vth vcndors, onc s usu-
a| | y on|y prctcndng to havc a rc|atonshp at a||. Vth ncghbors,
onc mght lor ths vcry rcason prclcr not to pay onc` s dcbts. Laura
Bohannan wrtcs about arrvng n a v communty n rura| Pgcr a,
ncghbors mmcdatc|y bcgan arrvng bcar ng | tt|c glts. "two cars
corn, onc vcgctab|c marrow, onc chckcn, hvc tomatocs, onc handlu|
pcanuts. ` avng no dca what was cxpcctcd ol hcr, shc thankcd
thcm and wrotc down n a notcbook thcr namcs and what thcy had
1 N L N H L H U N b | L N N | H L L 1 | N b 1 D
brought. Lvcntual l y, two womcn adoptcd hcr and cxp|atncd that a| |
such glts dd havc to bc rcturncd. t wou| d bc cnttrc|y napproprtatc
to stmply acccpt thrcc cggs lrom a ncghbor and ncvcr brtng anythtng
back. Lncdd not havc to brng back cggs, butonc shou|d brtng somc-
thtng back ol approxmatcly thc samc va|uc. Lnc cou|d cvcn brtng
moncythcrc was nothng t napproprtatc n thatprovdcd onc dtd
so at a d scrcct ntcrva| , and abovc a||, that onc dd not brng thc
cxact cost ol thc cggs. t had to bc cthcr a bt t morc or a bt |css. o
brtng back nothng at al | would bc to cast oncscll as an cxp|ottcr or a
parast tc. o brng back an cxact cquvalcnt wou|d bc to suggcst that
onc no |ongcr wshcs to havc anythtng to do wth thc nctghbor. v
womcn, shc lcarncd, mght spcnd a good part o| thc day wal k ng lor
mt | cs to dstant homcstcads to rcturn a handlu| olokra or a tny bt t ol
changc, " n an cnd|css crc|c o|gt lts to whch no onc cvcr handcd ovcr
thc prcctsc val uc ol thc ob| cct l ast rccctvcd`and tn dong so, thcy
wcrc cont nual l y crcatng thcr soccty. hcrc was ccrtanly a tracc ol
communt sm hcrc ncghbors on good tcrms cou|d al so bc trustcd to
hc|p cach othcr out n cmcrgcnct csbut unl t kc communstt c rclatons,
whch arc assumcd to bc pcrmancnt, thts sort olnctghborltncss had to
bc constantly crcatcd and matntatncd, bccausc any l t nk can bc brokcn
ol| at any tt mc.
hcrc arc cnd| css var at ons on thts sort ol tt-lor-tat, or al most
tt-lor-tat, glt cxchangc. hc most lam | ars thccxchangcolprcscnts.
buy somconc a bccr, thcy buy mc thc ncxt onc. crlcct cquvalcncc
tmpltcs cqualty. But consdcr a sl ght|y morc compl t catcd cxampl c.
takc a lrcnd out to a lancy rcstaurant lor dnncr, altcr a dtscrcct ntcr-
val, thcy dothc samc. Asanthropo|ogtsts havclong bccn nthc habt ol
potntngout, thcvcrycx stcncc olsuch customscspcct a| l y, thc lcc|ng
that onc rcal | y ougbt to rcturn thc lavor-can` t bc cxplancd by stan-
dard cconomc thcory, wht ch assumcs that any human ntcracton s
ultmatc|y a bust ncss dca| and that wc arc a| l scll-t ntcrcstcd t ndt vt dua| s
tryng to gct thc most lor ourscl vcs lor thc |cast cost or |cast amount
olcllort. But thts lcclng t s qutc rca| , and t can causc gcnunc strat n
lor thosc ol | m tcd mcans tryt ng to kccp up appcaranccs. So. Vhy,
tl took a |rcc-markct cconomtc thcortst out to an cxpcnstvc dt nncr,
would that cconomst lcc| somcwhat dt mt nt shcduncomlortab|y n
my dcbtuntl hc had bccn ab| c to rcturn thc lavor ! Vhy, l hc wcrc
lcclng compctttvc wtth mc, would hc bc t nc| t ncd to takc mc to somc-
p|acc cvcn morc cxpcnst vc!
Kcca|l thc lcasts and lcsttva|s al | udcd to abovc. hcrc, too, thcrc s a
basc ol convtv a| tty and pl aylu| somctmcs not so p| aylul ) compctton.
Ln thc onchand, cvcryonc` spl casurc s cnhanccdaltcr a| | , how many
1 L 1
pcop|c wou|d rcal|y want to cat a supcrb mca| at a rcnch rcstau-
rant a| | a| onc! Ln thc othcr, th ngs can cas | y s| p nto gamcs ol onc-
upmanshpand hcncc obscss on, hum l at on, ragc . . . or, as wc` l l
soon scc, cvcn worsc. n somc socctcs, thcsc gamcs arc lorma|zcd,
but t` s mportantto strcssthatsuchgamcs onlyrca||ydcvc|opbctwccn
pcoplc orgroups whopcrccvc thcmsc|vcs to bc morc or lcss cquva|cnt
n status. ' o rcturn to our magnary cconom st. t` s not c|car that
hc wou|d lcc| dmn shcd l hc rcccvcd a prcscnt, or was takcn out to
dnncr, by | ust anyonc. c would bc most |kcly to lcc| ths way lthc
bcnclactor wcrc somconc hc lc|t was ol rough| y cquva|cnt status or
dgnty. a col | caguc, lor cxamp|c. l B l | Latcs or Lcorgc Soros took
hm out to dnncr, hc wou|d |kc|y conc|udc that hc had ndccd rc-
ccvcd somcthng lor nothng and lcavc t at that. l somc ngratatng
| un or co||caguc or cagcr graduatc studcnt dd thc samc, hc` d bc |kc|y
to conc|udc that hc was dong thc man a lavor | ust by acccptng thc
nvtatonl ndccd hc dd acccpt, whch hc probab|y wou| dn` t.
h s, too, appcars to bc thc casc whcrcvcr wc hnd soccty dvdcd
nto hncgradatons ol status anddgnty. crrc Bourdcu hasdcscrbcd
thc "d a|cctc olcha| |cngc and rpostc` thatgovcrns a|| gamcs olhonor
among Kaby|cBcrbcr mcn nA|gcr a, n whch thc cxchangc olnsu| ts,
attacks n lcud or batt|cs) , thclts, orthrcatswassccnto lol l ow cxact|y
thc samc|ogc asthc cxchangc olglts.'o gvc a glt s both anhonor
and a provocaton. o rcspond to onc rcqu rcs nhntc artstry. mng
sal | - mportant. So smakng thc countcr-glt | ustdllcrcntcnough, but
a| so | usts|ght|ygrandcr. Abovc al l s thc tact moral prncp|cthat onc
must a| ways pck on somconc onc` s own szc. o cha||cngc somconc
obvously o|dcr, rchcr, and morc honorab|c s to rsk bcng snubbcd,
and hcncc hum | atcd, to ovcrwhc|m a poor but rcspcctab| c man w th
a glt hc coul dn` t poss b| y pay back s s mp| y crucl , and w | | do cqua|
damagc to yourrcputat on. hcrc` san ndoncsanstoryaboutthattoo.
abouta rch man who sacrhccd a magnhccntox to shamca pcnurous
rva| , thc poor man uttcr|y hum | atcd hm, and won thc contcst, by
ca| m| y procccdng to sacrhcc a chckcn. ''
Lamcs lkc ths bccomccspcca| l yc|aboratc whcn status s to somc
dcgrcc up lor grabs. Vhcn mattcrs arc too c|car-cut, that ntroduccs
ts own sorts ol prob| cms. Lvng glts to kngs s oltcn a partcu|ar|y
trcky and comp|catcd busncss. hc prob|cm hcrc s that onc cannot
rcal | y gvc a glt ht lor a kng unl css, pcrhaps, onc s anothcr kng) ,
sncckngs by dchnton a| rcady havccvcrythng. Ln thc onc hand, onc
s cxpcctcd to makc a rcasonab| c cllort.
1 N L N H L H U N b | L N N | H L L 1 | N b 1 1
lasruddn was oncc cal lcd up to vstthc kng. A ncghborsaw
hm hurryng along thc road carryng a bag olturnps.
"Vhat arc thosc lor ` hc askcd.
"I`vc bccn cal lcd to scc thc kng. I thought t would bc bcst
to brng somc knd olprcscnt. `
"You` rc brngng hm turnps But turnps arc pcasant lood!
Mc`s a kng! You shouldbrng hm somcthng morc appropr-
atc, lkc grapcs. `
lasruddn agrccd, and camct othc kngcarrynga bunch ol
grapcs. Jhc kng was not amuscd. "You` rc gvng mc grapcs
But I` ma kng! Jhs s rdculous. Jakc ths dotout and tcach
hm somc manncrs! Jhrow cach and cvcry onc olthc grapcs at
hm and thcn kck hm out ol thc palacc. `
Jhc cmpcror` s guards draggcd lasruddn nto a s dc room
and bcgan pcltng hm wth grapcs. As thcy dd so, hc lcl l on
hs knccs and bcgan cryng, "Jhank you, thank you Cod, lor
your nhntc mcrcy! `
"Vhy arc you thankng Cod ` thcy askcd. "You`rc bcng
totally huml atcd! `
lasruddn rcplcd, "Lh, I was | ust thnkng, 'Jhank Cod I
ddn`t brng thc turnps! ``
Ln thc othcr hand, to gvc somcthng that a kng docs not alrcady
havc can gct you n cvcn grcatcr troubl c. Lnc story c rculatng n thc
carly Koman Lmprc conccrncd an nvcntor who, wth grcat lanlarc,
prcscntcd a glass bowl as a glt to thc cmpcror bcrus. hc cmpcror
was puzzlcd. Vhat was so mprcssvc about a pccc olgl ass! hc man
droppcd t on thc ground. Kathcrthan shattcrng, t mcrcly dcntcd. c
pckcd t up and smply pushcd t back nto ts lormcr shapc.
"Od you tcll anyonc clsc how you madc ths thng! ` askcd a
startlcd bcrus.
hc nvcntor assurcd h m that hc had not. hc cmpcror thcrclorc
ordcrcd hm kl l cd, sncc, l word ol how to makc unbrcakablc gl ass
got out, h s trcasury olgold and slvcr would soon bc worthlcss. '
hc bcst bct whcn dcalng wth kngs was to makc a rcason-
ablc cllort to play thc gamc, but onc that s stl l bound to la l . hc
lourtccnth-ccntury Arab travclcr bn Battuta tcl|s ol thc customs ol
thc Kng ol b nd, a tcrrlyng monarch who took a partcu| ar dclght
n dsplays olarbtrary powcr. '' t was customary lor lorcgn worthcs
v stng thc kng to prcscnt h m wth magnhccnt prcscnts, whatcvcr
thc glt was, hc would nvarably rcspond by prcscntng thc bcarcr
wth somcthng many tmcs ts valuc. As a rcsult, a substantal busncss
1 L 1
dcvclopcd whcrc |ocal bankcrs wou|d lcnd moncy to such vi st tors to
hnancc partcu|arly spcctacu| ar glts, knowng thcy cou|d bc wc|| rc-
pad lrom thc procccds ol roya| onc-upmansh p. hc kng must havc
known about th s. c ddn` t ob| cctsncc thc who| c pont was to
show that h s wca|th cxcccdcd al | possb| c cquva|cnccand l hc rc-
al | y nccdcd to, hc cou|d a| ways cxpropratc thc bankcrs. hcy kncw
that thc rca||y mportant gamc was not cconomc, but onc ol status,
and h s was abso|utc.
n cxchangc, thcob| ccts bcngtradcdarc sccn ascquva|cnt. hcrc-
lorc, by mplcaton, so arc thc pcoplc. at lcast, at thc momcnt whcn
glt s mct wth countcr-glt, or moncy changcs hands, whcn thcrc s
no lurthcr dcbt or obl gaton and cach ol thc two parttcs s cqua||y
lrcc to wa| k away. hs n turn mpl cs autonomy. Both prncp|cs st
uncomlortab|y wth monarchs, whch s thc rcason thatkngs gcncral | y
ds|kc any sort olcxchangc. '' But w th n that ovcrhangng prospcct ol
potcntal cancc|laton, ol u|tmatc cquva|cncc, wc hnd cnd|css vara-
tons, cnd|css gamcs onc can pl ay. Lnc can dcmand somcthng lrom
anothcr pcrson, knowng that by dong so, onc s gvng thc othcr thc
rght to dcmand somcthng ol cquva|cnt valuc n rcturn. n somc con-
tcxts, cvcn prasng anothcr` s posscsson mght bc ntcrprctcd as a dc-
mand ol ths sort. n cghtccnth-ccntury Pcw Zcaland, Lng|sh sctt|crs
soon | carncd that t was not a good dca to admrc, say, a partcu|ar|y
bcautlu| | adc pcndant worn around thc ncck ol a Naor warror, thc
|attcr wou|d ncvtab|y nsst on gvng t, not takc no lor an answcr,
and thcn, altcr a dscrcct ntcrval , rcturn to prasc thc scttlcr` s coat
or gun. hc only way to hcad ths oll was to quck|y gvc h m a glt
bclorc hc could ask lor onc. Somctmcs glts arc ollcrcd n ordcr lor
thc gvcr to bc abl c to makc such a dcmand. l onc acccpts thc prcscnt,
onc s tact|y agrccng to allow thc gvcr to c|am whatcvcr hc dccms
cquva|cnt.''
A|l ths, n turn, can shadc nto somcthng vcry much lkc bartcr,
drcct|y swappng onc thng lor anothcrwhch as wc` vc sccn docs
occur cvcn n what Narcc| Nauss |kcd to rclcr to as "glt ccono-
mcs, ` cvcn l | argcly bctwccn strangcrs. ' Vthn communtcs, thcrc
s al most a| ways a rc|uctancc, as thc v cxamp|c so ncc|y | l ustratcs,
to a| l ow thngs to cancc| outonc rcason that l thcrc s moncy n
commonusagc, pcop| cw l l oltcn cthcr rclusc to usc t w th lrcnds or
rc|atvcs whch n a v | | agc soccty nc| udcs prctty much cvcryonc) , or
a|tcrnatcly, lkc thc Nal agasy v | l agcrs n chaptcr , usc t n radcally
dllcrcnt ways.
1 N L N H L H U N b | L N N | H L L 1 | N b 1
Ml 0 r8 r0N
Lxchangc, thcn, mp| cs lorma| cqua|tyor a t |cast, thc potcntal lor
t. hs s prccsc|y why kngs havc such troub|c w th t.
n contrast, rc| atons ol cxplct hcrarchythat s, rc| atons bc-
twccn at |cast two partcs n whch onc s consdcrcd supcror to thc
othcrdo not tcnd to opcratc by rccprocty at a| | . t` s hard to scc
bccausc thc rc| aton s oltcn | usthcd n rccproca| tcrms "thc pcas-
ants provdc lood, thc |ords provdc protcct on`) , but thc prncp|c by
whch thcy opcratc s cxact|y thc oppostc. n practcc, hcrarchy tcnds
to work by a logc olprcccdcnt.
o | |ustratc what mcan by th s, |ct us magnc a k nd ol con-
tnuum ol onc-sdcd soca| rc|atons, rangng lrom thc most cxp|ot-
atvc to thc most bcncvo|cnt. At onc cxtrcmc s thclt, or p|undcr, on
thc othcr sc|hcss char ty.' Ln| y at thcsc two cxtrcmcs s t s possb|c
to havc matcra| ntcractons bctwccn pcop|c who othcrwsc havc no
soca| rc|aton ol any knd. Ln|y a | unatc wou|d mug h s ncxt-door
ncghbor. A band ol maraudng soldcrs or nomadc horscmcn la||ng
on a pcasant ham|ct to rapc and p l | agc also obvous|y havc no ntcn-
ton ol lormng any ongong rc|atons wth thc survvors. But n a
s m l arway, rc|gous tradtonsoltcn nsstthat thc on| y truc charty s
anonymousn othcr words, not mcant to p|acc thc rccpcnt n onc' s
dcbt. Lnc cxtrcmc lorm ol ths, documcntcd n var ous parts ol thc
wor|d, s thc glt by stca| th, n a knd ol rcvcrsc burg|ary. to l tcra|l y
sncak nto thc rccpcnt` s housc at nght and p| ant onc` s prcscnt so no
onc can know lor surc who has |ctt t. hc hgurc ol Santa L| aus, or
Sant Pcho|as who, t must bc rcmcmbcrcd, was not | ust thc patron
sant olchldrcn, but a|so thc patron sant ol thcvcs) wou|d appcar to
bc thc mythologcal vcrson olthc samc prncp|c. a bcncvo|cnt burg|ar
wth whom no soca| rc|atons arc possb|c and thcrclorc to whom no
onc cou|dpossb| yowc anythng, nh scasc, abovc a||, bccausc hcdocs
not actua| | y cxst.
Lbscrvc, howcvcr, what happcns whcn onc movcs | ust a |tt|c bt
|css lar out on thc contnuum n cthcr d rccton. havc bccn to|d
suspcct t sn' t truc) that n parts ol Bcl arus, gangs prcy so systcmat-
ca||y on travc|crs on trans and busscs that thcy havc dcvc|opcd thc
habtolgvng cach vctm a |tt|c tokcn, to conhrm that thc bcarcr has
al rcadybccnrobbcd. Lbvous|yoncstcptoward thccrcatonola statc.
Actua|ly, onc popu|ar thcory ol thc orgns ol thc statc, that gocs back
at |cast to thc lourtccnth-ccntury Porth Alrcan hstoran bn Kha|dun,
runs prccsc|y a|ong thcsc |ncs. nomadc radcrs cvcntua||y systcmatzc
11 L 1
thcr rclatons wth scdcntary v l l agcrs, p l l agc turns nto trbutc, rapc
turns nto thc "rght olthc hrst nght` or thc carryngollollkc|y can-
ddatcs as rccruts lor thc royal harcm. Lonqucst, untrammclcd lorcc,
bccomcs systcmatzcd, and thus lramcd not as a prcdatory rclaton but
as a moral onc, wth thc lords provdng protcct on, and thc v l l agcrs,
thcr sustcnancc. But cvcn l al l partcs assumc thcy arc opcratng by a
sharcd moral codc, that cvcn kngs cannot do whatcvcr thcy want but
must opcratc w th n l m ts, al lowngpcasants to argucabout thc rghts
and wrongs ol | ust how much ol thcr harvcst a kng`s rctancrs arc
cnttlcd to carry oll, thcy arc vcry unlkcly to lramc thcr cal cul aton n
tcrms ol thc qual ty or quantty ol protccton provdcd, but rathcr n
tcrms olcustom and prcccdcnt. ow much dd wc pay last ycar! ow
much dd our anccstors havc to pay! hc samc s truc on thc othcr
sdc. l chartablc donatons bccomc thc bass lor any sort ol socal
rcl aton, t wll not bc onc bascd on rccprocty. lyou gvc somc cons
to a panhandlcr, and thatpanhandlcrrccognzcsyou l atcr, t s unlkcly
thathcw l l gvc you any moncybut hc mght wcll consdcr you morc
lkcly to gvc h m moncy agan. Lcrta nl y ths s truc l onc donatcs
moncy to a chartablc organzat on. gavc moncy to thc Ontcd arm
Vorkcrs oncc and st l l havcn` t hcard thc cnd ol t. ) Such an act ol
onc-sdcd gcncrosty s trcatcd as a prcccdcnt lor what w l l bc cxpcctcd
altcrward. ' t`s qutc thc samc lonc gvcs candy to a ch l d.
hs s what mcan whcn say that hcrarchy opcratcs by a pr n-
cplc that s thc vcry oppostc ol rccprocty. Vhcncvcr thc lncs ol su-
pcrortyand nlcrorty arcclcarlydrawn and acccptcd by al l partcs as
thc lramcwork ol a rclat onsh p, and rcl atons arc sulhccntly ongong
thatwcarcnolongcr smply dcalngwth arbtrarylorcc, thcn rclatons
wll bc sccn asbcng rcgul atcd by a wcb olhabt orcustom. Somctmcs
thc stuaton s assumcd to havc org natcd n somc loundng act ol
conqucst. Lr t mght bccn sccn as anccstral custom lor whch thcrc s
nonccdolcxpl anaton. Butths ntroduccs anothcrcompl cat onto thc
problcm olg v ngglts to kngsor to anysupcr or. thcrc s al waysthc
dangcr that t w l l bc trcatcd as a prcccdcnt, addcd to thc wcb ol cus-
tom, and thcrclorc consdcrcd obl gatory thcrcaltcr. Xcnophon c| a ms
that n thccarly days olthccrs anLmp rc, cachprovncc v cdto scnd
thc Lrcat Kng glts ol ts most unquc and val uabl c products. hs
bccamc thc bass ol thc trbutc systcm. cach provncc was cvcntual l y
cxpcctcd to provdc thc samc "glts` cvcry ycar. '' S m l arl y, accordng
to thc grcat Ncdcval h storan Narc Bl och.
I | n thc nnth ccntury, whcn oncday thcrc was a shortagc ol
wnc n thc royal cc| |ars at Vcr, thc monks olbant-Ocns wcrc
1 N L N H L H U N b | L N N | H L L 1 | N b 111
askcd to supply thc two hundrcd hogs-hcads rcqurcd. Jhs
contrbuton was thcncclorth clamcd lrom thcm as ol rght
cvcry ycar, and t rcqurcd an mpcral chartcr to abolsh t. At
Ardrcs, wc arc told, thcrc was oncc a bcar, thc propcrty ol thc
local lord. Jhc nhabtants, who lovcd to watch t hght wth
dogs, undcrtook to lccd t. Jhc bcast cvcntually dcd, but thc
lord contnucd to cxact thc loavcs ol brcad.
n othcr words, any glt to a lcudal supcror, "cspcc a| | y lrcpcatcd
thrcc ollour tmcs, ` was |kc|y to bc trcatcd as a prcccdcnt and addcd
to thc wcb ol custom. As a rcsult, thosc gvng glts to supcrors oltcn
ns stcd on rcccvng a "|cttcr olnon-prc| udcc` |cgal | y stpu| atng that
such a glt wou|d not bc rcqu rcd n thc luturc. Vh|c t s unusua| lor
mattcrs to bccomc qutc so lorma|zcd, any soca| rc|aton that s as-
sumcd lrom thc start to bc uncqua| w | | ncvtab|y bcg n to opcratc on
an ana|ogous |ogcl on|y bccausc, oncc rc|atons arc sccn as bascd
on "custom, ` thc on| y way to dcmonstratc that onc has a duty or ob| -
gaton to do somcthng s to show that onc has donc t bclorc.
Lltcn, such arrangcmcnts can turn nto a |ogc ol castc. ccrtan
c|ans arc rcspons b| clor wcav|ng thc ccrcmon a| garmcnts, or brngng
thc hsh lor roya| lcasts, or cuttng thc kng` s har. hcy thus comc to
bc known as wcavcrs or hshcrmcn or barbcrs. '' hs | astpont can`t bc
ovcrcmphas zcd bccausc t brngs homc anothcr truth rcgu|ar|y ovcr-
|ookcd. that thc |ogc ol dcntty s, a| ways and cvcrywhcrc, cntang|cd
n thc |ogc ol hcrarchy. t s on|y whcn ccrtan pcop|c arc p| accd
abovc othcrs, or whcrc cvcryonc s bcng rankcd n rc|aton to thc
kng, or thc hgh prcst, or oundng athcrs, that onc bcgns to spcak
ol pcop|c bound by thcr csscnta| naturc. about lundamcnta| | y d llcr-
cnt knds ol human bcng. dco|ogcs ol castc or racc arc | ust cxtrcmc
cxamp| cs. t happcns whcncvcr onc group s sccn as rasng thcmsc|vcs
abovc othcrs, or p| acng thcmsc|vcs bc|ow othcrs, n such a way that
ordnary standards ol la r dca|ng no |ongcr app| y.
n lact, somcth ng |kc ths happcns n a sma| | way cvcn n our
mostntmatc soca| rclatons. hc momcntwc rccognzc somconcasa
d llcrcnt sort ol pcrson, cthcr abovc or bc|ow us, thcn ordnary ru|cs
olrccprocty bccomc modhcd or arc sct asdc. la lrcnd s unusua| | y
gcncrous oncc, wc w | | l kc|y wsh to rccprocatc. l shc acts ths way
rcpcatcd| y, wc conc|udc shc s a gcncrous pcrson, and arc hcncc |css
|kc|y to rccprocatc. '
Vc can dcscrbc a s mp| c lormu| a hcrc. a ccrtan acton, rcpcatcd,
bccomcs customary, as a rcsu|t, t comcs to dchnc thc actor` s csscnta|
naturc. A|tcrnatcl y, a pcrson` s naturc may bc dchncd by how othcrs
11Z L 1
havc actcd toward h m n thc past. o bc an arstocrat s | argc|y to
nsst that n thc past, othcrs havc treated you as an ar stocrat s ncc
ar stocrats don` trca| | ydo anythng npartcu| ar, most spcnd thcr tmc
smp|y cxstng n somc sort olputatvc|y supcror statc) , and thcrclorc
shou|dcontnucto do so. Nucholthc artolbcng such a pcrson s that
ol trcatng oncsc|l n such a manncr that t convcys how you cxpcct
othcrs to trcat you. n thc casc ol actua| kngs, covcrng oncsc|l wth
go|d so as to suggcst that othcrs do |kcwsc. Ln thc othcr cnd ol thc
sca|c, ths s a|so how abusc bccomcs sc|l-|cg t mat ng. As a lormcr
studcnt ol mnc, Sarah St | | man, po ntcd out. n thc Ontcd Statcs, l
a mdd|c-c|ass th rtccn-ycar-o| d g r| s k dnappcd, rapcd, and k | | cd,
t s cons dcrcd an agon z ngnat ona| cr s s that cvcryonc wth a tc|c-
v s on s cxpcctcd to lo| | ow lor scvcra| wccks. l a th rtccn-ycar-o| d
g r| s turncd out as a ch | d prosttutc, rapcd systcmat ca| | y lor ycars,
and u| t matc|y k | | cd, a| | th s s consdcrcd unrcmarkab| crca| | y | ust
thc sort ol thng onc can cxpcct to cnd up happcn ng to somconc
| kc that.''
Vhcn ob| ccts ol matcr a| wca|th pass back and lorth bctwccn su-
pcrors and nlcrors as glts or paymcnts, thc kcy prncp|c sccms to
bc that thc sorts ol thngs gvcn on cach sdc shou|d bc consdcrcd
lundamcnta||y dllcrcnt n qua|ty, thcr rc|atvc va| uc mpossb|c to
quantlythc rcsu|t bcng that thcrc s no way to cvcn conccvc ol a
squarng ol accounts. Lvcn l Ncdcva| wrtcrs nsstcd on magnng
soccty as a hcrarchy n whch prcsts pray lor cvcryonc, nob|cs hght
lor cvcryonc, and pcasants lccd cvcryonc, t ncvcr cvcn occurrcd to
anyonc to cstab| sh how many praycrs or how much m | tary protcc-
ton was cquva|cnt to a ton ol whcat. Por dd anyonc cvcr consdcr
makng such a ca| cu| aton. Pcthcr s tthat "|ow| y` sorts olpcop|c arc
ncccssar|y gvcn |ow|y sorts ol thngs and vcc vcrsa. Somctmcs t s
qutc thc oppostc. Ont| rcccnt|y, | ust about any notab|c ph|osophcr,
artst, poct, or muscan was rcqu rcd to hnd a wca|thy patron lor
support. amous works ol poctry or phl osophy arc oltcn prclaccd
odd|y, to thc modcrn cycwth gushng, sycophantc prasc lor thc
wsdom and vrtuc ol somc |ong-lorgottcn car| or count who provdcd
a mcagcr stpcnd. hc lact that thc nob|c patron mcrc|y provdcd
room and board, or moncy, and that thc c|cnt showcd hs grattudc
by pantng thc Mona L/sa, or composng thc Toccata and Fugue /n
D M/nor, was n no way sccn to compromsc thc assumpton ol thc
nob| c` s ntrnsc supcrorty.
hcrc s onc grcat cxccpton to ths prncp|c, and that t s thc phc-
nomcnon ol hcrarchca| rcdstrbuton. crc, though, rathcr than gv-
ng back and lorth thc samc sorts ol thngs, thcy gvc back and lorth
1 N L N H L H U N b | L N N | H L L 1 | N b 11O
exact/y thc samc thng. as , lor nstancc, whcn lans ol ccrtan Pgcran
pop stars throw moncy onto thc stagc durng conccrts, and thc pop
stars n qucston makc occasona| tours ol thcr lans` ncghborhoods
tossng thc samc) moncy lrom thc wndows ol thcr |mos. Vhcn ths
s a| | that` s gong on, wc may spcak ol an abso| utc|y mnma| sort ol
hcrarchy. n much ol apua Pcw Lu nca, soca| |lc ccntcrs on "bg
mcn, ` charsmatc ndvdua|s who spcnd much ol thcr tmc coaxng,
ca| o|ng, and man pu| atng nordcrto acqurc masscs olwca|th to gvc
away agan at somc grcat lcast. Lnc cou| d, n practcc, pass lrom hcrc
to, say, an Amazonan or ndgcnous Porth Amcrcan chcl. On| kc
bg mcn, thcr ro|c s morc lorma|zcd, but actua| | y such chcls havc
no powcr to compc| anyonc to do anythng thcy don` t want to hcncc
Porth Amcrcan ndan chcls` lamous sk|| at oratory and powcrs ol
pcrsuason) . As a rcsu|t, thcy tcndcd to gvc away lar morc than thcy
rcccvcd. Lbscrvcrs oltcn rcmarkcd that n tcrms ol pcrsona| posscs-
s ons, a v | | agc chclwasoltcn thc poorcst man n thc v | |agc, such was
thc prcssurc on h m lor constant supp| y oll argcssc.
ndccd, onccou|d | udgc how cga|taran a soccty rca||y was by cx-
act|y th s. whcthcr thosc ostcnsb| y n postons olauthorty arc mcrc|y
conduts lor rcdstrbuton, or ab| c to usc thcr postons to accumu|atc
rchcs. hc | attcr sccms most |kc|y n arstocratc socctcs that add
anothcr c|cmcnt. war and p|undcr. Altcr al|, | ust about anyonc who
comcs nto a vcry | argc amount ol wca|th w | | u| tmatc| y gvc at | cast
part o|t awayoltcn ngrandoscand spcctacu| arways to l argc num-
bcrs ol pcop| c. hc morc ol onc` s wca| th s obta ncd by pl undcr or
cxtortton, thcmorcspcctacu| ar and sc|l-aggrandzng w | | bcthclorms
n whtch t` s gvcn away. And what s truc ol warror ar stocraccs
s a| | thc morc truc ol anccnt statcs, whcrc ru|crs a| most nvarably
rcprcscntcd thcmsc|vcs as thc protcctors ol thc hc|p|css, supportcrs ol
wdows and orphans, and champons ol thc poor. hc gcnca|ogy ol
thc modcrn rcdstrbutvc statcwth ts notorous tcndcncy to lostcr
dcntty po| tcscan bctraccd back not to any sort ol"pr m tvccom-
mun sm` but u| t matc| ytov o| cncc and war.
b 0 | | 0 0w 0 M0 0 | | 5
shou|d undcr|tnc agan that wc arc not ta|kng about dllcrcnt typcs
ol soctcty hcrc as wc`vc sccn, thc vcry dca that wc` vc cvcr bccn or-
gan zcd nto d scrctc "socctcs` s dubous) but mora| prncp|cs that
a| ways cocxst cvcrywhcrc. Vc arc a| | commun sts wth our c|oscst
11 L 1
lrcnds, and lcuda| |ords whcn dca|ng wth sma| | ch |drcn. t s vcry
hard to magnc a soccty whcrc pcop|c wou| dn` t bc both.
hc obvous qucston s. l wc arc a| | ordnar|y movng back and
lorth bctwccn comp|ctc|y d llcrcnt systcms ol mora| accountng, why
hasn` t anybody notccd th s! Vhy, nstcad, do wc contnua||y lcc| thc
nccd to rclramc cvcrythng n tcrms ol rccprocty!
crc wc mustrcturn to thc lact thatrccprocty s our ma n wayol
magnng | ustcc. n partcu|ar, t s what wc la| | back on whcn wc` rc
thnkng n thc abstract, and cspcc a| | y whcn wc` rc tryng to crcatc an
dca| zcd pcturc ol soccty. ` vc a|rcady gvcn cxamp|cs ol ths sort ol
thng. roquos communtcs wcrc bascd on an cthos that rcqurcd cv-
cryonc to bc attcntvc to thc nccds ol scvcra| dllcrcnt sorts ol pcop|c.
thcr lrcnds, thcr lam | cs, mcmbcrs ol thcr matr | nca| c| ans, cvcn
lrcnd|y strangcrs n stuatons ol hardshp. t was whcn thcy had to
thnk about soccty n thc abstract that thcy startcd to cmphaszc thc
two sdcs ol thc v | | agc, cach ol whch had to bury thc othcr` s dcad.
t was a way ol magnng communsm through rccprocty. S m| ar|y,
lcuda| smwasa notorous| ymcssyandcomp|catcd busncss, butwhcn-
cvcr Ncdcva| thnkcrs gcncra| zcd about t, thcy rcduccd a| | ts ranks
and ordcrs nto onc smp|c lormu| a n whch cach ordcr contrbutcd ts
sharc. "Somc pray, somc hght, st | | othcrs work. `'' Lvcn hcrarchy was
sccn as u| tmatc|y rccproca| , dcsptc ths lormu| a havng nothng to
do wth thc rca| rc|atons bctwccn prcsts, knghts, and pcasants rca||y
opcratcd on thc ground. Anthropo|ogsts arc lam | ar wth thc phc-
nomcnon. t` s on|y whcn pcop|c who havc ncvcr had occason to rca||y
thnk about thcr soccty or cu|turc as a who|c, who probab|y wcrcn` t
cvcn awarc thcy wcrc |vng nsdc somcthng othcrpcop| c consdcrcd
a "soccty` or a "cu|turc, ` arc askcd to cxp| a n how cvcrythng works
thatthcy saythngs |kc "ths show wc rcpay ourmothcrs lor thc pan
olhavng ra scd us,` or puzz|c ovcr conccptua| dagrams n whch c|an
A gvcs thcr womcn n marr agc to c|an B who gvcs thcrs to c|an L,
who g vcs thc rs back to A agan, but whch ncvcr sccm to qutc cor-
rcspond to what rca| pcop|c actua||y do. ' Vhcn tryng to magnc a
| ust soccty, t` s hard not to cvokc magcs olba| ancc and symmctry, ol
c|cgant gcomctrcs whcrc cvcrythng ba| anccs out.
hc dca thatthcrc s somcthng ca| |cd "thc markct` s not so vcry
dllcrcnt. Lconomsts w|| oltcn admt ths, lyou ask thcm n thc rght
way. Narkcts arcn` t rca| . hcy arc mathcmatca| modc|s, crcatcd by
magnng a sc|l-contancd wor|d whcrc cvcryonc has cxact|y thc samc
motvaton and thc samc know|cdgc and s cngagng n thc samc sc|l-
ntcrcstcd ca|cu| atng cxchangc. Lconomsts arc awarc that rca|ty s
a| ways morccomp|catcd, butthcyarc a|so awarc thatto comc up w th
1 N L N H L H U N b | L N N | H L L 1 | N b 11D
a mathcmatcal modcl, oncal ways has t omakc thc world nto a b t ol
a cartoon. hcrc` s nothng wrong wth ths. hc problcm comcs whcn
t cnablcs somc oltcn thcsc samc cconomsts) to dcclarc that anyonc
who gnorcs thc dctatcs ol thc markct shall surc|y bc punshcdor
that sncc wc lvc n a markct systcm, cvcrythng cxccpt govcrnmcnt
ntcrlcrcncc) s bascd on prncplcs ol| ustcc. that ourcconomc systcm
s onc vast nctwork ol rccprocal rclatons n whch, n thc cnd, thc
accounts ba| ancc and al l dcbts arc pa d.
hcsc prncplcs gct tang|cd up n cach othcr and t` s thus oltcn
dlhcult to tc|l whch prcdom natcs n a gvcn stuatononc rcason
that t`s rdculous to prctcnd wc could cvcr rcducc human bchavor,
cconom c or othcrwsc, to a mathcmatcal lormula ol any sort. bt l l ,
ths mcans that somc dcgrcc ol rccprocty can bc dctcctcd as potcn-
tally prcscntn any s tuaton, soa dctcrmncd obscrvcr can always hnd
somc cxcusc to say t`s thcrc. Vhat`s morc, ccrtan prncplcs appcar
to havc an nhcrcnt tcndcncy to slp nto othcrs. or nstancc, a l ot ol
cxtrcmcly hcrarch cal rclatonshps can opcratc at lcast somc ol thc
tmc) on commun stc prncplcs. l you havc a rch patron, you comc
to hm n tmcs olnccd, and hc s cxpcctcd to hclp you. But only to a
ccrtan dcgrcc. Po onccxpccts thc patron to provdc so much hclp that
t thrcatcns to undcrmnc thc undcrlyng ncqualty. '
Lkcwsc, communstc rclatons can casly start sl ppng nto rcla-
tons ol hcrarchcal ncqualtyoltcn wthout anyonc notcng t. t`s
not hard to scc why ths happcns. bomctmcs dllcrcnt pcoplc` s " ab l -
tcs` and "nccds` arc grossl y dsproportonatc. Lcnu ncl y cgal taran
socctcs arc kccnl y awarc ol ths and tcnd to dcvclop cl aboratc salc-
guards around thc dangcrs olanyoncsay, cspcc al l y good huntcrs, n
a huntng socctyrsng too lar abovc thcmsclvcs, | ust as thcy tcnd
to bc suspcous ol anythng that mght makc onc mcmbcr ol thc so-
ccty lccl n gcnunc dcbt to anothcr. A mcmbcr who draws attcnton
to h s own accomplshmcnts w|l hnd hmscll thc ob| cct ol mockcry.
Lltcn, thc only poltc thng to do l onc has accomplshcd somcthng
sgn hcant s to nstcad makc lun ol oncscll. hc Oansh wrtcr ctcr
rcuchcn, n hs 8ook of tbe Esk/mo, dcscrbcd how n Lrccnl and, onc
could tcl| what a hnc dclcacy somconc had to ollcr h s gucsts by how
much hc bclttlcd t bclorchand.
hC Od man aughCd. bOmC pCOpC dOn t knOW muCh. l am
suCh a pOOr huntCr and my W C a tCrrb C COOk WhO runs
CVCrythng. l dOnt haVC muCh, but l thnk thCrC s a pCCC O
mCat OutsdC. lt mght st bC thCrC as thC dOgs haVC rCusCd t
sCVCra tmCs.
11 L 1
Jhs was such a rccommcndaton n thc Eskmo way ol
backwards braggngthatcvcryonc` s mouths bcgan to watcr . . .
hc rcadcr w l l rccal l thc wal rus huntcr ol thc l ast chaptcr, who
took ollcnsc whcn thc authortrcdto thank h m lor gvngh m a sharc
ol mcataltcr a| l , humans hcl p onc anothcr, and oncc wc trcat somc-
thng as a glt, wc turn nto somcthng lcss than human. "Op hcrc wc
say that by glts onc makcs sl avcs and by whps onc makcs dogs. `'
"L lt` hcrc docs not mcan somcthng gvcn lrcc| y, not mutual ad
that wc can ordnarly cxpcct human bcngs to provdc to onc anothcr.
o thank somconc suggcsts that hc or shc mght not havc actcd that
way, and that thcrclorc thc chocc to act ths way crcatcs an obl ga-
ton, a scnsc oldcbtand hcncc, nlcr orty. Lommuncs or cgalttaran
col l cctvcs n thc Ontcd Statcs oltcn lacc smlar d|cmmas, and thcy
havc to comc up wth thcr own salcguards aganst crccpng hcrar-
chy. t` s not that thc tcndcncy lor communsm to slp nto hcrarchy
s ncvtablcsocctcs lkc thc nut havc managcd to lcnd t oll lor
thousands ol ycarsbut rathcr, that onc must al ways guard aganst t.
ncontrast, t` snotorouslyd lhcultoltcndownrght mposst blc
to sh lt rclatons bascd on an assumpton ol communstc sharng to
rclatonsolcqual cxchangc. Vc obscrvc ths al l thctmcwth lrcnds. l
somconc s sccn astakngadvantagc olyourgcncrosty, t` s oltcn much
cascr to brcak oll rcl atons cntrcl y than to dcmand that thcy somc-
how pay you back. Lnc cxtrcmc cxamplc s thc Naor story about a
notorousglutton who uscd to rrtatchshcrmcn up anddown thccoast
ncar whcrc hc l vcd by constantl y askng lor thc bcst port ons olthc r
catch. Sncc to rclusc 3 drcct rcqucst lor lood was cllcctvcly mpos-
s bl c, thcy would dutlul l y turn t ovcr, untl onc day, pcopl c dccdcd
cnough was cnough and k l |cd h m. ''
Vc` vc al rcady sccn how crcatng a ground ol socabl ty among
strangcrs can oltcn rcqurc an cl aboratc proccss ol tcstng thc oth-
crs` l m ts by hclptng oncscl l to thcr posscssons. hc samc sort ol
thng can happcn n pcaccmakng, or cvcn n thc crcaton ol bust ncss
partncrsh ps. ' n Nadagascar, pcoplc told mc that two mcn who arc
thnkngolgong nto busncsstogcthcr w l l oltcn bccomc blood broth-
crs. Blood brothcrhood, fat/dra, conssts ol an unl mtcd promsc ol
mutual a d. Both partcs solcmnly swcarthatthcyw l l ncvcrrclusc any
rcqucst lrom thc othcr. n rcalty, partncrs to such an agrccmcnt arc
usual|y larlycrcumspcctn whatthcy actually rcqucst. But, my lrcnds
nsstcd, whcn pcoplc hrst makc such an agrccmcnt, thcy somctmcs
lkc to tcst t out. Lnc may dcmand thc othcr` s housc, thc shrt oll
hs back, or cvcryonc` s lavortc cxamplc) thc rght to spcnd thc nght
1 N L N H L H U N b | L N N | H L L 1 | N b 111
wth h s wlc. hc on| y | m t s thc know|cdgc that anythng onc can
dcmand, thc othcr onc can too. '' crc, aga n, wc arc talkng about an
n t a| cstab|shmcnt oltrust. Lncc thc gcnuncncss olthc mutual com-
mtmcnt has bccn conhrmcd, thc ground s prcparcd, as t wcrc, and
thc two mcn can bcgn to buy and scll onconsgnmcnt, advancclunds,
sharc prohts, and othcrwsc trust that cach w | | | ook altcr thc othcr` s
commcrca| ntcrcsts lrom thcn on. hc most lamous and dramatc
momcnts, howcvcr, arc thosc whcn rc|atons ol cxchangc thrcatcn to
brcak down nto hcrarchy. that s, whcn two partcs arc actng lkc
cqua| s, tradng glts, or blows, or commodtcs, or anythng c|sc, but
onc ol thcm docs somcthng that comp|ctc|y h ps thc sca|c.
` vc al rcady mcntoncd thc tcndcncy ol glt cxchangc to turn nto
gamcs ol onc-upmansh p, and how n somc socctcs ths potcnta| s
lorma| zcd n grcat publc contcsts. hs s typ ca| , abovc a||, ol what
arc oltcn ca| lcd "hcroc socctcs`. thosc n whch govcrnmcnts arc
wcak or noncxstcnt and soccty s organzcd nstcad around warror
noblcmcn, cach wth hs cntouragc ol |oyal rctancrs and tcd to thc
othcrs by cvcr-sh ltng a| l anccs and rvalrcs. Nost cpc poctrylrom
thc l//ad to thc Maba|barata to Beouu|]harkcns back to ths sort
ol wor|d, and anthropo|ogsts havc d scovcrcd s m l ar arrangcmcnts
among thc Naor ol Pcw Zcaland and thc Kwakutl, |ngt, and
a da olthcAmcrcan Porthwcst coast. n hcroc socctcs, thc throw-
ng ol lcasts and rcsu|tng contcsts ol gcncrosty arc oltcn spokcn ol
as mcrc cxtcnsons ol war. " hghtng wth propcrty` or " hghtng wth
lood. ` hosc who throw such lcasts oltcn ndu|gc n co|orlu| spccchcs
about how thcr cncmcs arc thus crushcd and dcstroycd by glorous
lcats ol gcncrosty a mcd n thcr d rccton Kwakut| chcls |kcd to
spcak ol thcmsclvcs as grcat mountans lrom whch glts ro||cd |kc g-
ant boul dcrs) , and olhow conqucrcd rvals arc thus rcduccdmuch as
n thc nut mctaphorto s| avcs.
Such statcmcnts arc not to bc takcn |tcra||yanothcr lcaturc ol
such socctcs s a hghly dcvclopcd art ol boastng. croc chcls and
warrors tcndcd to ta|k thcmsc|vcs up | ust as cons stcnt|y as thosc n
cga|taransocctcsta|kcdthcmsc|vcsdown. t` snotas lsomconc who
loscs out n a contcst olglt cxchangc s cvcr actua| | y rcduccd to s|av-
cry, but hc mght cnd up lcc|ng as l hc wcrc. And thc conscqucnccs
cou|d bc catastrophc. Lnc anccnt Lrcck sourcc dcscrbcs Lc|tc lcs-
tva| s whcrc rva| nob|cs wou|d a|tcrnatc bctwccn | ousts and contcsts
olgcncrosty, prcscntng thcrcncmcs wth magnhccnt go|d and s|vcr
trcasurcs. Lccasona||y ths cou|d |cad to a knd ol chcckmatc, somc-
onc wou|d bc laccd wth a prcscnt so magn hccnt that hc cou|d not
possb|y match t. nthscasc, thc on|yhonorab|c rcsponscwaslor h m
11 L 1
to cut h s own throat, thus al lowng h s wcalth to bc dstrbutcd to hs
lollowcrs. Sx hundrcd ycars l atcr, wc hnd a casc lrom an ccl andc
saga ol an agng Vkng namcd Lg l , who bclrcndcd a youngcr man
namcd Lnar, who was stll actvcly ra d ng. hcyl kcd to st togcthcr
composng poctry. Lnc day Lnar camc by a magnhccnt shcld " n-
scr bcd wth ol d tal cs, and bctwccn thc wrtng wcrcovcrlad spanglcs
ol gold wth prccous stoncs. ` Po onc had cvcr sccn anythng lkc t.
c took t wth h m on a vst to Lg l . Lgl was not at homc, so Lnar
wa tcd thrccdays, aswas thc custom, thcnhungthc shcld as a prcscnt
n thc mcad-hall and rodc oll.
Egl rcturncd homc, saw thc shcld, and askcd who owncd
such a trcasurc. Mc was told that Enar had vstcd and gvcn
t to hm. Jhcn Egl sad, "Jo hcll wth hm! Oocs hc thnk
I ` m gong to stay up all nght and composc a pocm about hs
shcl d Cct myhorsc, I ` mgongto rdcaltcr hm and kllhm. `
As Enar`s luck would havc t hc had lclt carly cnough to put
sulhccnt d stancc bctwccn hmscll and Eg l . bo Egl rcsgncd
hmscllto composng a pocm about Enar`s glt.`'
8 f 8 8 8
Lompcttvcglt cxchangc, thcn, docsnotltcrallyrcndcranyoncsl avcs,
t s smpl y an alla r ol honor. hcsc arc pcoplc, howcvcr, lor whom
honor s cvcryth ng.
hc ma nrcason that bcng unabl c to pay a dcbt, cspcc a| l ya dcbt
ol honor, was such a crss was bccausc ths udS how noblcmcn as-
scmb|cd thc r cntouragcs. hc l aw olhosptalty n thc anc cntworl d,
lor nstancc, ns stcd that any travclcr must bc lcd, g vcn shcltcr, and
trcatcd as an honorcd gucstbut onl y lor a ccrtan l cngth ol tmc.
l a gucst dd not go away, hc would cvcntual l y bccomc a mcrc sub-
ordnatc. hc rolc ol such hangcrs-on has bccn l argcly ncglcctcd by
studcnts ol human h story. n many pcrodslrom mpcral Komc to
mcdcval Lhnaprobably thc most mportant rclatonsh ps, at lcast n
towns and ctcs, wcrc thosc olpatronagc. Anyonc rch and mportant
would hnd hmscl l surroundcd by hunkcs, sycophants, pcrpctual dn-
ncr gucsts, and othcr sorts ol w | l ng dcpcndcnts. Orama and poctry
ol thc tmc arc lul l ol such charactcrs. '' S m l arl y, lor much ol hu-
man hstory, bcng rcspcctablc and mddlc-class mcant spcndng onc` s
morn ngsgo nglrom door to door, payng onc` s rcspccts to mportant
l ocal patrons. o ths day, nlormal patronagc systcms stl l crop up,
whcncvcr rclatvcly rch and powcrlul pcoplc lccl thc nccd to asscmblc
1 N L N H L H U N b | L N N | H L L 1 | N b 11
nctworks ol supportcrsa practcc wc|| documcntcd n many parts
ol thc Ncdtcrrancan, thc Nddlc Last, and Latn Amcrca. Such rcl a
tonshps sccm to cons stol a s| apdash mx ol al l thrcc prncp|cs that
` vc bccn mappng out ovcr thc coursc ol ths chaptcr, ncvcrthc|css,
thosc obscrvng thcm ns st on tryng to cast thcm n thc | anguagc ol
cxchangc and dcbt.
A hna| cxamp|c. n a co| | ccton ca| |cd C/fts and Spo//s, pub| shcd n
t;t, wc hnd a brclcssay by thc anthropo|ogstLorrancB| axtcr about
a rura| dcpartmcnt n thc rcnch yrcnccs, most ol whosc nhabtants
arc larmcrs. Lvcryonc p|accs a grcat cmphass on thc mportancc ol
mutua| adthc loca| phrasc mcans "gvng scrvcc` , rendre serc/cej .
cop|c |vng n thc samc commun ty shou|d look out lor onc anothcr
and ptch tn whcn thcr ncghbors arc havng troub| c. hs s thc cs-
scncc ol communa| mora|ty, n lact, t` s how onc knows that any sort
olcommunty cxsts. So lar so good. owcvcr, shc notcs, whcn somc-
onc docs a partcu|ar|y grcat lavor, mutua| a d can turn nto somcthng
cl sc.
l a mann a aCtOry WCnt tO thC bOss and askCd Or a | Ob, and
thC bOss Ound hm OnC, ths WOud bC an CXampC O sOmCOnC
gVng sCrVCC. hC man WhC gOt thC jOb COuld nCVCr rCpay thC
bOss, but hC COud shOW hm rCspCCt, Or pCrhaps gVC hm sym
bOC g ts O gardCn prOduCC. l a gt dCmands a rCturn, and
nO tangbC rCturn s pOss b C, thC rCpaymCnt W bC thrOugh
suppOrt Or CstCCm.'
hus docs mutua| ad slp nto ncqualty. hus do patron-c|cnt
rc| atons comc nto bcng. Vc havc a| rcady obscrvcd th s. chosc ths
partcu| ar passagc bccausc thc author` s phrasng s so wcrd. t com-
p|ctc|y contradcts ttsc|l. hc boss docs thc man a lavor. hc man
cannot rcpay thc lavor. hcrclorc, thc man rcpays thc lavor by show-
ng up at thc boss` s housc wth thc occasona| baskct ol tomatocs
and showng hm rcspcct. So whch onc s t! Lan hc rcpay thc lavor,
or not!
ctcr rcuchcn` s walrus huntcr wou|d, no doubt, thnk hc kncw
cxactly what was gong on hcrc. Brngng thc baskct ol tomatocs was
smp|y thc cquva|cnt ol sayng "hank you. ` t was a way ol ac-
know|cdgng that onc owcs a dcbt ol grattudc, that glts had n lact
madc s| avcs | ust as whps makc dogs. hc boss and thc cmp| oycc arc
now lundamcntal|y dllcrcnt sorts ol pcoplc. hc prob|cm s that n
a| | othcr rcspccts, thcy arc not lundamcnta|ly dllcrcnt sorts olpcopl c.
Nost | kc| ythcy arc both mdd|c-agcd rcnchmcn, lathcrs ol lam | cs,
1Z L 1
ctzcns ol thc Kcpubl c wth s m l ar tastcs n mus c, sports, and lood.
hcy ougbt to bc cqual s. As a rcsul t, cvcnthc tomatocs, whch arc rc-
al l y a tokcn ol rccognton ol thc cxstcncc ol a dcbtthatcan ncvcr bc
rcpa d, has to bc rcprcscntcd as l t was tscll a knd ol rcpaymcnt
an ntcrcst paymcnt on a |oan that could, cvcryonc agrccs to prctcnd,
somcdaybc pad back, thus rcturnng thc two mcmbcrs to thcr propcr
cqual status oncc agan.'
t` s tcllng that thc lavor s hndng thc clcnt a | ob n a lactory,
bccausc what happcns s not vcry dllcrcnt lrom what happcns whcn
you gct a | ob n a lactory to bcgn wth. A wagc-l abor contract s,
ostcns bl y, a lrcc contract bctwccn cqual sbut an agrccmcnt bctwccn
cqual s n whch both agrcc that oncc onc ol thcm punchcs thc tmc
clock, thcy won` tbc cquals any morc. ' hc l awdocs rccognzc a b tol
a problcmhcrc, that` swhytnssts thatyoucannotscllollyourcqua|-
ty pcrmancntly you arc not lrcc to scll yourscllnto sl avcryj . Such ar-
rangcmcnts arc only acccptabl c lthc boss` spowcr s not absol utc, l t
s l mtcd to worktmc, and lyou havc thc l cga| r ghtto brcak oll thc
contractand thcrcby to rcstorc yourscllto lul | cqualty, at any tmc. )
t sccms t omcthat ths agrccmcnt bctwccn cquals t ono l ongcr bc
cqual at l cast lor a tmc) s crtcally mportant. t s thc vcry csscncc
ol what wc call "dcbt . `
8 8 8 f 8
Vhat, thcn, s dcbt !
Ocbt s a vcry spcchc thng, and t arscs lrom vcry spcchc stu-
atons. t hrst rcqurcs a rclatonshp bctwccn two pcoplc who do not
consdcr cach othcr lundamcntal l y dllcrcnt sorts ol bcng, who arc
at lcast potcnt al cqual s, who dI6 cquals n thosc ways that arc rcally
mportant, and who arc not currcntly n a statc ol cqua|tybut lor
whom thcrc s somc way to sct mattcrs straght.
n thc casc ol glt-gvng, as wc` vc sccn, ths rcqurcs a ccrtan
cqua|ty ol status. hat` s why our cconomcs prolcssor ddn` t lcc| any
scnsc ol oblgatonany dcbt ol honorl takcn out to d nncr by
somconc who rankcd cthcr much hghcr or much lowcr than h msc|l.
Vth moncy l oans, a| l that s rcqurcd s that thc two partcs bc ol
cqua| |cgal standng. You can` t lcnd moncy to a ch l d, or to a lunatc.
Vc|l , youcan, butthccourtswon` thc|p yougcttback. ) Lcga|rathcr
than moraldcbts havc othcr unquc qual tcs. or nstancc, thcy can
bc lorgvcn, whch sn` t a|ways poss b| c wth a moral dcbt.
hs mcans that thcrc s no such thng as a gcnuncly unpayablc
dcbt. l thcrc was no conccvab| c way to salvagc thc stuaton, wc
1 N L N H L H U N b | L N N | H L L 1 | N b 1Z 1
wou| dn` t bc ca| | ng t a "dcbt . ` Lvcn thc rcnch v| | agcr cou|d, con-
ccvab| y, savc h s patron` s |lc, or wn thc |ottcry and buy thc lactory.
Lvcn whcn wc spcak ol a cr m na| "payng h s dcbt to soccty, ` wc arc
sayng that hc has donc somcthng so tcrr b| c that hc has now bccn
banshcd lrom that cqua| status undcr thc |aw that bc|ongs by natura|
rghtto anyctzcn olhs country, howcvcr, wc ca| | t a "dcbt` bccausc
t can bc patd, cqua| ty can bc rcstorcd, cvcn l thc cost may bc dcath
by |ctha| n| ccton.
Ourng thc tmc that thc dcbt rcmans unpa d, thc |ogc ol hcrar-
chy takcs ho| d. hcrc s no rccprocty. As anyonc who has cvcr bccn
n | a | knows, thc hrst thng thc | a |ors communcatc s that nothng
that happcns n | a | has anythtng to do wth | ustcc. S m | ar| y, dcbtor
and crcdtor conlront cach othcr |kc a pcasant bclorc a lcuda| |ord.
hc | aw ol prcccdcnt takcs ho| d. l you brng your crcdtor tomatocs
lrom thc gardcn, t ncvcr occurs to you that hc wou|d gvc somcthng
back. c mght cxpcct you to do t agan, though. But a|ways thcrc s
thc assumpton that thc s tuat on s somcwhat unnatura| , bccausc thc
dcbt rca| | y ought to bc pa d.
hs s what makcss tuat onsolcllcctvc|y unpayab| c dcbt so dl-
hcu|t and so pa nlu| . Sncc crcdtor and dcbtor arc u| t matc|y cqua| s, l
thc dcbtor cannot do what t takcs to rcstorc hcrsc|l to cqua|ty, thcrc
s obvous|y somcthng wrong wth hcr, t must bc hcr lau| t.
hs connccton bccomcsc|car lwc |ook atthcctymo|ogy olcom-
mon words lor "dcbt` n Luropcan | anguagcs. Nany arc synonyms lor
"lau| t, ` "s n, ` or "gu | t, ` | ust as a crmna| owcs a dcbt to soccty, a
dcbtor s a| ways a sort ol crm na| . '' n anccnt Lrctc, accordngto | u-
tarch, t was thc custom lor thosctakng| oans to prctcnd to snatch thc
moncy lrom thc |cndcr` s pursc. Vhy, hc wondcrcd! robab|y "so that,
l thcy dclau| t, thcy cou|d bc chargcd wth vo|cncc and pun shcd a||
thc morc. hs s why n so many pcrods ol hstory nso|vcnt dcbt-
ors cou|d bc | a|cd, or cvcn-as n car|y Kcpub|can Komc cxccutcd.
A dcbt, thcn, s | ust an cxchangc that has not bccn brought to
comp|ct on.
t lo||ows thatdcbt s strct|y a crcaturcolrccprocty and has |ttlc
to do wth othcr sorts ol mora|ty commun sm, wth ts nccds and
ab| tcs, hcrarchy, wth ts customs and qua| tcs) . ruc, l wc wcrc
rca||y dctcrmncd, wc cou|d arguc as somc do) that commun sm s a
condton ol pcrmancnt mutua| ndcbtcdncss, or that hcrarchy s con-
structcd out ol unpayab|c dcbts. But sn` t ths | ust thc samc o|d story,
startng lrom thc assumpton that a|| human ntcractons must bc, by
dchnt on, lorms ol cxchangc, and thcn pcrlormng whatcvcr mcnta|
somcrsau|ts arc rcqurcd to provc t!
1Z Z L 1
Po. Al l human ntcractons arc not lorms olcxchangc. Lnl y somc
arc. Lxchangc cncouragcs a partcular way ol conccvng human rcla-
tons. hs s bccausc cxchangc mplcs cqualty, but t also mplcs
scparaton. t' s prccsc|y whcn thc moncy changcs hands, whcn thc
dcbt s canccllcd, that cqua| ty s rcstorcd and both partcs can walk
away and havc nothng lurthcr to do wth cach othcr.
Ocbt s what happcns n bctwccn. whcn thc two partcs cannot
yct walk away lrom cach othcr, bccausc thcy arc not yct cqual . But
t s carrcd out n thc shadow ol cvcntua| cqualty. Bccausc achcvng
that cqualty, howcvcr, dcstroys thc vcry rcason lor havng a rclaton-
shp, | ust about cvcrythng ntcrcstng happcns n bctwccn. ' n lact,
| ust about cvcrythng human happcns n bctwccncvcn l ths mcans
that all such human rclatons bcar wth thcm at lcast a tny clcmcnt ol
crmnalty, gult, or shamc.
or thc v womcn whom mcntoncd carl cr n thc chaptcr, th s
wasn` t much ol a problcm. By cnsurng that cvcryonc was always
slghtly n dcbt to onc anothcr, thcy actually crcatcd human soccty, l
a vcrylrag|c sort olsocctya dclcatc wcb madc up oloblgatOns to
rcturn thrcc cggs or a bag ol okra, tcs rcncwcd and rccrcatcd, as any
onc ol thcm could bc canccllcd out at any t mc.
Lur own habts ol cvlty arc not so vcry dllcrcnt. Lons dcr thc
custom, n Amcrcan soccty, olconstantly sayng pl casc` and thank
you. ` o do so s oltcn trcatcd as basc moralty. wc arc constantly
chdng chldrcn lor lorgcttng to do t, | ust as thc moral guardans
ol our socctytcachcrs and m n stcrs, lor nstancc do to cvcrybody
clsc. Vcoltcn assumc thatthc habt sunvcrsal , butasthc nut huntcr
madc clcar, t s not. Lkc so many ol our cvcryday courtcscs, t s a
knd ol dcmocratzaton ol what was oncc a hab t ol lcudal dclcrcncc.
thc ns stcncc on trcatng absol utcly cvcryonc thc way that onc uscd
onl y to havc to trcat a |ord or sm|ar hcrarchcal supcr or.
crhaps ths s not so n cvcry casc. magnc wc arc on a crowdcd
bus, |ookng lora scat. A lcl l owpasscngcrmovcs hcr bagasdcto clcar
onc, wc smlc, or nod, or makc somc othcr l tt|c gcsturc ol acknowl-
cdgmcnt. Lr pcrhaps wc actual|y say hank you. ` Such a gcsturc
s smp|y a rccognton ol common humanty. wc arc acknow|cdgng
that thc woman who had bccn blockng thc scat s not a mcrc physca|
obstaclc but a human bcng, and that wc lccl gcnuncgrattudc toward
somconc wc w| l lkcly ncvcr scc aga n. Ponc ol ths s gcncra| l y truc
whcn onc asks somconc across thc tablc to plcasc pass thc sa| t, ` or
whcn thc postman thanks you lor sgnng lor a dclvcry. Vc thnk ol
thcsc s multancousl y as mcanng|css lormaltcs and as thc vcry moral
bas s olsoccty. hcr apparcnt un mportancc can bc mcasurcd by thc
1 N L N H L H U N b | L N N | H L L 1 | N b 1Z O
lact that a| most no onc wou|d rclusc, on prncp|c, to say "p|casc` or
"thank you` n | ust about any stuatoncvcn thosc who mght hnd t
a|most mpossb|c to say " ` m sorry` or " apo| ogzc. `
I n lact, thc Lng|sh "p|casc` s short lor " l you p|casc, ` " l t
p|cascs you to do ths`t s thc samc n most Luropcan |anguagcs
rcnch s/ // cous p/a/t, Span sh por facorj . ts | tcra| mcanng s "you
arc undcr no ob| gaton to do th s . ` "and mc thc sa| t. Pot that am
say ng that you havc to! ` hs s not truc, thcrc s a soca| ob| gaton,
and t wou|d bc a| most mpossb|c not to comp| y. But ctqucttc | argc|y
conssts ol thc cxchangc ol po|tc hctons to usc |css po|tc | anguagc,
|cs) . Vhcn you ask somconc to pass thc sa|t, you arc a|so gvng thcm
an ordcr, by attachng thc word "p| casc, ` you arc sayng that t s not
an ordcr. But, n lact, t s.
n Lng|sh, "thank you` dcrvcs lrom "th nk, ` t orgna||y mcant,
" w | | rcmcmbcr what you dd lor mc``whch s usua| | y not truc
cthcrbut n othcr | anguagcs thc ortugucsc o|r/gado s a good
cxamp|c) thc standard tcrm lo| | ows thc lorm ol thc Lng|sh "much
ob|gcd`t actua||y docs mcans " am n your dcbt . ` hc rcnch
merc/ s cvcn morc graph c. t dcrvcs lrom "mcrcy, ` as n bcggng lor
mcrcy, by sayng t you arc symbo| ca| | y p|acng yoursc|l n your bcnc-
lactor` s powcrsncc a dcbtor s, altcr a||, a cr m na| Sayng "you` rc
wc|comc, ` or " t` s nothng` rcnch de r/en, Spansh de nadaj-the
| attcr has at |cast thc advantagc ol oltcn bcng | tcra| | y trucs a way
ol rcassurng thc onc to whom onc has passcd thc sa|t that you arc not
actua| | y nscrbng a dcbt n your magnary mora| account book. So s
sayng "my p|casurc`you arc sayng, "Po, actua| | y, t`s a crcdt, not
a dcbtyou dd me a lavor bccausc n askng mc to pass thc sa|t, you
gavc mcthc opportunty to do somcthng lound rcwardng n tsc|l| `'
Occodng thc tact ca|cu|us ol dcbt " owc you onc, ` "Po, you
don` towcmc anythng, ` "Actua| | y, lanythng, t` s mcwhoowcsyou, `
as l nscrbng and thcn scratchng oll so many nhntcsma| cntrcs n
an cnd| css |cdgcr) makcs t casy to undcrstand why ths sort ol thng
s oltcn vcwcd not as thc quntcsscncc ol mora|ty, but as thc qu ntcs-
scncc ol m/dd/e-c/ass mora|ty. ruc, by now mdd|c-c| ass scns b |tcs
domnatc soccty. But thcrc arc st|| thosc who hnd thc practcc odd.
hosc at thc vcry top ol soccty oltcn st|| lcc| that dclcrcncc s owcd
prmar| y to hcrarchca| supcrors and hnd t s|ght|y dotc to watch
postmcn and pastry cooks takng turns prctcndng to trcat cach othcr
|kc | tt|c lcuda| |ords. At thc othcr cxtrcmc, thosc who grcw up n
what n Luropc arc ca||cd "popu| ar` cnvronmcntssma| | towns, poor
ncghborhoods, anyp|acc whcrc thcrc s st|| an assumpton that pcop|c
who arc not cncmcs w | | , ordnar| y, takc carc ol onc anothcrw | |
1 Z L 1
o|tcn hnd t nsu|tng to bc constantly to|d, n c||cct, that thcrc s somc
chancc thcy mght not do thcr | ob as a watcr or tax drvcr corrcct|y,
or provdc houscgucsts wth tca. n othcr words, mdd|c-class ctqucttc
nssts that wc arc a|| cqual s, but t docs so n a vcry partcu| arway. Ln
thc onc hand, t prctcnds that nobody s gvng anybody ordcrs thnk
hcrc o|thcbur|ysccurty guard atthc ma|l whoappcarsbc|orc somconc
wa|kng nto a rcstrctcd arca and says, "Lan hc|p you! `) , on thc othcr,
ttrcatscvcrygcsturc o|what` vc bccn cal|ng "basc|nccommun sm` as
|twcrcrca||ya |orm o|cxchangc. As a rcsult, lkc v ncghborhoods,
mdd|c-class soccty has to bc cnd|cssl
Y
rccrcatcd, as a knd o| constant
hckcrng gamc o| shadows, thc crss-crossng o| an nhnty o| momcn-
tary dcbt rc|atons, cach onc almost nstantly canccl|cd out.
A| l o| ths s a rcl attvcly rcccnt nnovaton. hc habt o| a| ways
sayng "p|casc` and "thank you` hrst bcgan to takc hold durng thc
commcrc a| rcvo|uton o| thc sxtccnth and scvcntccnth ccnturcs
among thosc vcry mdd|c c| asscs who wcrc l argc|y rcsponsb|c |or t. t
s thc |anguagc o| burcaus, shops, and o|hccs, and ovcr thc coursc o|
thc | ast hvc hundrcd ycars t has sprcad across thc wor|d a|ong wth
thcm. t s also mcrcly onc tokcn o| a much l argcr ph|osophy, a sct
o| assumptons o| what humans arc and what thcy owc onc anothcr,
that havc by now bccomc so dccply ngrancd that wc cannot scc thcm.
8 f 8 f 8
Somct mcs, at thc brnk o| a ncw h storcal cra, somcprcsccnt soul can
scc thc |u| l mpl catons o| what s bcgnnng to happcn-somctmcs
n a way that l atcr gcncratons can` t. Lct mc cnd wth a tcxt by such a
pcrson. n ars, somctmc n qos, ranos Kabcl a slapscd monk,
doctor, | cgal scho|arcomposcd what was to bccomc a |amous mock
cu| ogy, whch hc nscrtcd n thc thrd book o|h sgrcat Cargantua and
lantagrue/, and whch camc to bc known as "n rasc o|Ocbt . `
Kabc| a s p|accs thc cncomum n thc mouth o| onc anurgc, a
wandcrng scholar and man o| cxtrcmc c| assca| crudton who, hc ob-
scrvcs, "kncw s xty-thrcc ways o|makng moncythc most honorablc
and most routnc o| whch was stca|ng. `' hc good-naturcd gant
antagruc| adopts anurgc and cvcn provdcs h m wth a rcspcctablc
ncomc, but t bothcrs h m that anurgc contnucs to spcnd moncy lkc
watcr and rcma ns up to h s cars n dcbt. Vouldn` t t bc bcttcr, an-
tagruc| suggcsts, to bc ablc to pay hs crcdtors !
anurgc rcsponds wth horror. "Lod |orbd that should cvcr bc
out o| dcbt ! ` Ocbt s, n |act, thc vcry bas s o| hs ph |osophy.
1 N L N H L H U N b | L N N | H L L 1 | N b 1Z D
A|ways owc somcbody somcthng, thcn hc w|| bc torcvcrpray-
ng Cod to grant you a good, |ong and b|csscd | t tc. Fcarng to
|osc what you owc h m, hc w|| a|ways bc sayng good thngs
about you n cvcry sort ot company, hc w|| bc constant|y ac-
qurng ncw |cndcrs tor you, so that you can borrow to pay
hm back, h||ng hs dtch wth othcr mcn` s spo| .
Abovc al l clsc, thcy w l l al ways bc prayng that you comc nto
moncy. t` s lkc thosc anccnt sl avcs dcstncd to bc sacrhccd at thcr
mastcrs` luncral s. Vhcn thcy wshcd thcr mastcr long l lc and good
hcalth, thcygcnunclymcant t! Vhat`s morc, dcbtcan makcyou nto a
knd olgod, who can makc somcthng moncy, wcll-wshng crcdtors)
out ol absol utcly nothng.
Vorsc st l | . I gvc mysc|tto bonnc bant Bobc|n t a|| my |tc
I havc not rcckoncd dcbts to bc, as t wcrc, a connccton and
co||gaton bctwccn Mcavcn and Earth unquc|yprcscrvngthc
| ncagc otNan wthout whch, I say, a|| human bcngs wou|d
soon pcrsh) and pcrhaps to bc that grcat Vor|d bou| whch,
accordngto thc Acadcmcs, gvcs l tc to a|| thngs.
Jhat t rca||y s so, cvokc tranqu||y n your mnd thc Idca
and Form ot a wor|d-takc t you |kc thc thrtcth ot thc
wor|ds magncd byNctrodorus-n whch thcrcwcrcno dcbt-
ors or |cndcrs at a| | . A unvcrsc sans dcbts' Amongst thc hcav-
cn|y bodcs thcrc wou|d bc no rcgu|ar coursc whatsocvcr. a||
wou|d bc n dsarray. juptcr, rcckonng that hc owcd no dcbt
to baturn, wou|d dsposscss hmoths sphcrc, and wth hs Mo-
mcrc chatn ho|d n suspcnson a|| thc Intc||gcnccs, gods, hcav-
cns, dacmons, gcnuscs, hcrocs, dcv | s, carth, sca and a|| thc
c|cmcnts . . . Jhc Noon wou|d rcman dark and b|oody, why
shou|d thc bun sharc hs |ght wth hcr Mc s undcr no ob|ga-
ton. Jhc bun wou|d ncvcr shnc on thcr Earth, thc hcavcn|y
bodcs wou|d pour no good nhucnccs down upon t.
Bctwccn thc c|cmcnts thcrc w|| bc no mutua| sharng ot
qua|tcs, no a|tcrnaton, no transmutaton whatsocvcr, onc
w|| not thnk tsc|tob|gcd to thc othcr, t has |cnt t nothtng.
From carth no |ongcr w|| watcr bc madc, nor watcr trans-
mutcd nto ar, trom atr hrc w|| not bc madc, and hrc w|| not
warm thc carth. Earth w|| brng torth nothng but monstcrs,
Jtans, gants. Jhc ran w|| not ran, thc |ght w|| shcd no
ltght, thc wnd w|| not b|ow, and thcrc w|| bc no summcr, no
autumn, Luctcr w|l tcar otths bonds and, sa||yngtorth trom
dccpcst Mc|| wth thc Furcs, thc Vcngcanccs and thc horncd
1Z L 1
dcvls, wll scck to turl thc gods ol both thc grcatcr and lcsscr
natons out lrom thcr ncsts n thc hcavcns.
And what` s morc, | human bcngs owcd nothng to onc anothcr,
| |c wou|d "bc no bcttcr than a dog-hght`a mcrc unru|y brawl .
Amongst human bcngs nonc w l l savc anothcr, t w l l bc no
good a man shoutng Mcl p! F rc! I` m drownng! Nurdcr! lo-
body wll comc and hclp hm. Vhy Bccausc hc has lcnt noth-
ng. and no onc owcs hm anythng. lo onc has anythng to
losc by hs hrc, hs shpwrcck, hs lal l , or hs dcath. Mchas lcnt
nothng. And. hc would lcnd nothng cthcr hcrcaltcr.
In short, Fath, Mopc and Charty would bc banshcd lrom
ths world.
anurgca man wthout a |am l y, a| onc, whosc cnttrc cal | ng n
l |c was gcttng | argc amounts o| moncy and thcn spcndng tscrvcs
as a httng prophct |or thc wor|d that was | ust bcg nnng to cmcrgc.
s pcrspcctvc o| coursc s that o| a uea/tby dcbtornot onc | abl c
to bc trund|cd o|| to somc pcst|crous dungcon |or |a | urc to pay. St | | ,
what hc s dcscrbng s thc |og cal concl uson, thc reduct/o ad a|sur-
dum, whch Kabc| a s as al ways | ays out wth chccr|ul pcrvcrsty, o| thc
assumptons about thc world as cxchangc sl umbcrng bchnd a|l our
plcasant bourgcos |orma| tcs whch Kabc|as h msc| |, ncdcntal|y,
dctcstcdthc book s basca|ly a mxturc o| c|assca| crudton and
drty | okcs ) .
Andwhathcsays struc. |wc ns stondchnnga| | human ntcrac-
tons as mattcrs o|pcoplc gvng onc thtng |or anothcr, thcn any ongo-
ng human rc|atons can on|y takc thc |orm o| dcbts. Vthout thcm,
no onc wou|d owc anythng to anybody. A wor|d wthout dcbt would
rcvcrt to prmorda| chaos, a war o| a|| aganst a||, no onc wou|d |ccl
thcs| ghtcst rcspons b | ty |oronc anothcr, thc smp| c |act o|bcng hu-
man woul d havc no sgnhcancc, wc wou|d a| | bccomc so| atcd p| ancts
who coul dn` t cvcn bc countcd on to mantan our propcr orbts.
antagrucl w l | havc nonc o| t. s own |cclngs on thc mattcr, hc
says, can bc summcd up wth onc l nc |rom thc Apost|c au| . " Lwc
no man anythng, savc mutua| |ovc and a||cct on. ` hcn, n an ap-
propratc|y b b| cal gcsturc, hc dcc|arcs, "rom your past dcbts sha| |
|rcc you. `
"Vhat can dobut thank you! ` anurgc rcp| cs.
0N 8 pt0 r 5l x
0kYL5 Wl 1M 5LK kN0 0 LkTM
WHLN WL KL1UKN to an cxamnaton ol convcntonal cconomc
hstory, onc thng that | umps out s how much has bccn madc to ds-
appcar. Kcducng al l human l lc to cxchangc mcans not only shuntng
asdc all othcr lorms ol cconomc cxpcrcncc hcrarchy, commun sm) ,
but al so cnsurng that thc vast ma| orty ol thc human racc who arc
not adult mal cs, and thcrclorc whosc day-to-day cxstcncc s rclatvcly
dlhcult to rcducc to a mattcr ol swappng thngs n such a way as to
scck mutual advantagc, mclt away nto thc background.
As a rcsul t, wc cnd up wth a santzcd vcw ol thc way actua|
busncss sconductcd. hc tdyworl dolshops and mal l s sthc quntcs-
scntal mddlc-cl ass cnvronmcnt, but atcthcr thc top orthc bottom ol
thcsystcm, thc world olhnanccrs orolgangstcrs, dcals arcoltcn madc
n ways not so complctcly dllcrcnt lrom ways that thc Lunw nggu or
Pamb kwara makc thcmat lcast n that scx, drugs, musc, cxtrava-
gantdsplays ollood, and thcpotcntallorvolcnccdo oltcn play parts.
Lonsdcr thc casc ol Pcl Bush Lcorgc V. ` s brothcr) who, durng
dvorcc procccdngs wth hs wlc, admttcd to multplc nhdcltcs wth
womcn who, hc cl a mcd, wou|d mystcrously appcar at hs hotcl-room
door altcr mportant busncss mcctngs n ha l and and ong Kong.
"You havc to admt t`s prctty rcmarkablc, ` rcmarkcd onc ol
hs wlc`s attorncys, "lor a man to go to a hotcl -room door
and opcn t and havc a woman standng thcrc and havc scx
wth hcr. `
"It was vcry unusual , ` Bush rcplcd, admttng howcvcr that
ths had happcncd to hm on numcrous occasons.
"Vcrc thcy prosttutcs `
"I don` t know. `'
n lact, such thngs sccm al most par lor thc coursc whcn rcal l y bg
moncy comcs nto pl ay.
1Z L 1
n ths |ght, thc cconomsts` ns stcncc that cconom c | lc bcgns
wth bartcr, thc nnoccnt cxchangc ol arrows lor tccpcc lramcs, wth
noonc n a poston to rapc, hum | atc, ortorturc anyonc c|sc, and that
t contnucs n ths way, s touchng|y utopan.
As a rcsu|t, though, thc h storcs wc tc|| arc lu| | ol b| ank spaccs,
and thc womcn n thcm sccm to appcar out ol nowhcrc, wthout cx-
p| anaton, much | kc thc ha womcn who appcarcd at Bush` s door.
Kcca|l thc passagc ctcd n Lhaptcr hrcc, lrom num smatst h|p
Lrcrson, about moncy n thc barbaran | aw codcs.
Compcnsaton n thcVcl shl awss rcckoncd prmarlyncattlc
and n thc Irsh oncs n cattlc or bondmads , cuma/, , wth con-
sdcrablcusc olprccous mcta|s n both. In thc Ccrmanc codcs
t s manly n prcc ous mctal . e e
ow s t possb|c to rcad ths passagc wthout mmcdatc|y stop-
png at thc cnd ol thc hrst |nc! "Bondmads` ! Oocsn` t that mcan
"s|avcs ! ` t docs. ) n anccnt rc|and, lcma|c s|avcs wcrc so p|cntlu|
and mportant that thcy camc to luncton as currcncy. ow d d that
happcn! And l wc arc tryng to undcrstand thc orgns ol moncy,
hcrc, sn` t thc lact that pcop|c arc usng one anotber as currcncy at a||
ntcrcstng or sgnhcant!' Yct nonc ol thc sourccs on moncy rcmark
much on t. twou|d sccm that bythc tmc olthc | awcodcs, s|avc gr|s
wcrc not actua| | y tradcd, but | ust uscd as unts ol account. St | | , thcy
must havc bccntradcd at somc pont. Vhowcrc thcy! ow wcrcthcy
cns|avcd! Vcrcthcy capturcd n war, so|d by thcr parcnts, or rcduccd
to s|avcry through dcbt! Vcrc thcy a ma| or tradc tcm! hc answcr
to a| | thcsc qucstons wou|d sccm to bc ycs, but t` s hard to say morc
bccausc thc h story rcmans | argc|y unwrttcn. '
Lr |ct` s rcturn to thc parab| c ol thc ungratclu| scrvant. "S ncc hc
was not ab| c to pay, thc mastcr ordcrcd that hc and h s wlc and hs
ch|drcn and a| | that hc had bc sold to rcpay thc dcbt . ` ow dd that
happcn! Potc that wc` rc not cvcn spcakng ol dcbt scrvcc hcrc hc s
a| rcady h s crcdtor` s scrvant) , but outrght s| avcry. ow dd a man` s
wlc and ch |drcn comc to bc consdcrcd no dllcrcnt than hs shccp
and crockcryas propcrty to bc |qudatcd on thc occason oldclau| t!
Vas t norma| lor a man n hrst-ccntury a|cstnc to bc ab| c to sc| | h s
wlc! t wasn` t, lhc ddn` t own hcr, why was somconc c|sc a| |owcd
to sc| | hcr lhc cou|dn`t pay h s dcbts !
hc samc cou|d bc askcd ol thc story n Pchcm ah. t` s hard not
to cmpathzc wth thc dstrcss ol a lathcr watchng hs daughtcr takcn
N L b W | 1 N b L A N L 1 N 1Z
oll by strangcrs. Ln thc othcr hand, onc mght also ask. Vhy wcrcn` t
thcy takng htm! hc daughtcr hadn` t borrowcd any moncy.
t` s not as l t s ordnary lor lathcrs n tradt onal socctcs to bc
ablc to scll thcr chldrcn. hs s a practcc wth a vcry spcchc hs-
tory. t appcars n thc grcat agraran cvlzatons, lromSumcrto Komc
to Lhna, rght around thc tmc whcn wc al so start to scc cvdcncc
ol moncy, markcts, and ntcrcst-bcarng loans, l atcr, morc gradual l y,
t al so appcars n thosc surroundng hntcrlands that suppl cd thosc
cvlzatons wth sl avcs. Vhat`s morc, l wc cxamnc thc h storcal
cvtdcncc, thcrc sccms good rcason to bclcvc that thc vcry obscsson
wth patrarchal honor that so dchncs "tradton` n thc Nddlc Last
and Ncdtcrrancan world /tse/f arosc alongsdc thc lathcr` s powcr to
al cnatc hs chldrcnas a rcacton to what wcrc sccn asthc moral pcr-
ls olthc markct. All ol ths s trcatcd as somchow outsdc thc bounds
olcconomc hstory.
Lxcludng al l ths s dcccptvc notonly bccausc t cxcludcs thc man
purposcs to whch moncy was actually put n thc past, but bccausc t
docsn` t gvc us a clcar vson ol thc prcscnt. Altcr all, who wcrc thosc
ha womcn who so mystcr ously appcarcd at Pcl Bush` s hotcl door !
Al most ccrta nl y, thcy wcrc cht ldrcn olndcbtcd parcnts. Lkcly as not,
thcy wcrc contractual dcbt pcons thcmsclvcs.
ocusng on thc scx ndustry would bc dcccptvc, though. hcn as
now, most womcn n dcbt bondagc spcnd thc vast ma| orty ol thcr
tmc scwng, prcparng soups, and scourng latrncs. Lvcn n thc Bblc,
thcadmonton nthccnLommandmcntsnotto "covctthyncghbor` s
wlc` clcarly rclcrrcd not to lust n onc` s hcart adultcry had al rcady
bccn covcrcd n commandmcnt numbcr scvcn) , but to thc prospcct
ol takng hcr as a dcbt-pconn othcr words, as a scrvant to swccp
onc` s yard and hang out thc l aundry. n most such mattcrs, scxual
cxplotaton was at bcst ncdcntal usual l y l lcgal , somctmcs practccd
anyway, symbolcally mportant. ) Agan, oncc wc rcmovc somc ol our
usual blndcrs, wc can scc that mattcrs havc changcd lar lcss, ovcr thc
coursc olthc last hvcthousand ycars or so, than wc rcal l y lkcto thnk.
8 8 8 8 f
hcsc bl ndcrs arc al l thc morc ronc whcn onc looks at thc anthro-
pologcal ltcraturc on what uscd to bc callcd "pr m tvc moncy`
that s, thc sort onc cncountcrs n pl accs whcrc thcrc arc no statcs or
markctswhcthcr roquos wampum, Alrcan cloth moncy, or Solo-
mon sl and lcathcr moncy, and d scovcrs that such moncy s uscd
1O L 1
al most cxclusvcly lor thc knds ol transactons that cconom sts don` t
lkc to havc to talk about.
n lact, thc tcrm "pr mtvc moncy` s dcccptvc lor ths vcry rca-
son, sncc t suggcsts that wc arc dcalng wth a crudc vcrson ol thc
knd ol currcnccs wc usc today. But ths s prccscly what wc don` t
hnd. Lltcn, such currcnccs arc ncvcr uscd to buy and scll anythng
at al l . ' nstcad, thcy arc uscd to crcatc, ma nta n, and othcrwsc rcor-
ganzc rclatons bctwccn pcopl c. to arrangc marragcs, cstabl sh thc
patcrntyolchldrcn, hcadolllcuds, consolc mourncrs atluncral s, scck
lorgvcncss n thccasc olcrmcs, ncgotatc trcatcs, acqurc lol l owcrs
al most anythng but tradc n yams, shovcls, pgs, or | cwclry.
Lltcn, thcsc currcnccs wcrc cxtrcmcly mportant, so much so that
socal l lc tscll mght bc sad to rcvolvc around gcttng and dsposng
ol thc stull. Llcarly, though, thcy mark a totally dllcrcnt conccpton
ol what moncy, or ndccd an cconomy, s actually about. ` vc dccdcd
thcrclorc to rclcr to thcm as "socal currcnccs, ` and thc cconomcs
thatcmploy thcm as "human cconomcs. ` By ths mcan notthatthcsc
socctcs arc ncccssarly n any way morc humanc somc arc qutc hu-
manc, othcrs cxtraordnarl y brutal ) , but only that thcy arc cconomc
systcms prmarly conccrncd not wth thc accumulaton ol wcalth, but
wth thc crcaton, dcstructon, and rcarrangng ol human bcngs.
storcal l y, commcrca| cconomcsmarkct cconomcs, as wc
now l kc to cal l thcmarc a rclatvc ncwcomcr. or most ol human
hstory, human cconomcs prcdom natcd. o cvcn bcgn to wrtc a
gcnunc h story oldcbt, thcn, wc havc to start by askng. Vhat sort ol
dcbts, what sort olcrcdts and dcbts, do pcoplc accumulatc n human
cconomcs ! And what happcns whcn human cconomcs bcgn to gvc
away to or arc takcn ovcr by commcrcal oncs ! hs s anothcr way ol
askng thc qucston, "ow do mcrc oblgatons turn nto dcbts ! `but
t mcans not | ust askng thc qucston n thc abstract, but cxam n ngthc
hstorcal rccord to try to rcconstruct what actually dd happcn.
hs s what wl l do ovcr thc coursc ol thc ncxt two chaptcrs.
rst w l l look at thc rolc ol moncy n human cconomcs, thcn dc-
scrbc what can happcn whcn human cconomcs arc suddcnly ncorpo-
ratcd nto thc cconomc orbts oll argcr, commcrc al oncs. hc Alrcan
slavc tradc wll scrvc as a partcul arl y catastrophc casc n pont. hcn,
n thc ncxt chaptcr, w l l rcturn to thc hrst cmcrgcncc ol commcrc al
cconomcs n carly cvlzatons olLuropc and thc Nddlc Last.
N L b W | 1 N b L A N L 1 N 1O 1
Y0 0 0 8s l 0 8 J0q u 8t0 5u 0stl tut0
hc most ntcrcstng thcory ol thc orgn ol moncy s thc onc rcccnt-
l y put lorward by a rcnch cconomst-turncd-anthropologst namcd
hlppc Kospabc. Vhlc h s work s l argcly unknown n thc Lnglsh-
spcakng world, t` s qutc ngcnous, and t bcars d rcctly on our prob-
l cm. Kospabc` s argumcnt s that "pr mtvc moncy` was not org nal l y
a way to pay dcbts ol any sort. t` s a way ol rccognzng thc cxstcncc
oldcbts that cannot possbly bc pad. s argumcnt s worth consdcr-
ng n dcta l .
n most human cconom cs, moncy s uscd hrst and lorcmost to
arrangc marragcs. hc smplcst and probably most common way ol
dong ths was by bcng prcscntcd as what uscd to bc cal lcd "brdc-
prcc` . a sutor`s lam l y would dclvcr a ccrtan numbcr ol dog tccth,
or cowrcs, or brass rngs, or whatcvcr s thc local socal currcncy, to
a woman` s lam l y, and thcy woul d prcscnt thcr daughtcr as hs brdc.
t` s casy to scc why ths mght bc ntcrprctcd as buyng a womcn, and
many col onal olhc al s n Alrca and Lccana n thc carly part ol thc
twcntcth ccntury dd ndccd comc to that concluson. hc practcc
causcd somcthng ola scandal, and by Igz6, thcLcaguc olPatons was
dcbatng bannng thc practcc as a lorm ol sl avcry. Anthropologsts
ob| cctcd. Kcally, thcy cxplancd, ths was nothng lkc thc purchasc ol,
say, an oxlct al onc a pa r olsandal s. Altcr al l , lyou buy an ox, you
don` t havc any rcsponsb ltcs to thc ox. Vhat you arc rcal ly buyng
s thc rght to dsposc ol thc ox n any way that plcascs you. Narragc
s cntrcly dllcrcnt, sncc a husband wll normal l y havc | ust as many
rcspons b l tcs toward hs wlc as hs wlc wll havc toward h m. t`s a
way ol rcarrangng rclatons bctwccn pcopl c. Sccond ol al l , lyou wcrc
rcally buyng a wlc, you` d bc ablc to scll hcr. nal l y, thc rcal sgnh-
cancc ol thc paymcnt conccrns thc status ol thc woman` s chldrcn. l
hc`s buyng anythng, t` s thc rght to call hcr ollsprng h s own. '
hc anthropologsts cndcd up wnnng thc argumcnt, and "brdc-
prcc` was dutlul l y rcdubbcd "brdcwcalth. ` But thcy ncvcr rcal l y an-
swcrcd thc qucston. Vhat s actually happcnng hcrc! Vhcn a | an
su tor` s laml y prcscnts a whal c tooth to ask lor a woman` s hand n
marragc, s ths an advancc paymcnt lor thc scrvccs thc woman wll
provdc n cultvatng hcr luturc husband` s gardcns! Lr s hc purchas-
ng thc luturc lcrtl ty ol hcr womb! Lr s ths a purc lormalty, thc
cquvalcnt olthcdollarthat hasto changc hands n ordcrto scal a con-
tract ! Accordng to Kospabc, t` s nonc olthcsc. hc whal c tooth, how-
cvcrvaluablc, s not a lorm olpaymcnt. t s rcal l y an acknowlcdgmcnt
1 O Z L 1
that onc s askng lor somcthng so unquc|y va| uab| c that ` paymcnt ol
any sort wou|d bc mpossb| c. hc on| y appropratc paymcnt lor thc
glt ola woman s thc glt olanothcr woman, n thc mcantmc, a| | onc
can do s to acknow|cdgc thc outstandng dcbt.
8 8 f 8 8
hcrc arc p|accs whcrc sutors say ths qutc cxp|ctl y. Lonsdcr thc
v ol Lcntra| Pgcr a, who wc havc a| rcady mct brchy n thc | ast
chaptcr. Nost olour nlormaton on thc v comcs lrom md-ccntury,
whcn thcy wcrc st|| undcr Brtsh co|on a| ru|c. ' ' Lvcryonc at that tmc
nsstcd that a propcr marragc shou|d takc thc lorm ol an cxchangc
ol sstcrs . Lnc man gvcs hs s stcr n marragc to anothcr, that man
marrcs thc s stcr ol h s ncwlound brothcr- n-| aw. hs s thc pcrlcct
marragc bccausc thc on|y thng onc can rca||y gvc n cxchangc lor a
woman s anothcr woman.
Lbvous| y, cvcn l cvcry lam|y had cxact|y cqua| numbcrs ol
brothcrs and sstcrs, th ngs cou| dn` t a|ways work ths ncat|y. Say
marry your s stcr but you don` t want to marry mnc bccausc, say,
you don` t |kc hcr, or bccausc shc` s on|y hvc ycars o| d) . n that casc,
you bccomc hcr "guard an, ` whch mcans you can c| a m thc rght to
d sposc ol hcr n marr agc to somconc c|sclor nstancc, somconc
whosc s stcr you actua| | y do wsh to marry. hs systcm quck|y grcw
nto a comp|cx systcm n whch most mportant mcn bccamc guard-
ans ol numcrous "wards, ` oltcn scattcrcd ovcr wdc arcas, thcy wou|d
swap and tradc thcm and n thc proccss accumu| atc numcrous wvcs
lor thcmsc|vcs, wh|c |css-lortunatc mcn wcrc on|y ab|c to marry | atc
n | lc, or not at a| | . '
hcrc was onc othcr cxpcdcnt. hc v at that tmc uscd bund|cs
ol brass rods as thcr most prcstgous lorm ol currcncy. Brass rods
wcrc on|y hc|d by mcn, and ncvcr uscd to buy thngs n markcts mar-
kcts wcrc dom natcd by womcn) , nstcad, thcy wcrc cxchangcd on|y
lor thngs that mcn consdcrcd ol hghcr mportancc. catt|c, horscs,
vory, rtua| tt|cs, mcdca| trcatmcnt, magca| charms. t was possb|c,
as onc v cthnographcr, Akga Sa , cxp|a ns, to acqurc a wlc wth
brass rods, but t rcqu rcd qutc a |ot olthcm. You wou|d nccd to gvc
two or thrcc bundlcs ol thcm to hcr parcnts to cstab| sh yoursc|l as a
sutor, thcn, whcn you dd hna| | y makc oll wth hcr such marragcs
wcrc a|ways hrst lramcd as c| opcmcnts) , anothcr lcw bund|cs to as-
suagc hcr mothcr whcn shc showcd up angr|y dcmandng to know
what was gong on. hs wou|d norma||y bc lo| | owcd by hvc morc
to gct hcr guardan to at |cast tcmporar|y acccpt thc stuaton, and
N L b W | 1 N b L A N L 1 N 1O O
morc stl l to hcr parcnts whcn shc gavc brth, l you wcrc to havc any
chancc ol thcr acccptng your cl a ms to bc thc lathcr ol hcr chldrcn.
hat mght gct hcrparcnts ollyour back, butyou` d havc to payollthc
guardan lorcvcr, bccausc you could ncvcr rcal l y usc moncy to acqurc
thc rghts to a woman. Lvcryonc kncw that thc on|y thng you can
lcgtmatc|y g vc n cxchangc lor a woman s anothcr woman. n ths
casc, cvcryonc has to abdc by thc prctcxt that a woman w l l somcday
bc lorthcomng. n thc mcantmc, as onc cthnographcr succnctl y puts
t, "thc dcbt can ncvcr bc lul l y pad. `''
Accordng to Kospabc, thc v arc | ust makng cxplct thc un-
dcrlyng |ogc ol brdcwca|th cvcrywhcrc. hc sutor prcscntng brdc-
wcalth s ncvcr paynglora woman, orcvcn lor thc rghts to clam hcr
chldrcn. hat would mpl y that brass rods, or whalc` s tccth, cowrc
shclls, or cvcn cattlc arc somchow thc cquvalcnt ol a human bcng,
whch by thc |ogc ol a human cconomy s obvously absurd. Lnl y a
human could cvcr bc consdcrcd cquvalcnt to anothcr human. Al l thc
morc so sncc, n thc casc ol marragc, wc arc spcakng ol somcthng
cvcn morc val uabl c than onc human l lc. wc arc spcakng ol a human
l lc that al so has thc capacty to gcncratc ncw l vcs.
Lcrtanl y, many ol thosc who pay brdcwcalth arc, lkc thc v,
qu tc cxpl c t about a| l th s. Brdcwcalth moncy s prcscntcd not to
scttlc a dcbt, but as a knd ol acknowlcdgmcnt that thcrc cxsts a
dcbt that cannot bc sctt|cd by mcans ol moncy. Lltcn thc two sdcs
w|l mantan at lcast thc poltc hcton that thcrc wll, somcday, bc a
rccompcnsc n k nd. that thc sutor` s cl an w l l cvcntual l y provdc onc
olts own womcn, pcrhaps cvcn that vcry woman` sdaughtcr orgrand-
daughtcr, to marry a man olthc wlc` s nata| cl an. Lr maybc thcrc w l l
bcsomc arrangcmcnt aboutthc dsposton olhcrch l drcn, pcrhapshcr
cl an w l l gcttokccp onc lor tsc|l. hc poss b |tcs arc cndlcss.
8 8 8 8 8
Noncy, thcn, bcgns, as Kospabc h msc|l puts t, "as a substtutc lor
| lc. `' Lnc mtghtca| | t thc rccognton ol a l lc-dcbt. hs, n turn, cx-
plans why t` s nvarably thc cxact samc knd ol moncy that`s uscd to
arrangc marragcs that s also uscd to pay wcrgc|d or "bloodwcalth`
as t` s somctmcs al so ca| l cd) . moncy prcscntcd to thc lam l y ola mur-
dcr vctm so as to prcvcnt or rcsolvc a blood-lcud. crc thc sourccs
arc cvcn morc cxplct. Ln thc onc hand, onc prcscnts wha|c tccth or
brass rods bccausc thc murdcrcr`s kn rccognzc thcy owc a l lc to thc
vct m` slam l y. Lnthcothcr, whalc tccth or brass rods arc n no scnsc,
and can ncvcr bc, compcnsaton lor thc |oss ol a murdcrcd rclatvc.
1O L 1
Lcrtan|y no onc prcscntng such compcnsaton wou|d cvcr bc loo| sh
cnough to suggcst that any

mount ol moncy cou| d possb|y bc thc

"cqu va| cnt` to thc va| uc ol somconc` s lathcr, s stcr, or ch|d.
So hcrc agan, moncy s hrst and lorcmost an acknow|cdgmcntthat
onc owcs somc

hng much morc va|uab|c than moncy.

n thc casc ol a b|ood-lcud, both partcs w | | a|so bc awarc that
cvcn a rcvcngc k | | ng, wh|c at |cast t conlorms to thc prncp|c ol a
| lc lor a | lc, won` t rca||y compcnsatc lor thc vct m` s grcl and pa n
c thcr. hs know|cdgc a| | ows lor somc possb|ty o| sctt|ng thc mat-
tcr wthout vo|cncc. But cvcn hcrc, thcrc s oltcn a lcc|ng that, as n
thc casc ol marragc, thc rea/ so|uton to thc prob|cm s smp|y bcng
tcmporar|y postponcd.
An | | ustraton mghtbchc|plu| . Amongthc Pucr, thcrc sa spcc a|
c| assolprcst|y hgurcs whospcca|zc n mcdatng lcuds, rclcrrcd to n
thc | tcraturc as "|copard-skn chcls . ` l onc man murdcrs anothcr, hc
w|| mmcdatc|y scck out onc olthcr homcstcads, sncc such a homc-
stcad s trcatcd as an nvo|atc sanctuary. cvcn thc dcad man` s lam | y,
who w | | bc honor-bound to avcngc thc murdcr, w | | know that thcy
cannot cntcr t, |cst tcrrb|c conscqucnccs cnsuc. Accordng to Lvans-
rtchard` s c| assc account, thc chcl w | | mmcdatc|y start tryng to
ncgotatc a sctt|cmcnt bctwccn thc murdcrcr and vct m` s lam| cs, a
dc|catc busncss, bccausc thc vct m` s lam | y w | | a| ways hrst rclusc.
Jhcchclhrsthndsout what cattlc thcslaycr`s pcoplc posscss
and what thcy arc prcparcd to pay n compcnsaton. . . . Mc
thcn vsts thc dcad man` spcoplc and asks thcm to acccptcattlc
lor thc llc. Jhcy usually rclusc, lor t s a pont olhonor to bc
obstnatc, but thcr rclusal docs not mcan that thcy arc unw | l
ng to acccpt compcnsaton. Jhc chcl knows th s and nssts
on thcr acccptancc, cvcn thrcatcnng to cursc thcm l thcy do
not gvc way . . . '`
Norc-dstant kn wcgh n, rcmndng cvcryonc ol thcr rcspons-
b|ty to thc | argcr communty, ol a| | thc troub|c that an outstandng
lcud w|| causc to nnoccnt rc|atvcs, and altcr a grcat show olho|dng
out, nsstng that t s nsu|tng to suggcst that any numbcr ol catt|c
cou|d possb|y substtutc lor thc | lc ola son or brothcr, thcy w | | usu-
a||y grudg ng|y acccpt. ' n lact, cvcn oncc thc mattcr has tcchn ca| | y
bccn sctt| cd, t rca| | y hasn` tt usua| | y takcs ycars to asscmb| c thc
catt| c, and cvcn oncc thcy havc bcn pa d, thc two sdcs w | | avo d
cach othcr, "cspcc a| | y atdanccs, lor n thc cxctcmcntthcycngcndcr,
mcrc|y bumpng nto a man whosc k nsman has bccn s|an may causc
N L b W | 1 N b L A N L 1 N 1O D
a hght to brcak out, bccausc thc

ollcnsc s ncvcr lorgvcn and thc scorc

must hna| | y bc pad wth a | lc. `'
So t` s much thc samc as wth brdcwca|th. Noncy docs not wpc
out thc dcbt. Lnc | lc can on|y bc pad lor wth anothcr. At bcst thosc
payng b|oodwca|th, by admttng thc cxstcncc ol thc dcbt and nsst-
ng that thcy wsh thcy cou|d pay t, cvcn though thcy know ths s
mpossb| c, can a||ow thc mattcr to bc p| accd pcrmancnt|y on ho| d.
a| lway around thc wor|d, onc hnds Lcw s cnry Norgan dc-
scrbng thc c| aboratc mcchansms sct up by thc Sx Patons ol thc
roquos to avod prccsc|y ths statc ol alla rs. n thc cvcnt onc man
k | |cd anothcr,
Immcdatcly on thc commtssmn ol a murdcr, thc allar was
takcn up by thctrbcstowhchthcpartcsbclongcd, and strcn-
uous cllorts wcrc madc to cllcct a rcconc l aton, lcst prvatc
rctal aton should lcad to dsastrous conscqucnccs
,
Jhc hrst councl asccrtancd whcthcr thc ollcndcr was wll-
ng to conlcss h s crmc, and to makc atoncmcnt. Il hc was,
thc counc l mmcdatcly scnt a bclt ol whtc wampum, n hs
namc, tothc othcr counc l , whch contancd a mcssagc to that
cllcct. Jhc lattcr thcn cndcavorcd to pacly thc lamly ol thc
dcccascd, to quct thcr cxctcmcnt, and to nducc thcm to ac-
ccpt thc wampum as condonaton. '
Nuch as n thc casc ol thc Pucr, thcrc wcrc comp| catcd schcdu|cs
ol cxact|y how many |athoms ol wampum wcrc pad ovcr, dcpcndng
on thc status ol thc vctm and thc naturc ol thc crmc. As wth thc
Pucr, too, cvcryonc nsstcd that ths was not paymcnt. hc va|uc ol
thc wampum n no scnsc rcprcscntcd thc va| uc olthc dcad man` s | lc.
Jhc prcscnt ol whtc wampum was not n thc naturc ol a
compcnsaton lor thc l lc ol thc dcccascd, but ol a rcgrctlul
conlcsson olthc crmc, wth a pctton lor lorgvcncss. Itwas a
pcacc-ollcrng, thc acccptancc ol whch was prcsscd by mutual
lrcnds . . . ''
Actua| | y, n many cascs thcrc was a|so somc way to man pu| atc
thc systcm to turn paymcnts mcant to assuagc onc`s ragc and grclnto
ways ol crcatng a ncw | lc that wou|d n somc scnsc substtutc lor thc
onc that was | ost. Among thc Pucr, lorty catt|c wcrc sct as thc stan-
dard lcc lor b| oodwca|th. But t was a|so thc standard ratc ol brdc-
wca|th. hc |ogc was th s . la man had bccn murdcrcd bc|orc hc was
1O L 1
ab| c to marry and producc ollsprng, t` s on|y natura| that hs sput
wou|d bc angry. c had bccn, cllcctvc|y, robbcd ol h s ctcrnty. hc
bcst soluton wou|d bc to usc thc catt|c pad n sctt|cmcnt to acqurc
what was ca| |cd a "ghost-wlc`. a woman who would thcn bc lorma| l y
marrcd to thc dcad man. n practcc, shc was usua| l y parcd ollwth
onc ol thc vct m` s brothcrs, but ths was not partcu|ar|y mportant,
t ddn`t rcal|y mattcr too much who mprcgnatcd hcr, sncc hc wou|d
bc n no scnsc thc lathcr ol hcr ch |drcn. cr ch ldrcn wou|d bc con-
sdcrcd thc ch |drcn ol thc vct m` s ghostand as a rcsul t, any boys
among thcm wcrc sccn as havng bccn born wth a part cul ar commt-
mcnt to somcday avcngc hs dcath.
hs | attcr s unusua| . But Pucr appcar to havc bccn unusua| l y
stubborn about lcuds. Kospabcprovt dcs cxamp|cs lrom othcr parts ol
thc wor|d that arc cvcn morc tc|| ng. Among Porth Alrcan Bcdou ns,
lor nstancc, t somctmcs happcncd that thc on|y way to sctt|c a lcud
was lor thc k||cr` s lam | y to turn ovcr a daughtcr, who wou|d thcn
marry thc vct m` sncxtolkt nhs brothcr, say. lshc borc hm a ma|c
ch|d, thc boy was gvcn thc samc namc as h s dcad unc|c and consd-
crcd to bc, at |cast n thc broadcst scnsc, a substtutc lor h m. ' hc
roquo s, who traccd dcsccnt n thc lcma| c | nc, dd not tradc womcn
n ths lashon. owcvcr, thcy had anothcr, morc drcct approach. la
man dcdcvcn ol natura| causcsh s wlc` s rclatvcs mght "put h s
namc upon thc mat, ` scndng oll bc| ts ol wampum to comm sson a
war party, whch wou|d thcn rad an cncmy v | |agc to sccurc a captvc.
hc captvc cou|d cthcr bc kl|cd, or, l thc c| an matrons wcrc n a
bcncvo|cnt mood onc cou|dncvcr tc| | , thc grclolmournng s trcky) ,
adoptcd. ths was sgnhcd bythrowng a bc|t ol wampum around h s
shou|dcrs, whcrcon hc wou|d bc g vcn thc namc ol thc dcccascd and
bc consdcrcd, lrom that momcnt on, marrcd to thc vctt m` s wlc, thc
owncr ol h s pcrsona| posscss ons, and n cvcry way, cllcctvc|y, thc
cxact samc pcrson as thc dcad man uscd to bc.
A| | olths mcrcly scrvcs to undcr|nc Kospabc` s basc pont, whch
s that moncy can bc sccn, n human cconomcs, as hrst and lorcmost
thc acknow|cdgmcnt ol thc cxstcncc ol a dcbt that cannot bc pa d.
na way, t` s a| | vcryrcmnsccnt olprmordta| -dcbtthcory. moncy
cmcrgcs lrom thc rccognton ol an abso|utc dcbt to that whch has
gtvcn you l lc. hc dllcrcncc s that nstcad ol magnng such dcbts
as bctwccn an ndvdua| and soccty, or pcrhaps thc cosmos, hcrc thcy
arc magncd as a knd olnctwork oldyadc rc|at ons. a|most cvcryonc
n such socctcs was n a rc|aton olabso|utc dcbt to somconc c|sc. t` s
notthatwcowc "soccty. ` lthcrc s anynoton ol"soccty` hcrcand
t` s not c|car that thcrc ssoccty /s our dcbts.
N L b W | 1 N b L A N L 1 N 1O 1
6 | 00J 00 0ts [ L0 | 0 )
Lbvousl y, ths lcads us to thc samc lam l ar problcm. ow docs a
tokcn ol rccognton that onc cannot pay a dcbt turn nto a lorm ol
paymcnt by whch a dcbt can bccxtngushcd! lanythng, thc problcm
sccms cvcn worsc than t was bclorc.
n lact, t sn` t. hcAlrcancvdcnccc|car|y showshow suchthngs
can happcnthough thc answcr s a bt unscttlng. o dcmonstratc
ths, t w l l bc ncccssary to look at onc or two Alrcan socctcs wth a
c|oscr locus.
` l l startw ththcLcl c, an Alrcan pcoplc who had, at thc tmcthat
Nary Oougl asstudcdthcm nthcgos, managcd toturnthcprncplc
ol blood dcbts nto thc organzng prncplc ol thcr cntrc soccty.
hc Lclc wcrc, at that tmc, a group ol pcrhaps tcn thousand
soul s, lvng on a strctch olrol|ng country ncar thc Kasa Kvcr n thc
Bc|gan Longo, and consdcrcd a rudc backcountry lol k by thcr rchcr
and morccosmopo|tan ncghbors, thc Kuba and Bushong. Lclc womcn
grcw mazc and manoc, thc mcn thought ol thcmsc|vcs as ntrcpd
huntcrs but spcnt most ol thcr tmc wcavng and scwng ralha-pal m
cloth. hs cl oth was what thc arca was rca| l y known lor. t was not
only uscd lor cvcry sortolcl oth ng, but al so cxportcd. thcLcl ccons d-
crcdthcmsclvcs thc clothcrs olthc rcg on, and t was tradcd wth sur
roundng pcopl c to acqurc |uxurcs. ntcrnal | y, t lunctoncd as a sort
ol currcncy. St l l , t was not uscd n markcts thcrc wcrc no markcts) ,
and, as Nary Oougl as dscovcrcd to hcr grcat nconvcncncc, wthn a
v l l agc, onc couldn` t usc t to acqurc lood, tool s, tablcwarc, or rcal|y
much ol anythng. t was thc qu ntcsscnt al soca| currcncy.
nlormal glts ol ralha cl oth smooth all socal rclatons. hus-
band to wlc, son to mothcr, son to lathcr. Jhcy rcsolvc oc-
casons ol tcnson, as pcacc-ollcrngs, thcy makc partng glts,
or convcy congratulatons. Jhcrc arc also lormal glts ol ralha
whch arc ncglcctcd only at rsk olrupturc olthc socal tcs n-
volvcd. P man, onrcachngadulthood, shouldgvcJL cl oths to
hs lathcr. Lthcrwsc hc would bc ashamcd to ask hs lathcr`s
hclp lor rasng hs marr agc ducs. P man should gvc JL cloths
to hs wlc on cach dclvcry ol a chld . . . '
Lloth was also uscd lor varous hncs and lccs, and to pay curcrs.
So lor nstancc, l a man` s wlc rcportcd a would-bc scduccr, t was
customary to rcward hcr wth zo cloths lor hcr hdcl ty t was not
1O L 1
rcqurcd, but not dong so was consdcrcd dccdcd|y unwsc) , l an
adu|tcrcr was caught, hc was cxpcctcd to pay o or too c|oths to thc
woman` s husband, lthc husband and |ovcr d sturbcd thc pcacc olthc
v | | agc by hghtng bclorc thc mattcr was sctt|cd, cach wou|d havc to
pay two n compcnsaton, and so lorth.
L lts tcndcd to how upward. Young pcop|c wcrc a| ways gvng
|tt|c prcscnts ol c|oth as marks olrcspcct to lathcrs, mothcrs, unc|cs,
and thc | kc. hcsc glts wcrc hcrarchca| n naturc. that s, t ncvcr
occurrcd to thosc rcccvng thcm that thcy shou|d havc to rccprocatc
n any way. As a rcsu|t, c|dcrs, and cspcca| | y c|dcr mcn, usua| | y had a
lcw cxtra pcccs |yng around, and young mcn, who cou|d ncvcr wcavc
qutc cnough to mcctthcrnccds, wou|d havc to turn to thcm whcncvcr
tmclor somcma| orpaymcnt ro||cd around. lor nstancc, lthcy hadto
pay a ma| orhnc, orwshcd to hrc a doctorto ass st thcrw lc nch | d-
brth, or wantcd to | on a cu|t soc cty. hcywcrc thus a| ways s|ght|y
n dcbt, or at |cast s| ght|y bcho|dcn, to thcr c|dcrs. Butcvcryonc a|so
had a who|c rangc ol lrcnds and rc|atvcs who thcy had hc|pcd out,
and so cou|d turn to lor ass stancc. '
Narragcwaspartcu|ar|ycxpcnsvc,sncc thc arrangcmcntsusua| | y
rcqurcd gcttng onc` s hands on scvcra| bars olcamwood. lralha c| oth
was thc sma| | changc o| soca| |lc, camwooda rarc mportcd wood
uscd lor thc manulacturc ol cosmctcswas thc hgh-dcnomnaton
currcncy. A hundrcd ralha c|oths wcrccquva|cntto thrccto hvc bars.
cw ndvdua|sowncd much nthcway olcamwood, usua| | y| ust| tt|c
bts to grnd up lor thcr own usc. Nost was kcpt ncach v | | agc` s co| -
|cctvc trcasury.
hs s not to say that camwood was uscd lor anythng |kc
brdcwca|thrathcr, t was uscd n marragc ncgot atons, t n wh ch
a| | sorts ol glts wcrc passcd back and lorth. n lact, thcrc was no
brdcwca| th. Ncn cou|d not usc moncy to acqurc womcn, nor cou|d
thcy usc t to c| a m anyrghtsovcrch|drcn. hc Lc|cwcrc matr|nca| .
Lh | drcn bc|ongcd not t othcr lathcr` s c| an, but t othcr mothcr` s.
hcrc was anothcr way that mcn gancd contro| ovcr womcn,
howcvcr. hs was thc systcm ol b|ood dcbts.
t s a common undcrstandng among many tradt ona| Alrcan
pcop| cs that human bc ngs do not smp|y dc w thout a rcason. l
somconc dcs, somconc must havc k | |cd thcm. l a Lc| c woman d cd
n ch | db rth, lor cxamp|c, ths was assumcd to bc bccausc shc had
comm ttcd adu|tcry. hc adu|tcrcr was thus rcsponsb| c lor thc dcath.
Somctmcs shc wou|d conlcss on hcr dcathbcd, othcrw sc thc lacts ol
thc mattcr wou| d havc to bc cstab| shcd through d v nat on. t was
thc samc l a baby dcd. l somconc bccamc s ck, or s| ppcd and lc| |
N L b W | 1 N b L A N L 1 N 1O
wh | ccl mbng a trcc, onc would chcck to scc l thcy had bccn nvol vcd
n any quarrcl that could bc sad to havc causcd thc m slortunc. l a| l
c| sc la| cd, onc could cmp| oy mag ca| mcans to dcntly thc sorccrcr.
Lncc thc v | lagc was satshcd that a culprt had bccn dcnthcd, that
pcrson owcd a blood-dcbt. that s, hc owcd thc vct m` s ncxt ol kn
a human l lc. hc cu|prt wou|d thus havc to translcr ovcr a young
woman lrom h s lam | y, h s s stcr or hcr daughtcr, to bc thc vct m` s
ward, or "pawn. `
As wth thc v, thc systcm quckly bccamc mmcnscly compl-
catcd. awnshp was nhcrtcd. l a woman was somconc` s pawn, so
would hcr chldrcn bc, and so wou|d hcr daughtcrs` ch |drcn. hs
mcant that most malcs wcrc also consdcrcd somconc c| sc` s man. St l l ,
no onc wou|d acccpt a mal c pawn n paymcnt ol blood-dcbts. thc
who|c pont was to gct hold ol a young woman, who would thcn go
on to producc addtonal pawn ch |drcn. Oouglas` s Lc|c nlormants
cmphaszcd that any man wou|d natural|y want to havc many olthcsc
as poss b| c.
Ask"Vhy doyouwanttohavc morc pawns ` andthcy nvar -
ab|y say, "Jhc advantagc ol ownng pawns s that l you ncur
a b|ood-dcbt, you can sctt|c t by payng onc ol your pawns,
and your own sstcrs rcman lrcc. ` Ask, "Vhy do you wsh
your own sstcrs to rcman lrcc ` and thcy rcp|y, "Ah! thcn l
I ncur a b| ood-dcbt, I can sctt|c t by gvng onc ol thcm as
a pawn . . . `
Evcry man s a|ways awarc that at any tmc hc s |ab|c lor
a b|ood-dcbt. Il any woman hc has scduccd conlcsscs hs namc
n thc throcs ol ch|d-brth, and subscqucntly dcs, or l hcr
ch|d dcs, or l anyonc hc has quarrc|cd wth dcs ol ||ncss
or accdcnt, hc may bc hc|d rcsponsb|c . . . Evcn l a woman
runs away lrom hcr husband, and hghtng brcaks out on hcr
account, thc dcaths w|| bc |ad at hcr door, and hcr brothcr
or mothcr`s brothcr w|| havc to pay up. bncc on|y womcn
arc acccptcd as b|ood-compcnsaton, and sncc compcnsaton
s dcmandcd lor a|| dcaths, ol mcn as wc|| as ol womcn, t s
obvous thatthcrccan ncvcrbc cnough to go around. Ncn la||
nto arrcars n thcr pawnshp ob|gatons, andgr|s uscd to bc
p|cdgcd bclorc thcr brth, cvcn bclorc thcr mothcrs wcrc ol
marr agcab|c agc.
n othcr words, thc wholc thng turncd nto an cndlcss|y compl cat-
cd chcss gamconc rcason, Oouglas rcmarks, why thc tcrm "pawn`
1 L 1
sccms sngularly apropos . )ust about cvcry adult Lclc mal c was both
somconc cl sc` s pawn, and cngagcd n a constant gamc ol sccurng,
swappng, or rcdccmng pawns. Lvcry ma|or drama or tragcdy ol vl-
lagc l lc would ordnarly lcad to a translcrolrghts n womcn. Al most
al l ol thosc womcn would cvcntual l y gct swappcd aga n.
Scvcra| ponts nccd to bc cmphaszcd hcrc. rstol a| l , what wcrc
bcng tradcd wcrc, qutc spcc hcal l y, human lvcs. Oouglas cal l s thcm
"blood-dcbts, ` but "l lc-dcbts` would bc morc appropratc. Say, lor
nstancc, a man s drownng, and anothcr man rcscucs h m. Lr say
hc` s dcathly l | but a doctor curcs hm. n cthcr casc, wc would lkc|y
say onc man "owcs h s l lc` to thc othcr. So would thc Lclc, but thcy
mcant t ltcral l y. Savc somconc` s l lc, thcy owc you a llc, and a l lc
owcd had to bc padback. hc usual rccourscwaslor a man whoscl lc
was savcd to turn ovcr h s s stcr as a pawnor l not that, a d llcrcnt
woman, a pawn hc had acqurcd lrom somconc cl sc.
hcsccondpont s thatnoth ngcoul d substtutc lor a human llc.
"Lompcnsaton was bascd on thc prncplc ol cquvalcncc, a l lc lor a
l lc, a pcrson lor a pcrson. ` Sncc thc valuc ol a human l |c was abso-
lutc, no amount olralha cloth, or camwood bars, or goats, or transs-
tor rados, or anythng clsc could possbly takc ts placc.
hc thrd and most mportant pont s that n practcc, "human
l lc` actual l y mcant "woman` s l lc`orcvcn morc spcchcal l y, "young
woman` s l lc. ` Lstcns bl y ths was to max m zc onc` s holdngs. abovc
al l , onc wshcd lor a human bcng who could bccomc prcgnant and
producc ch |drcn, sncc thosc chldrcn would also bc pawns. St l l , cvcn
NaryOougl as, whowas nno scnsc a lcmnst, waslorccdto adm tthat
thc wholc arrangcmcnt dd sccm to opcratc as l t wcrc onc ggantc
apparatus lor asscrtng mal c control ovcr womcn. hs was truc abovc
all bccausc womcn thcmsclvcs could not own pawns. hcy could only
bc pawns. n othcr words. whcn t camc to l lc-dcbts, onl y mcn could
bccthcrcrcdtors OI dcbtors. Young womcn wcrcthus thccrcdts and
thc dcbtsthc pcccs bcng movcd around thc chcssboardwh l c thc
hands that movcd thcm wcrc nvarably mal c.'
Llcoursc, sncc a| most cvcryonc was a pawn, or had bccn atsomc
pont n thcr l vcs, bcng onc could not n tscll bc much ol a tragcdy.
or mal c pawns t was n somc ways qutc advantagcous, sncc onc` s
"owncr` had to pay most olonc` s hncs and lccs and cvcn blood-dcbts.
hs s why, as Oougl as` s nlormants un|orml y nsstcd, pawnshp had
nothng n common wth sl avcry. hc Lclc dd kccp slavcs, but ncvcr
vcry many. Slavcs wcrc war captvcs, usual l y lorcgncrs. As such thcy
had no lam l y, no onc to protcct thcm. o bc a pawn, on thc othcr
hand, mcant to havc not onc, but two dllcrcnt laml cs to look altcr
N L b W | 1 N b L A N L 1 N 1 1
you. youstll had yourown mothcr andhcrbrothcrs, butnowyoual so
had your " lord. `
or a woman, thc vcry lact that shc was thc stakcs n a gamc that
al l mcn wcrc playng allordcd al l sorts ol opportuntcs to gamc thc
systcm. n prncplc, a grl mght bc born a pawn, assgncd to somc
man lor cvcntual marragc. n practcc, howcvcr,
a littlc Lclc girl would grow up a coqucttc. rom inlancy shc
was thc ccntrc ol allcctionatc, tcasing, hirting attcntion. Mcr
alhanccd husband ncvcr gaincd morcthan a vcry limitcd con-
trol ovcr hcr . . . bincc mcn compctcd with onc anothcr lor
womcn thcrc was scopc lor womcn to manocuvrc and intriguc.
Mopclul scduccrs wcrc ncvcr lacking and no woman doubtcd
that shc could gct anothcr husband ilit suitcd hcr. '
n addton, a young Lclc woman had onc unquc and powcrlul card
to play. Lvcryonc was wcll awarc that, l shc complctcly rcluscd to
countcnancc hcr stuaton, shc always had thc opton ol bccomng a
"v l l agc-wlc. `''
hc nsttuton olvl lagc-wlc was a pccularly Lclc onc. robably
thc bcst way to dcscrbc t s to magnc a hypothctcalcasc. Lct us say
that an ol d, mportant man acqurcs a young woman as pawn through
a blood-dcbt, and hc dccdcs to marry hcr h mscll. cchncally, hc has
thc rght to do so, but t's no lun lor a young woman to bc an old
man' s thrd or lourth wlc. Lr, say hc dccdcsto ollcr hcr n marragc
to onc ol hs malc pawns n a vllagc lar away lrom hcr mothcr and
natal homc. Shc protcsts. c gnorcs hcr protcstatons . Shc wats lor
an opportunc momcnt and slps oll at nghtto an cncmy v l lagc, whcrc
shc asks lor sanctuary. hs s always possbl c. all vllagcs havc thcr
tradtonal cncmcs. Pcthcr would an cncmy vl lagc rclusc a woman
who camc to thcm n such a stuaton. hcy would mmcdatcly dc-
cl arc hcr "wlc olthc vllagc, ` who al l mcn lvngthcrcwould thcn bc
obl gcd to protcct.
t hclps to undcrstand that hcrc, as n many parts ol Alrca, most
oldcr mcn had scvcral wvcs. hs mcantthat thcpool olwomcn aval-
ablc lor youngcr mcn was consdcrably rcduccd. As our cthnographcr
cxpl ans, thc mbalancc was a sourcc olconsdcrabl c scxual tcnson.
Lvcryonc rccognizcd that thc young unmarricd mcn covctcd
thc wivcs ol thcir scniors. ndccd, onc ol thcir pastimcs was to
plan scductions and thc man who boastcd olnoncwasdcridcd.
bncc thc old mcn wishcd to rcmain polygynists, with two or
1 Z L 1
thrcc wvcs, and sncc adultcrcs wcrc thought to dsrupt thc
pcacc ol thc vllagc, Lclc had to makc somc arrangcmcnt to
appcasc thcr unmarrcd mcn.
Jhcrclorc, whcn a sulhccnt numbcr ol thcm rcachcd thc
agc ol cghtccn or so, thcy wcrc allowcd to buy thc rght to a
common wlc. `
Altcr payng an appropratc lcc n ralha cloth to thc v l l agc trcasury,
thcy wcrc pcrmttcd tobuld a collcctvc housc, andthcn thcy wcrc c-
thcr al lottcd a wlc to put n t, or al lowcd to lorm a party that would
try to stcal onc lrom a rval v l l agc. Lr, altcrnatcly, l onc showcd
up as a rclugcc, thcy would ask thc rcst ol thc v l l agc lor thc rght to
acccpt hcr. ths was nvarably grantcd. ) hs common wlc s what` s
rclcrrcd to as a "v l lagc wlc. ` hc poston ol v l l agc wlc was morc
than rcspcctabl c. n lact, a ncwly marrcd v l |agc wlc was trcatcdvcry
much lkc a prnccss. Shc was not cxpcctcd to plant or wccd n thc
gardcns, lctch wood or watcr, or cvcn to cook, all houschold chorcs
wcrc donc by hcr cagcr young husbands, who provdcd thc bcst ol
cvcrythng, spcndng much ol thcr tmc huntng n thc lorcst vyng
to brng hcr thc choccst dclcaccs, or plyng hcr wth palm wnc. Shc
could hclp hcrscl lto othcrs` posscssons and was cxpcctcd to makc al l
sorts ol mschcl to thc bcmuscd ndulgcncc ol al l conccrncd. Shc was
al so cxpcctcd to makc hcrscll scxual l y ava l abl c to al l mcmbcrs olthc
agc-sctpcrhaps tcn or twclvc dllcrcnt mcnat hrst, prctty much
whcncvcr thcy wantcd hcr.''
Lvcr t mc, a v l l agc wlc would usual l y scttlc down wth | ust thrcc
or lour ol hcr husbands, and hnal l y, | ust onc. hc domcstc arrangc-
mcnts wcrc hcxbl c. Poncthcl css, n prncplc, shc was marrcd to thc
v l l agc as a wholc. l shc had ch ldrcn, thc v l l agc was consdcrcd to
bc thcr lathcr, and as such cxpcctcd to brng thcm up, provdc thcm
wth rcsourccs, and cvcntual l y, gct thcm propcrly marrcd ollwhch
s why vl l agcs had to mantan collcctvc trcasurcs lul l ol ralha and
camwood bars n thc hrst placc. Sncc at any tmc a vl l agc was lkcly
to havc scvcral v l l agc wvcs, t would al so havc ts own ch ldrcn and
grandch|drcn, and thcrclorc bc n a poston to both dcmand and pay
bl ood-dcbts, and thus, to accumulatc pawns.
As a rcsul t, vl l agcs bccamc corporatc bod cs, collcctvc groups
that, lkc modcrn corporatons, had to bc trcatcd as lthcy wcrc nd-
v dual slorpurposcs oll aw. owcvcrthcrcwasonckcydllcrcncc. On-
lkcordnary ndvdual s, v l l agcs could backupthc rcl a mswth lorcc.
As Oouglas cmphaszcs, ths was cruc al , bccausc ord nary Lclc
mcn wcrc s mpl y not ablc to do ths to onc anothcr. '' n cvcryday
N L b W | 1 N b L A N L 1 N 1 O
alla rs, thcrc was an al most complctc lack ol any systcmatc mcans ol
cocrc on. hs was thc ma n rcason, shc notcs, that pawnshp was so
nnocuous. hcrc wcrc al l sorts ol rulcs, but w th no govcrnmcnt, no
courts, no | udgcs to makc authortatvc dcc s ons, no group ol armcd
mcn wllng or ablc to cmploy thc thrcat ol lorcc to back thosc dcc-
sons up, rulcs wcrc thcrc to bc ad| ustcd and ntcrprctcd. n thc cnd,
cvcryonc` s lcclngs had to bc takcn nto account. n cvcryday allars,
Lcl cputgrcatstockongcntl cand agrccabl c bchavor. Ncn mght havc
bccnrcgular|ysczcdwth thcurgctothrowthcmsclvcs atcach othcrn
hts ol| calous ragc oltcn thcyhad good rcason to) , butthcyvcry rarcly
dd. And la hght dd brcak out, cvcryonc would mmcd atcly | ump n
to brcak t up and submt thc allar to publ c mcd aton. ''
V l l agcs, n contrast, wcrc lorthcd, and agc-sctscould bc mob l zcd
to act as ml tary unts. crc, and only hcrc, dd organzcd volcncc
cntcr thc pcturc. ruc, whcn v l l agcs lought, t was also always ovcr
womcn cvcryonc Oouglas talkcd to cxprcsscd ncrcdulty at thc vcry
dca that grown mcn, anywhcrc, could cvcr comc to blows ovcr any-
thtng clsc) . But n thc casc ol v l l agcs, t could comc to an actual war.
lanothcr vl l agc` s cldcrs gnorcd onc` s clams to a pawn, onc` s young
mcn mght organzc a radng party and kdnap hcr, or carry oll somc
othcr lkcly young womcn to bc thcr collcctvc wlc. hs mght lcad
to dcaths, and to lurthcr clams lor compcnsaton. "Sncc t had thc
backng ol lorcc, ` Oougl as obscrvcs drly, "thc vl l agc could allord to
bc lcss concl atory towards thc wshcs ol ts pawns. `'
t`s at cxactly ths pont, too, whcrc thc potcntal lor volcncc
cntcrs, that thc grcat wall constructcd bctwccn thc val uc ol lvcs and
moncy can suddcnly comc tumblng down.
bomctmcs whcn two clans wcrc dsputng a clam to blood
compcnsaton, thc cla mant mght scc no hopc ol gcttng sat-
slacton lrom hs opponcnts. Jhc poltcal systcm ollcrcd no
drcct mcans lor onc man or clan) to usc physcal cocrcon or
to rcsort to supcror authorty to cnlorcc clams aganst an-
othcr. In such a casc, rathcrthan abandon hs clam to a pawn-
woman, hc would bc rcady to takc thc cquvalcnt n wcalth, l
hccouldgctt. Jhcusua| proccdurc wasto scllhscascaganst
thc dclcndants to thc only group capablc ol cxtortng a pawn
by lorcc, that s, to a vl|agc.
Jhc man who mcant to scll hs casc to a vllagc askcd thcm
lorICC ralha cloths or hvc bars olcamwood. Jhc vllagc rascd
thc amount, cthcr lrom ts trcasury, or by a loan lrom onc
1 L 1
ol ts mcmbcrs, and thcrcby adoptcd as ts own hs c|am to
a pawn. '
Lncc hc hcld thc moncy, h scl a m was ovcr, andthcv l l agc, whchhad
now bought t, would procccd to organzc a rad to sczc thc woman
n dsputc.
n othcr words, t was on/y whcn vo|cncc was brought nto thc
cquaton that thcrc was any qucston olbuyng and scllng pcopl c. hc
ab lty to dcploy lorcc, to cut through thc cndlcss mazc olprclcrcnccs,
ob| gatons, cxpcctatons, and rcsponsbl tcs that mark rcal human
rclatonshps, al so madc t possblc to ovcrcomc what s othcrwsc thc
hrst ru|c ol all Lc|c cconomc rc|atonsh ps. that human lvcs can only
bc cxchangcd lor othcr human |vcs, and ncvcr lor physcal ob| ccts.
Sgnhcantl y, thc amount pada hundrcd cloths, or an cquvalcnt
amount ol camwoodwas also thc prcc ol a slavc. ' Slavcs wcrc, as
mcntoncd, war captvcs. hcrc sccm ncvcr to havc bccn vcry many
ol thcm, Oougl as only managcd to locatc two dcsccndants ol sl avcs
n thc Igos, somc twcnty-hvc ycars altcr thc practcc had bccn abol -
shcd. '' Stl | , thc numbcrs wcrc not mportant. hc mcrc lact ol thcr
cxstcncc sct a prcccdcnt. hc val uc ola human l lc could, somctmcs,
bc quanthcd, but lonc was abl c to movc lrom A A onc l lc cqua|s
anothcr) to A B onc l lc onc hundrcd cloths) , t was only bccausc
thc cquaton was cstabl shcd at thc pont ol a spcar.
|| 0sN 00 0t [ 1l v)
havc dwclt on thc Lclc n such dctal npart bccausc wantcd t ocon-
vcy somc scnsc ol why was usng thc tcrm "human cconomy, ` what
l lc s lkc nsdc onc, what sort ol dramas h| l pcoplc` s days, and how
moncy typcal l y opcratcs n thc mdst ol al l th s. Lclc currcnccs arc,
as say, quntcsscntal socal currcnccs. hcy arc uscd to mark cvcry
vst, cvcry promsc, cvcry mportant momcnt n a man` s or woman` s
l lc. t s surcly sgnhcant, too, whatthcob| ccts uscd as currcncy hcrc
actually wcrc. Kalha cloth was uscd lor clothng. n Oougl as` s day,
t was thc ma n th ng uscd to cl othc thc human body, camwood bars
wcrc thc sourcc ola rcd pastc that was uscd as a cosmctct was thc
ma n substancc uscd as makcup, by both mcn and womcn, to bcautly
thcmsc|vcs cach day. hcsc, thcn, wcrc thc matcr a| s uscd to shapc
pcopl c` s physcal appcarancc, to makc thcm appcar maturc, dcccnt, at-
tractvc, and dgn hcd to thcr lcl l ows. hcy wcrc what turncd a mcrc
nakcd body nto a propcr socal bcng.
N L b W | 1 N b L A N L 1 N 1 D
hs s no concdcncc. n lact, t` s cxtraordnarly common n
what ` vc bccn cal l ng human cconomcs. Noncy al most al ways ar scs
hrst lrom ob| ccts that arc uscd prmarly as adornmcnt ol thc pcrson.
Bcads, shcl | s, lcathcrs, dog or whal c tccth, gold, and slvcr arc al l wcll-
known cascs n pont. Al | arc usclcss lor any purposcothcr than mak-
ngpcoplc look morc ntcrcstng, and hcncc, morc bcautlu| . hc brass
rods uscd by thc v mght sccm an cxccpton, but actual l ythcy` rc not.
thcywcrcuscd manl y as raw matcral lorthc manulacturc ol| cwclry,
orsmpl y tw stcd nto hoops and worn at danccs. hcrc arc cxccptons
cattlc, lor nstancc) , but as a gcncral rulc, t`s only whcn govcrnmcnts,
and thcn markcts, cntcr thc pcturc that wc bcgn to scc currcnccs lkc
barlcy, chccsc, tobacco, or sa| t. '
t al so l | ustratcs thc pccul ar progrcsson ol dcas that so oltcn
mark human cconomcs . Ln thc onc hand, human l lc s thc absolutc
val uc. hcrc s no possb|c cquvalcnt. Vhcthcr a l lc s gvcn or takcn,
thc dcbt s abso|utc. n pl accs, ths prncplc s ndccd sacrosanct. Norc
oltcn, t scompromscd by thc cl aboratc gamcs p|aycd by thc v, who
trcat thc gvng ol lvcs, and thc Lclc, who trcat thc takng ol lvcs,
as crcatng dcbts that can on|y bc pad by dclvcrng anothcr human
bc ng. n cach casc, too, thc practcc cnds up cngcndcrng an cxtraor-
dnarly comp|cx gamc n whch mportant mcn cnd up cxchangng
womcn, or at lcast, rghts ovcr thcr lcrt lty.
But ths s alrcady a knd ol opcnng. Lncc thc gamc cxsts, oncc
thc prncplc ol substtuton comcs n, thcrc was al ways thc poss b lty
olcxtcndng t. Vhcn that bcgns to happcn, systcms oldcbt that wcrc
prcmscd on crcatng pcoplc cancvcn hcrc suddcn|y bccomc thc
mcans oldcstroyng thcm.
As an cxamp| c, l ctus onccaga nrcturn tothc v. hcrcadcr w l l
rcca| l that l a man dd not havc a s stcr or a ward to g vc n cxchangc
lor onc`s wlc, t was possb|c to assuagc hcr parcnts and guardans by
gtlts ol moncy. owcvcr, such a wlc would ncvcr bc consdcrcd truly
hs. crc too, thcrc was onc dramatc cxccpt on. A man could buy a
s|avc, a woman kdnappcd n a rad lrom a dstant country. '' Sl avcs,
altcr all, had no parcnts, or could bc trcatcd as t lthcy ddn` t, thcyhad
bccn lorcbly rcmovcd lrom al l thosc nctworks ol mutual obl gaton
and dcbt n whch ordnary pcoplc acqurcd thcr outward dcntt cs.
hs was why thcycou|d bc boughtand sol d.
Lncc marrcd, though, a purchascd wlc woul d qu ckl y dcvclop
ncw tcs. Shc was no longcr a slavc, and hcr ch ldrcn wcrc pcrlcctly
lcgt matc morc so, n lact, than thosc ol a wlc who was mcrcly ac-
qu rcd through thc cont nual paymcnt ol brass rods.
1 L 1
Vc havc pcrhaps a gcncral prnc pl c. to makc somcthng sa| cablc,
n a human cconomy, onc nccds to hrst rp t lrom ts contcxt. hat` s
what slavcs arc. pcoplc stolcn lrom thc communty that madc thcm
what thcy arc. Asstrangcrs to thcr ncw communtcs, slavcs no longcr
had mothcrs, lathcrs, kn olany sort. hs swhy thcy could bcbought
and sold or cvcn kllcd. bccausc thc on/y rclaton thcy had was to thcr
owncrs. A Lc|c v| lagc` s ab l ty to organzc rads and kdnap a woman
lrom an al cn communty sccms to havc bccn thc kcy to ts ab l ty to
start tradng womcn lor moncycvcn l nthcr casc, thcy could do so
onl y to a vcry l mtcd cxtcnt. Altcr all, hcr rclatvcs wcrc not vcry lar
away, and thcy would surcly comc around dcmandng an cxpl anaton.
nthccnd, somconc wou| dhavctocomcup wth an arrangcmcnt that
cvcryonc could |vc wth. '
St l l , wou| d al so nsst that thcrc s somcthng morc than th s.
Lncgctsthcdstnctscnsc, n much olthc l tcraturc, thatmanyAlrcan
socctcs wcrc hauntcd by thc awarcncss that thcsc claboratc nctworks
ol dcbt could, l thngs wcnt | ust sl ght|y wrong, bc translormcd nto
somcthng abso| utcly tcrr bl c. hc v arc a dramatc casc n pont.
8 8 8 f 8
Among studcnts ol anthropology, thc v arc ma nl y lamous lor thc
lact that thcr cconomc l lc was dvdcd nto what thcr bcst-known
cthnographcrs, aul and Laura Bohannan, rclcrrcd to as thrcc scpa-
ratc "sphcrcs ol cxchangc. ` Lrdnary, cvcryday cconomc actvty was
mostlythc alla rolwomcn. hcywcrcthconcs who hl |cd thc markcts,
and who trod thc paths gvng and rcturnng mnor glts olokra, nuts,
or hsh. Ncn conccrncd thcmsc|vcs wth what thcy consdcrcd hghcr
thngs. thc knd ol transactons that could bc conductcd usng thc v
currcncy, whch, as wth thc Lclc, consstcd ol two dcnomnatons, a
knd ol l oca| l y madc cloth ca| lcd tugudu, wdclycxportcd, and, lor ma-
| or transact ons, bund|cs olmportcd brassrods. '' hcsccou| dbc uscd
to acqurc ccrtan hashy and luxurous thngs cows, purchascd lorcgn
wvcs) , but thcy wcrc ma nl y lor thc gvc and takc ol poltcal allars,
hrng curcrs, acqurng magc, ganng ntaton nto cult socctcs. n
poltcal mattcrs, v wcrc cvcn morc rcso| utc|y cgaltaran than thc
Lclc. succcsslu| old mcn wth thc r numcrous w vcs m ght havc lordcd
t ovcr thcr sons and othcr dcpcndants wthn thcr own housc com-
pounds, but bcyond that, thcrc was no lormal poltcal organzaton
ol any sort. nally, thcrc was thc systcm ol wards, whch consstcd
cntrcly ol mcn` s rghts n womcn. cncc, thc noton ol "sphcrcs. ` n
prncplc, thcsc thrcc lcvclsordnary consumpton goods, mascu| nc
N L b W | 1 N b L A N L 1 N 1 1
prcstgc goods, and rghts n womcnwcrc comp|ctc|y scparatc. Po
amount ol okra could gct you a brass rod, | ust as, n prncplc, no
numbcr ol brass rods cou|d gvc you lu|l rghts to a woman.
In practcc, thcrc wcrc ways to gamc thc systcm. Say a ncghbor
was sponsorng a lcast but was short on supp|cs, onc mght comc to
h s a d, thcn |atcr, d scrcct|y, ask lor a bundlc ortwo n rcpaymcnt. o
bc abl c to whccl and dca| , to "turn chckcns nto cows, ` as thc sayng
wcnt, and u|tmatc|y, brokcr onc` s wcalth and prcstgc nto a way ol
acqurng wvcs, rcqurcd a "strong hcart`that s, an cntcrprsng and
charsmatc pcrsona|ty. " But "strong hcart` had anothcr mcanng too.
hcrc was bc|cvcd to bc a ccrta n actua| b o|ogcal substancc cal lcd
tsac that grcw on thc human hcart. hs was what gavc ccrta n pcoplc
thcr charm, thcr cncrgy, and thcr powcrs ol pcrsuas on. Tsac thcrc-
lorc was both a physca| substancc andthat nvsbl c powcr that al l ows
ccrta n pcopl c to bcndothcrs to thcr w | | .''
hc problcm wasand most v ol that tmc appcar to havc bc-
|cvcd that ths was tbe prob|cm wth thcr socctythat t was a| so
possb|c to augmcntonc` s tsac througharthca| mcans, and ths cou| d
only bc accompl shcd by consumng human hcsh.
Pow, shou|d cmphas zcr ghtaway that thcrc s no rcason to bc-
l cvcthat any v actual l y ddpract cccann ba| sm. hc dca olcatng
human hcsh appcars to havc dsgustcd and horrhcd thcm as much as
t wou|d most Amcrcans. Yct lor ccnturcs, most appcar to havc bccn
vcrtabl y obscsscd by thc suspcon that somc ol thcr ncghborsand
partcularly promncnt mcn who bccamc dc lacto poltca| lcadcrs
wcrc, n lact, sccrct cann ba| s. Ncn who bu l t up thcr tsac by such
mcans, thc storcs wcnt, attancd cxtraord nary powcrs. thc ab | ty to
hy, to bccomc mpcrvous to wcapons, to bc ab| c to scnd out thcr
sou|s at nght to kll thcr vctms n such a way that thcr vctms dd
not cvcn know that thcy wcrc dcad, butwou|d wandcr about, conluscd
and lcck|css, to bc harvcstcd lor thcr cann ba| lcasts. hcy bccamc, n
short, tcrrlyng wtchcs. '
hc m|atsac, or soccty ol wtchcs, was always lookng lor ncw
mcmbcrs, and thc way to accomplsh ths was to trck pcoplc nto cat-
ng human hcsh. A wtch would takc a pccc olthc body ol onc ol hs
own closc rc|atvcs, who hc had murdcrcd, and p|acc t n thc vct m` s
lood. l thc man was loo| sh cnough to cat t, hc wou| d contract a
"hcsh-dcbt, ` and thc soccty ol wtchcs cnsurcd that hcsh-dcbts arc
always pa d.
Icrhaps your lrcnd, or somc oldcr man, has notccd that you
havc a largc numbcr olch ldrcn, or brothcrs and s stcrs, and so
1 L 1
trcks you nto contractng thc dcbt wth hm. Mc nvtcs you
to cat lood n hs housc alonc wth hm, and whcn you bcgn
thc mcal hc scts bclorc you two dshcs ol saucc, onc ol whch
contans cookcd human hcsh . . .
l you cat lrom thc wrong d sh, but you do not havc a "strong
hcart`thc potcnt al to bccomc a w tchyou wll bccomc sck and
hcc lrom thc housc n tcrror. But lyou havc thathddcn potcnt al , thc
hcsh wll bcgn to work n you. hat cvcnng, you wll hnd your housc
surroundcd by scrccchng cats and owls. Strangc noscs wll hl l thc ar.
Your ncw crcdtor wl l appcar bclorc you, backcd by h s conlcdcratcs
n cvl . c wll tcll ol how hc k l lcd h s own brothcr so you two could
dnc togcthcr, and prctcnd to bc torturcd by thc thought ol havng lost
hs own kn as you st thcrc, surroundcd by your plump and hcalthy
rclatvcs. hc othcrwtchcs wl l concur, actngaslal l ths s yourown
laul t. "You havc sought lor troubl c, and troublc has comc upon you.
Lomc and lc down on thc ground, that wc may cut your throat. `'
hcrc` s only onc way out, and that` s to plcdgc a mcmbcr ol your
own laml y as substtutc. hs s possblc, bccausc you wll hnd you
havc tcrr blc ncw powcrs, but thcy must bc uscd as thc othcr wtchcs
dcmand. Lnc by onc, you must kll oll your brothcrs, sstcrs, ch ldrcn,
thcr bodcs w l l bc stolcn lrom thcr gravcs by thc col l cgc ol wtchcs,
brought back to l lc | ust long cnough to bc propcrly lattcncd, torturcd,
k l lcd aga n, thcn carvcd and roastcd lor yct anothcr lcast.
Jhchcsh dcbt gocs onandon. Jhccrcdtor kccps on comng.
Unlcss thc dcbtor has mcn bchnd hm who arc vcry strong n
tsac, hc cannot lrcc h msc|l lrom thc hcsh dcbt untl hc has
gvcnup al l hspcoplc,and hs lam|y s hnshcd. Jhcnhc gocs
hmsclland lcs down on thc ground to bc slaughtcrcd, and so
thc dcbt s hnally dschargcd. '

1N 0 5| 8v0 Tr8 J 0
n onc scnsc, t` s obvous what` s gong on hcrc. Ncn wth "strong
hcarts` havc powcr and char sma, usng t, thcy can man pul atc dcbt
to turn cxtra lood nto trcasurcs, and trcasurcs nto wvcs, wards, and
daughtcrs, and thus bccomc thc hcads ol cvcr-growng lam l cs. But
that vcry powcr and char sma that al l ows thcm to do ths also makcs
thcm run thc constant dangcr olscndng thc wholc proccss | oltng back
N L b W | 1 N b L A N L 1 N 14
nto a knd ol horrhc mpl oson, ol crcatng hcsh-dcbts whcrcby onc` s
laml y s convcrtcd back nto lood.
Pow, lonc s smpl y tryngto magnc thc worst thng that could
possbly happcn to somconc, surcl y, bcng lorccd to dnc on thc mu-
tlatcd corpscs ol onc` s own chldrcn would, anywhcrc, bc prctty h gh
on thc l st. Stl l , anthropologsts havc comc to undcrstand, ovcr thc
ycars, that cvcry soccty s hauntcd by slghtly dllcrcnt nghtmarcs,
and thcsc dllcrcnccs arc sgnhcant. orror storcs, whcthcr about
vamprcs, ghouls, or hcsh-catng zombcs, always sccm to rchcct somc
aspcct ol thc tcl l crs` own socal lvcs, somc tcrrlyng potcnt al , n thc
way thcy arc accustomcd to ntcractwth cach othcr, that thcy do not
wshto acknowlcdgcorconlront, butal socannothclp buttalkabout. ''
n thc v casc, what would that bc! Llcarly, v dd havc a ma| or
problcm w th authorty. hcy l vcd n a landscapc dottcd w th com-
pounds, cach organzcd around a s ngl c oldcr man w th h s numcrous
wvcs, chldrcn, and assortcd hangcrs-on. Vthn cach compound, that
manhadncar-absolutc authorty. Lutsdcthcrcwasnolormal pol tcal
structurc, and v wcrchcrccl ycgal taran. nothcrwords. al l mcn as-
prcd to bccomcthc mastcrs oll argc laml cs, butthcywcrccxtrcmcly
suspcous ol any lorm ol mastcry. ardly surprsng, thcn, that v
mcn wcrc so ambvalcnt about thc naturc ol powcr that thcy bccamc
convnccd that thc vcry qualtcs that al l ow a man to rsc to lcgtmatc
promncncccould, l takcn | usta l ttlc btlurthcr, turn h mnto a mon-
stcr.' n lact, most v sccmcd to assumc that most mal c cldcrs u6I6
wtchcs, and that la youngpcrsondcd, thcy wcrc probablybcngpad
oll lor a hcsh-dcbt.
But ths st l l docsn` t answcr thc onc obvous qucst on. Vhy s al l
ths lramcd n tcrms oldcbt!
8 8 8 8 8
9
crc a l ttlc hstory s n ordcr. t would appcar that thc anccstors ol
thc v arrvcd n thc Bcnuc rvcr vallcy and ad| accnt lands somctmc
around I;oa tmc whcn al l ol what`s now Pgcra was bcng torn
apart by thc Atlantc slavc tradc. Larl y storcs rclatc how thc v, dur-
ng thcr mgrat ons, uscd to pant thcr wvcs and chldrcn wth what
lookcdlkc smal lpox scars, so that potcnt al radcrs would bc alrad to
carry thcm oll. '' hcy cstabl shcd thcmsclvcs n a notorously nacccs-
sblc strctch ol country and ollcrcd up lcrocous dclcnsc aganst pcr-
odc rads lrom ncghborng kngdoms to thcr north and wcstwth
whtch thcy cvcntual l y camc to a poltcal rapprochcmcnt. ''
1D L 1
hc v, thcn, wcrc wcll awarc ol what was happcnng al l around
thcm. Lonsdcr, lor cxamplc, thc casc ol thc coppcr bars whosc usc
thcy wcrc so carclul to rcstrct, so as to avod thcr bccomng an al l -
purposc lorm olcurrcncy.
Pow, coppcr bars had bccn uscd lor moncy n ths part ol Alrca
lor ccnturcs, and at lcast n somc placcs, lor ordnary commcrcal
transactons, as wcl l . t was casy cnough to do. onc smpl y snappcd
thcm apart nto smal lcr pcccs, or pullcd somc olthcm nto thn w rcs,
twstcd thosc around to lttlc loops, and onc had pcrlcctly scrvccablc
small changc lor cvcryday markct transactons.'' Nost olthc oncs cur-
rcnt n vland sncc thc l atc cghtccnth ccntury, on thc othcr hand,
wcrc mass-produccd n lactorcs n B rm ngham and mportcd through
thc port ol Ll d Lal abar at thc mouth ol thc Lross Kvcr, by slavc-
tradcrs bascd n Lvcrpool and Brstol . '' n all thc country ad| onng
thc Lross Kvcrthat s, n thc rcgon d rcctly to thc south ol thc
v tcrrtorycoppcr bars wcrc uscd as cvcryday currcncy. hs was
prcsumabl y how thcy cntcrcd vland, thcy wcrc cthcr carrcd n by
pcdl ars lrom thc Lross Kvcr or acqurcd by vtradcrs oncxpcdtons
abroad. Al l ths, howcvcr, makcs thc lact that thc v rcluscd to usc
coppcr bars as such a currcncy doubly sgnhcant.
Ourng thc 6os alonc, pcrhaps a hundrcd thousand Alrcans wcrc
shppcd down thc Lross Kvcr to Lal abar and ncarby ports, whcrc thcy
wcrc put n cha ns, pl accd on Brtsh, rcnch, orothcr Luropcan shps,
and shppcd across thc Atlantcpart ol pcrhaps a m l l on and a hall
cxportcd lrom thc Bght ol Balra durng thc wholc pcrod ol thc At-
lantc slavc tradc. '' Somc ol thcm had bccn capturcd n wars or rads,
or s mpl y kdnappcd. hc ma| orty, though, wcrc carrcd oll bccausc
oldcbts.
crc, though, must cxplan somcthng about thc organzaton ol
thc slavc tradc.
hc Atlantc Sl avc radc as a wholc was a ggantc nctwork ol
crcdt arrangcmcnts. Shp-owncrs bascd n Lvcrpool or Brstol would
acqurc goods on casycrcdt tcrms lrom local wholcsalcrs, cxpcctngto
makc good by scllng slavcs al so on crcdt) to pl antcrs n thc Antl lcs
and Amcrca, wth commsson agcnts n thc cty olLondon ul tmatcly
hnancng thc alla rthrough thcprohts olthc sugar and tobacco tradc. '
Shp-owncrs would thcn transport thcr warcs to Alrcan ports lkc
Ll d Lalabar. Lalabar tscllwas thc quntcsscntal mcrcantlc cty-statc,
domnatcd by rch Alrcan mcrchants who drcsscd n Luropcan clothcs,
lvcd n Luropcan-stylc houscs, and n somc cascs cvcn scnt thcr chl-
drcn to Lngland to bc cducatcd.
N L b W | 1 N b L A N L 1 N 1D 1
Ln arrval , Luropcan tradcrs would ncgot atc thc val uc ol thcr
cargocs n thc coppcr bars that scrvcd as thc currcncy ol thc port. n
6g8, a mcrchant aboard a shp cal lcd thc Dragon notcd thc lollowng
prccs hc managcd to cstabl sh lor h s warcs.
OnC bar rOn q COppCr bars
OnC bunCh O bCaOs q COppCr bars
hVC rangOCs' q COppCr bars
OnC basn O. q COppCr bars
OnC tankarO _ COppCr bars
OnC yarO nCn I COppCr bar
stx knVCs I COppCr bar
OnC brass bC O. I _ COppCr bars'"
By thc hcght olthc tradc hlty ycars latcr, Brtsh shps wcrc br ng-
ng n l argc quanttcs ol cloth both products ol thc ncwly crcatcd
Nanchcstcr m l l s and cal cocs lrom nd a) , and ron and coppcr warc,
along wth ncdcntal goods l kc bcads, and also, lor obvous rcasons,
substant al numbcrs ol hrcarms.'' hc goods wcrc thcn advanccd to
Alrcan mcrchants, agan on crcdt, who assgncd thcm to thcr own
agcnts to movc upstrcam.
hc obvous problcm was howt o sccurc t hcdcbt. hc tradc was
an cxtraordnarly duplctous and brutal busncss, and slavc radcrs
wcrc unl kcly to bc dcpcndablc crcdt rskscspcc al l y whcn dcalng
wth lorcgn mcrchants who thcy mght ncvcr scc agan. As a rcsult,
a systcm qucklydcvclopcd n whch Luropcan captans would dcmand
sccurty n thc lorm ol pawns.
hc sort ol "pawns` wc arc tal k ng about hcrc arc cl carl y qutc
dllcrcnt lrom thc knd wc cncountcrcd among thc Lclc. n many ol
thc kngdoms and tradng towns ol Vcst Alr ca, thc naturc ol pawn-
shp appcars to havc al rcady undcrgonc prolound changcs by thc tmc
Luropcansshowcd up on thc sccncaround oot had bccomc, cllcc-
tvcly, a knd ol dcbt pconagc. Ocbtors would plcdgc laml y mcmbcrs
as surcty lor l oans, thc pawns would thcn bccomc dcpcndcnts n thc
crcdtors` houschol ds, workng thcr hclds and tcndng to thcr housc-
hold chorcsthcr pcrsons actng as sccurty whlc thcr labor, cllcc-
tvcly, substtutcd lor ntcrcst. ' awns wcrc not slavcs, thcy wcrc not,
lkc slavcs, cut oll lrom thcr laml cs, but ncthcr wcrc thcy prccscly
lrcc. n Lal abar and othcr ports, mastcrs olsl avng shps, on advanc-
ng goods to thcr Alrcan countcrparts, soon dcvclopcd thc custom ol
1D Z L 1
dcmandngpawns as sccurtylor nstancc, two ol thc mcrchants` own
dcpcndcnts lor cvcrythrcc slavcs to bc dclvcrcd, prclcrably ncl udng
at lcast onc mcmbcr ol thc mcrchants` lam l cs hs was n practcc
not much dllcrcnt than dcmandng thc surrcndcr ol hostagcs, and at
tmcs t crcatcd ma| or poltcal crscs whcn captans, trcd ol watng
lor dclaycd shpmcnts, dccdcd to takc oll wth a cargo ol pawns n-
stcad.
Oprvcr, dcbt pawns al so pl aycd a ma| or part n thc tradc. n onc
way, thc arca was a b t unusual . n most olVcst Alrca, thc tradc ran
through ma| or kngdoms such as Oahomcy or Asantc to makc wars
and mposc dracon an pun shmcntsonc vcry common cxpcdcnt lor
rulcrs was to man pulatc thc | ustcc systcm, so that al most any crmc
camc to bc punshabl c by cnslavcmcnt, or by dcath wth thc cnsl avc-
mcnt ol onc`s wlc and chldrcn, or by outragcously hgh hncs whch,
lonc could not pay thcm, woul d causc thc dclaul tcr and h s lam l y to
bc sold as slavcs. n anothcr way, t s unusual l y rcvcalng, sncc thc
lack ol any l argcr govcrnmcnt structurcs madc t cascr to scc what
was rcal l y happcnng. hc pcrvasvc cl matc olvolcncc lcd to thc sys-
tcmatc pcrvcrson olal l thc nsttutons olcxstng human cconom cs,
whch wcrc translormcd nto a ggantc apparatus ol dchumanzaton
and dcstructon.
n thc Lross Kvcr rcgon, thc tradc sccms to havc sccn two phascs.
hc hrst was a pcrod ol absol utc tcrror and uttcr chaos, n whch
radswcrclrcqucnt, and anyonctravclngaloncrskcdbcngkdnappcd
by rovng gangs ol thugs and sold to Lalabar. Bclorc long, v l l agcs
l ay abandoncd, many pcoplc hcd nto thc lorcst, mcn would havc to
lorm armcd partcs to work thc hclds. ' hs pcrod was rclatvcly
brcl. hc sccond bcgan whcn rcprcscntatvcs ol local mcrchant soc-
ctcs bcgan to cstabl sh thcmsclvcs n communtcs up and down thc
rcg on, ollcrng to rcstorc ordcr. hc most lamous ol thcsc was thc
Aro Lonlcdcracy, who callcd thcmsclvcs, "Lh ldrcn ol Lod. `' Backcd
by hcavly armcd mcrccnarcs and thc prcstgc ol thctr lamous Lraclc
at Arochukwu, thcy cstabl shcd a ncw and notorously harsh | ustcc
systcm. K dnappcrs wcrc huntcd down and thcmsclvcs sold as sl avcs.
Salcty was rcstorcd to roads and |armstcads. At thc samc tmc, Aro
col l aboratcd wth l ocal cl dcrsto crcatc a codcolrtual l aws and pcnal -
tcs so comprchcnsvc and scvcrc that cvcryonc was at constant rsk ol
lal l ng aloul olthcmAnyonc who volatcd onc would bc turncd ovcr
to thc Aro lor transport to thc coast, wth thcr accuscr rcccvng thcr
prcc n coppcr bars. Accordng to somc contcmporary accounts, a
man who smpl y d slkcd hs w lc and was n nccd ol brass rods could
N L b W | 1 N b L A N L 1 N 1D O
al ways comc up wth somc rcason to scll hcr, and thc v l l agc cldcrs
who rcccvcd a sharc ol thc prohtswould al most nvarabl y concur.'
hc most ngcnous trck olthc mcrchant socctcs, though, was to
assst n thc dsscmnaton ol a sccrct soccty, callcd Lkpc. Lkpc was
most lamous lor sponsorng magn hccnt masqucradcs and lor ntat-
ng ts mcmbcrs nto arcanc mystcrcs, but t also actcd as a sccrct
mcchan sm lor thc cnlorccmcnt ol dcbts. n Lal abar tscll, lor cx-
ampl c, thc Lkpc soccty had acccss to a wholc rangc ol sanctons,
startng wth boycotts all mcmbcrs wcrc lorbddcn to conduct tradc
wth a dclaultng dcbtor) , hncs, sczurc ol propcrty, arrcst, and hnal l y,
cxccutonwth thc most haplcss v ct ms lclt t cd to trccs, thc r lowcr
| aws rcmovcd, as a warnng to othcrs. ' t was ngcn ous, partcularly,
bccausc such socctcs always al l owcd anyonc to buy n, rsng though
thc n nc ntatory gradcs lthcy could pay thc lccthcsc al so cxactcd,
olcoursc, n thc brass rods thc mcrchants thcmsclvcs supplcd. n Lal a-
bar, thc lcc schcdul c lor cach gradcl ookcd lkc ths .
I. yamp
2. ku Akana
. rass
4
. Nakanda
3
. Nakara
6. Nboko Nboko
y. unko Abonko
. Nboko ya kpo
9
. kpc
CC boxcs brass rods, cach L2 s.
-L

3, lorthchrstlour gradcs.

_C boxcs brass rods lor cach
ol thc lowcr gradcs.
n othcr words, t was qutc cxpcnsvc. But mcmbcrshp quckly
bccamc thc chcl mark olhonor and d stncton cvcrywhcrc. Lntry lccs
wcrc no doubt lcss cxorbtant n smal l , dstant communtcs, but thc
cllcct was stt l l thc samc. thousands cndcd up n dcbt to thc mcrchants,
whcthcr lor thc lccs rcqu rcd lor | onng, or lor thc tradc goods thcy
supplcd mostly cloth and mctal put to usc crcatng thc gcar and
costumcs lor thc Lkpc pcrlormanccsdcbts that thcy thus thcmsclvcs
bccamc rcspons bl clor cnlorcng on thcmsclvcs. hcsc dcbts, too, wcrc
rcgul arl y pad n pcoplc, ostcnsbly ycldcd up as pawns. )
Mowd d t work n practcc! t appcarst ohavc varcd a grcat dcal
lrom placc to pl acc. n thc Ahkpo d strct, on a rcmotc part olthc up-
pcr Lross Kvcr, lor nstancc, wc rcad thatcvcryday allarsthc acqu-
ston ollood, lor cxamplcwasconductcd, as among thc v, "wth-
out tradc or thc usc ol moncy. ` Brass rods, supplcd by thc mcrchant
socctcs, wcrc uscd to buy and scll slavcs, but othcrwsc mostly as a
1D L 1
socal currcncy, "uscd lor glts and lor paymcnts n luncrals, ttlcs, and
othcr ccrcmoncs. `' Nost ol thosc paymcnts, ttlcs, and ccrcmoncs
wcrc tcd to thc sccrct socctcs that thc mcrchants had also brought
to thc arca. All ths docs sound a b t lkc thc v arrangcmcnt, but thc
prcscncc olthc mcrchants cnsurcd that thc cllccts wcrc vcry dllcrcnt.
In thcolddays, l anybody gotnto troublc ordcbt n thc up-
pcr parts olthc Cross Kvcr, and wantcd rcady moncy, hc uscd
gcncra|ly to "plcdgc` onc or morc ol hs chldrcn, or somc
othcr mcmbcrs ol hs lamly or houschold, to onc ol thc Aku-
nakuna tradcrs who pad pcrodcal vsts to hs vllagc. r hc
would makc a rad on somc ncghborng vllagc, sczc a chld,
and scll hm or hcrto thc samc wll ng purchascr.'
hc passagc onl y makcs scnsc l onc rccognzcs that dcbtors wcrc
al so, owng to thcr mcmbcrshp n thc sccrct socct cs, col lcctors. hc
sczng ol a chld s a rclcrcncc to thc local practcc ol "panyarrng, `
currcntthroughoutVcstAlrca, bywh chcrcdtorsdcsparngolrcpay-
mcnt would smply swccp nto thc dcbtor`s communty wth a group ol
armcd mcn and sczc anythngpcoplc, goods, domcstc an mal sthat
could bc casly carrcd oll, thcn hold t hostagc as sccurty.' t ddn` t
mattcr l thc pcopl c or goods had bclongcd to thc dcbtor, or cvcn thc
dcbtor` srcl atvcs. A ncghbor` sgoatsorchldrcn would do | ust aswcl | ,
sncc thc wholc pont was to brng socal prcssurc on whocvcr owcd
thc moncy. AsV l l amBosmanputt, "lthcOcbtor bcan honcst man
and thc Ocbt | ust, hc mmcdatc|y cndcavours by thc satslacton olhs
Lrcdtors to lrcc hs Lountrymcn. ` t was actually a qutc scnsblc
cxpcdcnt n an cnvronmcnt wth no ccntral authorty, whcrc pcoplc
tcndcd to lccl an cnormous scnsc ol rcspons b l ty toward othcr mcm-
bcrs ol thcr communty and vcry l ttlc rcsponsbl ty toward anyonc
cl sc. n thc casc ol thc sccrct soccty ctcd abovc, thc dcbtor would,
prcsumabl y, bc cal l ng n h s own dcbtsrca| or magncdto thosc
outsdc thc organzaton, n ordcr not to havc to scnd oll mcmbcrs ol
hs own lam | y.
Such cxpcdcnts wcrc not always cllcctvc. Lltcn dcbtors wou| d bc
lorccd to pawn morc and morc ol thcr own ch ldrcn or dcpcndcnts,
untl hnally thcrc was no rccoursc but to pawn thcmsclvcs. And ol
coursc, at thc hcght ol thc slavc tradc, "pawnng` had bccomc lttlc
morc than a cuphcm sm. hc dstncton bctwccn pawns and slavcs
hadl argclyd sappcarcd. Ocbtors, lkcthcrlaml cs bclorc thcm, cndcd
upturncdovcrto thcAro, thcn to thc Brtsh, and hnal l y, shacklcd and
N L b W | 1 N b L A N L 1 N 1D D
chancd, crowdcd nto tny slavng vcsscls and scnt oll to bc sold on
pl antatons across thc sca.'
8 8 8 8 8
l thc v, thcn, wcrc hauntcd by thc vson ol an nsdous sccrct orga-
nzaton that l urcd unsuspcctng vctms nto dcbt traps, whcrcby thcy
thcmsclvcs bccamc thc cnlorccrs ol dcbts to bc pad wth thc bodcs
ol thcr ch ldrcn, and ultmatcly, thcmsclvcsonc rcason was bccausc
ths was, l tcral l y happcnng to pcoplc who lvcd a lcw hundrcd ml cs
away. Por s thc usc olthc phrasc "hcsh-dcbt` n any way nappropr-
atc. Sl avc-tradcrs mght not havc bccn rcducng thcr vctms to mcat,
but thcy wcrcccrta n| y rcducng thcm to nothng morcthan bodcs. o
bc a slavc was to bc pluckcd lrom onc' s lam l y, k n, lrcnds, and com-
munty, strppcdolonc' snamc, dcntty, anddgnty, olcvcrythngthat
madc onc a pcrson rathcr than a mcrc human machnc capablc ol un-
dcrstandngordcrs. Pcthcrwcrcmostslavcsollcrcd muchopportunty
to dcvclop cndurng human rcl atons. Nostthatcndcd up n Larbbcan
or Amcrcan plantatons, though, wcrc smply workcd to dcath.
Vhat s rcmarkablc s that al l ths was donc, thc bodcs cxtractcd,
through thc vcry mcchan sms olthc human cconomy, prcmscd on thc
prncplc that human lvcs arc thc ul tmatc valuc, to whch nothng
could possbl y comparc. nstcad, all thc samc nsttutonslccs lor n -
tat ons, mcansolcalculatnggultand compcnsaton, socalcurrcnccs,
dcbtpawnshpwcrc turncd nto thcroppostc, thc machncry was, as
t wcrc, thrown nto rcvcrsc, and, as thc v also pcrccvcd, thc gcars
and mcchan sms dcsgncd lor thc crcaton ol human bcngs col l apscd
on thcmsclvcs and bccamc thc mcans lor thcr dcstruct on.
8 8 8 8 8
do not want to lcavc thc rcadcr wth thc mprcsson that what am
dcscrbng hcrc s n any way pccul ar to Alrca. Lnc could hnd thc
cxact samc thngs happcnng whcrcvcr human cconomcs camc nto
contact wth commcrc al oncs andpartcul arl y, commcrcal cconomcs
wth advanccd m l tary tcchnology and an nsatablc dcmand lor hu-
man labor) .
Kcmarkably smlar thngs can bc obscrvcd throughout Southcast
Asa, partcularly amongst hll and sland pcoplc lvng on thc lrngcs ol
ma| or kngdoms. As thc prcmcr hstoran olthc rcgon, Anthony Kcd,
1D L 1
has pontcd out, l abor throughout Southcast As a has long bccn orga-
nzcd abovc al l through rclatons oldcbt bondagc.
Evcn n rclatvcly smplc socctcs l ttlc pcnctratcd by moncy,
thcrc wcrc rtual nccds tor substant al cxpcndturcs-thc pay-
mcnt otbrdc-prcctor marr agc and thc slaughtcr ota buttalo
at thc dcath ota tamly mcmbcr. It s wdcly rcportcd thatsuch
rtual nccds arc thc most common rcason why thc poor bccomc
ndcbtcd to thc rch .
, ,
a
or nstancc, onc practcc, notcd lrom haland to Sul awcs, s
lor a group ol poor brothcrs to turn to a rch sponsor to pay lor thc
cxpcnscs oloncbrothcr` smarragc. c` sthcnrclcrrcd to asthc r"mas
tcr. ` h s s morc l kc a patron-clcnt rclaton than anythng cl sc. thc
brothcrs mght bc obl gcd to do thc occasonal odd | ob, or appcar as
hs cntouragc on occasons whcn hc has to makc a good mprcsson
not much morc. St l l , tcchncal l y, hc owns thcr ch ldrcn, and "can al so
rcposscss thc wlc hc provdcd l hs bondsmcn la l to carry out h s
obl gatons. `
'
Llscwhcrc, wchcar s m l ar storcs t o thosc n Alrcaol pcasants
pawnng thcmsclvcs or mcmbcrs ol thcr lam l cs, or cvcn gamblng
thcmsclvcs nto bondagc, ol prncpal tcs whcrc pcnaltcs nvarabl y
took thc lorm ol hcavy hncs. "rcqucntly, ol coursc, thcsc hncs could
not bcpa d, and thccondcmncdman, oltcn accompancd by h sdcpcn-
dants, bccamc thc bondsman ol thc rulcr, ol thc n| urcd party, or ol
whocvcr was ablc to pay hs hnc lor h m. `` Kcd ns sts that most ol
ths was rclatvcly nnocuousn lact, poor mcn mght takc out loans
lor thc cxprcss purposc ol bccomng dcbtors to somc wcalthy patron,
who could provdc thcm wth lood durng hard tmcs, a rool, a wlc.
Llcarly th s was not "sl avcry` n thc ordnary scnsc. hat s, unlcss
thc patron dccdcd to shp somc ol hs dcpcndcnts oll to crcdtors ol
hs own n somc dstant cty lkc Na| apah t or crnatc, whcrcupon
thcy mght hnd thcmsclvcs tolng n somc grandcc` s ktchcn or pcppcr
pl antaton lkc any othcr slavc.
t` s mportant to pont ths out bccausc onc ol thc cllccts ol thc
slavc tradc s that pcoplc who don` t actually lvc n Alrca arc oltcn
lclt wth an magc olthat contncnt as an rrcdccmabl y volcnt, savagc
pl acc an magc that has had d sastrous cllccts on thosc who do lvc
thcrc. t mght bc httng, thcn, to consdcr thc hstory olonc placc that
s usual l y rcprcscntcd as thc pol ar oppostc. Bal , thc lamous "l and ol
tcn thousand tcmpl cs`an sl and oltcn pcturcd n anthropolog cal
tcxts andtour stbrochurcs as ltwcrc nhabtcd cxcl usvcly by pl ac d,
N L b W | 1 N b L A N L 1 N 1 D 1
drcamy artsts who spcnd thcr days arrangng howcrs and practcng
synchron zcd dancc rout ncs.
n thc scvcntccnth and cghtccnth ccnturcs, Bal had not yct ob-
tancd ths rcputaton. At thc tmc, t was stll dvdcd among a dozcn
tny, sguabblng kngdoms n an al most pcrpctual statc olwar. n lact,
ts rcputaton among thc Outch mcrchants and olhc al s cnsconccd n
ncarby )ava was al most cxactly thc oppostc ol what t s today. Ba-
l ncsc wcrc consdcrcd a rudc and volcnt pcoplc rul cd by dccadcnt,
opum-addctcd noblcs whosc wcalth was bascd almost cxclusvcly on
thcr w l l ngncss to scll thcr sub| ccts to lorcgncrs as slavcs. By thc
tmc thc Outch wcrc lul l y n control n )ava, Bal had bccn turncd
l argcly nto a rcscrvor lor thc cxport ol human bcngsyoung Bal -
ncsc womcn n partcular bc ng n grcat dcmand n c t cs through thc
rcgon as both prosttutcs and concubncs. ' As thc sl and was drawn
nto thc slavc tradc, almost thc cntrc socal and poltcal systcm olthc
sland was translormcd nto an apparatus lor thc lorc bl c cxtracton
ol womcn. Lvcn wthn vl lagcs, ordnary marragcs took thc lorm ol
"marragc by capturc`somctmcs stagcd clopcmcnts, somctmcs rcal
lorc bl c kdnappngs, altcr whch thc kdnappcrs would pay a woman` s
laml y to lct thc mattcr drop.' l a woman was capturcd by somconc
gcnuncly mportant, though, no compcnsaton would bc ollcrcd. Lvcn
n thc Ig6Os, cldcrs rccal lcd how attractvc young womcn uscd to bc
hddcn away by thcr parcnts,
torbddcn to bcar towcrng ottcrngs to tcmplc tcstva|s, lcst
thcy bc cspcd by a royal scout and hustlcd nto thc c|oscly
protcctcdtcmalcguartcrs otthc pa|acc, whcrc thc cycs otmalc
vstors wcrcrcstrctcd to toot |cvcl . or thcrc was slm chancc
a grl would bccomc a lcgtmatc low-castc wtc ,penauing, ot
thc ra|a . . . Morc lkcly altcrallordng a tcw ycars` lccntous
satstacton, shc would dcgcncratc nto a slavc-lkc scrvant. '
Lr, l shc dd rsc to such a poston that thc hgh-castc wvcs bc-
gan to scc hcr as a rval , shc mght bc cthcr posoncd or shppcd oll
ovcrscas to cnd up scrvcng soldcrs at somc Lhncsc-run bordcllo n
)og| akarta, or changng bcdpans n thc housc ol a rcnch plantaton-
owncr n thc ndan Lccan sl and ol Kcunon. Ncanwhlc, royal law
codcswcrcrcwrttcn n al l thc usual ways, wth thc cxccptton that hcrc,
thc lorcc ol law was drcctcd abovc all and cxplctly aganst womcn.
Pot only wcrc crmtnals and dcbtors to bc cnslavcd and dcportcd, but
any marrcd man was grantcd thc powcr to rcnouncc hs w lc, and by
dong so rcndcr hcr, automat cal l y, propcrty ol thc local rulcr, to bc
1D L 1
d sposcd ol as hc wshcd. Lvcn a woman whosc husband dcd bclorc
shc had produccd malc ollsprng would to bc handcd ovcrto thcpal acc
to bc sold abroad
As Adran Vckcrs cxpl a ns, cvcn Bal ` s lamous cockhghtsso la-
m l ar to any hrst-ycar anthropology studcntwcrc org nal l y promot-
cd by royal courts as a way ol rccrutng human mcrchand sc.
K ngs cvcn hclpcd put pcoplc nto dcbt by stagng largc cock
hghts n thcr capta|s. Jhc passon and cxtravagancc cncour-
agcd by ths cxctng sport lcd many pcasants to bct morc than
thcy could attord. As wth any gambl ng, thc hopc ot grcat
wcalth and thc drama ot a contcst tucllcd ambtons whch
tcw could attord and at thc cnd otthc day, whcn thc last spur
had sunk nto thc chcst otthc last roostcr, many pcasants had
no homc and tamly to rcturn to. Jhcy, and thcr wvcs and
chldrcn, would bc sold to java.

R0f| 0ct l 0 0 s 00 l 0 | 00 c 0
bcgan ths book by askng a qucst on. Mow s t that moral oblga-
tons bctwccn pcoplc comc to bc thought ol as dcbts, and as a rcsult,
cnd up | ustlyng bchavorthat would othcrwsc sccm uttcrly mmoral !
bcgan ths chaptcrbybcgnnngt oproposc an answcr. by makng
a d stncton bctwccn commcrc al cconomcs and what cal l "human
cconomcs`that s, thosc whcrc moncy acts pr mar l y as a socal
currcncy, to crcatc, ma nta n, or scvcrrclatons bctwccn pcoplc rathcr
than to purchasc thngs. As Kospabc so cogcntly dcmonstratcd, t s
thc pccul ar qualty olsuch soc al currcnccs that thcy arc ncvcr qutc
cquvalcnt to pcopl c. l anythng, thcy arc a constant rcmndcr that
human bcngs can ncvcr bc cquvalcnt to anyth ngcvcn, ultmatcly,
to onc anothcr. Jhs s thc prolound truth ol thc blood-lcud. Po onc
can cvcr rcally lorgvc thc man who k l lcd h s brothcr bccausc cvcry
brothcr s unquc. Pothng could substtutcnot cvcn somc othcr man
g vcn thc samc namc and status as your brothcr, or a concub nc who
w l l bcar a son who w l l bc namcd altcr your brothcr, or a ghost-wlc
who w l l bcar a chld pl cdgcd to somcday avcngc h s dcath.
n a human cconomy, cach pcrson s unquc, and ol ncompa-
rabl c val uc, bccausc cach s a unquc ncxus ol rclatons wth othcrs .
A woman may bc a daughtcr, sstcr, lovcr, rval , companon, mothcr,
agc-matc, and mcntor to many dllcrcnt pcoplc n dllcrcnt ways. Lach
rclaton s unquc, cvcn n a socctynwh chthcyarcsustancdthrough
N L b W | 1 N b L A N L 1 N 1 D
thc constant givmg back and lorth ol gcncrc ob| ccts such as ralha
cloth or bundlcs olcoppcr wrc. n onc scnsc, thosc ob| ccts makc onc
who onc sa lact l l ustratcd by thc way thc ob| ccts uscd as socal
currcnccs arc so oltcn thngs othcrwsc uscd to clothc or dccoratc thc
human body, that hclp makconc who onc s n thc cycs olothcrs . bt l l ,
| ust asourclothcs don` trcallymakcuswho wcarc, a rclatonshp kcpt
alvc by thc gvng and takng ol ralha s always somcthng morc than
that. ' hs mcans that thc ralha, n turn, s always somcthng lcss.
hs s why thnk Kospabc was rght to cmphaszc thc lact that n
such cconomcs, moncy can ncvcr substtutc lor a pcrson. moncy ts a
way ol acknowlcdgng that vcry lact, that thc dcbt cannot bc pa d. But
cvcn thc noton that a pcrson can substtutc lor a pcrson, that onc ss-
tcr can somchow bc cquatcd wth anothcr, s by no mcans scll-cvdcnt.
n ths scnsc, thc tcrm "human cconomy` s doublc-cdgcd. hcsc arc,
altcr all, econom/es. that s, systcms olcxchangc n whch qual tcs arc
rcduccd to quanttcs, al lowng calculatons ol gan and losscvcn l
thosc calculatons arc smpl y a mattcr asn sstcrcxchangc) olI cquals
I , or as n thc lcud) olI m nus I cquals o.
ow s ths cal cul ab lty cllcctuatcd! ow docs t bccomc pos-
sbl c to trcat pcoplc as l thcy arc dcntcal ! hc Lclc cxamplc gavc
us a hnt. to makc a human bcng an ob| cct ol cxchangc, onc woman
cquvalcnt to anothcrlor cxamplc, rcqurcs hrst ol al l rppng hcr lrom
hcr contcxt, that s, tcarng hcr away lrom that wcb ol rcl atons that
makcs hcr thc unquc conhux ol rclatons that shc s, and thus, nto
a gcncrc valuc capabl c ol bcng addcd and subtractcd and uscd as a
mcans to mcasurc dcbt. hs rcqurcs a ccrtan volcncc. o makc hcr
cquvalcnt to a bar olcamwood takcs cvcn morc volcncc, and t takcs
an cnormous amountolsustancd and systcmatc volcncc to rp hcr so
complctcly lrom hcr contcxt that shc bccomcs a slavc.
should bc clcar hcrc. am not usng thc word "v olcncc` mcta-
phorcal l y. am not spcakng mcrcly olconccptual volcncc, but olthc
ltcral thrcat ol brokcn boncs and bru scd ll csh, ol punchcs and kcks,
n much thc samc way that whcn thc anccnt cbrcws spokc ol thcr
daughtcrs n "bondagc, ` thcy wcrc not bcng poctc, but talkng about
ltcral ropcs and cha ns.
Nost ol us don` t lkc to th nk much about v ol cncc. hosc l ucky
cnough to lvc rclatvcly comlortabl c, sccurc lvcs n modcrn ctcs tcnd
cthcr to act as l t docs not cxst or, whcn rcmndcd that t docs, to
wrtc oll thc l argcr world "out thcrc` as a tcrr blc, brutal placc, wth
not much that can bc donc to hclp t. Lthcr nstnct al lows us not to
havc to thnk about thc dcgrcc to whch cvcn our own daly cxstcncc
s dchncd by volcncc or at lcast thc thrcat ol volcncc as `vc oltcn
1 L 1
notcd, thnk about what would happcn l you wcrc to ns st on your
rghtto cntcr a unvcrstylbrary wthout a propcrlyval datcd O) , and
to ovcrstatc thc mportanccor at lcast thc lrcqucncyol thngs lkc
war, tcrror sm, and volcnt crmc. hc rolc ol lorcc n provdng thc
lramcwork lor human rclatons s smply morc cxplct n what wc cal l
"tradtonal socctcs`cvcn l n many, actual phys cal assaul t by onc
human on anothcr occurs lcss oltcn than n our own. crc` s a story
lrom thc Bunyoro kngdom, n Last Alrca.
LnCC a man mOVCO ntO a nCW VagC. C WantCO lO hnd Oul
What h s nCghbOrs WCrC kC, sO n thC mOOC O thC nght hC
prCtCndCd lO bCat hs WC VCry sCVCrCy, lO sCC thC nCghbors
WOuO COmC anO rCmOnstratC Wth h m. Dul hC OO nOt rCay
bCat hCr, nstCaO hC bCat a gOatskn, WhC h s WC sCrCamCO
anO CrCO Oul that hC Was kng hCr. ObOdy CamC, anO thC
VCry nCXt Oay thC man and hs WC paCkCO up andlcttthat vl-
agC and WCnt lO hnd sOmC OthCr paCC lO vC.
hc po nt s obv ous. n a propcr v l l agc, thc ncghbors shoul d havc
rushcd n, hcld h m back, dcmandcd to know what thc woman could
possbly havc donc to dcscrvc such trcatmcnt. hc d sputc would bc-
comc a col l cctvcconccrn that cndcd n somc sort ol collcctvc scttlc-
mcnt. hs s how pcoplc ought to lvc. Po rcasonabl c man or woman
would want to lvc n a pl acc whcrc ncghbors don' t look altcr onc
anothcr.
n ts own way t' s a rcvcalng story, charmng cvcn, but onc must
stll ask. ow would a communtycvcn onc thc man n thc sto-
ry would havc consdcrcd a propcr communtyhavc rcactcd l thcy
thought sbe was bcatng b/m?'' thnk wc al l know thc answcr. hc
hrst casc would havc lcd to conccrn, thc sccond would havc lcd to rd-
culc. n Luropc n thc sxtccnth and scvcntccnth ccnturcs, young vl-
lagcrs uscd to put on satrcal skts makng lun ol husbands bcatcn by
thcr wvcs, cvcn to paradc thcm about thc town mountcd backwards
on an asslor cvcryonc to | ccrat. ' PoAlrcan soccty, as lar as know,
wcnt qutc ths lar. Pcthcr dd any Alrcan soccty burn as many
wtchcsVcstcrn Luropc at that tmc was a partcularlysavagcpl acc. )
1ct as n most olthc world, thc assumpton thatt hconcsort olbrutal-
ty was at lcast potcnt al l y lcgtmatc, and that thc othcr was not, was
thc lramcwork wthn whch rclatons bctwccn thc scxcs took pl acc. ''
Vhat want to cmphaszc s that thcrc s a drcct rclaton bc-
twccn that lact and thc poss b l ty ol tradng lvcs lor onc anothcr.
N L b W | 1 N b L A N L 1 N 1 1
Anthropologsts arc lond ol makng d agrams to rcprcscnt prclcrcnt al
marr agc pattcrns. Somctmcs, thcsc dagrams can bc qu tc bcautlul . ''
ldea/ pattern oj |//atera/ cross-cous/n marr/age
Somctmcs thcy mcrcly havc a ccrta n clcgant s mpl c ty, as n ths
dagram on an nstancc ol v s stcr cxhangc. ''
MbAUbLRA
|
KUNAV
l | |
MbADUKU
|
L \ g 0 L M N

'. . . . . . . . . . .

uman bcngs, lclt to lol l ow thcr own dcs rcs, rarcly arrangc
thcmsclvcs n symmctrcal pattcrns. Such symmctry tcnds to bc bought
at a tcrr bl c human pr cc. n thc v casc, Akga s actual l y w l l ng to
dcscrbc t.
Undcr thc ol d systcm an cldcr who had a ward coul d always
marry a young grl, howcvcr scnlc hc mght bc, cvcn l hc
1 Z L 1
wcrc a lcpcr wth no hands or lcct, no grl would darc to rc-
lusc h m. Il anothcr man wcrc attractcd by hs ward hc would
takc hs own and gvc hcr to thc old man by lorcc, n ordcr
to makc an cxchangc
,
Jhc grl had to go wth thc old man,
sorrowlully carryng hs goat-skn bag. Il shc ran back to hcr
homc hcr owncr caught hcr and bcat hcr, thcn bound hcr and
brought hcr back to thc cldcr
,
Jhc old man was plcascd, and
grnncd tll hc showcd hs blackcncd mol ars . "Vhcrcvcr you
go, ` hc told hcr, "you wll bc brought back hcrc to mc, so
stop worryng, and scttlc down as my wlc. ` Jhc grl lrcttcd,
tll shc wshcd thc carth mght swallow hcr. bomc womcn cvcn
stabbcd thcmsclvcs to dcath whcn thcy wcrc gvcn to an old
man aganst thcr w l l , but n sptc olal l , thc Jv dd notcarc
,
'
hc last l nc says cvcrythng. Ltng t mght sccm unla r thc v
dd, cvdcntly, carc cnough to clcct Akga to bc thcr hrst parlamcn-
tary rcprcscntatvc, knowng hc supportcd lcgslaton to outlaw such
practccs) , but t scrvcs nccly to brnghomc thc rcal pont. that ccrtan
sorts ol volcncc u6I6 consdcrcd morally acccptabl c. ' Po ncghbors
would rush n to ntcrvcnc la guardan was bcatng a runaway ward.
Lr lthcy dd, t would bc to ns st that hc usc morc gcntl c mcans to
rcturn hcr to hcr rghtlul husband. And t was bccausc womcn kncw
that ths s how thcr ncghbors, or cvcn parcnts, would rcact that "cx-
changc marragc` was possbl c.
h s s what mcan by pcoplc "rppcd lrom thcr contcxts. `
8 8 8 8 8
hc Lclc wcrc lortunatc cnough to havc l argcly cscapcd thc dcvasta-
tons ol thc slavc tradc, thc v wcrc sttng practcally on thc tccth
ol thc shark, and thcy had to makc hcroc cllorts to kccp thc thrcat
at bay. Poncthclcss, n both cascs thcrc wcrc mcchansms lor lorcbly
rcmovng young womcn lrom thcr homcs, and t was prccscly ths
that madc thcm cxchangcabl cthough n cach casc too, a prncplc
stpul atcd that a woman could only bc cxchangcd lor anothcr woman.
hc lcw cxccpt ons, whcn womcn could bc cxchangcd lor othcrthngs,
cmcrgcd drcctly lrom war and sl avcrythat s, whcn thc lcvcl olvo-
lcncc was sgnhcantly ratchctcd up.
hc sl avc tradc, ol coursc, rcprcscntcd volcncc on an cntrcly dl-
lcrcnt scal c. Vc arc spcakng hcrc ol dcstructon ol gcnocdal pro-
portons, n world-hstorc tcrms, comparabl c only to cvcnts lkc thc
dcstructon ol Pcw Vorld cvlzatons or thc olocaust. Pcthcr do
N L b W | 1 N b L A N L 1 N 1 O
mcan n any way to bl amc thc vct ms. wc nccd only magnc what
would bc lkcly to happcn n our own soccty ta groupotspacc alcns
suddcnly appcarcd, armcd wth undctcatablc mltary tcchnology, nh-
ntc wcalth, and no rccognzabl c moraltyand announccd that thcy
wcrc wllngto pay a mll on dollars cachtorhumanworkcrs, no qucs-
tons askcd. hcrc wl l always bc at lcast a handtul ot pcoplc unscru-
pulous cnough to takc advantagc ot such a stuatonand a handtul
s all t takcs.
Lroups lkc thc Aro Lontcdcracy rcprcscnt an al l-too-taml ar
stratcgy, dcploycd by tascsts, mahas, and rght-wng gangstcrs cvcry-
whcrc. hrst unlcash thc crmnal volcncc ot an unl mtcd markct, n
whch cvcrythng s tor salc and thc prcc ot ltc bccomcs cxtrcmcly
chcap, thcn stcp n, ottcrng to rcstorc a ccrtan mcasurc ot ordcr
though onc whch n ts vcry harshncss lcavcs al l thc most prohtablc
aspccts otthc carlcr chaos ntact. hc volcncc s prcscrvcd wthn thc
structurc otthc law. Such mahas, too, al most nvarablycnd upcntorc-
ng a strct codcothonor n whch moralty bccomcs abovc all a mattcr
otpayng onc' s dcbts.
Vcrc ths a dttcrcnt book, mght rchcct hcrc on thc curous par-
al lcls bctwccn thc Lross Kivcr socctcs and Bal, both ot whch saw
a magnhccnt outburst ot artstc crcatvty Lross Kvcr Lkpc masks
wcrc a ma| or nhucncc on casso) that took thc torm, abovc all, ot
an cthorcsccncc ot thcatrcal pcrtormancc, rcplctc wth ntrcatc musc,
splcndd costumcs, and styl zcd dancca knd ot altcrnatvc poltcal
ordcr as magnary spcctaclcat thc cxact momcnt that ordnary ltc
bccamc a gamc ot constant pcrl n whch any msstcp mght lcad to
bcng scnt away. Vhatwas thc lnk bctwccn thc two! t' s an ntcrcstng
qucston, but not onc wc can rcally answcr hcrc. lor prcscnt purposcs,
thc cruc al qucston has to bc. ow common was th s! hc Atrcan
slavc tradc was, as mcntoncd, an unprcccdcntcd catastrophc, but
commcrcal cconomcs had al rcady bccn cxtractng slavcs trom human
cconomcstorthousands otycars. t s a practccas old as cvlzaton.
hc qucston want to ask s. o what dcgrcc s t actual l yconsttutvc
ot cvlzaton tsclt!
am not spcakng strctly ot sl avcry hcrc, but ot that proccss that
dslodgcs pcoplctromthc wcbs otmutualcommtmcnt, sharcd hstory,
and collcctvc rcsponsblty that makc thcm what thcy arc, so as to
makc thcm cxchangcablcthat s, to makc t possblc to makc thcm
sub| cct to thc logc ot dcbt. Sl avcry s | ust thc logcal cnd-pont, thc
mostcxtrcmctorm otsuch dscntanglcmcnt. Buttor that rcason t pro-
vdcs us wth a wndow on thc proccss as a wholc. Vhat's morc, ow-
ng to ts h storcal rolc, sl avcry has shapcd our basc assumptons and
1 L 1
nsttutons n ways that wc arc no longcr awarc ol and whosc nhu-
cncc wc would probably ncvcr wsh to acknowlcdgc l wc wcrc. l wc
havc bccomc a dcbt soccty, t s bccausc thc lcgacy ol war, conqucst,
and slavcry has ncvcr complctcly gonc away. t` s stll thcrc, lodgcd n
our most ntmatc conccptons ol honor, propcrty, cvcn lrccdom. t` s
| ust that wc can no longcr scc that t` s thcrc.
n thc ncxt chaptcr, w l l bcgn to dcscrbc how ths happcncd.
0N 8 pt 0r 50v00
M 0N 0H kN 0 0L Hk0k1| 0N
OR, O N IHE |OUNDAI| ON5 O | CONIEMPORAR C| \| L|ZAI| ON
ur

jHAK]: n. , liter, spleen, heart, soul,
hulk, main hoJy, jounJation, loan,
ohliation, interest, surplus, prot,
interest-hearin Jeht, repayment, slate

uoman.
Cary bumCran OClOnary'
|t is ust to ite each uhat is oueJ.
bmOnOCs
N 1d b Lb1 d1b K, ottcrcd a glmpsc ot how human ccono-
mcs, wth thcr socal currcnccswhch arc uscd to mcasurc, asscss,
and mantan rclatonshps bctwccn pcopl c, and only pcrhaps ncdcn-
tally to acqurc matcr al goodsmght bc transtormcd nto somcthng
clsc. Vhatwc dscovcrcd was thatwc cannot bcgn to thnk about such
qucstons wthout takng nto account thc rolc ot shccr physcal vo-
lcncc. n thc casc otthc Atrcan slavc tradc, ths wasprmarlyvolcncc
mposcdtromoutsdc. Poncthcl css, tsvcrysuddcnncss, ts vcry brutal-
ty, provdcs us wth a sort ottrcczc-tramc ot a proccss that must havc
occurrcd n a much slowcr, morc haphazard tashon n othcr tmcs and
placcs. hs sbccauscthcrc scvcryrcasonto bclcvcthatslavcry, wth
ts unquc ab lty to rp human bcngs trom thcrcontcxts, to turn thcm
nto abstract ons, playcd a kcy rolc n thc rsc ot markcts cvcrywhcrc.
Vhat happcns, thcn, whcn thc samc proccss happcns morc slowly!
t would sccm that much ot ths hstory s pcrmancntly l ostsncc n
both thc anccnt Nddlc Last and thc anccnt Ncdtcrrancan, most ot
thc rcally crtcal momcnts sccm to havc occurrcd | ust bctorc thc ad-
vcnt ot wrttcn rccords. Stll, thc broad outlncs can bc rcconstructcd.
1 L 1
hc bcst way to d o so, bclcvc, s to start lrom a snglc, odd, vcxcd
conccpt. thc conccpt ol honor, whch can bc trcatcd as a knd ol art-
lact, or cvcn as a h crogl yphc, a lragmcnt prcscrvcd lrom h story that
sccms to comprcss nto tscll thc answcr to almost cvcrythng wc`vc
bccn tryngto undcrstand. Lnthconc hand, volcncc. mcn who lvcby
volcncc, whcthcr soldcrs or gangstcrs, arc al most nvarably obscsscd
wth honor, and assaults on honor arc consdcrcd thc most obvous
| usthcaton lor acts ol volcncc. Ln thc othcr, dcbt. Vc spcak both ol
dcbts ol honor, and honorng onc`s dcbts, n lact, thc transton lrom
onc to thc othcr provdcs thc bcst cluc to how dcbts cmcrgc lrom obl -
gatons, cvcnas thcnot onolhonorsccmcdto ccho a dchantnsstcncc
that hnancal dcbts arc not rcal l y thc most mportant oncs, an ccho,
hcrc, olargumcnts that, lkc thosc n thcVcdas andthcBbl c, go back
to thcvcry dawn olthc markct tscll. Lvcn morc d sturbngly, sncc thc
noton ol honor makcs no scnsc wthout thc possbl ty oldcgradaton,
rcconstructng th s h story rcvcal s how much our basc conccpts ol
lrccdom and moralty took shapc wthn nsttutonsnotably, but not
only, sl avcrythat wc` d sooncr not havc to thnk about at al l .
8 8 8 8 f
o undcrscorc somc ol thc paradoxcs surroundng thc conccpt and
brng homc what` s rcally at stakc hcrc, lct us cons dcrthcstoryolonc
man who survvcd thc N ddl c assagc. Ll audah Lquano, born somc-
tmc around ;q n a rural commun ty somcwhcrc wthn thc conhncs
ol thc K ngdom ol Bcn n. K dnappcd lrom h s homc at thc agc ol
clcvcn, Lqu ano was cvcntual l y sol d to Brtsh slavcrs opcratng n thc
Bght ol Balra, lrom whcncc hc was convcycd hrst to Barbados, thcn
to a pl antaton n col on al V rg n a.
Lqu ano` s lurthcr advcnturcsand thcrc wcrc manyarc narratcd
n hs autobography, Tbe lnterest/ng Narrat/ce oj tbe L/je oj O/au-
dab Equ/ano or, Custacus V ass a, tbe Afr/can, publ shcd n ;8g. Altcr
spcndng much ol thc Scvcn Ycars` Var haul ng gunpowdcr on a Brt-
sh lrgatc, hc was promscd h s lrccdom, dcncd hs lrccdom, sol d to
scvcral owncrswho rcgularly lcd to h m, promsng hs lrccdom, and
thcn brokc thcr worduntl hc passcd nto thc hands ol a Quakcr
mcrchant n cnnsylvan a, who cvcntual ly al lowcd h m to purchasc h s
lrccdom. Lvcrthccourscolh sl atcrycarshcwas to bccomc a succcss-
lul mcrchant n hs own rght, a bcst-scllng author, an Arctc cxplorcr,
and cvcntual l y, onc ol thc lcadng voccs ol Lnglsh Abol ton sm. s
cl oqucnccand thc powcr olh s l lc storypl aycd s gnhcantparts n thc
movcmcnt that lcd to thc Brtsh abolton olthc slavc tradc n I8o;.
N N H N L H 1 | N 1 1
Kcadcrs olLquano` s book arc o|tcn troublcd by onc aspcct ol thc
story. that lor most olh s carly l lc, hc was not opposcd to thc nsttu-
ton ol slavcry. At onc pont, whl c savng moncy to buy h s lrccdom,
hc cvcn brchy took a | ob that nvolvcd purchasng slavcs n Alr ca.
Lqu ano only camc around to an aboltonst poston altcr convcrtng
to Ncthodsm and lal l ng n wth rclgous actvsts aganst thc tradc.
Nany havc askcd. Vhy dd t takc hm so long! Surcly l anyonc had
rcason to undcrstand thc cvls ol sl avcry, hc dd.
hc answcr sccms, oddly, to l c n thc man`s vcry ntcgrty. Lnc
thng that comcs through strkngly n thc book s that ths was not
only a man ol cndlcss rcsourcclulncss and dctcrmnaton, but abovc
all, a man ol honor. Yct ths crcatcd a tcrrblc dlcmma. o bc madc
a sl avc s to bc strppcd ol any possbl c honor. Lquano w shcd abovc
al l clsc to rcga n what had bccn takcn lrom hm. hc problcm s that
honor s, by dchnt on, somcthng that cxsts n thc cycs ol othcrs. o
bc abl c to rccovcr t, thcn, a slavc must ncccssarly adopt thc rulcs and
standards ol thc soccty that surrounds h m, and ths mcans that, n
practcc at l cast, hc cannot absolutcly rc|cct thc nsttutons that dc-
prvcd hm ol h s honor n thc hrst pl acc.
t strkcs mc that ths cxpcrcnccol only bcng abl c to rcstorc
onc`s lost honor, to rcgan thc ab l ty to act wth ntcgrty by actng
n accord wth thc tcrms ol a systcm that onc knows, through dccply
traumatc pcrsonal cxpcrcncc, to bc uttcrly un| usts tscll onc ol
thc most proloundly volcnt aspccts ol sl avcry. t s anothcr cxamplc,
pcrhaps, ol thc nccd to arguc n thc mastcr` s l anguagc, but hcrc takcn
to nsdous cxtrcmcs .
Al l socctcs bascd on slavcry tcnd to bc markcd by ths agonzng
doublc conscousncss. thc awarcncss that thc hghcst thngs onc has to
strvc lor arc al so, ultmatcly, wrong, but at thc samc tmc, thc lcclng
that ths s smply thc naturc ol rcalty. hs mght hclp cxplan why
throughout most ol h story, whcn slavcs dd rcbcl aganst thcr mas-
tcrs,thcyrarcl y rcbcllcd aga nstsl avcry tscll. Butthc ll p sdc olths s
that cvcn sl avc-owncrs sccmcd to lccl that thc whol c arrangcmcnt was
somchow lundamcntally pcrvcrsc or unnatural . rst-ycar Koman law
studcnts, lor nstancc, wcrc madcto mcmorzc thc lollowngdchnton.
savcry
s an nsttuton accordng to thc law ol natons whcrcby
onc pcrson lalls undcr thc propcrty rghts ol anothcr, contrary
to naturc.
1 L 1
At thc vcry lcast, thcrc was always sccn to bc somcthng dsrcp-
utablc and ugly about sl avcry. Anyonc too closc to t was tantcd.
Sl avc-tradcrs partcularly wcrcscorncdas nhuman brutcs. hroughout
hstory, moral | usthcatons tor slavcry arc rarcly takcn partcul arl y
scrousl ycvcnby thosc whocspouscthcm. lor mostothuman h story,
most pcoplc saw sl avcry much as wc scc war. a tawdry busncss, to bc
surc, but onc would havc to bc navc ndccd to magnc tcould smpl y
bc cl mnatcd.
M0 0 0 r l s 5u r p | u s 0l 0 l t
So what s sl avcry! ' vc alrcady bcgun to suggcst an answcr n thc last
chaptcr. Slavcry s thc ultmatc torm ot bcng rppcd trom onc' s con-
tcxt, and thus trom al l thc socal rclatonsh ps that makc onc a human
bcng. Anothcr way to put ths s that thc sl avc s, n a vcry rcal scnsc,
dcad.
hs was thc concluson ot thc hrst scholar to carry out a broad
hstorcal survcy ot thc nsttuton, an Lgyptan socologst namcd Al
' Abd al-ahd ah, n ars n .

Lvcrywhcrc, hc obscrvcs, trom

thc anccnt world to thcn-prcscnt-day South Amcrca, onc hnds thc
samc lst ot possblc ways whcrcby a trcc pcrson mght bc rcduccd to
sl avcry.
t) y thc law ot torcc
a. y surrcndcr or capturc n war
b. y bcng thc vct m ot radng or kdnappng
zj As lcgal punshmcnt torcrmcs ncludng dcbt)
jj Jhrough patcrnal authorty a tathcr's salc ot hs chldrcn)
qj Jhrough thc voluntary salc ot onc' s sclt'
Lvcrywhcrc, too, capturc n war s consdcrcd thc only way that
s consdcrcd absolutcly lcgtmatc. Al l thc othcrs wcrc surroundcd
by moral problcms. Kdnappng was obvously cr m nal , and parcnts
wouldnot scllchl drcncxccptundcrdcspcratccrcumstanccs. 'c rcad
ot tamncs n Lhna so scvcrc that thousands ot poor mcn would cas-
tratc thcmsclvcs, n thc hopc thatthcy mghtscll thcmsclvcs ascunuchs
at courtbut ths was also sccn as thc sgn ottotal socal brcakdown.
Lvcn thc| udcal proccsscould caslybccorruptcd, as thc anccnts wcrc
wcll awarccspcc al l y whcn t camc to cnslavcmcnt tor dcbt.
Ln onc lcvcl, al -ahd` sargumcnt s| ust an cxtcndcd apologa tor
thc rolc ot sl avcry n sl amwdcly crtczcd, sncc sl am c l aw ncvcr
N N H N L H 1 | N 1
cl m natcd slavcry, cvcn whcn thc nsttuton l argcly van shcd n thc
rcstolthc Ncdcval world. ruc, hcargucs, Nohammcdd dnotlorbd
thc practcc, but st l l , thc carl y Lal phatc was thc hrst govcrnmcnt wc
know olthat actual l y succccdcd n cl m natng al l thcsc practccs | ud-
c al abusc, kdnappngs, thc sal c olollsprng) that had bccn rccognzcd
as socal probl cms lor thousands ol ycars, and to l m t sl avcry strctly
to prsoncrs ol war.
hcbook` smostcndurng contr buton, though, l ay s mpl y n ask-
ng. Vhat do al l thcsc crcumstanccs havc n common! Al -Vah d` s
answcr s strkng n ts s mpl ct ty. onc bccomcs a sl avc n stuatons
whcrc onc woul d othcrwsc havc dcd. hs s obvous n thc casc o|
war. n thc anccnt worl d, thc vctor was assumcd to havc total powcr
ovcr thc vanqushcd, ncludng thcr womcn and ch l drcn, al l ol thcm
coul d bc smply massacrcd. S m l arl y, hc argucd, cr m nal s wcrc con-
dcmncd to sl avcry onl y lor captal crmcs, and thosc who sold thcm-
sclvcs, or thcr ch l drcn, normally laccd starvat on.
hs s not | ust to say, though, that a sl avc was sccn as owng h s
mastcr h s l lc sncchcwould othcrwsc bcdcad. ` crhapsths was truc
at thc momcnt ol hs or hcr cnslavcmcnt. But altcr that, a slavc coul d
not owc dcbts, bccausc n al most cvcry mportant scnsc, a sl avc uas
dcad. n Koman l aw, ths was qutc cxplct. l a Koman soldcr was
capturcd and lost h s l bcrty, h s lam l y was cxpcctcd to rcad h s w l l
and dsposc o| h s posscss ons. Shoul d hc latcr rcga n h s lrccdom, hc
woul d havc to start ovcr, cvcn to thc po nt ol rcmarry| ng thc woman
who was now consdcrcd h s wdow. '
n Vcst Alrca, accordng to onc rcnch anthropologst, thc samc
pr nc pl cs appl cd.
Lncc hc had bccn hnally rcmovcd lrom hsown mlcuthrough
capturc thc sl avc was consdcrcd as socally dead, | ust as l hc
had bccn vanqushcd and k l lcd n combat. Among thc Nandc,
at onc tmc, pr soncrs olwar brought homc by thc conqucrors
wcrc ollcrcd dege , m l lct and mlk porrdgc)-bccausc t was
hcld that a man should not dc on an cmpty stomach-and
thcn prcscntcd wth thcr arms so that thcy could k l l thcm-
sclvcs. Anyonc who rcluscd was sl appcd on thc lacc by h s
abductor and kcpt as a captvc. hc had acccptcd thc contcmpt
whch dcprvcd hm ol pcrsonalty
_ I
v horror storcs about mcn who arc dcad but do not know t
or who arc brought back lrom thc gravc to scrvc thcr murdcrcrs, and
11 L 1
atan zombc storcs, al l sccm to play on ths csscntal horror olsl av-
cry. thc lactthat t' s a knd oll vngdcath.
n a book callcd S/acery and Soc/a/ Lea/hsurcly thc most pro-
tound comparatvc study ol thc nsttuton yct wrttcnLrlando at-
tcrson works out cxactly what t has mcant to bc so complctcly and
absol utclyrppcdlromonc' scontcxt'rst ol all, hc cmphaszcs, slav-
cry s unlkc any othcr lorm ol human rclaton bccausc t s not a
moral rclaton. Slavc-owncrs mght drcss t up n al l sorts ol lcgalstc
orpatcrnalstc languagc, but rcallyths s| ustwndow-drcssng and no
onc rcal l y bclcvcs t, rcal l y, t s a rclaton bascd purcly on volcncc,
a sl avc must obcy bccausc l hc docsn' t, hc can bc bcatcn, torturcd, or
kllcd, andcvcryoncs pcrlcctly wcll awarc otth s. Sccond ol all, bcng
socally dcad mcans that a slavc has no bndng moral rclatons wth
anyonc clsc. hc s alcnatcd lrom hs anccstors, communty, laml y,
cl an, cty, hc cannot makc contracts or mcannglul promscs, cxccpt at
thc whm ol hs mastcr, cvcn l hc acqurcs a lam l y, t can bc brokcn
up atanytmc. hc rclatonolpurclorcc thatattachcdhmto hs mas-
tcrwas hcncc thc only human rclatonshp thatul tmatcly mattcrcd. As
a rcsultand ths s thc thrd csscntal clcmcntthc slavc' s stuaton
was onc ol uttcr dcgradaton. cncc thc Nandc warror' s slap. thc
captvc, havng rcluscd hs onc hnal chancc to savc hs honor by kl l -
ng h msclt, must rccognzc that hc wl l now bc consdcrcd an cntrcly
contcmptblc bcng. '
1ct at thc samc tmc, ths ablty to strp othcrs ol thcr dgnty
bccomcs, lor thc mastcr, thc loundaton ol hs honor. As attcrson
notcs, thcrc havc bccn pl accsthc sl amc world allords numcrous
cxamplcswhcrc slavcs arc not cvcn put to work lor proht, nstcad,
rch mcn makc a pont ol surroundng thcmsclvcs wth battalons ol
slavc rctancrs smply tor rcasons ol status, as tokcns ot thcr magnh-
ccncc and nothng clsc.
t sccms to mc that ths s prccscly what gvcs honor ts notor-
ously lraglc qualty. Ncn ot honor tcnd to combnc a scnsc ol total
casc and sclt-assurancc, whch comcs wth thc habt otcommand, wth
a notorous | umpncss, a hcghtcncd scnstvty to sl ghts and nsults,
thc lcclng that a man and t s almost always a man) s somchow
rcduccd, huml atcd, l any dcbt ol honor` s allowcd to go unpad.
hs s bccausc honor s not thc samc as dgnty. Lnc mght cvcn say.
honor s surpl us dgnty. t s that hcghtcncd conscousncss ol powcr,
and ts dangcrs, that comcs lrom havng strppcd away thc powcr and
dgnty ol othcrs, or at thc vcry lcast, lrom thc knowlcdgc that onc
s capablc ol dong so. At ts smplcst, honor s that cxccss dgnty
that must bc dclcndcd wth thc knlc or sword volcnt mcn, as wc
N N H N L H 1 | N 1 1 1
al l know, arc almost nvarably obscsscd wth honor) . cncc thc war-
ror' s cthos, whcrc al most anythng that could possbl y bc sccn as a
sgn ol d srcspcctn nappropratc word, an nappropratc glancc s
consdcrcd a challcngc, or can bc trcatcd assuch. 1ctcvcn whcrc ovcrt
volcncc has l argcly bccn put out ol thc pcturc, whcrcvcr honor
j
s at
ssuc, t comcs wth a scnscthatd gn tycanbc lost, and thcrclorc must
bc constantly dclcndcd.
hc rcsult s thatto ths day, honor` has two contradctory mcan
ngs. Ln thc onc hand, wc can spcak ol honor as smpl c ntcgrty.
Occcnt pcoplc honor thcr commtmcnts. hs s clcarly what honor`
mcant lor Lqu ano. to bc an honorabl c man mcant to bc onc who
spcaks thc truth, obcys thc l aw, kccps h s promscs, s la r and con
sccnt ous n hs commcrc al dcalngs. '' s problcm was that honor
s multancously mcantsomcthngclsc, whch had cvcrythng to do wth
thc knd ol volcncc rcqurcd to rcducc human bcngs to commodtcs
to bcgn wth.
hc rcadcr mght bc askng. But what docs al l ths havc to do wth
thc orgns ol moncy! hc answcr s, surprsngly. cvcrythng. Somc ol
thc most gcnuncly archac lorms ol moncy wc know about appcar to
havc bccn uscd prccscly as mcasurcs olhonor and dcgradaton. that s,
thcval ucolmoncywas, ultmatcly, thcval ucolthcpowcr toturnoth-
crs nto moncy. hc curous puzzlc olthc cuma|thc slavc-grl moncy
olmcdcval rclandwould appcar to bc a dramatc l l ustraton.
M0 0 0 r Pr l 00 [ L8 r | Y0J l 0v8 | l r0 | 8 0 J )
lor much olts carly hstory, rcland' s stuaton was not vcry dllcrcnt
than that n many ol thc Alrcan socctcs wc lookcd at n thc cnd ol
thc last chaptcr. t was a human cconomy pcrchcd uncomlortably on
thc lrngc ol an cxpandng commcrcal onc. Vhat's morc, at ccrtan
pcrods thcrc was a vcry l vcly slavc tradc. As onc h storan put t,
rcland has no mncral wcalth, and lorcgn luxury goods could bc
bought by rsh kngs manly lor two cxport goods, cattlc and pco-
plc. `'' ardly surprsng, pcrhaps, that cattlc and pcoplc wcrc thc two
ma| or dcnomnatons ol thc currcncy. St l l , by thc tmc our carlcst rc
cords kck n, around 6ooAO, thc slavc tradc appcars to havc dcd oll,
and slavcry tscllwas a wanng nsttuton, comng undcr scvcrc dsap-
proval lrom thc Lhurch. Vhy, thcn, wcrc cumal stl l bcng uscd as
unts ol account, to tally up dcbts that wcrc actually pa d out n cows,
and n cups and broochcs and othcr ob| ccts madc ol slvcr, or, n thc
11 Z L 1
cascolmnortransactons, sacks ol whcat or oats ! And thcrc` s an cvcn
morc obvous qucston. Vhy uomen! hcrc wcrc plcnty ol malc sl avcs
n carly rcland, yct no onc sccms cvcr to havc uscd thcm as moncy.
Nost ol what wc know about thc cconomy ol carly Ncdcval
rcland comcs lrom lcgal sourccsa scrcs ol l aw codcs, drawn up by
a powcrlul class ol | ursts, datng roughly lrom thc scvcnth to n nth
ccnturcs AD. hcsc, howcvcr, arc cxccptonal l y rch. rcland at that
tmc was stll vcry much a human cconomy. t was also a vcry rural
onc. pcoplc lvcd n scattcrcd homcstcads, not unl kc thc v, growng
whcat and tcndng cattlc. hc closcst thcrc wcrc to towns wcrc a lcw
conccntratons around monastcrcs. hcrc appcars to havc bccn a ncar
total abscncc ol markcts, cxccpt lor a lcw on thc coastprcsumabl y,
manl y sl avc or cattl c markctslrcqucntcd by lorcgn shps. '
As a rcsult, moncy was cmpl oycd al most cxclusvcly lor socal
purposcs. glts, lccs to craltsmcn, doctors, pocts, | udgcs, and cntcrta n-
crs, varous lcudal paymcnts lords gavc glts ol cattl c to cl cnts who
thcn had to rcgul arl y supply thcm wth lood) . hc authors ol thc l aw
codcsd dn` tcvcn know how to put a pr cc on mostgoods olord nary
usc ptchcrs, p l l ows, ch scl s, sl abs ol bacon, and thc lkc, no onc
sccms cvcr to havc pad moncy lorthcm. ' ood was sharcd n laml cs
or dclvcrcd to lcudal supcrors, who lad t out n sumptuous lcasts
lor lrcnds, rvals, and rctancrs. Anyonc nccdng a tool or lurnturc or
clothng cthcr wcnt to a knsman wth thc rclcvant cralt skl l s or pad
somconc to makc t. hc ob| ccts thcmsclvcs wcrc not lor sal c. Kngs,
n turn, assgncd tasks to d llcrcnt clans. ths onc was to provdcthcm
wthlcathcr, thsoncpocts, thsonc shclds . . . prccsclythcsortolun-
wcldy arrangcmcntthat markcts wcrc latcr dcvclopcd to gct around. ' `
Noncy could bc loancd. hcrc was a hghly complcx systcm ol
pl cdgcs and surctcs t o guarantcc that dcbtors dclvcrcd what thcy
owcd. Na nl y, though, t was uscd lor payng hncs. hcsc hncs arc
cndlcssly and mctculously cl aboratcd n thc codcs, but what rcally
strkcsthccontcmporaryobscrvcr s that thcy wcrccarclul l ygradcd by
rank. hs s truc ol almost al l thc "Barbaran Law Lodcs`thc s zc
ol thc pcnal t cs usual l y has at lcast as much do wth thc status ol thc
v ct mas tdocswththcnaturcolthc n| urybutonly nrcl andwcrc
thngs mappcd out qutc so systcmat cal l y.
hc kcy to thc systcm was a not on ol honor. l tcral l y "lacc. `' '
Lnc` s honor was thc cstccm onchad n thc cycs ol othcrs, onc` s hon-
csty, ntcgrty, and charactcr, but also onc` s powcr, n thc scnsc ol thc
ab l ty to protcct oncscll, and onc` s lamly and lollowcrs, lrom any
sort ol dcgradaton or nsul t. Jhosc who had thc hghcst dcgrcc ol
honor wcrc ltcral l y sacrcd bcngs . thcr pcrsons and posscssons wcrc
N N H N L H 1 | N 11 O
sacrosanct. Vhat was so unusual about Lcltc systcmsand thc rsh
onc wcnt lurthcr wth ths than any othcrwas that honor could bc
prccscly quanthcd. Lvcry lrcc pcrson had hs orhcr "honorprcc`. thc
prcc that onc had to pay lor an nsult to thc pcrson' s dgnty. hcsc
varcd. hc honor prcc ol a kng, lor nstancc, was scvcn cumal , or
scvcn slavc grlsth s was thc standard honor prcc lor any sacrcd bc-
ng, thc samc as a bshop or mastcr poct. Sncc asal l sourccshastcn to
pontout) slavcgrlswcrcnot normally pad as such, ths would mcan,
n thc casc ol an nsul t to such a pcrson' s dgnty, onc would havc to
pay twcnty-onc mlk cows ortwcnty-oncounccs ol s lvcr. hc honor
prcc ol a wcalthy pcasant was two and a hal l cows, ol a mnor lord,
that, pl us hal la cow addtonaly lorcach olh s lrcc dcpcndcntsand
s ncc a l ord, to rcma n a l ord, had to havc at l cast hvc ol thcsc, that
brought h m up to at l casthvccows total . '
onor prcc s not to bc conluscd w th wcrgcldthc actual prcc
ol a man or woman' s l lc. l onc kllcd a man, onc pad goods to thc
valuc ol scvcn cumal s, n rccompcnsc lor k l lng hm, to whch onc
thcn addcd h s honor prcc, lor havng ollcndcd aganst h s dgnty by
k l l ng h m) . ntcrcstngly, onl y nthccascola k ngarcthcbl oodprcc
and h s honor prcc thc samc.
hcrcwcrcal sopaymcntslor n| ury. lonc wounds a man' schcck,
onc pays h s honor prcc plus thc prcc ol thc n| ury. A blow to thc
lacc was, lor obvous rcasons, partcularly cgrcgous. ) hc problcm
was how to calculatc thc n| ury, sncc ths varcd accordng to both
thc physcal damagc and status ol thc n| urcd party. crc, rsh | ursts
dcvclopcdthc ngcnous cxpcdcnt ol mcasurng dllcrcnt wounds wth
dllcrcnt varctcs olgran. a cut on thc kng' s chcck was mcasurcd n
grans ol whcat, on that ol a substantal larmcr n oats, on that ol a
smallholdcr mcrcly n pcas. Lnc cow was pa d lor cach. S m l arl y,
l onc stol c, say, a man' s brooch or pg, onc had to pay back thrcc
broochcs or thrcc pgsplus hs honor prcc, lor havng volatcd thc
sanctty olh s homcstcad. Attackng a pcasant undcr thc protccton ol
a lord was thc samc as rapng a man' s wlc or daughtcr, a volaton
ol thc honor not ol thc vctm, but ol thc man who should havc bccn
ablc toprotcctthcm.
nal l y, onc had to pay thc honor prcc l onc s mpl y nsul tcd
somconc olany mportancc. say, by turnng thcpcrson away at a lcast,
nvcntng a partcularly cmbarrassng ncknamc at lcast, l t caught
on) , or hum latng thc pcrson through thc usc ol satrc. ' Nockcry
was a rchncd art n Ncdcval rcland, and pocts wcrc consdcrcd closc
to magc ans. t was sad that a talcntcd satrst could rhymc rats to
dcath, or at thc vcry lcast, rasc bl stcrs on thc laccs ol vct ms. Any
1 1 L 1
man publ cl y mockcd would havc no chocc but to dclcnd h s honor,
and, n Ncdcval rcland, thcval ucolthat honor was prccscly dchncd.
should notc that whlc twcnty-onc cows mght not sccm lkc
much whcn wc arc dcalng wth kngs, rcland at thc tmc had about
Iokngs. ' Nost had only a couplc olthousand sub| ccts, though thcrc
wcrc also hghcr-rankng, prov nc al kngs lor whom thc honor prcc
wasdoubl c. ' Vhat' s morc, sncc thc lcgal systcm was complctcly scpa-
ratc lrom thc poltcal onc, | ursts, n thcory, had thc rght thc dcmotc
anyoncncludng a kngwho had commttcd a dshonorablc act. l
a noblcman turncd a worthy man away lrom hs door or lcast, shcl -
tcrcd a lugtvc, or atc stcak lrom an obv ousl y stol cn cow, or cvcn l
hc al l owcd hmscll to bc satrzcd and dd not takc thc ollcndng poct
to court, hs prcc could bc lowcrcd to that ol a commoncr. But thc
samc was truc ola kng who ran away n battlc, or abuscd h s powcrs,
or cvcn was caught workng n thc hclds or othcrwsc cngagng n tasks
bcncath hs dgnty. A kng who dd somcthng uttcrly outragcous
murdcrcd onc olhsown rclatvcs, lor cxamplcmght cnd up wth no
honorprcc at al l , whch mcantnotthatpcoplccould sayanythngthcy
lkcd about thc kng, wthout lcar ol rccompcnsc, but that hc couldn` t
stand as surcty or wtncss n court, as onc` s oath and standng n l aw
was al so dctcrmncd by onc` s honor pr cc. hs d dn` t happcn oltcn,
butt dd happcn, and lcgal wsdom madcsurcto rcmnd pcoplc ol t.
thc l st, contancd n onc lamous lcgal tcxt, ol thc "scvcn kngs who
lostthcr honor prcc, ` was mcant to cnsurc thatcvcryonc rcmcmbcrcd
that no mattcr how sacrcd and powcrlul , anyonc could lal l .
Vhat` s unusual about thc rsh matcral s that t` s al l spcllcd out
so clcarly. hs s partly bccausc rsh law codcs wcrc thc work ol a
cl ass ol lcgal spccalsts who sccm to havc turncd thc wholc thng al -
most nto a lorm ol cntcrtanmcnt, dcvotng cndl css hours to comng
up wth cvcrypossbl c abstract possblty. Somc olthc provsos arc so
whmscal "l stung by anothcr man` s bcc, onc must calcul atc thc cx-
tcnt olthc n| ury, but also, lonc swattcd t n thc proccss, subtractthc
rcplaccmcntval ucolthc bcc`) thatonchasto assumcthcywcrc smply
| okcs. Stll, as a rcsult, thc moral logc that lcs bchnd any cl aboratc
codc olhonor s lad outhcrc n startlng honcsty. Vhataboutwomcn!
A lrcc woman was honorcd at prccscly o pcrccnt ol thc prcc ol hcr
ncarcst malc rclatvc hcr lathcr, l alvc, l not, hcr husband) . l shc
was d shonorcd, hcr prcc was payablc to that rclatvc. Unl css, that
s, shc was an ndcpcndcnt landholdcr. n that casc, hcr honor prcc
was thc samc as that ol a man. And unlcss shc was a woman ol casy
vrtuc, n whch casc t was zcro, sncc shc had no honor to outragc.
Vhat about marragc! A sutor pad thc valuc o| thc wlc` s honor to
N N H N L H 1 | N 11 D
hcr lathcr and thus bccamc ts guard an. Vhat about scrls ! hc samc
prncplc applcd. whcn a l ord acqurcd a scrl, hc bought out that
man` s honor prcc, prcscntng h m wth ts cquval cnt n cows. rom
that momcnt on, l anyonc nsultcd or n| urcd thc scrl, t was sccn an
attack on thc l ord` s honor, and t was up to thc lord to collcct thc at-
tcndant lccs. Ncanwhlc thc l ord` s honor prcc was notchcd upward
as a rcsult ol gathcrng anothcr dcpcndcnt. n othcr words, hc ltcrally
absorbs h s ncw vassal` s honor nto hs own.
Al l ths, n turn, makcs t possblc to undcrstand both somcthng
ol thc naturc ol honor, and why slavc grls wcrc kcpt as unts lor
rcckonng dcbts ol honor cvcn at a tmc whcnowng no doubt to
church nhucnccthcy no longcr actually changcd hands. At hrst sght
t mght sccm strangc that thc honor ol a noblcman or kng should bc
mcasurcd n slavcs, sncc slavcs wcrc human bcngs whosc honor was
zcro. Butlonc`s honor s ultmatcly loundcdon onc`s ab l ty to cxtract
thc honor ol othcrs, t makcs pcrlcct scnsc. hc valuc ola slavc s that
olthc honor that has bccn cxtractcd lrom thcm.
Somct mcs, onc comcs on a snglc haphazard dctal that gvcs thc
gamc away. n ths casc t comcs not lrom rcl and but lrom thc O-
mctan Lodc n Valcs, wrttcn somcwhat latcr but opcratng on much
thc samc prncplcs. At onc pont, altcr l stng thc honors duc to thc
scvcn holy sccs ol thc Kngdom ol Oylcd, whosc bshops and abbots
wcrc thc most cxaltcd and sacrcd crcaturcs n thc kngdom, thc tcxt
spcchcs that
Vhocvcr draws blood lrom an abbot olany onc olthosc prn-
cpal scats bclorc mcntoncd, lct hm pay scvcn pounds, and a
lcmalc ol hs kndrcd to bc a washcrwoman, as a d sgracc to
thc kndrcd, and to scrvc as a mcmoral to thc paymcnt ol thc
honor prcc.
A washcrwoman was thc lowcst ol scrvants, and thc onc turncd
ovcr n ths casc was to scrvc lor l lc. Shc was, n cllcct, rcduccd to
sl avcry. cr pcrmancnt d sgracc was thc rcstoraton ol thc abbot` s
honor. Vhlc wc cannot know l somc s m l ar nsttuton oncc l ay bc-
hnd thc habt olrcckonng thc honor olrsh "sacrcd` bcngs n slavc-
womcn, thc prncplc s clcarly thc samc. onor s a zcro-sum gamc. A
man` s ab l ty to protcct thc womcn ol hs lam l y s an csscntal part ol
that honor. hcrclorc, lorcng h m to surrcndcr a woman olh s laml y
to pcrlorm mcnal and dcgradngchorcs n anothcr` s houschold s thc
ul t matc blow to h s honor. hs, n turn, makcs t thc ultmatc rcal-
hrmaton ol thc honor ol hc who takcs t away.
11 L 1
8 8 8 8 8
Vhat makcs Ncdcval rsh laws sccm so pccul artrom ourpcrspcctvc
s that thcr cxponcnts had not thc sl ghtcst dscomtort wth puttng
an cxact monctary prcc on human dgnty. or us, thc noton that thc
sanctty ota prcst or thc ma| csty ota kng could bc hcld cquvalcnt to
a mllon trcd cggs or a hundrcd thousand harcuts s smply bzarrc.
hcsc arc prccscly thc thngs that ought to bc consdcrcd bcyond all
possblty ot quanthcaton. t Ncdcval rsh |ursts tcl t othcrwsc,
t was bccausc pcoplc at that tmc dd not usc moncy to buy cggs or
harcuts . t was thc tact that t was st l l a human cconomy, n whch
moncy was uscd tor socal purposcs, that t was possblc to crcatcsuch
an ntrcatc systcm whcrcby t was possblc not | ust to mcasurc but to
add and subtract spcchc quanttcs othuman dgntyand ndongso,
provdc us w th a un qucw ndow nto thc truc naturc othonor tsclt.
hc obvous qucston s. Vhat happcns to such an cconomy whcn
pcoplc do bcgn to usc thc samc moncy uscd to mcasurc dgnty to
buy cggs and harcuts ! As thc hstory ot anccnt Ncsopotama and
thc Ncdtcrrancan world rcvcal s, thc rcsult was a protoundand
cndurngmoral crss.
Y0s0p0t8 ml 8 [ TN 0 0rl l 0 s 0f P8tr l 8 r0N)
nanccnt Lrcck, thc word tor honor` was t/me. nomcr' s tmc, thc
tcrm appcars to havc bccn uscd much lkc thc rsh tcrm honor prcc` .
t rctcrrcd both t othc glory ot thc warror and thc compcnsaton pad
as damagcs n casc ot n| ury or nsult. 1ct wth thc rsc ot markcts
ovcr thc ncxt scvcral ccnturcs, thc mcanng otthc word t/me bcgan to
changc. Ln thc onc hand, t bccamc thc word tor prcc`as n, thc
prcc ot somcthng onc buys n thc markct. Ln thc othcr, t rctcrrcd to
an atttudc ot complctc contcmpt tor markcts.
Actual l y, ths s stll thc casc today.
ln LrCCCC thC WOrO t m mCans hOnOr, WhCh has bCCn typ-
Cay sCCn as thC mOst mpOrtant VauC n LrCCk V l agC sOCCty.
OnOr s OtCn CharaCtCr2CO n LrCCCC as an OpCn-hanOCO gCn-
CrOsty anO batant OsrCgarO Or mOnCtary COsts anO COuntng.
PnO yCt thC samC WOrO asO mCans prCC as n thC prCC O a
pOunO O tOmatOCs .
N N H N L H 1 | N 11 1
hc word "crss` ltcral l y rclcrs to a crossroads. t s thc pont
whcrc thngs could go cthcr ol two d llcrcnt ways. hc odd thng
about thc crss n thc conccpt ol honor s that t ncvcr sccms to havc
bccn rcsolvcd. s honor thc wl l ngncss to pay onc` s monctary dcbts !
Lr s t thc lact that onc docs not lccl that monctary dcbts arc rcal l y
that mportant! t appcars to bc both at thc samc tmc.
hcrc` sal so thcqucstonolwhatmcn olhonoractual l ydo thnk s
mportant. Vhcn most ol us th nk ol a Ncdtcrrancan v l l agcr` s scnsc
ol honor, wc don` t thnk so much ol a casual atttudc toward moncy
as ol a vcrtablc obscsson wth prcmartal vrgn ty. Nascul nc honor
s caught up not cvcn so much n a man` s ab l ty to protcct hs wom-
cnlolk as n hs ab l ty to protcct thcr scxual rcputat ons, to rcspond
to anysuggcston olmproprcty on thc part olh s mothcr, wlc, sstcr,
or daughtcr as l t wcrc a d rcct physcal attack on h s own pcrson.
h s s a stcrcotypc, but t` s not cntrcly un| ust hcd. Lnc h storan
who wcnt through hlty ycars ol polcc rcports about kn lc-hghts n
nnctccnth-ccntury on a dscovcrcd that vrtual l y cvcry onc ol thcm
bcganwhcn onc party publ cl y suggcstcd thatthc othcr` s wlc or s stcr
was a whorc. '
So, why thc suddcn obscsson wth scxual proprcty! t docsn` t
sccm to bc thcrc n thc Vcl sh or rsh matcr al . hcrc, thc grcatcst
hum l aton was to scc your sstcr or daughtcr rcduccd to scrubbng
somconc cl sc` s laundry. Vhat s t, thcn, about thc rsc ol moncy and
markcts that causc so many mcn to bccomc so uncasy about scx!' '
hs s a dlhcult qucst on, but at thc vcry lcast, onc can magnc
how thc transton lrom a human cconomy to a commcrc al onc mght
causc ccrtan moral d l cmmas. Vhat happcns, lor nstancc, whcn thc
samc moncy oncc uscd to arrangc marragcs and scttlc allars olhonor
can al so bc uscd to pay lor thc scrvccs olprosttutcs !
As wc` l l scc, thcrc s rcason to bclcvc that t s n such moral
crscs that wc can hnd thc orgn not only ol our currcnt conccptons
ol honor, but ol patrarchy tscll. hs s truc, at lcast, l wc dchnc
"patrarchy` n ts morc spcchc Bbl cal scnsc. thc rulc ollathcrs, wth
al l thc lam l ar magcs ol stcrn bcardcd mcn n robcs, kccpng a closc
cyc ovcr thcr scqucstcrcd wvcs and daughtcrs, cvcn as thcr chl drcn
kcpt a closc cyc ovcr thcr hocks and hcrds, lam l ar lrom thc book
ol Lcncss. ' Kcadcrs o| thc Bblc had al ways assumcd that thcrc was
somcthng prmord al n al l ths, that ths was smpl y thc way dcscrt
pcoplc, and thus thc carlcst nhabtants ol thc Pcar Last, had al ways
bchavcd. hs was why thc translaton olSumcran, n thc hrst hall ol
thc twcntcth ccntury, camc as somcthng ol a shock.
11 L 1
n thc vcry carlcst Sumcran tcxts, partcularly thosc lrom roughly
ooo to zoo sC, womcn arc cvcrywhcrc. Larly h storcs not only rc-
cord thc namcs olnumcrous lcmal crulcrs, but makc clcar that womcn
wcrc wcll rcprcscntcd among thc ranks ol doctors, mcrchants, scr bcs,
and publ c olhc al s, and gcncral l y trcc to takc part n al l aspccts ol
publc l lc. Lnccannot spcak ollul l gcndcr cqualty. mcn stll outnum-
bcrcd womcn n al l thcsc arcas. Stl l , onc gcts thc scnsc ol a soccty
not so dllcrcnt than that whch prcva l s n much ol thc dcvclopcd
world today. Lvcr thc coursc olthc ncxt thousand ycars or so, all ths
changcs. hc pl acc ol womcn n cvc l lc crodcs, gradual l y, thc morc
lam l arpatrarchal pattcrn takcs shapc, wth ts cmphass on chastty
and prcmartal vrgnty, a wcakcnng and cvcntually wholcsalc dsap-
pcarancc ol womcn' s rolc n govcrnmcnt and thc l bcral prolcss ons,
and thc loss ol womcn' s ndcpcndcnt l cgal status, whch rcndcrs thcm
wardsolthc rhusbands. By thccnd olthcBronzcAgc, aroundoosC,
wc bcg n to scc l argc numbcrs olwomcn scqucstcrcd away n harcms
and n somc placcs, at lcast) , sub| cctcd to oblgatory vclng.
n lact, ths appcars to rchcct a much broadcr worldwdc pattcrn.
t has always bccn somcthng ol a scandal lor thosc who lkc to scc
thc advancc ol sccncc and tcchnology, thc accumul aton ol lcarnng,
cconomc growthhuman progrcss, ` as wc lkc to cal l tas ncccs-
sarly lcadng to grcatcr human lrccdom, that lor womcn, thc cxact
oppostc oltcn sccms to bc thc casc. Lr at lcast, has bccn thc casc untl
vcry rcccnt tmcs. A s m l ar gradual rcstrcton on womcn' s lrccdoms
can bc obscrvcd n nd a and Lh na. hc qucston s, obvously, Vhy!
hc standard cxplanaton n thc Sumcran casc has bccn thc gradual
nhltraton ol pastoralsts lrom thc surroundng dcscrts who, prcsum-
abl y, al ways had morc patrarchal morcs. hcrc was, altcr al l , only a
narrow strp ol land along thc grs and Luphratcs rvcrs that could
support ntcnsvc rrgaton works, and hcncc, urban l lc. Lvl zaton
was thus lromcarly tmcs surroundcd by a lrngc oldcscrtpcoplc, who
lvcd much lkc thosc dcscrbcd n Lcncss and spokc thc samc Scmtc
languagcs. t s undcn abl y truc that, ovcr thc coursc ol tmc, thc Su-
mcran l anguagc was gradual l y rcpl accdhrst by Akkad an, thcn by
Amortc, thcn by Aramac languagcs, and hnally, most rcccntly ol al l ,
by Arabc, wh chwas al so broughttoNcsopotam a andthcLcvant by
dcscrt pastoral sts. Vhlc al l ths dd, clcarly, brng wth t prolound
cultural changcs as wcl l , t' s not a partcularly satslyng cxpl anaton.''
ormcr nomads appcar to havc bccn wllng to adapt to urban l lc n
any numbcr ol othcr ways. Vhy not that onc! And t`s vcry much a
local cxplanaton and docs nothng, rcal l y, to cxpl a n thc broadcr pat-
tcrn. cmnst scholarshp has nstcad tcndcdto cmphaszc thcgrowng
N N H N L H 1 | N 11
scalc and socal mportancc ol war, and thc ncrcasng ccntralzaton
ol thc statc that accompancd t. '' hs s morc convncng. Lcrta nl y,
thc morcm ltarstc thcstatc, thc harshcr ts l aws tcndcd to bc toward
womcn. But would add anothcr, complcmcntary argumcnt. As havc
cmphaszcd, h stor cal l y, war, statcs, and markcts al l tcnd to lccd oll
onc anothcr. Lonqucst lcads to taxcs. axcs tcnd to bc ways to crcatc
markcts, whch arc convcncnt lor soldcrs and adm nt strators. n thc
spcchc cascolNcsopotam a, al l olths took on a complcatcd rclaton
to an cxploson ol dcbt that thrcatcncd to turn all human rclatons
and by cxtcns on, womcn` s bodcsnto potcntal commodtcs. At thc
samc tmc, t crcatcd a horr hcd rcacton on thc part olthc malc) w n-
ncrs olthccconom cgamc, who ovcr tmc lclt lorccd to go to grcatcr
and grcatcr lcngths to makc clcar that tbe/r womcn could n no scnsc
bc bought or sold.
A glancc at thc cxstng matcral

on Ncsopotam an marragc gvcs

us a cluc as to how ths mght havc happcncd.
t s common anthropologcal wsdom that brdcwcalth tcnds to
bc typcal ol stuatons whcrc populaton s rclatvcly thn, l and not a
partcularly scarcc rcsourcc, and thcrclorc, poltcs arc al l about con-
trol l ng labor. Vhcrc populaton s dcnsc and l and at a prcm um, onc
tcnds to nstcad hnd dowry. addng a woman to thc houschold s add-
ng anothcr mouth to lccd, and rathcr than bcng pad oll, a brdc' s
lathcr s cxpcctcd to contrbutc somcthng l and, wcalth, moncy . . . )
to hclp support hs daughtcr n hcr ncw homc.'' n Sumcran tmcs, tor
nstancc, thc ma npaymcnt at marragc was a hugcglt ol lood pad by
thcgroom' slathcr to thc brdc' s, dcstncd to provdc a sumptuouslcast
lor thc wcddng. ' Bclorc long, howcvcr, ths sccms to havc splt nto
two paymcnts, onc lor thc wcddng, anothcr to thc woman' s lathcr,
calculatcdand oltcn pa dn slvcr. ' Vcalthy womcn somctmcs ap-
pcar to havc cndcd up wth thc moncy. at lcast, many appcar to havc
to worn slvcr arm and lcg rngs ol dcntcal dcnom nat ons.
owcvcr as tmc wcnton, thspaymcnt, callcd thc terbatum, oltcn
bcgan to takc on thc qualtcs ol a smplc purchasc. t was rclcrrcd
to as "thc prcc ol a vrgn`not a mcrc mctaphor, sncc thc llcgal
dchowcrng ol a vrgn was consdcrcd a propcrty crmc aganst hcr
lathcr. ' Narr agc was rclcrrcd to as "takng posscsson` ol a woman,
thc samc word onc woul d usc lor thc sczurc ol goods. '' n prncplc,
a wlc, oncc posscsscd, owcd hcr husbands strctobcdcncc, and oltcn
could not scck a dvorcc cvcn n cascs olphyscal abusc.
or womcn wth wcal thy or powcrlul parcnts, a| l ths rcmancd
l argcly a mattcr ol prncplc, mod hcd consdcrably n practcc. Ncr-
chants` daughtcrs, lor cxamplc, typ cal l y rcccvcd substantal cash
1 L 1
dowrcs, wth whch thcy could go nto busncss n thcr own rght,
or act as partncrs to thcr husbands. owcvcr, lor thc poorthat s,
mostpcoplcmarragc camc morc and morc to rcscmblc a smplc cash
transacton.
Somc ol ths must havc bccn an cllcct ol sl avcry. whl c actual
sl avcs wcrc rarcl y numcrous, thc vcry cxstcncc ol a cl ass ol pcoplc
wth no k n, who wcrc smpl y commodtcs, dd makc a d llcrcncc. n
Puz , lor nstancc, "thc brdcprcc was pad n domcstc an mal s and
slvcramountngto a total val ucolqo shckcls olslvcr``to whch thc
author drly adds, "thcrc s somccvdcncc that t was cqual to thcprcc
ol a slavc grl . `' hs must havc bccn makng thngs uncomlortabl y
obvous. It` s n Puz, too, whcrcwc happcn to havc unusual l y dctalcd
rccords, that wc hnd cxamplcs olrch mcn payngcut-ratc "brdcpr cc`
to mpovcrshcd lam l cs to acqurc a daughtcr who thcy would thcn
adopt, but who woul d n lact bc c thcr kcpt as a concub nc or nursc-
mad, or marrcd to onc olthcr slavcs. ''
St l l , thc rcal ly crt cal lactor hcrc was dcbt. As pontcdout n thc
last chaptcr, anthropologsts havc long cmphas zcd that payng br dc-
wcalth s not thc samc as buyng a wlc. Altcr al land ths was onc
ol thc clnchng argumcnts, rcmcmbcr, n thc org nal gos Lcaguc ol
Patons dcbatcl a man wcrc rcally buyng a woman, wouldn' t hc
also bc abl c to scll hcr! Llcarly Alrcan and Ncl ancsan husbandswcrc
not abl c to scll thcr wvcs to somc thrd party. At most, thcy could
scnd thcm homc and dcmand back thcr brdcwcal th. '
A Ncsopotam an husband coul dn` t scll hs wlc cthcr. Lr, nor-
mal l y hc couldn` t. Stll, cvcrythng changcd thc momcnt hc took out a
l oan. Sncc l hc dd, t was pcrlcctly lcgalas wc` vc sccnto usc h s
wlc and chldrcn as surcty, and l hc was unabl c to pay, thcy coul d
thcn bc takcn away as dcbt pawns n cxactly thc samc way that hc
coul d losc h s sl avcs, shccp, and goats. Vhat ths al so mcant was that
honor and crcdt bccamc, cllcctvcly, thc samc th ng. at lcast lor a
poor man, onc` s crcdtworthncss was prccscly onc` s command ovcr
onc`s houschold, and thc hp sdc, as t wcrc) rclatons ol domcstc
authorty, rclatons that n prncplc mcant oncs olcarc and protcct on,
bccamc propcrty rghts that could ndccd bc bought and sol d.
Agan, lor thc poor, th s mcant that laml y mcmbcrs bccamc com-
modtcs that could bc rcntcd or sol d. Pot only could onc d sposc ol
daughtcrsas "brdcs` toworkn rch mcn` shouscholds, tablcts n Puz
show that onc could now h rc out lamly mcmbcrs smply by takng
out a l oan. thcrc arc rccordcd cascs ol mcn scndng thcr sons or cvcn
wvcs as "pawns` lor loans that wcrc clcarly | ust advancc paymcnt lor
cmploymcnt n thc lcndcr` s larm or cloth workshop. ''
N N H N L H 1 | N 1 1
hc most dramatc and cndurng crss ccntcrcd on prosttut on.
t` s actual l y not cntrcly cl car, lrom thc carlcst sourccs, whcthcr onc
can spcakhcrcol "prosttuton` at al l . Sumcran tcmplcs do oltcn ap-
pcar to havc hostcd a varcty ol scxual actvtcs. Somc prcstcsscs, lor
nstancc, wcrc consdcrcd to bc marrcd to or othcrwsc dcdtcatcd to
gods. Vhat ths mcant n practcc sccms to havc varcd consdcrabl y.
Nuch as n thc casc ol thc l atcr decadas/s, or "tcmplc danccrs` ol
ndu nd a, somc rcmancd cclbatc, othcrs wcrc pcrmttcd to marry
but wcrc not to bcar chldrcn, othcrs wcrc apparcntly cxpcctcd to hnd
wcalthy patrons, bccomng n cllcct courtcsans to thc cltc. Stl l oth-
crs lvcd n thc tcmplcs and had thc rcspons blty to makc thcmsclvcs
scxually avalablc to worshppcrs on ccrta n rtual occasons. " Lnc
thng thc carly tcxts do makc clcar s that al l such womcn wcrc con-
sdcrcd cxtraordnar l y t mportant. n a vcry rcal scnsc, thcy wcrc thc
ultmatc cmbodmcnts olcvlzaton. Altcr al l , thc cntrc machncry ol
thc Sumcran cconomy ostcns bl ycx stcd to supportthc tcmplcs, whch
wcrc consdcrcd thc houscholds ol thc gods. As such, thcy rcprcscntcd
thc ultmatc possblc rchncmcnt n cvcrythng lrom musc and dancc to
art, cusnc, and gracousncss ol lvng. cmplc prcstcsscs and spouscs
ol thc gods wcrc thc hghcst human ncarnatons olths pcrlcct l lc.
t' s al so mportanttocmphas zcthatSumcran mcn do not appcar,
at lcast n ths carlcst pcrod, to havc sccn anythng troublng about
thc dca olthcr sstcrs havng scx lor moncy. o thc contrary, nsolar
as prosttuton dd occur and rcmcmbcr, t could not havc bccn ncarly
so mpcrsona| , cold-cash a rclaton n a crcdt cconomy) , Sumcran
rclgous tcxts dcntly t as among thc lundamcntal lcaturcs olhuman
cvlzaton, a glt gvcn by thc gods at thc dawn ol tmc. rocrcatvc
scx was consdcrcd natural altcr all, an mal s d d t) . Pon-procrcatvc
scx, scx lor plcasurc, was dvnc. ''
hc most lamous cxprcsson ol ths dcnthcaton ol prosttutc
and cvlzaton can bc lound n thc story olLnkdu n thc cpc ol L l -
gamcsh. n thc bcgnnng ol thc story, Lnkdu s a monstcra nakcd
and lcrocous "w l d man` who grazcs wth thc gazcll cs, drnks at thc
watcrng pl acc wth wld cattlc, and tcrrorzcs thc pcoplc ol thc cty.
Onablc to dclcat hm, thc ctzcns hnally scnd out a courtcsan who s
al so a prcstcss ol thc goddcss shtar. Shc strps bclorc hm, and thcy
makc lovc lor sx days and scvcn nghts. Altcrward, Lnkdu` s lormcr
anmal companons run away lrom h m. Altcr shc cxpl a ns that hc has
now lcarncd wsdom and bccomc lkc a Lod shc t s, altcr all, a dvnc
consort) , hc agrccs to put on clothng and comc to lvc n thc cty lkc
a propcr, cvt lzcd human bcng. '
1 Z L 1
Alrcady, n thc carlcst vcrson ol thc Lnkdu story, though, onc
can dctcct a ccrta n ambvalcncc. Nuch latcr, Lnkdu s scntcnccd to
dcath by thc gods, and hs mmcdatcrcacton s to condcmn thc cour-
tcsan lor havng broughth mlromthc wlds nthc hrst pl acc. hc curscs
hcr to bccomc a common strcctwalkcr or tavcrn kccpcr, lvng among
vomtng drunks, abuscd and bcatcn by hcr clcnts. hcn, l atcr, hc rc-
grcts hs bchavor and blcsscs hcr nstcad. But that tracc olambvalcncc
was thcrc lrom thc bcgnnng, and ovcr tmc, t grcw morc powcrlul .
rom carly tmcs, Sumcran and Babylonan tcmplc complcxcs wcrc
surroundcd by lar lcss glamorous provdcrs ol scxual scrvccsndccd,
by thc tmc wc know much about thcm, thcy wcrc thc ccntcr ol vcr-
tablc rcd-l ght dstrcts lul l ol tavcrns wth dancng grls, mcn n drag
somc olthcm sl avcs, somc runaways) , and an al mostnhntcvarcty ol
prosttutcs. hcrc s an cndlcssly claboratc tcrmnology whosc subtlc-
tcs arc long sncc lost to us. Nost sccm to havc doublcd as cntcrtan-
crs. tavcrn-kccpcrs doublcd as muscans, malc transvcsttcs wcrc not
only sngcrs and danccrs, but oltcn pcrlormcd knlc-throwng acts.
Nany wcrc sl avcs put to work by thcr mastcrs, or womcn workng
oll rclgous vows or dcbts, or dcbt bondswomcn, or, lor that mattcr,
womcn cscapng dcbt bondagc wth no placc clsc to go. Lvcr tmc,
many olthc lowcr-rankng tcmplc womcn wcrc cthcr bought as sl avcs
or dcbt pcons as wcl l , and thcrc mght havc oltcn bccn a bl urrng ol
rolcs bctwccn prcstcsscs who pcrlormcd crotc rtuals and prosttutcs
owncd by thc tcmplc and hcncc, n prncplc, by thc god) , somctmcs
lodgcd wthn thc tcmplc compound tscll, whosc carnngs addcd to
thc tcmplc trcasurcs. ' Sncc most cvcryday transactons n Ncsopo-
tama wcrc not cash transact ons, oncc has to assumc that t was thc
samc wth prosttutcslkc thc tavcrn-kccpcrs, many olwhom sccm to
havc bccn lormcr prosttutcs, thcy dcvclopcd ongong crcdt rcl atons
wth thcr clcntsand ths must havc mcant that most wcrc lcss lkc
what wc thnk ol as strcctwalkcrs and morc lkc courtcsans. '

St l l ,
thc orgns ol commcrc al prosttuton appcar to havcbccn caught up
n a pccul ar mxturc ol sacrcd or oncc-sacrcd) practcc, commcrcc,
slavcry, and dcbt.
8 8 8 8 8
"atrarchy` orgnatcd, hrst and lorcmost, n a rc| ccton ol thc grcat
urban cvlzatons n thc namc ola knd olpurty, a rcasscrton olpa-
tcrnal control aganst grcatc t csl kcOruk, Lagash, and Babyl on, sccn
as pl accs ol burcaucrats, tradcrs, and whorcs. hc pastoral lrngcs,
thc dcscrts and stcppcs away lrom thc rvcr val lcys, wcrc thc pl accs
N N H N L H 1 | N 1 O
to whch dsplaccd, ndcbtcd larmcrs hcd. Kcs stancc, n thc anccnt
Nddlc Last, was always lcss a poltcs ol rcbcllon than a poltcs ol
cxodus, ol mcltng away wth onc`s hocks and laml csoltcn bclorc
both wcrc takcn away.'' hcrc wcrc always tr bal pcoplcs lvng on thc
lr ngcs. Ourng good tmcs, thcy bcgan to takc to thc ctcs, n hard
tmcs, thcr numbcrs swcllcd wth rclugccslarmcrs who cllcctvcly
bccamc Lnkdu oncc aga n. hcn, pcrodcal l y, thcy would crcatc thcr
own al l anccs and swccp back nto thc ctcs oncc agan as conqucrors.
t` s dlhcult to sayprcc scl yhow thcy magncd thcrs tuat on, bccausc
t` s only n thc Ll d cstamcnt, wrttcn on thc othcr sdc olthc crtlc
Lrcsccnt, that onc has anyrccordolthc pastoral rcbcl s` ponts olvcw.
But nothng thcrc m tgatcs aganst thc suggcston that thc cxtraord-
nary cmphass wc hnd thcrc on thc absol utc authorty ol lathcrs, and
thc | cal ous protccton ol thcr hcklc womcnlol k, wcrc madc poss bl c
by, but at thc samc tmc a protcst aga nst, ths vcry commodtzaton
olpcoplc n thc ctcs that thcy llcd.
hc world` s oly Booksthc Ll d and Pcw cstamcnts, thc Ko-
ran, rclg ous ltcraturc lrom thc Nddlc Agcs to ths dayccho ths
vocc ol rcbcllon, combnng contcmpt lor thc corrupt urban l lc, sus-
pcon ol thc mcrchant, and oltcn, ntcnsc msogyny. Lnc nccd only
thnk ol thc magc ol Babylon tscll, whch has bccomc pcrmancntly
lodgcd n thc collcctvc magnaton as not only thc cradlc ol cvl za-
ton, but al so thc lacc ol Vhorcs. crodotus cchocd popul ar Lrcck
lantascs whcn hc cl a mcd that cvcry Babyl onan madcn was obl gcd
to prosttutc hcrscll at thc tcmplc, so as to rasc thc moncy lor hcr
dowry. ' n thc Pcw cstamcnt, Sa nt ctcr oltcn rclcrrcd to Komc
as "Babylon, ` and thc Book ol Kcvclaton provdcs pcrhaps thc most
vvd magc ol what hc mcant by ths whcn t spcaks ol Babylon, "thc
grcat whorc, ` sttng " upon a scarlct colorcd bcast, lul l ol namcs ol
bl asphcmy` .
I}. q And thc woman was arraycd npurp|c and scarlct color,
and dcckcd wth gold and prccous stoncs and pcar|s, havng a
goldcn cup n hcr hand lu|| ol abomnatons and hlthncss ol
hcr lorncaton.
I_ Anduponhcrlorchcad was a namc wrttcn, MYS T kY,
b A YL ON TH Gk AT, TH MOTH k Ol HAk LOTS AND Ab OM-
| NATl ONS Of TH AkTH .
i
Such sthcvocc olpatrarchal hatrcd olthccty, and olthcangry
ml l cnna voccs olthc lathcrs olthc anccnt poor.
1 L 1
atrarchy as wc know t sccms to havctakcn shapcn a scc-sawng
battlc bctwccn thc ncwlound cltcs and ncwly dsposscsscd. Nuch ol
my own analyss hcrc s nsprcd by thc brllant work ol lcmnst hs-
toran Lcrda Lcrncr, who, n an cssay on thc orgns ol prosttutton,
obscrvcd.
Anothcr sourcc lor commcrcal prosttuton was thc paupcr-
zaton ol larmcrs and thcr ncrcasng dcpcndcncc on loans
n ordcr to survvc pcrods ol lamnc, whch lcd to dcbt slav-
cry. Chldrcn ol both scxcs wcrc gvcn up lor dcbt plcdgcs or
sold lor "adopton. ` ut ol such practccs, thc prosttuton ol
lcmalc lamly mcmbcrs lor thc bcncht ol thc hcad ol thc lam-
ly could rcadly dcvcl op. Vomcn mghtcnd up as prosttutcs
bccausc thcr parcnts had to scll thcm nto sl avcry or bccausc
thcr mpovcrshcd husbands mght so usc thcm. rthcy mght
bccomc scll-cmploycd as a last altcrnatvc to cnsl avcmcnt.
Vth luck, thcy mght n ths prolcsson bc upwardly moblc
through bccomngconcubncs.
By thc mddlc ol thc sccond mllcnnum D. L. , prosttuton
was wcll cstablshcd as a lkcly occupaton lor thc daughtcrs ol
thc poor. As thc scxual rcgulaton olwomcn olthc propcrtcd
class bccamc morc hrmly cntrcnchcd, thc vrgnty ol rcspcct-
ablc daughtcrs bccamc a hnancal assct lor thc lamly. Jhus,
commcrcal prosttuton camc to bc sccn as a socal ncccssty
lor mcctng thc scxual nccds ol mcn. Vhat rcmancd problcm-
atc was how to dstngush clcarly and pcrmancntly bctwccn
rcspcctablc and non-rcspcctablc womcn.
hs last pont s cruc al . hc most dramatc known attcmpt to
solvc thc probl cm, Lcrncr obscrvcs, can bc lound n a Nddlc Assyran
l aw codc datng lrom somcwhcrc bctwccn Iqoo and ttoo sC, whch s
also thc hrst known rclcrcncc to vclng n thc hstory ol thc Nddlc
Lastand al so, Lcrncr cmphaszcs, hrst to makc thc pol cng ol socal
boundarcs thc rcsponsblty olthc statc. ' t s not surprsng that ths
takcs pl acc undcr thc authorty olpcrhaps thc most notorously mlta-
rstc statc n thc cntrc anccnt Nddlc Last.
hc codc carclul l y dstngushcs among hvc classcs ol womcn. Kc-
spcctabl c womcn cthcr marrcd ladcs or concubncs) , wdows, and
daughtcrs ollrcc Assyran mcn"must vcl thcmsclvcs` whcn thcy go
out on thc strcct. rosttutcs and sl avcs and prosttutcs arc now con-
sdcrcd to ncludc unmarrcd tcmplc scrvants as wcll as smpl c harlots)
arc not al l owcd to wcar vc l s. hc rcmarkablc thng about thc l aws s
N N H N L H 1 | N 1 D
that thc pun shmcnts spcchcd n thc codc arc not drcctcd at rcspcct-
ablc womcn who do not wcar vcl s, but aganst prosttutcs and slavcs
whodo. hcprosttutc wasto bcpubl cl ybcatcn hlty tmcs wthstavcs
and havc ptch pourcd on hcr hcad, thc slavc grl was to havc hcr cars
cutoll. rccmcnprovcnto havcknowngly abcttcd an mpostor would
al so bc thrashcd and put to a month` s lorccd labor.
rcsumabl y n thccascolrcspcctabl cwomcn, thc law was assumcd
to bc scll-cnlorcng. as what rcspcctabl c woman would wsh to go out
on thc strcct n thcgusc ol a prosttutc!
Vhcn wc rclcr to "rcspcctabl c` womcn, thcn, wc arc rclcrrng to
thosc whosc bodcs could not, undcrany condtons, bc bought or sol d.
hcr phys cal pcrsons wcrc h ddcn away and pcrmancntly rclcgatcd
to somc man` s domcstc sphcrc, whcn thcy appcarcd n publ c vclcd,
thcy wcrc cllcctvcly stll ostcntatously walkng around, cvcn npubl c,
nsdc such a sphcrc. '' Vomcn who coul d bc cxchangcd lor moncy, on
thc othcr hand, must bc nstantly rccognzablc as such.
hc Assyr an l aw codc s onc sol atcd nstancc, vc l s ccrtanly dd
not bccomc obl gatory cvcrywhcrc altcr Ioo C. But tprovdcs a wn-
dow on dcvclopmcnts that wcrc happcnng, howcvcr uncvcnly, cvcn
spasmodcal l y, across thc rcgon, propcllcd by thc ntcrscct on olcom-
mcrcc, cl ass, dchant asscrtons ol malc honor, and thc constant thrcat
olthc dclccton olthc poor. Statcs sccm to havc playcd a complcx dual
rol c, s multancously lostcrngcommodtzaton and ntcrvcnngtoamc-
l oratc ts cllccts . cnlorcng thc l aws oldcbt and rghts ol lathcrs, and
ollcrng pcrodc amncstcs. But thc dynamc al so lcd, ovcr thc coursc
ol m l l cnn a, to a systcmatc dcmoton olscxualty tscll lrom a dvnc
glt and cmbod mcnt olcvlzcd rchncmcntto onc olts morc lam l ar
assocatons. wth dcgradaton, corrupt on, and gu l t.
8 8 8 8 8
Mcrc thnk wc havc thc cxplanaton lor that gcncral dcclnc ol wom-
cn` s lrccdoms that may bc obscrvcd n al l thc grcat urban cvlzatons
|or so much ol thcr hstory. n al l ol thcm, smlar thngs wcrc hap-
pcnng, cvcn ln cach casc, thcpcccscamc togcthcr n dllcrcnt ways.
hc h story ol Lh na, lor nstancc, saw cont nual and l argcly un-
succcsslul govcrnmcnt campagns to cradcatc bothbrdcprcc and dcbt
slavcry, and pcrodc scandals ovcr thc cxstcncc ol"markcts n daugh-
tcrs, ` ncludng thc outrght sal c ol grls as daughtcrs, wvcs, concu-
bncs, or prosttutcs at thc buycr` s dscrcton) contnuc to ths day.''
n nd a, thc castc systcm allowcd what wcrc othcrwsc dllcrcnccs
bctwccn rch and poor to bc madc lormal and cxplct. Brahmns and
1 L 1
othcr mcmbcrs ol thc uppcr castcs | cal ousl y scqucstcrcd thcr daugh-
tcrs, and marrcd thcm oll wth lavsh dowrcs, wh l c thc lowcr castcs
practccd brdcprcc, al l owng mcmbcrs ol thc hghcr "twcc-born`)
castcst oscoll at thcm lor scllng thcr daughtcrs. hc twcc-born wcrc
lkcwsc l argcly protcctcd |rom lal l ng nto dcbt bondagc, whlc lor
much ol thc rural poor, dcbt dcpcndcncy was nsttutonalzcd, wth
thcdaughtcrs olpoordcbtors, prcdctably, oltcn dspatchcd to brothcls
or to thcktchcnsor l aundrcs olthc rch.'' ncthcrcasc, bctwccn thc
push ol commodtzaton, whch lcl | dsproport onal l y on daughtcrs,
and thc pul l ol thosc tryng to rcasscrt patrarchal rghts to "pro-
tcct` womcn lrom any suggcston that thcy mght bc commodtzcd,
womcn` s lormal and practcal lrccdoms appcar to havc bccn gradual ly
but ncrcasngly rcstrctcd and cllaccd. As a rcsul t, notons ol honor
changcd too, bccomng a knd olprotcst aganst thc mplcatons olthc
markct, cvcn as at thc samc tmc l kc thc world rclgons) thcy camc
to ccho that markct logc n cndlcss subtlc ways.
Powhcrc, howcvcr, arc our sourccs as rch and dcta l cd as thcy
arc lor anccnt Lrcccc. hs s partly bccausc a commcrcal cconomy
arrvcd thcrc so latc, almost thrcc thousand ycars l atcr than n Sumcr.
As a rcsul t, Ll asscal Lrcck ltcraturcgvcs us a unquc opportunty to
obscrvc thc translormaton as t was actually takng placc.
A0 0l 00t 0r0000 [ M 0 0 0 r 8 0 J 000t )
hc world ol thc omcrc cpcs s onc dom natcd byhcroc warrors
who arc dsdanlul ol tradc. n many ways, t s strkng|y rcmnsccnt
ol mcdcval rcland. Noncy cxstcd, but t was not uscd to buy any-
thng, mportant mcn lvcd thcr lvcs n pursut ol honor, whch took
matcral lorm n lollowcrs and trcasurc. rcasurcs wcrc gvcn as glts,
awardcd as przcs, carrcdollas loot. ' hs s no doubt how t/me hrst
camc to mcan both "honor` and "prcc`n such a world, no onc
scnscd any sort olcontradcton bctwccn thc two.'
All ths was to changc dramatcally whcn commcrcal markcts bc-
gan to dcvclop two hundrcd ycars latcr. Lrcck conagc sccm to havc
bccn hrst uscd manly to pay soldcrs, as wcl l as to pay hncs and lccs
and paymcnts madc to and by thc govcrnmcnt, but by about 6oo sC,
| ust about cvcry Lrcck cty-statc was producng ts own cons as a
mark ol cvc ndcpcndcncc. t dd not takc long, though, bclorc cons
wcrc n common usc n cvcryday transactons. By thc hlth ccntury, n
N N H N L H 1 | N 1 1
Lrcck ctcs, thc agora, thc placc ol publ c dcbatc and communal as-
scmbl y, al so doublcd as a markctplacc.
Lnc olthc hrst cllccts olthcarrvalola commcrcal cconomy was
a scrcs oldcbt crscs, olthc sort long laml ar lrom Ncsopotam a and
sracl . hc poor, ` as Arstotlc succnctly put t n hs Cons/t/u/ton oj
/he A/hentans, togcthcr wth thcr wvcs and chldrcn, wcrc cnslavcd
to thc rch. `' Kcvolutonary lactons cmcrgcd, dcmandng amncstcs,
and most Lrcck ctcs wcrc at lcast lor a whlc takcn ovcr by populst
strongmcn swcpt nto powcr partly by thc dcmand lor radcal dcbt
rclcl. hc soluton most ctcs ul t matcly lound, howcvcr, was qutc
dllcrcnt than t had bccn n thc PcarLast. Kathcrthan nsttutonalzc
pcrodc amncstcs, Lrcck ctcs tcndcd to adopt lcgslaton l mtng or
abolshng dcbt pconagc al togcthcr, and thcn, to lorcstal l luturc crscs,
thcy would turn to a polcy ol cxpanson, shppng oll thc chldrcn ol
thc poor to lound mltary coloncs ovcrscas. Bclorc long, thc cntrc
coast lrom Lrmca to Narscllc was dottcd wth Lrcck ctcs, whch
scrvcd, n turn, as conduts lor a lvcly tradc n slavcs. '' hc suddcn
abundancc olchattcl slavcs, n turn, complctcly translormcd thc naturc
ol Lrcck soccty. rst and most lamously, t al lowcd cvcn ctzcns ol
modcst mcans to takc part n thc poltcal and cultural l lc ol thc cty
and havc a gcnunc scnsc ol ctzcnshp. But ths, n turn, drovc thc
old arstocratc cl asscs to dcvclop morc and morc cl aboratc mcans ol
scttng thcmsclvcs oll lrom what thcy consdcrcd thc tawdrncss and
moral corrupton olthc ncw dcmocratc statc.
Vhcn thc curtan truly gocs up on Lrcccc, n thc hlth ccntury, wc
hnd cvcrybody argung about moncy. or thc arstocrats, who wrotc
most olthc survvng tcxts, moncy was thc cmbodmcnt olcorrupt on.
Arstocrats dsdancd thc markct. dcal l y, a man ol honor should bc
ablc to rasc cvcrythng hc nccdcd on h s own cstatcs, and ncvcr havc
to handlc cash at al l . n practcc, thcy kncw ths was mpossbl c.
Yct at cvcry pont thcy tr cd to sct thcmsclvcs apart lrom thc val ucs
ol thc ordnary dcn zcns ol thc markctp| acc. to contrast thc bcautlul
gold and slvcr bcakcrs and trpods thcy gavc onc anothcr at luncrals
and wcddngs wth thc vulgar hawkng ol sausagcs or charcoal , thc
dgnty ol thc athlctc contcsts lor whch thcy cndlcssly trancd wth
commoncrs` vulgar gamblng, thc sophstcatcd and l tcratc courtcsans
who attcndcdto thcm at thcr drnkng clubs, and common prosttutcs
porne)slavc-grls houscd n brothcls ncar thc agora, brothcls oltcn
sponsorcd by thc dcmocratc pols tscll as a scrvcc to thc scxual nccds
olts mal cctzcnry. n cach casc, thcy placcd a world olglts, gcncros-
ty, and honor abovc sordd commcrcal cxchangc.
'
1 L 1
h s rcsultcd n a sl ghtly d llcrcnt pl ay ol push and pul l than wc
saw n Ncsopotam a. Ln thc onc hand, wc scc a culturc ol ar stocratc
protcst aganst what thcy saw as thc l owl y commcrc al scns b l tcs ol
ord nary c t zcns. Ln thc othcr hand, wc scc an al most schzophrcnc
rcacton on thc part ol thc ord nary ctzcns thcmsclvcs, who s mul ta-
ncously tr cd to l m t orcvcn ban aspccts olar stocrat ccul turc and to
mtatc arstocratc scns b l t cs. cdcrasty s an cxccllcnt casc n po nt
hcrc. Ln thc onc hand, man-boy lovc was sccn as thc qu ntcsscnt al
ar stocratc pract cc t was thc way, n lact, that young ar stocrats
would ordnarly bccomc nt atcd nto thcprvtlcgcs olh gh soc cty. As
a rcsult, thc dcmocrat c pol s saw t as poltcally subvcrsvc and madc
scxual rclatons bctwccn mal c c tzcns l l cgal . At thc samc t mc, al most
cvcryonc bcgan to pract cc t.
hc lamous Lrcck obscss on wth malc honor that st l l nlorms so
much ol thc tcxturc ol da l y l lc n rural commun tcs n Lrcccc hcar-
kcns back not so much to Momcrc honor butto th s arstocratc rcbcl-
l on aganst thc valucs olthc markctpl acc, whch cvcryonc, cvcntual l y,
bcgan to makc thc r own. hc cllccts on womcn, though, wcrc cvcn
morc scvcrc than thcy had bccn n thc N ddl c Last. Alrcady by thc
agc ol Socratcs, wh l c a man` s honor was ncrcasngly ttcd to d sda n
lor commcrcc and asscrtvcncss n publ c l lc, a woman` s honor had
comc to bc dchncd n al most cxclusvcly scxual tcrms. as a mattcr ol
v rg n ty, modcsty, and chastty, to thc cxtcnt that rcspcctablc womcn
wcrccxpcctcd to bc shut up ns dc thchouschol d and any woman who
playcd a part n publ c l lc was cons dcrcd lor that rcason a prosttutc,
or tantamount to onc hc Assyran habt ol vclng was not wdcly
adoptcd n thc Nddlc Last, but t uJS adoptcd n Lrcccc. As much
as t h cs n thc lacc olour stcrcotypcs about thc orgns ol "Vcstcrn"
lrccdoms, womcn ndcmocratc Athcns, unlkc thoscolcrs aorSyr a,
wcrc cxpcctcd to wcar vc l s whcn thcy vcnturcd out n publ c. '
8 8 8 8 f
Noncy, thcn, had passcd lrom a mcasurc ol honor to a mcasurc ol
cvcryth ng that honor was not. o suggcst that a man` s honor coul d
bc bought wth moncy bccamc a tcrrblc nsul tth s dcsp tc thc lact
that, s ncc mcn wcrc oltcn takcn n war or cvcn by bandts or p ratcs
and hcld lor ransom, thcy oltcn dd go through dramas ol bondagc
and rcdcmpton not unl kc thosc cxpcrcnccd by so many N ddl c Last-
crn womcn. Lnc part cul arly strkng way ol hammcrng t homc
actual l y, n th s casc, al most ltcral lywas by brandng ransomcd prs-
oncrs w th thc mark ol thcr own currcncy, much as l today somc
N N H N L H 1 | N 1
magnary lorcgn kdnappcr, altcr havng rcccvcd thc ransom moncy
loran Amcrcan vctm, madc a pont olburnng a dol l ar sgn onto thc
vct m' s lorchcad bclorc rcturnng h m. '
Lnc qucston that sn' t clcar lrom al l ths s, Vhy! Vhy had mon-
cy, n partcular, bccomc such a symbol ol dcgradaton! Vas t all
bccauscolslavcry! Lnc mght bc tcmptcd to concludc that t was. pcr-
haps thc ncwlound prcscncc ol thousands ol uttcrly dcgradcd human
bcngs n anccntLrcck ctcs madc any suggcston that a lrcc man lct
alonc a lrcc woman) mght n any scnsc bc bought or sold partcul arly
nsultng. But ths s clcarly not thc casc. Lur dscusson ol thc slavc
moncy ol rcland showcd that thc possblty ol thc uttcr dcgradaton
ol a human bcng was n no scnsc a thrcat to hcroc honorn a way,
t was ts vcry csscncc. omcrc Lrccks do not appcar to havc bccn
any dllcrcnt. t sccms hardly concdcntal that thc quarrcl bctwccn
Agamcmnon and Ach llcs that scts oll thc acton ol thcl/iad, gcncrally
consdcrcd to bc thc hrst grcat work olVcstcrnltcraturc, s a d sputc
ovcr honor bctwccn two hcroc warrors ovcr thc dsposton ola sl avc
grl . Agamcmnon and Ach l lcs wcrc also wcll awarc that t would
only takc an unlortunatc turn n battlc, or pcrhaps a shpwrcck, lor
cthcr ol thcm to wnd up as a slavc. Ldysscus barcly cscapcs bcng
cnslavcd on scvcral occasons n thc Odyssey. Lvcn n thc thrd ccntury
AD, thc Koman cmpcrorValcran z-z6o AD) , dclcatcd at thc Battlc ol
Ldcssa, wascapturcd and spcnt thc lastycars ol hs l lc as thc lootstool
that thc Sassanan cmpcror Shapur uscd to mount h s horsc. Such
wcrc thc pcr l s ol war. All ths was csscntal to thc naturc ol martal
honor. A warr or' s honor s h s w l lngncss to play a gamc on whch
hc stakcs cvcrythng. s grandcur s drcctly proportonal to how lar
hc can lal l .
Vas t, thcn, thatthcadvcnt olcommcrc al moncythrcw tradton-
al socal hcrarchcs nto dsarray! Lrcck ar stocrats oltcn spokc ths
way, but thc complants sccm rathcr d s ngcnuous. Surcly twas moncy
that al lowcd such a pol shcd arstocracy to cxst n thc hrst placc.
Kathcr, thc thng that rcal l y sccmcd to bothcr thcm about moncy was
smply thatthcy wantcd t so much. Sncc moncy could bc uscd to buy
| ust about anythng, cvcrybody wantcd t. hat s. t was dcsrablc
|ecause t was non-dscr m natng. Lnc could scc how thc mctaphor
olthc porne mght sccm partcularly appropratc. A woman "common
to thc pcoplc`as thc poct Archlochos put ts avalablc to cvcry-
onc. n prncplc, wc shouldn' t bc attractcd to such an undscrmnat-
ng crcaturc. n lact, ol coursc, wc arc. And nothng was both so
undscr m natng, and so dcsrablc, as moncy. ruc, Lrcck ar stocrats
would ordnarly nsst that thcy wcrc not attractcd to common porne,
1 L 1
and that thc courtcsans, hutc-g rl s, acrobats, and bcautlul boys that
lrcqucntcd thcr symposa wcrc not rcally prosttutcs at al l though at
tmcsthcyal soadm ttcd thatthcy rcally wcrc) , thcyal sostrugglcd wth
thc lact that thcr own h gh-m ndcd pursuts, such as charot-racng,
outhttng shps lor thc navy, and sponsorng tragc dramas, rcqurcd
thc cxact samc cons as thc oncs uscd to buy chcap pcrlumc and pcs
lora hshcrman` swlcthconly rcal d |lcrcncc bcngthatthcrpursuts
tcndcd to rcqu rc a l ot morc ol thcm.
Vc mght say, thcn, that moncy ntroduccd a dcmocratzaton ol
dcsrc. nsolar as cvcryonc wantcd moncy, cvcryonc, hgh and l ow, was
pursungthc samcpromscuous substancc. Butcvcn morc. ncrcasngly,
thcy d d not | ust want moncy. hcy nccdcd t. h s was a prolound
changc. n thc omcrc world, as n most human cconom cs, wc hcar
al most no dscussonolthosc thngs consdcrcd ncccssary to human l lc
lood, shcltcr, clothng) bccausc t s s mply assumcd that cvcrybody
has thcm. A man wth no posscssons could, atthc vcry lcast, bccomc a
rctancr n somc rch man` s houschol d. Lvcn sl avcs had cnough to cat.
crc too, thc prosttutc was a potcnt symbol lor what had changcd,
sncc wh l c somc ol thc dcnzcns ol brothcls wcrc slavcs, othcrs wcrc
s mply poor, thc lact that thcr bas c nccds could no longcr bc takcn
lor grantcd wcrc prccscly what madc thcm subm t to othcrs` dcsrcs.
hs cxtrcmc lcar oldcpcndcncy on othcrs` wh ms l cs at thc bass ol
thc Lrcck obscss on wth thc scll-sulhccnt houschol d.
Al l th s l cs bch nd thc unusual l y ass duous cllorts ol thc mal c
c t zcns ol Lrcck cty-statcsl kc thc l atcr Komansto nsul atc thcr
wvcs and daughtcrs lrom both thc dangcrs and thc lrccdoms ol thc
markctpl acc. Onl kc thcr cquvalcnts n thc Nddlc Last, thcy do not
sccm to havc ollcrcd thcm as dcbt pawns. Pcthcr, at lcast n Ath-
cns, was t lcgal lor thc daughtcrs ol lrcc ctzcns to bc cmploycd as
prosttutcs. ' As a rcsult, rcspcctablc womcn bccamc nvsblc, l argcly
rcmovcd lrom thc hgh dramas ol cconomc and pol t cal l lc. l any-
onc was cnslavcd lor dcbt, t was normal l y thc dcbtor. Lvcn morc
dramat cal l y, t was ord nar l y ma/e c t zcns who accuscd onc anothcr
olprosttutonwth Athcn an poltcans rcgularly asscrtng that thcr
rvals, whcn thcy wcrc young boys bcng plcd wth glts lrom thcr
mal c sutors, wcrc rcally tradng scx lor moncy, and hcncc dcscrvcd to
losc thcr cvc lrccdoms.'
8 8 8 f f
t mght bc hclplul hcrc, to rcturn to thc prncplcs l a d out n chap-
tcr hvc. Vhat wc scc abovc al l s thc cros on both ol oldcr lorms ol
N N H N L H 1 | N 1 1
hcrarchythc omcrc wor|d olgrcat mcn wth thcr rctancrsand,
at thc samc tmc, olo|dcr lorms olmutua| a d, wth communstc rcla-
tons ncrcasngly bcng conhncd to thc ntcror ol thc houschol d.
t` s thc lormcrthc croson ol hcrarchythat rca| | y sccms to
havc bccn at stakc n thc "dcbtcrscs` that struck so many Lrcck ctcs
around 6oo C, rght around thc tmc that commcrc a| markcts wcrc
hrst takng shapc. ' Vhcn Ar stotlc spokc olthc Athcn an poor as la| l -
ng slavc tothc rch, what hc appcarsto havc mcant was that n harsh
ycars, many poor larmcrs lc| | nto dcbt, as a rcsu| t thcy cndcd up as
sharccroppcrs on thcrown propcrty, dcpcndcnts . bomc wcrc cvcn so|d
abroad as s|avcs. hs |cd to unrcst and agtaton, and also to dcmands
lor clcan s| atcs, lor thc lrccng ol thosc hc|d n bondagc, and lor thc
rcdstrbuton ol agrcultura| |and. n a lcw cascs t |cd to outrght
rcvo| uton. n Ncgara, wc arc to| d, a radca| lacton that sczcd powcr
not only madc ntcrcst-bcarng | oans l |cgal , but dd so rctroactvc|y,
lorcng crcdtors to makc rcsttuton ol al | ntcrcst thcy had co| | cctcd
n thc past.' n othcr ctcs, popu|st tyrants sczcd powcr on promscs
to abrogatc agrcu|tura| dcbts.
Ln thc lacc ol t, al | ths docsn` t sccm a| | that surprsng. thc mo-
mcnt whcn commcrcal markcts dcvc|opcd, Lrcck ctcs quckly dcvc|-
opcd a|| thc soca| prob|cms that had bccn plagung Nddlc Lastcrn
ctcs lor ml| cnn a. dcbt crscs, dcbt rcsstancc, po|tca| unrcst. n rca|-
ty, thngs arc not so c| car. or onc thng, lor thc poor to bc "cnsl avcd
to thc rch, ` n thc |oosc scnsc that Arstot|c sccms to bc usng, was
hard|y a ncw dcvclopmcnt. Lvcn n omcrc soccty, t was assumcd
as a mattcr ol coursc that rch mcn wou|d |vc surroundcd by dcpcn-
dcnts and rctancrs, drawn lrom thc ranks olthc dcpcndcnt poor. hc
crt ca| thng, though, about such rc|atons ol patronagc s that thcy
nvolvcd rcspons b l tcs on both sdcs. A nob|c warror and hs humb| c
cl cntwcrc assumcd to bc lundamcnta| | y dllcrcnt sorts olpcopl c, but
bothwcrca| socxpcctcd to takcaccountolcach othcr` s lundamcnta| | y
dllcrcnt) nccds. ranslormng patronagc nto dcbt rclatonstrcatng,
say, an advancc ol sccd corn as a /oan, |ct a| onc an ntcrcst-bcarng
| oanchangcd al| th s. Vhat` s morc, t dd so n two comp| ctc|y
contradctory rcspccts. Ln thc onc hand, a l oan mplcs no ongong
rcsponsbl tcs on thc part olthc crcdtor. Ln thc othcr, as havc con-
tnual | ycmphaszcd, a | oandocs assumc a ccrtan lorma| , |cgal cqua|ty
bctwccn contractor and contractcc. t assumcs that thcy arc, at lcast
n somc ways on somc |cvcl , lundamcnta| | y thc samc knd ol pcrson.
hs s ccrta nl y about thc most ruth|css and vo|cnt lorm ol cqualty
mag nab| c. But thc lact t was conccvcd as cqua|ty bclorc thc markct
madc such arrangcmcnts cvcn morc dlhcu|t to cndurc.
1 Z L 1
hc samc tcnsons can bc obscrvcd bctwccn ncghbors, who n
larmng communtcs tcnd to gvc, l cnd, and borrow thngs amongst
thcmsclvcsanythng lrom scvcs and scklcs, to charcoal and cookng
ol, to sccd corn or oxcn lor plowng. Ln thc onc hand, such gvng
and lcndng wcrc consdcrcd csscntal parts ol thc basc labrc ol hu-
man socablty n larm communtcs, on thc othcr, ovcrly dcmandng
ncghbors wcrc a notorous rrtantonc that could only havc grown
worsc whcn all partcs arc awarc olprccscly how much t would havc
cost to buy or rcnt thc samc tcms that wcrc bcng gvcn away. Aga n,
onc olthcbcstways to gct a scnsc ol what wcrc consdcrcd cvcryday
dlcmmas lor Ncdtcrrancan pcasants s to look at | okcs. Latc storcs
lrom across thc Acgcan n urkcy ccho cxactly thc samc conccrns.
asruOOn s nCghbOr OnCC CamC by ask hC COu O bOrrOW hs
OOnkCy Or an unCXpCCtCO CrranO. asruOOn ObgCO, but thC
nCXt Oay thC nCghbOr Was baCk aganhC nCCOCO tO takC sOmC
gran tO bC mCO. DCOrC Ong hC Was shOWng up amOst CVCry
mOrnng, barCy CCng hC nCCOCO a prCtCXt. nay, asruOOn
gOt CO up, anO OnC mOrnng tOO h m hs brOthCr haO arCaOy
COmC by anO takCn thC OOnkCy.
]ust as thC nCghbOr Was CaV!ng hC hCarO a OuO brayng
sOunO rOm thC yarO.
Cy, l thOught yOu saO thC OOnkCy Wasnt hCrC|
LOOk, WhO arC yOu gOng t O bCCVCr askCO asruOO n.
NC, Or sOmC an ma r
V ththcappcarancc olmoncy, tcoul dal so bccomc unclcar what
was a glt, and what a loan. Ln thc onc hand, cvcn wth glts, t was
always consdcrcd bcstto rcturn somcthngsl ghtly bcttcr than onchad
rcccvcd. Ln thc othcrhand, lrcnds do not chargc onc anothcrntcr-
cst, and any suggcston that thcy mght was surc to ranklc. So what` s
thc dllcrcncc bctwccn a gcncrous rcturn glt and an ntcrcst paymcnt!
h s sthcbas s oloncolthcmostlamous Pasruddn storcs, oncthat
appcars to havc provdcd ccnturcs ol amuscmcnt lor pcasants across
thc Ncdtcrrancan bas n and ad| onng rcgons. t s also, mght
notc, a play on thc lact that n many Ncdtcrrancan l anguagcs, Lrcck
ncludcd, thc word lor " ntcrcst` ltcrally mcans "ollsprng. `)
LnC Oay asruOOn s nCghbOr, a nOtOrOus msCr, CamC by
tO annOunCC hC Was thrOWng a party Or sOmC rCnOs. LOuO
hC bOrrOW sOmC O asruOOn s pOts r asruOOn OOn t haVC
many but saO hC Was happy tO CnO WhatCVCr hC haO. hC nCXt
H N R A N D D L G R A D A1 l N
day thc mscr rcturncd, carryng lasrudd n` s thrcc pots, and
onc tny add tonal onc.
"Vhat` s that: askcd lasruddd n.
"Oh, that` s thc ottsprng ot thc pots . Jhcy rcproduccd dur-
ng thc tmc thcy wcrc wth mc.
lasruddn shruggcd and acccptcd thcm, and thc mscr lctt
happy that hc had cstabl shcd a prncplc ot ntcrcst. A month
latcr lasruddn was throwng a party, and hc wcnt ovcr to
borrow a dozcn pcccs ot hs ncghbor` s much morc luxurous
crockcry. Jhc m scr compl cd. Jhcn hc wa tcd a day. And thcn
anothcr . . .
On thc thrd day, thc mscr camc by and askcd what had
happcncd to h s pots .
"Oh, thcm: lasruddn sad sadl y. " t was a tcrr bl c trag-
cdy. Jhcy dcd. '
l9 o
n a hcroc systcm, It Is ony dcbts o honorthc nccd to rcpay
gIts , to cxact rcvcngc, to rcscuc or rcdccm rIcnds or kInsmcn acn
prIsoncrthat opcratc compctcy undcr a ogIc o tIt-or-tat cxchangc.
Ionor Is thc samc as crcdIt, It` s onc` s abIIty to kccp onc` s promIscs,
but aso, In thc casc o a wrong, to "gct cvcn. Ps thc ast phrasc
ImpIcs, It was a monctary ogIc, but moncy, or anyway moncy-Ikc
rcatIons , arc conhncd to thIs . Lraduay, subty, wIthout anyonc com-
pctcy undcrstandIng thc u ImpIcatIons o what was happcnIng,
what had bccn thc csscncc o mora rcatIons turncd Into thc mcans or
cvcry sort o dIshoncst stratagcm.
c know a Ittc about It Irom trIa spccchcs, many o whIch havc
s urvIvcd. lcrc Is onc rom thc ourth ccntury, probaby around 6
C. Ppoodorus was a prospcrous but ow-born PthcnIan cItIzcn hIs
athcr, a bankcr, had bcgun Ic as a savc) who, Ikc many such gcntc-
mcn, had acguIrcd a country cstatc. Jhcrc hc madc a poInt o makIng
rIcnds wIth hIs coscst ncIghbor, Icostratus, a man o arIstocratIc
orIgIns , though currcnty o somcwhat straItcncd mcans. Jhcy actcd as
ncIghbors normay dId, gIvIng and borrowIng s ma sums, cndIng cach
othcr anImas or savcs, mIndIng cach othcr` s propcrty whcn onc was
away. Jhcn onc day Icostratus ran Into a pIccc o tcrrIbc uck. hIc
tryIng to track down somc runaway savcs, hc was hImscI capturcd by
p:ratcs and hcd or ransom at thc savc markct on thc Is| and o PcgI-
. I:s rcatIvcs coud ony asscmbc part o thc prIcc, so hc was orccd
\ borrow thc rcst rom strangcrs In thc markct. Jhcsc appcar to havc
ccn procssIonas who spccIazcd In such oans, and thcIr tcrms wcrc
:torIousy harsh. I not rcpaId In thIrty days, thc sum doubcd, I not
l 9 4 D L b 1
rcpat d at al l , thc dcbtor bccamc thc slavc ot thc man who had put up
thc moncy tor hts rcdcmptton.
Jcartul l y, ltcostratus appcalcd to ht s nctghbor. Al l ht s posscs-
stons wcrc al rcady plcdgcd now to onc crcdttor or anothcr, hc kncw
Apollodorus woul dn' t havc that much cash lytng around, but could
ht s dcar trtcnd posstbly put up somcthtng ot ht s own by way ot sccu-
rtty: Apollodorus was movcd. Ic wou| d bc happy to torgtvc all dcbts
ltcostratus al rcady owcd htm, but thc rcst would bc dt thcult. bttll, hc
would do ht s bcst. In thc cnd, hc arrangcd to htmsclttakc a l oan trom
an acguatntancc ot ht s, Arccsas, on thc sccurtty ot ht s town-housc,
at 6 pcrccnt annual tntcrcst, so as to bc abl c to satt sty ltcostratus' s
crcdttorswht l clt costratus htmscltarrangcd a trtcndl y, no-t ntcrcst cru-
ML loan trom hts own rclattvcs. ut bctorc long, Apollodorus bcgan
to rcaltzc that hc had bccn sct up. Jhc t mpovcrtshcd artstocrat had
dcctdcd to takc advantagc ot ht snouvcau-rt chcnctghbor, hc was actu-
ally worktng wtth Arccsas and somc otApol lodorus' s cncmtcs to havc
ht m tal scly dcclarcd a "publ t c dcbtor, " that t s, somconc who had dc-
taultcd on an obl tgatton to thc publ t c trcasury. Jhts wou|d havc hrst
ot all mcant that hc would losc hts rtght to takc anyonc to court t . c. ,
ht s dccctvcrs, to rccovcr thc moncy) , and sccond, would gtvc thcm a
prctcxt to ratd ht s housc to rcmovc ht s turntturc and othcrposscsstons.
rcsumabl y, lt costratus had ncvcr tclt cspcct al l y comtortablc bctng t n
dcbt to a man hc constdcrcd ht s soct al t ntcrtor. Kathcr ltkc Lgt l thc
Vtktng, who would rathcrkt l l hts trtcnd Ltnar than havc tocomposcan
clcgy thanktng htm tor an ovcrly magnt hccnt gttt, lt costratus appcars
to havc concludcd that tt was morc honorablc, or anyway morc bcar-
ab|c, to try to cxtract thc moncy trom hts lowly trtcnd through torcc
and traud than to spcnd thc rcst ot hts l t tc tccltng bcholdcn. ctorc
long, thtngs had t ndccd dcsccndcd to outrtght phystcal vtolcncc, and
thc wholc mattcr cndcd up tn court.
Jhc story has cvcrythtng. Vc scc mutual at d. thc communt sm ot
thc prospcrous, thc cxpcctatton that tt thc nccd ts grcat cnough, or thc
cost managcablccnough, trtcnds and nctghbors wt l l hclp onc anothcr. '
Andmost dtd, t n tact, havc ctrclcs otpcoplc who woul dpool moncyt t
a crt st s dtd artsc. whcthcr a wcddtng, a |amtnc, or a ransom. Vc also
scc thc omntprcscnt dangcr o| prcdatory vt olcncc that rcduccs human
bct ngs to commodt tt cs, and by dotng so tntroduccs thc most cutthroat
ktnds ot calculatton tnto cconomtc l t tcnot | ust on thc part ot thc
pt ratcs, but cvcn morc so, pcrhaps, on thosc moncy|cndcrs l urking
by thc markct ottcrtng stttt crcdtt tcrms to anyonc who camc to ran
som thctr rc|attvcs but tound thcmsclvcs caught short, and who thcn
could appcal to thc statc to allow thcm to ht rc mcn wtth wcapons to
H N R A N D D L G R A D A1 l N l 9
cntorcc thc contract. Vc scc hcrotc prtdc, whtch sccs too grcat an act
ot gcncrostty as ttsclt a ktnd ot bcltttltng assault. Vc scc thc ambtgu-
tty among gt tts, loans, and commcrctal crcdtt arrangcmcnts. lctthcr
docs thc way thtngs pl aycd out t n thts casc sccm parttcularly unusual ,
cxccptpcrhapstorltcostratus' scxtraordt nart l ytngratttudc. romtncnt
Athcnt answcrcalways borrowtng moncy to pursuc thctr poltttcal pro| -
ccts, lcss-promtncnt oncs wcrc constantly worrytng about thctr dcbts,
or how to collcct trom thctr own dcbtors. t nal l y, thcrc t s anothcr,
subtlcr clcmcnt hcrc. Vhtlc cvcryday markct transacttons, at shops
or stal l s t n thc agora, wcrc hcrc as clscwhcrc typt cal l y conductcd on
crcdt t, thc massproductton otcot nagc pcrmtttcd a dcgrccotanonymtty
tor transacttons that, tn a purc crcdtt rcgt mc, stmply could not cxtst. '
tratcs and ktdnappcrs do bustncss t n cashyct thc l oan sharks at Ac-
gtna's markctplacc could not havc opcratcd wtthout thcm. It t s on thts
samc combtnatton o| t l lcgal cash bustncss, usually tnvolvtng vt olcncc,
and cxtrcmcly harsh crcdtt tcrms, al so cntorccd through vtolcncc, that
tnnumcrablc crtmtna| undcrworlds havc bccn constructcd cvcr stncc.
8 8 8 8 f
In Athcns, thc rcsu|t was cxtrcmc moral contust on. Jhc l anguagc
ot moncy, dcbt, and hnancc provtdcd powcrtuland ul tt matcly
trrcststtblcways to thtnk about moral problcms. Nuch as t n Vcdtc
Indt a, pcoplc startcd talktng about l t tc as a dcbt to thc gods, ot ob
ltgattons as dcbts, about l t tcral dcbts ot honor, ot dcbt as st n and ot
vcngcancc as dcbt co| lcctton. Yct t tdcbt was moralttyand ccrtatnly
at thc vcry |cast tt was t n thc tntcrcst ot crcdttors, who ottcn had l t ttlc
lcgal rccoursc to compcl dcbtors to pay up, to tnstst that tt waswhat
was onc to makc ot thc tact that moncy, that vcry thtng that sccmcd
capablc ot turntng moraltty tnto an cxact and guantthablc sctcncc, also
sccmcd to cncouragc thc vcry worst sorts ot bchavtor:
It ts trom such dtlcmmas that modcrn cthtcs and moral pht loso-
phy bcgt n. thtnk thts t s truc guttc l t tcral l y. Constdcr lato' s Kcuh-
/ic, anothcr product ot tourth-ccntury Athcns. Jhc book bcgtns whcn
bocratcs vt stts an old trtcnd, a wcalthy arms manutacturcr, at thc port
ott racus. Jhcy gct tnto a dtscusston ot| usttcc, whtch bcgtns whcn thc
old man proposcs that moncy cannot bc a bad thtng, stncc t t al l ows
thosc who havc t t to bc | ust, and that | usttcc conststs t n two thtngs.
tclltng thc truth, and alwayspaytngonc' sdcbts. Jhc proposal ts castly
dcmol t shcd. Vhat, bocratcs asks, t tsomconc lcnt you ht s sword, wcnt
vtolcntly tnsanc, and thcn askcd tor tt back prcsumabl y, so hc could
ktll somconc) : Clcarly t t can ncvcr bc rtght to arm a lunattc whatcvcr
l9 D L b 1
thc ctrcumstanccs. Jhc o|d man chccrtu| l y shrugs thc prob|cm ott
and hcads ott to attcnd to somc rttua| , |caving ht s son to carry on
thc argumcnt.
Jhc son, o|cmarchus, swttchcs gcars. c|car|y ht s tathcr hadn' t
mcant "dcbt" tn thc | t tcra| scnsc ot rcturntng what onc has borrowcd.
Ic mcant tt morc tn thc scnsc ot gtving pcop|c what ts owcd to thcm,
rcpaytng good wtth good and cvt| with cvt | , hc|ptng onc' s trtcnds and
hurttng onc' s cncmtcs. Ocmo|tshtng thts onc takcs a |ttt|c morc work
arc wc saytng j usttcc p| ays no part in dctcrmt nt ng who onc' s trtcnds
and cncmtcs arcr t so, wou|dn' t somconc who dcctdcd hc had no
trtcnds, and thcrctorc trt cd to hurt cvcryonc, bc a j ust manr And cvcn
t tyou dtd havc somc way to say tor ccrtatn that onc's cncmy rca||y ts
an t ntrt nst ca| | y bad pcrson and dcscrvcs harm, by harmtnght m, do you
not thus makc ht m worscr Can turntng bad pcop|c tnto cvcn worsc
pcop|c rca| | y bc an cxamp|c ot j usticcr) but t t ts cvcntua| | y accom
p| t shcd. At tht s potnt a bophtst, Jhrasymachos, cntcrs and dcnounccs
a| | ot thc dcbatcrs as mt |ky-cycd tdca|tsts. n rca|tty, hc says, a| | ta|k
ot "j usttcc" t s mcrc po|tttca| prctcxt, dcstgncd to j usttty thc t ntcrcsts ot
thc powcrtu| . And so tt shou|d bc, bccausc tnsotar as j usttcc cxtsts, t t
ts st mp| y that. thc t ntcrcst ot thc powcrtu| . Ku|crs arc ltkc shcphcrds.
Vc| t kctotht nkotthcmas bcncvo|cnt|y tcndtngthct rhocks, but what
do shcphcrds u| tt matc|y do wtth shccpr Jhcy kt | | and cat thcm, or sc||
thc mcat tor moncy. bocratcs rcsponds by poi nttng out that Jhrasy
machos ts contustng thc art ot tcndtng shccp wtth thc art ot prohttng
tromthcm. Jhcartotmcdtctnc atms to t mprovc hca|th, whcthcrornot
doctorsgctpat dtorpractt ct ngt t. Jhcartotshcphcrdt ngat mstocnsurc
thc wc||-bctng otshccp, whcthcror not thc shcphcrd or ht s cmp|oycr)
ts a| so a bustncssman who knows how to cxtract a proht trom thcm.
|ust so wt ththc art ot govcrnancc. tsuch an art cxtsts, t t must havc
tts own tntrtnstc at m apart trom any proht onc mtght also gct trom t t,
and whatcan thts bc othcrthan thc cstab| t shmcnt otsoci a| j usttccr t' s
on|y thccxt stcnccot moncy, bocratcssuggcsts, that a||ows us to tmag-
tnc that words |tkc "powcr" and "tntcrcst" rctcr to untvcrsa| rca|tttcs
that can bc pursucd tn thctr own rtght, |ct a|onc that a| | pursutts arc
rca| | y u| tt matc|y thc pursut totpowcr, advantagc, orsc|t-t ntcrcst. Jhc
qucstt on, hc sat d, ts how to cnsurc that thosc who ho|d po| t ttcal othcc
wt|| do so not tor gat n, but rathcr tor honor.
wt | | |cavc ott hcrc. As wc a| | know, bocratcs cvcntua| | y gcts
around to ottcrtng somc po|tttca| proposa|s ot hts own, i nvo| vt ng pht
| osophcrktngs, thc abo| t tt on otmarrtagc, thc tamt | y, andprt vatcprop
crty, sc|ccttvc human brccdtng boards. C|car| y, thc book was mcant
to annoy tts rcadcrs, and tor morc than two thousand ycars, t t has
H N R A N D D L G R A D A1 l N l 9 J
succccdcd brt l l t antly. ) Vhat I wantto cmphastzc, though, t s thc dcgrcc
to whtch what wc constdcr our corc tradttton ot moral and pol t tt cal
thcory today sprt ngs trom tht s gucstton. Vhat docs t t mcan to pay
our dcbts r lato prcscnts us hrst wtth thc st mp| c, l t tcral bust ncssman' s
vt cw. Vhcn tht s provcs t nadcguatc, hc a|lows t t to bc rctramcd t n hc-
rot c tcrms. crhaps al l dcbts arc rcal l y dcbts ot honor attcr al l . ut
hcrot c honor nol ongcrworks t n a world whcrc as Apo|lodorus sadly
dt scovcrcd) commcrcc, cl ass, and proht havc so contuscd cvcrythtng
that pcopl cs' truc mottvcs arc ncvcrclcar. Iow do wc cvcn know who
our cncmtcs arcr tnally, |ato prcscnts us wtth cyntca| rcalpol t tt k.
Naybc nobody rcal l y owcs anytht ng to anybody. Naybc thosc who
pursuc proht tor tts own sakc havc tt rtght attcr all. ut cvcn that docs
not hold up. Vc arc lctt wtth a ccrtat nty that cxtsttng standards arc
tncohcrcnt and sclt-contradtctory, and that some sort ot radtca| brcak
wou|d bc rcgut rcd t n ordcr to crcatc a world that makcs any logtcal
scnsc. ut most ot thosc who scrtously constdcr a radtcal brcak al ong
thc ltncs that lato suggcstcd havc comc to thc concluston that thcrc
mtght bc tar worsc tht ngs than moral t ncohcrcncc. And thcrc wc havc
stood, cvcr stncc, t n thc mtdst otan t nsol ubl c dt l cmma.
8 8 8 8 8
It' s not surprtstng that thcsc tssucs wctghcd on l ato' s mt nd. lot scvcn
ycars bctorc, hc had takcn an t l l-tatcd sca crutsc and wound up bctng
capturcd and, supposcdly |tkc ltcostratus, ottcrcd tor salc on thc auc-
tt on b|ock at Acgt na. Iowcvcr, |ato had bcttcr |uck. A Ltbyan pht -
l osophcr otthcLptcurcan school , onc Anntkcrt s, happcncd to bc t nthc
markct at thc ttmc. Ic rccognt zcd l ato and ransomcd ht m. lato tcl t
honor-bound to try to rcpay ht m, and ht s Athcnt an trtcnds asscmblcd
twcnty mtnas t n stlvcr wtth whtch to do so, but Annikcrts rctuscd to
acccpt thc moncy, t nststtng that t twas hts honor to bc ablc to bcncht a
tcl l ow lovcr ot wtsdom. ' As t ndccd tt was. Anntkcrts has bccn rcmcm-
bcrcd, and cclcbratcd, tor ht s gcncrostty cvcr stncc. lato wcnt on to
usc thc twcnty mt nas to buy l and tor a school , thc tamous Acadcmy.
And whtlc hc hardly showcd thc samc tngratttudc as ltcostratus, onc
docs rathcrgct thc t mprcsston that cvcn lato wasn' t cspcct al l y happy
about thc tact that ht s subscgucnt carccr was, t n a scnsc, madc pos-
st bl c by ht s dcbt to a man who hc probably constdcrcd an cxtrcmcly
mt nor pht losophcrand Anntkcrts wasn' t cvcn Crcck! At lcast tht s
would hclp cxpl at n why | ato, othcrwtsc thc t nvctcratc namc-droppcr,
ncvcr mcnttoncd Annt kcrt s. Vc know ot hts cxtstcncc onl y trom | atcr
bt ographcrs. '
l 9 b D L b 1
A0 0l 00 t R0 m0 [ P|0p0 |ty 8 0 0 ||000 0 m)
It |ato' s work tcstthcs to how protound|y thc mora| contuston tntro-
duccdby dcbthas shapcdourtradtttonsotthought, Koman| awrcvca|s
how much t t has shapcd cvcn our most tamt | t ar t nstttutt ons.
Ccrman |cga| thcortst Kudo| t von |hcrtng tamous| y rcmarkcd
that anctcnt Komc had congucrcd thc wor|d thrcc ttmcs. thc hrst tt mc
through tts armtcs, thc sccond through tts rc| tgton, thctht rdthrough t ts
| aws. '' Ic mtght havc addcd. cach ttmc morcthorough| y. Jhc Lmpt rc,
attcr a| | , on| y spanncd a ttny portton otthcg|obc, thc Koman Catho|tc
Church has sprcad tarthcr, Koman | aw has comc to provtdc thc |an
guagc and conccptua| undcrptnntngs ot |cga| and constttuttona| ordcrs
cvcrywhcrc. Law studcnts trom bouth Atrtca to cru arc cxpcctcd to
spcnd a good dca| ot thctr ttmc mcmortztng tcchntca| tcrms t n Latt n,
and tt ts Koman | aw that provtdcs a| most a| | our bast c conccpttons
about contract, ob| tgatton, torts, propcrty, and j urtsdtctton-and, t n
a broadcr scnsc, ot ctttzcnsht p, rtghts, and | t bcrttcs on whtch po|tttca|
| t tc, too, t s bascd.
Jhts wasposst b| c, |hcrtnghc|d, bccausc, thc Komans wcrc thc hrst
to turn j urt sprudcncc tnto a gcnutnc sctcncc. crhaps-but tor a| | that,
t t rcmatns truc that Koman | aw has a tcw notortous|y gut rky tcaturcs,
somc so odd that thcy havc contuscd and contoundcd j urtsts cvcr stncc
Koman | awwasrcvtvcdtn Ita| t anunt vcrstttcs t nthc Itgh Ntdd|cAgcs.
Jhc most notortous ot thcsc ts thc unt guc way tt dchncs propcrty. In
Koman | aw, propcrty, or dominium, ts a rc| att on bctwccn a pcrson
and a thtng, charactcrt zcd by abso|utc powcr ot that pcrson ovcr that
thtng. Jhts dchnttton has causcd cnd|css conccptua| prob| cms. trst ot
a| | , t t`s not c|car what t twou|d mcan tor a human to havc a "rc| att on"
wtth an t nant matc obj cct. Iuman bct ngs can havc rc| att ons wtth onc
anothcr. ut what wou|d t t mcan to havc a "rc|atton" wtth a tht ngr
And ttoncdt d, whatwou|d t tmcantogtvcthatrc| att on| cga| standtngr
A st mp| c t | | ustratton wt|| suthcc. t magtnc a man trappcd on a dcscrt
ts|and. Ic mtght dcvc|op cxtrcmc|y pcrsona| rc|attonsht ps wtth, say,
thc pa| m trccsgrowt ng on that ts|and. Ithc' s thcrctoo |ong, hc mt ght
wc|| cnd up gtvtng thcm a| | namcs and spcndt ng ha| t ht s ttmc havtng
t magtnary convcrsattons wtth thcm. btt | | , docs hc oun thcmr Jhc gucs-
tton ts mcantng|css. Jhcrc' s no nccd to worry about propcrty rtghts t t
noonc c|sc t s thcrc.
C|car|y, thcn, propcrty t s not rca| | y a rc|atton bctwccn a pcrson
and a thtng. t' s an undcrstandtngor arrangcmcntbctwccnpcop|c con-
ccrntng thtngs. Jhc on| y rcason that wc somcttmcs tat | to nottcc thts t s
HN R A N D D L G R A D A1 l N l 9 9
that t n many cascsparttcu|ar|y whcn wc arc ta|ktng about our rtghts
ovcr our shocs, or cars, or powcr too|s-wc arc ta|ktng otrtghts hc|d,
as Lng|tsh | aw puts tt, "agat nst a| | thc wor|d"-that ts, undcrstandtngs
bctwccn oursc|vcs and cvcryonc c|sc on thc p| anct, that thcy wt | | a||
rctratn trom tntcrtcrtng wtth our posscsstons, and thcrctorc a| | ow us
to trcat thcm morc or |css any way wc |tkc. A rc|atton bctwccn onc
pcrson and cvcryonc c|sc on thc p| anct t s, undcrstandab| y, dtthcu|t to
concctvc assuch. It's castcrto thtnk ott tas a rc|attonshtp wtth a thtng.
ut cvcn hcrc, t n practtcc thts trccdom to do as onc |tkcs turns out to
bc tatr|y | t mttcd. Jo say that thc tact that I own a chatnsaw gtvcs mc
an "abso| utc powcr" to do anythtng I want wtth t tts obvtous|y absurd.
A|most anythtng I mtght thtnk ot dotng wtth a chat nsaw outstdc my
own homc or |and t s |tkc|y to bc t | | cga| , and thcrc arc on|y a | t mttcd
numbcr ot thtngs I can rca||y do wtth tt t nst dc. Jhc on|y thing "abso-
|utc" about my rtghts to a chat nsaw t s my rtght to prcvcnt anyonc c/:c
trom ustng t t. '
loncthc|css, Koman | awdocs t nst stthat thc bastctorm otpropcrty
ts prtvatc propcrty, and that prtvatc propcrty ts thc owncr' s abso| utc
powcr to do anythtng hc wants wtth hts posscsst ons. Jwc|tth-ccntury
Ncdtcva| j urtsts camc to rchnc thts tnto thrcc prtnctp|cs, u:u: usc ot
thc thtng) , [ructu: trutts, t . c. , cnj oymcnt ot thc products otthc thtng) ,
and uhu:u: abusc or dcstructton ot thc thtng) , but Koman j urtsts
wcrcn' tcvcn tntcrcstcd t n spccttytng that much, stncc t n a ccrtat n way,
thcy saw thc dctat | sas |ytngcnttrc|y outstdcthc domatn ot|aw. In tact,
scho|ars havc spcnt a grcat dca| ot tt mc dcbattng whcthcr Koman au
thors actua| | y constdcrcd prtvatc propcrty to bc a rtght tu:) ,'' tor thc
vcry rcason that rtghts wcrc u|ttmatc|y bascd on agrccmcnts bctwccn
pcop| c, and onc's powcr to dt sposc ot onc's propcrty was not. tt was
j ust onc' s natura| abt | t ty to do whatcvcr onc p|cascd whcn socta| tm-
pcdi mcnts wcrc abscnt. '
It you thtnk about t t, thts rca||y ts an odd p| acc to start tn dcvc|
optng a thcory ot propcrty |aw. It t s probab|y tatr to say that, tn any
part ot thc wor|d, t n any pcrtod ot htstory, whcthcr t n anctcnt |apan
or Nachu tcchu, somconc who had a ptccc ot strtng wastrccto twtst
t t, knot t t, pu| | t t apart, or toss t t t n thc hrc morc or |css as thcy had
a mtnd to. lowhcrc c|sc dtd |cga| thcortsts appcar to havc tound this
tact t n any way t ntcrcsttng or tmportant. Ccrtatn|y no othcr tradttton
makcs t tthcvcry basts otpropcrty | awstncc, attcr a||, dotng so madc
a|most a| | actua| | aw |ttt|c morc than a scrtcs ot cxccpttons.
Iow dtd thts comc aboutr And whyr Jhc most convtnctng cxp|a-
nati on I' vc sccn ts Or| ando attcrson' s. thc notton ot abso|utc prtvatc
propcrty ts rca| | y dcrtvcd trom s|avcry. Onc can tmagtnc propcrty not
2 U U D L b 1
as a rc|atton bctwccn pcoplc, but as a rclatton bctwccn a pcrson and
a thtng, t t onc' s starttng potnt t s a rcl att on bctwccn two pcopl c, onc
ot whom t s al so a tht ng. Jht s t s how sl avcs wcrc dchncd t n Koman
l aw. thcywcrcpcopl cwhowcrcalso a res, a tht ng. ) '' Jhc cmphasts on
absol utc powcr bcgtns to makc scnsc as wcll . '
Jhc word dominium, mcant ng absol utc prtvatc propcrty, was not
partt cul arl y anctcnt. ' It onl y appcars t n Latt n t n thc l atc Kcpubl t c,
rt ght around thc ttmc whcn hundrcds otthousands otcaptt vc l aborcrs
wcrc pourtng t nto Italy, and whcn Komc, as a conscgucncc, was bc
comtng a gcnutnc slavc soctcty. ' yo C Koman wrttcrs had comcto
st mpl yassumcthatworkcrswhcthcrthctarmworkcrs harvcsttng pcas
t ncountrystdcplantattons, thc mul ctccrs dcltvcrtngthosc pcas to shops
t n thc ctty, or thc clcrks kccpt ng count ot thcmwcrc somconc clsc' s
propcrty. Jhc cxtstcncc ot mtlltons ot crcaturcs who wcrc st mul tanc-
ousl y pcrsons and thtngs crcatcd cndlcss lcgal problcms, and much ot
thc crcattvc gcntus otKoman l aw was spcnt t n worktngout thccndlcss
ramt hcatt ons. Oncnccd on| yht popcn a cascbookotKoman l awtogct
a scnsc ot thcsc. Jhts t s trom thc sccond-ccntury j urtst Ll pt an.
Again, Mc|a writcs that il somc pcrsons wcrc p| aying ba|| and
onc ol thcm, hitting thc ba|| guitc hard, knockcd it against a
barbcr's hands, and in this way thc throatola s|avc, whom thc
barbcr was shaving, was cut by a razor prcsscd against it, thcn
who is thc pcrson with whom thc cu|pabi|ity |ay is |iab|cundcr
thc Lcx Agui|ia thc |aw ol civi| damagcs] ! Proc|us says that
thc cu|pabi|ity |ics with thc barbcr, and indccd, ilhc was shav-
ingat a p|accwhcrcgamcs arcnorma||yp|aycd orwhcrctralhc
was hcavy, thcrc is rcason to lau|t him. ut it wou|d not bc
bad|y hc|d that ilsomconccntrusts himsc|lto a barbcr who has
a chair in adangcrousp|acc, hc shou|dhavchimsc|tto b|amc.''
In othcr words, thc mastcr cannot cl at m ctvtl damagcs agatnst thc
bal l pl aycrs or barbcr tor dcstroytng ht s propcrty t t thc rcal problcm
was that hc bought a stuptd slavc. Nany ot thcsc dcbatcs mtght strtkc
us as protoundly cxottc could you bc accuscd otthctt tor mcrcly con-
vtnctng a slavc to run awayr It somconc kt llcd a slavc who was al so
your son, could you takc your scnttmcntal tccltngs toward ht m t nto
accountt nasscsst ngdamagcs, orwouldyouhavctostt ckto ht s markct
valucr)but our contcmporary tradttton ot j urtsprudcncc t s toundcd
dtrcctly on such dcbatcs. ' '
As tordominium, thc wordts dcrtvcdtromdominus, mcantng"mas-
tcr" or "slavc-owncr, " but ultt matcly trom domus, mcantng "housc"
H N R A N D D L G R A D A1 l N 2 U l
or "houscho|d. " It' s ot coursc rc|atcd to thc Lng|tsh tcrm "domcstt c, "
wht chcvcnnow can bcuscdct thcrto mcan"pcrtat nt ngto prtvatc | t tc, "
or to rctcr to a scrvant who c|cans thchousc. Domus ovcr|aps somc
what t n mcantng wtthfami/ia, "tamt | y"but, as proponcntsot"tamt | y
va| ucs" mt ght bc t ntcrcstcd to know, fami/ia t tsc| t u| tt matc|y dcrtvcs
trom thc word famu/us, mcantng "s| avc. " A tamt |y was ortgtna| | y a||
thosc pcop|c undcr thc domcsttc authortty ot a paterfami/ias, and that
authortty was, t n car|y Koman |aw at |cast, concctvcd as abso| utc. ' ' A
man dt d not havc tota| powcr ovcr ht s wt tc, stncc shc was stt|| to somc
dcgrccundcr thc protcctton othcr own tathcr, but ht s cht|drcn, s|avcs,
and othcr dcpcndcnts wcrc ht s to do wtth as hc wantcd-at |cast tn
car|y Koman |aw, hc was pcrtcct|y trcc to whtp, torturc, or sc|| thcm.
A tathcr cou|d cvcn cxccutc ht s cht|drcn, provtdcd hc tound thcm to
havc commt ttcd captta| crt mcs. '" Vtth ht s s| avcs, hc dt dn' t cvcn nccd
that cxcusc.
In crcattng a notton ot dominium, thcn, and thus crcattng thc
modcrn prtnctp|c ot abso| utc prtvatc propcrty, what Koman | urtsts
wcrc dotng hrst ot a| | was taktng a prtnctp|c ot domcsttc authortty, ot
abso|utc powcr ovcr pcop| c, dchntng somc ot thosc pcop|c s| avcs) as
thtngs, and thcn cxtcndtng thc |ogtc that ortgt na| | y app|tcd to s|avcs to
gccsc, chartots, barns, | cwc|ry boxcs, and so torth-that ts, to cvcry
othcr sort ottht ng that thc | aw had anythtng to do wt th.
It was quttc cxtraordt nary, cvcn tn thc anct cnt wor|d, tor a tathcr
to havc thc rtght to cxccutc hts s|avcs-|ct a|onc ht s cht | drcn. lo onc
t s quttc surc why thc car|y Komans wcrc so cxtrcmc tn thts rcgard.
It' s tc||tng, though, that thc car|tcst Koman dcbt | aw was cqua||y un-
usua| t n tts harshncss, stncc t t a| |owcd crcdttors to cxccutc t nso|vcnt
dcbtors. ' ' Jhc car|y ht story otKomc, |tkc thc ht stortcs otcar|y Crcck
ctty-statcs, was onc ot conttnua| po|tttca| strugg|c bctwccn crcdttors
and dcbtors, untt| thc Koman c|ttc cvcntua||y hgurcd out thc prtnctp|c
that most succcsstu| Mcdttcrrancan c| t tcs |carncd. that a trcc pcasantry
mcans a morc cttccttvc army, and that conqucrtng armt cs can provtdc
war capttvcs who can do anythtng dcbt bondsmcn uscd to do, and
thcrctorc, a socta| compromtsc-a||owtng | t mt tcd popu|ar rcprcscnta
tton, banntng dcbt s|avcry, channc|tng somc otthc trutts otcmptrc tnto
socta|-wc|tarc paymcntswas actua||y in thctr t ntcrcst. rcsumab| y,
thc abso| utc powcr ot tathcrs dcvc|opcd as part ot tht s who|c constc|
|atton t n thc samc way as wc' vc sccn c|scwhcrc. Ocbt bondagc rcduccd
tamt|y rc|attons to rc| attons ot propcrty, socta| rctorms rctat ncd thc
ncw powcr ottathcrs but protcctcd thcm trom dcbt. At thc samc tt mc,
thc t ncrcastng t nhux ot s|avcs soon mcant that any cvcn modcratc|y
prospcrous houscho|d was | t kc|y to contatn s|avcs. Jhts mcant that
2 U 2 D L b 1
thc |ogtc ot congucst cxtcndcd tnto thc most tntt matc aspccts ot cv-
cryday | t tc. Congucrcd pcop|c pourcd onc' s bath and combcd onc' s
hat r. Congucrcdtutorstaught onc' s cht|drcn aboutpoctry. btncc s| avcs
wcrc scxua||y avat | ab| c to owncrs and thctr tamt | t cs, as wc|| as to thctr
trtcnds and dtnncr gucsts, t t t s | tkc|y that most Komans' hrst scxua|
cxpcrtcncc was wtth a boy or gtr| whosc |cga| status was concctvcd as
thatot a dctcatcd cncmy. '
Ovcr tt mc, tht s bccamc morc and morc ot a |cga| hcttonactua|
s|avcs wcrc much morc |tkc|y to havc bccn paupcrs so| d by parcnts,
untortunatcs kt dnappcd by pt ratcs or bandtts, vtcttms ot wars or | udt -
ct a| proccss among barbartans at thc trtngcs otthccmpt rc, or cht|drcn
ot othcr s|avcs. ' ' btt | | , thc hctton was matntatncd.
Vhat madc Koman s| avcry so unusua| , t n htstortca| tcrms, was a
con| uncturc ot two tactors. Onc was tts vcry arbttrartncss. In dramattc
contrast wtth, say p|antatton s| avcry tn thc Amcrtcas, thcrc was no
scnscthat ccrtatn pcop| cwcrcnatura||y t ntcrtor and thcrctorc dcsttncd
to bc s|avcs. Instcad, s| avcry was sccn as a mt stortunc that cou|d hap-
pcn to anyonc. ' As a rcsu|t, thcrc was no rcason that a sl avc mtght
not bc t ncvcry way supcrtor to hts or hcr mastcr: smartcr, wtth a hncr
scnsc ot mora|tty, bcttcr tastc, and a grcatcr undcrstandtng ot pht |oso-
phy. Jhc mastcr mtght cvcn bc wt||tng to acknow|cdgc tht s. Jhcrc was
no rcason not to, stncc t t had no cttcct on thc naturc ot thc rc|atton-
sht p, whtch was stmp|y onc otpowcr.
Jhcsccondwas thc abso|utc naturcottht spowcr. Jhcrcarc many
p|accs whcrc s|avcs arcconcctvcd as war capttvcs, and mastcrs as con-
gucrors wtth abso| utc powcrs ot | t tc and dcathbut usua||y, tht s ts
somcthtng ot an abstract prtnct p| c. A|most cvcrywhcrc, govcrnmcnts
gutck|y movcto | t mt tsuch rtghts. Atthcvcry |cast, cmpcrors andkt ngs
wt|l t nst st that thcy arc thc on|y oncs wtth thc powcr to ordcr othcrs
put to dcath. ' ut undcr thc Koman Kcpub| t c thcrc was no cmpcror,
t nsotar as thcrc was a sovcrctgn body, t twas thc co||ccttvc body otthc
s| avc-owncrs thcmsc|vcs. On|y undcr thc car|y Lmpt rc do wc scc any
|cgts|atton | t mtttng what owncrs cou|d do to thctr human) propcrty.
thc hrst bctng a | aw ot thc ttmc ot thc cmpcror Jtbcrtus datcd 6 nD)
sttpulattngthata mastcr had toobtatn a magtstratc' spcrmtsston bctorc
ordcrtng a s|avc pub|tc|y torn apart by wt|d bcasts. ' Iowcvcr, thc
abso|utc naturc otthc mastcr' s powcrthc tact that t n thts contcxt, hc
cttccttvc|y uas thc statc a| so mcant that thcrc wcrc a|so, at hrst, no
rcstrtcttons on manumt sst on. a mastcr cou|d | tbcratc hts s|avc, or cvcn
adopt htm or hcr, whcrcbystncc | t bcrty mcant nothtng outstdc ot
mcmbcrshtp tn a communt tythat s|avc automattca|ly bccamc a Ko-
man ctttzcn. Jhts |cd to somc vcry pccu|tar arrangcmcnts. In thc hrst
H N R A N D D L G R A D A1 l N 2 U o
ccntury nD, tor cxamp|c, t t was not uncommon tor cducatcd Crccks
to havc thcmsc|vcs sold tnto s|avcry to somc wcalthy Koman t n nccd
ot a sccrctary, cntrust thc moncy to a closc trtcnd or tamt | y mcmbcr,
and thcn, attcr a ccrtatn tntcrva| , buy thcmsc|vcs back, thus obtatntng
Koman ctttzcnsht p. Jhts dcspttcthctactthat, durtng such ttmc as thcy
wcrc s| avcs, tt thctr owncr dcctdcd to, say, cut onc ot hts sccrctary' s
tcct ott, lcga| | y, hc wou|d havc bccn pcrtcct|y trcc to do so.
i
'
Jhc rclatton otdominus and slavc thus brought a rclatton ot con-
gucst, ot abso|utc poltttca| powcr tnto thc houschold tn tact, madc tt
thccsscnccotthc houschold) . It's t mportantto cmphastzc thatthts was
nota mora| rclatton on ctthcr stdc. A wcl|-known lcga| tormu| a, attrtb
utcd to a Kcpubltcan |awycrnamcd Qutntus Iatcrt us, brtngsthts homc
wtth parttcu|ar c|artty. Vtth thc Komans as wtth thc Athcnt ans, tor a
ma| c to bc thc obj cct ot scxual pcnctratton was constdcrcd unbchtttng
to a ctttzcn. In dctcndtng a trccdman accuscd otcontt nut ng to provtdc
scxua| tavors to hts tormcr mastcr, Iatcrtus cot ncd an aphortsm that
was latcr to bccomc somcthtng ot a popular dt rty j okc. impudicitia in
ingenuo crimen est, in serco necessitas, in /i|erto offcium "to bc thc
obj cct ot anal pcnctratton t s a crtmc t n thc trccborn, a ncccsstty tor a
slavc, a duty tor a trccdman" ) . ' ' Vhat ts stgnthcant hcrc ts that scxual
subscrvtcncc t s constdcrcd thc "duty" onl y ot thc trccdman. It t s not
constdcrcd thc "duty" ot a slavc. Jht s t s bccausc, agatn, slavcry was
nota mora|rcIatt on. Jhc mastcrcoulddo whathc |tkcd, andthcrcwas
notht ng thc s| avc cou|d do about t t.
f f 8 f 8
Jhc most t nst dt ous cttcct ot Koman s| avcry, howcvcr, ts that through
Koman law, t t has comc to p| ay havoc wtth our tdca ot human trcc-
dom. Jhc mcantng ot thc Koman word /i|ertas ttsclt changcd dra-
mattca|ly ovcr tt mc. As cvcrywhcrc t n thc anctcnt wor|d, to bc "trcc"
mcant, hrst and torcmost, not to bc a slavc. btncc sl avcry mcans abovc
a| | thc annt ht |atton ot socta| ttcs and thc abt | t ty to torm thcm, trcc-
dom mcant thc capactty to makc and mat ntat n moral commttmcnts to
othcrs. Jhc Lng| t sh word "trcc, " tor tnstancc, ts dcrtvcd trom a Ccr-
man root mcantng "trtcnd, " stncc to bc trcc mcant to bc ablc to makc
trtcnds, to kccp promtscs, to |tvc wtthtn a communtty ot cgua| s. Jhts
t s why trccd s|avcs t n Komc bccamc ctttzcns. to bc trcc, by dchnttton,
mcant to bc anchorcd t n a ctvtc communtty, wtth al l thc rtghts and
rcsponst btltttcs that thts cntat|cd. ' ' '
y thc sccond ccntury nD, howcvcr, thts had bcgun t o changc.
Jhc j urtsts gradua| l y rcdchncd /i|ertas untt | tt bccamc almost
2 U 4 D L b 1
t ndt sttngut shab| c trom thc powcr ot thc mastcr. It was thc rtght to do
abso|utc|y anytht ng, wt th thc cxccptt on, agat n, ot a| | thosc tht ngs onc
cou|d not do. Actua| | y, tn thc Digest, thc dchntttons ot trccdom and
s| avcry appcar back to back.
Frccdom isthc natura| lacu|ty to do whatcvcr onc wishcs that
is not prcvcntcd by lorcc or |aw. S|avcry is an institution ac
cording to thc |aw ol nations whcrcby onc pcrson bccomcs
privatc propcrty Jominium) otanothcr, contrary to naturc. ' '
-
Ncdtcva| commcntators t mmcdtatc|y nottccd thc prob|cm hcrc. ' ' '
ut wou|dn' t tht s mcanthat cvcryonc t s trccr Attcr a| | , cvcn s|avcs arc
trcc to do abso|utc|y anythtng thcy' rc actua||y pcrmtttcd to do. Jo say
a s| avc t s trcc cxccpt t nsotar as hc t sn' t) t s a bt t |tkc saytng thc carth
t s sguarc cxccpt t nsotar as tt t s round) , or that thc sun t s b|uc cxccpt
t nsotar as t t t s yc||ow) , or, agatn, that wc havc an abso| utc rtght to
do anythtng wc wtsh wtth our chatnsaw cxccpt thosc tht ngs that wc
can' t. )
In tact, thcdchnttton tntroduccs a| | sorts ot comp| t catt ons. It trcc-
dom t s natura| , thcn surc|y s| avcry t s unnatura| , but tt trccdom and
s|avcry arc j ust mattcrs otdcgrcc, thcn, |ogtca||y, wou|d nota// rcstrtc
ttons on trccdom bc to somc dcgrcc unnatura| r Vou|d not that t mp| y
that soctcty, soct a| ru| cs, tn tact cvcn propcrty rt ghts, arc unnatura| as
wc| | r Jhts t s prcct sc|y what many Koman j urtsts dt d conc|udc-that
t s, whcn thcy dtdvcnturcto commcnt on such abstract mattcrs, wht ch
was on|y rarc|y. Ort gt na| | y, human bct ngs | t vcd tn a statc ot naturc
whcrc a| | thtngs wcrc hc|d t n common, t t was war that hrst dtvtdcd up
thc wor|d, and thc rcsu|tant "|aw ot nattons, " thc common usagcs ot
manktnd that rcgu|atc such mattcrs as congucst, s| avcry, trcattcs, and
bordcrs,thatwashrstrcsponst b| ctor t ncgua| t ttcs otpropcrty aswc|| . ' '
Jht s tn turn mcant that thcrc was no tntrtnstc dt ttcrcncc bctwccn
prtvatc propcrty and po|tttca| powcr-at |cast, t nsotar as that powcr
was bascd t n vto|cncc. As ttmc wcnt on, Koman cmpcrors a|so bcgan
c| at mt ng somcthtng |tkc dominium, t nst sttng that wtthtn thctr domt n
t ons, thcy had abso|utc trccdom-t n tact, thatthcywcrcnot bound by
| aws . ' ' ` At thc samc ttmc, as Koman soctcty shtttcd trom a rcpub|tc ot
s|avc-ho|dcrs to arrangcmcnts that tncrcastng|y rcscmb|cd | atcr tcuda|
Luropc, wtth magnatcs on thctrgrcatcstatcs surroundcd by dcpcndcnt
pcasants, dcbt scrvants, and an cnd|css vart cty ot s| avcs-wtth whom
thcy cou|d | argc|y do as thcy p|cascd. Jhc barbartan t nvast ons that
ovcrthrcw thc cmptrc mcrc|y torma| t zcd thc sttuatton, | argc|y c| t mt nat
tngchattc| s|avcry, butatthc samcttmc t ntroductngthcnotton thatthc
H N R A N D D L G R A D A1 l N 2 U
nobl c classcs wcrc rcally dcsccndants otthc Ccrmant c congucrors, and
that thc common pcopl cwcrct nhcrcntly subscrvtcnt.
btt l | , cvcn t n tht s ncw Ncdtcva| world, thc o|d Koman conccpt
ot trccdom rcmatncd. rccdom was st mpl y powcr. Vhcn Ncdtcval
poltttcal thcortsts spokc ot "ltbcrty, " thcy wcrc norma|ly rctcrrtng to a
| ord' s rtght to do whatcvcr hc wantcd wt tht n ht s own domat ns. Jht s
was, agatn, usual l y assumcd to bc notsomctht ngortgtnal | y cstab| tshcd
by agrccmcnt, but a mcrc tact otcongucst. onc tamous Lngltsh lcgcnd
holds that whcn, around Izo, Ktng Ldward I askcd ht s lords to pro-
duccdocumcntsto dcmonstratc bywhatrtghtthcy hcldthctrtranchtscs
or "l t bcrttcs" ) , thcLarlVarcnncprcscntcdthcktngonl ywtthht srusty
sword. ' ' Ltkc Koman dominium, t t was lcss a rtght than a powcr, and
a powcrcxcrctscd hrst and torcmostovcrpcoplc whtch t s why t n thc
Ntddlc Agcs t t was common to spcak ot thc "l t bcrty ot thc gal l ows, "
mcantng a lord' s rtght to maintat n ht s own prtvatc pl acc otcxccutt on.
y thctt mcKoman l aw bcgan to bc rccovcrcd and modcrntzcd t n
thc twcltth ccntury, thc tcrm dominium poscd a parttcular problcm,
stncc t t had comc, t n ordtnary church Lattn ot thc ttmc, to bc uscd
cgua| l ytor "lordshtp" and "prtvatc propcrty. " Ncdtcva| j urtsts spcnt a
grcat dcal ot ttmc and argumcnt cstabltshtng whcthcr thcrc was tndccd
a dt ttcrcncc bctwccn thc two. It was a parttcu|arly thorny problcm
bccausc, t tpropcrty rtghts rcal l y wcrc, asthc Digest t nststcd, a torm ot
abso| utc powcr, t t was vcry dtthcu|t to scc how anyonc cou|d havc tt
but a ktngor cvcn, tor ccrtatn j urtsts, Cod. ' '
Jhts ts not thc placc to dcscrtbc thc rcsulttng argumcnts, butI tccl
t t' s t mportant to cndhcrcbccausc t n a way, t t brtngs us tul l ctrclc and
al l ows us to undcrstand prcctscly how Lt bcral s ltkc Adam bmt th wcrc
ablc to tmagtnc thc world thc way thcy dtd. Jhts t s a tradttton that
assumcs that l t bcrty t s csscntt al l y thc rt ght to do what onc |tkcs wtth
onc' s own propcrty. In tact, not onl y docs t t makc propcrty a rtght,
t t trcats rtghts thcmsclvcs as a torm ot propcrty. I n a way, thts ts thc
grcatcstparadoxotall. Vc arc so uscd to thctdca ot"havt ng" rtghts
that rtghts arc somcthtng onc can posscssthat wc rarcly thtnk about
what tht s mtght actual | y mcan. I n tact as Ncdtcval j urtsts wcrc wcl l
awarc) , onc man' srt ghtt s st mp| y anothcr' s obltgatt on. Nyrt ghtto trcc
spccch ts othcrs' obltgatton not to punt sh mc tor spcaktng, my rtght to
a trt a| by a j ury otmy pccrs ts thc rcsponst bt l tty ot thc govcrnmcnt to
mat ntat n a systcm otj ury duty. Jhc problcm ts j ust thc samc as tt was
wtth propcrty rtghts. whcn wc arc talktng about obl tgatt ons owcd by
cvcryonct nthccnttrcworld, t t' sdt thcu|ttothtnkaboutt tthatway. It' s
much cast crto spcakot "havtng" rtghts and trccdoms. btt l l , t ttrccdom
ts bast cal | y our rtght to own thtngs, or to trcat thtngs as t t wc own
2 U D L b 1
thcm, thcn whatwould tt mcan to "own" a trccdom-wouldn' t tt havc
to mcan that our rtght to own propcrty t s itse/f a torm ot propcrtyr
Jhat docs sccm unncccssartly convol utcd. Vhat posst bl c rcason would
onc havc to want to dchnc tt tht s wayr ' '
It stortcal l y, thcrc ts a st mp|c tt somcwhat dt sturbt ng-answcr
to tht s. Jhosc who havc argucd that wc arc thc natural owncrs otour
rtghts and | t bcrttcs havc bccn mat nl y t ntcrcstcd t n asscrttng that wc
should bc trcc to gtvc thcm away, or cvcn to scll thcm.
Nodcrn tdcas ot rt ghts and | t bcrttcs arc dcrtvcd trom what, trom
thc ttmc whcn |can Ccrson, Kcctor ot thc Lntvcrstty ot art s, bcgan
to l ay thcm out around Iqoo, but ldtng on Koman l aw conccpts, camc
to bc known as "natural rtghts thcory. " As Ktchard Juck, thc prcmtcr
htstortan ot such tdcas, has |ong notcd, t t ts onc ot thc grcat t rontcs
ot ht story that tht s was a|ways a body otthcory cmbraccd not by thc
progrcsstvcs ot that ttmc, but by conscrvattvcs. "or a Ccrsont an, l t b
crty was propcrty and could bc cxchangcd tn thc samc way and tn thc
samc tcrms as any othcr propcrty"-sold, swappcd, l oancd, or othcr
wtsc voluntartly surrcndcrcd. ' ' ' It tol |owcd that thcrc cou|d bc nothtng
tntrt nst cal ly wrong wtth, say, dcbt pconagc, or cvcn sl avcry. And thts
ts cxactly what natural-rtghts thcortsts camc to asscrt. In tact, ovcr thc
ncxt ccnturtcs, thcsc tdcas camc to bc dcvclopcd abovc a| l t n Antwcrp
and Lt sbon, ctttcs at thc vcry ccntcr ot thc cmcrgtng slavc tradc. Attcr
a| l , thcy argucd, wc don' t rca|ly know what' sgotngon t n thc lands bc
hi nd pl accs ltkc Cal abar, but thcrc t s no tntrtnstc rcason to assumc that
thc vast maj ortty otthc human cargo convcycd to Luropcan sht ps had
not sold thcmsclvcs, or bccn dt sposcd ot by thctr lcgal guardt ans, or
lost thctr ltbcrty t n somc othcr pcrtcctly lcgtttmatc tasht on. lo doubt
somc had not, but abuscs wt l l cxtst t n any systcm. Jhct mportanttht ng
was that thcrc was notht ng t nhcrcntl y unnatura| or t l lcgttt matc about
thc tdca that trccdom cou/d bc so| d. '
ctorc long, st mt l ar argumcnts camc to bc cmploycd to j ustt ty thc
abso|utc powcr ot thc statc. Jhomas Iobbcs was thc hrst to rca|ly
dcvclop thts argumcnt t n thc scvcntccnth ccntury, but t t soon bccamc
commonplacc. Covcrnmcnt was csscnttally a contract, a ktnd ot bust -
ncss arrangcmcnt, whcrcby ct tt zcns had voluntartly gtvcn up somc ot
thctr natural l t bcrttcs to thc sovcrctgn. t nal l y, st mt | ar tdcas havc bc
comc thc bast s ot that most bastc, domt nant tnstttutton ot our prcs
cnt cconomtc | t tc. wagc labor, whtch t s, cttccttvc|y, thc rcnttng ot our
trccdom t n thc samc way that slavcry can bc concctvcd as tts sal c. ' '
It' snotonl yourtrccdomsthatwcown, thcsamclogtchascomcto
bc app|tcd cvcn to ourown bodt cs, whtch arc trcatcd, t n such tormu-
lattons, as rcal l y no dtttcrcnt than houscs, cars, or turntturc. Vc own
H N R A N D D L G R A D A1 l N 2 U
oursc|vcs, thcrctorc outstdcrs havc no rtght to trcspass on us. ' Agatn,
thts mtghtsccm antnnocuous, cvcn a postttvcnott on, but t t|ooksrath
cr dtttcrcnt whcn wc takc tnto constdcratton thc Koman tradttton ot
propcrty on whtch t t ts bascd. Jo say that wc own oursc|vcs ts, odd|y
cnough, to cast oursc|vcs as both mastcr and s|avc st mu|tancous|y.
"Vc" arc both owncrs cxcrttng abso| utc powcr ovcr our propcrty) ,
andyct somchow, at thc samc ttmc, thc thtngs bctng owncd bctng thc
obj cct ot abso|utc powcr) . Jhc anctcnt Koman houscho|d, tar trom
havtng bccn torgottcn tn thc mtsts otht story, ts prcscrvcd tn our most
bastc conccptton ot oursc|vcs-and, oncc agat n, j ust as tn propcrty
|aw, thc rcsu|t t s so strangc|y tncohcrcnt that t t sptns ott tnto cnd|css
paradoxcs thc momcnt onc trtcs to hgurc out what t t wou|d actua||y
mcan t npracttcc. |ust as |awycrs havc spcnt a thousand ycars trytngto
makc scnsc ot Koman propcrty conccpts, so havc pht | osophcrs spcnt
ccnturtcs trytng to undcrstand how t t cou|d bcposstb|c tor us to havc a
rc|atton ot domtnatton ovcr oursc|vcs. Jhc most popu|ar so|utton-to
say thatcachotus hassomcthtngca| |cd a "mt nd" and that thts ts com-
p|ctc|y scparatc trom somcthtng c|sc, whtch wc can ca| | "thc body, "
andthatthchrstthtngho|ds natura|domt nt onovcrthcsccond-htcstn
thc tacc otj ust aboutcvcrythtngwcnowknow aboutcogntttvcsctcncc.
It' s obvtous|y untruc, but wc conttnuc to ho|d onto t t anyway, tor thc
stmp|c rcason that nonc ot our cvcryday assumpttons about propcrty,
|aw, and trccdom wou|d makc any scnsc wtthout t t. ' '
0 0 0 | 0 s l 00 s
Jhc hrst tour chaptcrs ot thts book dcscrtbc a dt|cmma. Vc don' t rc-
a| | y know how to thtnk about dcbt. Or, to bc morc accuratc, wc sccm
to bc trappcd bctwccn t magt nt ngsoctcty tn thc Adam bmtth modc, asa
co||cctton ot tndtvtdua|s whosc on|y stgnthcant rc|attons arc wtth thcir
own posscsstons, happt|y bartcrtng onc thtng tor anothcr tor thc sakc
ot mutua| convcntcncc, wtth dcbt a| most cnttrc|y abo| t shcd trom thc
ptcturc, and a vtston tn whtch dcbt t s cvcrythtng, thc vcry substancc ot
a|| human rc|attons-whtch otcoursc |cavcs cvcryonc wtth thc uncom
tortab|c scnsc that human rc|attons arc somchow an tntrtnstca||y taw
dry bustncss, that our vcry rcsponst bt | tttcs to onc anothcr arc a| rcady
somchow ncccssart|y bascd t n st n and crt mc. It's not an appca|tng sct
ota| tcrnattvcs.
In thc |ast thrcc chaptcrs I havc trtcd to show that thcrc ts anothcr
way ot |ooktng at thtngs, and thcn to dcscrtbc how t t t s that wc got
2 U b D L b 1
hcrc. Jht s ts why I dcvclopcd thc conccpt ot human cconomt cs. oncs
t n whtch what t s constdcrcd rcal l y t mportant about human bctngs ts
thc tact that thcy arc cach a untguc ncxus ot rclattons wt th othcrs
thcrctorc, that no onc could cvcr bc constdcrcd cxactly cgutvalcnt to
anythtng or anyonc clsc. In a human cconomy, moncy t s not a way
ot buytng or tradtng human bctngs, but a way otcxprcsstng | ust how
much onc cannot do so.
I thcn wcnt on to dcscrtbc how al l thts can bcgtn to brcak down.
how humans can bccomc ob| ccts ot cxchangc. hrst, pcrhaps, womcn
gtvcn t n marrtagc, ulttmatcly, slavcs capturcd t n war. Vhat al l thcsc
rclattons havc t n common, I obscrvcd, was vtolcncc. Vhcthcr t t t s Jtv
gtrls bctng ttcd up and bcatcn tor runntng away trom thctr husbands,
or husbands bctng hcrdcd tnto slavc shtps to dtc on taraway pl anta-
ttons, that samc prt nct pl c always appltcs. t t t s on| y by thc thrcat ot
sttcks, ropcs, spcars, and guns that onc can tcar pcoplc out ot thosc
cndlcssly compltcatcd wcbs ot rc|attonshtp wtth othcrs ststcrs, trtcnds,
rtvals . . . ) thatrcndcrthcm untguc, and thusrcduccthcmto somcthtng
that can bc tradcd.
Al l ottht s, t tt st mportanttocmphastzc, canhappcn tnpl accswhcrc
markcts t n ordtnary, cvcryday goodsclothtng, tool s, toodstuttsdo
not cvcn cxtst. Intact, tn mosthumancconomtcs, onc' smosttmportant
posscsstons could ncvcr bc bought and sold tor thc samc rcasons that
pcoplc can' t. thcy arc untguc ob| ccts, caught up t n a wcb ot rclatton-
sht ps wtth human bctngs. ' "
Ny old protcssor |ohn Comarott uscd to tcll a story about car
rytng out a survcy t n latal, t n bouth Atrtca. Ic had spcnt most ot a
wcck drtvtng trom homcstcad to homcstcad tn a | ccp wtth a box tul l
ot gucsttonnatrcs and a Zul u-spcaktng t ntcrprctcr, drtvtng past appar-
cntly cndlcss hcrds ot cattlc. Attcr about stx days, ht s tntcrprctcr sud-
dcnlystartcdandpot ntcd tnto thcmtddlcotonchcrd. "Look! "hc satd.
"Jhat' s thc samc cow! Jhat onc thcrcwtth thc rcd spot on tts back.
Vc saw t tthrccdays ago t n a pl acc tcn mtlcstromhcrc. I wondcrwhat
happcncdr Ot dsomconcgctmarrtcdr Or maybcthcrcwas a scttlcmcnt
to somc dtsputc. "
In human cconomt cs, whcn thts abt l tty to rtp pcoplc trom thctr
contcxts docs appcar, t t ts most ottcn sccn as an cnd t n ttsclt. Onc can
al rcady scc a ht nt ottht s among thc Lclc. Important mcn would occa-
stonallyacgutrc warcaptt vcstromtaraway assl avcs, butt twas al most
always to bc sacrthccd at thctr tuncral . ' ' Jhc sguclchtng ot onc man' s
t ndt vt dual t ty was sccn as somchow swclltng thc rcputatton, thc soct al
cxtstcncc, ot thc othcr. ' In what ' vc bccn cal l t ng hcrotc soctcttcs, ot
coursc thts ktnd ot addttton and subtractton ot honor and dtsgracc ts
H N R A N D D L G R A D A1 l N 2 U 9
| t ttcd trom a somcwhatmargt na| practtccto bccomcthc vcrycsscnccot
po|tttcs. As cnd|css cptcs, sagas, andcddasattcst, hcrocsbccomchcrocs
by maktngothcrs sma||. In Irc|and and Va|cs, wccan obscrvchow tht s
vcry abt|tty to dcgradc othcrs, to rcmovc untguc human bctngs trom
thct r hcarths and tamt | t cs and thus rcndcr thcm anonymous unt ts ot
accounttng-thc Irt sh s| avc-gtr| currcncy, thc Vc|sh washcrwomcnts
ttsc|t thc htghcst cxprcsston othonor.
In hcrot csoct ctt cs, thc ro|c otvt o| cncc t s nothtddcn-t t' sg|orthcd.
Ottcn, tt can torm thc bast s ot onc' s most t ntt matc rc| att ons. In thc
l/iad, Acht||cs sccs notht ng shamctu| t n ht s rc|atton wtth ht s s| avc-gt r| ,
rt sct s, whosc husband and brothcrs hc kt | | cd, hc rctcrs to hcr as ht s
"prtzc ot honor, " but a| most t n thc vcry samc brcath, hc a| so t nst sts
that, j ust anydcccntman must |ovc and carc tor ht s houscho| ddcpcn-
dcnts, "so I trom my hcart |ovcd tht s onc, cvcn though I won hcr wtth
my spcar. "
l2
Jhat such rc|attons ot tntt macy can ottcn dcvc|op bctwccn mcn ot
honorand thoscthcy havcstrtppcdotthctrdtgntty, ht story canwc|| at-
tcst. Attcr a||, thc annt ht |atton otany posst bt | t ty otcgua|tty a|so c| t mt -
natcs any gucstton otdcbt, otany rc|atton othcrthanpowcr. It a| | ows
a ccrtatnc| art ty. Jht s t sprcsumab| y why cmpcrors andkt ngshavcsuch
a notortous tcndcncy to surround thcmsc|vcs wtth s| avcs or cunuchs.
Jhcrc t s somctht ng morc hcrc, though. It onc | ooks across thc cx-
pansc ot ht story, onc cannot hc|p but nottcc a curtous scnsc ot tdcntt-
hcatton bctwccn thc most cxa|tcd and thc mostdcgradcd, parttcu| ar| y,
bctwccn cmpcrors and ktngs, and s| avcs. Nany kt ngs surround thcm-
sc| vcs wtth s|avcs, appotnt s|avc mt nt stcrs-thcrc havc cvcn bccn, as
wt ththcNam| ukst n Lgypt, actua| dynasttcs ots|avcs. Kt ngssurround
thcmsc|vcs wtth s|avcs tor thc samc rcason that thcy surround thcm-
sc|vcs wtth cunuchs . bccausc thc s|avcs and crtmtna|s havc no tamt | tcs
or trtcnds, no posst bt | t ty ot othcr |oya|ttcsor at |cast that, t n prtn-
ctp|c, thcy shou|dn' t. ut tn a way, ktngs shou|d rca||y bc |tkc that too.
As many anAtrtcan provcrb cmphastzcs . a propcrktng has norc|attvcs
ctthcr, or at |cast, hc acts as tthc docs not. ' In othcr words, thc ktng
and s|avc arc mtrror t magcs, tn that un| tkc norma| human bctngs who
arc dchncd by thctr commttmcnts to othcrs, thcy arc dchncd on/y by
rc|attons ot powcr. Jhcy arc as c|osc to pcrtcct|y tso|atcd, a| t cnatcd
bctngs as onc can posst b| y bccomc.
At tht s potnt wc can hna||y scc what' s rca||y at stakc t n our pc-
cu|tar habtt ot dchntng oursc|vcs st mu| tancous|y as mastcr and s| avc,
rcdup|tcattng thc most bruta| aspccts ot thc anctcnt houscho| d t n our
vcry conccpt ot oursc|vcs, as mastcrs ot our trccdoms, or as owncrs
ot our vcry sc|vcs. It t s thc on| y way that wc can t magtnc oursc|vcs as
23U D L b 1
comp|ctc|y t so| atcd bctngs. Jhcrc ts a dt rcct |tnc trom thc ncw Koman
conccptton ot |tbcrtynot as thc abt | tty to torm mutua| rc|attonshtps
wtth othcrs, but as thc ktnd ot abso|utc powcr ot " usc and abusc"
ovcr thc congucrcd chattc| who makc up thc bu| k ota wca|thy Koman
man' s houscho|dto thc strangc tantastcs ot |tbcra| pht |osophcrs |tkc
Iobbcs, Lockc, and bmt th, aboutthcortgtns othuman soctcty t n somc
co||cctton ot thtrty- or torty-ycar-o|d ma|cs who sccm to havc sprung
trom thc carth tu| | y tormcd, thcn havc to dcctdc whcthcr to kt|| cach
othcr or bcgtn to swap bcavcr pc|ts. ''
Luropcan and Amcrtcan tntc||cctua| s, t t t s truc, havc spcnt much
ot thc | ast two hundrcd ycars trytng to hcc trom thc morc dt sturbtng
t mp| tcattons otthtstradttton otthought. Jhomas |cttcrson, thatowncr
ot many s|avcs, chosc to bcgtn thc Occ|aratton ot Indcpcndcncc by dt-
rcct|y contradtcttng thc mora| basts ot s|avcry, wrtttng "wc ho| d thcsc
truths to bc sc|t-cvtdcnt, that a|| mcn'arc crcatcd cgua|, and that thcy
arc cndowcd by thctr Crcator wtth ccrtatn t na| tcnab|c Ktghts e . .
thus undcrcutttng st mu|tancous|y any argumcnt that Atrtcans wcrc
ract a| | y t ntcrt or, and a| so that thcy or thctr anccstors cou|d cvcr havc
bccn | ust|y and |cga||ydcprtvcd otthctrtrccdom. In dotng so, howcvcr,
hc dt d not proposc somc radtca||y ncw conccptton ot rtghts and | t bcr-
ttcs. lctthcr havc subscgucntpo|tttca| pht|osophcrs. or thc most part,
wc' vc| ustkcptthc o|d oncs, butwtth thc word "not" t nscrtcd hcrc and
thcrc. Nost ot our most prcctous rtghts and trccdoms arc a scrtcs ot
cxccpttons to an ovcra| | mora| and |cga| tramcwork that suggcsts wc
shou|dn' t rca||y havc thcm t n thc hrst p|acc.
orma| s| avcry has bccn c| t mt natcd, but as anyonc who works
trom ntnc to hvccantcsttty) thc tdca thatyoucana| tcnatcyour| tbcrty,
at |cast tcmporart|y, cndurcs. In tact, tt dctcrmtncs what most ot us
havcto do tor mostotourwaktnghours, cxccpt, usua| | y, on wcckcnds.
Jhc vto|cncc has bccn | argc|y pushcd out ot stght. '' ut thts t s | argc|y
bccausc wc'rc no |ongcr ab|c to tmagtnc what a wor|d bascd on socta|
arrangcmcnts that dtd not rcgutrc thc contt nua| thrcat ot tascrs and
survct| | ancc camcras wou|d cvcn |ook | t kc.
h 8 pt0 | Ll ght
HL | 1 LH5U5 bULL| UN
AND 1HE CYCLE5 OF HI51ORY
8u//ion is tbe accessory of uar, anJ not
of eacefu/ traJe.
~LCOlltCy . LatO DCI
NE Y| H1 WELL k5K. It our po|tttca| and |cga| tdcas rcal|y arc
toundcdonthc |ogtc ots| avcry,thcn howdtdwccvcrc| t mt natcs|avcryr
Ot coursc, a cyntc mtght arguc that wc havcn' t, wc' vc |ust rclabclcd t t.
Jhc cyntc wou|d havc a pot nt. an anct cnt Crcck would ccrtatn|y havc
sccn thc dt sttnctton bctwccn a s|avc and an tndcbtcd wagc |aborcr as,
at bcst, a |cga|tsttc nt ccty. ' btt | l , cvcn thc c| t mt natton ot torma| chat-
tc| s|avcry has to bc constdcrcd a rcmarkab|c achtcvcmcnt, and t t t s
worthwht l cto wondcrhowt twasaccompl t shcd. Lspcct a| l yst ncct twas
notj ust accompl t shcd oncc. Jhctru|yrcmarkab| ctht ng, t toncconsu|ts
thc htstortcal rccord, ts that s| avcry has bccn c| t mt natcdor cttccttvcly
c| t mt natcdmany ttmcs t n human ht story.
In Luropc, tor tnstancc, thc tnstttutton | argc|y vant shcd tn thc
ccnturtcs to||owtng thc co||apsc ot thc Koman cmptrc an ht stortca|
achtcvcmcnt rarc|y rccogntzcd by thosc ot us uscd to rctcrrtng to thcsc
cvcnts as thc bcgtnntng ot "thc Oark Agcs. " lo onc t s gut tc surc how
t t happcncd. Nost agrcc that thc sprcad ot Chrtsttantty must havc had
somcthtngto do wtth i t, butthat can' t havc bccn thc dt rcct causc, stncc
thc Church itsc|t was ncvcr cxp|tctt|y opposcd to thc t nstttutton and
t n many cascs dctcndcd t t. Instcad, thc abo|ttton appcars to havc hap-
pcncd despite thc attttudcs ot both thc tntc||cctua| s and thc po|tttca|
authortttcs ot thc tt mc. Yct t t dt d happcn, and t t had | asttng cttccts.
On thc popu|ar |cvc|, s|avcry rcmatncd so untvcrsa||y dctcstcd that
cvcn a thousand ycars |atcr, whcn Luropcan mcrchants startcd try-
tng to rcvtvc thc tradc, thcy dt scovcrcd that thctr compatrtots would
2 l 2 D L b 1
not countcnancc s| avcho|dtng tn thctr own countrtcs-onc rcason why
p| antcrs wcrc cvcntua||y ob| tgcd to acqut rc thctr s|avcs t n Atrtca and
sct up p| antattons tn thc lcw Vor|d. ' t t s onc ot thc grcat t rontcs
ot htstory that modcrn ractsm-probab|y thc stng|c grcatcst cvt| ot
our |ast two ccnturtcs-had to bc t nvcntcd | argc|y bccausc Luropcans
conttnucd to rctusc to | t stcn to thc argumcnts ot thc tntc||cctua| s and
| urtsts and dtd not acccpt that anyonc thcy bc|tcvcd to bc a tu| | and
cqua| human bctng cou|d cvcr bc | ustthab|y cns|avcd.
Vhat' s morc, thc dcmtsc ot anctcnt s|avcry was not | t mt tcd to
Luropc. Kcmarkab|y, rtght around thc samc tt mc-tn thc ycars around
6oo -wc hnd a| mostcxact|y thc samc thtng happcntng tn ndt a and
Cht na, whcrc, ovcr thc coursc ot ccnturtcs, amt dst much unrcst and
contust on, chattc| s|avcry | argc|y ccascd to cxtst. Vhat a| | thts suggcsts
t s that momcnts otht stortca| opportunt ty-momcnts whcn mcant ngtu|
changc t s posstb|c-to||ow a dt sttnct, cvcn a cyc|tca| pattcrn, onc that
has |ong bccn tar morc coordt natcd across gcographtca| spacc than wc
wou|d cvcr havc t magtncd. Jhcrc ts a shapc to thc past, and tt ts on| y
by undcrstandtng t t that wc can bcgt n to havc a scnsc ot thc hi stortca|
opportuntttcs that cxtst tn thc prcscnt.
8 8 f 8 8
Jhccastcst way to makc thcsc cyc|cs vt st b| c ts to rccxamt nccxact|y thc
phcnomcnon wc' vc bccn conccrncd wtth ovcr thc coursc ot thts book.
thc ht story ot moncy, dcbt, and crcdt t. Jhc momcnt wc bcgtn to map
thc ht story ot moncy across thc |ast hvc thousand ycars ot Lurastan
ht story, start|tng pattcrns bcgtn to cmcrgc. n thc casc ot moncy, onc
cvcnt stands out abovc a| | othcrs. thc t nvcntt on ot cotnagc. Cotnagc
appcars to havc artscn tndcpcndcnt|y t n thrcc dtttcrcnt p|accs, a| most
st mu|tancous| y. on thc Crcat | at n ot northcrn Cht na, t n thc Cangcs
rtvcrva||cyotnorthcast ndta, and tn thc |ands surroundtngthcAcgcan
bca, t n cach casc, bctwccn rough| y 6oo andoo C. Jhts wasn' tduc to
somc suddcn tcchno| ogtca| t nnovatton. thc tcchno|ogtcs uscd tn mak
tng thc hrst cotns wcrc, tn cach casc, cntt rc| ydt ttcrcnt. t was a socta|
transtormatt on. Vhy tht s happcncd t n cxact|y tht s way t s an htstortca|
mystcry. ut thts much wcknow. tor somcrcason, tn Lydt a, ndi a, and
Cht na, | oca| ru| crs dcctdcd that whatcvcr |ongstandtng crcdt t systcms
had cxtstcd t n thctrktngdoms wcrc no |ongcr adcquatc, and thcy bcgan
to tssuc ttny pt cccs otprcctous mcta|s-mcta| sthathadprcvt ous|y bccn
uscd | argc|y tn tntcrnattona| commcrcc, t n tngot torm-and to cncour-
agc thctr sub| ccts to usc thcm t n day-to-day transacttons.
C R L D l 1 VL R 5 U5 b ULLl N 23o
rom thcrc, thc tnnovatton sprcad. or morc than a thousand
ycars, statcs cvcrywhcrc startcd tssutng thctr own cotnagc. ut thcn,
rtght around 6oo nD, about thc ttmc that sl avcry was dtsappcartng, thc
wholc trcnd was suddcnly thrown tnto rcvcrsc. Cash drtcd up. Lvcry-
whcrc, thcrc was a movcmcnt back to crcdtt oncc agatn.
I twc look atLurastan htstoryovcrthccourscotthcl asthvcthou-
sand ycars, what wc scc ts a broad altcrnatton bctwccn pcrtods domt-
natcd by crcdtt moncy and pcrtods t n whtch gold and stlvcr comc to
domt natcthat ts, thosc durtng whtch at lcast a l argc sharc ottransac-
ttons wcrc conductcd wtth ptcccs ot valuablc mctal bctng passcd trom
hand to hand.
Vhy: Jhc st ngl c most t mportant tactor would appcar to bc war.
ul l t on prcdomtnatcs, abovc al l , tn pcrtods ot gcncraltzcd vtolcncc.
Jhcrc' s a vcry stmplc rcason tor that. Cold and st lvcr cotns arc dtsttn-
gutshcd trom crcdtt arrangcmcnts by on

spcctacular |caturc. thcy can

bc stolcn. A dcbt ts, by dchnt tt on, a rccord, as wcll as a rclatton ot
trust. bomconc acccpttng gol d or stlvcr tn cxchangc |or mcrchandtsc,
on thc othcr hand, nccd trust nothtng morc than thc accuracy ot thc
scalcs, thc gualtty ot thc mctal , and thc ltkclthood that somconc clsc
wt l l bc wt l l t ng to acccpt t t. In a world whcrc war and thc thrcat ot
vt olcncc arc cvcrywhcrcand thts appcars to havc bccn an cgually ac-
curatc dcscrtptton otVarrtng btatcs Chtna, Iron Agc Crcccc, and prc-
Nauryan Indt athcrc arc obvtous advantagcs to maktng onc' s trans-
acttons st mpl c. Jhts t s all thc morc truc whcn dcaltng wtth soldtcrs.
On thc onc hand, soldtcrs tcnd to havc acccss to a grcat dcal ot loot,
much ot whtch const sts o|gold and st lvcr, and wtll always scck a way
to tradc tt tor thc bcttcr tht ngs t n l t tc. On thc othcr, a hcavtly armcd
tttncrant soldtcr t s thc vcry dchnttton ota poor crcdtt rtsk. Jhc ccono
mtsts' bartcr sccnarto mtght bc absurd whcn appltcd to transacttons
bctwccn nctghors t n thc samc small rural communtty, but whcn dcal-
t ng wtth a transactton bctwccn thc rcstdcnt ot such a communtty and
a passtng mcrccnary, t t suddcnly bcgtns to makc a grcatdcal o|scnsc.
or much ot human htstory, thcn, an tngot o| gold o| stlvcr,
stampcd or not, has scrvcd thc samc rolc as thc contcmporary drug
dcalcr' s suttcasc tul l ot unmarkcd bt l l s. an ob| cct wtthout a htstory,
valuablc bccausc onc knows tt wt l l bc acccptcd tn cxchangc tor othcr
goods | ust about anywhcrc, no gucsttons askcd. As a rcsult, whtlc
crcdtt systcms tcnd to domtnatc tn pcrtods otrclattvc soctal pcacc, or
acrossnctworksottrust whcthcrcrcatcdby statcs or, tn mostpcrtods,
transnattonal tnstttuttonsltkcmcrchantgutldsorcommuntttcsottatth) ,
t n pcrtods charactcrtzcd bywtdcsprcad war and plundcr, thcy tcnd to
bc rcplaccd by prcctous mctal . Vhat' s morc, wht l c prcdatory lcndtng
2 l 4 D L b 1
gocs on tn cvcry pcrtod ot human ht story, thc rcsulttng dcbt crtscs ap-
pcar to havc thc most damagtng cttccts at ttmcs whcn moncy t s most
castly convcrtt bl c tnto cash.
As a starttng potnt to any attcmpt to dt sccrn thc grcat rhythms
that dchnc thccurrcntht stortcal momcnt, lct mc proposcthc tollowtng
brcakdown ot Lurastan ht story accordtng to thc al tcrnatton bctwccn
pcrtods ot vtrtual and mcta| moncy. Jhc cyc|c bcgtns wtth thc Agc ot
thc t rst Agrartan Lmpt rcs oo-Boo uC) , domt natcd by vtrtual crcdt t
moncy. Jhts t s tol lowcd by thcAxt al Agc Boo uC-6oo nD) , wht chwt l l
bc covcrcd tn thcncxtchaptcr, and wht ch saw thc rtsc ot cotnagc and
a gcncral shttt tomctal bul l ton. JhcNt ddl cAgcs 6oo-Iqo nD) , whtch
saw a rcturn to vtrtua| crcdtt moncy, wt l | bc covcrcd tn chaptcr Io,
chaptcr H wtll covcr thc ncxt turn ot thc cyc|c, thc Agc ot Capttaltst
Lmptrcs, whtch bcgan around Iqo wtth a masstvc pl anctary swttch
back to gold and stlvcr bul l t on, and whtch could onl y rcally bc satd
to havc cndcd t n I;I, whcn Ktchard ltxon announccd that thc U. b.
dollar would no |ongcr bc rcdccmabl c t n gol d. Jht smarkcd thcbcgtn-
ntng ot yct anothcr phasc ot vtrtual moncy, onc whtch has only | ust
bcgun, and whosc u|ttmatc contours arc, ncccssart|y, t nvt st bl c. Chaptcr
Iz, thc hnal chaptcr, wtll bcdcvotcd to applytng thc t nstghts otht story
to undcrstandtng what t t mtght mcan and thc opportuntttcs tt mtght
throw opcn.
Y0s0p0t8 ml 8
[Jb00-800 BC)
Vc havc alrcady had occaston to notc thc prcdomt nancc ot crcdt t
moncy t n Ncsopotamt a, thc carl t cst urban ct vt l t zatt on that wc know
about. I n thc grcattcmpl c and pal acc complcxcs, not only dtd moncy
scrvc l argcly as an accounttng mcasurc rathcr than phystcally changtng
hands, mcrchants and tradcspcoplc dcvclopcd crcdt t arrangcmcnts ot
thctr own. Nost ot thcsc took thc phystca| torm ot clay tablcts, t n
scrtbcd wt th somc obltgatton ot tuturc paymcnt, that wcrc thcn sca|cd
tnstdc clay cnvclopcs and markcd wtth thc borrowcr' s sca| . Jhc crcdt -
tor would kccp thccnvcl opcas a surcty, and t t would bc brokcn opcn
on rcpaymcnt. In somc ttmcs or pl accs at lcast, thcsc |u//ae appcar to
havc bccomc what wc would now cal | ncgottablc t nstrumcnts, stncc
thc tab|ct tnstdc dtd not stmply rccord a promtsc to pay thc ortgt nal
lcndcr, but was dcstgnatcd "to thc bcarcr"-tn othcr words, a tablct
rccordtng a dcbt othvc shckcls otst|vcr at prcvat l t ng ratcs ott ntcrcst)
C R L D l 1 VL R S U S b UL L l N 2 l
could ct rcul atc as thc cqutvalcnt ota hvc-shckcl promtssory notcthat
t s, as moncy. `
Vc don' t know how ottcn thts happcncd, how many hands such
tablcts would typtcally pass through, how many transacttons wcrc
bascd on crcdt t, how ottcn mcrchants actually dtd wctgh out stlvcr tn
rough chunks to buy and scll thctr mcrchandt sc, or whcn thcy wcrc
most ltkcly to do so. lo doubt all thts vartcd ovcr tt mc. romt ssory
notcs usual l yctrcul atcd wtthtn mcrchantgut l ds, or bctwccn t nhabttants
ot thc rclattvc|y wcll-ott urban nctghborhoods whcrc pcoplc kncw onc
anothcr wcll cnough to trust thcm to bc accountablc, but not so wcl|
that thcy could rcly on onc anothcr tor morc tradtttonal torms otmu-
tual atd. Vc know cvcn lcss about thc markctpl accs trcqucntcd by or-
dt nary Ncsopotamt ans, cxccpt that tavcrn-kccpcrs opcratcd on crcdtt,
and hawkcrs and opcrators ot markct stal|s probably dtd as wcl l .
Jhc ort gt ns ot t ntcrcst wt l l torcvc rcmatn obscurc, stncc thcyprc-
ccdcd thc t nvcntt on ot wrt tt ng. Jhc tcrmt nol ogy tor t ntcrcst t n most
anct cnt l anguagcs t s dcrtvcd trom somc word tor "ottsprt ng, " caustng
somc to spcculatc that it ortgtnatcs t n loans otl t vcstock, but thts sccms
a btt lttcra|-mtndcd. Norc ltkcly, thc hrst wtdcsprcad t ntcrcst-bcartng
loans wcrc commcrct al . tcmp|cs and pal accs would torward warcs to
mcrchants and commcrcta| agcnts, who wou|dthcn tradcthcm t n ncar-
by mountatn ktngdoms or on tradtng cxpcdtttons ovcrscas.
Jhc practtcc ts stgnthcant bccausc tt t mp| t cs a tundamcntal lack
ottrust. Attcr all, why not stmp|y dcmand a sharc t n thc prohts r Jhts
sccms morc tat r a mcrchantwho camc back bankrupt would probably
havc l t ttlc mcans ot paytng anyway) , and proht-shartng partncrshtps
ot thts sort bccamc common practtcc t n thc latcr Nt dd| c Last. ' Jhc
answcr sccms to bc that proht-shartng partncrshtps wcrc typtcally con-
tractcd bctwccn mcrchants, or anyway pcoplc ot st mt l ar background
and cxpcrtcncc who had ways ot kccptng track ot onc anothcr. alacc
or tcmp|c burcaucrats and world-roamtng mcrchant advcnturcrs had
l t ttlc t n common, and thc burcaucrats sccm to havcconc| udcd that onc
could not normal l y cxpcct a mcrchant rcturncd trom a tar-ott land to
bc cnttrcly honcst about ht s advcnturcs. A hxcd t ntcrcst ratc would
rcndcr t rrclcvant whatcvcr cl aboratc talcs ot robbcry, sht pwrcck, or
attacks by wtngcd snakcs or clcphants a crcattvc mcrchant mtght havc
concoctcd. Jhc rcturn was hxcd t n advancc.
Jhts conncctton bctwccn borrowtng and |ytng, tnctdcntal l y, t s an
t mportant oncto ht story. Icrodotus rcmarkcd aboutthc crst ans. "Jo
tcll a l t c ts constdcrcd by thcm thc grcatcst dt sgracc, and ncxt to that
to bc t n dcbt . . . cspcct al l y bccausc thcy thtnk thatonc t ndcbt mustot
ncccsstty tcl| |tcs . " ' Latcr, Icrodotus rcportcd a story to|d to htm by
23 D L b 1
a crst an about thc ortgtns ot thc gold that thc crstans had acgutrcd
t n Indta. thcy stolc tt trom thc ncsts ot gtant ants . ) ' ' jcsus' s parablc ot
thc untorgtvtngscrvantmakcs a | okc outotthc mattcr "Jcn thousand
talcnts ! lo probl cm. just gtvc mc a l tttlc morc tt mc") , but cvcn hcrc,
onccan scc how suchcndlcsstalschoodscontrtbutcd to a broadcrscnsc
that a world tn whtch moral rclattons arc concctvcd as dcbts t s also,
wht l c t n ccrtatn ways cntcrtat nt ng, ncccssartl a world ot corruptton,
gut l t, and stn.
y thc ttmc ot thc carltcst bumcrtan documcnts, thts world may
not yct havc arrtvcd. btt l l , thc prt nct pl c ot l cndt ng at tntcrcst, cvcn
compound tntcrcst, was alrcady tamt l t ar to cvcryonc. In zqoz uC, tor
t nstancc, a royal t nscrtptton by Ktng Lnmctcna ot Lagashonc ot thc
carltcst wc havc complatns that ht s cncmy, thc Ktng ot Lmma, had
bccn occupytng a hugcstrctchottarmland thathad rtghttul l y bclongcd
to Lagash tor dccadcs. Mc announccs. t t onc wcrc to calcul atc thc
rcntal tccs tor al l that land, thcn thc t ntcrcst that would havc bccn duc
on that rcnt, compoundcd annually, t t would rcvcal that Lmma now
owcsLa gashtour and a hal ttrtl l t on l t tcrs otbarlcy. Jhc sumwas, astn
thc parablc, tntcntt onal l y prcpostcrous` It was | ust an cxcusc to start
a war. bttll, hc wantcd cvcryonc to know that hc kncw cxactly how to
do thc math.
Lsurytn thc scnsc ot t ntcrcstbcartng consumcr l oanswas al so
wcll cstabl t shcd by Lnmctcna' s ttmc. Jhc ktng ultt matcly had ht s war
and won t t, and two ycars l atcr, trcsh ott ht svt ctory, hc was torccd to
publ t sh anothcr cdtct. thts onc, a gcncral dcbt canccllatton wtthtn ht s
kt ngdom. As hc l atcr boastcd, "hc tnstttutcd trccdom , amargi) t n La
gash. Mc rcstorcd thc cht l d to tts mothcr, and thc mothcr to hcrcht l d,
hc canccllcd al l tntcrcst duc. "' ' Jhts was, tn tact, thc vcry hrst such
dcclaratton wc havc on rccordand thc hrst ttmc t n htstory that thc
word "trccdom" appcars tn a pol t tt cal documcnt.
Lnmctcna' s tcxt t s a btt vaguc on thc dctat l s, but a hal t-ccntury
l atcr, whcn hts succcssor Lrutnt mgtna dcclarcd a gcncral amncsty dur-
tngthc lcw Ycar's ccrcmontcs otzo uC, thctcrms arc all spcllcd out,
and thcy contorm to what was to bccomc typt cal ot such amncsttcs.
cancclltng not only al l outstandtng l oans, but al l torms ot dcbt scrvt
tudc, cvcn thosc bascd on tat lurc to paytccsor crt mt nal pcnalttcsthc
only thtng cxccptcd bctng commcrctal l oans.
bt mt l ar dcclarattons arc to bc tound agat n and agat n, t n bumcrtan
and l atcr abylontan and Assyrtan rccords, and always wtth thc samc
thcmc. thc rcstoratton ot "| usttcc and cgutty, " thc protcctton o| wtd-
ows and orphans, to cnsurcas Iammurabt was to put t t whcn hc
C R L D l 1 VL R S US b UL L l N 2 l J
abo|t shcd dcbts t n aby|on t n I;6I uC-"that thc strong mtght not op-
prcss thc wcak. " ' In thc words ot Ntchac| Iudson,
1hcdcsignatcd occasiontorc|caringaby|oni a' shnancia|s| atc
was thc Mcw Ycar tcstiva|, cc|cbratcd i n thc spring. aby|o
nian ru|crs ovcrsaw thc ritua| ot "brcaking thc tab|cts, " that
is, thc dcbt rccords, rcstoring cconomic ba| ancc as part otthc
ca|cndrica| rcncwa| ot socicty a|ong with thc rcst ot naturc.
Hammurabi and hi s tc||ow ru|crs signa|cd thcsc proc|amations
by raising a torch, probab|y symbo|izing thc sun-god ot| usticc
Shamash, whosc princip|cs wcrc supposcd to guidc wisc and
tai r ru|crs. Pcrsons hc|d as dcbt p|cdgcs wcrc rc|cascd to rc| oin
thcir tami|ics. thcr dcbtors wcrc rcstorcd cu|tivation rights
to thcir customary l ands, trcc ot whatcvcr mortgagc |icns had
accumu| atcd. ' `
vcr thc ncxt scvcra| thousand ycars, thts samc|tst-cancc||tngthc
dcbts, dcstroying thc rccords, rca||ocattng thc | and-was to bccomc
thc standard |tst otdcmands ot pcasant rcvo|uttonartcs cvcrywhcrc. In
Ncsopotamt a, ru|crs appcarto havchcadcd ott thcposst bt | t ty otunrcst
by t nstttuttng such rctorms thcmsc|vcs, as a grand gcsturc ot cosmtc
rcncwa| , a rccrcatton ot thc socta| unt vcrsctn aby|ont a, durtng thc
samc ccrcmony t n whtch thc ktng rccnacts ht s god Narduk' s crcatton
ot thc phystca| untvcrsc. Jhc ht story ot dcbt and st n was wtpcd out,
and tt was ttmc to bcgin agat n. ut t t' s a| so c|car what thcy saw as
thc a|tcrnattvc. thc wor|d p| ungcd t nto chaos, wt th tarmcrs dctcct-
tng to swc|| thc ranks ot nomadtc pastora| t sts, and u|ttmatc|y, t t thc
brcakdown conttnucd, rcturntng to ovcrrun thc ctttcs and dcstroy thc
cxtsttng cconomtc ordcr cnttrc|y.
W
Lypt
[26b0-7 6 BC)
Lgypt rcprcscnts an t ntcrcsttng contrast, st ncc tor most ot tts ht story,
t t managcd to avotd thc dcvc|opmcnt ott ntcrcst-bcartng dcbt cnttrc|y.
Lgypt was, | t kcNcsopotamt a, cxtraordt nart | y rich by anctcnt stan-
dards, but tt was a| so a sc|t-contatncd soctcty, a rtvcr runntng through
a dcscrt, and tar morc ccntra|tzcd than Ncsopotamt a. Jhc pharaoh
was a god, and thc statc and tcmp|c burcaucractcs had thctr hands
tn cvcrytht ng. thcrc wcrc a dazz|tng array ot taxcs and a conttnua|
23b D L b 1
dt strtbutton ot allotmcnts, wagcs, and paymcnts trom thc statc. Icrc,
too, moncy clcarly arosc as a mcans ot account. Jhc bastc untt was
thcdeben, or "mcasurc"ortgt nal l yrctcrrtngto mcasurcs otgratn, and
l atcr otcoppcr or stlvcr. A tcw rccords makc clcar thc catch-as-catch-
can naturc ot most transactt ons.
In thc Ith ycar ol Kamscs II c. Iz; C] a mcrchant ollcrcd
thc Lgypttan |ady Lrcnolrc a Syrtan s|avc gtr| whosc prtcc, no
doubt altcr bargat ntng, was hxcd at q deaen I kitc about ;
grams] ol st|vcr. Lrcnolrc madc up a co||cctton ol c|othcs and
b|ankcts to thc va|uc ol z deaen z I/ kitc-thc dctat|s arc sct
out tn thc rccord-and thcn borrowcd a mtscc||any ol ob| ccts
lrom hcr nctghborsbronzc vcssc|s, a pot ol honcy, tcn shtrts,
tcndeaen olcoppcr tngots-tt|| thcprtcc was madc up. '
Nost mcrchants wcrc tttncrant, ctthcr torctgncrs or commcrctal
agcnts tor thc owncrs ot largc cstatcs. Jhcrc' s not much cvtdcncc tor
commcrctal crcdtt, howcvcr, l oans tn Lgypt wcrc stt l l morc ltkcly to
takc thc torm ot mutual atd bctwccn nctghbors. '
Substantt al , lcgal l y cntorccablc l oans, thc ktnd that can lcad to thc
loss ot lands or tamt l y mcmbcrs, arc documcntcd, but thcy appcar to
havc bccn rarcand much lcss pcrntctous, as thc loans dt d not bcar
tntcrcst. bt mt l arl y, wc do occastonaly hcar ot dcbt-bondscrvants, and
cvcn dcbt slavcs, but thcsc sccm to havc bccn unusual phcnomcna and
thcrc' s no suggcstton that mattcrs cvcr rcachcd crtsts proporttons, as
thcy so rcgul arl y dtd t n Ncsopotamt a and thc Lcvant. '
In tact, tor thc hrst scvcral thousand ycars, wc sccm to bc t n a
somcwhat dt ttcrcnt world, whcrc dcbt rcally was a mattcr ot "gut l t"
and trcatcd l argcly as a crtmtnal mattcr.
Vhcn a dcbtor lat|cd to rcpay hts dcbt on ttmc, hts crcdttor
cou|d takc htm to court, whcrc thc dcbtor wou|d bc rcgutrcd
to promtsc to pay tn lu|| by a spccthc datc. As part ol hts
promt scwhtch was undcr oath-thc dcbtor a|so p|cdgcd to
undcrgo 1CC b|owsand/or rcpay twtccthcamountolthcortgt
na| |oan tlhc lat |cd to pay by thc datc spccthcd. ''
Jhc "and/or" ts stgnthcant. Jhcrc was no tormal dtsttnctton bc-
twccn a hnc and a bcattng. In tact, thc cnttrc purposc ot thc oath
rathcr l t kc thc Crctan custom othavtng a borrowcr prctcnd to snatch
thc moncy) sccms to havc bccn to crcatc thc | ustthcatton tor puntttvc
actt on. sothc dcbtor could bc puntshcd aseitber a pcr| urcr or a thtct.
C R L D l 1 VL R 5 U5 b ULLl N 2 l 9
y thc tt mc ot thc lcw Ktngdom o-Io;o) thcrc t s morc cvt-
dcncc tor markcts, but tt' s only by thc tt mc wc rcach thc Iron Agc,
| ust bctorcLgypt was absorbcd tnto thc crstan cmptrc, that wc bcgtn
to scc cvtdcncc tor Ncsopotamt an-stylc dcbt crtscs. Crcck sourccs, tor
t nstancc, rccord that thc haraoh akcnranct rctgncd ;zo-;I uC) t s-
sucd a dccrcc aboltshtng dcbt bondagc and annul l t ng al l outstandtng
l t abt l tttcs, stncc "hc tcl t t t would bc absurd tor a soldtcr, pcrhaps at
thc momcnt whcn hc was sctttng torth to hght tor ht s tathcrland, to
bc haulcd ott to prtson by hts crcdttor tor an unpat d l oan"wht ch,
t t truc, ts al so onc ot thc carl t cst mcntt ons ot a dcbt prtson. ' Lndcr
thc tolcmtcs, thc Crcck dynasty that rulcd Lgypt attcr Alcxandcr,
pcrtodtc clcan slatcs had bccomc tnstttuttontzcd. It's wcll known that
thc Kosctta btonc, wrtttcn both t n Crcck and Lgypttan, provcd to bc
thc kcy that madc t t posst bl c to translatc Lgyptt an ht crogl ypht cs. cw
arc awarc ot what t t actually says. Jhc stcla was ortgt nal l y ratscd to
announcc an amncsty, both tor dcbtors and tor prtsoncrs, dcclarcd by
tolcmy V tn 6 hC.
W
h l 0 8
[ZZ00-77 BC)
Vc can say al most nothtng about ronzc Agc Indt a, st ncc t ts wrtt-
tng rcmat ns tndcctphcrablc, and not much morc about Larly Chtna.
Vhat ltttlc wc do knowmat nl y cullcd trom drt bsand drabs tn l atcr
l t tcrary sourccssuggcsts that thc carltcst Chtncsc statcs wcrc tar lcss
burcaucrattc than thctr wcstcrn coustns. ' Jhcrc bctng no ccntral t zcd
tcmplc or palacc systcm wtth prtcsts and admtntstrators managtng thc
storcrooms and rccordtng tnputs and outputs, thcrc was also |tttlc t n-
ccnttvctocrcatca st ngl c, unttormunt totaccount. Instcad, thccvtdcncc
suggcsts a dt ttcrcnt path, wtth soctal currcnctcs ot vartous sorts stt l l
hol dt ng sway t n thc countrystdc and bct ng convcrtcd to commcrct al
purposcs t n dcaltngs bctwccn strangcrs.
Latcr sourccs rccal l that carly rulcrs "uscd pcarls and | adc as thctr
supcrtor mcthod ot paymcnt, gold as thctr mtddlc mcthod ot pay-
mcnt, and kntvcs and spadcs as thctr lowcr mcthod otpaymcnt. "" Jhc
author can only bc tal ktng about gttts hcrc, and ht crarcht cal oncs at
that. ktngs and grcat magnatcs rcwardtng thctr tol lowcrs tor scrvtccs
t n thcory rcndcrcd voluntartl y. In most placcs, long strtngs ot cowrtc
shclls hgurc promtncntly, but cvcn hcrc, though wc ottcn hcar ot "thc
cowrt c moncy ot carly Cht na, " and t t' s casy cnough to hnd tcxts t n
2 2 U D L b 1
whtch thc va|uc ot sumptuous gttts arc measured tn cowrtcs, t t' s ncvcr
c|car whcthcr pcop|c wcrc rca||y carrytng thcm around to buy and sc|l
thtngs t n thc markctp|acc. `
Jhc most |tkc|y t ntcrprctatton ts that thcy wcrc carrytng thc shc| | s,
buttor a |ongttmc markctp|accs thcmsc|vcswcrcotmt norstgnthcancc,
so thi s usc was not ncarly as tmportant as thc usua| uscs tor socta|
currcnctcs . marrtagc prcscnts, hncs, tccs, and tokcns othonor. At any
ratc, al | sourccs t nst stthatthcrcwas a wtdcvart ctyotcurrcnci cst n ct r
cu| att on. As Oavtd bchct dc| , onc ot thc prcmtcr contcmporary schol ars
ot car|y moncy, notcs.
n prc- mpcr al Ch na, moncy took thc torm ot cowr c shcl l s,
both org nal s and- ncrcasngly-bronzc mtatons, tor-
tosc shcl l s, wcghcd gold and , rarcly) slvcr bars, and most
notably-trom at lcast ILLL BC onward-utcns l moncy n thc
shapc ot spadc bladcs and knvcs madc ot bronzc.
Jhcsc wcrc mostottcn uscd bctwccn pcop|c who dt dn' tknow cach
othcr vcry wc||. or tabu|attng dcbts bctwccn nctghbors, wtth |oca|
vcndors, or wtth anythtng havtng to do wtth thc govcrnmcnt, pcop|c
appcar to havc cmp|oycd a vartcty ot crcdtt t nstrumcnts . |atcr Cht
ncsc htstortans c| at mcd that thc car| t cst ot thcsc wcrc knottcd strtngs,
rathcr |tkc thc nca kbipu systcm, and thcn |atcr, notchcd strtps ot
wood or bamboo. As t n Ncsopotamt a, thcsc appcar to havc |ong
prcdatcd wrtttng.
Vc don' t rca||y know whcn thc practtcc ot |cndtng at t ntcrcst
hrst rcachcd Chtna ctthcr, or whcthcr ronzc Agc Cht na camc to scc
thc samc sorts ot dcbt crtscs as occurrcd tn Ncsopotamt a, but thcrc
arc tanta|tztng htnts t n |atcr documcnts. ' or tnstancc, |atcr Chtncsc
|cgcnds about thc ortgtn ot cotnagc ascrt bcd thc tnvcntton to cmpcr-
ors trytng to rc|tcvc thc cttccts ot natura| dt sastcrs. Onc car|y Ian
tcxt rcports.
l n anccnt t mcs, durng thc tl oods ot Yu and thc droughts ot
Jang, thc common pcoplc bccamc so cxhaustcd that thcy wcrc
torccd to borrow trom onc anothcr n ordcr to obta n tood
and clothng. Lmpcror| Yu concd moncy tor h s pcoplc trom
thc gold ot Nount L and Lmpcror| Jang d d lkcwsc trom
thc coppcr ot Nount Yan. Jhcrctorc thc world callcd thcm
bcncvolcnt. `
C R L D l 1 VL R 5 U5 b UL L l N 2 2 l
Othcr vcrstons arc a | ttt|c morc cxpl t ct t. Jhc Cuanzi, a co|lcctton
that t n car|y tmpcrtal Cht na bccamc thc standard prtmcr on po|tttca|
cconomy, notcs "Jhcrc wcrcpcop|c who | ackcd cvcngruc| to cat, and
who wcrc torccd to sc|| thctr cht |drcn. Jo rcscuc thcsc pcop| c, Jang
cot ncd moncy. "''
Jhcstoryt scl car| ytancttu| thc rca| ort gt nsotcotncd moncywcrc
at |cast a thousand ycars |atcr) , and t t t s vcry hard to know what to
makcott t. Cou|dthts rchccta mcmory otcht|drcn bctngtakcn awayas
dcbtsurcttcs r On thc tacc ot t t, t tsccms morc |tkc starvtng pcopl csc| |
tng thctr cht|drcn outrtghta practtcc that was | atcr to bccomc com-
monp|acc t n ccrtatn pcrtods ot Chtncsc ht story. ' ut thc | uxtaposttton
ot l oans and thc sa|c ot cht|drcn t s suggcsttvc, cspcct al | y constdcrtng
whatwashappcntngonthc othcr stdcotAst a atcxactlythc samcttmc.
Jhc Cuanzi |atcr gocs on to cxp|atn that thcsc samc ru|crs tnstttutcd
thc custom ot rctat nt ng o pcrccnt ot thc harvcst t n pub|tc granartcs
tor rcdtstrtbutton tn cmcrgcnctcs, so as to cnsurc that thts wou|d ncvcr
happcn agat n. I n othcr words, thcy bcgan to sct up | ust thc ktnd ot
burcaucrattc storagc tact | t ttcs that, t n p| accs |tkc Lgypt and Ncsopota
mta, had bccn rcsponst b| c tor crcattng moncy as a untt ot account to
bcgtn wtth.
h 8 pt0 | Nl 0 0
1h L AK| AL AEL
(800 BC - 00 AD)
Iet us designate tbis eriod as tbe
"axia/ age. " Extraordinary ecents are
crouded into tbis eriod. ln Cbina /iced
Confucius and Iao Tse, a// tbe trends in
Cbinese bi/osoby arose . . . ln lndia
it uas tbe age of tbe Uanisbads and of
8uddba; as in Cbina, a// bi/osobica/
trends, inc/uding sketicism and ma-
teria/ism, sobistry and nibi/ism, uere
dece/oed.
Kat ]asQCts, Way to Wisdom
1HE PH Rk5E " 1HE kK| kL kE" was cot ncd by thc Ccrman cxtstcn
tta|tst phtlosophcr Kar| |aspcrs. ' In thc coursc ot wrtttng a htstory ot
pht l osophy, |aspcrs bccamc tasctnatcd by thc tact that hgurcs |tkc y
thagoras ;o-qg uC) , thcuddha 6-qB uC) , and Contuctus I-q;
uC) , wcrc a| | a|tvc at cxact|y thc samc ttmc, and that Crcccc, Indt a, and
Chtna, t n thatpcrtod, a| l saw a suddcn cthorcsccncc otdcbatc bctwccn
contcndtng tntc|lcctual schoo| s, cach group apparcntly, unawarc ot
thc othcrs' cxtstcncc. Ltkc thc st multancous t nvcntton ot cot nagc, why
thts happcncd had a|ways bccn a puzz|c. |aspcrs wasn' t cntt rc|y surc
ht msclt. Jo somc cxtcnt, hc suggcstcd, tt must havc bccn an cttcct ot
stmtlar ht stortca| condtttons. or most ot thc grcat urban ctvt|i zattons
ot thc tt mc, thc car|y Iron Agc was a ktnd ot pausc bctwccn cmptrcs,
a tt mc whcn po|tttca| | andscapcs wcrc brokcn tnto a chcckcrboard ot
ottcn dt mt nuttvc kt ngdoms and ct ty-statcs, most ottcn at constant war
cxtcrnal|y and |ockcd t n constant po| t tt ca| dcbatc wttht n. Lach casc
wttncsscd thc dcvclopmcnt ot somcthtng aktn to a drop-out cu|turc,
2 2 4 D L b 1
wtth asccttcs and sagcs hcctng to thc wt | dcrncss or wandcrtng trom
townto townsccktngwt sdom, t ncach, too, thcy wcrc cvcntua| | y rcab-
sorbcd tnto thc po|tttca| ordcr as a ncw ktnd ottntc||cctua| or sptrttua|
c|ttc, whcthcr as Crcck sophtsts, |cwtsh prophcts, Chtncsc sagcs, or
Indtan ho|y mcn.
Vhatcvcr thc rcasons, thc rcsu|t, |aspcrs argucd, was thc hrst pc-
rtod t n ht story t n whtch human bctngs app|tcd prtnctp|cs ot rcasoncd
tngutry to thcgrcat gucsttons othuman cxtstcncc. Icobscrvcd that a| |
thcsc grcat rcgtons otthcwor|d, Cht na, Indt a, and thcNcdttcrrancan,
s aw t hc cmcrgcncc ot rcmarkab|y para||c| pht |osophtca| trcnds, trom
skcptt ct sm to tdca|tsmtn tact, a| most thc cntt rc rangc ot post tt ons
about thc naturc ot thc cosmos, mt nd, actt on, and thc cnds ot human
cxtstcnccthathavcrcmatncdthc stuttotpht | osophyto thtsday. Asonc
ot |aspcrs' dtsctp|cs |atcr put t tovcrstattng on|y s|tght|y"no rca||y
ncw tdcas havc bccn addcd stncc that tt mc. "
or |aspcrs, thc pcrtod bcgtns wtth thc crstan prophct Zoroastcr,
around Boo uC, and cnds around zoo uC, to bc to| | owcd by a bptrttua|
Agc that ccntcrs on hgurcs |tkc |csus and Nohammcd. or my own
purposcs, I hnd t t morc usctu| to combtnc thc two. Lct us dchnc thc
Axta| Agc, thcn, as runntng trom Boo uC to 6oo nD. ' Jhts makcs thc
Axta| Agc thc pcrtod that saw thc btrth not on|y ot a|| thc wor|d' s
ma| or pht |osophtca| tcndcnctcs, but a| so, a| | ot today' s ma| or wor|d
rc|tgt ons. Zoroastrt ant sm, rophcttc |udat sm, uddht sm, |at nt sm, Itn-
dut sm, Contuct ant sm, Jaot sm, Chrtsttantty, and Is| am.
Jhc attcnttvc rcadcr may havc nottccd that thc corc pcrtod ot
|aspcr' s Axt a| agcthc | t tcttmcs ot ythagoras, Contuct us, and thc
uddhacorrcsponds a|most cxact|y to thc pcrtod t n whtch cotnagc
was tnvcntcd. Vhat' s morc, thc thrcc parts ot thc wor|d whcrc cotns
wcrc hrst tnvcntcd wcrc a| so thc vcry parts ot thc wor|d whcrc thosc
sagcs |tvcd, t n tact, thcy bccamc thc cptccntcrs ot Axt a| Agc rc|tgtous
and pht | osophtca| crcattvtty. thc ktngdoms and ctty-statcs around thc
Yc||ow Ktvcr t n Chtna, thc Cangcs va||cy t n northcrn Indt a, and thc
shorcs otthc Acgcan bca.
Vhat was thc conncctt onr Vc mtght start by asktng. Vhat ts a
cotnr Jhc norma| dchnttton ts that a cotn ts a pt ccc ot va| uab| c mcta| ,
shapcd t nto a standardt zcd unt t, wt th somccmb| cm or mark t nscrtbcd
to authcnttcatc tt. Jhc wor| d' s hrst cotns appcar to havc bccn crc-
atcd wt tht n thc ktngdom ot Lydt a, t n wcstcrn Anato|ta now Jurkcy) ,
somcttmc around 6oo hC. ` Jhcsc hrst Lydt an cotns wcrc bast ca| | y | ust
round| umpsotc|cctruma go|d-st |vcr a||oy thatoccurrcd natura||y tn
thcncarby acto| us Ktvcrthat had bccnhcatcd, thcn hammcrcd wt th
somc kt nd ot t nst gnt a. Jhc vcry hrst, stampcd on|y wtth a tcw |cttcrs,
1 H L A X l A L A G L 2 2
appcar to havc bccn manutacturcd by ordtnary j cwc|crs, but thcsc dt s
appcarcd a| most t nstant|y, rcp|accd by cotns manutacturcd t n a ncw|y
cstab|t shcd roya| mt nt. Crcck ctttcs on thc Anato| t an coast soon bcgan
to strtkc thctr own cotns, and thcy camc to bc adoptcd t n Crcccc ttsc|t,
thc samc thtng occurrcd tn thc crst an Lmpt rc attcr tt absorbcd Lydt a
t nq; uC.
n both ndt a and Cht na, wc can obscrvc thc samc pattcrn. tnvcnt-
cd by prtvatc ctttzcns, coi nagc was qutck|y monopo| tzcd by thc statc.
Jhc hrst ndt an moncy, whtch sccms to havc appcarcd at somc potnt
t n thc stxth ccntury, const stcd ot bars ot st |vcr trtmmcd down to unt-
torm wctghts, thcn punch-markcd wtth somc ktnd ot othct a| symbo| .
Nost ot thc cxamp| cs dt scovcrcd by archaco|ogtsts contat n numcrous
addtttona| countcr-punchcs, prcsumab|y addcd much tn thc way that a
chcck or othcr crcdtt t nstrumcnt ts cndorscd bctorc bctng transtcrrcd.
Jhts strong|y suggcsts that thcy wcrc bctng hand|cd by pcop|c uscd to
dca|tng wtth morc abstract crcdtt tnstrumcnts. Nuch car|y Chtncsc
cotnagc a| so shows stgns othavtngcvo|vcddt rcct|y trom socta| currcn-
ct cs. somc wcrc t n tact cast bronzct n thc shapc otcowrtcs, though oth
crs took thc shapc otdt mt nuttvc kntvcs, dtsks, or spadcs. ncvcrycasc,
|oca| govcrnmcnts qutck|y stcppcd tn-prcsumab|y wtthtn thc spacc ot
about a gcncratton. Iowcvcr, stncc tn cach ot thc thrcc arcas thcrc
was a p|cthora ot ttny statcs, thts mcant that cach cndcd up wtth a
wtdcvartcty ot dtttcrcntcurrcncy systcms. orcxamp|c, around ;oo uC,
northcrn ndt a was stt | | dtvtdcd tnto |anapadas or "trt ba| tcrrttortcs, "
somc otthcm monarchtcs andsomc rcpub| t cs, andtnt hcstxth ccntury
thcrc wcrc stt | | at |cast stxtccn ma| or kt ngdoms. n Cht na, thts was thc
pcrtod whcrc thc o|d Zhou Lmpt rc hrst dcvo|vcd t nto vytng prtnctpa| t
ttcs thc "bprtng and Autumn" pcrtod, ;zz-q8i uC) , thcn sp|t ntcrcd t nto
thc chaos ot thc "Varrtng btatcs" q;-zzi uC. ) Lt kc thc Crcck ctty
statcs, a| | otthc rcsu|ttngktngdoms, no mattcr howdt mt nuttvc, aspt rcd
to tssuc thctr own othcta| currcncy.
Kcccnt scho| arsht p has shcd a grcat dca| ot|tght on how thts must
havc happcncd. Co|d, st|vcr, and bronzc-thc matcrt a| s trom whtch
cotns wcrc madc-had |ong bccn thc mcdta ot tntcrnatt ona| tradc, but
untt| thattt mc, on|y thc rtch had actua||y had much tn thctrposscsst on.
A typtca| bumcrt an tarmcr may wc| | havcncvcrhadoccast onto ho|d a
substantta| pt ccc ot st | vcr tn ht s hand, cxccpt pcrhaps at ht s wcddtng.
Nost prcctous mcta|s took thc torm ot wca|thy womcn' s ank|cts and
hctr|oom cha| tccs prcscntcd by ktngs to thctr rctatncrs, or tt was st mp| y
stockpt|cd t n tcmp| cs, tn t ngot torm, as surcttcs tor | oans. bomchow,
durt ngthc Axta| Agc, a| | tht sbcgantochangc. Largc amountsotst | vcr,
go|d, and coppcr wcrc dcthcsaurtzcd, as thc cconomt c htstortans |tkc
2 2 D L b 1
to say, tt was rcmovcd trom thc tcmp|cs and houscs ot thc rtch and
p|accd t n thc hands ot ordtnary pcop|c, was brokcn tnto ttntcr ptcccs,
and bcgan to bc uscd t n cvcryday transactt ons.
Iowr Israc| t C| asst ct st Oavt d bchaps provtdcs thc most p| aust b| c
suggcstton. mostott twassto| cn. Jhtswasa pcrtod otgcncra| tzcdwar-
tarc, and t t t s t nthcnaturcot war that prcctous tht ngsarcp| undcrcd.
So|dicrs who p|undcr may indccd go hrst lor thc womcn, thc
a|coho|ic drinks, or thc lood, but thcy wi|| a|so bc |ooking
around lor things ol va|uc that arc casi|y portab|c. A |ong-tcrm
standing army wi|| tcnd to accumu|atc many thi ngs that arc
va|uab|c and portab|c-and thc most va|uab|c and portab|c
itcms arc prccious mcta|sand prccious stoncs. It may wc||havc
bccn thc protractcd wars among thc statcs olthcsc arcas that
hrstproduccd a |argc popu|ation olpcop|c with prccious mcta|
in thcir posscssion and a nccd lor cvcryday ncccssitics . . .
Whcrc thcrc arc pcop|c who want to buy thcrc wi|| bc pco
p|c wi||ing to sc| | , as innumcrab|c tracts on b|ack markcts,
drug dca|ing, and prostituti on point out . . . Jhc constant
warlarc ol thc archaic agc ol Crcccc, ol thc |anapadas ol In-
dta, ol thc Warring Statcs ol China, was a powcrlu| i mpctus
lor thc dcvc|opmcnt ol markct tradc, and i n particu|ar lor
markct tradc bascd on thc cxchangc ol prcci ous mcta| , usua||y
i n sma|| amounts . Il p|undcr brought prccious mcta| into thc
hands ol thc so|dicrs, thc markct wi|| havc sprcad it through
thc popu|ati on. '
low, onc mt ght ob| cct. but surc| y, war and p| undcr wcrc noth-
tng ncw. Jhc Iomcrtc cptcs, tor t nstancc, show a wc||-ntgh obscsstvc
tntcrcstt n thc dtvtston otthc spot | s. Jruc, butwhat thc Axta| Agc a|so
sawagatn, cgua||y t n Chtna, Indta, and thc Acgcanwas thc rtsc ot
a ncw ktnd ot army, madc up not ot artstocrattc warrtors and thctr
rctatncrs, but tratncd protcsst ona| s. Jhc pcrtod whcn thc Crccks bcgan
to usc cotnagc, tor instancc, was a|so thc pcrtod whcn thcy dcvc|opcd
thctrtamouspha| anx tacttcs, whtch rcgutrcd constant drt|| and tratntng
otthchop| t tc so|dtcrs. Jhcrcsu|tswcrcsocxtraordtnart|ycttccttvcthat
Crcck mcrccnartcswcrcsoon bctngsought attcr tromLgyptto Crtmca.
ut un|tkc thc Iomcrtc rctatncrs, who cou|d stmp|y bc tgnorcd, an
army ottratncd mcrccnartcs nccds to bc rcwardcd tn somc mcantngtu|
way. Onc cou|d pcrhaps provtdc thcm a|| wtth |tvcstock, but | t vcstock
arc hard to transport, or wtth promt ssory notcs, but thcsc wou|d bc
1 H L A X l AL A G L 2 2 J
worthlcss t n thc mcrccnartcs' own country. Allowtng cach a ttny sharc
ot thc pl undcr docs sccm an obvtous solutton.
Jhcsc ncw armtcswcrc, dt rcctly or tndtrcctly, undcr thccontrolot
govcrnmcnts, and t t took govcrnmcnts to turn thcsc chunks ot mctal
tntogcnut nccurrcncy. Jhc mat n rcasontorthts t s st mpl y scalc. to crc-
atc cnough cotns that thc pcoplc could bcgtn to usc thcm t n cvcryday
transacttons rcgutrcd mass productton on a scalc tar bcyond thc abt l t -
tt csotl ocal mcrchantsorsmt ths. ' Otcourscwchavc al rcadysccnwhy
govcrnmcnts mtght havc tnccnttvc to do so. thc cxtstcncc ot markcts
was htghly convcntcnt tor govcrnmcnts, and not| ust bccausc t tmadc tt
so much castcr tor thcm to provtston l argc standtng armtcs. y t nstst-
tng that only thctr own cotns wcrc acccptablc as tccs, hncs, or taxcs,
govcrnmcnts wcrc ablcto ovcrwhclm thc t nnumcrablc soctal currcnctcs
thatalrcadycxtstcd t nthctrht ntcrlands, and tocstabl t shsomcthtngltkc
unttorm nattonal markcts.
Actual l y, onc thcory ts that thc vcry hrst Lydt an cotns wcrc tn-
vcntcd cxpltcttly to pay mcrccnartcs. Jht s mtght hclp cxpl at n why
thc Crccks, who suppltcd most ot thc mcrccnartcs, so gutckly bccamc
accustomcd to thc usc ot cotns, and why thc usc ot cotnagc sprcad so
gutckly across thc Icllcntc world, so that by q8o uC thcrc wcrc at lcast
onc hundrcd mtnts opcrattng t n dt ttcrcnt Crcck ctttcs, cvcn though at
that ttmc, nonc ot thc grcat tradtng nattons ot thc Ncdttcrrancan had
asyctshowcd thcsltghtcstt ntcrcstt nthcm. Jhchocnt ct ans, torcxam-
plc, wcrc constdcrcd thcgrcatcstmcrchants and bankcrs o|anttgutty. '
z
Jhcy wcrc al so grcat tnvcntors, havtng bccn thc hrst to dcvclop both
thc al phabct and thc abacus. Yct tor ccnturtcs attcr thc tnvcntton ot
cotnagc, thcy prctcrrcd to conttnucconducttng bustncss as thcy always
had, wtth unwrought tngots and promtssory notcs. ' ' hocntctan ctttcs
struckno cotns untt l 6 uC, and wht l c Carthagc, thc grcathocntctan
colony t n lorth Atrtca that camc to domtnatc commcrcc t n thc Vcst-
crn Ncdttcrrancan, dtd so a btt carltcr, t t was only whcn "torccd to do
so to pay btctltan mcrccnartcs, and tts tssucs wcrc markcd t nuntc, ' tor
thcpcopl cot thc camp. `' '"
On thc othcr hand, tn thc cxtraordtnary vt olcncc ot thc Axt al Agc,
bctng a "grcat tradtng natt on" rathcr than, say, an aggrcsstvc mt l ttary
powcr ltkc crst a, Athcns, or Komc) was not, ul tt matcly, a wtnntng
proposttton. Jhc tatc ot thc hocntctan ctttcs t s t nstructtvc. bt don, thc
wcalthtcst, was dcstroycd by thc crstan cmpcror Artaxcrxcs III attcr
a rcvolt tn I uC. orty thousand ot tts t nhabttants arc satd to havc
commtttcd mass sutctdc rathcr than surrcndcr. ltnctccn ycars latcr,
Jyrc wasdcstroycdattcr a prolongcd stcgc by Alcxandcr. tcn thousand
dtcd t n battlc, and thc thtrty thousand survtvors wcrc sold tnto slavcry.
2 2 b D L b 1
Carthagc |astcd |ongcr, but whcn Koman armtcs hna| | y dcstroycd thc
ct ty t n q6 C hundrcds ot thousands ot Carthagt nt ans wcrc satd to
havc bccn rapcd and s| aughtcrcd, and htty thousand capttvcs put on
thc auctton b|ock, attcr whtch thc c|ty ttsc|t was razcd and |ts hc|ds
sowcd wtth sa| t.
A| | thts may br|ng homc somcthtng otthc | cvc| ot vto|cncc amt dst
wh|ch Axta| Agc thought dcvc|opcd. ' ` ut t t a| so |cavcs us asktng.
Vhatcxact|ywas thc ongotng rc|at|on amongcotnagc, mt | t tary powcr,
and th| s unprcccdcntcd outpourtng ot| dcasr
1h 0 Y00 l t0 | |8 0 0 8 0
Icrc aga|n our bcst | ntormatton t s trom thc Ncdttcrrancan wor|d,
and I havc a| rcady provtdcd somc ot tts out||ncs. Compartng Athcns
w|th tts tar-hung nava| cmpt rc-and Romc, wc can t mmcdtatc|y dctcct
str|k|ng s| mt | artttcs. In cach ctty, h| story bcgt ns w|th a scr|cs ot dcbt
crtscs. In Athcns, thc hrst cr| s| s, thc onc that cu| mt natcd | n bo|on' s
rctorms otgq C was so car|y that cotnagc cou|d hard|y havc bccn
a tactor. In Komc, too, thc car|tcst crtscs sccm to havc procccdcd thc
advcnt ot currcncy. Kathcr, | n cach casc, cot nagc bccamc a so|ut|on.
In brtct, onc mtght say that thcsc conhtcts ovcr dcbt hadtwo posstb|c
outcomcs. Jhc hrst was that thc ar| stocrats cou|d wt n, and thc poor
rcma| n "s|avcs otthc r|ch"-whtch t n practtcc mcant that most pcop|c
wou|d cnd up c||cnts ot somc wca|thy patron. buch statcs wcrc gcncr
a||y mt |ttart|y | ncttccttvc. ' Jhc sccond was that popu|ar tacttons cou|d
prcvat | , | nst|tutc thc usua| popu|ar program ot rcdt str|button ot |ands
and satcguards agatnst dcbt pconagc, thus crcattng thc basts tor a c|ass
ot trcc tarmcrs whosc cht |drcn wou|d, t n turn, bc trcc to spcnd much
ot thc| r ttmc tra| ntng tor war. '
Cotnagc p| aycd a cr|ttca| ro|c |n mat nta| n| ng thts ktnd ot trcc
pcasantry-sccurc tn thct r |andho|d| ng, not ttcd to any grcat | ord by
bonds otdcbt. Intact, thc hsca| po| t c| csotmany Crcckc|ttcsamountcd
to |ttt|c morc than c|aboratc systcms tor thc dt strtbutton ot |oot. It' s
t mportant to cmphas| zc that tcw anct cnt c| t| cs, |t any, wcnt so tar as
to out|aw prcdatory | cndt ng, or cvcn dcbt pconagc, cnttrc| y. Instcad,
thcy thrcw moncy at thc prob|cm. Co|d, and cspcct a| | y st |vcr, wcrc ac
qu| rcd t n war, or mtncd by s|avcs capturcd t n war. Ntnts wcrc |ocatcd
tn tcmp|cs thc tradttt ona| p|acc tor dcpostttng spot | s) , and ctty-statcs
dcvc|opcd cnd|css ways to dt str|butc cot ns, not on|y to so|dtcrs, sat |
ors, and thosc productng arms or outhtttng sht ps, but to thc popu|acc
1 H L A X l AL A G L 2 2 9
gcncral l y, as | ury tccs, tccs tor attcndtng publ t c asscmbltcs, or somc-
ttmcs | ust asoutrtghtdtstrtbuttons, as Athcns dt d most tamously whcn
thcy dtscovcrcd a ncw vctn otst lvcr t n thc mt ncs at Laurtum t nq8 uC.
At thc samc tt mc, t nst sttng that thc samc cotns scrvcd as lcgal tcndcr
tor all paymcnts duc to thc statc guarantccd that thcy would bc t n sut-
hctcnt dcmand that markcts would soon dcvcl op.
Nany otthcpol t tt cal crt scstn anct cntCrcckct tt csst mt larly turncd
on thc dtstrtbutton ot thc spot l s. Icrc t s anothcr tnctdcnt rccordcd tn
Artstotlc, who provtdcs a conscrvattvc takc on thc ortgtns ot a coup
tn thc ctty ot Khodcs around gt uC "dcmagogucs" hcrc rctcrs to thc
lcadcrs otthc dcmocracy) .
Jhc dcmagogucs nccdcd moncy to pay thc pcop|c lor attcnd-
ing thc asscmb|y and scrving on | urics, lor i l thc pcop|c did
not attcnd, thc dcmagogucs wou|d |osc thcir inhucncc. Jhcy
rai scd at |cast somc ol thc moncy thcy nccdcd by prcvcnting
thc disburscmcnt ol thc moncy duc thc trircmc warship] com-
mandcrs undcr thcir contracts with thc city to bui|d and ht
trircmcs lor thc Khodian navy. Sincc thc trircmc commandcrs
wcrc not paid, thcy wcrc unab|c in turn to pay thcir supp|icrs
and workcrs, who sucd thc trircmc commandcrs. Jo cscapc
thcsc |awsuits thc trircmc commandcrs bandcd togcthcr and
ovcrthrcw thc dcmocracy.
r

It was sl avcry, though, that madc al l tht s posst bl c. As thc hgurcs

conccrntng btdon, Jyrc, and Carthagc suggcst, cnormous numbcrs ot
pcoplc wcrc bctng cns| avcd tn many ot thcsc conhtcts, and, ot coursc,
manysl avcscndcdup worktngtnthcmtncs, productngcvcn morcgold,
stlvcr, and coppcr. Jhc mtncs t n Laurtum rcportcdly cmploycd tcn to
twcnty thousand ot thcm. ) ' '
Ccottrcy Ingham cal l s thc rcsulttng systcm a " mt lttary-cotnagc
complcx"though I thtnk t t would bc morc accuratc to cal l tt a
"mt l t tary-cotnagc-slavcry complcx. " Anyway, that dcscrtbcs rathcr
ntccly how t t workcd t n practtcc. Vhcn Alcxandcr sct out to congucr
thccrst anLmptrc, hc borrowcd much otthcmoncy wtth whtch topay
and provtston hts troops, and hc mt ntcd hts hrst cotns, uscd to pay hts
crcdttorsand conttnuc tosupportthc moncy, by mclttng downgoldand
st lvcr pl undcrcd attcr ht s t nt tt a| vtctortcs. Iowcvcr, an cxpcdtttonary
torcc nccdcd to bc pat d, and patd wcl l . Alcxandcr' s army, whtch num-
bcrcd somc o,ooo mcn, rcgutrcd hal t a ton ot stlvcr a day | ust tor
wagcs. or thts rcason, congucstmcantthat thc cxtsttngcrst an systcm
ot mtncs and mtnts had to bc rcorgantzcd around provtdtng tor thc
2 3 U D L b 1
tnvadtngarmy, and anctcnt mt ncs, otcoursc, wcrc workcd by s| avcs. I n
turn, most s| avcs t n mtncs wcrc warcapttvcs. rcsumab| y mostot thc
untortunatc survtvors ot thc stcgc ot Jyrc cndcd up worktng t n such
mtncs. Onc can scc how thts proccss mtght tccd upon ttsc|t.
A|cxandcr was a|so thc man rcsponst b| c tor dcstroytng what rc
matncd ot thc anctcnt crcdt t systcms, stncc not on|y thc hocnt ct ans
but a| so thc o|d Ncsopotamt an hcart| and had rcst stcd thc ncw cotn
cconomy. It s armtcs not on| y dcstroycd Jyrc, thcy a| so dcthcsaurtzcd
thc go|d and st |vcr rcscrvcs ot aby| ont an and crstan tcmp|cs, thc
sccurtty on whtch thctr crcdtt systcms wcrc bascd, and t nst stcd that
a| | taxcs to ht s ncw govcrnmcnt bc pat d t n ht s own moncy. Jhc rcsu|t
was to "rc|casc thc accumu| atcd spcctc otccnturyonto thc markct t n a
mattcr ot months, " somcthtng |tkc 8o,ooo ta|cnts, or tn contcmporary
tcrms, an csttmatcd $z8 bt | | t on.'
JhcIc| | cnt sttcsucccssorkt ngdomscstab|tshcdbyA|cxandcr' s gcn
cra| s, trom Crcccc to Indta, cmp|oycd mcrccnartcs rathcr than natt ona|
armt cs, but thc story ot Komc t s, agat n, st mt | ar to that ot Athcns . Its
car|y htstory, as rccordcd by othct a| chrontc|crs |tkc Ltvy, t s onc ot
conttnua| strugg|cs bctwccn patrtctans and p| cbt ans, and ot contt nua|
crt scsovcrdcbt. crt odtca|| y, thcscwou| d| cadto whatwcrcca| |cd mo
mcnts ot "thc scccsston otthc p|cbs, " whcn thc commoncrs otthcctty
abandoncd thctr hc|ds and workshops, campcd outstdc thc ctty, and
thrcatcncd mass dctcctton-an t ntcrcsttg ha| tway pot nt bctwccn thc
popu|ar rcvo|ts ot Crcccc and thc stratcgy otcxodus typt ca| | y pursucd
tn Lgypt and Ncsopotamt a. Icrc, too, thc patrt ct ans wcrc u|ttmatc|y
taccd wtth a dcctst on. thcy cou|d usc agrtcu|tura| | oans to gradua| | y
turn thc p| cbt an popu| att on t nto a c|ass ot bondcd | aborcrs on thct r
cstatcs, or thcy cou|d acccdc to popu|ar dcmands tor dcbt protcctton,
prcscrvc a trcc pcasantry, and cmp|oy thc youngcr sons ot trcc tarm
tamt | t cs as so|dtcrs. As thc pro|ongcd ht story ot crtscs, scccsst ons,
and rctorms makcsc| car, thcchot ccwas madcgrudgtng|y. ' Jhc p| cbs
practtca||y had to torcc thc scnatorta| c| ass totakcthct mpcrt a| optt on.
btt | | , thcydt d, andovcrtt mcthcygradua| | yprcstdcdovcrthccstab| t sh
mcnt ot a wc|tarc systcm that rccyc|cd at |cast a sharc ot thc spot|s to
so| dt crs, vctcrans, and thct rtamt | t cs.
It sccms st gnt hcant, t n tht s | t ght, that thc tradtttona| datc ot thc
hrst Koman cotnagc8 uC-t s a| most cxact|y thc datc whcn dcbt
bondagc was hna| | y out|awcd z6 uC) . Agat n, cotnagc, mt ntcd trom
war spot | s, dt dn' tcauscthccrt st s. It was uscd as a so|utt on.
Intact,thccnttrc Komancmptrc, attts hctght, cou|d bcundcrstood
as a vast machtnc tor thc cxtractton ot prcctous mcta|s and thctr cotn
tng and dtstrtbutton to thc mt | t tary-combt ncd wtth taxatton po|tctcs
1 H L A X l A L A G L 2 3 l
dcstgncd to cncouragc congucrcd popu|attons to adopt cotns t n thctr
cvcrydaytransacttons. Lvcn so, tor mostottts ht story, uscotcotns was
hcavt|y conccntratcd tn two rcgt ons. t n Ita|y and a tcw maj or ctttcs,
and on thc tronttcrs, whcrcthc| cgtonswcrcactua||ystattoncd. In arcas
whcrc thcrc wcrc nctthcr mtncs nor mt | t tary opcratt ons, o|dcr crcdt t
systcms prcsumab|y conttnucd to opcratc.
I wt|| add onc hna| notc hcrc. In Crcccc as t n Komc, attcmpts to
so|vc thc dcbt crtsts through mt | ttary cxpanston wcrc a| ways, u| tt matc-
| y, j ust ways ot tcndtng ott thc prob|cm-and thcy on| y workcd tor a
| t mttcd pcrtod ot tt mc. Vhcn cxpanston stoppcd, cvcrythtng rcturncd
to as t t had bccn bctorc. Actua| | y, t t' s not c|car that a|| torms ot dcbt
bondagc wcrc cvcr cnttrc|y c| t mi natcd cvcn t n ctttcs |tkc Athcns and
Komc. In ct ttcs that wcrc not succcsstu| mt | ttary powcrs, wtthout any
sourcc ot tncomc to sct up wc|tarc po|tctcs, dcbt crt scs conttnucd to
harc up cvcry ccntury or so-and thcy ottcn bccamc tar morc acutc
than thcy cvcr had tn thc Ntdd|c Last, bccausc thcrc was no mccha
ntsm, short ot outrtght rcvo|utton, to dcc| arc a Ncsopotamt an-sty|c
c|can s|atc. Largc popu|attons, cvcn tn thc Crcck wor|d, dtd, t n tact,
stnk to thc rank ot scrts and c|tcnts.
Athcnt ans, as wc'vc sccn, sccmcd to assumc that a gcnt|cman nor-
ma| |y |tvcd a stcp or two ahcad ot ht s crcdttors. Koman po|tttctans
wcrc|ttt|c dt ttcrcnt. Otcoursc much otthc dcbt was moncy that mcm-
bcrs ot thc scnatort a| c|ass owcd to cach othcr. t n a way, t t' s j ust thc
usua| communt sm ot thc rtch, cxtcndtngcrcdtt to onc anothcr on casy
tcrms that thcy wou|d ncvcr thtnk to ottcr othcrs. btt||, undcr thc | atc
Kcpub| t c, ht story rccords many t ntrtgucs and consptractcs hatchcd by
dcspcratc dcbtors, ottcn art stocrats drtvcn by rc|cnt|css crcdttors to
makc common causc wtth thc poor. It wc hcar |css about thts sort ot
thtng happcning undcr thc cmpcrors, t t' s probab|y bccausc thcrc wcrc
tcwcr opportuntttcs tor protcst, what cvtdcncc wc havc suggcsts that
t t anythtng, thc prob|cm got much worsc. ' Around oo no, |utarch
wrotc about hts own country as tt tt wcrc undcr torctgn tnvaston.
And as King Darius scnt to thc city olAthcns his | icutcnants
Datis and Artaphcrncs with chains and cords, to bind thc pris-
oncrs thcy shou|d takc, so thcsc usurcrs, bringing into Grcccc
boxcs lu| | ol schcdu|cs, bi||s, and ob| igatory contracts, as so
many irons and lcttcrs lor thc shack|ing olpoor crimina|s . . .
For at thc vcry dc|ivcry ol thcir moncy, thcy immcdiatc|y
ask it back, taking it up at thc samc momcnt thcy |ay it down,
and thcy |ct out that again to intcrcst which thcy takc lor thc
usc olwhat thcy havc bclorc |cnt.
2 3 2 D L b 1
So that thcy |augh at thosc natura| pht|osophcrs who ho|d
that nothtng can bc madcolnothtngand olthat whtch has no
cxtstcncc, but wtth thcm usury ts madc and cngcndcrcd olthat
whtch nctthcr ts norcvcrwas. `
Jhc works ot thc carly Chrtsttan tathcrs ltkcwtsc rcsound wtth
cndlcss dcscrtpttons ot thc mt scry and dcspcratt on ot thosc caught t n
rt ch lcndcrs' wcbs. In thc cnd, through tht s mcans, that smal l wt n-
dow ot trccdom that had bccn crcatcd by thc plcbs was complctcly
undonc, and thc trcc pcasantry l argcly cl t mtnatcd. y thc cnd ot thc
cmptrc, most pcoplc t n thc countrystdc who wcrcn' t outrtght slavcs
had bccomc, cttccttvcly, dcbt pcons to somc rtch landlord, a sttuatton
t n thc cnd lcgal l y tormal tzcd by t mpcrt al dccrccs btndtng pcasants to
thc l and. '' Vtthout a trcc pcasantry to torm thc bast s tor thc army,
thc statc was torccd to rcly morc and morc on armtng and cmploytng
Ccrmantc barbartans trom across thc tmpcrtal tronttcrswt th rcsults
I nccd hardly rclatc.
W
| 0 0 l 8
In most ways, Indt a, could not bc morc dt ttcrcnt as a ctvtltzatton than
thc anctcntNcdttcrrancanbutto a rcmarkablcdcgrcc,thc samc bastc
pattcrn rcpcats ttscltthcrc as wcl l .
JhcronzcAgc ct vt l tzatton otthcIndusVallcycol l apscd somcttmc
around I6oo uC, t t would bc about a thousand ycars bctorc Indta saw
thc cmcrgcncc ot anothcr urban ctvtltzatt on. Vhcn t t dt d, that ctvt l t -
zatt on was ccntcrcd on thc tcrttlc pl at ns that surroundcd thc Cangcs
tarthcr cast. Icrc too wc obscrvc, at hrst, a chcckcrboard oldtttcrcnt
sorts otgovcrnmcnt, trom thc tamous "Ksatrtya rcpubl t cs" wtth a pop-
ulacc t n arms and urban dcmocrattc asscmbltcs, toclccttvc monarchtcs,
to ccntraltzcd cmptrcs ltkc Kosala and Nagadha. ' oth Cautama thc
tuturc uddha) , and Nahavtra thc toundcr otjat nt sm) wcrc born t n
oncotthc rcpubl t cs, thoughbothulttmatcly tound thcmsclvcs tcachtng
wtthtn thc grcat cmptrcs, whosc rulcrs ottcn bccamc patrons ot wan-
dcrtng asccttcs and pht losophcrs.
oth ktngdoms and rcpubltcs produccd thctr own stlvcr and cop-
pcr cot nagc, but t n somc ways thc rcpubl t cs wcrc morc tradtttonal ,
st nccthc sclt-govcrntng "popul acc t n arms" conststcd otthctradt tt onal
Ksatrt ya or warrtor castc, who typt cal l y hcld thct r lands tn common
and had thcm workcd by scrts or sl avcs. '' Jhc ktngdoms, on thc othcr
hand, wcrc toundcd on a tundamcntally ncw t nstttutton. a tratncd,
1 H L A X l A L A G L 2 o o
protcsstona| army, opcn to young mcn ot a wtdc vartcty ot back
grounds, thctr cgutpmcnt suppltcd by ccntral authortttcs so| dt crs wcrc
obl tgcd to chcck thctr arms and armor whcn thcy cntcrcd ctttcs) , and
provtdcd wtth gcncrous sal art cs.
Vhatcvcr thctr ortgt ns, hcrc too, cotns and markcts sprung up
abovc al | to tccd thc machtncry ot war. Nagadha, whtch u|ttmatc|y
camc out on top, dt d so |argc|y bccausc i t contro|lcd most ot thc
mtncs. Kautt | ya' s Artbasastra, a po|tttca| trcattsc wrt ttcn by onc otthc
chtctmt nt stcrs tor thc Nauryan dynasty that succccdcd tt z-8 uC) ,
statcd thc mattcr prcct sc| y. "Jhc trcasury ts bascd upon mtntng, thc
army upon thc trcasury, hc who has army and trcasury may congucr
thc wholc wtdc carth. "`' Jhc govcrnmcnt drcw tts pcrsonnc| hrst ot
al | trom a |andcd c| ass, whtch provtdcd tratncd admt ni strators, but
cvcn morc, tu|l-ttmc sol dt crs. thc sa| artcs ot cach rank ot so|dtcr and
admt nt strator wcrc carctu|ly sttpulatcd. Jhcsc armtcs cou|d bc hugc.
Crcck sourccs rcport that Nagadha cou|d put to thc hc|d a torcc ot
zoo,ooo tntantry, zo,ooo horscs, and about q,ooo c|cphants-and that
A|cxandcr' s mcn muttntcd rathcr than havc to tacc thcm. Vhcthcr on
campatgn or t n garrtson, thcy wcrc tncvttab|y accompantcd by a rangc
ot dt ttcrcnt sorts ot camp tol |owcrs-pctty tradcrs, prostttutcs, and
htrcd scrvants-wht ch, wtth thc soldtcrs, sccms to havc bccn thc vcry
mcdtum through whtch a cash cconomy had ortgtnal|y takcn torm.'`
y Kautt |ya' s ttmc, a tcw hundrcd ycars latcr, thc statc was tnscrttng
ttsc|t tnto cvcry aspcct ot thc proccss. Kauttlya suggcsts paytng sol-
dtcrs apparcnt|y gcncrous wagcs, thcn sccrctly rcp|actng hawkcrs wtth
govcrnmcnt agcnts who cou|d chargc thcm twtcc thc norma| ratcs tor
supp|tcs, as wc|l as organtztng prostttutcs undcr a mt nt stry tn wht ch
thcy could bc tratncd as sptcs, so as to makc dctatlcd rcports on thctr
c|tcnts' loyalttcs.
Jhus was thc markct cconomy, born ot war, gradual | y takcn ovcr
by thc govcrnmcnt. Kathcr than stthc thc sprcad ot currcncy, thc pro
ccss sccms to havc doublcd and cvcn trtp|cd t t. thc mt l t tary logtc was
cxtcndcd to thc cnttrc cconomy, thc govcrnmcnt systcmattcally sctttng
up tts granartcs, workshops, tradtng houscs, warchouscs, and j at l s,
stattcd by sal artcd othct al s, and al | sc|ltngproductson thc markct so as
to co||cct thc pt cccs ot st|vcr patd ott to so|dtcrs and othcta|s and put
thcm back tnto thc roya| trcasurtcs agat n. ` Jhc rcsu|t was a moncta-
rtzatton ot dat ly | t tc unltkc anythtng Indta was to scc tor anothcr two
thousand ycars. `
bomcthtngst mt l arsccmsto havchappcncd wtth s|avcry, wht ch was
guttc commonplacc at thc ttmc ot thc rtsc ot thc grcat armtcs-agat n,
unli kc a| most any othcr potnt t n Indt an ht story-but was gradua| | y
2 3 4 D L b 1
brought undcrgovcrnmcntcontrol . ' y Kautt l ya' sttmc, mostwarcap-
ttvcs wcrc not sold tn markctpl accs but rclocatcd to govcrnmcnt vtl-
l agcs on ncwly rccl at mcd land. Jhcy wcrc not a| l owcd to lcavc, and
thcsc govcrnmcnt vt l l agcs wcrc, at lcast accordtng to thc rcgulattons,
rcmarkably drcary placcs. vcrttablc work camps, wtth al l torms ot
tcsttvc cntcrtat nmcnt othctal l y proht bt tcd. blavc htrcltngs wcrc mostly
convtcts, rcntcd by thc statc durtng thctr tcrms.
Vtththct rarmtcs, sptcs, and admt nt stratton controlltngcvcrythtng,
thc ncw Indtan ktngs cvtnccd l t ttlc t ntcrcst t n thc ol d prtcstly castc
and tts Vcdtc rttual, though many kcpt up a ltvcly t ntcrcst tn thc ncw
phtlosophtcal and rcltgtous tdcas that sccm to havc bccn cropptng up
cvcrywhcrc at thc ttmc. As ttmc wcnt on, howcvcr, thc war machtnc
bcgan to sputtcr. It' s not clcar cxactly why thts happcncd. y thc
ttmc otcmpcror Asoka z;-zz bc) , thc Nauryan dynasty controllcd
almost al l ot prcscnt-day Indt a and aktstan, but thc Indtan vcrston
ot thc mt lttary-cotnagc-sl avcry complcx was showtng dchnttc stgns ot
stratn. crhaps thc clcarcst stgn was thc dcbascmcnt ot thc cot nagc,
whtch ovcr thc coursc ot two ccnturtcs or so had gonc trom al most
purc st lvcr to about htty pcrccnt coppcr. ''
Asoka, tamousl y, bcgan ht s rctgn tn congucst. tn z6 bc, dcstroytng
thc Kal t ngas, onc ot thc last rcmatntng Indtan rcpubl t cs, tn a war tn
whtch hundrcds ot thousands ot human bctngs wcrc, accordtng to ht s
own account, kt llcd or carrtcd ottt nto sl avcry. Asoka l atcr cl at mcd to
havc bccn so dtsturbcd and hauntcd by thc carnagc that hc rcnounccd
war al togcthcr, cmbraccd uddht sm, and dcclarcd that trom that ttmc
on, hts kt ngdom would bc govcrncd by prtnctplcs ot abimsa, or non-
vt olcncc. "Icrc t n my ktngdom, " hc dcclarcd t n an cdtct tnscrtbcd on
onc otthc grcat granttcpt l l ars t n hts capttal otatna, whtch so dazzlcd
thc Crcck ambassador Ncgasthcncs, "no ltvtng bctng must bc kt l lcd or
sacrthccd. " buch a statcmcnt obvtously can't bc takcn l t tcra| l y. Asoka
mtght havc rcpl accd sacrthctal rttual wtth vcgctartan tcasts, but hc
dt dn' t aboltsh thc army, abandon capttal punt shmcnt, or cvcn outlaw
slavcry. ut ht s rulc markcd a rcvol uttonary sht tt tn cthos. Aggrcsstvc
war was abandoncd, and much ot thc army docs sccms to havc bccn
dcmobtltzcd, along wtth thc nctwork ot sptcs and statc burcaucrats,
wtth thc ncw, prolttcrattng mcndtcant ordcrs uddhtsts, jatns, and
al so world-rcnounctng Indus) gtvcn othctal statc supportto prcach to
thc vt l lagcs on gucsttons ot soctal moraltty. Asoka and hts succcssors
dtvcrtcd substanttal rcsourccs to thcsc rcltgtous ordcrs, wtth thc rcsult
that, ovcrthc ncxtccnturtcs, thousands otstupas and monastcrtcswcrc
butlt across thc subconttncnt. '
1 H L A X l A L A G L 2 3
Asoka' s rctorms arc usctul to contcmplatc hcrc bccausc thcy hclp
rcvcal | ust how mtstakcn somc ot our bastc assumpttons arc. par-
ttcularly, that moncy cgual s cotns, and that morc cotns t n ctrculatton
mcans morc commcrcc and a grcatcr rolc tor prtvatc mcrchants. In
rcal t ty, thc Nagadha statcpromotcd markcts but had bccn susptctous
ot prtvatc mcrchants, scctng thcm l argcly as compctttors. " Ncrchants
had bccn among thc carltcst and most ardcnt supportcrs ot thc ncw
rcltgtons jat ns, owtng to thctr rtgorous cntorccmcnt ot rulcs agatnst
harm to any ltvtng crcaturc, wcrc obl t gcd to bccomc, cttccttvcly, a
mcrcanttlc castc) . Ncrcanttlc t ntcrcsts tul l y supportcd Asoka' s rctorms.
Yctthcrcsul twasnot an tncrcasc t nthcusc otcash tn cvcryday attatrs
but cxactly thc opposttc.
Larly uddhtst cconomtc attttudcs havc long bccn constdcrcd a
btt mystcrtous. On thc onc hand, monks could not own propcrty as
tndtvt dual s, thcy wcrc cxpcctcd to ltvc an austcrc communtsttc l t tc
wtth l tttlc morc than a robc and bcggtng bowl as pcrsonal posscsstons,
and thcy wcrc strtctly torbtddcn to so much as touch anythtng madc
ot gold or st lvcr. On thc othcr hand, howcvcr susptctous ot prcctous
mctal s, uddhtsm had always had a l t bcral attttudc toward crcdtt ar-
rangcmcnts. It t s onc ot thc tcw ot thc grcat world rcltgtons that has
ncvcr tormally condcmncd usury. "' Jakcn tn thc contcxt ot thc ttmcs,
howcvcr, thcrc' s nothtng parttcularly mystcrt ous about any ot thts. It
makcs pcrtcct scnsc tor a rcl t gt ous movcmcnt that rc| cctcd vt olcncc
and mt l t tart sm, but that was t n no way opposcd to commcrcc. "" As wc
shal l scc, whtlc Asoka' s own cmptrc was not long to cndurc, soon to
bc rcplaccd by a succcsston ot cvcr wcakcr and mostly smallcr statcs,
uddht sm took root. Jhc dccltnc ot thc grcat armtcs cvcntual l y lcd to
thc ncar-dtsappcarancc ot cotnagc, but al so to a vcrttablc cthorcsccncc
ot tncrcast ngly sopht sttcatcd torms ot crcdtt.
W
h l 0 8
Lnttl about q; uC, northcrn Cht na was sttll nomt nal l y an cmptrc, but
thc cmpcrors had dcvolvcd t nto hgurchcads and 3 scrtcs ot dc tacto
ktngdoms had cmcrgcd. Jhc pcrtod trom q; to zzI uC ts rctcrrcd as
thc "Varrtng btatcs pcrt od", at that potnt, cvcn thc prctcnsc ot unt ty
was cast astdc. Lltt matcly, thc country was rcunttcd by thc statc ot
Qt n, who cstabltshcd a dynasty that was thcn t mmcdtatcly ovcrthrown
by a scrtcs ot masstvc popular t nsurrcctt ons, ushcrtng t n thc Ian dy-
nasty zo6 hC-zzo nD) , toundcd by a prcvt ousl y obscurc rural constab|c
2 3 D L b 1
and pcasant lcadcr namcd Ltu ao, who was thc hrst Chtncsc lcadcr
to adopt thc Contuctan tdcology, cxam systcm, and pattcrn ot ctvt|
admt nt stratton that wcrc to conttnuc tor almost two thousand ycars.
btt l l , thcgoldcn agc otCht ncsc phtlosophy was thc pcrtod otchaos
that prcccdcd unt hcatton, and thts tollowcd thc typtcal Axt a| Agc pat-
tcrn. thc samc tracturcd poltttcal l andscapc, thc samc rtsc ot tratncd,
protcsst onal armtcs and thc crcatton ot cotncd moncy l argcly t n ordcr
to pay thcm. '` Vc al so scc thc samc govcrnmcnt poltctcs dcstgncd to
cncouragc thc dcvclopmcnt ot markcts, chattcl sl avcry on a scalc not
sccn bctorc or stncc tn Chtncsc ht story, thc appcarancc ot tttncrant
pht losophcrs and rcltgtous vtstonartcs, battltng tntcl|cctual school s, and
cvcntual l y, attcmpts by poltttcal lcadcrs to transtorm thc ncw phtloso-
phtcs tnto rcltgtons ot statc. '
Jhcrc wcrc al so stgnthcant dtttcrcnccs, starttng wtth thc currcncy
systcm. Chtna ncvcr mtntcd go|d or stlvcr cot ns. Ncrchants uscd prc-
ctous mctal s t n thc torm ot bul l t on, but thc cotns tn actual ctrculatton
wcrc bastcally smal l changc. cast bronzc dtsks, usually wtth a holc tn
thc mtddlc sothatthcycould bcstrungtogcthcr. buch strtngsot"cash"
wcrc produccd t n cxtraordt nary numbcrs, and vcry l argc amounts had
to bc asscmblcd tor l argc-scalc transactt ons. whcnwcalthy mcnwt shcd
to makc donattons to tcmplcs, tor t nstancc, thcy had to usc oxcarts
to carry thc moncy. Jhc most pl aust bl c cxplanatton ts that, cspcct al l y
attcr unt hcatton, Cht ncsc armtcs wcrccnormoussomcVarrt ngbtatcs
armtcs numbcrcd up to a mt l l ton-but not ncarly as protcsst onal or
wcll pat d as thosc ot ktngdoms tarthcr wcst, and trom Qt n and Ian
ttmcs on, rulcrs wcrc carctul to cnsurc that thts rcmatncd thc casc, to
makc surc thc army ncvcr bccamc an tndcpcndcnt powcr basc. '
Jhcrc was al so a notablc dtttcrcncc tn that thc ncw rcltgtous and
pht losophtca|movcmcntst nChtnawcrctromthctrvcry bcgtnntngs also
soctal movcmcnts. Ll scwhcrc,thcyonlygradual l ybccamcso. Inanctcnt
Crcccc, pht l osophy bcgan wtth cosmologtcal spcculatton, pht losophcrs
wcrc morc ltkcly to bc t ndt vt dual sagcs, pcrhaps surroundcd by a tcw
ardcnt dtsctplcs, as toundcrs ot movcmcnts.' Lndcr thc Koman cmptrc,
schools ot phtlosophy l t kc thc btotcs, Lptcurcans, lco-latontsts dt d
bccomc movcmcnts ot a sort. at lcast tn thc scnsc that thcy had thou-
sands ot cducatcd adhcrcnts, who "practtccd" phtlosophy not only by
rcadtng, wrtttng, and dcbattng, but cvcn morc by mcdttatton, dtct, and
cxcrct sc. btt l l , pht losophtcal movcmcnts wcrc bast cal l y conhncd to thc
ct vt c c|ttc, tt was only wtth thc rtsc ot Chrtsttantty and othcr rcltgtous
movcmcnts that pht losophy movcd bcyond t t. '' Onc can obscrvc a
st mt | ar cvolutton tn Indt a, trom tndtvtdual rahman world-rcnounccrs,
torcst sagcs, and wandcrtng mcndtcants wtth thcortcs about thc naturc
1 H L A X l A L A G L 2 3 J
ot thc soul or thc composttton ot thc matcrtal untvcrsc, to pht l osoph-
tcal movcmcnts ot thc uddhtsts, |atns, |Ivtka, and othcrs mostly
|ong torgottcn, to, hnally, massrcltgtous movcmcnts wtth thousands ot
monks, shrtncs, school s, and nctworks otl ay supportcrs.
In Chtna, whtlc many ot thc toundcrs otthc "hundrcd school s" ot
phtlosophy that blossomcd undcr thc Varrtng btatcs wcrc wandcrtng
sagcs who spcnt thctr days movtng trom ctty to ctty trytng to catch
thc cars ot prtnccs, othcrs wcrc lcadcrs ot soctal movcmcnts trom thc
vcry start. bomc otthcsc movcmcnts dt dn' t cvcn havc lcadcrs, ltkc thc
bchool ot thc Jt llcrs, an anarchtst movcmcnt ot pcasant tntcllcctual s
whosctoutto crcatc cgalttartan communtttcs tnthccracks and hssurcs
bctwccn statcs. ' Jhc Nohtsts, cgalttartan rattonal t sts whosc soctal
basc sccms to havc bccn urban artt sans, not only wcrc phtlosophtcally
opposcd to warand mt l ttartsm, butorgantzcd battal t onsotmt lttary cn-
gtnccrswho would acttvclydtscouragcconhtcts by voluntccrtngto hght
tn any war agatnst thc stdc ot thc aggrcssor. Lvcn thc Contuct ans, tor
all thc tmportancc thcy attachcd to courtly rttual , wcrc t n thctr carly
days matnly known tor thctr cttorts tn popular cducatt on. ''
Y8t 0|l 8 | l s m
1h0 Pursult 0 Pr0lt
Vhat ts onc to makc ot al l tht sr Jhc popular cducatton campatgns ot
thc pcrtod pcrhaps provtdc a cl uc. Jhc Axt al Agc was thc hrst ttmc
tn human htstory whcn tamt l t artty wtth thc wrtttcn word was no |on-
gcr l t mttcd to prtcsts, admt nt strators, and mcrchants, but had bccomc
ncccssary to tul l parttctpatton t n ctvtc l t tc. In Athcns, t t was takcn tor
grantcd that onl y a country bumpktn would bc cnttrcly t l lttcratc.
Vtthout mass lttcracy, nctthcr thc cmcrgcncc ot mass tntcl lcctual
movcmcnts, nor thc sprcad ot Axt al Agc t dcas woul d havc bccn pos-
st bl c. ythccnd otthcpcrtod, thcsc tdcashadproduccda world whcrc
cvcn thc lcadcrs ot barbartan armtcs dcsccndtng on thc Koman cmptrc
tclt obltgcd to takc a post tton on thc gucstton ot thc Nystcry ot thc
Jrtntty, and whcrc Chtncsc monks could spcnd ttmc dcbattng thc rcla-
ttvc mcrtts otthc ctghtccn schools ot Classtcal Indt an uddht sm.
lo doubt thcgrowth ot markcts pl aycd a rol ctoo, notonl y hclp-
tng to trcc pcoplctromthc provcrbt al shacklcs ot status or communtty,
but cncouragtng a ccrtatn habt t ot ratt onal calculatton, ot mcasurtng
tnputs and outputs, mcans and cnds, al l otwhtch must tncvttably havc
tound somc cchocs t n thc ncw sptrtt ot rattonal tngutry that bcgtns to
2 3 b D L b 1
appcar tn a| | thc samc ttmcs and p| accs. Lvcn thc word "rattona| " ts
tc| | t ng. t t dcrtvcs, ot coursc, trom "ratt o"-how many ot X go tnto
Y-a sort ot mathcmatica| ca|cu|atton prcvtous|y uscd matn|y by ar
cht tccts and cngtnccrs, but wht ch, wtth thc rtsc ot markcts, cvcryonc
who dt dn' t want to gct chcatcd at thc markctp|acc had to |carn how
to do. btt | | , wc must bc carctu| hcrc. Attcr a| | , moncy t n ttsc|t was
notht ng ncw. bumcrt an tarmcrs and tradcsmcn wcrc a| rcady pcrtcct|y
capab|c otmaktng such ca|cu|attons t n oo uC, but nonc, as tar as wc
know, wcrc so t mprcsscd that thcy conc|udcd, |tkc ythagoras, that
mathcmattca| rattos wcrc thc kcy to undcrstandtng thc naturc ot thc
untvcrsc and thc movcmcnt otcc|cstta| bodi cs, and that a| | tht ngs wcrc
u|tt matc|y composcd ot numbcrs-and thcy ccrtatn|y hadn' t tormcd
sccrctsoctcttcs bascdon shartngthts undcrstandtng, dcbattngand purg-
tng and cxcommuntcattng onc anothcr. `
Jo undcrstand what had changcd, wc havc to |ook, agat n, at thc
parttcu|ar kind ot markcts that wcrc cmcrgtng at thc bcgtnntng ot thc
Axta| Agc. t mpcrsona| markcts, born ot war, t n whtch t t was posst b| c
to trcatcvcnnct ghbors as t tthcywcrc strangcrs.
Vtthtn human cconomt cs, mott vcs arc assumcd to bc comp|cx.
Vhcn a |ord gtvcs a gttt to a rctatncr, thcrc ts no rcason to doubt that
t t t s tnsptrcd by a gcnutnc dcstrc to bcncht that rctatncr, cvcn t t t t t s
a| so a stratcgtc movc dcstgncd to cnsurc |oya|ty, and an actotmagnth-
ccncc mcant to rcmtnd cvcryonc c|sc that hc t s grcat and thc rctatncr
sma| | . Jhcrc t s no scnsc ot contradictton hcrc. bt mt | ar|y, gttts bctwccn
cgua|s arc usua| | y traught wtth many |aycrs ot |ovc, cnvy, prtdc, spttc,
communa| so|tdartty, or any ot a dozcn othcr thtngs. bpccu|attng on
such mattcrs t s a maj or torm ot dat | y cntcrtat nmcnt. Vhat' s mtsstng,
though, t s any scnsc that thc most sc|hsh "sc|t-t ntcrcstcd") mottvc t s
ncccssart|y thc rca| onc. thosc spccu|attng on ht ddcn mottvcs arc j ust
as | t kc|y to assumc that somconc ts sccrct|y trytng to hc|p a trtcnd or
harm an cncmy as to acgut rc somc advantagc tor ht m- or hcrsc|t. `'
lctthcr t s any ot tht s |tkc|y to havc changcd much t n thc rtsc ot car|y
crcdtt markcts, whcrc thc va|uc ot an IOL was as much dcpcndcnt on
asscssmcnts ot tts t ssucr' s charactcr as on hi s dtsposab|c tncomc, and
mott vcs ot |ovc, cnvy, prtdc, ctc. cou|d ncvcr bccomp| ctc| y sct ast dc.
Cash transactt ons bctwccn strangcrs wcrc dt ttcrcnt, and a| | thc
morc so whcn tradtng t s sct agatnst a background ot war and cmcrgcs
trom dtspostng ot |oot and provtstontng so|dtcrs, whcn onc ottcn had
bcst not ask whcrc thc obj ccts tradcd camc trom, and whcrc no onc
t s much t ntcrcstcd t n tormtng ongoing pcrsona| rc|attonshtps anyway.
Icrc,transactt onsrca||ydo bccomcstmp|ya hgurtng-outothow many
otX wt | | go tor how many otY, otca|cu|attngproportt ons, csttmattng
1 H L A X l A L A G L 2 3 9
gualtty, and trytng to gct thc bcst dcal tor oncsc|t. Jhc rcsult, durt ng
thc Axt al Agc, was a ncw way ot thtnktng about human mottvatt on, a
radtcal st mpl t hcatton ot mottvcs that madc tt posst bl c to bcgtn spcak-
tng otconccpts ltkc "proht" and "advantagc"-and tmagtntng that thts
t s what pcoplc arc rea//y pursutng, t n cvcry aspcct ot cxtstcncc, as t t
thc vt olcncc otwar or thc tmpcrsonal tty otthc markctplacc has st mpl y
al lowcd thcm to drop thc prctcnsc that thcycvcrcarcd about anythtng
cl sc. It was tht s, i n turn, that al | owcd human l t tc to sccm ltkc tt could
bc rcduccd to a mattcr ot mcans-to-cnd calculatton, and hcncc somc
thtng that could bc cxamtncd ustng thc samc mcans that onc uscd to
studythc attractton and rcpulston otcclcstta| bodtcs.`' Itthc undcrlytng
assumptton vcry much rcscmbl cs thosc ot contcmporary cconomtsts,
t t' s no cotnctdcnccbut with thc dt ttcrcncc that, t n an agc whcn mon
cy, markcts, statcs, and mt | ttary attatrs wcrc al l tntrtnstcally conncctcd,
moncy was nccdcd to pay armtcs to capturc slavcs to mtnc gold to
producc moncy, whcn "cutthroat compctttton" ottcn dtd tnvolvc thc
lttcral cutting ot throats, t t ncvcr occurrcd to anyonc to t magtnc that
sclhsh cnds could bc pursucd by pcacctul mcans. Ccrtat nl y, thts ptcturc
ot humant ty docs bcgtn to appcar, wtth startltng conststcncy, across
Lurasta, whcrcvcr wc al so scc cot nagc and phtlosophy appcar.
Chtna provtdcs an unusual l y transparcnt casc t n pot nt. Al rcady
tn Contuct us' s ttmc, Cht ncsc thtnkcrs wcrc spcaktng ot thc pursutt ot
proht as thc drtvtng torcc tn human l t tc. Jhc actual tcrm uscd was /i,
a word hrst uscd to rctcr to thc tncrcasc ot gratn onc harvcsts trom
a hcld ovcr and abovc what onc ortgtnally pl antcd thc ptctogram
rcprcscnts a shcat ot whcat ncxt to a knt tc) .`` rom thcrc tt camc to
mcan commcrct al proht, and thcncc, a gcncral tcrm tor "bcncht" or
"payback. " Jhc tol l owt ngstory, whi ch purports to tcl| thc rcactton ot
a mcrchant' s son namcd L uwct on lcarntng that an cxtlcd prtncc
was ltvtng ncarby, t l l ustratcs thc progrcsston ntccly.
nrcturntnghomc,hc satdtohtslathcr, "What tsthc prohton
tnvcstmcntthatonc can cxpcct lrom p|owinghc|ds ! "
"Jcn ttmcs thc tnvcstmcnt, " rcp|tcd hts lathcr.
"And thc rcturn on tnvcstmcnt tn pcar|s and j adcs ts how
much! "
"A hundrcdlo|d. "
"And thc rcturn ontnvcstmcnt lrom cstab|tshtng a ru|cr and
sccurtng thc statc wou|d bc how much! "
"It wou|d bc tnca|cu| ab|c. "`
2 4 U D L b 1
L adoptcd thc prtncc' s causc and cvcntual l y contrtvcd to makc
htm Kt ng ot Qtn. Ic wcnt on to bccamc hrst mt nt stcr tor thc ktng' s
son, Qt n bht Iuang, hclptng ht m dctcat thc othcr Varrtng btatcs to
bccamc thc hrst Lmpcror ot Chtna. Vc stt l l havc a compcndt um ot
poltttcal wtsdom that L commt sstoncd tor thc ncw cmpcror, whtch
contatns such mt l t tary advtcc as thc tollowtng.
As a gcncra| prtnctplc, whcn an cncmy' s army comcs, tt sccks
somc proht. Mow tl thcy comc and hnd thc prospcct ol dcath
tnstcad, thcy wt|| constdcr runntng away thc most prohtab|c
thtng to do. Vhcna|| onc' scncmtcsconstdcr runntng to bc thc
most prohtab|c thtngto do, no b|adcs wt|| cross.
Jhts ts thc most csscntta| potnt tn mt|ttary mattcrs.`'
In such a world, hcrotc constdcrattons othonorand glory, vows to
gods or dcstrc tor vcngcancc, wcrc at bcst wcakncsscs to bc mantpu-
l atcd. In thc numcrous manual s on statccratt produccd at thc ttmc,
cvcrythtng was cast as a mattcr ot rccogntztng t ntcrcst and advantagc,
calcul attng how to bal ancc that whtch wtll proht thc rulcr agatnst that
whtch wt l l proht thc pcopl c, dctcrmtntng whcn thc rulcr' s tntcrcsts arc
thc samc as thc pcopl c' s and whcn thcy contradtct. ` Jcchntcal tcrms
drawn trom poltttcs, cconomt cs, and mt l ttary stratcgy "rcturn on tn-
vcstmcnt, " "stratcgtc advantagc") blcndcd and ovcrlappcd.
Jhc prcdomtnant school ot poltttcal thought undcr thc Varrtng
btatcs was that ot thc Lcgal t sts, who t nst stcd that t n mattcrs ot statc-
cratt, a rulcr' s t ntcrcsts wcrc thc onl y constdcratton, cvcn t t rulcrs
would bc unwtsc to admtt thts. btt l l , thc pcoplc could bc castly ma-
nt pul atcd, stncc thcy had thc samc mottvatt ons. thc pcopl c' s pursutt ot
proht, wrotcLord bhang, t s uttcrly prcdtctabl c, "| ust ltkc thc tcndcncy
ot watcr to how downht l l . "`' bhang was harshcr than most ot hts tcl -
l ow Lcgal t sts tn that hc bcltcvcd that wtdcsprcad prospcrtty woul d
ultt matcly harm thc rulcr' s abt l t ty to mobtltzc ht s pcopl c tor war, and
thcrctorc that tcrror was thc most cthctcnt t nstrumcnt ot govcrnancc,
but cvcn hc t nststcd that thts rcgtmc bc clothcd as a rcgtmc ot l aw
and | usttcc.
Vhcrcvcr thc mt lttary-cotnagc-slavcry complcx bcganto takc hold,
wc hnd poltttcal thcortsts propoundtng stmtlar tdcas. Kauttlya was no
dt ttcrcnt. thc tt tl c otht s book, thc Artbasastra, t s usual l y translatcd as
" manual otstatccratt, " stncct tconststs otadvt ccto rul crs, buttts morc
lttcral transl atton t s "thc sctcncc ot matcrtal gatn. " Ltkc thc Lcgal t sts,
Kauttlyacmphastzcd thcnccdto crcatc a prctcxtthatgovcrnanccwas a
mattcr ot moraltty and | usttcc, but tn addrcsstng thc rulcrs thcmsclvcs,
1 H L A X l A L A G L 2 4 l
hc nsstcd that "warand pcacc arc consdcrcd so|c|y trom thc pont ot
vcw ot proht"-ot amass ng wca| th to crcatc a morc cttcctvc army,
otus ngthc army to dom natc markcts andcontro| rcsourccs to amass
morc wca| th, and so on. ' In Crcccc wc' vc a| rcady mct Jhrasyma
chos. Jruc, Crcccc wass| ght|yd ttcrcnt. Crcck cty-statcsd dnothavc
kngs, and thc co||apsc ot prvatc ntcrcsts and attars ot statc was n
prncp|c unvcrsa||y dcnounccd as tyranny. bt | | , n practcc, what th s
mcant wasthatcty-statcs, and cvcn po|tca| tact ons, cndcdup actng
n prccsc|y thc samc co|d|y ca|cu|atng way as Indan or Chncsc sov-
crcgns. Anyonc who has cvcr rcad Jhucyddcs' Nc|an d alogucn
whch Athcnan gcncra|s prcscntthcpopu|aton ota prcvous|ytrcndly
cty wth c|cgant|y rcasoncd argumcnts tor why thc Athcnans havc
dctcrmncd that t s to thc advantagc ot thcr cmp rc to thrcatcn thcm
wth co| |cctvc massacrc t thcy arc not w | | ng to bccomc trbutc-
payi ng subj ccts, and why t s cgua|ly n thc ntcrcsts otthc Nc|ans to
submt- s awarc ot thc rcsu| ts.
Anothcr strkng tcaturc ot ths | tcraturc s ts rcso|utc matcra| -
i sm. Coddcsscs andgods, mag cand orac|cs, sacrhca| r tua| , anccstral
cu|ts, cvcn castc and rtua| status systcms a| | cthcr dsappcar or arc
sdc|ncd, no |ongcr trcatcd as cnds n thcmsc|vcs but as yct mcrc tools
to bc uscd tor thc pursut ot matcr a| gan.
Jhat ntc|| cctua| s w | | ng to producc such thcorcs shou|d w n thc
cars ot pr nccs s hard|y surprsi ng. lcthcr s t partcular|y surprs
ng that othcr ntc| |cctua| s shou|d havc bccn so ottcndcd by ths sort
ot cyn c sm that thcy bcgan to makc common causc wth thc popu|ar
movcmcnts that ncvtab|y bcgan to torm aganst thosc prnccs. ut
as s so ottcn thc casc, oppostona| ntc||cctua| s wcrc taccd wth two
choccs. cthcr adopt thc rcgnng tcrms ot dcbatc, or try to comc up
wth a d amctr ca| nvcrs on. No O, thc toundcr otNoh sm, took thc
hrstapproach. Ic turncd thc conccpt ot/i, proht, nto somcthng morc
|kc "soc a| ut | ty, " and thcn hc attcmptcd to dcmonstratc that war
tsc|t s, by dchnton, an unprohtab|c actvty. or cxamp|c, hc wrotc,
campagns can on|y bc tought n sprng and autumn, and cach had
cgua||y dc|ctcrous cttccts.
I ltnthcsprtng thcn thc pcop|c mtss thctr sowtngandp|anttng,
tltnthc autumn, thcy mtssthctrrcaptngand harvcstng.Lvcntl
thcymtss on|yoncscason, thcn thc numbcr olpcop|c who wt||
dtc olco|d and hungcr ts tnca|cu|ab|c. Mow |ct us ca|cu| atc thc
army' s cqut pmcnt, thc arrows, standards,tcnts, armor,shtc|ds,
and swordh|ts, thc numbcrolthcscwhch wt||brcakand pcr
tsh and not comc back . . . So a|so wtth oxcn and horscs . . . '
2 4 2 D L b 1
It sconcl ust on. tt onc could add up thc total costs otaggrcsston t n
human ltvcs, ant mal ltvcs, and matcrtal damagc, onc would bc torccd
to thc concluston that thcy ncvcr outwctghcd thc bcnchtscvcn tor thc
vtctor. Intact, No Ot took thts sortot logtc so tar that hc cndcd up ar-
gutng that thc only way to opttmtzc thc ovcrall proht othumantty was
to abandon thc pursut t ot prtvatc prohtcnttrcly and adopt a prtnctplc
otwhathccallcd "untvcrsal lovc"csscntt al l yargutngthatt tonctakcs
thc prtnctplc ot markct cxchangc to tts logtcal conclust on, t t can only
lcad to a ktnd otcommuntsm.
Jhc Contuctans took thc opposttc approach, rc|ccttng thc t nt tt al
prcmsc. A good cxamplc t s most ot thc opcnt ng ot Ncnct us' much-
rcmcmbcrcd convcrsatton wtth Ktng Iut .
"Vcncrab|c Str, " thc Kt ng grcctcd htm, "stncc you havc not
countcd a thousand mt|cs toolarto comc hcrc, mayl supposc
that you a|so havc somcthtng wtth whtch you may proht my
kt ngdom!"
Mcnctus rcp|tcd.
"Why must Your Ma| csty ncccssart|y usc thts word 'proht' !
What havc arc on|y thcsc two toptcs. bcncvo|cncc and rtgh-
tcousncss, and nothtng c|sc. "
btt l l , thc cnd-potnt was roughl y thc samc. Jhc Contuct an tdca| ot
tM ot humanc bcncvolcncc, was bast cal l y | ust a morc complctc t nvcr-
ston otproht-sccktngcal cul atton than NoOt ' suntvcrsal lovc, thc matn
dtttcrcncc was that thc Contuct ansaddcd a ccrtatnavcrstonto calcula-
tton ttsclt, prctcrrtng what mtght al most bc callcd an art ot dcccncy.
Jaotsts wcrc latcr to takc tht s cvcn turthcr wtth thctr cmbracc ot tntu-
ttton and spontanctty. Al l wcrc so many attcmpts to provtdc a mt rror
t magc otmarkct logtc. btt l l , a mt rror t magc ts, ulttmatcly, | ust that. thc
samc thtng, only backwards. ctorc long wc cnd up wtth an cndlcss
mazc ot patrcd opposttcscgot sm vcrsus altrutsm, proht vcrsus char-
tty, matcrtal t sm vcrsus tdcaltsm, cal cul atton vcrsus spontancttynonc
ot whtch could cvcr havc bccn t magtncd cxccpt by somconc starttng
out trom purc, calcul attng, sclt-tntcrcstcd markct transactt ons.
Y8t 0|l 8 | l s m | | .
5u0st8000
1 H L A X l A L A G L 2 4 3
As in tbe near resence of deatb, de-
sise oor esb, tbis refuse of b/ood and
bones, tbis ueb and tissue of nerces and
ceins and arteries .
~NatCus PutC us, Meditations 2 . 2
Taking ity on tbe bungry uo/f, Wen-
sbuang announced, "l do not cocet tbis
j/tby bag of meat. l gice it ocer to you
tbat l may quick/y acquire a body of
more enduring strengtb. Tbis donation
ui// be/ benejt us botb. "
-Discourse on tbe lure Iand 21 . 1 2
As I ' vc al rcady obscrvcd, Cht nawas unusual bccausc phtlosophy thcrc
bcgan wtth dcbatcs about cthtcs and only l atcr turncd to spcculattons
aboutthcnaturc otthccosmos. Inboth Crcccc and Indta, cosmologtcal
spcculatton camc hrst. I n cach, too, gucsttons about thc naturc ot thc
phystcal untvcrsc gutckly gtvc way to spcculatton about mtnd, truth,
consctousncss, mcantng, languagc, t l l ust on, world-sptrtts, cosmtc tntcl-
l tgcncc, and thc tatc ot thc human soul .
Jht s parttcul ar mazc ot mtrrors t s so complcx and dazzltng that
t t' s cxtraordtnartly dt thcultto dt sccrn thc starttngpotntthat ts, what,
prcctscly, t s bctng rchcctcd back and torth. Icrc anthropology can bc
hclptul , as anthropologtsts havc thc untguc advantagc ot bctng abl c to
obscrvc how human bctngs who havc not prcvtously bccn part otthcsc
convcrsattons rcact whcn hrst cxposcd to Axtal Agc conccpts. Lvcry
now and thcn too, wc arc prcscntcd wtth momcnts ot cxccpttonal
cl artty. oncs that rcvcal thc csscncc ot our own thought to bc al most
cxactly thc opposttc ot what wc thought tt to bc.
Naurtcc Lccnhardt, a Catholtc mt sst onary who had spcnt many
long ycars tcachtng thc Cospc| t n lcw Calcdoni a, cxpcrtcnccd such
a momcnt tn thc Izos, whcn hc askcd onc ot ht s studcnts, an agcd
sculptor namcd ocsoou, how hc tclt about havtng bccn tntroduccd to
sptrttual t dcas.
2 4 4 D L b 1
ncc, watttng to asscss thc mcnta| progrcss ol thc Canaqucs I
had taught lor many ycars, I rt skcd thc lo| | owtng suggcstton.
"In short, wc tntroduccd thc notton ol thc sptrtt to your way
olthtnktng! "
Mc obj cctcd, "Sptrtt! ah! You dtdn' t brtng us thc sptrtt.
Wc a| rcady kncw thc sptrtt cxtstcd. Wc havc a|ways actcd tn
accord wtth thc sptrtt. What you' vc brought us ts thc body. "
Jhcnotton thathumanshad soul sappcarcd to ocsoou to bc sclt
cvtdcnt. Jhcnotton that thcrc was such a thtng as thc body, aparttrom
thc soul , a mcrc matcrt al col |cctton ot ncrvcs and ttssucslct al onc
that thc body t s thc prtson ot thc soul , that thc mortthcatton ot thc
body could bc a mcans tothcglorthcatt on or lt bcratton otthc sou|all
thts, tt turns out, struck ht m as uttcrly ncw and cxott c.
Axt al Agc spt rt tual t ty, thcn, t s but l t on a bcdrock ot matcrt al t sm.
Jhts t s t ts sccrct, onc mt ght a| most say, thc thtng that has bccomc
t nvt st bl c to us ut t tonc looks at thc vcry bcgtnntngs ot pht l osophi
cal t ngut ry tn Crcccc and Indt a-thc potnt whcn thcrc was as yct no
dt ttcrcncc bctwccn what wc' d now cal l "pht l osophy" and what wc' d
now cal l "sctcncc"-thts t scxactly whatonc hnds. "Jhcory, " t twccan
ca| l t t that, bcgt ns wtth thc gucstt ons. "Vhat substancc t s thc wor| d
madc otr" "Vhat t s thc undcrl yi ng matcrt al bcht nd thc physt cal torms
ot obj ccts t n thc worldr " "Is cvcrythtng madc up ot varytng combt na-
ttons ot ccrtat n bast c cl cmcnts carth, at r, watcr, hrc, stonc, mott on,
mt nd, numbcr . . . ) , orarcthcscbast ccl cmcntsj ustthc torms takcn by
somccvcnmorcclcmcntary substancc tor tnstancc, aslyyaand l atcr
Ocmocrttus proposcd, atomtc parttclcs . . . ) " In j ust aboutcvcry casc,
somc notton ot Cod, Ntnd, bptrtt, somc acttvc organt zt ng prtnctplc
that gavc torm to and was not ttsclt substancc, cmcrgcd as wcl l . ut
thts was thc ktnd otspt rt t that, |tkc Lccnhardt' s Cod, only cmcrgcs t n
rcl att on to t ncrt mattcr. '
Jo conncct thts t mpul sc, too, wtth thc tnvcntton ot cotnagc mtght
sccm ltkc pushtng thtngs a bt t tar but, at |cast tor thc Classtcal world,
thcrc ts an cmcrgtngscho|arly l t tcraturc hrst sctottby Iarvard l t tcr
ary thcortst Narc bhc|l, and morc rcccntl y sct torth by rtttsh c| asst ct st
Ktchard bcatord tn a book callcd Money and tbe Ear/y Creek Mind-
that at ms to do cxactly that. "
In tact, somc ot thc ht stortcal connccttons arc so uncanntly closc
that thcy arc vcry hard to cxpl ai n any othcr way. Lct mc gtvc an cx-
amplc. Attcr thc hrst cotns wcrc mt ntcd around 6oo uC tn thc kt ngdom
ot Lydt a, thc practt cc qutckly sprcad to Iont a, thc Crcck ctttcs ot thc
adj accntcoast. Jhcgrcatcstotthcsc wasthcgrcatwal lcd mctropol t sot
1 H L A X l A L A G L 2 4
Nt lctus, whtch al so appcars to havc bccn thc hrst Crcck ctty to strtkc
tts own cotns. It was Ionta, too, that provtdcd thc bulk ot thc Crcck
mcrccnartcs acttvc tn thcNcdttcrrancan atthc ttmc, wtth Nt lctus thctr
cttccttvc hcadguartcrs. Ntlctus was al so thc commcrct al ccntcr ot thc
rcgton, and, pcrhaps, thc hrst ctty t n thc world whcrc cvcryday mar-
kct transacttons camc to bc carrtcd out prtmartly t n cotns tnstcad ot
crcdt t. ' Crcck phtlosophy, t n turn, bcgtns wtth thrcc mcn. Jhalcs, ot
Nt lctus c. 6zq uC-c. q6 uC) , Anaxt mandcr, ot Ntlctus c. 6o uC-c.
q6 uC) , and Anaxtmcncs, ot Nt lctus c. 8 uC-c. z uC)tn othcr
words, mcn who wcrc ltvtng t n that ctty at cxactly thc ttmc that cotn-
agc was hrst tntroduccd. Al l thrcc arc rcmcmbcrcd chtchy tor thctr
spccu|attons on thc naturc ot thc phystcal substancc trom whtch thc
world ul tt matc|y sprang. Jhalcs proposcd watcr, Anaxtmcncs, at r.
Anaxtmandcrmadcup a ncwtcrm, apeiron, "thc un| t mttcd, " a ktnd ot
purc abstract substancc that could not ttsclt bc pcrcctvcd but was thc
matcrtal basts otcvcrythtng thatcould bc. Incach casc, thc assumptton
was that thts prtmal substancc, by bctng hcatcd, coolcd, combtncd, dt -
vt dcd, comprcsscd, cxtcndcd, or sct t n motton, gavc rtsc to thc cndlcss
parttcul ar stutts and substanccs that humans actually cncountcr t n thc
world, trom whtch phystcal ob| ccts arc composcdand was al so that
tnto whtch al l thosc torms would cvcntual|y dt ssol vc.
It was somctht ng that could turn t nto cvcrythtng. As bcatord cm-
phastzcs, so was moncy. Col d, shapcd tnto cot ns, t s a matcrt al sub-
stancc that ts al so an abstractt on. It t sbotha l ump otmctal and somc-
tht ngmorc than a l ump otmctalt t' s a drachmaor an obol , a unt t ot
currcncy whtch at lcast t tcol lcctcd t n suthctcnt guanttty, takcn to thc
rtght placc at thc rtght ttmc, turncd ovcr to thc rtght pcrson) could bc
cxchangcd tor absol utcly any othcrob| cct whatsocvcr. '
or bcatord, whatwasgcnutnclyncwaboutcotnswasthctrdoublc-
stdcdncss. thctactthatthcywcrc both val uabl cptcccs otmctal and, at
thc samc ttmc, somcthtng morc. At lcast wtthtn thc communtttcs that
crcatcd thcm, anctcnt cotns wcrc always worth morc than thc gold,
st l vcr, or coppcr ot whtch thcy wcrc composcd. bcatord rctcrs to thts
cxtra valuc by thc tnclcgant tcrm "hductartty, " whtch comcs trom thc
tcrm tor publ tc trust, thc conhdcncc a communtty pl accs t n tts currcn-
cy. " Jruc, at thc hctght otCl asst cal Crcccc, whcn thcrc wcrc hundrcds
ot ctty-statcs productng dt ttcrcnt currcnctcs accordtng to a numbcr ot
dtttcrcnt systcms ot wctghts and dcnomtnattons, mcrchants ottcn dtd
carry scalcs and trcat cotnsparttcul arl y torctgn cotnsltkc so many
chunks otst lvcr, | ust as Indtan mcrchants sccm to havctrcatcdKoman
cotns, but wtthtn a ctty, that ctty' s currcncy had a spcct al status, stncc
tt was always acccptablc at tacc val uc whcn uscd to pay taxcs, publtc
2 4 D L b 1
tccs, or lcgal pcnalttcs. Jhts t s, t nctdcntal | y, why anctcnt govcrnmcnts
wcrc so ottcn ablc to tntroducc basc mcta| tnto thctr cotns wtthout
lcadtng to t mmcdtatc t nhatt on, a dcbascd cotn mtght havc lost valuc
whcn tradcd ovcrscas, but at homc, tt was sttl| worth just as much
whcn purchastng a liccnsc, or cntcrtng thc publtc thcatcr. ` Jht s t s also
why, durtng publ c cmcrgcnctcs, Crcck ctty-statcs woul d occast onal l y
strt kc cotns madc cntt rcl y ot bronzc or tt n, whtch cvcryonc wou|d
agrcc, wht l c thc cmcrgcncy | astcd, to trcat as t tthcy wcrc rcally madc
ot st lvcr.
Jht s ts thc kcy to bcatord' sargumcntabout matcrt al t sm and Crcck
phtlosophy. A cotn was a pt ccc ot mctal , but by gtvtng tt a parttcular
shapc, stampcd wtth words and tmagcs, thc ctvtc communtty agrccd
to makc tt somcthtng morc. ut thts powcr was not unl t mttcd. ronzc
cotns could not bc uscd torcvcr, tt onc dcbascd thc cotnagc, t nhatton
would cvcntual l y sct tn. It was as t tthcrc was a tcnst onthcrc, bctwccn
thc wt l l ot thc communtty and thc phystca| naturc ot thc obj cct ttsc|t.
Crcck thtnkcrs wcrc suddcnly controntcd wtth a protoundly ncw typc
ot obj cct, onc ot cxtraordtnary t mportanccas cvtdcnccd by thc tact
that so many mcn wcrc wt l l t ng to rtsk thctr |tvcs to gct thctr hands on
ttbut whosc naturc was a protound cntgma.
Constdcr thts word, "matcrt al t sm. " Vhat docs tt mcan t o adopt a
"matcrt al t st" pht l osophyr Vhat ts "matcrt al , " anywayr lormal | y, wc
spcak ot "matcrt al s" whcn wc rctcr to obj ccts that wc wi sh to makc
tnto somcthtng cl sc. A trcc t s a ltvtng thtng. It only bccomcs "wood"
whcn wc bcgt n to thtnk about al l thc othcrtht ngs you cou|d carvcout
ot t t. And ot coursc you can carvc a pi ccc ot wood tnto almost any-
thtng. Jhc samc t s truc ot c|ay, or gl ass, or mcta| . Jhcy' rc sol t d and
rcal and tangt bl c, butal so abstracttons, bccauscthcy havc thcpotcnti a|
toturntnto al mostanytht ngc| scor, notprcctsc|y that, onc can' tturn
a ptcccotwood tnto a lton oran ow| , butonccan turn tttnto an t magc
ot a l t on or an owltt can takc on almost any concctvablc torm. bo
al rcady t n any matcrt al t st pht|osophy, wc arc dcaltng wtth an oppost-
tton bctwccn torm and contcnt, substancc and shapc, a clash bctwccn
thc tdca, stgn, cmbl cm, ormodc| t nthc crcator' s mtnd, andthc phystcal
gual tttcs ot thc matcrt al s on whtch tt ts to bc stampcd, butlt, or t m
poscd, tromwht ch ttwt l l bcbroughttnto rcal t ty. Vtth cotns thts rtscs
to an cvcn morc abstract lcvcl bccausc that cmblcm can no longcr bc
concctvcd as thc modcl t n onc pcrson' s hcad, but i s rathcr thc mark ot
a collccttvc agrccmcnt. Jhc t magcs stampcd on Crcck cotns Nt lctus'
l t on, Athcns' owl) wcrc typtca|ly thc cmblcms ot thc ctty' s god, but
thcy wcrc al so a ktnd ot co|lccttvc promtsc, by whtch ctttzcns assurcd
onc anothcr that not only wou|d thc cotn bc acccptabl c t n paymcnt ot
1 H L A X l A L A G L 2 4 J
publ t c dcbts, but tn a l argcr scnsc, that cvcryonc would acccpt thcm,
tor any dcbts, and thus, that thcy could bc usc to acgutrc anythtng
anyonc wantcd.
Jhc problcm ts that thts collccttvc powcr ts not unl t mttcd. It only
rcally appltcs wtthtn thc ctty. Jhc tarthcr you go outstdc, t nto placcs
domt natcd by vto|cncc, sl avcry, and warthc sort otp|acc whcrc cvcn
pht l osophcrs taktng a crutsc mtght cnd up on thc auctton blockthc
morc tt turns tnto a mcrc lump otprcctous mctal .
Jhc war bctwccn bptrtt and lcsh, thcn, bctwccn thc noblc Idca
and ugly Kcaltty, thc rattonal tntcl l cct vcrsus stubborn corporcal drtvcs
and dcstrcs that rcstst tt, cvcn thc tdca that pcacc and communt ty arc
notthtngs thatcmcrgc spontancously butthatnccd to bc stampcd onto
our bascr matcrtal naturcs ltkc a dtvtnc tnstgnta stampcd t nto basc
mctalal l thosc tdcas thatcamcto haunt thc rcltgtous and phtlosopht
cal tradtttons ot thc Axt al Agc, and that havc conttnucd to surprtsc
pcoplc l i kc ocsoou cvcr stncccan al rcady bc sccn as t nscrtbcd t n thc
naturc ot tht s ncw torm ot moncy.
Itwould bctool t shto arguc thatal l Axtal Agcpht losophy was st m-
pl y a mcdttatton on thc naturc otcot nagc, but I thtnk bcatord ts rtght
to arguc that thts ts a crtttca| starttng placc. onc otthc rcasons that thc
prc-bocrattcphtlosophcrs bcgan to tramc thctr gucsttons t n thc pccul t ar
way thcy dt d, askt ng tor tnstancc) . Vhat arc Idcasr Arc thcy mcrcly
collccttvc convcnttonsr Oo thcy cxtst, as lato t nst stcd, t n somc dt vt nc
domat n bcyond matcrt al cxtstcnccr Or do thcy cxtst tn our mt ndsr Or
do our mt nds thcmsclvcs ulttmatcly partakc ot that dt vt nc tmmatc
rtal domat nr And t t thcy do, what docs thts say about our rclatton to
our bodt csr
8 8 8 8 8
In Indt a and Cht na, thc dcbatc took dt ttcrcnt torms, but matcrt a| t sm
was always thc starttng pot nt. Vc only know thc tdcas ot most truly
matcrt al t st thtnkcrs trom thc works ot thctr tntcllcctual cncmtcs. as ts
thc casc wtth thc Indtan ktng yst , who cnj oycd dcbattng uddhtst
and |atn pht losophcrs, taktng thc posttton that thc soul docs not cxtst,
that human bodtcs arc nothtng butparttcularconhgurattonsotatr, wa
tcr, carth, and hrc, thct r consctousncss thc rcsul t otthc clcmcnts' mu
tual tntcractt on, and that whcn wc dt c, thc cl cmcnts stmply dtssolvc.'
Clcarly, though, such tdcas wcrc commonp|acc. Lvcn thc Axt al Agc
rcltgtons arc ottcn startltngly lacktng t n thc plcthora ot supcrnatural
torccs sccn bctorc and attcr. as wttncsscd by conttnucd dcbatcs ovcr
whcthcr uddhtsm cvcn is a rc|tgton, stncc tt rcjccts any notton ot a
2 4 b D L b 1
su
[
rcmc bcIng, or whcthcr LonlucIus` admonItIons that onc shoud
contInuc to vcncratc onc` s anccstors was mcrcy a way ol cncouragIng
hIa pIcty, or bascd on a bcIcl that dcad anccstors dId, In somc scnsc,
contInuc to cxIst. Jhc lact that wc havc to ask says cvcrythIng. 1ct at
thc samc tImc, what cndurcs, abovc a, lrom that agcIn InstItutIona
tcrmsarc what wc ca thc word rcIgIons . `
hat wc scc thcn I s a strangc kInd ol back-and-lorth, attack and
rIpostc, whcrcby thc markct, thc statc, war, and rcIgIon a contInuay
scparatc and mcrgc wIth onc anothcr. ct mc summarIzc It as brIchy
as I can.
) Narkcts appcar to havc hrst cmcrgcd, n thc lcar Last at lcast, as
a sdc cttcct ot govcrnmcnt adm n stratvc systcms. Ovcr tmc, how-
cvcr, thc logc ot thc markct bccamc cntanglcd n m l tary atta rs,
whcrc t bccamc al most ndstngushablc trom thc mcrccnary logc
ot Axal Agc wartarc, and thcn, hnally, that logc camc to congucr
govcrnmcnt tsclt, to dchnc ts vcry purposc.
zj As a rcsult. cvcrywhcrc wc scc thc m l tary-co nagc-slavcry complcx
cmcrgc, wc al so scc thc b rth ot matcralst ph losophcs. Jhcy arc
matcr al st, n tact, n both scnscs ot thc tcrm. n that thcy cnvson
a worl d madc up ot matcr al torccs, rathcr than dvnc powcrs, and
n that thcy magnc thc ult matc cnd ot human cxIstcncc to bc thc
accumul aton ot matcr al wcalth, wth dcals lkc moralty and | us-
tcc bcng rctramcd as tools dcsgncd to satsty thc masscs.
) Lvcrywhcrc, too, wc hnd ph losophcrs who rcact to th s by cxplor-
ng dcas ot humanty and thc soul, attcmptng to hnd a ncw toun-
dat on tor cthcs and moraty.
q) Lvcrywhcrc somc ot thcsc ph l osophcrs madc common causc wth
soc al movcmcnts that ncvtably tormcd n thc tacc ot thcsc ncw
and cxtraordnarly volcnt and cyncal cltcs. Jhc rcsult was somc-
thng ncw to human h story. popul ar movcmcnts that wcrc also
ntcl lcctual movcmcnts, duc to thc assumpton that thosc opposng
cxstng powcr arrangcmcnts dd so n thc namc ot somc knd ot
thcory about thc naturc ot rcal ty.
) Lvcrywhcrc, thcsc movcmcnts wcrc hrst and torcmost pcacc movc-
mcnts, n that thcy rc|cctcd thc ncw conccpton ot v olcncc, and
cspcc al l y aggrcssvc war, as thc toundaton ot pol tcs.
6) Lvcrywhcrc too, thcrc sccms to havc bccn an ntal mpul sc to usc
thc ncw ntcllcctual tools provdcd by mpcrsonal markcts to comc
up wth a ncw bas s tor moral ty, and cvcrywhcrc, t toundcrcd.
Noh sm, wth ts noton ot soc al proht, hour shcd brchy and
thcn col l apscd. t was rcpl accd by Contuc an sm, whch rc|cctcd
such dcas outrght. Vc havc al rcady sccn that rc magnng moral
1 H L A X l A L A G L 2 4 9
rcspons b l ty n tcrms ot dcbt-an mpu| sc that croppcd up n both
Lrcccc and nda-whlc al most ncvtablc gvcn thc ncw cconom c
crcumstanccs, sccms to provc un torml y unsat sty ng. Jhc strong-
cr mpulsc s to magnc anothcr world whcrc dcbt-and wth t,
al l othcr worldly conncctons-can bc cntrcly ann h latcd, whcrc
socal attachmcnts arc sccn as torms ot bondagc, | ust as thc body s
a prson.
;) Kulcrs' atttudcs changcd ovcr t mc. At hrst, most appcar to havc
attcctcd an atttudc ot bcmuscd tolcrancc toward thc ncw phlo-
sophcal and rclgous movcmcnts wh l c prvatcly cmbracng somc
vcrs on ot cyn cal rcal pol t k, But as warr ng ctcs and pr nc pal tcs
wcrc rcplaccd by grcat cmprcs, and cspcc al l y, as thosc cmp rcs
bcgan to rcach thc l mts ot thcr cxpans on, scndng thc m l tary-
co nagc-slavcry complcx nto crss, al l th s suddcnly changcd. ln
nda, Asoka trcd to rc-tound h s k ngdom on Buddh sm, n Komc,
Constantnc turncd to thc Chrst ans, n Ch na, thc Ian cmpcror
Vu-J , I;-8; BC) , taccd wth a smlar m l tary and hnancal cr s s,
adoptcd Contuc an sm as thc ph l osophy ot statc. Ot thc thrcc, onl y
Vu J was ultmatcly succcsstul . thc Ch ncsc cmp rc cndurcd, n onc
torm or anothcr, tor two thousand ycars, al most al ways wth Con-
tuc an sm as ts othc al dcology. n Constantnc` s casc thc Vcstcrn
cmprc tcl l apart, but thc Koman church cndurcd. Asoka` s pro| cct
could bc sad to bc thc lcast succcsstul . lot onl y d d h s cmp rc tal l
apart, rcplaccd by an cndlcss scrcs ot wcakcr, usual l y tragmcntary
kngdoms, but Buddh sm tsclt was l argcly drvcn out ot h s onc-tmc
tcrrtorcs, though t d d cstabl sh tsc|t much morc hrmly n Ch na,
lcpal , J bct, Sr Lanka, Korca, japan, and much ot Southcast As a.
8) Jhc ul t matc cttcct was a k nd ot dcal d v s on ot sphcrcs ot human
actvty that cndurcs to th s day. on thc onc hand thc markct, on thc
othcr, rclg on. Jo put thc mattcr crudcl y. t onc rclcgatcs a ccrtan
soc al spacc s mply to thc sclhsh acguston ot matcral thngs, t
s al most ncvtablc that soon somconc cl sc w l l comc to sct asdc
anothcr doma n n whch to prcach that, trom thc pcrspcctvc ot ul-
t matc valucs, matcral thngs arc un mportant, that sclhshncss-or
cvcn thc sclt-arc l lusory, and that to gvc s bcttcr than to rcccvc.
t nothng clsc, t s surcly sgnhcant that al l thc Ax al Agc rclgons
cmphaszcd thc mportancc ot charty, a conccpt that had barcly
cx stcd bctorc. lurc grccd and purc gcncrosty arc complcmcntary
conccpts, ncthcr could rcally bc magncd wthout thc othcr, both
could only arsc n nsttutonal contcxts that ns stcd on such purc
and s ngl c-m ndcd bchavor, and both sccm to havc appcarcd to-
gcthcr whcrcvcr mpcrsonal , physcal , cash moncy al so appcarcd on
thc sccnc.
2 U D L b 1
As tor thc rc|tgtous movcmcnts. tt wou|d bc casy cnough to wrttc
thcm ott as cscaptst, as promtstng thc vtcttms ot thc Axtal Agc cm-
ptrcs ltbcratton tn thc ncxt world as a way ot lctttng thcm acccpt thctr
lot t n thts onc, and convtnctng thc rtch that al | thcy rcal l y owcd thc
poor wcrc occast onal charttab|c donattons. Kadtcal thtnkcrs al most
tnvartably do wrt tc thcm ott t n thts way. burcly, thc wt l l t ngncss ot
thc govcrnmcnts thcmsclvcs to cvcntual l y cmbracc thcm would sccm
to support thts concl ust on. ut thc t ssuc t s morc compltcatcd. trst ot
all, thcrc t s somcthtng to bc sat d tor cscapt sm. opular uprtstngs t n
thc anctcnt wor| d usual | y cndcd tn thc massacrc otthc rcbcls. As I' vc
al rcady obscrvcd, physt ca| cscapc, such as vt a cxodus or dctcctton,
has a|ways bccn thc most cttccttvc rcsponsc to opprcsstvc condtttons
stncc thc carltcst ttmcs wc know about. Vhcrc phystca| cscapc t s not
posstb|c, what, cxactly, t s an opprcsscd pcasant supposcd to dor btt
and contcmpl atc hcr mt scryr At thc vcry lcast, othcrworldly rcltgtons
provtdcd gl t mpscs ot radtcal a| tcrnattvcs. Ottcn thcy al l owcd pcop|c
to crcatc othcr worlds wtthtn thts onc, | t bcratcd spaccs ot onc sort or
anothcr. It t s surc|y stgnthcant that thc only pcoplc who succccdcd t n
abo| t sht ngsl avcry t n thc anctcntworl dwcrc rcltgtous sccts, suchasthc
Lsscncswho dtd so, cttccttvc|y, by dctccttng trom thc | argcr soct a|
ordcr and tormtng thct r own utopt an communtttcs. ' Or, t n a smallcr
but morc cndurtng cxamplc. thc dcmocrattc ctty-statcs ot northcrn In-
dt a wcrc a|| cvcntua| l y stampcd out by thc grcat cmptrcs Kautt|ya
provtdcs cxtcnstvc advtcc on how to subvcrt and dcstroy dcmocrattc
constttutt ons) , but thc uddha admt rcd thc dcmocrattc organtzatton ot
thctr publ t c asscmbltcs and adoptcd tt as thc modcl torht s tol l owcrs.
uddhtst monastcrtcs arc stt | l ca|lcd sangba, thc anctcnt namc tor such
rcpub| tcs, and conttnuc to opcratc by thc samc conscnsus- hndtng pro-
ccss to thts day, prcscrvtng a ccrtatn cgalttartan dcmocrattc tdca| that
wou| dothcrwtsc havc bccn cnttrcly torgottcn.
t nal | y, thc |argcr ht stortcal achtcvcmcnts ot thcsc movcmcnts arc
not, tn tact, t nstgnthcant. As thcy took hold, thtngs bcgan to changc.
Vars bccamc lcss bruta| and lcss trcgucnt. blavcry tadcd as an tn-
stttutton, to thc potnt at whtch, by thc Ntdd|c Agcs, t t had bccomc
t nstgnthcant or cvcn noncxtstcnt across most ot Lurast a. Lvcrywhcrc
too, thc ncw rcltgtous authortttcs bcgan to scrtous|y addrcss thc soct al
dt slocattons t ntroduccd by dcbt.
h 8 pt0| 100
1h L M | L L AEL5
( 00 -140 AD)
Artijcia/ uea/tb comrises tbe tbings
ubicb of tbemse/ces satisfy no natu-
ra/ need, for exam/e money, ubicb is a
buman contricance.
~bt . hOmas PQuDas
| | 1H L kK| kL kL saw thc cmcrgcncc ot complcmcntary tdcals ot
commodtty markcts and unt vcrsal world rcltgtons, thc Ntddlc Agcs
wcrc thc pcrtod t n whtch thosc two t nstttuttons bcgan to mcrgc.
Lvcrywhcrc, thc agc bcgan wtth thc co|lapsc ot cmptrcs. Lvcntual
l y, ncw statcs tormcd, but t nthcscncw statcs, thc ncxus bctwccn war,
bul l t on, and sl avcry was brokcn, congucst and acgutsttton tor thctr
own sakc wcrc no l ongcr cclcbratcd as thc cnd ot al l poltttcal l t tc. At
thc samc ttmc, cconomtc l t tc, trom thc conduct ot tntcrnattonal tradc
to thc organtzatton ot local markcts, camc to tal l incrcastngly undcr
thc rcgulatton ot rcltgtous authortttcs. Onc rcsult was a wtdcsprcad
movcmcnt to control , or cvcn torbtd, prcdatory lcndtng. Anothcr was
a rcturn, across Lurast a, to vartous torms ot vtrtual crcdtt moncy.
Crantcd, thts t s not thc way wc' rc uscd to thtnktng ot thc Ntddlc
Agcs. or most otus, "Ncdtcval " rcmatns a synonym tor supcrstttton,
tntolcrancc, and opprcsst on. Yct tor most ot thc carth' s tnhabttants, tt
could onl y bc sccn as an cxtraordtnary tmprovcmcnt ovcr thc tcrrors
otthc Axta| Agc.
Onc rcason tor our skcwcd pcrccptton ts that wc' rc uscd to thtnk
tng otthc Ntddlc Agcs as somcthtng that happcncd prtmartly t nVcst-
crn Luropc, t ntcrrttortcs thathadbccn l tttlc morcthanbordcroutposts
ot thc Koman Lmpt rc to bcgtn wt th. Accordtng to thc convcntton-
al wtsdom, wi th thc collapsc ot thc cmptrc, thc ct tt cs wcrc l argcly
2 2 D L b 1
abandoncd and thc cconomy " rcvcrtcd to bartcr, " taktng at |cast hvc
ccnturtcs to rccovcr. Lvcn tor Luropc, though, thts t s bascd on a scrtcs
ot ungucsttoncd assumpttons that, as I'vc sat d, crumb|c thc momcnt
onc starts scrtously poktng at thcm. Chtctamong thcm t s thc tdca that
thc abscncc otcot nsmcansthc abscnccotmoncy. Jruc, thcdcstructton
ot thc Koman war machtnc a| so mcant that Koman cotns wcnt out ot
ctrcu| att on, and thc tcw cotns produccd wtthtn thc Cothtc or ranktsh
ktngdoms that cstab| t shcd thcmsc|vcs ovcr thc rutns ot thc o| d cmpt rc
wcrc | argc|y hductary tn naturc. ' btt | | , a g|ancc at thc " barbart an l aw
codcs" rcvca| sthatcvcnatthchct ghtotthcOarkAgcs, pcop| cwcrcstt | |
carctu| | y kccptng accounts tn Koman moncyasthcyca|cu| atcd tntcrcst
ratcs, contracts, and mortgagcs. Agatn, ctttcs shrtvc|cd, and many wcrc
abandoncd, butcvcn thts was somcthtng ota mtxcd b|csstng. Ccrtat n| y,
tt had a tcrrt b| c cttcct on | t tcracy, but onc must a| so bcar t n mt nd that
anct cnt ct tt cs cou|d on|y bc mat ntat ncd by cxtracttng rcsourccs trom
thc countrystdc. Koman Cau| , tor tnstancc, had bccn a nctwork ot
ctttcs, conncctcd by thc tamous Koman roads to an cnd|css succcsston
ot s|avc p|antattons, whtch wcrc owncd by thc urban grandccs. Attcr
around qoo no, thc popuIatton otthc towns dcc|tncd radt ca| | y, but thc
p|antattons a| so dt sappcarcd. n thc to| | owt ng ccnturtcs, many camc to
bc rcp|accd by manors, churchcs, and cvcn |atcr, cast|cs-whcrc ncw
|oca| |ords cxtractcd thctr own ducs trom thc surroundtng tarmcrs. ut
onc nccd on|y do thc math. stncc Ncdtcva| agrtcu|turc was no |css ct-
hctcnt than anctcnt agrtcu| turc tn tact, tt raptd|y bccamc a grcat dca|
morc so) , thc amount ot work rcgut rcd to tccd a handtul ot mountcd
warrtors and c|crgymcn cou|d notposstb|y havc bccn anythtng |tkc that
rcgut rcd to tccd cnttrc ct tt cs. Mowcvcr opprcsscd Ncdtcva| scrts mtght
havc bccn, thctr p|tght was nothtng comparcd wtth that ot thctr Axt a|
Agc cgutva| cnts.
btt | | , thc Nt dd| c Agcs propcr arc bcst sccn as havtng bcgun not
t n Luropc but tn Indt a and Chtna, bctwccn qoo and 6oo ao, and thcn
swccptng across much otthc wcstcrn ha| totLurasta wtth thc advcntot
Is|am. Jhcy on|y rcal|y rcachcd Luropc tour hundrcd ycars |atcr. Lct
us bcgtn our story, thcn, tn Indt a.
M00 l 0v8 l | 0 0 l 8
[ || l ht l 0t0 Hl 0r8r0h)
I |ctt ott tn Indt a wt th Asoka' s cmbracc ot uddht sm, but I notcd that
u|ttmatc|y, hts proj cct toundcrcd. lctthcr hts cmptrc nor hts church
1 H L M l D D L L A G L S 2 3
was to cndurc. It took a good dca| ot ttmc, howcvcr, tor thts tat | urc
to occur.
Jhc Nauryans rcprcscntcd a htgh watcrmark ot cmptrc. Jhc ncxt
hvc hundrcd ycars saw a succcsston otktngdoms, mostotthcm strong-
|y supporttvc ot uddht sm. btupas and monastcrtcs sprang up cvcry-
whcrc, but thc statcs that sponsorcd thcm grcw wcakcr and wcakcr,
ccntra|izcd armtcs dt sso|vcd, soldtcrs, |tkc othct a| s, tncrcastngly camc
to bc patd by |and grants rathcr than sa| artcs. As a rcsu| t, thc numbcr
ot cotns tn ctrcu|atton stcadt | y dcc|tncd. ' Icrc too, thc car|y Ntddlc
Agcs wttncsscd a dramattc dcc|t nc otctttcs. whcrc thc Crcck ambassa-
dor Ncgasthcncs dcscrt bcd Asoka' s captta| ot atna as thc | argcst ctty
t n thc wor|d otht s day, Ncdtcval Arab and Chtncsctravc|crs dcscrtbcd
Indta as a |and otcnd|css ttny vt | | agcs.
As a rcsu|t, most ht stortans havc comc to wrttc, much as thcy do
t n Luropc, ot a co||apsc ot thc moncy cconomy, ot commcrcc bccom-
tng a "rcvcrston to bartcr. " Icrc too, thts appcars to bc st mp|y untruc.
Vhat vantshcd wcrc thc mt lttary mcans to cxtract rcsourccs trom thc
pcasants. Intact, Itndu |aw-books wrtttcn at thc ttmc show t ncrcastng
attcnttontocrcdttarrangcmcnts, wtth a sopht sttcatcd |anguagc otsurc-
ttcs, collatcra| , mortgagcs, promt ssory notcs, and compound tntcrcst. '
Onc nccd on|y constdcr how thc uddhtst cstab| t shmcnts popptng up
a|l ovcr Indta durtng thcsc ccnturtcs wcrc tundcd. Vht|c thc car|tcst
monks wcrc wandcrtng mcndtcants, owntng | ttt|c morc than thctr bcg-
gtng bow| s, car|y Ncdtcva| monastcrtcs wcrc ottcn magnt hccnt cstab-
| t shmcnts wtth vast trcasurtcs. btt | | , tn prtnctp|c, thctr opcrattons wcrc
hnanccd al most cnttrc|y through crcdt t.
Jhckcy tnnovatton was thc crcatton otwhatwcrcca| |cd thc "pcr-
pctua| cndowmcnts" or " tncxhausttb|c trcasurtcs. " bay a l ay supportcr
wt shcd to makc a contrtbutton to hcr |oca| monastcry. Kathcr than
ottcrtng to provtdc cand|cs tor a spccthc rttua| , or scrvants to attcndto
thc upkccp ot thc monastic grounds, shc would provtdc a ccrtatn sum
ot moncy-or somctht ng worth a grcat dcal ot moncy-that wou|d
thcn bc |oancd out t n thc namc ot thc monastcry, at thc acccptcd
-pcrccntannua| ratc. Jhc tntcrcst on thc |oanwou|dthcn bc carmarkcd
tor that spccthc purposc. ` An tnscrtptton dtscovcrcd atthc Crcat Non-
astcry ot banct somcttmc aroundqo no provtdcs a handy t l | ustratton.
A woman namcd Iart svamt nt donatcs thc rc|attvc|y modcst sum ot
twc|vc dinaras to thc "lob|c Communtty ot Nonks. " Jhc tcxt carc-
tul | y tnscrtbcs how thc tncomc t s to bc dtvtdcd up. thc t ntcrcst on hvc
ot thc dtnaras was to provtdc dat|y mca|s tor hvc dtttcrcnt monks,
thc tntcrcst trom anothcr thrcc wou|d pay to ltght thrcc l amps tor
thc uddha, t n mcmory ot hcr parcnts, and so torth. Jhc t nscrtptton
2 4 D L b 1
cnds by saytng that thts was a pcrmancnt cndowmcnt, "crcatcd wtth a
documcnt tn stonc to l ast as long as thc moon and thc sun". stncc thc
prtnctpal would ncvcr bctouchcd, thc contrtbutton would l ast torcvcr.
bomc otthcsc l oans prcsumabl y wcnt to t ndt vt dual s, othcrs wcrc
commcrctal loans to "gutlds ot bamboo-workcrs, braztcrs, and pot-
tcrs, " or to vt l lagc asscmbltcs. Vc havc to assumc that t n most cascs
thc moncy t s an accounttng unt t. what wcrc rcally bctng transactcd
wcrc ant mal s, whcat, stlk, buttcr, trut t, and all thc othcr goods whosc
approprtatc ratcs ot t ntcrcst wcrc so carctully sttpulatcd t n thc |aw-
codcs ot thc tt mc. btt l l , l argc amounts otgo|d dt d cnd up t| owtng tnto
monasttc cottcrs. Vhcn cotns go out otctrculatton, attcr all, thc mctal
docsn' t st mpl y dtsappcar. In thc Ntddlc Agcs-and thts sccms to havc
bccn truc across Lurasta-thc vast maj ortty ot t t cndcd up t n rcltgtous
cstabltshmcnts, churchcs, monastcrtcs, and tcmplcs, ctthcr stockptlcd
t n hoards and trcasurtcs or gtldcd onto or cast tnto altars, sanctums,
and sacrcd tnstrumcnts. Abovc al l , tt was shapcd t nto t magcs ot gods.
As a rcsul t, thosc rulcrs who dt d try to put an Axt a| Agc-sty|c cot n-
agc systcm back tnto ctrculatt on-t nvart ab| y, to tund somc projcct ot
mt l t tary cxpanst on-ottcn had to pursuc sclt-consctously antt-rcltgtous
poltctcs t n ordcrto do so. robably thc mostnotortous was onc Iarsa,
who rulcd Kashmtr trom o8g to Hot no, who t s satd to havc ap-
potntcd an othccr cal lcd thc "bupcrtntcndcnttor thcOcstructtonotthc
Cods . " Accordtng to latcr htstortcs, Iarsa cmploycd lcprous monks to
systcmattcally dcsccratc di vt nc t magcs wtth urtnc and cxcrcmcnt, thus
ncutraliztng thctrpowcr, bctorc draggtng thcm ottto bc mc|tcd down. '
Ic t s sat d to havcdcstroycd morcthan tour thousand uddhtst cstab-
ltshmcntsbctorcbctngbctraycdand ktllcd, thc l astotht sdynasty-and
ht s mtscrablc tatc wasl onghcl doutas an cxamplcotwhcrcthcrcvtval
ot thc old ways was ltkcly to lcad onc t n thc cnd.
or thc most part, thcn, thc gold rcmatncd sacrosanct, l at d up t n
thc sacrcd pl accs-though t n Indt a, ovcr ttmc thcsc wcrc tncrcastngly
It ndu oncs, not uddhtst. Vhat wc now scc as tradtttonal Itndu-
vt | l agc Indt a appcarsto havcbccn | argcly a crcatton otthccar|y Ntddlc
Agcs. Vc donotknowprcctsclyhow t thappcncd. Asktngdomsconttn-
ucd to rtsc and tal l , thc world tnhabt tcd by ktngs and prtnccs bccamc
tncrcastnglydtstanttrom thatotmostpcopl c' scvcrydayattat rs. Ourtng
much ot thc pcriod t mmcdtatcly tol l owtng thc co|lapsc ot thc Nau
ryan cmptrc, tor i nstancc, much otIndt a was govcrncd by torctgncrs. '
Apparcntly, tht s tncrcastng dt stancc al l owcd loca| rahmt ns t o bcgtn
rcshaptng thc ncw-tncrcastngly rural-soctcty along strtctly htcrarcht-
cal prt nct pl cs.
1 H L M l D D L L A G L S 2
Jhcy dt d t t abovc al l by sctztng control ot thc admi ni stratton ot
l aw. Jhc Oharmasstra, law-codcs produccd by rahmt n scholars bc-
twccn roughl yzoo uC andqoo no, gtvc us a good tdca otthc ncw vtston
ot soctcty. In t t, ol d tdcas ltkc thc Vcdi c conccptton ot a dcbt to gods,
sagcs, andanccstorswcrcrcsuscttatcd-butnow, thcy appltcd onlyand
spcct hcal l ytorahmt ns, whoscduty andprt vt lcgc t twastostandt ntor
al l humantty bctorc thc torccs that controllcd thc untvcrsc. ' ' ar trom
bctng rcgutrcd to attatn lcarntng, mcmbcrs ot thc t ntcrtor cl asscs wcrc
torbtddcn to do so. thc Laws otNanu, tor tnstancc, sct down that any
budra thc lowcst castc, asstgncd to tarmtng and matcrtal productton)
who so much as lt stcncd t n on thc tcachtng ot thc l aw or sacrcd tcxts
should havc moltcn lcad pourcd tnto thctr cars, on thc occaston ot a
rcpcatottcnsc, havcthctrtongucs cutout. ' At thc samcttmcrahmt ns,
howcvcrtcroctouslythcyguardcdthctr prtvt lcgcs, al soadoptcdaspccts
ot oncc-radtcal uddhtst and |atn tdcas | t kc karma, rctncarnatt on, and
uhtm:u. rahmt ns wcrc cxpcctcd to rctrat n trom any sort ot phystcal
vtolcncc, and cvcn to bccomc vcgctart ans. In al l t ancc wtth rcprcscnta-
ttvcsotthcol dwarrtorcastc, thcy al somanagcdto wt ncontrol otmost
ot thc land t n thc anctcnt vt l l agcs. Arttsans and crattsmcn flcctng thc
dccltnc or dcstructton ot cttics ottcn cndcd up as suppltant rctugccs,
and, gradual l y, low-castc cltcnts. Jhc rcsultwcrctncrcasi ngly complcx
local patronagc systcms t n thc countrystdc umunt systcms, as thcy
camc to bc knownwhcrc thc rctugccs provtdcd scrvtccs tor thc land-
owntng castcs, who took on many ot thc ro|cs oncc hcld by thc statc,
provtdtngprotcctton and j usttcc, cxtracttng labor ducs, and so on-but
also protcctcd local communtttcs trom actual royal rcprcscntattvcs. ' '
Jhts lattcr tunctton t s cruct al . orctgn vtsttors wcrc latcr t o bc
awcd by thc sclt-suthctcncy ot thc tradtttonal Indt an vt l | agc, wtth tts
cl aboratc systcm ot l andowntng castcs, tarmcrs, and such "scrvtcc
castcs" as barbcrs, smtths, tanncrs, drummcrs, and washcrmcn, al l ar-
rangcd t n htcrarchtcal ordcr, cach sccn as maktng tts own untguc and
ncccssary contrt butt on to thctr ltttlc soct cty, all ot t t typtcal l y opcrat-
i ng cnttrcly wtthout thc usc ot mctal currcncy. It was only posstblc
tor thosc rcduccd to thc status ot budras and Lntouchablcs to havc
a chancc otacccpti ng thctr |owly posttton bccausc thc cxactton ot l o-
cal landlords was, agat n, on nothtng l t kc thc samc scalc as that undcr
carltcrgovcrnmcnts-undcrwhtch vt l lagcrs had to support ctttcs otup-
wards ota mtllton pcoplc and bccausc thc vt l | agc communtty bccamc
an cttccttvc mcans ot holdtng thc statc and tts rcprcscntattvcs at lcast
parttally at bay.
Vc don' tknowthc mcchant smsthatbrought tht sworld about, but
thc rolc ot dcbt was surcly stgnthcant. Jhc crcatton ot thousands ot
2 D L b 1
Itndu tcmplcs alonc must havc t nvolvcd hundrcds ot thousands, cvcn
mt l l t ons, ot t ntcrcst-bcartng |oansstncc, wht l c rahmtns wcrc thcm-
sclvcs torbtddcn to lcnd moncy at t ntcrcst, tcmplcs wcrc not. Vc can
al rcadyscc, t nthccarl t cstotthcncwl aw-codcs, thcLawsotNanu, thc
way that local authortttcs wcrcstruggltng to rcconct l c oldcustomsltkc
dcbt pconagc and chattcl slavcry wtth thc dcstrc to cstabl t sh an ovcr
archtng htcrarchtcal systcm tn whtch cvcryonc kncw thctr pl acc. Jhc
Laws ot Nanu carctul l y cl asst ty slavcs tnto scvcn typcs dcpcndtng on
how thcy wcrcrcduccd to slavcry war, dcbt, sclt-sal c . . . ) and cxpl at n
thc condtttons undcr wht ch cach mt ght bc cmanctpatcd-but thcn go
on to say that budras can ncvcr rcally bc cmanctpatcd, stncc, attcr al l ,
thcy wcrc crcatcd to scrvc thc othcr castcs. ' " bt mt l arly, whcrc car|tcr
codcs had cstabl tshcd a -pcrccnt annual ratc ot t ntcrcst, wtth cxccp-
ttons tor commcrct al l oans, ' thc ncw codcs organtzcd t ntcrcst by castc.
stattng that onc cou|d chargc a maxtmum ot z pcrccnt a month tor
a rahmt n, pcrccnt tor a Ksatrtya warrtor) , q pcrccnt tor a Vatsya
mcrchant) , and pcrccnttora budrawhtch t sthc dtttcrcncc bctwccn
zq pcrccnt annual l y on thc onc cxtrcmc and a hctty 6o pcrccnt on thc
othcr. ' Jhc laws also tdcnttty hvc dt ttcrcnt ways t ntcrcst can bc pat d,
ot whtch thc most st gnt hcant tor our conccrns t s "bodtly t ntcrcst" .
phystcal l abor tn thccrcdttor' shousc or hclds, to bc rcndcrcd unttlsuch
ttmc asthc prtnctpal t s clcarcd. Lvcn hcrc, though, castc constdcrattons
wcrc paramount. lo onc could bc torccd tnto thc scrvtcc ot anyonc
ot |owcr castc, morcovcr, stncc dcbts wcrc cntorccabl c on a dcbtor' s
chtldrcn and cvcn grandchtldrcn, " unttl thc prtnctpal t s clcarcd" could
mcanguttc somctt mcas thc Indtan ht stortan K. b. bharmanotcs, such
sttpulattons "rcmt nd us otthc prcscnt practtcc accordt ng to wht ch scv
cral gcncrattons ot thc samc tamtly havc bccn rcduccd to thc posttton
othcrcdt tarypl oughmcn t n constdcrattonotsomcpaltry sum advanccd
to thcm. " '
Indccd, Indt a has bccomc notortous as a country, tn whtch a vcry
l argc part otthc worktng populatton t s labortng t ncttccttvc dcbt pcon
agc to a landlord or othcr crcdttor. buch arrangcmcnts bccamc cvcn
castcr ovcr ttmc. y about ooo no, rcstrtcttons on usury by mcmbcrs
ot thc uppcr castcs t n It ndu l aw-codcs l argcly dtsappcarcd. On thc
othcr hand, ooo no was about thc samc ttmc that Isl am appcarcd
tn Indt aa rcltgton dcdtcatcd to cradtcattng usury al togcthcr. bo at
thc vcry lcast wc can say that thcsc thtngs ncvcr stoppcd bctng con-
tcstcd. And cvcn It ndu l aw ot that ttmc was tar morc humanc than
al most anythtng tound tn thc anctcnt world. Ocbtors wcrc not, gcncr
ally spcaktng, rcduccd to sl avcry, and thcrc t s no wtdcsprcad cvtdcncc
ot thc sclltng ot womcn or chtldrcn. I n tact, ovcrt sl avcry had l argcly
1 H L M l D D L L A G L S 2 1
vant shcd trom thc countrystdc by tht s ttmc. And dcbt pcons wcrc not
cvcn pawns, cxact|y, by |aw, thcy wcrc stmp|y paytng tntcrcst on a
trcc|y contractcd agrccmcnt. Lvcn whcn that took gcncratt ons, thc | aw
sttpu|atcdthatcvcnt tthcprtnctpa| wasncvcrpat d, tnthctht rdgcncra-
tt on, thcy wou| d bc trccd.
Jhcrc t s a pccu| t ar tcnst on hcrc. a kt nd ot paradox. Ocbt and
crcdtt arrangcmcnts may wc| | havcp| aycd a cructa| ro| ctn crcattng thc
Indt an vt | |agc systcm, but thcy cou|d ncvcr rca||y bccomc thctr bast s. It
mtght havc madc a ccrtat n scnsc to dcc|arc that, j ust as rahmt ns had
to dt spatch thctr dcbts to thc gods, cvcryonc shou| d bc, t n a ccrtatn
scnsc, tn dcbt to thosc abovc thcm. ut t n anothcr scnsc, that wou|d
havc comp|ctc|y subvcrtcd thc vcry tdca ot castc, whtch was that thc
unt vcrsc was a vast htcrarchy tn whtch dt ttcrcnt sorts ot pcop|c wcrc
assumcd to bc ottundamcnta||y dt ttcrcnt naturcs, that thcsc ranks and
gradcs wcrc hxcd torcvcr, and that whcn goods and scrvtccs movcd
up and down thc htcrarchy, thcy to||owcd not prtnctp|cs ot cxchangc
at a|| but as t n a|| htcrarchtca| systcms) custom and prcccdcnt. Jhc
rcnch anthropo|ogtst Louts Oumont madc thc tamous argumcnt that
onc cannot cvcn rca||y ta|k about "t ncgua|tty" hcrc, bccausc to usc
that phrasc t mp| tcs that onc bc|tcvcs pcop|c shou|d or cou|d bc cgua|,
and thts tdca was comp|ctc|y a| t cn to It ndu conccptt ons. ' or thcm
to havc t magtncd thctr rcsponst bt | t ttcs as dcbts wou|d havc bccn pro-
tound|y subvcrstvc, stncc dcbts arc by dchnttton arrangcmcnts bctwccn
cgua| s-at |cast tn thc scnsc that thcy arc cgua| parttcs to a contract-
that cou|d and shou|d bc rcpat d. ' '
o|tttca| | y, tt t s ncvcr a parttcu|ar|y good tdca t o hrst tc|| pcop|c
thcy arc your cgua| s, and thcn humt | tatc and dcgradc thcm. Jhts t s
prcsumab| ywhypcasanttnsurrcctt ons, trom Cht apasto|apan, havcso
rcgu| ar|y at mcdto wtpcoutdcbts, rathcr than tocus on morc structura|
tssucs |tkc castc systcms, or cvcn s| avcry. Jhc rtttsh Kaj dtscov
crcd thts to thctr occastona| chagrtn whcn thcy uscd dcbt pconagc
supcrtmposcd on thc castc systcm-as thc bast s ot thctr | abor systcm
t n co|onta| Indt a. crhaps thc paradtgmattc popu|ar tnsurrcctton was
thc Occcan rtots ot 8;, whcn tndcbtcd tarmcrs rosc up to sctzc and
systcmattca||y dcstroy thc account books ot |oca| moncy-|cndcrs. Ocbt
pconagc, tt wou|d appcar, t s tar morc |tkc|y to t nspt rc outragc and co|
|ccttvc actton than t s a systcm prcmtscd on purc tncgua|tty.
2 b D L b 1
h l 0 8 .
6u00h|sm 800 th0 E0000m 0 | 0| 6|t0 000t
y Ncdtcval standards, Indt a was unusual tor rcststtng thc appcal ot
thc grcat Axt al Agc rcltgt ons, but wc obscrvc thc bast c pattcrn. thc
dccltnc ot cmptrc, armtcs, and cash cconomy, thc rtsc ot rcltgtous au
thortttcs, t ndcpcndcnt ot thc statc, who wt n much ot thctr popular
lcgtttmacythrough thctr abt l t ty to rcgul atc cmcrgtngcrcdt t systcms.
Cht na mt ght bc sat d to rcprcscnt thc opposttc cxtrcmc. Jhts was
thc onc placc whcrc a l atc Axt al Agc attcmpt to yokc cmptrc and rc
ltgton togcthcr was a complctc succcss . Jruc, hcrc as cl scwhcrc, thcrc
was an t nt tt al pcrtod ot brcakdown. attcr thc collapsc ot thc Ian dy
nasty around zzo nD, thc ccntral statc brokc apart, ctttcs shrank, cot ns
dt sappcarcd, and soon. utt nChtna thts was only tcmporary. As Nax
Vcbcr long ago potntcd out, oncc onc scts up a gcnutncly cttccttvc
burcaucracy, tt's al most t mposst bl c to gct rtd ot t t. And thc Chtncsc
burcaucracy was unt gucly cttccttvc. ctorc |ong, thc ol d Ian systcm
rccmcrgcd. a ccntral t zcd statc, run by Contuctan scholar-gcntry tratncd
t nthc l i tcrary cl asst cs, sclcctcd through a nattonal cxam systcm, work-
tng t n mcttculously organtzcd nattonal and rcgtonal burcaus whcrc thc
moncy supply, ltkc othcr cconomtc mattcrs, was conttnual l y monttorcd
and rcgul atcd. Chtncsc monctary thcory was always chartaltst. Jhts
waspartly| ustancttcct otstzc. thccmptrcand tts tntcrnal markctwcrc
so hugc that torctgn tradc was ncvcr cspcct al l y t mportant, thcrctorc,
thosc runntng thc govcrnmcnt wcrc wcl l awarc that thcy cou|d turn
prctty much anythtng tnto moncy, stmply by t nst sttng that taxcs bc
pat d t n that torm.
Jhc two grcat thrcats to thc authortttcs wcrc always thc samc.
thc nomadt c pcoplcs to thc north who thcy systcmattcal l y brt bcd, but
who noncthclcss pcrtodtcally swcpt ovcr and congucrcd sccttons ot
Cht na) and popul ar unrcst and rcbcll t on. Jhc l attcr was al most con
stant, and on a scal cunknown anywhcrc clsc t n human ht story. Jhcrc
wcrc dccadcs t n Chtncsc htstory whcn thc ratc ot rccordcd pcasant
uprtstngs wasroughly . 8 er hour. ' Vhat' s morc, such uprtstngs wcrc
trcgucntly succcsstul . Nost otthc most tamous Cht ncsc dynasttcs that
wcrc not thc product ot barbartan tnvaston thc Yuan or Qt ng) wcrc
ortgt nal | y pcasant t nsurrccttons thc Ian, Jang, bung, and Ntng) . In
no othcr part ot thc worl d do wc scc anythtng ltkc tht s. As a rcsult,
Chtncscstatccratt ul tt matcly camcdownto tunncltngcnough rcsourccs
to thc ctttcs to tccd thc urban populatton and kccp thc nomads at
1 H L M l D D L L A G L S 2 9
bay, wtthout caustng a notortously contumactous rural populatton to
rtsc up t n arms. Jhc othctal Contuctan tdcology ot patrtarchal au-
thortty, cgual opportuntty, promotton ot agrtcu|turc, ltght taxcs, and
carctul govcrnmcnt control ot mcrchants sccmcd cxprcssly dcstgncd
to appcal to thc t ntcrcsts and scnst bt ltttcs ot a potcntt al l y rcbcl l t ous)
rural patrtarch.
Onc nccd hardl y add that tn thcsc ctrcumstanccs, l t mtttng thc dcp-
rcdattons ot thc loca| vt l l agc loan sharkthc tradt tt onal banc ot rural
tamt l tcswas a constant govcrnmcnt conccrn. Ovcr and ovcr wc hcar
thc samc tamt l t ar story. pcasants down on thctr |uck, whcthcr duc to
natural dt sastcr or thc nccd to pay tor a parcnt' s tuncralwould tal l
t ntothc hands ot prcdatory lcndcrs, who woul d sctzc thctr hclds and
houscs, torctng thcm to work or pay rcnt t n what had oncc bccn thctr
own lands, thc thrcat ot rcbcll t on would thcn drtvc thc govcrnmcnt
to t nstttutc a dramattc program ot rctorms. Onc ot thc hrst wc know
about camc t n thc torm ot a coup d' ctat t n nD, whcn a Contuctan
othct al namcd Vang Nang sctzcd thc thronc to dcal so hc cl at mcd)
wtth a nattonwtdc dcbt crt st s. Accordtng to proclamattons madc at thc
ttmc, thc practtcc otusury hadcauscd thc cttccttvc tax ratc that ts, thc
amount ot thc avcragc pcasant' s harvcst that cndcd up bctng carrtcd
ott by somconc clsc) to rtsc trom j ust ovcr pcrccnt, to o pcrccnt. '
In rcactton, Vang Nang t nstttutcd a program rctormtng thc currcncy,
nattonal t ztng l argc cstatcs, promottng statc-run t ndustrtcstncludtng
publ t c granartcsand banntng prtvatc holdtng ot sl avcs. Vang Nang
also cstablt shcd a statc l oan agcncy that wou|d ottcr t ntcrcst-trcc tu-
ncral l oans tor up to ntncty days tor thosc caught unprcparcd by thc
dcath ot rclattvcs, as wcll as long-tcrm loans ot pcrccnt monthly or
to pcrccnt annual tncomc ratcs tor commcrctal or agrtcultural t nvcst-
mcnts. " "Vtth thts schcmc, " onc ht stortan rcmarks, "Vang was conh-
dcnt that all bustncss transacttons would bc undcr hts scruttny and thc
abusc ot usury would bc torcvcr cradtcatcd.
lccdlcss to say, t t was not, and l atcr Chtncsc ht story t s tul l ot
st mt l ar stortcs . wtdcsprcad tncgual tty and unrcst tol l owcd by thc ap-
potntmcntotothct al commtsstonsottngutry, rcgtonal dcbtrcltct ctthcr
blankct amncsttcs or annul mcnts ot all |oans t n whtch t ntcrcst had cx-
cccdcd thc prtnctpal ) , chcap gratn l oans, tamtnc rcltct, laws agatnst thc
sc|ltng ot chtldrcn. All thts bccamc thc standard tarc ot govcrnmcnt
poltcy. It was vcry uncvcnly succcsstul , t t ccrtatnly dt d not crcatc an
cgalttartan pcasant utopt a, but t t prcvcntcd any wtdcsprcad rcturn to
Axt al Agc condtttons.
Vc arc uscd to thtnktng ot such burcaucrattc t ntcrvcnttons-
parttcularly thc monopoltcs and rcgulattonsas statc rcstrtctton on
2 U D L b 1
"thc markct"-owtng to thc prcvat|tng prcj udtcc that sccs markcts as
guast -natura| phcnomcna that cmcrgc by thcmsc|vcs, and govcrnmcnts
as havtng no ro|c othcr than to sguc|ch or stphon trom thcm. I havc
rcpcatcd|y potntcd out how mt stakcn thts t s, but Chtna provtdcs a
parttcu|ar|y strtktng cxamp|c. Jhc Contuctan statc may havc bccn thc
wor|d' s grcatcst and most cndurtng burcaucracy, but t t acttvc|y pro
motcd markcts, and as a rcsu|t, commcrcta| | t tc tn Chtna soon bccamc
tar morc sophtsttcatcd, and markcts morc dcvc|opcd, than anywhcrc
c|sc tn thc wor|d.
Jht s dcspttc thc tact that Contuctan orthodoxy was ovcrt|y hostt|c
to mcrchants and cvcn thc proht mottvc i tsc|t. Commcrcta| proht was
sccn as | cgt tt matc on|y as compcnsatt on tor thc | abor that mcrchants
cxpcndcd tn transporttng goods trom onc p|acc to anothcr, but ncvcr
astrutts otspccu| att on. Vhat thts mcant tn practtcc wasthatthcy wcrc
pro-markct but antt-captta| t st.
Agat n, thtssccmsbtzarrc,st nccwc' rcuscdto assumtngthatcaptta|
tsm and markcts arc thc samc thtng, but, as thc grcatrcnch htstortan
crnand raudc| potntcd out, tn many ways thcy cou|d cgua||y wc|| bc
concctvcd as opposttcs. Vht | c markcts arc ways ot cxchangtng goods
through thc mcdtum otmoncy-ht stortca| | y, waystor thosc wttha sur
p| us otgratn to acgutrc cand|cs and vtcc vcrsa tn cconomtc shorthand,
C-N-C' , tor commodtty-moncy-othcr commodtty)-captta|tsm t s hrst
and torcmost thc art ot ustng moncy to gct morc moncy N-C-N' ) .
lorma| | y, thc castcst way t o do tht s t s by cstab| t sht ng somc kt nd ot
torma| ordctacto monopo|y. ortht s rcason, capi ta|tsts, whcthcr mcr
chant prtnccs, hnanctcrs, or tndustrta|tsts, tnvartab|y try to a||y thcm
sc|vcswtth po|tttca| authortttcsto |tmtt thctrccdomotthcmarkct, soas
to makc t tcastcr tor thcm to do so. rom thts pcrspccttvc, Chtna was
tor most ottts ht story thc u|ttmatc antt-captta|tst markct statc. Ln|tkc
| atcr Luropcan prtnccs, Chtncsc ru|crs systcmattca||y rctuscd to tcam
up wtth wou|d-bc Chtncsc captta|tsts who a| ways cxtstcd) . Instcad,
|tkc thctr othct a| s, thcy saw thcm asdcstructtvcparast tcs-though, un
|tkc thc usurcrs, oncs whosc tundamcnta||y sc|hsh and antisocta| mo-
ttvattons cou|d stt|| bc put to usc tn ccrtatn ways. In Contuctan tcrms,
mcrchants wcrc |tkc so|dtcrs. Jhosc drawn to a carccr tn thc mt | t tary
wcrc assumcd to bc drtvcn | argc|y by a |ovc ot vto|cncc. As t ndt vt dua| s,
thcy wcrc not good pcop| c, butthcy wcrc a| so ncccssary to dctcnd thc
trontt crs. bt mt | ar| y, mcrchants wcrc drt vcn by grccd and bast ca| | y tm
mora| , yct tt kcpt undcr carctu| admt nt strattvc supcrvt st on, thcy cou|d
bc madc to scrvc thc pub|tc good.
'
' Vhatcvcr onc mtght thtnk ot thc
prtnctp|cs, thc rcsu|ts arc hard to dcny. or most ot tts ht story, Chtna
matntatncd thc htghcst standard ot |tvtng tn thc wor|d-cvcn Lng|and
1 H L M l D D L L A G L S 2 l
only rcally ovcrtook t t tn pcrhaps thc 8zos, wcl l past thc ttmc ot thc
Industrtal Kcvolutton. '
Contuct ant sm t s notprcctscly a rcltgton, pcrhaps, t t t s usual l y con-
stdcrcd morc an cthtcal and phtlosophtcal systcm. bo Cht na too could
bc constdcrcd somcthtng ot a dcparturc trom thc common Ncdtcval
pattcrn, whcrcby commcrcc was, al most cvcrywhcrc, brought undcr
thc control ot rcltgt on. ut tt wasn' t a complctc dcparturc. Onc nccd
only constdcr thc rcmarkablc cconomtc rolc ot uddht sm t n tht s samc
pcrtod. uddht sm had arrtvcd t n Cht na through thc Ccntral Ast a cara-
van routcs and t n tts carl y days was l argcly a rcltgton promotcd by
mcrchants, but t n thc chaos tollowtng thc col l apsc ot thc Ian dynasty
tn zzo nD, tt bcgan to takc popular roots. Jhc Ltang oz-;) and
Jang 6I8-go;} dynasttcs saw outbrcaks otpasst onatc rcltgtous tcrvor,
tn whtch thousands ot rural young pcoplc across Cht na would rc-
nouncc thctr tarms, shops, and tamt l t cs to scck ordtnatton as uddhtst
monks and nuns, whcrc mcrchants or landcd magnatcs plcdgcd thc1r
cnttrc tortuncs to thc propagatton ot thc Oharma, but l dt ng pro| ccts
hollowcd out wholc mountat nsto crcatc bodht sattvas and gtant statucs
otthc uddha, andpagcants whcrc monks anddcvotccsrttual|y burncd
thctr hcads and hands or, t n somc tnstanccs, sct thcmsclvcs on hrc. y
thc mtd-htth ccntury, thcrc wcrc dozcns ot such spcctacul ar sut ct dcs,
thcybccamc, as onc ht stortan put tt "a macabrc ktnd ot tashton. "' '
Itstortans dt ttcr ovcr thctr mcantng. Ccrtat nl y thc passtons un
lcashcd provtdcd a dramattc altcrnattvc to thc statd orthodoxy ot thc
Contuctan l t tcratt , but tt's also surprtstng, to say thc lcast, to scc thts
t n a rcltgton promotcd abovc all by thc commcrctal classcs . Jhc rcnch
btnologtst |acgucs Ccrnct obscrvcs .
lt ts c|car that thcsc sutctdcs, so contrary to tradtttona| mora|-
tty, atmcd to rcdccm thc stns ol a|| bctngs, to compc| thcgods
and mcn at onc and thc samc ttmc. And thcy wcrc stagcd.
usua||y, tn thc hlth ccntury, a pyrc was crcctcd on a mountatn.
Jhcsutctdctookp|acc tnthcprcscnccola |argc crowd uttcrtng
|amcntattons and brtngtng lorward rtch ollcrtngs. Pcop|c ol a||
socta| ranks attcndcd thc spcctac|c togcthcr. Altcr thc hrc had
burncd out, thc ashcs ol thc monk wcrc co||cctcd and a stupa,
a ncw p|acc olworshtp, was crcatcd to housc thcm. '
Ccrnct' s ptcturc ot dozcns ot Chrtst-ltkc rcdccmcrs sccms ovcrstat
cd, but thc prcctsc mcantng ot thcsc sutctdcs was unclcarand wtdcly
dcbatcdcvcn tn thc Ntddlc Agcs. bomc contcmporartcs saw thcm as
thc ulttmatc cxprcsst onotcontcmpt tor thc body, othcrs as rccognttton
2 2 D L b 1
ot thc t | |usory naturc ot thc sc|t and a| | matcrta| attachmcnts, yct oth-
crs, as thc u|ttmatc torm otchartty, thc gtvtng ot that wht ch can on|y
bc most prcct ous, onc' s vcry phystca| cxtstcncc, as a sacrthcc to thc
bcncht ot a| | |tvtng thtngs, a scnttmcnt that onc tcnth-ccntury btogra-
phcr cxprcsscd t n thc to||owtng vcrscs.
Jo gtvcawaythc thtngthat ts dtlhcu|ttopartwtth,
I s thc bcst ollcrtng amongst thc a| ms.
Lctthts t mpurc and stnlul body,
Jurn into somcthtng |tkc a dtamond.
Jhat t s, an ob| cct ot ctcrna| va|uc, an tnvcstmcnt that can bcar
trut t tor a| | ctcrntty.
I draw attcntton to tht s bccausc thts scnttmcnt provtdcs an c|cgant
t | | ustratton ota prob|cm that sccms to havc hrst appcarcd t n thc wor|d
wtth nottons ot purc chartty that a|ways sccmcd to accompany Axt a|
Agc rc| t gt ons, and whtch provtdcd cnd| css pht | osopht ca| conundrums.
In human cconomtcs, t t docs not appcar to havc occurrcd to anyonc
that any act cou/d bc ctthcr purc|y sc|hsh or purc|y a|trutsttc. As I
notcd tn chaptcr hvc, an act ot abso| utc sc|hcss gtvtng can on|y a|so bc
abso| utc|y anttsocta|-hcncc tn a way, t nhuman. It tsmcrc| ythcmt rror
t magc otan act otthctt orcvcn murdcr, hcncc, t t makcs a ccrtat n sort
ot scnsc that sutctdc bc concctvcd as thc u|ttmatc sc|f|css gt tt. Yct thts
ts thc door that ncccssart|y opcns as soon as onc dcvc|ops a notton ot
"proht" and thcn trtcs to concctvc tts opposttc.
Jht s tcnston sccms to hang ovcr thc cconomtc | t tc ot Ncdtcva|
Chtncsc uddhtsm, wht ch, truc to tts commcrcta| ortgtns, rctatncd a
strtktng tcndcncy to cmp|oy thc | anguagc ot thc markctp|acc. "Onc
purchascs tc|tctty, and sc||s onc' s st ns, " wrotc onc monk, "| ust as
t n commcrct a| opcratt ons. "'" lowhcrc was tht s so truc as t n thosc
schoo| s, such asthcbchoo| otthcJhrccbtagcs,thatadoptcdthcnotton
ot "karmt cdcbt"-that cach otthc st nsotonc' s accumu| atcd past|tvcs
conttnucs as a dcbt nccdt ng to bc dt schargcd. An obscurc and unusua|
vtcw t n c|asstca| Indt an uddht sm, thc notton ot karmt c dcbt took on
a powcrtu| ncw | t tc tn Cht na. '` As onc Jhrccbtagcs tcxt puts t t, wc a| |
know that t nso|vcnt dcbtors wt | | bc rcborn as ant ma| s or s| avcs, but
t n rca|tty, wc arc a| | tnso|vcnt dcbtors, bccausc acgutrtng thc moncy to
rcpayourtcmpora|dcbtsncccssart | ymcans acgutrcncw, sptrttua|oncs,
stncc cvcry mcans ot acgutrtng wca|th wt | | ncccssart|y tnvo|vc cxp|ott-
tng, damagtng, and caust ng suttcrtng to othcr |tvtng bctngs.
Somcuscthctrpowcrand authortty as olhcta|stnordcrtobcnd
thc |aw and sctzc wca|th. Somcprospcrtn thc markctp|acc . . .
1 H L M l D D L L A G L S
Jhcy cngagc tn an cxccss ol |tcs and chcat and cxtort prol
tts lrom othcrs. Sti|| othcrs, larmcrs, burn thc mountatns and
marshcs, hood thc hc|ds, p|ough and mt||, dcstroytng thc ncsts
and burrows ol antma|s . . .
Jhcrc ts no avotdtng thc lact ol our past dcbts, and tt ts
dtlhcu|t to comprchcnd thc numbcr ot scparatc |tvcs tt wou|d
rcqutrc tl you wantcd to pay thcm onc by onc.`
2 o
As Ccrnct rcmarks, thc tdca ot | t tc as an cnd|css burdcn ot dcbt
wou|d surc|y havc struck a chord wtth Chtncsc vt | | agcrs, tor whom
thts was a| | too ottcn |ttcra||y truc, but, ashca| so potnts out, |tkc thctr
countcrparts tn anctcnt Israc|, thcy wcrc a| so tamt | t ar wtth that scnsc
ot suddcn | t bcratton that camc wtth othcta| amncstt cs. Jhcrc was a
way to achtcvc that too. A| | that was rcgut rcd was to makc rcgu| ar
donatt ons to somc monastcry' s Incxhaustt b| c Jrcasury. Jhc momcnt
onc docs so, thc dcbts trom cvcry onc ot onc' s past |tvcs arc tnstant|y
b|ottcd out. Jhc author cvcn provtdcs a |ttt|c parab|c, not un|tkc |c-
sus's parab|c ot thc ungratctu| scrvant, but tar morc optt mtstt c. Iow,
tt mtght bc askcd, wou| d a poor man' s ttny contrtbutton posstb|y havc
such cosmtc cttccts r
Answcr. In a parab|c tt ts |tkc a poor man burdcncd by a dcbt
ol onc thousand strtngs ol cotns to anothcr pcrson. Mc a|ways
sullcrs lromhts dcbt, and thc poor man ts alratd whcncvcr thc
dcbtmastcr comcs to co||cct.
Mc vtstts thc rtch man's housc and conlcsscs hc ts bcyond
thc ttmc-|tmtt and bcgs lorgtvcncss lor hts ollcnsc-hc ts poor
and wtthout a statton tn |tlc. Mc tc||s htm that cach day hc
makcs a stng|c cotn hc wt|| rcturn tt to thc rtch man. n hcar
tngthts,thc rtch man tsvcryp|cascd and lorgtvcs ht mlorbctng
ovcrduc, morcovcr, thc poor man ts not draggcd away to j at | .
GtvtngtothcIncxhausttblc Storchousc ts a|so | t kcthts.`
Onc mtght a| most ca| | thts sa|vatton on thc tnsta||mcnt p|an-but
thc t mp| t catton t s that thc paymcnts sha|| bc madc, |tkc thc tntcrcst
paymcnts on thc wca|th whcn i t ts subscgucnt|y |oancd out, tor a| |
ctcrntty.
Othcr schoo|s conccntratcd not on karmtc dcbt, but on onc' s dcbt
to onc' s parcnts. Vhcrc Contuct ans but | t thctr systcm ot mora| tty
abovc a| | on h| t a| pt cty to tathcrs, Cht ncsc uddht sts wcrc prt mart|y
conccrncd wtth mothcrs, wt th thc carc and suttcrtng rcgut rcd t n rat s-
tng, tccdtng, and cducatt ngcht | drcn. A mothcr' s ktndncss t s un| t mttcd,
hcr sc|hcssncss abso| utc, tht s was sccn to bc cmbodtcd abovc a| | t n thc
2 4 D L b 1
act ot brcasttccdtng, thc tact that mothcrs transtorm thctr vcry hcsh
and blood tnto mtlk, thcy tccd thctr cht ldrcn wtth thctr own bodt cs. In
dotng so, howcvcr, thcyal l ow unl t mt tcd lovc to bcprcctsclyguantthcd.
Onc author calculatcd that thc avcragc t ntant absorbs prcct scly 8o
pccks ot mothcr' s mtlk t n tts hrst thrcc ycars ot lttc, and thts constt-
tutcs tts dcbt as an adult. Jhc hgurc soon bccamc canontcal. Jo rcpay
thts mt l k dcbt, or t ndccd onc's dcbt to onc' s parcnts morc gcncrally,
was stmply tmposstblc. "It you stackcd up j cwcls trom thc ground up
to thc twcnty-ctghth hcavcn, " wrotc onc uddhtst author, "tt would
notcomparc" wtth thc val uc otyourparcnt' s nurturancc. ' Lvcn t tyou
wcrc to "cut your own hcsh to ottcr hcr thrcc ttmcs a day tor tour bt | -
lton ycars, " wrotc anothcr, "t t would not pay back cvcn a st ngl c day"
ot what your mothcrdt d toryou. ''
Jhc sol utt on, howcvcr, t s thc samc. donatt ng moncy to thc Incx-
hausttblc Jrcasurtcs. Jhc rcsult was an cl aboratc cyclc ot dcbts and
torms ot rcdcmptton. A man bcgtns wtth an unpayablc mtlk-dcbt. Jhc
only thtng ot comparablc valuc t s thc Oharma, thc uddhtst truth tt-
sclt. Onc can thus rcpay onc' s parcnts by brtngtng thcm to uddht sm,
t ndccd, thts can bc donccvcn attcr dcath, whcn onc' s mothcr wt l l oth-
crwi sc wt nd up as a hungryghost t n hcl l . It onc makcs a donatt on to
thcncxhaustt bl cJrcasurtcs t n hcr namc, sutraswt l l bc rccttcd torhcr,
shc wt l l bcdcltvcrcd, thcmoncy, t nthcmcantt mc, wt l l bcput partlyto
work as chart ty, as purc gttt, but partl y, too, as t n Indt a, as t ntcrcst-
bcartng l oans, carmarkcd tor spccthc purposcs tor thc turthcrancc ot
uddhtst cducatton, rttual , or monasttc l ttc.
Jhc Chtncsc uddhtst approach to chartty was nothtng tt not mul-
tttacctcd. cstt val s ottcn lcd to vast outpourtngs otcontrt buttons, wtth
wca|thy adhcrcnts vytng wtth onc anothcr t n gcncrostty, ottcn drtvtng
thctr cnttrc tortuncs to thc monastcrtcs, tn thc torms otoxcarts ladcn
wtth mtlltons ot strtngs ot casha ktnd ot cconomtc sclt-t mmol atton
that paral lcl cd thc spcctacul ar monasttc sutctdcs. Jhctr contrtbuttons
swcllcdthcIncxhausttb|cJrcasurtcs. bomcwoul dbcgtvcntothcnccdy,
parttcularly tn ttmcs othardshtp. bomc would bc loancd. Onc practtcc
thathovcrcd bctwccn chartty and bustncsswas provtdtng pcasants wt th
altcrnattvcs to thc local moncylcndcr. Nost monastcrtcs had attcndant
pawnshops whcrc thc local poor could placc somc val uabl c posscs-
st ona robc, a couch, a mt rrortn hock t n cxchangc tor low-tntcrcst
l oans." t nal l y, thcrc wasthc bustncss otthc monastcry ttsclt. thatpor-
tton ot thc Incxhausttb|c Jrcasury turncd ovcr to thc managcmcnt ot
lay brothcrs, and ctthcr put out at loan or tnvcstcd. btncc monks wcrc
not allowcd to cat thc products ot thctr own hclds, thc trutt or gratn
had to bc put on thc markct, turthcr swclling monasttc rcvcnucs. Nost
1 H L M l D D L L A G L S 2
monastcrtcs camc to bc surroundcd not on|y by commcrcta| tarms but
vcrttab|c tndustrta| comp|cxcs ot ot | prcsscs, hour mt||s, shops, and
hostc|s, ottcn wtth thousands ot bondcd workcrs. '' At thc samc ttmc,
thc Jrcasurtcs thcmsc|vcs bccamc-as Ccrnct was pcrhaps thc hrst to
potntout-thc wor| d' shrstgcnutnctormsotconccntratcd hnancccapt -
ta| . Jhcy wcrc, attcr a| | , cnormous conccntrattons ot wca|th managcd
by what wcrc tn cttcct monasttc corporattons, whtch wcrc constant|y
sccktng ncw opportuntttcs tor prohtab|c tnvcstmcnt. Jhcy cvcn sharcd
thc gutntcsscntta| captta|i st tmpcrattvc ot contt nua| growth, thc Jrca-
surtcs had to cxpand, stncc accordtng to Nahayana doctrtnc, gcnu-
t nc | t bcratton wou| d not bc posstblc untt | thc who|c wor|d cmbraccd
thc Oharma.'
Jhts was prcctscly thc sttuatton-hugc conccntrattons otcaptta| t n-
tcrcstcd t n nothtng morc than proht-that Contuctan cconomtc poltcy
was supposcd to prcvcnt. btt | | , t t took somc ttmc tor Chtncsc govcrn-
mcnts to rccogntzc thc thrcat. Covcrnmcnt attttudcs vccrcd back and
torth. At hrst, cspcct a| | y tn thc chaottc ycars otthc car|y Ntdd|c Agcs,
monks wcrc wc|comcd-cvcn gtvcn gcncrous | and grants and provtdcd
wtth convtct | aborcrs to rcc|atm torcsts and marshcs, and tax-cxcmpt
status tor thctr bustncss cntcrprtscs.'' A tcw cmpcrors convcrtcd, and
wht | c most ot thc burcaucracy kcpt thc monks at arm' s | cngth, ud-
dht sm bccamc cspcct al | y popu| ar wtth court womcn, as wc| | as wtth
cunuchs and many sctonsotwca|thytamt | t cs. Asttmcwcnton, though,
admt nt strators turncd trom scctng monks as a boon to rura| soctcty to
ttspotcntt a| rutnatt on. A|rcady, bytt nD, thcrc wcrcdccrccs condcmn-
tng monks tor dtvcrttnggratn that was supposcd to bc uscd tor chartta-
b| cpurposcs to htgh-tntcrcst | oans, and a| tcrtng dcbt contracts-a gov-
crnmcnt commt sst on had to bc appotntcd to rcvtcw thc accounts and
nu| l tty any |oans t n whtch tntcrcst was tound to havc cxcccdcd prt nct -
pa| . In ;I nD wc havc anothcrdccrcc, conhscatt ng two Incxhaustt b| c
Jrcasurt cs ot thc Jhrcc btagcs scct, whosc mcmbcrs thcy accuscd ot
traudulcnt soltcttatton. '' ctorc |ong thcrc wcrc ma|or campatgns ot
govcrnmcntrcprcsst on, at hrstottcn | t mttcd to ccrtatnrcgt ons, but ovcr
ttmc, morc ottcn cmptrc-wtdc. Ourtng thc most scvcrc, carrtcd out t n
8q nD, a tota| otq,6oo monastcrtcs wcrc razcd a|ong wtth thctr shops
and mt||s, z6o, ooo monks and nuns torctb|y dctrockcd and rcturncd to
thctr tamt | tcs-but at thc samc ttmc, accordtng to govcrnmcnt rcports,
Io,ooo tcmp|c scrts rclcascd trom bondagc.
Vhatcvcr thc rca| rcasons bchtnd thc wavcs ot rcprcsston and
thcsc wcrc no doubt many) , thc othct a| rcason was a| ways thc samc.
a nccd to rcstorc thc moncy supp| y. Jhc monastcrtcs wcrc bccomtng
2 D L b 1
so l argc, and so rt ch, admt ntstrators t nst stcd, that Cht na was st mpl y
runntng out ot mctal .
Jhc grcat rcprcsstons ol uddhtsm undcr thc Chou cmpcror
Wu bctwccn ;q and ;;, undcr Wu-tsung tn 8qz-8q, and
hna||y tn p, prcscntcd thcmsc|vcs prtmart|y as mcasurcs ol
cconomtc rccovcry. cach ol thcm provtdcd an opportuntty
lor thc tmpcrta| govcrnmcnt to procurc thc ncccssary coppcr
lor thc mtnttng olncw cotns. "`
Onc rcason ts that monks appcar to havcbccn systcmattcally mclt
tng down strtngs ot cot ns, ottcn hundrcds ot thousands at a ttmc, to
but l d colossal coppcr or cvcn gtldcd coppcr statucs ot thc uddha-
along wtth othcr ob| ccts such as bclls and coppcr cht mcs, or cvcn
such cxtravaganccs as mt rrorcd hal l s or gtldcd coppcr root tt l cs. Jhc
rcsult, accordtng to othctal commtsstons ot tngutry, was cconomt -
cal l y dtsastrous. thc prt cc ot mctal s would soar, cot nagc dt sappcar,
and rural markctplaccs ccasc to tunctton, cvcn as thosc rural pcoplc
whosc chtldrcn had not bccomc monks ottcn tcl l dccpcr tnto dcbt to
thc monastcrtcs.
8 8 8 8 8
It pcrhaps stands to rcason that Chtncsc uddht sm, a rcltgton ot mcr-
chants that thcn took popular roots, should havc dcvclopcd tn thts dt-
rcctt on. a gcnutncthcology otdcbt, cvcn pcrhaps a practtcc otabsol utc
sclt-sacrthcc, otabandontngcvcrythtng, onc' stortuncorcvcn onc's l t tc,
that ulttmatcly lcd to col l ccttvcly managcd hnancc capttal . Jhc rcason
that thc rcsult sccms so wcird, so tu| l ot paradoxcs, t s that tt t s agatn
an attcmpt to app|y thc logic ot cxchangc to gucsttons ot Ltcrntty.
Kccall an tdca trom carltcr tn thc book. cxchangc, unlcss t t' s an
tnstantancous cashtransactton, crcatcsdcbts. Ocbts l tngcr ovcr ttmc. It
you t magtnc al l human rclattons ascxchangc, thcn tnsotar as pcoplc do
havc ongotng rclations wtth onc anothcr, thosc rclattons arc l accd wtth
dcbtand stn. Jhconlywayoutt sto annt ht latcthcdcbt, butthcn soct al
rcl att onsvant sh too. Jht s t sgut tc t n accord wtth uddht sm, whoscul -
ttmatc at mt stndccdthc attatnmcntot "cmpttncss, "abso| utc l t bcratton,
thc annt ht l atton otal l human and matcrt al attachmcnts, st nccthcscarc
al l ul tt matcly causcs ot suttcrtng. or Nahayana uddht sts, howcvcr,
absol utc ltbcratton cannot bc achtcvcd by any onc bctng indcpcndcntly,
thc l t bcratton otcachdcpcndson al l thc othcrs, thcrctorc, unttl thccnd
ot tt mc, such mattcrs arc t n a ccrtat n scnsc always t n suspcnst on.
1 H L M l D D L L A G L S 2 1
Inthc mcantt mc, cxchangcdomtnatcs. "Onc purchascs tcltctty, and
sc|ls onc' s stns, | ust as t n commcrctal opcratt ons . " Lvcn acts otchartty
and sclt-sacrthcc arc not purcly gcncrous, onc t s purchast ng "mcrtt"
trom thc bodht sattvas. "Jhc notton ott nhnttc dcbt comcs t n whcn thts
|ogtc sl ams up agatnst thc Absolutc, or, onc mtght pcrhaps bcttcr say,
agatnst somcthtng that uttcrly dchcs thc logtc ot cxchangc. ccausc
thcrcarc thtngsthatdo. Jhts would cxpl at n, tort nstancc, thcoddurgc
to hrst guanttty thc cxact amount ot mtlk onc has absorbcd at onc' s
mothcr' s brcast, and thcn to say that thcrc t s no concct vabl c way to
rcpay i t. Lxchangc t mpltcs tntcractton bctwccncgut val cntbct ngs. Your
mothcr, on thc othcr hand, t s not an cgutvalcnt bctng. bhc crcatcd
you out ot hcr own hcsh. Jhts ts cxactly thc potnt that I suggcstcd
thc Vcdt c authors wcrc subtly trytng to makc whcn thcy talkcd about
"dcbts" to thc gods. otcourscyou cannot rcal l y "pay your dcbt to thc
unt vcrsc"that would tmply that ) you and z) cvcrytht ng that cxtsts
tncludtng you) arc t n somc scnsc cgutvalcnt cnttttcs. Jht s ts clcarly
absurd. Jhc closcst you can comc to rcpaymcnt t s to stmply rccogntzc
that tact. buch rccognttton t s thc truc mcantng ot sacrthcc. Ltkc Kos-
pabc' s ortgt nal moncy, a sacrthct al ottcrtng t s not a way to pay a dcbt,
but a way to acknowlcdgc thc t mposst bt l t ty otthc tdca thatthcrc could
cvcr bc rcpaymcnt.
Jhcpara||c| was not mtsscd tn ccrtatn mytho|ogtca| tradtttons.
Accordtng to onc lamous Mtndu myth, two gods, thc brothcrs
Karttkcya and Gancsha, had a quarrc| ovcr who shou|d bc
thc hrst to marry. Jhctr mothcr Parvatt suggcstcd a contcst.
thc wtnncr wou|d bc thc onc to most qutck|y ctrc|c thc cntirc
untvcrsc. Karttkcya sct oll on thc back ol a gtant pcacock. lt
took htm thrcc ycars to transvcrsc thc |tmtts ol thc cosmos.
Gancsha btdcd htsttmc, thcn, hna||y, wa|kcd tn a ctrc|c around
his mothcr, rcmarktng, "You arc thc untvcrsc to mc. "
I ' vc al so argucd that any systcm ot cxchangc ts a|ways ncccssartly
toundcd on somcthtng c|sc, somcthtng that, t n tts soctal mant tcsta-
tton at lcast, t s ulttmatcly communt sm. Vtth al l thosc thtngs that wc
trcat as ctcrnal , that wc assumc wt l l al ways bc thcrcour mothcr' s
lovc, truc trtcndsht p, soci a|tty, humant ty, bclongtng, thc cxt stcncc ot
thc cosmos-no calculatton t s ncccssary, or cvcn ulttmatcly posst bl c,
t nsotar asthcrci s gtvc and takc, thcy to| l ow complctcly dt ttcrcnt prtn-
ct pl cs. Vhat, thcn, happcns to such absolutc and unl t mttcdphcnomcna
whcn onc trtcs to tmagtnc thc world as a sct ot transacttons-as cx-
changcr Ccncral|y, onc ot two thtngs. Vc ctthcr tgnorc or dctty thcm.
2 b D L b 1
Nothcrs, andcarcgtvtng womcn tn gcncral , arc a cl asst ccasc tn pot nt . )
Or wc do both. Vhat wc trcat as ctcrnal tn our actual rc|attons wtth
onc anothcr vantshcs and rcappcars as an abstractton, an absol utc. '
In thc casc ot uddht sm, tht s was tramcd as thc tncxhausttblc mcrtt
ot bodhtsatt-vas, who cxtst, t n a ccrtatn scnsc, outstdc ot ttmc. Jhcy
arc at oncc thc modcl tor thc Incxhausttblc Jrcasurtcs, and al so thctr
practtcal toundatt on. onc can only rcpay onc' s cndlcss karmtc dcbt,
or onc' s t nhnttc mt lk-dcbt, by drawtng on tht s cgual l y tnhnttc pool ot
rcdcmptton, wht ch, tn turn, bccomcs thc bast s tor thc actual matcrtal
tunds otthc monastcrtcs, whtch arc cgually ctcrnal-a pragmattc torm
ot communt sm, t n tact, stncc thcy wcrc vast pools ot wcalth col lcc
ttvcly owncd and col |ccttvcly managcd. thc ccntcr ot vast proj ccts ot
human coopcratt on, whtch wcrc assumcd to bcst mt l arly ctcrnal . Yctat
thc samc ttmc hcrc tht nk Ccrnct ts rtght-thts communi sm bccamc
thc basts, t n turn, ot somcthtng vcry much l t kc capt tal t sm. Jhc rca
son was, abovc all, thc nccd tor constant cxpanst on. Lvcrythtng-cvcn
chartty-was an opportuntty to prosclyttzc, thc Oharma had to grow,
ulttmatcly, to cncompasscvcryoncandcvcrythtng, t nordcrto cttcctthc
salvatton otal l ltvtng bctngs.
8 8 8 8 8
Jhc Nt ddlc Agcs wcrc markcd by a gcncral movc toward abstractt on.
rca| gol d and st l vcr cndcd up l argcly tn churchcs, monastcrtcs, and
tcmplcs, moncy bccamc vtrtual agatn, and at thc samc ttmc, thc tcn
dcncy cvcrywhcrc was to sct up ovcrarchtng moral t nstttuttons mcant
to rcgulatc thc proccss and, t n parttcular, to cstabltsh ccrtat n protcc-
ttons tor dcbtors.
Cht na was unusual tn that t t was onc pl acc whcrc an Axt al Agc
cmptrc managcd to survtvc though at hrst, only barcly. Chtncsc gov-
crnmcnts dt d managc to kccp cotns t n ctrculatton t n most placcs most
ot thc ttmc. Jhts was madc castcr by thctr rcl t ancc cxcl ust vcl y on
smal l -dcnomt natt on cotns madc ot bronzc. Lvcn so, t t cl carl y took
cnormous cttorts.
As usual , wc don' t know a l ot about how cvcryday cconomic
transacttons took placc, but what wc do know suggcsts that t n small-
scalc transactt ons, cotns wcrc probably mostottcn uscd t ndcaltngwt th
strangcrs. As clscwhcrc, local shopkccpcrs and mcrchants cxtcndcd
crcdt t. Nost accounts sccm to havc bccn kcpt through thc usc ot tally
sttcks, strtktngly stmtlar to thosc uscd tn Lngland, cxccpt that rathcr
than hazclwood thcy wcrc usual l y madc ot a sp| t t ptccc ot notchcd
bamboo. Icrc, too, thc crcdttor took onc hal t, and thc dcbtor hcld thc
1 H L M l D D L L A G L S 2 9
othcr, thcy wcrc | otncd at thc momcnt otrcpaymcnt, and ottcn brokcn
attcrward to mark thc canccllatton otthc dcbt." Jo whatdcgrcc wcrc
thcy transtcrab|cr Vc don' t rcally know. Nost otwhat wc do know ts
trom casual rctcrcnccs tn tcxts that arc matnly about somcthtng cl sc.
anccdotcs, | okcs, and pocttc al l ust ons. Jhc grcat col|cctton ot Jaot st
wt sdom, thc Lez, probabl y wrtttcn durt ngthc Ian dynasty, contatns
onc such.
Jhcrc was a man ol Sung who was stro||tng tn thc strcct and
ptckcd up a ha|l ta||y somconc had |ost. Mc took tt homc
and storcd tt away, and sccrct|y countcd thc tndcntattons ol
thc brokcn cdgc. Mc to|d a nctghbor. "I sha|| bc rtch any day
now. "''
Kathcr ltkc somconc who hnds a kcy and hgurcs "| ust as soon as I
can hgurc out whtch |ock . . . "` Anothcr story tclls ot how Lt u ang,
a bt bul ous local constablc and tuturc toundcr ot thc Ian dynasty,
uscd to go on al | -ntght drtnktng btngcs, runntng up cnormous tabs.
Oncc, whtlc hc l ay collapscd t n a drunkcn stupor tn a wtnc-shop, thc
owncr saw a dragon hovcrtng ovcr ht s hcada surc stgn ot tuturc
grcatncssand t mmcdtatcly " brokc thc tally, " torgtvtng htm hts ac-
cumulatcd drtnktng dcbts. `'
Jal | t cs wcrcn' t | ust uscd tor l oans, but tor any sort ot contract-
whtch ts why carly papcr contracts al so had to bc cut tn hal t and onc
halt kcpt by cach party. Vtth papcr contracts, thcrc was a dchnttc
tcndcncy tor thc crcdttor' s ha|t to tunctton as an I OL and thus bc-
comc transtcrabl c. y 8o6 nD, tor tnstancc, rtght around thc apogcc
ot Chtncsc uddht sm, mcrchants movtng tca ovcr long dt stanccs trom
thc tar south otthc country and othct al s transporttng tax paymcnts to
thc capt tal , all ot thcm conccrncd wtth thc dangcrs otcarrytng bul | t on
ovcr long dt stanccs, bcgan to dcpost tthct r moncy wtth bankcrs t n thc
capt ta| and dcvt scd a systcm ot promt ssory notcs. Jhcy wcrc cal lcd
"|ytng Cash, " al so dtvtdcd tn hal t, ltkc tal l t cs, and rcdccmabl c tor
cash tn thctr branchcs tn thc provtnccs. Jhcy gutckly startcd passtng
trom hand to hand and opcratcd somcthtng ltkc currcncy. Jhc govcrn-
mcnt hrst trtcd to torbtd thctr usc, thcn a ycar or two l atcrand thts
bccamc a tamt l t ar pattcrn tn Cht na-whcn tt rcaltzcd that t t could not
supprcss thcm, swttchcd gcars and cstabltshcd a burcau cmpowcrcd to
tssuc such notcs thcmsclvcs. `'
y thc carly bong dynasty 6oIz; nD) , local banktng opcrattons
al | ovcr Chtna wcrc runntng st mt l ar opcrattons, acccpttng cash and
bul l t on tor satckccptng and al|owtng dcposttors to usc thcir rccctpts as
2 1 U D L b 1
promtssory notcs, as wcll as tradtng tn govcrnmcnt coupons tor sal t
and tca. Nany ot thcsc notcs camc to ctrculatc as dc tacto moncy. `
Jhc govcrnmcnt, as usual , hrst trtcd to ban thc practtcc, thcn control
tt granttng a monopoly to stxtccn lcadtng mcrchants) , thcn, hnally, sct
up a govcrnmcnt monopoly-thc urcau ot Lxchangc Ncdt um, cstab
l t shcd t n Iozand bctorc long, atdcd by thc ncw|y tnvcntcd prtnttng
prcss, was opcrattng tactortcs tn scvcral ctttcs cmp|oytng thousands ot
workcrs and productng |ttcrally mt l l t ons ot notcs. ``
At hrst, thts papcr moncy was mcantto ctrcu|atc tor a l t mttcd ttmc
notcs woul d cxptrc attcr two, thcn thrcc, thcn scvcn ycars) , and was
rcdccmablc tn bullton. Ovcr ttmc, cspcct al | y as thc bong camc undcr
tncrcastng mt l t tary prcssurc, thctcmptatton to stmply prtnt moncy wtth
ltttlc or no backup bccamc ovcrwhclmtng-and, morcovcr, Chtncsc
govcrnmcnts wcrc rarcly complctcly wt l l t ng to acccpt thctr own pa
pcr moncy tor tax purposcs. Combtnc thts wtth thc tact that thc bt l l s
wcrcworthlcss outstdc Cht na, and t t' s rathcr surprtstngthatthcsystcm
workcd at al | . Ccrtat nl y, tnhatton was a constant problcm and thc
moncy would havc to bc rccal lcd and rctssucd. Occastonally thc wholc
systcm would brcak down, but thcn pcoplc would rcsort to thctr own
cxpcdtcnts. "prtvatcly t ssucd tca chccks, noodlc chccks, bamboo talltcs,
wtnc ta| l t cs, ctc. "` bttll, thc Nongol s, who rulcd Chtna trom Iz;I to
I68 no, chosc to matntatn thc systcm, and tt was only abandoncd t n
thc scvcntccnth ccntury.
Jhts t s tmportant to notc bccausc thc convcnttonal account tcnds
to rcprcscnt Chtna' s cxpcrtmcnt wtth papcr moncy as a tat l urc, cvcn,
tor Nctal l tsts, proot that "hat moncy, " backcd only by statc powcr,
wtll always cvcntual l y collapsc.` Jhts ts cspcct al l y odd, stncc thc ccn-
turtcs whcn papcr moncy was tn usc arc usual | y constdcrcd thc most
cconomtcally dynamtc tn Chtncsc ht story. burc|y, t t thc Lnttcd btatcs
govcrnmcnt was cvcntual l y torccd to abandon thc usc ot tcdcral rc
scrvc notcs tn zqoono, no onc wou|d bc argutng that thts showcd that
thc vcry tdca was always tntrtnstca|ly unworkab| c. loncthc|css, thc
mat n potnt I' d |tkc to cmphastzc hcrc t s that tcrms ltkc "hat moncy, "
howcvcr common, arcdcccpttvc. Almost al l otthc ncw torms otpapcr
moncy that cmcrgcd wcrc not ortgt nal l y crcatcd by govcrnmcnts at
all, thcy wcrc stmply ways ot rccogntztng and cxpandtng thc usc ot
crcdt t tnstrumcnts that cmcrgcd trom cvcryday cconomtc transactt ons.
It tt was only Cht na that dcvclopcd papcr moncy tn thcNt ddl c Agcs,
thts was l argcly bccausc only t n Chtna was thcrc a govcrnmcnt | argc
and powcrtul cnough, but al so, suthctcntly susptctous ot tts mcrcanttlc
classcs, to tccl tt had to takc chargc otsuch opcrattons.
1h 0 N0 8 | W0st .
| sl 8m [8plt8l 8s r0Jlt)
1 H L M l D D L L A G L S 2 J l
lrices deend on tbe ui// of A//ab; it is
be ubo raises and /ouers tbem.
Pttr OutCO tO thC
rOQhCt NOhammCO
Tbe rojt of eacb artner must be in
roortion to tbe sbare of eacb in tbe
adcenture.
ls am C Cga QrCCCQt
or most ot thc Ntddlc Agcs, thc cconomt c ncrvc ccntcr ot thc world
cconomy and thc sourcc ottts most dramattc hnanctal tnnovattons was
nctthcr Chtna nor ndt a, but thcVcst, wht ch, trom thc pcrspccttvc ot
thc rcst ot thc world, mcant thc world ot Islam. Ourtng most ot thts
pcrtod, Chrtstcndom, lodgcd t n thc dccltntng cmptrc otyzanttum and
thc obscurc scmt-barbarous prtnctpal tttcs ot Luropc, was l argcly tnstg-
nthcant.
btncc pcoplc who ltvc tn Vcstcrn Luropc havc so long bccn t n
thc habt t ot thtnktng ot Isl am as thc vcry dchnttton ot "thc Last, "
t t' s casy to torgct that, trom thc pcrspccttvc ot any othcr grcat tradt-
tton, thc dt ttcrcnccbctwccn Chrtsttantty and Islam t s al most ncgltgt bl c.
Onc nccd only ptck up a book on, say, Ncdt cval Isl amt c pht l osophy
to dt scovcr dt sputcs bctwccn thc aghdad Artstotclcans and thc nco-
ythagorcans tn asra, or crstan lco-latont stssscntt al l y, scholars
dotng thc samc work ot trytng to sguarc thc rcvcalcd rcltgton tradt-
tton bcgtnntng wtth Abraham and Noscs wtth thc catcgortcs ot Crcck
phtlosophy, and dotng so tn a l argcr contcxt ot mcrcanttlc capttal t sm,
untvcrsa|tsttc mtsstonary rcltgt on, sctcntthc rattonal t sm, pocttc cclcbra
ttons otromanttc lovc, and pcrtodtc wavcs ottasctnatton wtth mysttcal
wtsdom trom thc Last.
rom a world-htstortcal pcrspccttvc, tt sccms much morc scnstblc
to scc|udat sm, Chrtsttantty, and Isl amasthrccdt ttcrcnt mant tcstattons
ot thc samc grcat Vcstcrn tntcl lcctual tradttton, whtch tor most ot
human ht story has ccntcrcd on Ncsopotamt a and thc Lcvant, cxtcnd-
tng tnto Luropc as tar as Crcccc and tnto Atrtca as tar as Lgypt, and
somcttmcs tarthcr wcst across thc Ncdttcrrancan or down thc lt l c.
Lconomt cal l y, mostotLuropc wasuntt l pcrhapsthcIt ghNt ddl cAgcs
2 1 2 D L b 1
tn cxactly thc samc st tuatton as most ot Atrt ca. pl uggcd tnto thc l argcr
worldcconomy, t tatal l , largcly asan cxportcrotslavcs, raw matcrtal s,
and thc occastonal cxottca ambcr, clcphant tusks . . . ) , and tmportcr
ot manutacturcd goods Cht ncsc st l ks and porccl at n, Indt an caltcocs,
Arab stccl ) . Jogcta scnscotcomparattvccconomtcdcvclopmcnt cvcn
t t thc cxamplcs arc somcwhat scattcrcd ovcr ttmc) , constdcr thc tol -
lowtng tablc.
|Ou| !| O05 00 1X K6v60u6, OU b-J2UU
opulatton Kcvcnuc Kcvcnuc
pcr Icad
Mi//ions Tons oj 5i/ter Crams oj 5i/ter
Pcrsta, L. BL jo I; 6p; qI
Lgypt, c. BL zoo ; j8q
Komc, L. I AD o 8z I;
Komc, c. Io AD o I, oo zI
Byzant um, c. 8o AD o Io
Abbastds, L. 8o AD z6 , z6o q8
J' ang, L. 8o AD o z, q qj
Francc, zz AD 8. zo. j z. q
Lng|and, zoj AD z. t. q

6
Vhat' s morc, tor most ot thc Ntddlc Agcs, Isl am was not only thc
corc otVcstcrn ctvtltzatton, tt was tts cxpanstvc cdgc, worktng tts way
tnto Indt a, cxpandtng tn Atrtca and Luropc, scndtng mtsstonartcs and
wtnntngconvcrts across thc Indtan Occan.
Jhcprcvat l tng Isl amtc attttudc toward l aw, govcrnmcnt, and cco-
nomtc mattcrs was thc cxact opposttc otthat prcvalcnt t n Cht na. Con-
tuct ans wcrc susptctous ot govcrnancc through strtct codcs ot law,
prctcrrtng to rcly on thc t nhcrcnt scnsc ot | usttcc ot thc cul ttvatcd
scholara scholar who was st mpl y assumcd to also bc a govcrnmcnt
othct al . Ncdtcval Isl am, on thc othcr hand, cnthust asttcally cmbraccd
law, whtch was sccn as a rcltgtous tnstttutton dcrtvcdtromthcrophct,
buttcndcd to vtcwgovcrnmcnt, morc ottcn thannot, asanuntortunatc
ncccsstty, an tnstttutton that thc truly ptous would do bcttcrto avotd. '
In part thts was bccausc ot thc pccul t ar naturc ot Islamtc govcrn-
mcnt. Jhc Arab mt lttary lcadcrs who, attcr Nohammcd' s dcath tn
6z nD, congucrcd thc bassant an cmptrc and cstabl t shcd thc Abbastd
Cal tphatc, always conttnucd to scc thcmsclvcs as pcoplc ot thc dcscrt,
1 H L M l D D L L A G L S 2 J 3
and ncvcr tclt cnttrcly part ot thc urban ctvtltzattons thcy had comc
to rulc. Jht s dtscomtort was ncvcr gut tc ovcrcomcon ctthcr st dc.
It took thc bul k ot thc popul att on scvcral ccnturtcs to convcrt to thc
congucror' s rcl t gt on, and cvcn whcn thcydt d, thcyncvcrsccm to havc
rcally tdcntthcd wtth thctr rulcrs. Covcrnmcnt was sccn as mtl ttary
powcr-ncccssary, pcrhaps, dctcnd thc tatth, but tundamcntally cxtc-
rtor to soctcty.
In part, too, tt was bccausc ot thc pccul t ar al l t ancc bctwccn mcr
chants and common tolk that camc to bc altgncd agatnst thcm. Attcr
Cal t ph a| -Na' mum' s aborttvc attcmpt to sct up a thcocracy t n 8z no,
thcgovcrnmcnt took a hands-ott posttton on gucsttons otrcltgton. Jhc
vart ousschoolsotIsl amt cl awwcrctrcc to crcatcthct rowncducatt onal
t nstt tutt onsand matntatnthct rown scparatc systcmotrcltgtous | usttcc.
Cruct al | y, t t was thc u/ema, thc lcgal scholars, who wcrc thc prtnctpal
agcntstnthcconvcrstonotthc bulk otthccmptrc' spopulattonto Isl am
tn Ncsopotamt a, byrt a, Lgypt, and lorth Atrtca tn thosc samc ycars.
ut-| tkc thc cldcrs tn chargc ot gutlds, ctvtc assoctattons, commcrct al
sodal t tt cs, and rcltgtous brothcrhoods-thcy dtd thct r bcst to kccp thc
govcrnmcnt, wtth tts armtcs and ostcntatton, at arm' s lcngth. ' "Jhc
bcst prtnccs arc thosc who vt st t rcltgtous tcachcrs, " onc provcrb put
t t, "thc worst rcltgtous tcachcrs arc thc thosc who al l ow thcmsclvcs to
bc vt st tcd by prtnccs. " A Ncdtcval Jurktsh storybrtngs t t homc cvcn
morc potntcd| y.
Jhcktng oncc summoncd Masruddtn tocourt.
"Jc|| mc, " satd thc ktng, "you arc a mysttc, a pht|osophcr,
a man ol unconvcnttona| undcrstandtngs. l havc bccomc tn
tcrcstcd tn thc tssuc ol va|uc. It' s an tntcrcsttng pht |osophtca|
qucstton. Mow docs onc cstabltsh thc truc worth ol a pcrson,
or an ob| cct ! Jakc mc lor cxamp|c. ll l wcrc to ask you to
cstt matc my va|uc, what wou|d you say! "
"h, " Masruddtn satd, "I ' d say about two hundrcd dtnars. "
Jhc cmpcror was |l abbcrgastcd. "What ! ! ut thts bc|t l ' m
wcartng ts worth two hundrcd dtnars! "
"I know, " satd Masruddtn. "Actua||y, l was taktngthc va|uc
ol thc bc|t tnto constdcratton. "
Jhts dt s| uncturc had protound cconomt c cttccts. It mcant that thc
Ca| t phatc, and l atcr Nusltm cmptrcs, could opcratc tn many ways
much ltkc thc old Axtal Agc cmpt rcs-crcattng protcsstonal armtcs,
wagtng wars ot congucst, capturtng slavcs, mclttng down loot and
dtstrtbuttng tt tn thc torm otcotns to soldtcrs and othct al s, dcmandtng
2 J 4 D L b 1
thatthosccotns bc rcndcrcd back as taxcsbut at thc samcttmc, wtth-
out havtng ncarly thc samc cttccts on ordtnary pcoplc' s ltvcs.
Ovcr thc coursc otthc wars otcxpanst on, tor cxamplc, cnormous
guanttttcs otgold and st lvcr wcrctndccd lootcd trom palaccs, tcmpl cs,
and monastcrtcs and stampcd tnto cot nagc, allowtng thc Caltphatc to
producc gold dtnars and stlvcr dtrhams ot rcmarkablc purttythat t s,
wt thncxt to no hductary c|cmcnt,thcval ucotcachcot ncorrcspondtng
al mostprcctscly to tts wctght t n prcctous mctal . ' As a rcsult, thcy wcrc
ablc to pay thctr troops cxtraordt nart l y wcl l . A soldtcr t n thc Cal t ph' s
army, torcxampl c, rccctvcd al most tourtt mcsthc wagcs onccrccctvcd
by a Koman lcgtonary. Vc can, pcrhaps, spcak ota ktnd ot"mt l ttary-
cot nagc-slavcry" complcx hcrcbut tt cxt stcd t n a ktnd ot bubbl c.
Vars ot cxpanston, and tradc wtth Luropc and Atrtca, dt d producc a
tatrly constant how ot sl avcs, but tn dramattc contrast to thc anctcnt
world, vcry tcw ot thcm cndcd up labortng t n tarms or workshops.
Nost cndcd up as dccoratton t n thchouscsot thc rt ch, or, tncrcastngly
ovcr ttmc, as soldtcrs. Ovcr thc coursc ot thc Abbastd dynasty ;o
Iz8 no) tn tact, thc cmptrc camc to rcly, tor tts mt lttary torccs, almost
cxclustvcly on Naml uks, htghly tratncd mtlttary slavcs capturcd or
purchascd trom thc Jurktsh stcppcs. Jhc poltcy otcmploytng sl avcs as
sol dt crs was matntatncd by al l ot thc Isl amt c succcssor statcs, t ncl ud-
tng thc Nughal s, and cul mt natcd t n thc tamous Naml uk sultanatc t n
Lgyptt nthctht rtccnth ccntury, buthtstort cal l y, t twas unprcccdcntcd.
In most ttmcs and pl accs s|avcs arc, tor obvtous rcasons, thc vcry l ast
pcopl c to bc al lowcd anywhcrc ncar wcapons. Icrc t t was systcmattc.
utt n a strangcway, tt also madcpcrtcct scnsc. t tsl avcs arc, bydchnt-
tton, pcoplc who havc bccn scvcrcd trom soctcty, thts was thc logtcal
conscgucncc ot thc wal l crcatcd bctwccn soctcty and thc Ncdtcval
Isl amt c statc.
Kcltgtous tcachcrs appcar to havc donc cvcrythtng thcy could to
prop upthcwal l . Oncrcasontorthcrccourscto slavcsoldtcrs was thctr
tcndcncyto dt scouragc thc tatthtul trom scrvtngt n thc mt lttary stncc t t
mt ghtmcanhghttngtcl l owbcltcvcrs) . Jhcl cgal systcmthatthcycrcatcd
also cnsurcd thattt was cttccttvcly tmposstblctorNusl t ms-ortor that
mattcr Chrtsttan or jcwtsh sub| ccts ot thc Caltphatcto bc rcduccd to
sl avcry. Icrc al -Vahtd sccms to havc bccn l argcly corrcct. Isl amt c l aw
took at m at | ust about al l thc most notortous abuscs otcarl t cr, Axt al
Agc soctcttcs. blavcry through kt dnapptng, | udt ct al punt shmcnt, dcbt,
and thc cxposurc or sal c ot cht l drcn, cvcn through thc voluntary sal c
otonc' s own pcrsonal l wcrctorbtddcn, or rcndcrcd uncntorccablc.
Ltkcwtsc wtth al l thc othcr torms ot dcbt pconagc that had loomcd
ovcr thc hcads ot poor Ntddlc Lastcrn tarmcrs and thctr tamt l t cs
1 H L M l D D L L A G L S 2 J
st ncc thc dawn ot rccordcd ht story. t nal l y, Isl am strtctly torbadc usu-
ry, whtch tt tntcrprctcd to mcan any arrangcmcnt t n whtch moncy
or a commodtty was lcnt at t ntcrcst, tor any purposc whatsocvcr.
In a way, onc can scc thc cstabl t shmcnt ot Isl amt c courts as thc
ultt matc trtumph ot thc patrtarchal rcbcl lton that had bcgun so many
thousands ot ycars bctorc. ot thc cthos ot thc dcscrt or thc stcppc,
rcal or t magtncd, cvcn as thc tat thtul dtd thctr bcst to kccp thc hcavtly
armcd dcsccndants ot actual nomads conhncd to thctr camps and pal -
accs. It was madc posst bl c by a protound sht tt tn class al l t anccs. Jhc
grcaturban ct vt l t zatt onsotthcNt ddl cLast had always bccn domtnat-
cd by a dc tacto al l t ancc bctwccn admt nt strators and mcrchants, both
ot whom kcpt thc rcst ot thc populatton ctthcr tn dcbt pconagc or tn
constantpcrtl ot tal l t ng tnto t t. In convcrttng to Islam, thc commcrct al
cl asscs, so l ong thc arch-vt l l at ns t n thc cycs ot ordtnary tarmcrs and
townstol k, cttccttvcly agrccd to changc stdcs, abandon al l thctr most
hatcd practtccs, and bccomc t nstcad thc lcadcrs ot a soctcty that now
dchncd ttsclt agatnst thc statc.
It was posstblc bccausc trom thc bcgtnntng, Islam had a postttvc
vtcwtoward commcrcc. Nohammcd ht msclthadbcgunht sadultl t tc as
a mcrchant, and no Isl amt c tht nkcrcvcr trcatcd thc honcst pursut t ot
proht as ttsclttntrtnstca|ly t mmoral ort nt mt cal to tat th. lctthcrdtd thc
prohtbtttons agat nst usurywht ch tor thc most part wcrc scrupul ousl y
cntorccd, cvcn t n thc casc otcommcrct al loanstn any scnsc mtttgatc
agatnst thc growth ot commcrcc, or cvcn thc dcvclopmcnt ot complcx
crcdtt t nstrumcnts. ' Jo thc contrary, thc carly ccnturtcs ot thc Cal t ph-
atc saw an t mmcdt atc cthorcsccncc tn both.
rohts wcrc sttll posstblc bccausc Isl amt c | urtsts wcrc carctul to
allow tor ccrtatn scrvtcc tccs, and othcr constdcrattonsnotabl y, al -
l owt ng goods bought on crcdtt to bc prtccd sl tghtly htghcr than thosc
bought tor cashthat cnsurcd that bankcrs and tradcrs sttll had an
tnccnttvc to provtdc crcdtt scrvtccs. btt l l , thcsc tnccnttvcs wcrc ncvcr
cnough to al l ow banktng to bccomc a tul l -tt mc occupatton. t nstcad,
almost any mcrchant opcrattng on a suthctcntly l argc scalc could bc
cxpcctcd to combtncbanktngwtth a hostotothcrmoncymaktngacttvt-
ttcs. As a rcsult, crcdt t t nstrumcnts soon bccamc so csscnttal to tradc
that al most anyonc ot promtncncc was cxpcctcd to kccp most ot hts
or hcr wcalth on dcpostt, and to makc cvcryday transacttons, not by
counttng out cot ns, but by tnkpot and papcr. romt ssory notcs wcrc
cal lcd sakk, "chccks", or ruq' a, "notcs . " Chccks could bouncc. Onc
Ccrman htstort an, ptcktng through a multttudc ot old Arabtc l t tcrary
sourccs, rccounts that.
2 J D L b 1
About poo a grcat man patd a pocttnthtsway, on|ythc bankcr
rcluscd thc chcck, so that thc dt sappot ntcd poct composcd a
vcrsc to thc cllcct that hc wou|d g|ad|y pay a mt | | t on on thc
samc p|an. A patron ol thc samc poct and singcr ,pj6) dur-
tng a conccrt wrotc a chcck tn hts lavor on a bankcr lor hvc
hundrcd dtnars. Whcn paytng, thc bankcr gavc thc poct to un-
dcrstand that tt was customary to chargc onc dtrham dtscount
on cach dtnar, i . c. , abouttcn pcr ccnt. n|y tlthc poct wou|d
spcnd thc altcrnoon and cvcntngwtth htm, hc wou|d makc no
dcductton . . .
y about1LL thc bankcrhad madc htmscl ltndtspcnsab|ctn
asra. cvcry tradcr had hts banktng account, and patd on|y tn
chccks on hts bank tn thc bazaar. . . . '
Chcckscoul d bccountcrsgncd and transtcrrcd, and lcttcrs otcrcd-
t ,suftaja) could travcl across thc Indan Occan orthc bahara. Itthcy
dd notturn tntodctacto papcrmoncy, twas bccausc, s ncc thcyopcr-
atcd complctcly ndcpcndcnt otthc statc thcycould not bcuscd to pay
taxcs, tor nstancc) , thcr valuc was bascd almost cntrcly on trust and
rcputaton.` Appcal to thc Isl am c courts was gcncrally voluntary or
mcd atcd by mcrchant gu l ds and c v c assocatons. In such a contcxt,
havng a tamous poct composc vcrscs makng tun otyou tor bouncng
a chcck was probably thc ulti matc d sastcr.
Vhcn t camc to hnancc, nstcad ot ntcrcst-bcarng nvcstmcnts,
thc prctcrrcd approach was partncrsh ps, whcrc ottcn) onc party
would supply thc captal , thc othcr carry out thc cntcrpr sc. Instcad
othxcd rcturn, thc nvcstor would rcccvc a sharc ot thc prohts. Lvcn
labor arrangcmcnts wcrc ottcn organzcd on a proht-sharng bas s.
In al l such mattcrs, rcputaton was crucal-n tact, onc lvcly dcbatc
n carly commcrcal l aw was ovcr thc gucston ot whcthcr rcputatton
could lkc l and, labor, moncy, or othcr rcsourccs) tsclt bc cons d-
crcd a torm ot captal . It somct mcs happcncd that mcrchants woul d
torm partncrsh ps wth no captal at al l , but only thcr good namcs.
Jh s was cal lcd "partncrshp otgood rcputaton. " As onc | cgal schol ar
cxpl a ncd.
As lor thc crcdtt partncrshtp, tt ts a| so ca| |cd thc "partncrshtp
olthcpcnnt|css" sbari/a a/-maja/is) . ltcomcs aboutwhcn two
pcop|c lorm a partncrshtp wtthout any captta| tn ordcr to buy
on crcdtt and thcn sc| | . lt ts dcstgnatcd by thts namc partncr-
shtp ol good rcputattons bccausc thctr capita| const sts ol thctr
1 H L M l D D L L A G L S
status and good rcputattons, lor crcdtt t s cxtcndcd on|y to ht m
who has a good rcputatton among pcop|c. `
2 J J
bomc lcgal scholars ob| cctcd to thc tdca that such a contract could
bc constdcrcd lcgally btndtng, st ncc t t was not bascd on an tntttal out-
l ay ot matcrt al capttal , othcrs constdcrcd t t lcgtttmatc, provtdcd thc
partncrs makc an cguttablc partttton ot thc prohtsstncc rcputatton
cannot bc guantthcd. Jhc rcmarkablc thtng hcrc t s thc tactt rccog-
nttton that, t n a crcdtt cconomy that opcratcs l argcly wtthout statc
mcchant sms ol cntorccmcnt wtthout poltcc to arrcst thosc who com-
mtt traud, or bat l t lts to sctzc a dcbtor's propcrty) , a stgnthcant part ot
thc valuc ot a promt ssory notc t s tndccd thc good namc ot thc stgna-
tory. As tcrrc ourdtcu was latcr to potnt out t n dcscrtbtng a st mt l ar
cconomy ot trust tn contcmporary Algcrt a. t t' s gut tc posst bl c to turn
honor tnto moncy, al most tmposstblc to convcrt moncy tnto honor.
Jhcsc nctworks ot trust, tn turn, wcrc l argcly rcsponstblc tor thc
sprcadotIsl amovcr thccaravan routcs otCcntral Asta and thcbahara,
and cspcct al l y across thc Indtan Occan, thc mat n condut t ot Ncdtcval
world tradc. Ovcr thc coursc otthc Ntddlc Agcs, thc Indtan Occan ct-
tccttvcly bccamc a Nusl t m lakc. Nusl t m tradcrs appcar to havc playcd
a kcy rolc t n cstabltshtng thc prtnctplc that ktngs and thctr armtcs
should kccp thctr quarrcls on dry l and, thc scas wcrc to bc a zonc ot
pcacctul commcrcc. At thc samc ttmc, Islam gatncd a tochol d t n tradc
cmporta trom Adcn to thc Noluccas bccausc Isl amt c courts wcrc so
pcrtcctly sut tcd to provtdc thosc tuncttons that madc such ports at-
tracttvc. mcans ot cstabl tshtng contracts, rccovcrtng dcbts, crcattng a
banktng scctor capablc ol rcdccmtng or transtcrrtng lcttcrs ot crcdtt.
Jhc lcvcl ot trust thcrcby crcatcd bctwccn mcrchants tn thc grcat Na-
lay cntrcpt Nalacca, gatcway to thc spt cc t sl ands ot Indoncst a, was
lcgcndary. Jhcct tyhad bwaht l t , Arab, Lgyptt an, Ltht opt an, andArmc
ntan guartcrs, as wcll as guartcrs tor mcrchants trom dt ttcrcnt rcgtons
ot Indta, Cht na, and bouthcast Asta. Yct tt was sat d that tts mcrchants
shunncd cntorccablc contracts, prctcrrtng to scal transacttons "wtth a
handshakc and a glancc at hcavcn. "
In Isl amt c soctcty, thc mcrchant bccamc not | ust a rcspcctcd hgurc,
but a ktnd otparagon. ltkc thc warrtor, a man ot honor ablc to pursuc
lar-hung advcnturcs, unltkc ht m, abl c to do so t n a tashton damagtng
to no onc. Jhc rcnch htstortan Naurtcc Lombard draws a strtktng,
tt pcrhaps rathcr tdcaltzcd, ptcturc ot ht m "t n ht s statcly town-housc,
surroundcd by slavcs and hangcrs-on, tn thc mtdst otht s collccttons ot
books, travcl souvcnt rs, and rarc ornamcnts, " along wtth ht s lcdgcrs,
corrcspondcncc, and lcttcrs otcrcdt t, skt llcd tn thc arts otdoublc-cntry
2 J b D L b 1
book-kccptng along wtth sccrct codcs and ctphcrs, gtvtng al ms to thc
poor, supporttng pl accs ot worshtp, pcrhaps, dcdtcattng ht msclt to thc
wrtttng ot poctry, whtlc stt | l abl c to translatc hts gcncral crcdttwortht -
ncss tnto grcat capttal rcscrvcs by appcaltng to tamtly and partncrs. '
Lombard' s ptcturc ts to somc dcgrcc tnspt rcd by thc tamous Tbousand
and One Nigbts dcscrtptton ot btndbad, who, havtng spcnt ht s youth
tn pcrt lous mcrcanttlc vcnturcs to taraway | ands, hnally rctt rcd, rtch
bcyond drcams, to spcnd thc rcstotht sl t tc amtdstgardcns anddanctng
gtrl s, tclltng tall talcs othts advcnturcs. Icrc' s a gltmpsc, tromthccycs
ot a humbl c portcr also namcd btndbad) whcn hrst summoncd to scc
ht m by thc mastcr' s pagc.
Ic tound t to bc a goodl y manson, radant and tul l ot ma| cs-
ty, t l l hc brought hm to a grand s ttng room whcrcn hc saw
a company ot noblcs and grcat lords scatcd at tablcs garnshcd
wth al l manncr ot howcrs and swcct-sccntcd hcrbs, bcsdcs
grcat plcnty ot da nty vands and truts drcd and trcsh and
contcctons and wncs ot thc choccst vntagcs . Jhcrc al so wcrc
nstrumcnts ot musc and m rth and lovcly slavc grls pl ayng
and sngng. All thc company was rangcd accordng to rank,
and n thc hghcst pl acc sat a man ot worsh ptul and noblc
aspcct whosc bcardcd sdcs hoarncss had strckcn, and hc was
statcly ot staturc and ta r ot tavor, agrccablc ot aspcct and
tul l ot gravty and dgnty and ma| csty. So Sndbad thc lortcr
was contoundcd at that whch hc bchcl d and sa d n h msclt,
"y Al l ah, ths must bc cthcr somc kng` s pal acc, or a p ccc
ot laradscl
It' s worth guottng not only bccausc tt rcprcscnts a ccrtatn tdcal , a
ptcturc ot thc pcrtcct l t tc, but bccauscthcrc' sno rcal Chrtsttan paral l cl .
It would bc tmposstblc concctvc ot such an t magc appcartng t n, say, a
Ncdtcval rcnch romancc.
Jhcvcncratton otthc mcrchant was matchcd by what can only bc
callcd thc world' s hrst popu|ar trcc-markct tdcology. Jruc, onc should
bc carctul nottocontusctdcals wtth rcaltty. Narkctswcrccvcrcnttrcly
tndcpcndcnt trom thc govcrnmcnt. Is| amt c rcgtmcs dtd cmploy al l thc
usual stratcgtcs ot mant pul attng tax poltcy to cncouragc thc growth ot
markcts, and thcy pcrtodtca| ly trtcd to tntcrvcnc tn commcrctal law. '
btt l l , thcrc was a vcry strong popular tccltng that thcy shouldn' t. Oncc
trccdtromttsanctcntscourgcs otdcbtand slavcry, thclocal bazaarhad
bccomc, tor most, not a placc ot moral dangcr, but thcvcry opposttc.
1 H L M l D D L L A G L S 2 J 9
thc htghcstcxprcsston otthc human trccdom and communal so|tdartty,
and thus to bc protcctcd asstduous|y trom statc tntruston.
Jhcrc was a parttcular hosttltty to anythtng that smackcd otprtcc-
hxtng. Onc much-rcpcatcd story hcld that thc rophct ht msclt had
rctuscd to torcc mcrchants to lowcr prtccs durtng a shortagc tn thc
ctty ot Ncdt na, on thc grounds that dotng so would bc sacrtlcgt ous,
st ncc, tn a trcc-markct sttuatton, "prt ccsdcpcnd on thc wt l l otCod. "
Nost lcgal scholars tntcrprctcd Nohammcd' s dcctston to mcan that
any govcrnmcnt t ntcrtcrcncc tn markct mcchant sms should bc con-
stdcrcd st mt lar|y sacrt lcgtous, stncc markcts wcrc dcstgncd by Cod to
rcgul atc thcmsclvcs. `
It al l thts bcars a strtktng rcscmbl ancc to Adam bmtth' s "tnvt st bl c
hand" wht ch was al so thc hand ot Otvtnc rovtdcncc) , tt mt ght not
bc a complctc cotnctdcncc. In tact, many otthc spccthc argumcnts and
cxamp|cs that bmtth uscs appcar to tracc back dt rcctly to cconomtc
tractswrtttcn tn Ncdtcva| crst a. or tnstancc, not only docs ht s argu-
mcnt that cxchangc t s a natural outgrowth ot human rattona|tty and
spccch al rcady appcar both tn both Chazalt u8-IHI no) , and Just
IzoI-Iz;q no) , both usc cxactly thc samc t l lustratton. that no onc has
cvcr obscrvcd two dogs cxchangtng boncs . Lvcn morc dramattcal l y,
bmt th' s most tamous cxampl c ot dtvtston ot l abor, thc ptn tactory,
whcrc tt takcs ctghtccn scparatc opcratt ons to producc onc ptn, al rcady
appcars tn Chazal t ' slbya, tn whtchhcdcscrtbcs a nccdlc tactory, whcrc
tt takcs twcnty-hvc dt ttcrcnt opcrattons to producc a nccdl c.
Jhc dt ttcrcnccs, howcvcr, arc | ust as stgnthcant as thc st mt l art tt cs.
Onc tcl ltng cxamplc. ltkc bmt th, Just bcgt ns ht s trcattsc on cconomtcs
wtth a dtscusston ot thc dtvtston ot l abor, but whcrc tor bmtth, thc
dtvtston otl abort s actually an outgrowth otour "natural propcnstty to
truck and bartcr" tn pursutt ot tndtvtdual advantagc, tor Just , tt was
an cxtcnston otmutual atd.
Lct us supposc that cach tndtvtdua| wcrc rcgutrcd to busy
hi msc| lwtth provtdtnght sown sustcnancc,c| othtng,dwc| | tng-
p|acc and wcapons, hrst acgutrtng thc too|s olcarpcntry and
thcsmt th' stradc, thcn rcadytngthcrcbytoo|s and t mp| cmcnts
lor sowtng and rcaptng, grtndtng and kncadtng, sptnntng and
wcavtng . . . C| car| y, hcwou| dnot bccapab|c oldotng| usttcc
to any onc ol thcm. ut whcn mcn rcndcr atd to cach othcr,
cach oncpcrlormtngonc olthcsc t mportant tasks that arc bc-
yond thc mcasurc olht s own capactty, and obscrvtng thc |aw
ol | usttcc tn transacttons by gtvtng grcat|y and rccctvtng tn
cxchangc ol thc |abor olothcrs, thcn thc mcans ol | tvc| thood
2 b U D L b 1
arc rca|tzcd, and thc succcsston ol thc tndtvtdua| and thc sur-
vtva| olthc spcctcs arc assurcd.
As a rcsult, hc argucs, dtvtnc provtdcncc has arrangcd us to havc
dt ttcrcnt abt ltttcs, dcstrcs, and t ncl t natt ons. Jhc markct t s stmply onc
manttcstatton ot thts morc gcncral prt nct pl c ot mutual at d, ot thc
matcht ng ot, abtltttcs supply) and nccds dcmand)or to translatc t t
tnto my own carltcr tcrms, tt t s not onl y toundcd on, but t s t tscl t an
cxtcnst on ot thc ktnd ol bascltnc communt sm on wht ch any soctcty
must ul tt matcly rcst.
Al l thts t s not to say that Just was tn any scnsc a radtcal cgalttar-
t an. Qut tc thc contrary. "I t mcn wcrc cgual , " hc tnststs, "thcy woul d
al l pcrtsh. " Vcnccddtttcrcnccs bctwccn rtch andpoor, hct nst stcd, | ust
as much as wc nccd dt ttcrcnccs bctwccn tarmcrs and carpcntcrs. btt l l ,
onccyoustarttromthct nt tt al prcmt scthatmarkctsarcprt mart l yabout
coopcratton rathcr than compcttttonand wht l c Nusl t m cconomtc
thtnkcrs dt d rccogntzc and acccpt thc nccd tor markct compctttton,
thcy ncvcr sawcompctttton as tts csscnccthc moral t mpl t catt ons arc
vcry dtttcrcnt. lasruddtn' s story about thc guatl cggs mtght havc bccn
a | okc, but Nusl t m cthtctsts dtd ottcn cn| ot n mcrchants to drtvc a hard
bargatn wtth thc rtch so thcy could chargc lcss, or pay morc, whcn
dcaltng wtth thc lcss tortunatc.
Chazal t ' s takc on thc dt vt st on ot l abor t s st mt l ar, and ht s account
ot thc ortgtns ot moncy t s t t anytht ng cvcn morc rcvcal t ng. It bcgtns
wtth what looks much ltkc thc myth ot bartcr, cxccpt that, ltkc al l
Ntddlc Lastcrn wrttcrs, hc starts not wt th t magtnary prt mtttvc trtbcs-
mcn, but wtth strangcrs mccttng tn an t magtnary markctpl acc.
Somcttmcs a pcrson nccds whathc docsnotownandhc owns
what hc docs not nccd. For cxamp|c, a pcrson h
_
s sallron but
nccds a camc| lor transportatton and onc who owns a camc|
docs not prcscnt|y nccd that camc| but hc wants sallron. Jhus,
thcrc t sthcnccdlor an cxchangc. Mowcvcr, lorthcrc to bc an
cxchangc, thcrc must bc a way to mcasurc thc two ob| ccts, lor
thc camc|-owncr cannot gtvc thc who|c camc| lor a guanttty
ol sallron. Jhcrc ts no stmt|artty bctwccn sallron and camc|
so that cgua| amount ol that wctght and lorm can bc gtvcn.
Ltkcwtsc ts thc casc olonc who dcstrcs a housc but owns somc
c|oth or dcstrcs a s|avc but owns socks, or dcstrcs hour but
posscsscs a donkcy. Jhcsc goods havc no dtrcct proporttona|-
tty so onc cannot know how much sallron wt|| cgua| a camc|' s
worth. Such bartcr transacttons wou|d bc vcry dtlhcu|t.'
1 H L M l D D L L A G L S 2 b l
Chazal t al so notcs that thcrc mtght al so bc a problcm ot onc pcr-
son not cvcn nccdtng what thc othcr has to ottcr, but thts t s al most
an attcrthought, tor htm, thc rcal prob|cm ts conccptual . Iow do you
comparc two thtngs wtth no common gua| tttcs r It s concl ust on. tt can
only bc donc by compartng both to a thtrd thtng wtth no gualtttcs at
a| l . Forthtsrcason, hc cxpl at ns, Cod crcatcd dt nars and dt rhams, cotns
madc out ot go|d and stlvcr, two mctals that arc othcrwtsc no good
tor anytht ng.
D|rbams anddinars arcnotcrcatcd lor anyparttcu|arpurposc,
thcy arc usc|css by thcmsc|vcs, thcy arc | ust | tkc stoncs. Jhcy
arc crcatcd to ctrcu| atc lrom hand to hand, to govcrn and to
lact|ttatc transacttons. Jhcy arcsymbo|sto know thc va|ucand
gradcs olgoods. '
Jhcy can bc symbol s, untts ot mcasurc, bccausc ot thts vcry lack
ot usctulncss, tndccd |ack otany parttcu| ar tcaturc othcr than val uc.
P thtng canon| y bc cxact|y | tnkcd to othcr thtngs tl tt has no
parttcu|ar spccta| lorm or lcaturc ol t ts own-lor cxamp| c, a
mi rror that has no co|or can rchcct a| | co|ors. Jhc samc ts thc
casc wtth moncy-tt has no purposcoltts own, but ttscrvcs as
mcdtum lor thc purposc olcxchangtng goods. '
'
From thts tt al so tollows that lcndtng moncy at tntcrcst must bc
t l lcgtttmatc, stncc tt mcans ustng moncy as an cnd tn ttsclt. "Noncy
t s not crcatcd to carn moncy. " In tact, hc says, "tn rclatton to othcr
goods, dirbams and dinars arc l t kc prcpostttons t n a scntcncc, " words
that, as thc grammartans tntorm us, arc uscd to gtvc mcantng to othcr
words, but can only do bccausc thcy havc no mcantng t n thcmsclvcs.
Noncy ts a thus a untt ot mcasurc that provtdcs a mcans ot asscsstng
thc valuc otgoods, but also onc thatopcratcsas such only t ttt stays tn
constant mott on. Jo cntcr tn monctary transacttons tn ordcr to obtatn
cvcn morc moncy, cvcn tt t t' s a mattcr ot N-C- N' , |ct alonc N-N' ,
woul d bc, accordtng to Chazal t , thc cgutvalcnt ot ktdnapptng a post-
man. '
VhcrcasChazaltspcaksonlyotgo|dandst|vcr,whathc dcscrt bcs
moncy as symbo| , as abstract mcasurc, havtng no gua|tttcs ot tts own,
whosc valuc ts on|y mat ntatncd byconstantmott on-ts somcthtng that
would ncvcr havc occurrcd to anyonc wcrc tt not tn an agc whcn tt
was pcrtcctly normal tor moncyto bc cmploycd t n purcly vt rtua| torm.
8 8 8 8 8
2 b 2 D L b 1
Nuch otourtrcc-markctdoctrtnc,thcn,appcarsto havcbccnortgt nal l y
borrowcd ptcccmcal trom a vcry dt ttcrcnt soct al and moral untvcrsc. ''
Jhcmcrcanttlcclasscs ot thc NcdtcvallcarVcsthadpullcdott an cx-
traordtnary tcat. y abandontng thc usurtous practtccs that had madc
thcm so obnoxtous to thctr nctghbors tor untold ccnturtcs bctorc, thcy
wcrc ablc to bccomcalongstdc rcltgtous tcachcrsthc cttccttvc lcad-
crs ot thctr communtttcs. communtttcs that arc sttll sccn as organt zcd,
to a l argc cxtcnt, around thc twtn polcs ot mosguc and bazaar. ' Jhc
sprcad ot Islam al lowcd thc markct to bccomc a global phcnomcnon,
opcrattng l argcly t ndcpcndcnt ot govcrnmcnts, accordtng to tts own
tntcrnal laws. ut thcvcrytactthat thts was, t n a ccrtatn way, a gcnu-
tnc trcc markct, not onc crcatcd by thc govcrnmcnt and backcd by tts
poltcc and prtsonsa world ot handshakc dcal s and papcr promt scs
backcd only by thc t ntcgrtty ot thc stgncrmcant that t t could ncvcr
rcally bccomc thc world tmagtncd by thosc who latcr adoptcd many ot
thc samc tdcas and argumcnts. onc ot purcly sclt-tntcrcstcd tndtvtduals
vytngtormatcrtal advantagc by any mcans at hand.
1h 0 |8 | W0st .
hrlst00J0m [ 0mm0r00, L00Jl 0, 80J W8r)
Wbere tbere is ustice in uar, tbere is
a/so ustice in usury.
~baDt PmtOsC
Luropc, as I mcnttoncd, camc rathcr latc to thc Ntddlc Agcs and tor
most ott t was somcthtng ot a ht ntcrl and. btt l l , thc pcrtod bcgan much
as t t dt d clscwhcrc, wtth thc dt sappcarancc ot cotnagc. Noncy rc-
trcatcd tnto vt rtual t ty. Lvcryonc conttnucd to calculatc costs t n Koman
currcncy, thcn, latcr, t n Caroltngtan "t magtnary moncy"thc purcly
conccptual systcm otpounds, sht l l tngs, andpcncc uscd across Vcstcrn
Luropc to kccp accounts wcll tnto thc scvcntccnth ccntury.
Local mtnts dt d gradually comc back tnto opcratton, productng
cotns t n an cndlcss vartcty ot wctght, purtty, and dcnomtnattons. Iow
thcsc rclatcd to thc pan-Luropcan systcm, though, was a mattcr ot
mantpulatt on. Ktngs rcgularly t ssucd dccrccs rcval ut ng thctr own cotns
tn rclatton to thc moncy otaccount, "crytng up" thc currcncy by, say,
dccl art ngthathcncctorth, onc otthct recus orescudos would no longcr
bc worth ' /
'
but now ' /s ot a sht l ltng thus cttccttvcly ratstng taxcs)
or "crytng down" thc valuc ot thctr cotns by dotng thc rcvcrsc thus
1 H L M l D D L L A G L S 2 b 3
cttccttvcly rcductng thctr dcbts) . ' Jhc rcal gold or stlvcr contcnt ot
cotnswascndlcssly rcad| ustcd, and currcnctcswcrctrcgucntly callcd t n
torrc-mtnttng. Ncanwht|c, most cvcryday transacttons dt spcnscd wt th
cash cnttrcly, opcrattng through tal l t cs, tokcns, lcdgcrs, or transacttons
tn kt nd. As a rcsult, whcn thc bcholasttcs camc to addrcss such mattcrs
t n thc tht rtccnth ccntury, thcy gutckly adoptcd Artstotl c' s posttton that
moncy was a mcrc soctal convcntton. that tt was, bast cal l y, whatcvcr
human bctngs dcctdcd that t t was. '
Al l thts ht thc broadcr Ncdtcval pattcrn. actua| gold and st lvcr,
such ott t as was stt l l around, wastncrcastngly latd up t n sacrcd pl accs,
as ccntraltzcd statcs dt sappcarcd, thc rcgulatton ot markcts was t n-
crcastngly t n thchands otthc Church.
At hrst, thc Catholtc attttudcs toward usury wcrc | ust as harsh as
Nusl t moncs, andattttudcs toward mcrchants, constdcrablyharshcr. In
thchrstcasc, thcy had ltttlc chotcc, as many t bl t cal tcxts wcrc gut tc
cxpltctt. Constdcr Lxodus zz. z.
l l you |cnd moncy to Mypcop|c, t othc poor among you, you
arc not to act as a crcdttor to htm, you sha|| not chargc htm
tntcrcst.
oththcsal ms . , q. z) and rophcts jcrcmt ah. 6, lchcmtah
. H) wcrccxpltcttt nasstgntngusurcrstodcathandhcllhrc. Vhat' smorc,
thccarlyChrtsttanathcrs,whol at dthctoundattonotChurchtcachtngs
on soctal tssucstn thc wantngycars otthc Koman cmptrc, wcrc wrtttng
amtdst thc anctcnt world' s l ast grcat dcbt crt st s, onc that was cttcc-
ttvcly tn thc proccss otdcstroytng thc cmptrc' s rcmatntng trcc pcasant-
ry. ' Vhtlctcwwcrc wt l l t ng to condcmn slavcry, al l condcmncd usury.
Lsury was sccn abovc al l as an assaul t on Chrtsttan chartty, on
jcsus' s t n| unctton totrcatthc poor asthcywouldtrcatthc Chrtst ht m-
sclt, gtvtng wtthout cxpcctatton ot rcturn and allowtng thc borrowcr
to dcctdc on rccompcnsc Lukc 6. q-) . In 6 nD, tor t nstancc, bt.
ast l dcltvcrcd a scrmon on usury t n Cappadocta that sct thc standard
tor such t ssucs.
JhcLordgavc Mts own tn| unctton guttc p| at n| ytn thcwords,
"lrom htm that wou|d borrow olthcc turn not thou away. "'
ut what ol thc moncy | ovcr! Mc sccs bclorc htm a man
undcr strcss ol ncccsstty bcnt to thc ground tn supp|tcatton.
Mc sccshtm hcsttattng at no act, no words, olhumt|tatton. Mc
sccs htm sullcrtng undcscrvcd mtslortunc, but hc ts mcrct |css.
Mc docs not rcckon that hc ts a lc| | ow-crcaturc. Mc docs not
2 b 4 D L b 1
gtvc tn to hts cntrcattcs. Mc stands stttl and sour. Mc ts movcd
by no praycrs, hts rcso|utton ts brokcn by no tcars. Mc pcrststs
tn rclusa| o . . ''
Jhat ts, untt l thc suppltant mcnttons "t ntcrcst. "
ast l was parttcularly ottcndcd by thc crass dt shoncsty by whtch
moncylcndcrs opcratcd, thctr abusc ot Chrtsttan tcl l owsht p. Jhc man
t nnccdcomcs sccktnga trt cnd, thc rtch man prctcnds to bc onc. Intact
hc' s a sccrct cncmy, and cvcrythtng hc says ts a l t c. Vttncss, bt. ast l
sat d, how thc rtch man wt l l always at hrst swcar mt ghty oaths that hc
has no moncy to ht s namc.
Jhcnthcsupp| tantmcnttons tntcrcst,anduttcrsthcword sccu-
rtty. A|l ts changcd. Jhc lrown ts rc|axcd, wtth a gcnta| smt|c
hc rcca| | s o|d lamt|y conncctt on. Mow tt ts "my lrtcnd. "
" wt|| scc, " says hc, "tl havc any moncy by mc. Ycs,
thcrctsthatsum whtch a man know has |clt tn my hands on
dcpostt lor proht. Mc sttpu|atcd a vcry hcavy ratc ol tntcrcst.
Mowcvcr, sha|| ccrtatn|y takc somcthtng oll, and gtvc tt to
you on bcttcr tcrms. " Wtth prctcnccs ol thts ktnd and ta|k |tkc
thts hclawns onthcwrctchcd vtctt m, andtnduccs ht mto swal-
|ow thc batt. Jhcn hc btnds htm wtth a wrt ttcn sccurtty, adds
|oss ol| t bcrty to thc troub|c ol hts prcsstng povcrty, and ts oll.
Jhc man who has madc htmsc|lrcsponstb|c lor tntcrcst that hc
cannot pay has acccptcd vo| untary s| avcry lor | t lc. ''
Jhc borrowcr, comtng homc wtth ht s ncwtound moncy, at hrst
rc| ot ccs. ut gut ckl y, "thc moncy sl t ps away, " t ntcrcst accumul atcs,
and ht s posscsst ons arc sold ott. ast l grows pocttc tn dcscr|btng thc
dcbtor' s pl t ght. It' s as tt ttmc t tscl t has bccomc ht s cncmy. Lvcry day
and ntght consptrcs agatnst htm, as thcy arc thc parcnts ottntcrcst. Its
l t tc bccomcs a "sl ccplcss dazc otanxt ous unccrtat nty, " as hc t s humt l t -
atcd tn publ t c, wht l c at homc, hc t s constantly ht dt ngundcrthc couch
at cvcry uncxpcctcd knock on thc door, and can barcly slccp, startlcd
awakc by ntghtmarc vtstons otht s crcdttor standtng ovcr hts pt l low. ' '
robably thc most tamous anctcnt homt l y on usury, though, was
bat nt Ambrosc' s Oe To|ia, pronounccd ovcr scvcral days tn Nt l an t n
8o uC. Ic rcproduccs thc samc vt vt d dctat l s as ast l . tathcrs torccd
to scll thct r chtldrcn, dcbtors who hangcd thcmsclvcs out ot shamc.
Lsury, hc obscrvcs, mustbc constdcrcd a torm otvt ol cntrobbcry, cvcn
murdcr. ' Ambrosc, though, addcd onc small provtso that was latcr to
havc cnormous tnhucncc. Its scrmon was thc hrst to carctul l ycxamtnc
1 H L M l D D L L A G L S 2 b
cvcry t bl t cal rctcrcncc to moncylcndtng, whtch mcant that hc had to
addrcss thc onc problcm l atcr authors always hadto strugglc wtththc
tact that, t n thc Old Jcstamcnt, usury ts not guttc torbtddcn to cvcry-
onc. Jhc kcy sttcktng potnt t s always Ocutcronomy z. Izo.
Jhousha|tnot|cnd upon usury tothy brothcr, usury olmon-
cy, usury olvtctua|s, usury olany thtngthat ts|cnt upon usury.
Unto a strangcr thou maycst|cnd upon usury, but untothy
brothcr thou sha|t not |cnd upon usury.
bo who thcn t s thts "strangcr" or a bcttcr translatton ot thc Ic-
brcw nokri, "torctgncr") r rcsumabl y, onc agatnst whom robbcry and
murdcr would havc bccn | ustthcd as wcl l . Attcr all, thc anctcnt jcws
ltvcd amtdst trtbcs ltkc thc Amalckttcs, on whom Cod had spccthcally
t nstructcdthcmto makc war. Itby cxtracttng t ntcrcst onc t s, as hcputs
tt, hghttng wtthout a sword, thcn t t t s only lcgtttmatc to do so trom
thosc "whom tt woul d not bc a crtmc to kt l l . "' ' orAmbrosc, ltvtngtn
Ntlan, al l thts was somcthtng ot a tcchntcaltty. Ic tncl udcd al l Chrts-
ttans and al l thosc sub| cct to Koman l aw as "brothcrs" , thcrc wcrcn' t,
thcn, lot ot Amalckttcs around. ' Latcr, thc "Lxccptton ot bt. Am-
brosc, " as tt camc to bc known, was to bccomc cxtrcmcly tmportant.
Al l ot thcsc scrmonsand thcrc wcrc many ot thcmlctt ccrtatn
crtttcal gucsttons unanswcrcd. Vhat sbou/d thc rtch man do whcn
rccctvtng a vtstt trom ht s troublcd nctghborr Jruc, jcsus had satd to
gtvc wtthout cxpcctatton ot rcturn, but tt sccmcd unrcaltsttc to cxpcct
most Chrtsttans to do that. And cvcn t tthcy dtd, what sort otongotng
rclatt onsht ps would thatcrcatcr bt. astl took thc radtcal posttton. Cod
had gtvcn us al l thtngs t n common, and hc had spcct hcally t nstructcd
thc rtch to gtvc thctr posscsstons to thc poor. Jhc communt sm ot
thc Apostlcswho poolcd all thctr wcalth, and took trccly what thcy
nccdcdwas thus thc only propcr modcl tor a truly Chrtsttan soct-
cty. ' cw ot thc othcr Chrtsttan athcrs wcrc wtlltng to takc thtngs
thts tar. Communt sm was thc tdcal , but t n thts tallcn and tcmporary
world, thcy argucd, t t was stmply unrcaltsttc. Jhc Church must acccpt
cxtsttng propcrty arrangcmcnts, but also comc up wtth sptrttual argu-
mcnts to cncouragc thc rtch to noncthclcss act wtth Chrtsttan chartty.
Nany ot thcsc cmploycd dtsttnctly commcrctal mctaphors. Lvcn astl
was wt l l t ng to t ndulgc t n thts sort otthtng.
Whcncvcryouprovtdctorthcdcstttutc on accountolthcLord,
tt ts both a gtlt and a |oan. lt ts a gtlt bccausc you cntcrtatn no
2 b D L b 1
hopc tn rccovcrtng tt, a |oan bccausc olourLord' s munt hccncc
tn paytng you back on hts bcha|l, whcn, havtng takcn a sma||
sum lor thc poor, hc wt | | gtvc you back a vast sum tn rcturn.
"For hc who takcs ptty on thc poor, |cnds to God. " '
btncc Chrtst ts tn thc poor, a gttt ot chartty ts a loan to jcsus, to bc
rcpatd wtth tntcrcst tnconcctvablc on carth.
Chartty, howcvcr, ts a way ot mat ntat ntng htcrarchy, not undcr-
mtntng t t. Vhat astl t s talktng about hcrc rcal l y has nothtng to do
wtth dcbt, and playtng wtth such mctaphors sccms ulttmatcly to scrvc
only to undcrltnc thc tact that thc rtch man docsn' t oue thc poor sup-
pl t ant anythtng, any morc than Cod t s t n any way lcgal l y bound to
savc thc soul otanyonc who tccds a bcggar. "Ocbt" hcrc dt ssolvcs tnto
a purc ht crarchy hcncc, "thc Lord") whcrc uttcrly dt ttcrcnt bctngs
provtdc cach othcr uttcr|y dt ttcrcnt ktnds ot bcncht. Latcr thco|ogtans
wcrc to cxpltcttly conhrm thts. human bctngs ltvc t n ttmc, notcd bt.
Jhomas Agut nas, so tt makcs scnsc to say that st n t s a dcbt otpunt sh-
mcnt wc owc to Cod. ut Cod l tvcs outst dc ot tt mc. y dchnttton, hc
cannot owc anythtng to anyonc. It s gracc can thcrctorc onl y bc a gttt
gtvcn wtth no ob|tgatton. '
Jht s, tn turn, provtdcs an answcr to thc gucstton. Vhat arc thcy
rca| l y asktng thc rtch man to dor JhcChurchopposcd usury, but tt had
| t ttlc to say about rclattons ot tcudal dcpcndcncy, whcrc thc rtch man
provtdcs chartty and thc poor suppltant shows ht s gratttudc tn othcr
ways. lctthcr, whcn thcsc ktnds ot arrangcmcnts bcgan to cmcrgc
across thc Chrtsttan Vcst, dtd thc Churchottcrstgnthcantob| ccttons. '
ormcr dcbt pcons wcrc gradual l y transtormcd tnto scrts or vassal s.
In somc ways, thc rclattonshtp was not much dtttcrcnt, stncc vassalagc
was, tn thcory, a voluntary, contractual rclatt onsht p. just as a Chrts-
ttan has to bc ab|c to trccly choosc to submt tht mscltto "thc Lord, " so
dtd a vassa| havc to agrccto makc htmscltsomconc clsc' s man. Al l thts
provcd pcrtcctly consonant wtth Chrtsttantty.
Commcrcc, on thc othcr hand, rcmatncd a problcm. Jhcrc was
not much ot a lcap bctwccncondcmnt ngusury as thc taktng ot "what-
cvcr cxcccds thc amount loancd" and condcmntng any torm ot proht-
taktng. Nany-bat nt Ambrosc among thcm-wcrc wt l l t ng to takc that
l cap. Vhcrc Nohammcd dcclarcd that an honcst mcrchant dcscrvcd
a placc by thc scat ot Cod tn hcavcn, mcn ltkc Ambrosc wondcrcd t t
an "honcst mcrchant" cou|d actual l y cxtst. Nany hcld that onc stmply
could not bc both a mcrchant and a Chrtsttan. ' ' In thc carly Ntddlc
Agcs, thts wasnot a prcsstngtssucspcct al l ystnccso muchcommcrcc
was conductcd by torctgncrs. Jhc conccptual prob|cms, howcvcr, wcrc
1 H L M l D D L L A G L S 2 b J
ncvcr rcsolvcd. Vhat dt d tt mcan that onc could only lcnd to "strang-
crs "r Vas t t | ust usury, or was cvcn commcrcc tantamount to warr
f f 8 8 8
robably thc most notort ous, and ottcn catastropht c, way that thts
problcm workcd ttsclt out tn thc Itgh Ntddlc Agcs was tn rclattons
bctwccn Chrtsttans and jcws. In thc ycars stncc lchcmtah, jcwtsh
attttudcs toward lcndtng had thcmsclvcs changcd. In thc ttmc ot Au-
gustus, Kabbt It l lcl had cttccttvcly rcndcrcd thcsabbatt cal ycara dcad
lcttcr, by allowtng two parttcs to placc a rtdcr on any partt cul ar loan
contract agrcctng that tt would not app|y. Vhtlc both thc Jorah and
thc Jalmud stand opposcd to loans on tntcrcst, cxccpttons wcrc madc
tn dcaltng wtth Ccnttlcs-parttcularly as, ovcr thc coursc ot thc clcv-
cnth and twcltth ccnturt cs, Luropcan jcws wcrc cxcl udcd trom al most
any othcr ltnc ot work. ' ' Jhts t n turn madc tt hardcr to contatn thc
practtcc, as wttncsscd tn thc common | okc, currcnt tn twcltth-ccntury
ghcttos to | usttty usury bctwccn jcws. Itconst stcd, tt t s satd, otrcctttng
Ocutcronomyz. zo tn t ntcrrogattvc toncs to makctt mcan thc opposttc
ot tts obvtous scnsc. ` Lnto a torctgncr thou maycst lcnd upon usury,
but untothybrothcr thoushal tnotlcnd upon usuryr ' ' ' '
Onthc Chrtsttan stdc,t nHqo n o thc "Lxccpttonot batntAmbrosc"
tound tts way tnto Cratt an' s Decretum, whtch camc to bc constdcrcd
thc dchntttvc col lcctton ot canon l aw. At thc ttmc, cconomtc l t tc tcl l
vcry much undcr thc | urtsdtctton otthc Church. Vhtlc that mtght ap-
pcar to lcavc jcws satcly outstdc thc systcm, tn rcaltty, mattcrs wcrc
morc compl tcatcd. or onc thtng, whtlc both jcws and Ccnttlcs would
occast onal l y attcmpt to makc rccoursc to thc Lxccptton, thc prcvat l -
tng optnton was that tt only rcally appl t cd to baraccns or othcrs wt th
whom Chrtstcndom was l t tcral l yat war. Attcr al l , jcws and Chrt stt ans
l t vcd tn thc samc towns and vt l l agcs. It onc wcrc to conccdc that thc
Lxccptton al lowcd jcws and Chrt stt ans thcrt ghtto lcnd to cach othcr
at tntcrcst, tt would also mcan that thcy had thc rtght to murdcr onc
anothcr. ' ' lo onc rcally wantcd to say that. On thc othcr hand, rcal
rclattons bctwccn Chrtsttans and jcws ottcn dtd sccm to skatc pcrtlous-
l y closc to thts untortunatc tdcal-though obvtously thc actual murdcr
apart trom mcrc cconomtc aggrcsston) was all on onc stdc.
In part tht s was duc to thc habt t ot Chrtsttan prtnccs ot cxplott-
tng, tor thctr own purposcs, thc tact that jcws dtd stt sltghtly outstdc
thc systcm. Nany cncouragcd jcws to opcratc as moncylcndcrs, undcr
thctr protcctton, stmply bccausc thcy also kncw that protcctton could
bc wtthdrawn at any ttmc. Jhc ktngs ot Lngland wcrc notort ous tn
2 b b D L b 1
thts rcgard. Jhcy t nststcd that jcws bc cxcludcd trom mcrchant and
cratt gutlds, but grantcd thcm thc rtght to chargc cxtravagant ratcs ot
t ntcrcst, backtng up thc loans by thc tul l torcc ot l a w. ' '' Ocbtors tn
NcdtcvalLnglandwcrcrcgularlythrown tn prtsons unttl thctr tamt l t cs
scttlcd wtth thc crcdttor. ' ' Yct thc samc rcgularly happcncd to thc
jcws thcmsclvcs. In zo nD, tor cxamplc, Ktng john ordcrcd a tal l agc,
or cmcrgcncy lcvy, to pay tor hts wars t n rancc and Ircland. Accord-
tng to onc contcmporary chrontclcr "al l thc jcws throughout Lngland,
otboth scxcs, wcrcsctzcd, t mprtsoncd, and torturcd scvcrcl y, t n ordcr
to dothc ktng's wtll wtth thctrmoncy. " Nostwhowhcrcputto torturc
ottcrcd all thcy had and morcbut on that occaston, onc parttcularly
wcalthy mcrchant, a ccrtat n Abraham otrtstol , who thc ktng dcctdcd
owcd ht m tcn thousand marks ot st lvcr a sum cgutvalcnt to about a
stxth ot john' s total annual rcvcnuc) , bccamc tamous tor holdtng out.
Jhc ktng thcrctorc ordcrcd that onc ot ht s molars bc pul lcd out datly,
unttl hc pat d. Attcr scvcn had bccn cxtractcd, Abraham hnally gavc
t n. ' '
john' ssucccssor, IcnryIII z6z;z nD) , was tn thc habt totturn-
tng ovcr jcwtsh vtcttms to hts brothcr thc Larl ot Cornwal l , so that,
as anothcr chrontclcr put tt, "thosc whom onc brothcr had haycd, thc
othcr mtght cmbowcl . "' ' buch stortcs about thc cxtractton ot jcwtsh
tccth, skt n, andtntcsttncs arc, I thtnk, t mportant to bcar t n mtnd whcn
thtnktng about bhakcspcarc' s t magtnary Ncrchant ot Vcntcc dcmand-
tng hts "pound ot hcsh. "' ' It al l sccms to havc bccn a bt t ot a gutlty
pro| cctton ot tcrrors that jcws had ncvcr rcal l y vt sttcd on Chrtsttans,
but thathad bccn dtrcctcd thc othcr way around.
Jhc tcrror t nhtctcd by ktngs carrtcd tn tt a pccul t ar clcmcnt ot
tdcntthcatton. thc pcrsccuttons and approprt attons wcrc an cxtcnston
otthc logtc whcrcby ktngscttccttvcly trcatcddcbtsowcdtojcws as ul-
tt matcly owcd to thcmsclvcs, cvcnsctttngup a branch otthc Jrcasury
"thc Lxchcgucr ot thc jcws") to managc thcm. ' ' Jhts was ot coursc
much t n kccptng wtth thc popular Lngltsh tmprcsston ot thctr ktngs
as thcmsclvcs a group ot rapactous lorman torctgncrs. ut t t also
gavc thc ktngs thc opportuntty to pcrtodtcally pl ay thc popultst card,
dramattcally snubbtng or humt l t attng thctr jcwtsh hnanctcrs, turntng
a bl t nd cyc or cvcn cncouragtng pogroms by townstolk who chosc to
takc thc Lxccptton ot batnt Ambrosc lttcrally, and trcat moncylcndcrs
ascncmtcsotChrtstwhocould bcmurdcrcd t ncold blood. arttcularly
grucsomc massacrcs occurrcd t n lorwtch tn qq nD, and t n rancc,
t n l ot s t n ;. ctorc long, as lorman Cohn put tt, "what had oncc
bccn a hourtshtng jcwtsh culturc had turncd tnto a tcrrortzcd soctcty
lockcd tn pcrpctual wartarc wtth thc grcatcr soctcty around t t. "' ' '
1 H L M l D D L L A G L S 2 b 9
Onc mustn' tcxaggcratc thc |cwtsh rolc tn lcndtng. Nost|cws had
nothtng to do wtth thc bust ncss, and thosc who dtd wcrc typt cal l y btt
playcrs, maktng mt nor loans ot grat n or cl oth t
_
r a rcturn tn ktnd.
Othcrs wcrcn' t cvcn rcal l y |cws. Al rcady tn thc IIos, prcachcrs wcrc
compl at nt ngaboutl ords who would work hand tngl ovc wtth Chrtsttan
moncylcndcrs cl at mt ng thcy wcrc " our |cws"-and thus undcr thctr
spcct al protcctton. '
'
y thc IIoos, most |cwtsh moncylcndcrs had long
st ncc bccndtsplaccd by Lombards tromlorthcrn Italy) and Cahorst ns
trom thc Frcnch town otCahors)-who cstabl t shcd thcmsclvcs across
Vcstcrn Luropc, and bccamc notort ous rural usurcrs. ' '
Jhc rtscotrural usury wasttsclta stgn ota growtngtrcc pcasantry
thcrc had bccn no potnt tn makt ng l oans to scrts, stncc thcy had noth-
tngto rcposscss) . Itaccompantcd thc rtscotcommcrct al tarmtng, urban
cratt gut l ds, and thc "commcrctal rcvol utt on" otthc Itgh NtddlcAgcs,
al l ot whtch hnal l y brought Vcstcrn Luropc to a lcvcl ot cconomtc
acttvttycomparablctothat l ongstncc constdcrcd normal tn othcrparts
ot thc worl d. Jhc Church gutckly camc undcr constdcrablc popul ar
prcssurc to do somcthtng about thc problcm, and at hrst, tt dtd try to
ttghtcn thc clamps. Lxtsttng l oopholcs tn thc usury l aws wcrc systcm-
attcally cl oscd, parttcularly thc usc otmortgagcs. Jhcsc lattcr bcgan as
an cxpcdtcnt. as tn Ncdtcval Islam, thosc dctcrmt ncd to dodgc thc l aw
could stmply prcscnt thc moncy, cl at m to bc buytng thc dcbtor' s housc
or hcld, and thcn "rcnt" tt back to thc dcbtor unttl thc prtnctpal was
rcpat d. In thc casc ot a mortgagc, thc housc was t n thcory not cvcn
purchascd but plcdgcd as sccurtty, but any tncomc trom t t accrucd to
thc lcndcr. In thcclcvcnthccntury thts bccamc a tavorttc trtck otmon-
astcrtcs. In IIq8 tt was madc t l l cgal . hcncctorth, al | t ncomc was to bc
subtractcd trom thc prtnct pal . btmtlarly, tn II8;mcrchantswcrctorbtd-
dcn to chargc htghcrprtccs whcn scl l t ngon crcdtt-thc Church thcrcby
gotng much turthcr than any school ot Isl amt c law cvcr had. In II;
usury was madc a mortal st n and usurcrs wcrc cxcommuntcatcd and
dcntcd Chrtsttan burt al . ' ctorc long, ncw ordcrs ot tttncrant trt ars
ltkc thc Franctscans and Oomt ntcans organtzcd prcacht ng campatgns,
travcltng town to town, vt l lagc to vt l l agc, thrcatcntng moncylcndcrs
wtth thc l oss ot thctr ctcrnal souls t t thcy dt d not makc rcstttutt on to
thctr vtctt ms.
Al l tht s was cchocd by a hcady t ntcllcctual dcbatc tn thc ncwly
toundcd untvcrstttcs, not so much as to whcthcr usury was stntul and
t l lcga| , but prcctscly why. bomc argucd that tt was thctt ot anothcr' s
matcrtal posscsst ons, othcrs that tt constttutcd a thctt ot ttmc, charg-
tng othcrs tor somcthtng that bclongcd onl y to Cod. bomc hcld that tt
cmbodtcd thc stn ot bloth, stncc ltkc thc Contuct ans, Catholtc thtnkcrs
2 9 U D L b 1
usual l y hcld that a mcrchant' s prohtcould only bc| ustthcd aspaymcnt
tor ht sl abor t . c. , t ntransporttnggoods towhcrcvcrthcywcrcnccdcd) ,
whcrcas t ntcrcst accrucd cvcn tt thc lcndcr dt d nothtng at al l . boon thc
rcdt scovcry ot Artstotlc, who rcturncd t n Arabtc transl atton and thc
tnhucncc ot Nusltm sourccs l t kc Chazalt and Ibn btna) , addcd ncw ar-
gumcnts. thattrcattngmoncy as an cnd t n ttscltdchcd tts trucpurposc,
that chargtngtntcrcstwas unnatural , t n that t ttrcatcd mcrc mctal as t t
ttwcrca l t vt ngtht ngthatcoul d brccd or bcartrut t. ' '
ut as thc Church authortttcs soon dtscovcrcd, whcn onc starts
somcthtng l t kc thts, tt's vcry hard to kccp a l t d on t t. boon, ncw popu-
l ar rc|tgtous movcmcntswcrc appcartngcvcrywhcrc, and manytook up
thc samc dt rcctton so many had t n latc Anttgutty, not only chal lcng-
tng commcrcc but gucsttontng thc vcry lcgtttmacy ot prtvatc propcrty.
Nost wcrc l abclcd hcrcstcs and vtolcntly supprcsscd, but many ot thc
samc argumcnts wcrc takcn up amongst thc mcndtcant ordcrs thcm-
sclvcs. y thc thtrtccnth ccntury, thc grcat tntcllcctual dcbatc was bc-
twccn thc ranctscans and thc Oomtntcans ovcr " apostoltc povcrty"
bast cal l y, ovcr whcthcr Chrtsttantty could bc rcconctlcd wtth propcrty
ot any sort.
Atthc samctt mc, thc rcvtval otKomanl awwht ch, aswc' vcsccn,
bcgan trom thc assumptton ot absolutc prtvatc propcrtyput ncw t n-
tcllcctual wcapons t n thc hands otthosc who wt shcd to argucthat, at
lcast tn thc casc ot commcrct al l oans, usury l aws should bc rclaxcd.
Jhc grcat dtscovcry tn thts casc was thc notton ot interesse, whtch t s
whcrc our word "tntcrcst" ortgt nal l y comcs trom. a compcnsatton tor
l oss suttcrcd bccausc ot latc paymcnt. ' Jhc argumcnt soon bccamc
that t ta mcrchant madc a commcrctal l oan cvcn tor somc mtntmal pc-
rtod say, a month) , t twas not usurtoustorht m to chargc a pcrccntagc
tor cach month attcrward, st ncc thts was a pcnalty, not rcntal tor thc
moncy, and tt was | ustthcd as compcnsatton tor thc proht hc uou/d
havc madc, had hc placcd tt tn somc prohtablc tnvcstmcnt, as any mcr-
chant would ordtnart l y bccxpcctcd to do. '
8 8 8 8 8
Jhc rcadcr may bc wondcrtng how tt could havc bccn posstblc tor
usury laws to movc tn two opposttc dt rccttons st multancousl y. Jhc
answcr would sccm to bc that pol t tt cal l y, thc st tuatt on t n Vcstcrn
Luropc was rcmarkably chaott c. Nost ktngs wcrc wcak, thctr holdtngs
tracturcd and unccrtat n, thc Conttncntwasa chcckcrboardotbarontcs,
prtnctpaltttcs, urban communcs, manors, and church cstatcs. jurtsdtc-
ttons wcrc constantly bctng rcncgottatcdusual l y by war. Ncrchant
1 H L M l D D L L A G L S 2 9 l
capttaltsm otthc sort long tamt l t artn thc Nusl t m lcarVcst only rcal -
l y managcd to cstabl t sh ttscltguttc latc, comparcd wtth thcsttuatton
t nthcrcstotthc Ncdtcval worldwhcn mcrchantcapttaltsts managcd
to sccurc a poltttcal tootho|d t n thc tndcpcndcnt ctty-statcs otnorthcrn
Ital ymost tamously, Vcntcc, lorcncc, Ccnoa, and Nt l antol lowcd
by thc Ccrman ctttcs ot thc Ianscattc Lcaguc. ' Italtan bankcrs ultt-
matcly managcd to trcc thcmsclvcs trom thcthrcatotcxproprtatton by
thcmsclvcs taktng ovcr govcrnmcnts, and by dotng so, acgutrtng thctr
owncourtsystcms capablcotcntorctngcontracts) andcvcnmorc crttt-
cally, thctr own armtcs. '
Vhat | umps out, tn compartson wtth thc Nusl t m world, arc thcsc
ltnks ot hnancc, tradc, and vtolcncc. Vhcrcas crst an and Arab thtnk-
crs assumcd that thc markct cmcrgcd as an cxtcnston ot mutual at d,
Chrtsttans ncvcrcomplctclyovcrcamcthc susptctonthatcommcrcc was
rcal l yancxtcnstonotusury, a torm ottraud onlytrul ylcgttt matcwhcn
dt rcctcd agatnst onc' s mortal cncmtcs. Ocbt was, tndccd, st non thc
partotbothparttcsto thctransactton. Compctttton wascsscnttal to thc
naturc ot thc markct, but compctttton was usual l y) nonvtolcnt war-
tarc. Jhcrc was a rcason why, as I ' vc al rcady obscrvcd, thc words tor
"truck and bartcr" t n almost al l Luropcan l anguagcs wcrc dcrtvcd trom
tcrms mcantng "swtndlc, " "bamboozlc, " or "dccctvc. " bomcdt sdatncd
commcrcctorthat rcason. Othcrs cmbraccd t t. cw would havc dcntcd
that thcconncctton was thcrc.
Onc nccd only cxamtnc thc way that Isl amt c crcdtt t nstrumcnts
or tor that mattcr, thc Isl amtc tdcal ot thc mcrchant advcnturcrwcrc
cvcntually adoptcd to scc | ust how tnttmatc thts conncctton rcal l y was.
It t s ottcn hcld thatthc hrst ptonccrs ot modcrn banktng wcrc thc
Nt lttary Ordcr ot thc Kntghts ot thc Jcmplc ot bol omon, commonly
known asthc Kntghts Jcmplar. A hghttngordcrotmonks, thcypl aycd
a kcy rolc t n hnanctng thc Crusadcs. Jhrough thc Jcmplars, a lord tn
southcrn rancc mtght takc out a mortgagc on onc ot ht s tcncmcnts
and rccctvc a "dratt" a btll ot cxchangc, modclcd on thc Nusl t m :u[-
taja, butwrtttcn tn a sccrct codc) rcdccmablctor cashtrom thc Jcmplc
tn jcrusalcm. In othcr words, Chrtsttans appcar to havc hrst adoptcd
Isl amt c hnanct al tcchntgucs to hnancc attacks agatnst Isl am.
Jhc Jcmplars l astcd trom H8 to o;, but thcy hnal l y wcnt thc
way ot so many Ncdtcval tradtng mtnortttcs. Ktng ht l l t p IV, dccp
t n dcbt to thc ordcr, turncd on thcm, accustng thcm ot unspcakablc
crt mcs, thctr lcadcrs wcrc torturcd and ulttmatcly kt l lcd, and thctr
wcalth was cxproprtatcd. ' Nuch otthc problcm was that thcy l ackcd
a powcrtul homc basc. Ital t an banktng houscs such as thc ardt , c-
ruzzt , and Ncdtct dtd much bcttcr. In banktng htstory, thc Ital t ans arc
2 9 2 D L b 1
most tamous tor thctr complcx | otnt-stock organtzatton and tor spcar-
hcadtng thc usc otIsl amtc-stylc bt l l s otcxchangc. ' ' At hrst thcsc wcrc
stmplc cnough. bastcally | ust a torm ot long-dtstancc moncy-changtng.
A mcrchant could prcscnt a ccrtatn amount tn hortns to a bankcr tn
Ital y and rccctvc a notartzcd bt l l rcgtstcrtng thc cgutvalcnt tn thc t n-
tcrnattonal moncyotaccount Caroltngtan dcrntcrs) , duc t n, say, thrcc
months' ttmc, and thcn attcr tt camc duc, ctthcr hc or hts agcnt could
cash tt tor an cgut val cnt amount ot local currcncy tn thc Champagnc
tat rs, whtch wcrc both thc grcat ycarly commcrct al cmport a, and grcat
hnanctal clcartng houscs, otthc Luropcan Mtgh Ntddlc Agcs. ut thcy
gutck|y morphcd tnto a plcthora otncw, crcattvc torms, mat n| y a way
ot navtgatt ng-or cvcn prohttng trom-thc cndlcssly compl tcatcd Lu-
ropcan currcncy sttuatton. ' '
Nost ot thc capttal tor thcsc banktng cntcrprtscs dcrtvcd trom thc
Ncdttcrrancan tradc tn Indtan Occan sptccs and Lastcrn l uxurt cs. Yct
unltkc thc Indtan Occan, thc Ncdttcrrancan was a constant war zonc.
Vcncttan gal lcys doublcd as both mcrchant vcsscls and warshtps, rc-
pl ctc wtth cannon and martncs, and thc dt ttcrcnccs bctwccn tradc, cru-
sadc, and pt racy ottcn dcpcndcd on thc bal ancc ot torccs at any gtvcn
momcnt.
'
'
'
Jhc samc was truc on land. whcrc Astan cmpt rcs tcndcd
to scparatc thc sphcrc otwarrtors and mcrchants, tn Luropc thcy ottcn
ovcrlappcd.
A|| up and down Ccntra| Luropc, lrom Juscany to F|an-
dcrs, lrom rabant to Ltvonta, mcrchants not on|y supp|i cd
warrtors-as thcy dtd a|| ovcr Luropcthcy sat tn govcrn-
mcnts that madc war and, somcttmcs, buck|cd on armor and
wcnt tnto batt|c thcmsc|vcs. Such p|accs makc a |ong |tst. not
on|y F|orcncc, Mt|an, Vcntcc, and Gcnoa, but a|so Augsburg,
Murcmbcrg, Strasbourg, and Zurtch, not on|y Lubcck, Mam-
burg,rcmcn, andDanztg,buta|sorugcs,Ghcnt,Lctdcn,and
Co|ognc. Somc ol thcm-F|orcncc, Murcmbcrg, Stcna, crn,
and U|m comc to mtnd-but|t constdcrab|c tcrrttorta| statcs.
'

-
Jhc Vcnctt ans wcrc onl y thc most tamous tn thts rcgard. Jhcy
crcatcd a vcrttablc mcrcanttlc cmptrc ovcr thc coursc ot thc clcvcnth
ccntury, sctztng t sl ands ltkc Crctc and Cyprus and cstabl t shtng sugar
pl antattons that cvcntual ly-anttctpattng a pattcrn cvcntual | y to bc-
comc al l too tamt l t ar t n thc lcw Vorld-camc to bc stattcd l argcly
by Atrtcan slavcs. ' '' Ccnoa soon to| l owcd sutt, onc otthctr most lucra-
ttvc bustncsscs was ratdtng and tradtng along thc lack bca to acgutrc
slavcs to scll to thc Naml uks tn Lgypt or to work mtncs lcascd trom
1 H L M l D D L L A G L S 2 9 3
thc Jurks.'' Jhc Ccnocsc rcpubl t c was also thc tnvcntor ot a untguc
modc otmt l ttary hnanctng, whtch mtght bcknown as war by subscrtp-
tton, whcrcby thosc planntng cxpcdtttons sold sharcs to tnvcstors t n
cxchangc tor thc rtghts to an cgutvalcnt pcrccntagc ot thc spot l s. It
was prcctscly thc samc gallcys, wtth thc samc " mcrchant advcnturcrs"
aboard, who would cvcntually pass through thc pt l l ars ot Icrculcs to
tol l ow thc Atlanttc coast to l andcrs or thc Champagnc tat rs, carrytng
cargocsotnutmcg orcaycnnc, stlks and woolcngoodsalongwtth thc
tncvttablc bt l l s otcxchangc. ' '
8 8 8 8 8
It would bc t nstructtvc, I thtnk, to pausc a momcnt to thtnk about
thts tcrm, " mcrchant advcnturcr. " Ortgtnal|y tt | ust mcant a mcrchant
who opcratcd outstdc ht s own country. It was around tht s samc ttmc,
howcvcr, at thc hctght ot thc tat rs ot Champagnc and thc Italtan mcr-
chant cmptrcs, bctwccn H6o and II;z, that thc tcrm "advcnturc" bc-
gan to takc on tts contcmporary mcantng. Jhc man most rcsponst bl c
tor tt was thc rcnch poct Chrcttcn dc Jroycs, author ot thc tamous
Arthurt an romanccsmost tamous, pcrhaps, torbct ng thc hrst to tcl l
thc story otbt rcrctval and thc Ioly Crat l . Jhc romanccswcrca ncw
sort ot l t tcraturc tcaturtng a ncw sort ot hcro, thc "kntght-crrant, " a
warrtor who roamcd thc world tn scarch ot, prcctscly, "advcnturc"tn
thc contcmporary scnsc ot thc word. pcrtlous challcngcs, lovc, trca-
surc, and rcnown. btortcs ot kntghtly advcnturc gutckly bccamc cnor-
mously popular, Chrctctn was tol l owcd by tnnumcrablc t mttators, and
thc ccntral charactcrs tn thc stortcsArthur and Cut ncvcrc, Lancc-
lot, Cawatn, crctval , and thc rcstbccamc known to cvcryonc, as
thcy arc stt l l . Jhts courtly tdcal ot thc gallant knt ght, thc gucst, thc
| oust, romancc and advcnturc, rcmat ns ccntral to our t magc ot thc
Nt ddl cAgcs. ''
Jhc curtous thtng t s that t t bcars almost no rclatton to rcal t ty.
lotht ng rcmotcly ltkc a rcal "kntght-crrant" cvcr cxt stcd. "Kntghts"
had ortgt nal l y bccn a tcrm tor trcclancc warrtors, drawn trom thc
youngcr or, ottcn, bastard sons ot thc mtnor nobtltty. Lnablc to tn-
hcrtt, many wcrc torccd to band togcthcr to scck thctr tortuncs. Nany
bccamc l t ttlc morc than rovt ng bands ot thugs, t n an cndl css pursutt
otplundcrprcctscly thc sort otpcoplc who madc mcrchants' ltvcs so
dangcrous. Cul mt nattng t n thc twcltth ccntury, thcrc was a conccrtcd
cttort to brtng thts dangcrous populatton undcr thc control otthc ct vt l
authortttcs . not onl y thc codc ot cht val ry, but thc tournamcnt, thc
| oustal l thcsc wcrc morc than anytht ng clsc ways ot kccptng thcm
2 9 4 D L b 1
out ot troublc, as tt wcrc, tn part by sctttng kntghts agatnst cach othcr,
tn part by turntng thctr cnttrc cxtstcncc tnto a ktnd otstyltzcd rttual . ''
Jhc tdcal ot thc lonc wandcrtng kntght, tn scarch ot somc gallant ad-
vcnturc, on thc othcr hand, sccms to havc comc out otnowhcrc.
Jht s ts t mportant, stncc tt ltcs at thc vcry hcart otour t magc otthc
Ntddlc Agcsand thc cxplanatton, I thtnk, t s rcvcaltng. Vc havc to
rccall that mcrchants had bcgun to achtcvc unprcccdcntcd soctal and
cvcn poltttcal powcr around thts ttmc, but that, tn dramattc contrast to
Islam, whcrca hgurcltkcbtndbadthcsucccsstulmcrchantadvcnturcr
could scrvc as a hcttonal cxcmplar ot thc pcrtcct lttc, mcrchants, unltkc
warrtors, wcrcncvcrsccn as paragons ot much ot anythtng.
It's ltkcly no cotnctdcncc that Chrcttcn was ltvtng tn Jroycs, at thc
vcry hcartland ot thc Champagnc tatrs that had bccomc, tn turn, thc
commcrctal hub otVcstcrn Luropc. ' ' Vhtlc hc appcars to havc mod-
clcd hts vtston ot Camclot on thc cl aboratc court l t tc undcr ht s patron
Icnrt thc Ltbcral Hz-H8t) , Count ot Champagnc, and ht s wt tc Na-
rtc, daughtcrotLlcanor otAquttatnc, thcrcalcourtwasstattcd by low-
born commerants, who scrvcd as scr|cants ot thc tat rslcavtng most
rcal kntghts t n thc rolc ot onlookcrs, guards, orat tournamcnts
cntcrtatncrs.
Jht s is not to say that tournamcnts dt d not bccomc a ktnd ot
cconomtc tocus tn thctr own rtght, accordtng to onc carly twcnttcth-
ccntury Ncdtcval t st, Amy Kclly.
Jhcbtographcr olGut | |aumc |c Marccha| gtvcs antdcaolhow
thts rabb|c ol court|y routtcrs amuscd ttsc|l on thc | ousttng
hc|ds ol wcstcrn Luropc. Jo thc tournamcnts, occurrtng tn a
brtskscasonabout twtcc a month lrom Pcntccostto thc lcast ol
St |ohn, hockcd thc young b| oods, somcttmcs thrcc thousand
strong, taktng posscsston ot thc ncarcst town. Jhtthcr a|so
hockcd horsc dca|crs lrom Lombardy and Spatn, lromrtttany
and thc Low Countrtcs, as wc|| as armorcrs, habcrdashcrs lor
man and bcast, usurcrs, mtmcs and story-tc||crs, acrobats, ncc-
romanccrs, and othcrgcnt|cmcn olthc |tsts, thc hc|d, thc road.
Lntcrtatncrs ol cvcry strtpc lound | t bcra| patronagc . . . Jhcrc
wcrc lcasts tn uppcr chambcrs, and lorgcs rang tn thc smtthtcs
a|| ntght |ong. raw|s wtth grts|y inctdcnts-a crackcd sku||, a
gougcd cyc-occurrcd as thc bctttng progrcsscd and thc dtcc
hcw. Jo cry up thctr champtons tn thc hc|d camc |adtcs ol latr
namcand othcrs ol no namcat a| |.
Jhc hazards, thc concoursc, thc prtzcs, kcycd mcn to thc
pttch ol war. Jhc stakcs wcrc magnthccnt, lor thc vtctor hc|d
1 H L M l D D L L A G L S
hts prtzc, horsc and man, lor ransom. And lor thcsc ransoms
hcls wcnt tn gagc or thc hap|css vtcttm lc| | tnto thc hands ol
usurcrs, gtvtng hts mcn, and tn cxtrcmtty, ht msc|l, as hostagcs.
Fortuncs wcrc madcand|ostonthcpotntol a |anccand many
a mothcr's son lat |cd to rtdc homc.
'
`
2 9
bo, tt was not only that thc mcrchants suppltcd thc matcrt al s that
madc thc tat rs posstblc, btncc vangutshcd kntghts tcchnt cal l y owcd
thctr l t vcs to thc vtctors, mcrchants cndcd up, tn thctr capactty as
moncylcndcrs, maktng good bustncss out ot l t gutdattng thctr asscts.
Al tcrnatcly, a kntght mtght borrow vast sums to outht htmsclt tn mag-
nt hccncc, hoptng to t mprcss somc tat r lady wtth handsomc dowry)
wtth ht s vtctortcs, othcrs, to takc part tn thc conttnual whortng and
gambl t ng that always surroundcd such cvcnts. Loscrs would cnd up
havtng to scl| thctr armor and horscs, and thts crcatcd thc dangcr that
thcy wou|d go back to bctng htghwaymcn, tomcnt pogroms tt thctr
crcdttors wcrc|cws) or, t tthcyhad lands, makc ncw hscal dcmands on
thosc untortunatc cnough to ltvc on thcm.
Othcrs turncd to war, wht ch ttsclt tcndcd to drt vcthc crcatton ot
ncw markcts. ' In onc otthc most dramattc ot such tnctdcnts, tn lo-
vcmbcr II, a l argc numbcrotkntghtsat a tournamcntatthccastlcot

cry tn Champagnc, sponsorcd by Icnry' s son, Jhcobald, wcrc sctzcd

by a grcat rcltgtous passt on, abandoncd thctr gamcs, and sworc a vow
to tnstcad rctakc thc Ioly Land. Jhc crusadcr army thcn procccdcd to
commtsston thc Vcncttan hcct tor transport tn cxchangc tor a promtsc
ot a o-pcrccnt sharc tn al | rcsulttng prohts. In thc cnd, rathcr than
procccdtng to thc Ioly Land, thcy cndcd up sacktngthc much wcalth
tcr, Orthodox) Chrtsttan ctty ot Constanttnop|c attcr a prolongcd and
bloody stcgc. A lcmtsh count namcd aldwtn was t nstallcd as "Lattn
Lmpcror ot Constanttnopl c, " but attcmpttng to govcrn a ctty that had
bccn l argcly dcstroycd and strtppcd otcvcrythtng otvaluc cnsurcd that
hc and hts barons soon cndcd up tn grcat hnanctal dtthculttcs. In a
gtganttc vcrston ot what was happcntng on thc smal l scalc tn so many
tournamcnts, thcy wcrc ul tt matcly rcduccd to strtpptng thc mctal ott
thc church roots and aucttontng holy rcltcs to pay back thctr Vcncttan
crcdttors. y Iz, al dwt n had sunkto thc potntottaktngouta mort-
gagc on hts own son, who was takcn back to Vcntcc as sccurtty tor
a loan. ' '
Al l thts docs not rcal l y answcr thc gucstton. Vhcncc, thcn, tht s
t magc otthc sol t tary kntght-crrant, wandcrtng thc torcsts ot a mythtc
Albton, chal lcngtng rtvals, contronttng ogrcs, tat rt cs, wtzards, and mys-
tcrt ousbcasts r Jhc answcrshould bcclcarby now. Kcal|y, thts t s| usta
2 9 D L b 1
subl t matcd, romanttctzcd t magc ot thc travcltng mcrchants thcmsclvcs.
mcn who dt d, attcr al l , sct ott on loncly vcnturcs through wt l ds and
torcsts, whoscoutcomc was anythtng but ccrtat n. '
And what otthc Crat l , that mystcrtous ob| cct that all thc kntghts-
crrant wcrc ultt matcly scckt ngr Oddly cnough, Ktchard Vagncr, com-
poscr ot thc opcra larzifa/, hrst suggcstcd that thc Crat l was a sym-
bol tnsptrcd by thc ncw torms ot hnancc. '' Vhcrc carltcr cptc hcrocs
sought attcr, and tought ovcr, ptlcs ot rcal , concrctc gold and st lvcr
thc ltbclung' s hoardthcsc ncw oncs, born ot thc ncw commcrctal
cconomy, pursucd purcly abstract torms ot val uc. lo onc, attcr al l ,
kncwprcctscly whatthcCrat l was. Lvcn thccpt csdtsagrcc. somcttmcs
tt's a platc, somcttmcs a cup, somcttmcs a stonc. Voltramvon Lschcn-
bach tmagtncd t t to bc a | cwcl knockcd trom Lucttcr' s hcl mct tn a bat-
tlc at thc dawn ot tt mc. ) In a way tt docsn' t mattcr. Jhc potnt t s that
t t' s tnvtstblc, tntangt blc, but at thc samc ttmc ot t nhnttc, tncxhausttblc
val uc, contatntng cvcrythtng, capablc ot maktng thc wastcland howcr,
tccdtngthc world,provtdtngsptrttual sustcnancc, and hcaltngwoundcd
bodtcs. Narc bhcll cvcn suggcstcd that tt would bcst bc concctvcd as a
bl ank chcck, thc ulttmatc hnanctal abstractton. '
Wh 8t , 1h 0 0 , W0 |0 t h0 Ml 0 0 | 0 A0s?
Eacb of us i s a mere symbo/on of a
man, tbe resu/t of bisection, /ike tbe
at jsb, tuo out of one, and eacb of
us is constant/y searcbing for bis corre-
sonding symbo/on.
~atO, Tbe Symosium
Jhcrc ts onc way that Vagncr got tt wrong. thc tntroductton ot hnan-
ct al abstractton was not a stgn that Luropc was lcavtng thc Ntddlc
Agcs, but that t t was hnally, bclatcdly, cntcrtng t t.
Vagncr' s not rcally to bl amc hcrc. Almost cvcryonc gcts thts
wrong, bccausc thc most charactcrtsttc Ncdtcvaltnstttuttons and tdcas
arrtvcd so l atc tn Luropc that wc tcnd to mtstakc thcm tor thc hrst
sttrrtngs ot modcrntty. Vc'vc al rcady sccn thts wtth btlls otcxchangc,
alrcady t n usc t n thc Last by ;oo or 8oo nD, but only rcachtng Luropc
scvcral ccnturtcs latcr. Jhc t ndcpcndcnt untvcrsttypcrhaps thc gutnt-
csscnttal Ncdtcval t nstttuttonts anothcr casc t n potnt. lalanda was
toundcd t n qz; nD, and thcrc wcrc t ndcpcndcnt t nstttuttons ot htghcr
1 H L M l D D L L A G L S 2 9 J
lcarntng al l ovcr Chtna and thc lcar Vcst trom Cat ro to Constantt-
noplc) ccnturtcs bctorc thc crcatton ot stmtlar tnstttuttons tn Oxtord,
arts, and ologna.
ItthcAxt al Agcwasthcagcotmatcrt al t sm, thcNtddlc Agcs wcrc
abovc all clsc thc agc ottransccndcncc. Jhc col l apsc otthc anctcnt cm-
pt rcs dt d not, tor thc mostpart, lcad to thc rtsc otncw oncs. ' ` Instcad,
oncc-subvcrstvc popular rcltgtous movcmcnts wcrc catapultcd tnto thc
status otdomtnant tnstttutt ons. bl avcry dccltncd or dt sappcarcd, as dtd
thc ovcral l lcvcl ot vtolcncc. As tradc ptckcd up, so dtd thc pacc ot
tcchnologtcal tnnovatton, grcatcrpcacc broughtgrcatcrposst bt l tttcs not
only tor thc movcmcnt otstlks and sptccs, but al sootpcoplc and tdcas.
Jhc tact that monks tn Ncdtcval Chtna could dcvotc thcmsclvcs to
translattng anctcnt trcattscs tn banskrtt, and that studcnts tn madrasas
tn Ncdtcval ndoncsta could dcbatc lcgal tcrms tn Arabt c, ts tcsttmony
to thc protound cosmopolttantsm ot thc agc.
Our t magc otthc Ntddlc Agcs as an "agc ottatth"-and hcncc, ot
bltnd obcdtcncc to authort ty-ts a lcgacy otthc rcnch Lnltghtcnmcnt.
Agatn, t t makcs scnsc only t tyou thtnk otthc "Ntddlc Agcs" as somc-
thtngthathappcncd prtmartly tn Luropc. lotonlywasthcarVcstan
unusually vtolcnt placc by world standards, thc Catholtc Church was
cxtraordtnartly t ntol crant. It' s hard to hnd many Ncdt cval Chtncsc,
Indian, or Islamtc parallcls, tor cxamplc, to thc burntngot"wttchcs" or
thc massacrc othcrcttcs. Norc typtcal was thc pattcrn thatprcvat l cd tn
ccrtatn pcrtods otChtncsc ht story, whcn i t was pcrtcctly acccptablc tor
a schol artodabbl ctnJaot sm tnht syouth, bccomca Contuctan tn mtd-
dlc agc, thcnbccomc a uddhtst on rcttrcmcnt. Itthcrcts an csscnccto
Ncdtcvalthought, tt ltcs not tn bltndobcdtcnccto authortty, butrathcr
tn a doggcd t nst stcncc that thc valucs that govcrn our ordtnary datly
attat rs-particularly thosc otthccourtand markctplacc-arc contuscd,
mt stakcn, tllusory, or pcrvcrsc. Jruc valuc l ay clscwhcrc, tn a domatn
that cannot bc dt rcctly pcrcctvcd, but only approachcd through study
orcontcmpl att on. uttht s tn turn madc thc taculttcs otcontcmplatton,
and thc cnttrc gucstton ot knowlcdgc, an cndlcss problcm. Constdcr
tor cxamplcthcgrcatconundrum, pondcrcd by Nusl t m, Chrtstt an, and
|cwtsh pht losophcrs altkc. Vhat docs t t mcan to st multancously say
that wc can only know Cod through our taculttcs ot Kcason, but that
Kcason ttsclt partakcs ot Codr Chtncsc pht l osophcrs wcrc struggltng
wtth st mt l ar conundrums whcn thcy askcd, "Oo wc rcad thc classtcs or
do thc cl asstcs rcad usr" Almost al l thc grcat t ntcllcctual dcbatcs otthc
agc turncd on thts gucstton tn onc way or anothcr. Isthc world crcatcd
by our mtnds, or our mtnds by thc worldr
2 9 b D L b 1
Vc can scc thc samctcnstons wtthtn prcdomtnantthcortcs ot mon-
cy. Artstot|c had argucd that gold and st lvcr had no tntrtnstc valuc tn
thcmsclvcs, and that moncy thcrctorc was | ust a soctal convcntton,
tnvcntcd by human communtttcs to tact l t tatc cxchangc. bt ncc tt had
"comc about by agrccmcnt, thcrctorc tt t s wtthtn our powcr to changc
t t or rcndcr tt usclcss" t t wc all dcctdc that that's what wc want to
do. ' Jhts posttton gatncd l t ttlc tractton t n thc matcrt al t st tntcllcctual
cnvtronmcnt ot thc Axtal Agc, but by thc l atcr Ntddlc Agcs, tt had
bccomc standard wt sdom. Chazalt was among thc hrst to cmbracc tt.
In ht s own way hc took tt cvcn turthcr, t nst sttng that thc tact that a
gold cotn has no tntrtnst cvaluc is thc bast s ot tts valuc as moncy, stncc
thts vcry lack ottntrtnstc valuc t s what al lows t tto "govcrn, " mcasurc,
and rcgulatc thc valuc ot othcr thtngs. ut at thc samc ttmc, Chazal t
dcnt cdthat moncy was a soctal convcntton. It was gt vcn us by Cod. '
Chaza| t was a mysttc, and a poltttcal conscrvattvc, so onc mtght
arguc that hc ulttmatcly shtcd awaytrom thc most radtca| t mp| tcattons
ot ht s own tdcas. ut onc cou|d a| so ask whcthcr, tn thc Ntddlc Agcs,
argutng that moncy was an arbttrary soctal convcntton was rcal l y al l
that radt cal a post tt on. Attcr al l , whcn Chrt stt an and Chtncsc thtnk-
crs t nst stcd that tt was, tt was al most always as a way ot saytng that
moncy t s whatcvcr thc ktng or thc cmpcror wtshcd t t to bc. In that
scnsc, Chazal t ' s posttton was pcrtcctly consonant wtth thc Islamtc dc-
strc to protcct thc markct trom poltttcal tntcrtcrcncc by saytng that tt
tcl l propcr|y undcr thc acgts otrcltgtous authortttcs.
8 8 8 8 8
Jhc tact that Ncdtcval moncy took such abstract, vtrtual torms
chccks, talltcs, papcr moncymcant that gucsttons ltkc thcsc "Vhat
docs t t mcan to say that moncy t s a symbol r ") cut to thc corc ot thc
pht l osophtcal tssucs ot thc day. lowhcrc t s thts so truc as tn thc ht s-
toryotthcword "symbol " ttsclt. Icrcwc cncountcr somcparal l cl s so
cxtraordtnary that thcy can only bc dcscrtbcd as startltng.
Vhcn Artstotlc argucd that cotns arc mcrcly soct al convcnttons,
thctcrmhc uscd was symho/oMtrom whtch our own word "symbol "
ts dcrtvcd. bymbolon was ortgtnal l y thc Crcck word tor "tal l y"an
ob| cct brokcn tn halt to mark a contract or agrccmcnt, or markcd and
brokcn to rccord a dcbt. bo our word "symbol " traccs back ortgtnally
to ob| ccts brokcn to rccord dcbt contracts ot onc sort or anothcr.
Jhts t s strtktng cnough. Vhat' s rcal l y, rcmarkablc, though, t s that thc
contcmporary Chtncsc word tor "symbol , " [u, or [u bao, has al most
cxactly thc samc ortgt n. '
1 H L M l D D L L A G L S 2 9 9
Lct' s start wtth thc Crcck tcrm "sym|o/on. " Jwo trtcnds atdtnncr
mtght crcatc a symbolon t tthcy took somc ob| ccta rtng, a knucklc-
bonc, a ptccc otcrockcryand brokc tt t n hal t. Any ttmc t n thc tuturc
whcn ctthcr ot thcm had nccd ot thc othcr' s hclp, thcy could brtng
thctr halvcs as rcmtndcrs ot thc trtcndsht p. Archcologtsts havc tound
hundrcds otl t ttlcbrokcn trtcndshtp tablcts otthts sort t n Athcns, ottcn
madc ot cl ay. Latcr thcy bccamc ways ot scaltng a contract, thc ob-
| cct standtng t n thc placc ot wttncsscs. '' Jhc word was also uscd tor
tokcns ot cvcry sort. thosc gtvcn to Athcnt an | urors cntttltng thcm to
votc, or ttckcts tor admt sst on to thc thcatcr. It could bc uscd rctcr to
moncy too, but only t tthat moncy had no tntrtnstc val uc. bronzc cotns
whosc valuc was hxcd only by l ocal convcntton. ' Lscd tor wrtttcn
documcnts, a symbolon could also bc passport, contract, commt sst on,
or rccctpt. y cxtcnston, tt camc to mcan. omcn, portcnt, symptom, or
hnally, t n thc now-tamt l t ar scnsc, symbol .
Jhcpath to thcl attcrappcars to havcbccntwotol d. Artstotlchxcd
on thc tact that a tally could bc anythtng. what thc ob| cct was dt dn' t
mattcr, al l that mattcrcd was that thcrc was a way to brcak tt t n halt.
It t s cxactly so wtth l anguagc. words arc sounds wc usc to rctcr to ob-
| ccts, or to tdcas, butthcrcl att ont s arbttrary. thcrc' snopartt cul arrca-
son, tor cxamplc, that Lngltsh-spcakcrs should choosc "dog" to rctcr
to an ant mal and "god" to rctcr to a dctty, rathcr than thc othcr way
around. Jhconl yrcason t ssoctalconvcntton. anagrccmcntbctwccnall
spcakcrs ot a l anguagc that thts sound shall rctcr to that thtng. In thts
scnsc, al l words wcrcarbttrary tokcnsotagrccmcnt. ' ' bo, otcoursc, t s
moncy-tor Artstotlc, notonly worthlcss bronzccotns thatwc agrccto
trcat as t tthcywcrc worth a ccrtatn amount, butal l moncy, cvcngold,
t s | ust a symbolon, a soct al convcntt on. '
Al l thts camc to sccm almost commonscnstcal t n thc thtrtccnth
ccntury ot Jhomas Agut nas, whcn ru|crs could changc thc valuc ot
currcncy stmply by tssutng a dccrcc. btt l l , Ncdtcvalthcortcsotsymbols
dcrtvcd lcss trom Artstotlc than trom thc Nystcry Kcltgtons ot Anttg-
utty, whcrc "symbol on" camc to rctcr to ccrtatn crypttc tormulac or
tal t smans that only tntttatcs could undcrstand. '' It thus camc to mcan
a concrctc tokcn, pcrccpttblc to thc scnscs, that could only bc undcr-
stood t n rctcrcncc to somc htddcn rcal t ty cnttrcly bcyond thc domat n
otscnsory cxpcrtcncc. '
Jhc thcortst ot thc symbol whosc work was most wtdcly rcad
and rcspcctcd t n thc Ntddlc Agcs was a stxth-ccntury Crcck Chrtsttan
mysttc whosc rcal namc has bccn lost to ht story, but who t s known
by ht s pscudonym Otonystus thc Arcopagttc. ' Otonystus took up thc
notton t n thts l attcr scnsc to contront what was to bccomc thc grcat
o U U D L b 1
t ntcllcctual problcm ot thc agc. Iow ts tt posstblc tor humans to havc
knowlcdgc otCod! Iow can wc, whoscknowlcdgc t sconhncdto what
our scnscs can pcrcctvc ot thc matcrt al untvcrsc, havc knowlcdgc ot a
bctng whosc naturc ts absolutcly altcn to that matcrtal unt vcrsc--"that
t nhntty bcyond bct ng, " as hc putstt, "thatoncncss thatt s bcyond tntcl
ltgcncc" !
'
` It would bc tmposstblc wcrc tt not tor thc tact that Cod,
bctng all-powcrtul , can do anythtng, and thcrctorc, | ust as hc placcs
ht s own body tn thc Luchartst, so can hc rcvcal ht msclt to our mtnds
through an cndlcss vartcty ot matcrtal shapcs. Intrtgutngly, Ot onyst us
warns us that wc cannot bcgt n to undcrstand how symbols work unttl
wc rtd oursclvcs otthc notton that dtvtnc thtngs arc ltkcly to bc bcautt-
tul . Imagcs ot lumtnous angcls and cclcstt al chartots arc only ltkcly to
contusc us, st ncc wc wt l l bctcmptcdto tmagtncthatthat' swhathcavcn
t sactual | y ltkc, and tntactwc cannot posstbly concctvc otwhathcavcn
t s l t kc. Instcad, cttccttvcsymbols arc, ltkcthc ortgt nal symbolon, homc
ly ob| ccts sclcctcd apparcnt|y at random, ottcn, ugly, rtdt cul ous thtngs,
whosc vcry tncongrutty rcmtnds us that thcy arc not Cod, ot thc tact
that Cod "transccnds all matcrt al t ty, " cvcn as, tn anothcr scnsc, thcy
arc Cod.
'
` ut thc notton that thcy arc tn any scnsc tokcns ot agrcc
mcnt bctwccn cguals t s gonc cnttrcl y. bymbols arc gt tts, absol utc, trcc,
htcrarchtcalgt tts, prcscntcd by a bctngso tar abovcusthatany thought
ot rcctproctty, dcbt, or mutual obl tgatton ts stmply tnconcctvabl c. '
Comparc thcCrcck dtcttonary abovcto thctollowtng, trom a Cht
ncsc dt cttonary.
L. Jo agrcc wtth, to ta| | y. Jhctwo ha|vcs ola ta|ly.
cvtdcncc, prool ol tdcnttty, crcdcntta| s
to lu| h| | a promtsc, to kccp onc` s word
to rcconcl|c
thc mutua| agrccmcnt bctwccn cavcn` s appotntmcnt
and human allatrs
a ta||y, a chcck
an tmpcrta| sca| or stamp
a warrant, a commtsston, crcdcntt a| s
| l kc htttng thc two ha|vcs ol a ta||y, tn cxact agrccmcnt
a symbo| , a stgn '`'
Jhc cvolutton ts al most cxactly thc samc. Ltkc sym|o/a, fu can bc
tal l t cs, contracts, othctal scals, warrants, passports, or crcdcntt al s. As
promt scs, thcy can cmbody an agrccmcnt, a dcbt contract, or cvcn a
rclatton ot tcudal vassalagcstncc a mtnor lord agrcctng to bccomc
1 H L M l D D L L A G L S 3 U l
anothcr man' s vassal would spltt a tally | ust as hc would t tborrowtng
gratn or moncy. Jhc common tcaturc sccms to bc a contract bctwccn
twoparttcs that bcgtn ascgual , tn whtch oncagrccs to bccomc subordt-
natc. Latcr, asthcstatc bccamcmorcccntral t zcd, wc matnlyhcarabout
tu prcscntcd to othct al s as a mcans ot convcytng ordcr. thc othct al
would takc thc lctt hal t wtth ht m whcn postcd to thc provtnccs, and
whcn thc cmpcror wt shcd to scnd an t mportant command, hc would
scnd thc rtght halt wtth thc mcsscngcr to makc surc that thc othct al
kncw t t was actual l y thc t mpcrt al wt l l . '
Vc' vc alrcady sccn how papcr moncy sccms to havc dcvclopcd
trompapcrvcrst onsotsuch dcbtcontracts, rtppcd t n haltand rcunttcd.
or Chtncsc thcortsts, ot coursc, Artstot| c' s argumcnt that moncy was
stmply a soctal convcntton was hardly radtcal , tt was stmply assumcd.
Noncy was whatcvcr thc cmpcror cstabl t shcd tt to bc. Jhough cvcn
hcrc thcrc was a sl tght provtso, as cvtdcnccd t n thc cntry abovc, that
"tu" could also rctcr to "thc mutual agrccmcnt bctwccn hcavcn' s ap-
potntmcnt and human attat rs . " |ust as othcta|s wcrc appotntcd by thc
cmpcror, thc cmpcrorwas ulttmatcly appot ntcd by a htghcrpowcr, and
hc could only rulc cttccttvcly as long as hc kcpt tts mandatc, whtch t s
why proptttousomcnswcrccal lcd "tu, " st gnsthathcavcn approvcd ot
thc rulcr, | ust as natural dt sastcrs wcrc a stgn that hc had straycd. ' '
Icrc Chtncsc tdcas dtd grow a btt closcr to thc Chrtsttan oncs. ut
Chtncsc conccpttons otthc cosmos had onc cructa| dtttcrcncc. stncc thcrc
was no cmphastson thc absolutc gult bctwccn our world and thc oncbc-
yond tt, contractual rclattons wtth thc gods wcrc by no mcans out otthc
gucstton. Jhts was parttcularly truc tn Ncdtcval Jaotsm, whcrc monks
wcrc ordatncd through a ccrcmony cal|cd "rcndtng thc tally, " rtpptng
apart a ptccc ot papcr that rcprcscntcd a contract wtth hcavcn. ' It was
thc samc wtth thc magtcal taltsmans, a|so callcd "tu, " whtch an adcpt
mtghtrccctvctrom hts mastcr. Jhcsc wcrc lttcrally talltcs. thc adcpt kcpt
onc, thc othcr halt was satd to bc rctatncd by thc gods. buch taltsmantc
tu took thc torm ot dtagrams, satd to rcprcscnt a torm otcclcsttal wrtt-
tng, comprchcnstblconlyto thcgods, whtchcommtttcd thcm to asstst thc
bcarcr,ottcngtvtng thc adcpt thc rtght to call on armtcs otdtvtnc protcc-
tors wtth whosc hclp hc could slay dcmons, curc thc stck, or othcrwtsc
attatn mtraculous powcrs. ut thcy could also bccomc, ltkc Otonystus'
symbol a, ob| ccts ot contcmplatton, by whtch onc's mtnd can ulttmatcly
attatn somc knowlcdgc otthc tnvtstblc world bcyond our own. ''
Nany ot thc most compclltng vt sual symbols to cmcrgc trom Nc-
dtcval Chtna tracc back to such tal t smans. thc Ktvcr bymbol , or, tor
that mattcr, thc ytn-yang symbol that sccms to havc dcvclopcd out ot
t t. '" just looktng at a yt n-yang symbol, tt ts casy cnough to t magtnc
3 U 2 D L b 1
thc lctt and rtght somcttmcs, too, callcd "mal c" and "tcmal c") halvcs
ot a tally.
8 8 8 8 8
A tal l ydocs awaywtth thc nccd tor wttncsscs, tt thc two surtaccsagrcc,
thcn cvcryonc knows tht thc agrccmcnt bctwccn thc contracttng par
ttcs cxtsts as wcl l . Jhts t s why Art stotlc saw t t as a ht mctaphor |or
words. word A corrcsponds to conccpt bccausc thcrc ts a tactt agrcc
mcnt that wc sha| l act as t t t t docs. Jhc strtktng thtng about talltcs ts
that cvcn though thcy mtght bcgtn as st mpl c tokcns ot trtcndshtp and
soltdartty, tn al most all thc latcr cxamplcs, what thc two parttcs actu-
al l y agrcc to crcatc t s a rclatton ottncgual t ty. otdcbt, obltgatton, sub-
ordtnatton to anothcr' s ordcrs. Jhts t s tn turn what makcs tt posstblc
to usc thc mctaphor tor thc rclatton bctwccn thc matcrt al world and
that morc powcrtul world that ulttmatcly gtvcs t t mcantng. Jhc two
stdcs arc thc samc. Yct what thcy crcatc t s absolutc dtttcrcncc. Icncc
|or a Ncdtcval Chrtsttan mysttc, as tor Ncdtcval Chtncsc magtct ans,
symbol scould bc | t tcral tragmcnts othcavcncvcn t ttor thchrst, thcy
provtdcd a l anguagc whcrcby onc could havc somc undcrstandtng ot
bctngs onc could not posstbly tntcract wt th, whtlc tor thc sccond, thcy
provtdcd a way ot t ntcracttng, cvcn maktng practtcal arrangcmcnts,
wtth bctngs whosc languagc onc could not posstbly undcrstand.
On onc lcvcl, thts t s | ust anothcr vcrston ot thc dt l cmmas that
always artsc whcn wc try to rctmagtnc thc world through dcbtthat
pccul t ar agrccmcnt bctwccn two cguals that thcy shal | no longcr bc
cgual s, unttl such ttmc as thcy bccomc cguals oncc agat n. bttll, thc
problcm took on a pccultar pt guancy tn thc Ntddlc Agcs, whcn thc
cconomy bccamc, as tt wcrc, sptrttualtzcd. As gold and st lvcr mtgratcd
to holy placcs, ordtnarytransacttonscvcrywhcrc camc to bccarrtcd out
prtmartly through crcdt t. Incvttably, argumcnts about wcalth and mar-
kcts bccamc argumcnts about dcbt and moraltty, and argumcnts about
dcbt and moraltty bccamc argumcnts about thc naturc ot our placc tn
thc untvcrsc. As wc' vc sccn, thc soluttons vartcd constdcrabl y. Luropc
and Indta saw a rcturn to htcrarchy. soctcty bccamc a rankcd ordcr
ot rtcsts, Varrtors, Ncrchants, and armcrs or t n Chrt stcndom, | ust
rtcsts, Varrtors, and armcrs) . Ocbts bctwccn thc ordcrs wcrc con-
stdcrcd thrcatcntng bccausc thcy tmpl tcd thc potcntt al ot cgualtty, and
thcy ottcn lcd to outrtght vtolcncc. In Cht na, tn contrast, thc prtnctplc
ot dcbt ottcn bccamc thc govcrntng prtnctplc ot thc cosmos . karmtc
dcbts, mtlk-dcbts, dcbt contracts bctwccn human bctngs and cclcstt al
powcrs. rom thc potnt ot vtcw ot thc authortttcs, a| l thcsc l cd to
1 H L M l D D L L A G L S 3 U 3
cxccss, and potcntally to vast conccntratons ot capta| that mght
throw thc cntrc socal ordcr out otbalancc. Itwas thc rcspons b l ty ot
govcrnmcnt to ntcrvcnc constantly to kccp markcts runntng smoothly
and cgutably, thus avodng ncw outbrcaks ot popular unrcst. In thc
world ot Islam, whcrc thcologans hcld that Cod rccrcatcd thc cn-
trc un vcrsc at cvcry nstant, markct huctuatons wcrc nstcad sccn as
mcrcly anothcr man tcstaton otdvnc w l l .
Jhc strkngth ng s that thc Contucan condcmnaton otthc mcr-
chant, andthc Isl am ccclcbraton otthc mcrchant, ul t matc|y lcd to thc
samc thng. prospcrous socctcs wth flourshng markcts, but whcrc
thc c|cmcnts ncvcr camc togcthcr to crcatc thc grcat mcrchant banks
and ndustral hrms thatwcrcto bccomcthc hal l mark otmodcrn cap
talsm. It' scspcc al l ystrkngn thccascotIslam. Ccrta n| y, thc Isl am c
worl d produccd hgurcs who wou|d bc hard to dcscrbc as anythng
but captal sts. Largc-scalc mcrchants wcrc rctcrrcd to as sbi| a/-m/,
"owncrs otcaptal , " and lcgal thcorsts spokc trccly about thc crcaton
and cxpanson ot captal tunds . At thc hcght ot thc Ca|phatc, somc
otthcsc mcrchants wcrc n posscsson otm l l ons otdnars and scckng
prohtablc nvcstmcnt. Vhy dd nothng lkc modcrn captal smcmcrgcr
I woul d hghlght two tactors. rst, Isl am c mcrchants appcar to havc
takcn thcr trcc-markct dcology scrousl y. Jhc markctplacc d d not
tal l undcr thc d rcct supcrvson ot thc govcrnmcnt, contracts wcrc
madcbctwccn ndvdual s-tdcal l y, "wth a handshakc and a glancc at
hcavcn"and thus honor and crcdt bccamc largcly ndstngushablc.
Jh s s ncvtabl c. you can' t havc cutthroat compctton whcrc thcrc
s no onc stoppng pcoplc trom l tcrally cuttng onc anothcr' s throats.
bccond, Islam al so took scrtously thc prncplc, l atcr cnshrncd n clas
scal cconomc thcory but only uncvcnly obscrvcd n practcc, that
prohts arc thc rcward tor rsk. Jradng cntcrprscs wcrc assumcd to
bc, gutc l tcral l y, advcnturcs, n whtch tradcrs cxposcd thcmsclvcs to
thc dangcrs ot storm and shpwrcck, savagc nomads, torcsts, stcppcs,
and dcscrts, cxotc and unprcdctablc torcgn customs, and arbtrary
govcrnmcnts. nanca| mcchan sms dcsgncd to avod thcsc rsks wcrc
consdcrcd mp ous. Jhts was onc ot thc ob| cctons to usury. t t onc
dcmands a hxcd ratc ot ntcrcst, thc prohts arc guarantccd. b m l arl y,
commcrc a| nvcstors wcrccxpcctcd to sharc thc r sk. Jh s madc most
ot thc torms ot hnancc and nsurancc that wcrc to l atcr dcvclop tn
Luropc tmpossbl c. ' `
In ths scnsc thc uddhst monastcrcs ot car|y Ncdcval Ch na
rcprcscnt thc oppostc cxtrcmc. Jhc Incxhaustblc Jrcasurcs wcrc n
cxhausttblc bccausc, by cont nual l y lcndng thcr moncy out at ntcr
cst and ncvcr othcrwsc touchng thcr capta| , thcy could guarantcc
3 U 4 D L b 1
cttccttvclyrtsk-trcc tnvcstmcnts. Jhatwas thc cnttrcpotnt. y dotngso,
uddht sm, unltkc Isl am, produccd somctht ngvcry much ltkc what wc
now call "corporattons"cnttttcs that, through a charmtng lcgal hc-
tton, wc tmagtnc to bc pcrsons, | ust ltkc human bctngs, but t mmortal ,
ncvcr havt ng to go through al l thc human untidtncss ot marrt agc, rc-
productton, t nhrmtty, and dcath. Joput tt t n propcrly Ncdtcval tcrms,
thcy arc vcry much ltkc angcl s.
Lcgal l y, our nott on ot thc corporatton t s vcry much a product ot
thc Luropcan Itgh Ntddlc Agcs. Jhc lcgal tdca ot a corporatton as a
"hcttvc pcrson" ,persona fcta)-a pcrson who, as Nat tl and, thc grcat
rtttsh lcgal htstortan, put tt, "ts t mmortal , who sucs and t s sucd, who
holds lands, has a scal ot ht s own, who makcs rcgulattons tor thosc
natural pcrsons ot whom hc t s composcd"' was hrst cstabl t shcd t n
canonl aw byopcInnoccntIV t nIzo nD, and onc otthchrstkt ndsot
cnttttcs tt appltcd to wcrc monastcrtcsas also to unt vcrstttcs, church-
cs, muntctpaltttcs, and gutlds. '
Jhc tdca ot thc corporatton as an angcltc bctng ts not mt nc, tnct-
dcntal l y. I borrowcd t ttrom thc grcat Ncdtcvaltst Lrnst Kantorowtcz,
who potntcd out that al l thts was happcntng rtght around thc samc
ttmc that Jhomas Agutnas was dcvcloptng thc notton that angcls wcrc
rcal l y | ust thc pcrsonthcatton ot l atontc Idcas. ' "Accordtng to thc
tcachtngs ot Agut nas, " hc notcs, "cvcry angcl rcprcscntcd a spcctcs. "
Lttt|c wondcr thcn that hna||y thc pcrsoni hcd co||ccttvcs ol
thc | urtsts, whtch wcrc | urtsttca||y tmmorta| spcctcs, dtsp|aycd
a|| thc lcaturcs othcrwtsc attrtbutcd to angc|s . . . Jhc | urtsts
thcmsc|vcs rccogntzcd that thcrc was somc stmt |artty bctwccn
thctr abstracttons and thc angc|tc bctngs. ln thts rcspcct, ttmay
bc satd thatthcpo|tttca| and |cga| wor|d olthought olthc |atcr
Mtdd|c Agcs bcgan to bc popu|atcd bytmmatcrta| angc|tc bod-
tcs, |argc and sma||. thcy wcrc tnvtstb|c, agc|css, scmpttcrna| ,
tmmorta|, and somcttmcs cvcn ubtguttous, and thcy wcrc cn-
dowcd wtth a corjus inte||ectua|e or mysticum an tntc||cctua|
or mysttca| body] whtch cou|d stand any compartson wtth thc
"sptrttua| bodtcs" olthc cc|cstta| bctngs. ''
Al l thts ts worth cmphastztng bccausc wht l c wc arc uscd to assum-
tng that thcrc' s somctht ngnatural or t ncvt tabl c about thc cxtstcncc ot
corporattons, t n ht stortcal tcrms, thcy arc actually strangc, cxottc crca-
turcs. lo othcr grcat tradttton camc up wtth anythtng ltkc t t. ' Jhcy
arc thc most pccultarly Luropcan addttton to that cndlcss prolttcratton
1 H L M l D D L L A G L S o U
ot mctaphystca| cnttttcs so charactcrtsttc ot thc Ntdd|c Agcs-as wc||
as thc most cndurtng.
Jhcyhavc, otcoursc,changcda grcatdca|ovcrtt mc. Ncdtcva|cor
porattonsowncd propcrty, and thcy ottcncngagcdtn comp|cx hnancta|
arrangcmcnts, but tn no casc wcrc thcy proht-sccktngcntcrprtscs t n thc
modcrn scnsc. Jhc oncs that camc c|oscst wcrc, pcrhaps unsurprts
tng|y, monasttc ordcrs-abovc a||, thc Ctstcrctans-whosc monastcr-
tcs bccamc somcthtng |tkc thc Chtncsc uddhtst oncs, surroundcd by
mt | l s and smt tht cs, practtctng rattona| t zcd commcrcta| agrtcu|turc wtth
a worktorcc o| "| ay brothcrs" who wcrc cttccttvc|y wagc |aborcrs,
sptnntng and cxporttng woo| . bomc cvcn ta|k about " monasttc capt-
tal t sm. " ' ' btt||, thc ground was on|y rca||y prcparcd tor captta| t sm tn
thc tamt | t ar scnsc ot thc tcrm whcn thc mcrchants bcgan to organtzc
thcmsc|vcs tnto ctcrna| bodtcs as a way to wtn monopo| t cs, |cga| or dc
tacto, and avotd thc ordt nary rtsks ot tradc. An cxcc|lcnt casc tn pot nt
was thc boct cty ot Ncrchant Advcnturcrs, chartcd by Ktng Mcnry IV
tn London t n Iqo;, who, dcspttc thc romanttc-soundtng namc, wcrc
mat nl y tn thc bustncss ot buytng up rtttsh woo|cns and sc||tng thcm
tn thc | andcrs tat rs. Jhcy wcrc not a modcrn | otnt-stock company,
but a rathcr o|d-tashtoncd Ncdtcva| mcrchant gut | d, but thcy provtdcd
a structurc whcrcby o|dcr, morc substantta| mcrchants cou|d stmp|y
provtdc |oans to youngcr oncs, and thcy managcd to sccurccnough ot
an cxc|ustvccontro|ovcr thcwoo|cntradcthat substantta| prohts wcrc
prctty much guarantccd.
' '
Vhcn such compantcs bcgan to cngagc tn
armcdvcnturcsovcrscas, though, a ncw cra othuman ht story mtght bc
satd to havc bcgun.
h 8 pt0 | L| 0v00
AE L U| 1h L EH LA1 AP| 1AL | 51 L MP | HL5
( 140-19 1AD)
"F|eten esos, tben; and as you can' t
ay me tbe e|eten esos, tbat ma/es an-
otber e|eten esos-tuenty-tuo in a||:
e|eten for tbe serae and tbe etate and
e|eten because you can't ay. ls tbat
rigbt, Crisiero? "
Crisiero haJ no /nou/eJge oj g

ures, so it uas tery natura/ that he

saiJ, " That is right, atron. "
Oon Arnu/jo uas a Jecent, honor

a0/e man. Cther /anJouners uere a gooJ

Jea/ /ess sojtbearteJ uith their eons.
" The shirt is te esos. Ktght
Very ue//. AnJ as you can' t ay jor it,
that' s te esos. AnJ as you remain in
my Je0t jor the te esos, that's te
esos. AnJ as l sba// neter hate the
money jrom you, that's te esos. 5o
that ma/es te anJ te anJ te anJ
te. That' s tuenty esos. AgreeJ"
" Yes, atron, agreeJ. "
The eon can get the shirt no-
uhere e/se uhen he neeJs one. He
can get creJit nouhere 0ut jrom his
master, jor uhom he uor/s anJ jrom
uhom be can neter get auay as /ong
as he oues him a centato.
-B. raVCD, Tbe Carreta
o U b D L b 1
1HE EPH 1Hk1 6EkN wtth what wc' rc uscd to ca| l tng thc "Agc
ot Lxp|oratton" was markcd by so many thtngs that wcrc gcnutnc|y
ncw-thc rtsc ot modcrn sctcncc, captta| t sm, humantsm, thc natton
statc-that tt may sccm odd to tramc tt as | ust anothcr turn ot an
ht stortca| cyc|c. btt|l, trom thc pcrspccttvc ' vc bccn dcvc|optng tn thts
book, that ts what tt was.
Jhc cra bcgt nsaround Iqo wt th a turn away trom vt rtua| currcn
ctcs and crcdtt cconomtcs and back to go|d and st|vcr. Jhc subscgucnt
how ot bul|ton trom thc Amcrtcas spcd thc proccss t mmcnsc|y, spark-
tng a "prtcc rcvolutton" tn Vcstcrn Luropc that turncd tradtttona|
soctctyupstdc-down. Vhat' s morc, thcrcturnto bu|lton was accompa
ntcd by thc rcturn ot a who|c host otothcr condtttons that, durtng thc
Ntdd|c Agcs, had bccn |argc|y supprcsscd or kcpt at bay. vast cmptrcs
and protcsstona| armt cs, masstvc prcdatory wartarc, untrammclcd usu
ry and dcbt pconagc, but a| so matcrt a| t st pht|osophtcs, a ncw burst ot
sctcntthc and pht | osophtca| crcattvt ty-cvcn thc rcturn ot chattcl s| av-
cry. t was tn no way a stmp|c rcpcat pcrtormancc. A| | thc Axta| Agc
pt cccs rcappcarcd, butthcy camc togcthcr tn an cntt rcl ydtttcrcnt way.
8 8 8 8 8
Jhc Iqoos arc a pccu| t ar pcrtod tn Luropcan ht story. t was a ccntury
ot cnd|css catastrophc. largc ctttcs wcrc rcgu|ar|y dcctmatcd by thc
lack Ocath, thc commcrct a| cconomy saggcd and tn somc rcgtons col-
l apscd cnttrc|y, wholc ctttcs wcnt bankrupt, dctaulttng on thctr bonds,
thc kntght|y c|asscs sguabb| cd ovcr thc rcmnants, lcavtng much ot
thc countrystdc dcvastatcd by cndcmtc wartarc. Lvcn tn gcopoltttcal
tcrms Chrtstcndom was staggcrtng, wtth thc Ottoman Lmptrc not on|y
scooptng up what rcmatncd ot yzanttum but pushtng stcadt|y tnto
ccntral Luropc, tts torccs cxpandtng on |and and sca.
At thc samc tt mc, trom thc pcrspccttvc ot many ordtnary tarmcrs
and urban | aborcrs, ttmcs couldn' t havc bccn much bcttcr. Onc ot thc
pcrvcrsc cttccts otthc bubontc p| aguc, whtch kt | |cd ottabout onc-thtrd
ot thc Luropcan worktorcc, was that wagcs tncrcascd dramattca| | y. t
dt dn' t happcn tmmcdtatc|y, but thts was | argc|y bccausc thc hrst rcac
tton otthc authortttcs was to cnact |cgts|atton trccztng wagcs, or cvcn
attcmpttngto ttctrcc pcasants backto thc|and agat n. buchcttorts wcrc
mct wtth powcrtu| rcststancc, cul mt nattng tn a scrtcs ot popu|ar uprts-
tngs acrossLuropc. Jhcscwcrc sguc|chcd, butthc authortttcswcrcalso
torccd to compromt sc. ctorc |ong, so much wca|th was howtng tnto
thc hands otordt nary pcoplc thatgovcrnmcntshadto start tntroductng
A G L | 1 H L G R L A1 U A P l 1A L l S 1 L M P l R L S 3 U 9
ncw laws torbtddtngthc lowbornto wcarst lks andcrmtnc, andto l t mt t
thc numbcr ot tcast days, wht ch, tn many towns and partshcs, bcgan
cattng up onc-thtrd orcvcn halt otthc ycar. Jhchttccnthccntury ts, tn
tact, constdcrcd thc hcyday ot Ncdtcval tcsttvc l t tc, wtth tts hoats and
dragons, maypolcs and church alcs, t ts Abbots ot Lnrcason and Lords
otNt srulc. '
Ovcr thc ncxt ccnturt cs, al l thts wast o bc dcstroycd. In Lngl and,
thc tcsttvc l t tc was systcmattcally attackcd by urt tan rctormcrs, thcn
cvcntually by rctormcrs cvcrywhcrc, Catholtc and rotcstant altkc. At
thc samc ttmc tts cconomtc basts tn popular prospcrtty dt ssol vcd.
Vhy thts happcncd has bccn a mattcr ot tntcnsc htstortcal dcbatc
tor ccnturtcs. Jhts much wc know. tt bcgan wtth a masstvc tnhatton.
ctwccn oo and 6o, tor tnstancc, prtccs tn Lngland tncrcascd oo
pcrccnt, but wagcs rosc much morc slowly, so that tn hvc gcncrattons,
rcalwagcstcl l to pcrhaps qo pcrccnt otwhatthcyhad bccn. Jhc samc
thtng happcncd cvcrywhcrc t n Luropc.
Vhyr Jhc tavorttc cxplanatton, cvcrst ncc a rcnch l awycr namcd
|can odtn hrst proposcd t t tn I68, was thc vast tnhux ot gold and
st lvcr that camc pourtng tnto Luropc attcr thc conqucst ot thc lcw
Vorld. As thc valuc ot prcctous mctal s collapscd, thc argumcnt wcnt,
thc prtcc ot cvcrythtng clsc skyrockctcd, and wagcs stmply couldn' t
kccpup. Jhcrct ssomccvtdcnccto supporttht s. Jhchctghtotpopul ar
prospcrtty around Iqo dtd corrcspond to a pcrtod whcn bul lton-and
thcrctorc, cotn-was t n parttcularly short supply. ' Jhc lack ot cash
playcd havoc wtth tntcrnattonal tradc tn parttcul ar, t n thc Iq6os, wc
hcar ot sht ps tu| l otwarcs torccd to turn back trom ma| or ports, as no
onchad any cashon hand to buy tromthcm. Jhcprobl cmonly startcd
to turn around latcr t nthc dccadc, wtth a suddcn burst otst lvcr mtntng
t n baxony and thc Jt rol , tol l owcd by thc opcntng otncw sca routcsto
thc Cold CoastotVcstAtrt ca. Jhcn camcthccongucsts otCortcsand
tzarro. ctwccn Izo and 6qo, untold tons ot gold and st lvcr trom
Ncxtco and cru wcrc transportcd across thc Atlanttc and act hc t n
bpant sh trcasurc sht ps.
Jhc probl cm wtth thc convcnttonal story t s thatvcry l t ttlc otthat
gold and stlvcr l tngcrcd vcry long tn Luropc. Nost ot thc gold cndcd
up t n tcmplcs tn Indt a, and thc ovcrwhclmtng ma| ortty ot thc stlvcr
bul l t on was ulttmatcly shtppcd ott to Chtna. Jhc l attcr t s cruct al . Itwc
rcally want to undcrstand thc ortgtns ot thc modcrn world cconomy,
thcplacc to startt snot tnLuropcat all. Jhc rcalstoryt s othow Cht na
abandoncd thc usc ot papcr moncy. It' s a story worth tcl l t ng brtchy,
bccausc vcry tcwpcoplc know tt.
o l U D L b 1
f 8 8 f 8
Attcr thc Nongol s congucrcd Cht na tn Iz;I, thcy kcpt thc systcm ot
papcr moncy tn placc, andcvcn madc occast onal t tusual l y dt sastrous)
attcmpts to tntroducc t t tn thc othcr parts ot thctr cmptrc. In I68,
howcvcr, thcy wcrc ovcrthrown by anothcr ot Cht na' s grcat popular
tnsurrcctt ons, and a tormcr pcasant lcadcr was oncc agatn tnstal lcd
powcr.
Ourtng thctrccnturyotrulc, thc Nongol s had workcd closcly wtth
torctgn mcrchants, who bccamc wtdcly dctcstcd. artly as a rcsult, thc
tormcr rcbcls, now thc Ntng dynasty, wcrc susptctous otcommcrcc tn
any torm, and thcy promotcd a romanttc vtston ot sclt-suthctcnt agrar
tan communtttcs. Jhts had somc untortunatc conscgucnccs. or onc
thtng, t t mcant thc mat ntcnancc otthc o| d Nongol tax systcm, patd tn
labor and t n ktnd, cspcct al l y stncc that, tn turn, was bascd on a guast -
castc systcm tn whtch sub| ccts wcrc rcgtstcrcd as tarmcrs, crattsmcn,
or soldtcrs and torbtddcn to changc thctr | obs. Jht s provcd cxtraordt-
nartly unpopul ar. Vhtlc govcrnmcnt tnvcstmcnt tn agrtculturc, roads,
and canals did sct otta commcrct al boom, much otthts commcrcc was
tcchnt cal l y t l lcgal , and taxcs on crops wcrcso htgh that many tndcbtcd
tarmcrs bcgan to hcc thctr anccstral l ands.
Jyptcally, such hoatt ng populattons can bc cxpcctcd to scck | ust
about anythtng but rcgular tndustrtal cmploymcnt, hcrc as tn Luropc,
most prctcrrcd a combtnatton ot odd | obs, pcddltng, cntcrtatnmcnt,
pt racy, or bandttry. In Chtna, many al so turncd prospcctor. Jhcrc
was a mtnor st lvcr rush, wtth t l lcgal mtncs cropptng up cvcrywhcrc.
Lncotncd st lvcr tngots, t nstcad ot othctal papcr moncy and strtngs ot
bronzc cotns, soon bccamc thc rcal moncy ot thc ott-thc-books tntor
mal cconomy. Vhcn thc govcrnmcnt attcmptcd to shut down t l lcgal
mtncs tn thc Iqos and Iqqos, thctr cttorts sparkcd local tnsurrcctt ons,
tn whtch mtncrs would makc common causc wtth dtspl accd pcasants,
sctzc ncarby ctttcs, and somcttmcs thrcatcn cnttrc provtnccs.`
In thc cnd, thc govcrnmcnt gavc up cvcn trytng to supprcss thc
tntormal cconomy. Instcad, thcy swung thc othcr way cnttrcl y. stoppcd
t ssutng papcr moncy, lcgal t zcd thc mtncs, al l owcd st lvcr bul l t on to
bccomc thc rccogntzcd currcncy tor l argc transacttons, and cvcn gavc
prtvatc mtnts thc authortty to producc strtngs ot cash. Jht s, tn turn,
al lowcd thc govcrnmcnt to gradual l y abandon thc systcm ot labor cx-
acttons and substttutc a unt torm tax systcm payablc tn stlvcr.
Lttccttvcly, thc Chtncscgovcrnmcnthadgonc back to ttsold poltcy
ot cncouragtng markcts and mcrcly tntcrvcntng to prcvcnt any unduc
conccntrattons ot capttal . It gutckly provcd spcctacularly succcsstul,
A G L | 1 H L G R L A1 U A P l 1A L l S 1 L M P l R L S 3 l l
and Chtncsc markcts boomcd. Indccd, many spcak ot thc Ntng as
havtng accompl t shcd somcthtng almost untguc tn world ht story. tht s
was a ttmc whcn thc Cht ncsc populatton was cxplodtng, but l t vt ng
standards markcdly t mprovcd. Jhc probl cm was that thc ncw pol tcy
mcant that thc rcgtmc had to cnsurc an abundant supply ot stlvcr tn
thccountry, so as to kccp tts prtcc l ow and mt nt mt zc popular unrcst
but as tt turncd out, thc Cht ncsc mtncs wcrc vcry gutckly cxhaustcd.
In thc Ios, ncw stlvcr mtncs wcrc dt scovcrcd tn |apan, but thcsc wcrc
cxhaustcd tn a dccadc or two as wcl l . ctorc |ong, Cht na had to turn
to Luropc and thc lcw Vorld.
low, stncc Koman ttmcs, Luropc had bccn cxporttng gold and
st lvcr to thc Last. thc problcm was that Luropc had ncvcr produccd
much ot anythtng that Ast ans wantcd to buy, so t t was torccd to pay
tn spcct c tor st lks, sptccs, stccl , and othcr tmports. Jhc carly ycars ot
Luropcancxpanstonwcrcl argclyattcmptsto gatnacccssctthcrto Last
crn luxurtcs or to ncw sourccs otgold and stlvcr wtth wht ch to pay tor
thcm. In thosc carly days, AtlanttcLuropc rcal l y had only onc substan
tt al advantagc ovcr tts Nusl t m rtval s. an acttvc and advanccd tradttton
ot naval wartarc, honcd by ccnturtcs ot confltct tn thc Ncdttcrrancan.
Jhcmomcnt whcn Vasco da Camacntcrcd t hcIndtan Occan t n Iq8,
thc princtplc thatthc scas shoul d bc a zonc ot pcacctul tradc camc to
an t mmcdt atc cnd. ortugucsc hott l | as bcgan bombardtng and sack-
tng cvcry port ctty thcy camc across, thcn sctztng control ot stratcgtc
potnts and cxtorttng protcctton moncy trom unarmcd Indtan Occan
mcrchants tor thc rtght to carry on thctr bustncss unmolcstcd.
At al most cxactly thc samc ttmc, Chrtstophcr Col umbus-a Ccno-
csc mapmakcr sccktng a short-cut to Cht na-touchcd land tn thc lcw
Vorld, and thc bpant sh and ortugucsc cmptrcs stumblcd tnto thc
grcatcst cconomtc wtndtall tn human ht story. cnttrc conttncnts tull ot
untathomabl c wcalth, whosc t nhabttants, armcd only wtth btonc Agc
wcapons,bcganconvcntcntlydytngal mostas soon asthcy arrtvcd. Jhc
congucst ot Ncxtco and cru lcd to thc dt scovcry ot cnormous ncw
sourccs otprcctous mctal , and thcsc wcrc cxpl ot tcd ruthlcssly and sys-
tcmattcal l y, cvcn to thc potnt otlargcly cxtcrmtnattng thc surroundtng
populattons to cxtract as much prcctous mctal as gutckly as posst bl c.
As Kcnncth omcranz has rcccntly pot ntcd out, nonc ot tht s would
havc bccn posstblc wcrc t t not tor thc practtcal l y un| t mt tcd Ast an dc
mand tor prcctous mctal s.
MadChtna in parttcu|arnot hadsucha dynamtc cconomy that
changtng tts mcta||tc basc cou|d absorb thc staggcrtng guantt-
ttcs ol st |vcr mtncd tn thc Mcw Wor|d ovcr thrcc ccnturics,
3 l 2 D L b 1
thosc mtncs mtght havc bccomc unprohtab|c wtthtn a lcw dc-
cadcs. Jhc masstvc tnhatton ol si|vcr-dcnomtnatcd priccs tn
Luropc lrom Ioo to I6qo tndtcatcs a shrtnktng va|uc lor thc
mcta| thcrc cvcn wtth Asta dratntng oll much ol thc supp|y.
y Iqo, a stlvcr glut causcd a col l apsc t n prtccs across Luropc, thc
Amcrtcan mtncs would, at thi s pot nt, stmply havc stoppcd tuncttontng,
and thc cnttrc pro| cct ot Amcrtcan colontzatton toundcrcd, had t t not
bccn tor thc dcmand trom Chtna. ' Jrcasurc gallcons movtng toward
Luropc soon rctratncd trom unloadtng thctr cargocs, t nstcad roundtng
thc horn ot Atrtca and procccdtng across thc Indt an Occan toward
Canton. Attcr ;, wtth thc toundatton otthc bpantsh ctty otNant l a,
thcy bcgan to movc dt rcctly across thc act hc. y thc |atc stxtccnth
ccntury, Chtna was t mporttng al most htty tons ot st lvcr a ycar, about
o pcrccntot tts st lvcr, and by thc carly scvcntccnth ccntury, H6 tons,
or ovcr ; pcrccnt. ' Iugc amounts ot st l k, porccl at n, and othcr Cht-
ncscproductshad to bc cxportcd to pay tort t. Nany otthcsc Chtncsc
products, tn turn, cndcd up t n thc ncw ctttcs ot Ccntral and bouth
Amcrt ca. Jhts Astan tradc bccamc thc stnglc most stgnthcant tactor
tn thc cmcrgtng global cconomy, and thosc who ul tt matcly controllcd
thc hnanctal lcvcrsparttcularly Ital t an, Outch, and Ccrman mcrchant
bankcrsbccamc tantasttcally rtch.
ut how cxactly dtd thc ncw global cconomy causc thc collapsc
ot ltvtng standards tn Luropcr Onc thtng wc do know. i t clcarly was
not by makt ng l argc amounts ot prcctous mctal avat l abl ctorcvcryday
transacttons. It anythtng, thc cttcct was thc opposttc. Vhtlc Luropcan
mtnts wcrc stamptng out cnormous numbcrs ot rt al s, thalcrs, ducats,
and doubloons, whtch bccamc thc ncw mcdtum ot tradc trom lt-
caragua to cngal , al most nonc tound thctr way tnto thc pockcts ot
ordt nary Luropcans. Instcad, wc hcar constant complatnts about thc
shortagc ot currcncy. In Lngland.
For much olthc Judor pcrtod thc ctrcu|attng mcdtum was so
sma|| that thc taxab|cpopu|atton simp|y dtd not havc sulhctcnt
cotn tn whtch to pay thc bcncvo|cnccs, substdtcs, and tcnths
|cvtcd upon thcm, and ttmc and ttmc agatn houscho|d p|atc,
thc handtcst ncar moncy that most pcop|c posscsscd, had to bc
surrcndcrcd.
I I
Jht s was thc casc t n most ot Luropc. Ocspttc t hc masstvc tnhux
ot mctal trom thc Amcrt cas, most tamt l t cs wcrc so l ow on cash that
A G L | 1 H L G R L A1 U A P l 1A L l S 1 L M P l R L S 3 l 3
thcy wcrc rcgul ar|y rcduccd to mclttng down thc tamt | y stlvcr to pay
thctr taxcs.
Jht s was bccausctaxcsbad to bc patd tn mctal . Lvcryday bustncss
t n contrast conttnucd to bc transactcd much as tt had tn thc Ntddlc
Agcs, by mcans otvart ous torms otvtrtua| crcdtt moncy. tal | t cs, prom
tssory notcs, or, wtthtn smallcr communtttcs, st mpl y by kccptng track
ot who owcd what to whom. Vhat rca|ly causcd thc tnhatton ts that
thosc who cndcd up tn control ot thc bul l t on-govcrnmcnts, bankcrs,
l argc-scalc mcrchants-wcrc abl c to usc that control to bcgt n chang
tng thc rulcs, hrst by t nst sttng that gold and stlvcr cc moncy, and
sccond by t ntroductng ncw torms ot crcdtt-moncy tor thctr own usc
wht l cslowly undcrmtntnganddcstroytngthc local systcms ottrustthat
had al |owcd smal|-sca|c communtttcs across Luropc to opcratc l argcly
wtthout thc usc ot mctal currcncy.
Jhts was a poltttcal battlc, cvcn t t t t was also a conccptual argu
mcnt about thc naturc ot moncy. Jhc ncw rcgt mc ot bullton moncy
cou|d only bc t mposcd through a|most unparallc|cd vtolcncc-not only
ovcrscas, but at homc as wcl | . In much otLuropc, thc hrst rcactton to
thc "prtcc rcvolutton" and accompanytng cnclosurcs ot common | ands
was not vcry dtttcrcnt trom what had so rcccntly happcncd t n Chtna.
thousands otonc-ttmc pcasants hcctng or bctng torccd out otthctr vt l
l agcs to bccomcvagabonds or "mastcrlcss mcn, " a proccss that cul mt
natcd tnpopul artnsurrcctt ons. Jhc rcactton otLuropcangovcrnmcnts,
howcvcr, was cnttrcly dt ttcrcnt. Jhc rcbcl l t ons wcrc crushcd, and thts
tt mc, no subscqucnt conccsstons wcrc torthcomtng. Vagabonds wcrc
roundcd up, cxportcd to thccolontcs as tndcnturcd | aborcrs, and dratt-
cd tnto colontal armtcs and navtcs-or, cvcntual | y, sct to work tn
tactortcs at homc.
Al most al l otthts was carrtcd out through a mantpulatton otdcbt.
As a rcsult, thc vcry naturc ot dcbt, too, bccamc oncc agatn onc ot thc
prtnctpal boncs otcontcntton.
P8 |t
r00J, 10r|0r, | 0Jl08tl 00, 000t
lo doubt scholars wt l l ncvcr stop argutng about thc rcasons tor thc
grcat "prtcc rcvolutton"-l argcly bccausc tt's not clcar what ktnd ot
tool scan bc appltcd. Canwcrcallyuscthcmcthodsotmodcrn cconom
tcs, whtch wcrc dcstgncd to undcrstand how contcmporary cconomt c
3 l 4 D L b 1
t nstttuttons opcratc, to dcscrtbc thc poltttcal battlcs that lcd to thc
crcatton otthosc vcry tnstttutt ons r
Jhts ts not | ust a conccptual problcm. Jhcrc arc moral dangcrs
hcrc. Jo takc what mtght sccm an "ob| ccttvc, " macro-cconomt c ap-
proach to thc ortgtns ot thc wor|d cconomy would bc to trcat thc
bchavtor otcarly Luropcan cxplorcrs, mcrchants, and congucrors as tt
thcy wcrc stmply rattona| rcsponscs to opportuntttcsas t t thts wcrc
| ust what anyonc would havc donc t n thc samc sttuatt on. Jhts t s what
thc usc ot cguatt ons so ottcn docs. makc t t sccm pcrtcctly natural to
assumc that, t tthc prtcc otstlvcr t n Cht na t stwt ccwhat t t t s t nbcvt l l c,
and t nhabt tants ot bcvt l l c arc capablc ot gctttng thct r hands on l argc
guanttttcs otstlvcr and transporttng t t to Cht na, thcn clcarly thcy wt l l ,
cvcn t t dot ng so rcgutrcs thc dcstructton ot cnttrc ctvtltzattons. Or t t
thcrc ts a dcmand tor sugar t n Lngl and, and cnslavtng mt l l tons t s thc
castcst way to acgutrc l abor to producc tt, thcn t t t s tncvttablc that
somc wt l l cnslavc thcm. In tact, ht story makcs t t gut tc clcar that thts ts
notthc casc. Any numbcrotct vt l t zattons havcprobably bccn t n a post-
tton to wrcak havoc on thc scalc that thc Luropcan powcrs dtd t n thc
stxtccnth and scvcntccnth ccnturtcs Ntng Chtna ttscltwas an obvtous
candtdatcj , but al most nonc actually dt d so. '
Constdcr, tort nstancc, how thc gold and stlvcrtrom thc Amcrtcan
mt ncs wcrc cxtractcd. Ntntng opcrattons bcgan al most t mmcdtatcly
upon thc tal l ot thc Aztcc capttal ot Jcnochttt|an t n IzI. Vhtlc wc
arc uscd to assumt ngthatthc Ncxtcan populatton was dcvastatcd st m-
ply as an cttcct otncwl y t ntroduccd Luropcan dtscascs, contcmporary
obscrvcrs tcl t that thc dragoontng ot thc ncwly congucrcd nattvcs to
work tn thc mtncs was at lcast cgually rcsponst bl c. ' In Tbe Conquest
of America, Jzvctan Jodorov ottcrs a compcndt um ot somc ot thc
most cht l l t ng rcports, mostly trom bpantsh prtcsts and trt ars who, cvcn
whcn commtttcd t n prtnctplc to thc bcltct that thc cxtcrmtnatton ot
thc Indtans was thc | udgmcnt ot Cod, could not dt sgutsc thctr horror
at sccncs ot bpantsh soldtcrs tcsttng thc bladcs ot thctr wcapons by
cvtsccrattng random passcrs-by, and tcartng babtcs ott thctr mothcr' s
backs to bc catcn by dogs. buch acts mt ghtpcrhaps bc wrtttcn ott as
whatoncwoul dcxpcctwhcna collccttonothcavtlyarmcd mcnmany
ot vt olcnt crtmtnal backgroundarc gtvcn absolutc tmpuntty, but thc
rcports trom thc mtncs tmply somcthtng tar morc systcmattc. Vhcn
ray Jortbto dc Notoltnta wrotc ot thc tcn pl agucs that hc bcltcvcd
Cod had vt st tcd on thc t nhabt tants otNcxtco, hc l tstcd smalpox, war,
tamtnc, labor cxactt ons, taxcs whtch causcd manyto scl l thctrcht ldrcn
to moncylcndcrs, othcrs to bc torturcd to dcath t n crucl prtsons) , and
A L | 1 H L K L A1 A | | 1 A L | b 1 L M | | K L b 3 I
thcthousandswhodtcd tn thcbut |dt ngotthccaptta| ctty. Abovc a| | , hc
t nststcd, wcrcthc uncountab|c numbcrs who dt cd t n thc mtncs.
Jhcctghth p|aguc wasthc s|avcs whom thcSpantards madc tn
ordcrto putthcmtoworktnthcmtncs. Athrstthoscwhowcrc
a|rcady s|avcs ol thc Aztccs wcrc takcn, thcn thosc who had
gtvcn cvtdcncc ol tnsubordtnatton, hna||y a|| thosc who cou|d
bc caught. Durtng thc hrst ycars altcr thc congucst, thc s|avc
tralhc hourtshcd, and s|avcs oltcn changcd mastcr. Jhcy pro-
duccd so many marks on thctr laccs, tn addttton to thc roya|
brand, that thcy had thctr laccs covcrcd wtth |cttcrs, lor thcy
borc thc marks ol a|| who had bought and so|d thcm.
Jhc ntnth p|aguc was thc scrvtcc tn thc mtncs, to whtch thc
hcavt|y |adcn Indtans travc|cd stxty |cagucs or morc to carry
provtsions . . . Whcn thctr lood gavc out thcy dtcd, ctthcr at
thc mtncs or on thc road, lor thcy had no moncy to buy lood
and thcrc was no onc to gtvc tt to thcm. Somc rcachcd homc
tn such a statc that thcy dtcd soon altcr. Jhc bodtcs ol thosc
Indtans and olthc s|avcs who dtcd tn thc mtncs produccd such
a stcnch that tt causcd a pcstt|cncc, cspccta||y at thc mtncs ol
axaca. Forha|ta|cagucaroundthcscmtncsanda|ong agrcat
part ol thc road onc cou|d scarcc|y avotd wa|ktng ovcr dcad
bodtcs or boncs, and thc hocks ol btrds and crows that camc
to lattcn thcmsc|vcs upon thc corpscs wcrc so numcrous that
thcy darkcncd thc sun. "''
bt mt | ar sccncs wcrc rcportcd tn cru, whcrc who|c rcgtons wcrc
dcpopu|atcd by torccd scrvtcc t n thc mtncs, and It spant o|a, whcrc thc
tndtgcnous popu|atton was cradtcatcd cnttrc| y.
Vhcn dca| t ng wtth congutstadors, wc arc spcaktng not | ust ot
stmp|cgrccd, but grccd ratscd to mythtc proportt ons. Jht s t s, attcr a||,
what thcy arc bcst rcmcmbcrcd tor. Jhcy ncvcrsccmcd to gctcnough.
Lvcn attcr thc congucst ot Jcnochttt|an or Cuzco, and thc acgutsttton
ot htthcrto-unt magtnab|c rtchcs, thc congucrors a|most tnvartab|y rc-
groupcd and startcd ottt n scarch ot morc trcasurc.
Nora|tsts throughout thc agcs havc t nvctghcd agatnst thc cnd|css-
ncss ot human grccd, | ust as thcy havc agatnst our supposcd|y cnd|css
|ust tor powcr. Vhat ht story actua||y rcvca| s, though, ts that wht|c
humans may bc| ust|y accuscdothavtnga proc|tvtty to accusc otbers ot
acttng |tkc congutstadors, tcw rca| | yactthts way thcmsc|vcs. Lvcn tor
thc most ambtttous otus, ourdrcams arc morc |tkc btndbad' s. to havc
advcnturcs, to acgutrc thc mcans to sctt|c down and |tvc an cn| oyab|c
3 l D L b 1
| t tc, and thcn, to cn| oy t t. Nax Vcbcr ot coursc argucd that thc cs
scncc ot captta|tsm t s thc urgcwhtch hc thought hrst appcarcd tn
Ca| vt nt smncvcr to sctt|c down, but to cngagc tn cnd|css cxpanst on.
ut thc congutstadorswcrcgoodNcdt cva| Catho| t cs, cvcn t toncs usu-
a| | y drawn trom thc most ruth| css and unprt nct p| cd c|cmcnts ot bpan
t sh soctcty. Vhy thc unrc|cnttng drtvc tor morc and morc and morcr
It mtght hc|p, I tht nk, to go back to thc vcry onsct otMcrnan Cor
tcs' s congucst ot Ncxtco. Vhat wcrc ht s tmmcdtatc mottvcs r Cortcs
had mtgratcd to thc co|ony ot Mt spanto|a tn Ioq, drcamtng ot g|ory
and advcnturc, but tor thc hrst dccadc and a ha|t, ht s advcnturcs had
| argc|y const stcd ot scductng othcr pcop| c' s wtvcs. In II8, howcvcr,
hc managcd to hnag|c ht s way tnto bctng namcd commandcr ot an
cxpcdttton to cstab|tsh a bpantsh prcscncc on thc mat n|and. As crna|
O az dc| Castt | | o, who accompantcd ht m, | atcrwrotc, around thts tt mc
Ic bcan to adorn h msclt and bc morc carctul ot h s appcar-
ancc than bctorc. Ic worc a pl umc ot tcathcrs, wth a mcdal-
l on and a gold chan, and a vclvct cloak trmmcd wth loops
ot gol d. ln tact hc lookcd lkc a bold and gal l ant Capta n.
Iowcvcr, hc had no moncy to dctray thc cxpcnscs havc spo-
kcn about, tor at thc tmc hc was vcry poor and much n dcbt,
dcsptc thc tact that hc had a good cstatc ot nd ans and was
gcttng gold trom thc m ncs. But al l th s hc spcnt on hs pcrson,
on hncry tor hs w tc, whom hc had rcccntly marrcd, and on
cntcrtanng gucsts . .
Vhcn somc mcrchant trcnds ot h s hcard that hc had ob-
tancd hs command as Captan Lcncral , thcy lcnt hm tour
thousand gold pcsos n con and anothcr tour thousand n
goods sccurcd on h s lnd ans and cstatcs. Ic thcn ordcrcd two
standards and banncrs to bc madc, workcd n gold wth thc
royal arms and a cross on cach sdc wth a lcgcnd whch sa d,
"Comradcs, l ct us tollow thc s gn ot thc Ioly Cross wth truc
ta th, and through t wc shall congucr. '
In othcr words, hc' d bccn |tvtng bcyond ht s mcans, got ht msc| t
tn troub| c, and dcct dcd, |tkc a rcck|css gamb|cr, to doub|c down and
go tor brokc. Lnsurprtstng, thcn, that whcn thc govcrnor at thc | ast
mt nutcdcct dcdto cancc| thc cxpcdttton, Cortcs tgnorcd ht m and sat |cd
tor thc mat n| and wtth st x hundrcd mcn, ottcrtng cach an cgua| sharc
tn thc cxpcdttton' s prohts. On | andtng hc burncd ht s boats, cttccttvc|y
staktng cvcrythtng on vtctory.
A G L | 1 H L G R L A1 U A P l 1A L l S 1 L M P l R L S 3 l J
Lct us sktp, thcn, trom thc bcginntng ot O az' s book to tts hnal
chaptcr. Jhrcc ycars l atcr, through somc ot thc most tngcnt ous, ruth-
l css, brt l l i ant, and uttcr|y dtshonorablc bchavtor by a mi lttary lcadcr
cvcr rccordcd, Cortcs had ht s vtctory. Attcr cight months ot grucltng
housc-to-housc wartarc and thc dcath ot pcrhaps a hundrcd thousand
Aztccs, Jcnochtttl an, oncotthcgrcatcstctttcsotthcworld, l aycnttrcly
dcstroycd. Jhc tmpcrial trcasury was sccurcd, and thc ttmc had comc,
thcn, tor t t to bc dtvtdcd tn sharcs amongst thc survtvtng soldtcrs.
Yct accordtngto O az, thc rcsult among thc mcn wasoutragc. Jhc
othccrs connivcd to scqucstcr most ot thc gold, and whcn thc hnal
tal l y was announccd, thc troops lcarncd that thcy would bc rccctvtng
only htty to ctghty pcsos cach. Vhat' s morc, thc bcttcr part ot thctr
sharcs was t mmcdtatcly sctzcd agatn by thc othccrs t n thctr capactty
ot crcditors-stncc Cortcs had t nststcd that thc mcn bc btllcd tor any
rcpl accmcnt cqutpmcnt and mcdt cal carc thcy had rcccivcd during thc
st cgc. Nost tound thcy had actually lost moncy on thc dcal . Oaz
wrttcs.
Vc wcrc a|| vcry dccp|y in dcbt. A crossbow was not to bc
purchascd lor |css than lorty or hlty pcsos, a muskct cost onc
hundrcd, a sword hlty, and a horsc lrom 8oo to Iooo pcsos,
and abovc. Jhus cxtravagant|y did wc havc to pay lor cvcry-
thing! A surgcon, who ca||cd himsc|l Mastrc |uan, who had
tcndcd somc vcry bad wounds, chargcd wi|d|y inhatcd tccs,
and sodid a guacknamcd Murcta, who was an apothccary and
a barbcr and a|so trcatcd wounds, and thcrc wcrc thirty othcr
tricks and swind|cs lor which paymcnt was dcmandcd ol our
sharcs as soon as wc rcccivcd thcm.
Scrious comp|aints wcrc madc about this, and thc on|y rcm-
cdy that Cortcs providcd was to appoint two trustworthy pcr-
sons who kncw thc priccs ot goods and cou|d va|uc anything
thatwc had boughton crcdit. An ordcrwcnt outthatwhatcvcr
pricc was p|accd on our purchascs or thc surgcon' s curcs must
bc acccptcd, but that i lwc had no moncy, our crcditors must
waittwo ycars lor paymcnt'
bpantsh mcrchants soon arrtvcd chargtng wt l dl y tnhatcd priccs tor
bastc ncccsstttcs, caustng turthcr outragc, unti l .
urgcncra| bccomingwcaryolthccontinua|rcproachcs which
wcrc thrown out against him, saying hc had sto|cn cvcrything
lor himsc|l, and thc cnd|css pctitions lor |oans and advancc
3 I b D L b 1
tn pay, dctcrmtncd at oncc to gct rtd ol thc most troub|csomc
lc||ows, by lormtng sctt|cmcnts tn thosc provtnccs whtch ap-
pcarcd most c|tgtb|c tor thts purposc.
I 8
Jhcsc wcrc thc mcn who cndcd up tn control otthc provtnccs, and
who cstab| t shcd loca| admt ntstratton, taxcs, and l abor rcgt mcs. Vhtch
makcs t t a ltttlc cast cr to undcrstand thc dcscrtpttons ot Indtans wtth
thctr taccs covcrcd by namcs ltkc so many countcr-cndorscd chccks,
or thc mt ncs surroundcd by mt l cs ot rotttng corpscs. Vc arc notdcal -
tng wtth a psychology ot col d, calculattng grccd, but ot a much morc
comp| tcatcd mt xotshamcand rtghtcous tndtgnatton, and otthc tranttc
urgcncy ot dcbts that woul d only compound and accumul atc thcsc
wcrc, almost ccrtat nl y, tntcrcst-bcartng loans) , and outragc at thc tdca
that, attcr all thcy had gonc through, thcy should bc hcld to owc any-
thtng to bcgtn wtth.
And what ot Cortcs r Ic had | ust pul lcd ott pcrhaps thc grcatcst
act ot thctt tn world htstory. Ccrtat nl y, ht s ortgtna| dcbts had now
bccn rcndcrcd tnconscgucntt al . Yct hc somchow always sccmcd to hnd
ht msclt tn ncw oncs. Crcdttors wcrc al rcady starttng to rcposscss ht s
hol dt ngs wht l chc wasotton ancxpcdttton to Ionduras t n z6, on ht s
rcturn, hc wrotc thc Lmpcror Charl cs V that ht s cxpcnscs wcrc such
that "all I havc rccctvcd has bccn t nsuthctcnt to rcltvc mc trom mt scry
and povcrty, bctng at thc momcnt I wrttc tn dcbt tor upwards ot hvc
hundrcd ounccs otgold, wtthout posscsstng a stnglc pcso towards t t. "' '
Ot stngcnuous, no doubt Cortcs at thc ttmc owncd ht s own pcrsonal
palacc) , but only a tcw ycars | atcr, hc was rcduccd to pawntng hts
wt tc' s| cwc|ry to hclp hnancc a scrtcs otcxpcdtttons to Cal t tornt a, hop-
tng torcstorchts tortuncs. Vhcn thosc tatlcd to turn a proht, hc cndcd
up so bcstcgcd by crcdttors that hc had to rcturn to bpatn to pctttton
thc cmpcror tn pcrson.
8 8 8 8 8
It al l thts sccms susptctously rcmtntsccntot thc tourth Crusadc, wtth tts
tndcbtcd kntghts strtpptng whol c torctgn ctttcs otthctr wcalth and sttll
somchow wt ndtng up only onc stcp ahcad ot thctr crcdttors, thcrc t s a
rcason. Jhc hnanctal capttal that backcd thcsc cxpcdtttons camc trom
morc or lcss thc samc pl acc t ttn thts casc Ccnoa, not Vcntcc) . Vhat' s
morc, that rclattonsht p, bctwccn thc dartng advcnturcr on thc onc
hand, thc gambl cr wt l | t ng to takc any sort ot rt sk, and on thc othcr,
thc carctul hnanctcr, whosc cnttrc opcrattons arc organt zcd around
A G L | 1 H L G R L A1 U A P l 1A L l S 1 L M P l R L S 3 I 9
productng stcady, mathcmatt cal , tncxorablc growth ot tncomc, ltcs at
thc vcry hcartot what wc now cal l "capt ta| t sm. "
As a rcsult, our currcnt cconomtc systcm has always bccn markcd
by a pccul t ar dual charactcr. bcholars havc long bccn tasctnatcd by
bpantsh dcbatcs that cnsucd, tn bpant sh untvcrstttcs ltkc bantandcr,
about thc humant ty ot thc Indtans Ot d thcy havc soul sr Could thcy
havc lcgal rtghts r Vas tt lcgtttmatc to torct bl y cnsl avc thcmr ) , | ust as
thcyhavc argucd aboutthcrcal attttudcs ot thc congutstadors was t t
contcmpt, rcvul st on, or cvcn grudgtng admt ratt on tor thctr advcrsar-
tcs r) ' Jhc rca| potnt t s that at thc kcy momcnts ot dcct st on, nonc ot
tht s mattcrcd. 1hosc maktng thc dcctstons dt d not tccl thcy wcrc tn
control anyway, thosc who wcrc dtd not parttcularly carc to know thc
dctat l s. Jo takc a tclltng cxamp| c. attcr thc carltcst ycars ot thc gold
and stlvcr mtncs dcscrt bcd by Notol t nt a, whcrc mtlltons ot Indt ans
wcrc stmply roundcd up and marchcd ott to thct r dcaths, colontsts
scttlcd on a poltcy ot dcbt pconagc. thc usual trtck ot dcmandtng
hcavy taxcs, lcndtng moncy at tntcrcst to thosc who could not pay,
and thcn dcmandtng that thc | oans bc rcpatd wtth work. Koyal agcnts
rcgularly attcmptcd to torbtd such practtccs, argutng that thc Indt ans
wcrc now Chrt stt an and that thts vt ol atcd thct rrt ghtsas l oyal sub| ccts
ot thc bpantsh crown. ut as wtth a| most a|l such royal cttorts to act
as protcctor ot thc Indt ans, thc rcsult was thc samc. tnanctal cxtgcn
ctcs cndcd up taktng prcccdcncc. Charlcs V ht mscltwas dccply t n dcbt
to banktng hrms tn l orcncc, Ccnoa, and laplcs, and gold and stlvcr
trom thc Amcrtcas madc up pcrhaps onc-htth ot hts total rcvcnuc. In
thc cnd, dcspt tc a lot ot t nt tt al notsc and thc usual l y gut tc stnccrc)
moral outragc on thc part ot thc ktng's cmtssartcs, such dccrccs wcrc
ctthcr tgnorcd or, at bcst, cntorccd tor a ycar or two bctorc bctng al-
lowcd to sl t p tnto abcyancc.
8 8 f 8 8
Al l ot thts hclps cxpl at n why thc Church had bccn so uncompromtstng
t n tts attttudc toward usury. It was not | ust a pht losophtcal gucstt on,
t t was a mattcr ot moral rt val ry. Noncy al ways has thc potcntt al to
bccomc a moral tmpcrattvc unto ttsclt. Al l ow tt to cxpand, and t t can
gutckly bccomc a moraltty so tmpcrattvc thatal | othcrs sccm trtvolous
tn compart son. or thc dcbtor, thc world ts rcduccd to a collcctton ot
potcnttal dangcrs, potcnttal tools, and potcntt al mcrchandt sc. Lvcn
human rclattons bccomc a mattcr ot cost-bcncht calculatton. Clcarly
tht s t s thc way thc congutstadors vtcwcd thc worlds that thcy sct out
to congucr.
3 2 U D L b 1
It ts thc pccul t ar tcaturc ot modcrn capttaltsm to crcatc soct al ar-
rangcmcnts that csscntt al l y torcc us to thtnk thts way. Jhc structurc ot
thc corporatton t s a tclltng casc t n potntand tt t s no cotnctdcncc that
thc hrst ma|or | otnt-stock corporattons t n thc world wcrc thc Lnglt sh
and Outch Last Indt a compantcs, oncs that pursucd that vcry samc
combtnatton ot cxploratton, congucst, and cxtractton as dtd thc con-
gutstadors. It t s a structurcdcstgncd to cl t mt natc al l moral t mpcrattvcs
but proht. Jhc cxccuttvcs who makc dcct st ons can argucand rcgu-
larly dothat, t t t t wcrc thctr own moncy, ot coursc thcy would not
hrc l t tclong cmployccs a wcck bctorc rctt rcmcnt, or dump carctnogcnt c
wastcncxtto school s. Yctthcyarc morally bound to tgnorc such con-
stdcrattons, bccauscthcyarcmcrccmployccs whosc only rcsponst bt l t ty
ts to provtdc thc maxt mum rcturn on tnvcstmcnt tor thc company' s
stockholdcrs. Jhc stockholdcrs, otcoursc, arc not gtvcn any say. )
Jhc hgurc ot Cortcs t s tnstructtvc tor anothcr rcason. Vc arc
spcaktng ot a man who, tn IzI, had congucrcd a ktngdom and was
st tttng atop a vast ptlc ot gold. lctthcr dt d hc havc any t ntcntton ot
gtvtng t t awaycvcn to ht s tollowcrs. tvc ycars latcr, hc was cl at mt ng
to bc a pcnnt l cssdcbtor. Iow was thts posst bl cr
Jhc obvtous answcr would bc. Cortcs was not a ktng, hc was a
sub| cct ot thc Ktng otbpat n, ltvtng wtthtn thc lcgal structurc ot a kt ng
dom that tnst stcd that, t t hc wcrc not good at managtng ht s moncy,
hc would losc t t. Yct as wc' vc sccn, thc ktng's laws could bc tgnorcd
tn othcr cascs. Vhat' s morc, cvcn ktngs wcrc not cnttrcly trcc agcnts.
Charl cs V was contt nual ly t n dcbt, and whcn ht s son ht l t p II-ht s
armt cs hghttng on thrcc dt ttcrcnt tronts at onccattcmptcd thc old
Ncdtcval trtck ot dctaulttng, al l ht s crcdttors, trom thc Ccnocsc ank
ot bt. Ccorgc to thc Ccrman uggcrs and Vclscrs, closcd ranks to
tnstst that hc would rccctvc no turthcr loans unttl hc startcd honortng
ht s commt tmcnts. "
Capttal , thcn, ts not stmply moncy. It ts not cvcn | ust wcalth that
can bc turncd tnto moncy. utnctthcr t stt| ust thc uscotpoltttcal pow
crto hclp oncusconc' smoncyto makcmorc moncy. Cortcs wastrytng
to do cxact|y that. tn cl asst cal Axtal Agc tashton, hc was attcmpttng
to usc hts congucsts to acgutrc pl undcr, and sl avcs to work thc mtncs,
wtth wht ch hc could pay ht s soldtcrs and suppl tcrs cash to cmbark on
cvcn turthcr congucsts. It was a trtcd-and-truc tormul a. ut tor al l thc
othcr congutstadors, tt provtdcd a spcctacul ar tatlurc.
Jht s would sccm to mark thc dtttcrcncc. In thc Axtal Agc, moncy
was a tool ot cmptrc. It mtght havc bccn convcntcnt tor rulcrs to pro-
mulgatc markcts t n whtch cvcryonc would trcat moncy as an cnd tn
ttsclt, at ttmcs, rulcrs mtghthavc cvcn comcto sccthc wholc apparatus
A G L | 1 H L G R L A1 C A P l 1A L l S 1 L M P | R L S 3 2 l
ot govcrnmcnt as a proht-makng cntcrprtsc, but moncy always rc
mat ncd a poltcal t nstrumcnt. Jhs s why whcn thc cmp rcs col | apscd
and armcs wcrc dcmob l zcd, thc wholc apparatus could smply mclt
away. Lndcr thc ncw|y cmcrgng capttalst ordcr, thc logtc ot moncy
was grantcd autonomy, po|tcal and m l ttary powcr wcrc thcn gradu
al l y rcorgant zcd around tt. Jruc, ths was a hnanca| |ogc that could
ncvcr havc cxt stcd wthout statcs and armtcs bchnd t n thc hrst
placc. As wc havc sccn n thc casc ot Ncdtcva| Islam, undcr gcnunc
trcc-markct condttons-n whch thc statc s not nvolvcd n rcgulat-
ng thc markct n any sgnhcant way, cvcn n cntorcng commcrcal
contracts-purcly compctttvc markcts w | l not dcvclop, and loans at
ntcrcst w l l bccomc cttcctvc|y mpossblc to collcct. It was on/y thc
Isl am c prohbton aganst usury, rcal | y, that madc t possblc tor thcm
to crcatc an cconom c systcm that stood so tar apart trom thc statc.
Nartn Luthcrwas makngthsvcry pont n Izq, rghtaround thc
t mc that Cortcs was hrst bcgnnng to havc troublc wth h s crcdtors.
It s al l vcry wc| | , Luthcr sa d, tor us to magnc that al | mght lvc as
truc Chrst ans, in accordancc wth thc dctatcs ot thc Cospcl . ut n
tact thcrc arc tcw who arc rcally capablc otacttng ths way.
Chrtsttans arc rarc tn thts wor|d, thcrclorc thc wor|d nccds a
strtct, hard, tcmpora| govcrnmcnt that wt|| compc| and con-
stratn thc wickcd not to rob and to rcturn what thcy borrow,
cvcn though a Chrtsttan ought not to dcmand tt, or cvcn hopc
to gct tt back. Jhts ts ncccssary tn ordcr that thc wor|d not
bccomc a dcscrt, pcacc may not pcrtsh, and tradc and soctcty
not bc uttcr|y dcstroycd, a|| olwhtch wou|d happcn tlwc wcrc
to ru|c thc wor|d accordtng to thc Gospc| and not drtvc and
compc| thc wtckcd, by |aws and thc usc ollorcc, to do what ts
rtght . . . Lct no onc thtnk that thc wor|d can bc ru|cd wtthout
b|ood, thc sword ol thc ru|cr must bc rcd and b|oody, lor thc
wor|d wt|| and must bc cvt | , and thc sword s God` s rod and
vcngcancc upon t t.
"lot to rob and to rcturnwhatthcyborrow"-a tcl lng | uxtapos
t on, consdcrng that n bcholastc thcory, lcndng moncy at ntcrcst
had tsclt bccn consdcrcd thctt.
And Luthcr b rctcrrng to ntcrcst-bcarng l oans hcrc. Jhc story
ot how hc got to ths pont s tcl l t ng. Luthcr bcgan hs carccr as a rc-
tormcr n Izo wth hcry campagns aganst usury, n tact, onc ot hs
ob| cctons to thc salc ot Church ndulgcnccs was that t was tsclt a
torm ot sprtual usury. Jhcsc postons won h m cnormous popul ar
3 2 2 D L b 1
support tn towns and vt l l agcs. Iowcvcr, hc soon rcaltzcd that hc' d un-
l cashcd a gcnt c that thrcatcncd to turn thc wholc world upstdc-down.
Norc radtcal rctormcrs appcarcd, argutng that thc poor wcrc not mor-
ally obltgcd to rcpay thc tntcrcst on usurtous loans, and propostng thc
rcvt val ot Old Jcstamcnt tnstttuttons ltkc thc sabbattcal ycar. Jhcy
wcrc tol lowcd by outrtght rcvoluttonary prcachcrs who bcgan oncc
agatn gucstt ontng thc vcry lcgtttmacy ot artstocrattc prtvt lcgc and prt-
vatcpropcrty. InIz, thcycar attcr Luthcr's scrmon, thcrc was a mas-
stvc uprtstng otpcasants, mtncrs, and poor townstol kacross Ccrmany.
thc rcbcl s, tn most cascs, rcprcscnttng thcmsclvcs as stmplc Chrtsttans
at mt ng to rcstorc thc truc communt sm otthc Cospcl s. Ovcr a hundrcd
thousand wcrc sl aughtcrcd. Al rcady tn Izq, Luthcr had a scnsc that
mattcrs wcrc spt l l tng out otcontrol and that hc would havc to choosc
stdcs. t n that tcxt, hc dt d so. Old Jcstamcnt l aws ltkc thc babbattcal
ycar, hc argucd, arc no longcr btndtng, thc Cospcl mcrcly dcscrtbcs
tdcal bchavtor, humans arc stntul crcaturcs, so law t s ncccssary, whtlc
usury t s a st n, a tour to hvc-pcrccnt ratc ot t ntcrcst t s currcntly lcgal
undcr ccrtatn ctrcumstanccs, and wht l ccollccttng that t ntcrcst ts stntul ,
undcr no ctrcumstanccs t s tt lcgttt matc to arguc that tor that rcason,
borrowcrs havc thc rtght to brcak thc | aw.
Jhc bwt ss rotcstant rctormcr Zwtnglt was cvcn morc cxpltctt.
Cod, hc argucd, gavc us thc dtvtnc law. to lovc thy nctghbor as thysclt.
Itwctrulykcptthts law, humans wouldgtvctrccly to onc anothcr, and
prtvatc propcrty would not cxtst. Iowcvcr, |csus cxccptcd, no human
bct ng hascvcrbccn abl c to ltvc up to thts purc communtsttc standard.
Jhcrctorc, Codhas al sogtvcn us a sccond, t ntcrtor, human l aw, tobc
cntorccd by thc ctvtl authortttcs. Vhtlc tht s t ntcrtor l aw cannot com-
pcl us to act as wc rcal l y ought to act "thc magt stratc can torcc no
onc to l cnd out what bclongs to ht m wt thout hopc ot rccompcnsc or
proht")-at lcast t t can makc us tollow thc lcad ot thc apostlc aul ,
who sat d. "ay al l mcn what you owc. "
boon attcrward, Cal vt n was to rc| cct thc bl ankct ban on usury
cnttrcly, and by I6o, al most al l rotcstant dcnomtnattons had comc to
agrcc wtth hts post tton that a rcasonablc ratc ot t ntcrcst usual l y hvc
pcrccnt) was not stntul , provtdcd thc |cndcrs act t n good consctcncc,
do not makc lcndtng thctr cxclustvc bustncss, and do not cxplott thc
poor. Catholtc doctrtnc was slowcr to comc around, but tt dtd ultt-
matcly acccdc by passtvc acgutcsccncc. )
Itonclooksathowal l thtswas| ustthcd,twothtngs| umpout. trst,
rotcstant thtnkcrs al l conttnucd to makc thc o| d Ncdtcval argumcnt
about interesse. that "t ntcrcst" t s rcally compcnsatton tor thc moncy
that thc lcndcr uou/d havc madc had hc bccn ablc to placc hts moncy
A G L | 1 H L G R L A1 C A P l 1A L l 5 1 L M P l R L 5 3 2 3
t n somc morc prohtablc tnvcstmcnt. Ort gt nal l y, thts logtc was | ust ap-
pltcdtocommcrct al l oans. Incrcast ngly, ttwasnowappltcd to al l l oans.
ar trom bctng unnatural , thcn, thcgrowthotmoncy was now trcatcd
as complctcly cxpcctcd. All moncywasassumcd to bccapttal .'bccond,
thc assumptt on that usury ts somctht ngthat onc propcrly practtccs on
onc' s cncmtcs, and thcrctorc, by cxtcnst on, that al l commcrcc partakcs
somcthtng ot thc naturc ot war, ncvcr cnttrcly dt sappcars. Cal vt n, tor
tnstancc, dcntcd that Ocutcronomy only rctcrrcd to thc Amalckttcs,
clcarly, hc satd, t t mcant that usury was acccptablc whcn dcaltng wtth
byrtans or Lgypttans, tndccd wtth al l nattons wtth whom thc |cws
tradcd. ' Jhc rcsult ot opcntng thc gatcs was, at lcast tacttly, to sug-
gcst thatonccould now trcatanyone, cvcn a nctghbor, as a torctgncr.
Oncnccd only obscrvc howLuropcan mcrchant advcnturcrs otthc day
actual l y wcrc trcattng torctgncrs, t n Asta, Atrtca, and thc Amcrtcas, to
undcrstand what thts mtght mcan t n practtcc.
Or, onc mtght look closcr to homc. Jakc thc story ot anothcr
wcll-known dcbtor otthc ttmc, thc Nargravc Castmtr otrandcnburg-
Ansbach Iq8I-Iz;) , ot thc tamous Iohcnzollcrn dynasty.
Cast mt r was thc son ot Nargravc rtcdrtch thc Lldcr ot randcn-
burg, who has comc to bc known as onc ot thc "mad prtnccs" ot thc
Ccrman Kcnatssancc. bourccs dt ttcr on | ust how mad hc actually was.
Onc contcmporary chrontclc dcscrtbcs ht m as "somcwhat dcrangcd tn
ht s hcad trom too much ractng and | ousttng, " most agrcc that hc was
gt vcnto htsottncxpl t cabl cragc, as wcll as to thc sponsorshtp otwt l d,
cxtravagant tcsttvals, satd ottcn to havc dcgcncratcd t nto wt l d baccha-
naltan orgtcs. '
Al l agrcc, howcvcr, that hc was poor at managtng ht s moncy.
At thc bcgtnntng ot II, rtcdrtch was tn such hnanctal troublchc
t s satd to havc owcd zoo,ooo gutldcrsthat hc alcrtcd hts crcdttors,
mostly tcl l ow nob| cs, that hc mtght soon bc torccd to tcmporartly sus-
pcnd t ntcrcst paymcnts on ht s dcbts. Jhts sccmsto havccauscd a crtsts
ottatth, and wtthtn a mattcr otwccks, ht s son Cast mt r stagcd a palacc
coupmovtng, t n thc carly hours otcbruary z6, II, to sctzc control
ot thc castlc ot lasscnburg whtlc ht s tathcr was dt stractcd wt th thc
cclcbratton ot Carnt val , thcn torctng htm to stgn papcrs abdtcattng tor
rcason ot mcntal tnhrmtty. rtcdrtch spcnt thc rcst ot hts l t tc conhncd
tn l asscnburg, dcntcd al l vtsttors and corrcspondcncc. Vhcn at onc
potnt ht s guards rcgucstcd that thc ncw Nargravc provtdc a couplc
gut ldcrs so hc cou| d pass thc ttmc gambltng wtth thcm, Castmtr madc
a grcat publtc show otrctusal , stattng rtdtculously, otcoursc) that hts
tathcr had lctt hts attatrs tn such dt sastrous shapc that hc could not
posstbly attord to.
3 2 4 D L b 1
Cast mt rdutttul l ydolcd outgovcrnorshtps and othcrprtzcothccs to
hts tathcr' s crcdttors. Mctrtcd to gct hts housc tn ordcr, but thts provcd
surprtstngly dt thcul t. Mts cnthustasttc cmbracc ot Luthcr' s rctorms tn
IzI clcarly had as much to do wtth thc prospcct otgctttng ht s hands
on Church |ands and monasttc asscts than wtth any parttcul arrc|tgtous
tcrvor. Yct at hrst, thc dt sposttton ot Church propcrty rcmatncd moot,
and Cast mt rhtmscltcompoundcdht sprob|cms by runntngupgambltng
dcbts ot ht s own satd to havc amountcd to ncar|y o, ooo gut |dcrs.'
lactng hts crcdttors tn chargc ot thc ctvtl admtntstratton had prc-
dtctablc cttccts. tncrcastng cxacttons on h| s sub| ccts, many ot whom
bccamc hopclcssly tndcbtcd thcmsclvcs. Lnsurprtstng|y, Cast mt r' s lands
t n thc Jaubcr Vallcy tn ranconta bccamc onc ot thc cptccntcrs ot
thc rcvolt ot Iz. ands ot armcd vt | |agcrs asscmblcd, dcclartng thcy
would obcy no l aw that dt d not accord wtth "thc holy word ot Cod. "
At hrst, thc noblcs, tsolatcd t n thctr scattcrcd castlcs, ottcrcd |ttt|c rc-
ststancc. Jhc rcbcl lcadcrs-manyotthcm |oca| shopkccpcrs, butchcrs,
and othcr promtncnt mcn trom ncarby towns-bcgan wtth a l argc|y
ordcrly campatgn ot tcartng down cast|c tortt hcattons, thctr kntght|y
occupants bctng ottcrcd guarantccs otsatcty t tthcy coopcratcd, agrccd
to abandon thctrtcudal prtvtlcgcs, and sworc oaths to abtdc by thc rcb-
cls' Jwclvc Arttclcs. Nany comp|tcd. Jhc rcal vcnom otthc rcbc|s was
rcscrvcd tor cathcdra|s and monastcrtcs, dozcns ot whtch wcrc sackcd,
pt l l agcd, and dcstroycd.
Cast mt r' s rcactton was to hcdgc ht s bcts. At hrst hc btdcd hts tt mc,
asscmbltnganarmcdtorcc otabouttwothousandcxpcrtcnccdsol dt crs,
but rctustng to t ntcrvcnc as rcbc| s pt l l agcd scvcral ncarby monastcrtcs,
t n tact, ncgottattngwtth thc vartous rcbc| bands tn such apparcntgood
tatth that many bcl tcvcd hc was prcpartngto | otn thcm "as a Chrtsttan
brothcr. "'` In Nay, howcvcr, attcr thc kntghts ot thc bwabt an Lcaguc
dctcatcd thc rcbc| s otthc Chrtsttan Lnton to thc south, Cast mt r swung
tnto actton, ht s torccs brushtng astdc poorly dtsctp|tncd rcbcl bands
to swccp through ht s own tcrrttortcs l t kc a congucrtng army, burntng
and pt l l agtng vt l l agcs and towns, sl aughtcrtng womcn and cht ldrcn. In
cvcrytown hc sct up punt tt vctrtbunal s, and sctzcd al | | ootcdpropcrty,
whtch hc kcpt, cvcn as hts mcn also cxproprtatcd any wca|th sttll to
bc tound t n thc rcgton' s cathcdral s, ostcnstbly as cmcrgcncy | oans to
pay hts troops.
It sccms stgnthcant that Cast mt r was, ot a| l thc Ccrman prtnccs,
both thc longcst to wavcr bctorc tntcrvcntng, and thc most savagc|y
vcngctu| oncc hc dtd. Mt storccs bccamc notortous not on|y tor cxccut-
tng accuscd rcbcl s, but systcmattcally chopptng ott thc hngcrs ot ac-
cuscdcollaborators,ht scxccuttoncrkccptnga grtm | cdgcrotamputatcd
A G L | 1 H L G R L A1 C A P l 1A L l 5 1 L M P l R L 5 3 2
body parts tor l atcr rctmburscmcnt-a ktnd ot carnal tnvcrston ot thc
account lcdgcrs that had causcd htm so much troub|c tn hts l ttc. Atonc
potnt, t nthc town otKttztngcn, Cast mt rordcrcd thc gougtngoutotthc
cycs ot htty-ctght burghcrs who had, hc dcclarcd, "rctuscd to look at
ht m as thctr lord. " Attcrward hc rccctvcd thc tollowtng bt l l . '
8o bchcadcd
6 cycs put out or hngcrs cut oh
lrom thts to dcduct
rccctvcd trom thc Rothcnburgcrs
rccctvcd lrom Ludwtg von Muttcn
Rcmatndcr
lus z months' pay at 8 h. pcr month
Jota|
IIq h.
Ioh.
z h.
I6h.
H8 h.
Stgncd] Augusttn, thc cxccuttoncr, who thc Kttztngcrs ca|| "Mastcr
uch. "
Jhc rcprcsston cvcntual l y tnsptrcd Cast mt r' s brothcr Gcorg latcr
known as "thc t ous") to wrttc a lcttcr asktng ht m t t Cast mt r was tn-
tcndtng to takc up a tradc-stncc, as Gcorg gcntly rcmtndcd ht m, hc
could not vcry wcll conttnuc to bc a tcudal ovcrlord t t ht s pcasants
wcrc al | dcad. '
Vtth such thtngs happcntng, tt ts hardly surprtstng that mcn ltkc
Jhomas Iobbcs camc to t magtnc thc bast c naturc ot soctcty as a war
ot al l agatnst al l , trom wht ch onl y thc absol utc powcr ot monarchs
could savc us. At thc samc ttmc, Cast mt r' s bchavtorcombtntng as t t
docs a gcncral attttudc ot unprtnctplcd, cold-bloodcd calcu|atton wt th
outbursts ot al most tncxpltcably vt ndtcttvc cruclty-sccms, |tkc that ot
Cortcs' s angry toot so|dtcrs whcn unlcashcd on thc Aztcc provtnccs, to
cmbody somcthtng csscnttal about thc psychology ot dcbt. Or, morc
prcct scly, pcrhaps, about thc dcbtor who tccl s hc has donc nothtng to
dcscrvc bctng placcd tn ht s posttton. thc tranttc urgcncy ot havtng to
convcrt cvcrythtng around oncsclt tnto moncy, and ragc and tndtgna
tton at havtng bccnrcduccd to thc sort ot pcrson who would do so.
3 2 D L b 1
P8 |t | | .
1h0 W0rlJ 0 r0J|t 80J th0 W0rl J 0 | 0t0r0st
Of a// tbe beings tbat bace existence
on/y in tbe minds of men, notbing is
more fantastica/ and nice tban Credit;
it is necer to be forced; it bangs uon
oi ni on; it deends uon our assions
of boe and fear; it comes many times
unsougbt-for, and often goes auay
uitbout reason; and once /ost, it is
bard/y to be quite recocered.
\harC LaVCDaDt, Ioyo
He tbat bas /ost bis credit is dead to
tbe uor/d.
Dgsh aDO LCrmaD rOVCrO
Jhc pcasants' vtstons ot communtsttc brothcrhood dt d not comc out
ot nowhcrc. Jhcy wcrc rootcd tn rcal datly cxpcrtcncc. ot thc matn
tcnancc ot common hclds and torcsts, ot cvcryday coopcratton and
nctghborly sol t dartty. It t s out ot such homcly cxpcrtcncc ot cvcryday
communtsm that grand mythtc vtstons arc always but l t. ` Obvt ousl y,
rural communt ttcs wcrc also dt vt dcd, sguabbl t ng pl accs, stncc com
munt tt cs always arcbut tnsotar as thcy arc communtttcs at al l , thcy
arc ncccssartly toundcd on a ground ot mutual atd. Jhc samc, tnct-
dcntal l y, can bc satd ot mcmbcrs ot thc artstocracy, who mtght havc
tought cndlcssly ovcr lovc, |and, honor, and rcltgton, but noncthclcss
stt l l coopcratcd rcmarkably wcll wtth onc anothcr whcn t t rcal l y mat-
tcrcd most ot all, whcn thctr posttton as artstocrats was thrcatcncd) ,
| ust a s thc mcrchants and bankcrs, much a s thcy compctcd wtth onc
anothcr, managcd to closc ranks whcn t t rcally mattcrcd. Jhts t s what
l rctcr to as thc "communtsm otthc rtch, " and tt t s a powcrtul torcc t n
human ht story. `'
Jhc samc, as wc'vc sccn rcpcatcdly, appltcs to crcdt t. Jhcrc arc
always dtttcrcnt standards tor thosc onc constdcrs trtcnds or nctghbors.
Jhctncxorablc naturc ottntcrcst-bcartngdcbt, and thc altcrnatcly sav
agc and cal cul attng bchavtor otthosccnslavcd to tt, arc typtcal abovc
al l ot dca|tngs bctwccn strangcrs. tt's unl tkcly that Castmtr tclt much
morc ktnshtp wtth ht s pcasants than Cortcs dtd wtth thc Aztccs tn
A G L | 1 H L G R L A1 C A P l 1A L l S 1 L M P l R L S 3 2 J
tact, most |tkcly |css, stncc Aztcc warrtors wcrc at lcast art stocrats) .
Instdc thc sma| l towns and rura| hamlcts, whcrc thc statc was mostly
tar away, Ncdtcval standards survtvcd tntact, and "crcdtt" was | ust as
much a mattcrothonor and rcputatton as tt had cvcr bccn. Jhc grcat
untold story ot our currcnt agc t s ot how thcsc anctcnt crcdtt systcms
wcrc ul tt matc|y dcstroycd.
Kcccnthtstortca|rcscarch, notablythatotCratgNuldrcw, whohas
stttcd throughthousandsottnvcntortcs andcourtcascs trom st xtccnth-
and scvcntccnth-ccntury Lngland, hascauscd us to rcvtsc a|most al l our
old assumpttons about what cvcryday cconomtc l t tc at that ttmc was
ltkc. Otcoursc, vcry| t ttlc otthcAmcrt cango|d and stlvcrthat rcachcd
Luropc actually cndcd up tn thc pockcts ot ordtnary tarmcrs, mcrccrs,
orhabcrdashcrs. Jhclton' ssharcstaycd tnthccottcrs otctthcrthcar-
t stocracy orthcgrcat London mcrchants, orclsc n thcroya| trcasury. '
bmal| changc was almost noncxtstcnt. As I' vc a|rcady potntcd out, tn
thc poorcr nctghborhoods ot ctttcs or largc towns, shopkccpcrs would
tssuc thctr own |cad, |cathcr, or woodcn tokcn moncy, tn thc st xtccnth
ccntury thts bccamc somcthtng ot a tad, wtth artsans and cvcn poor
wtdows productngthctr own currcncy as a way to makc cnds mcct.
L|scwhcrc, thosc trcgucnttng thc loca| butchcr, bakcr, or shocmakcr
would stmplyputthtngson thc tab. Jhcsamcwas trucotthoscattcnd-
tng wcck|y markcts, or sclltng nctghbors mtlk orchccsc or candlc-wax.
In a typtca| vt | lagc, thc on| y pcop|c lkcly to pay cash wcrc passtng
travclcrs, and thosc constdcrcd rttt-ratt. paupcrs and nc' cr-do-wclls so
notortously down on thctr luck that no onc would cxtcnd crcdtt to
thcm. btncc cvcryonc was nvo|vcd t n sclltng somcthtng, howcvcr | ust
aboutcvcryoncwasboth crcdttor and dcbtor, mosttamt l ytncomctook
thc torm ot promtscs trom othcr tamt l t cs, cvcryonc kncw and kcpt
count otwhatthctr nctghbors owcd onc anothcr, andcvcry st x months
or ycar or so, communtttcs wou|d hc|d a gcncral publc "rcckontng, "
cancclltngdcbtsoutagatnstcach othcrtn a grcatctrclc, wtthonl ythosc
dtttcrcnccs thcn rcmatntng whcn al | was donc bctng sctt|cd by usc ot
cotn or goods.'
Jhc rcason that thts upcnds our assumpttons ts that wc' rc uscd
to bl amtng thc rtsc ot capttal t sm on somcthng vaguc|y cal lcd "thc
markct"-thc brcakup ot oldcr systcms ot mutua| atd and soltdartty,
and thc crcatton ot a world ot cold ca|culaton, whcrc cvcrythtng had
tts prtcc. Kcal l y, Lngl t sh vt | l agcrs appcar to havc sccn no contradtctton
bctwccn thc two. On thc onc hand, thcy bcltcvcd strongly t n thc col-
|ccttvcstcwardshtp ot hclds, strcams, and torcsts, and thc nccd to hclp
nctghbors t ndt thculty. Onthc othcr hand, markcts wcrc sccn as a ktnd
ot attcnuatcd vcrston ot thc samc prnctplc, sncc thcy wcrc cnttrcly
3 2 b D L b 1
toundcd on trust. Nuch l t kc thc Jtv womcn wtth thctr gttts ot yams
and okra, nctghbors assumcd thcy ought to bc constantly sl tghtly t n
dcbt to onc anothcr. At thc samc ttmc, most sccm to havc bccn guttc
comtortablc wtth thc tdca ot buytng and sc|ltng, or cvcn wtth markct
huctuattons, provtdcd tt dtdn't gct to thc potnt ot thrcatcntng honcst
tamt l t cs' |tvc|thoods. " Lvcn whcn loans att ntcrcstbcgan to bc lcgal tzcd
t n Iq, that dtd not ruthc too many tcathcrs, as long as tt took placc
wtthtn that samc l argcr moral tramcwork. lcndtng was constdcrcd an
approprtatc vocatt on, tor cxampl c, tor wtdows wtth no othcr sourcc
ot tncomc, or as a way tor nctghbors to sharc t n thc prohts trom
somc mtnor commcrctal vcnturc. Vt l l t am btout, a

Quakcr mcrchant
trom Lancashtrc, spokc glowtng|y ot Icnry Coward, thc tradcsman tn
whosc shop hc hrst apprcnttccd.
My mastcr thcn had a lu|| tradc olgroccrtcs, tronmongcrwarc,
and scvcra| othcr goods, and vcry much rcspcctcd and trustcd,
not on|y by thc pcop|c ol hts own rc|tgtous prolcsston, but by
a|| othcrs ol a|| prolcsstons and ctrcumstanccs . . . Mts crcdtt
was so much, that any who had moncy to dtsposc ol |odgcd tt
wtth htm to put out to tntcrcst or to makc usc oltt. `
In thtsworld, trustwascvcrytht ng. Nost moncy lttcrally wastrust,
stncc most crcdtt arrangcmcnts wcrc handshakc dcal s . Vhcn pcoplc
uscd thc word "crcdtt, " thcy rctcrrcd abovc al l to a rcputattontorhon-
csty and t ntcgrtty, and a man or woman' s honor, vtrtuc, and rcspcct-
abt l tty, but also, rcputatton tor gcncrostty, dcccncy, and good-naturcd
soctabtltty, wcrc at lcast as t mportant constdcrattons whcn dcctdtng
whcthcr to makc a l oan as wcrc asscssmcnts ot nct tncomc. As a
rcsult, hnanctal tcrms bccamc tndtsttngut shab| c trom moral oncs. Onc
could spcak otothcrs as "worthtcs, " as "a woman othtgh csttmatton"
or "a man ot no account, " and cgually ot "gtvtng crcdtt" to somconc' s
words whcnonc bcltcvcs whatthcysay "crcdt t" t s trom thc samc root
as "crccd" or "crcdt bt l t ty") , orot "cxtcndtng crcdt t" to thcm, whcn onc
takcs thcm at thctr word that thcy wtll pay onc back.
Onc should not t dcal t zc thc sttuatton. Jhts was a htgh|y patrtar-
chal world. a man' s wt tc or daughtcr' s rcputatton tor chasttty was as
much a partotht s "crcdtt" asht sown rcputatton torkt ndncssorptcty.
Vhat' s morc, a|most a| l pcoplc bclow thc agc ot o, mal c or tcmal c,
wcrccmploycd asscrvants t nsomconccl sc' shouscholdas tarmhands,
mt l kmat ds, apprcnttccsand as such, wcrcot "noaccount" at al l t -
nal | y, thosc who |ost crcdt bt ltty tn thc cycs ot thc communt ty bccamc,
cttccttvcly, part ahs, and dcsccndcd tnto thc crt mt nal or scmt-crt mt na|
A G L U | 1 H L G R L A1 C A P l 1A L l S 1 L M P l R L S o 2 9
classcs ot rootlcss l aborcrs, bcggars, harlots, cutpurscs, hawkcrs, pcd-
lars, tortunc-tcllcrs, mt nstrcl s, and othcr such "mastcrlcss mcn" or
"womcn ot t l l rcputc."'
Cold cash was cmploycd l argcly bctwccn strangcrs, or whcn pay-
tng rcnts, ttthcs, and taxcs to landlords, bat l t tts, prtcsts, and othcr
supcrtors. Jhc landcd gcntry and wcalthy mcrchants, who cschcwcd
handshakc dcals, would ottcn usc cash wtth onc anothcr, cspcct al l y
to pay ott bt l l s ot cxchangc drawn on London markcts. '' Abovc al l ,
gol d and st l vcr wcrc uscd by thc govcrnmcnt to purchasc arms and
pay soldtcrs, and amongst thccrt mt nal cl asscs thcmsclvcs. Jhts mcant
that cotns wcrc most ltkcly to bc uscd both by thc sort ot pcoplc who
ran thc lcgal systcm-thc magtstratcs, constablcs, and | usttccs ot thc
pcacc and by thosc vtolcnt clcmcnts ot soctcty thcy saw t t as thctr
bustncss to control .
t t t t t
Ovcr ttmc, thts lcd to an tncrcastng dts| uncturc ot moral untvcrscs.
or most, who trtcd to avotd cntanglcmcnt tn thc lcgal systcm | ust as
much as thcy trtcd to avotd thc attatrs ot sol dt crs and crt mt nal s, dcbt
rcmatncdthcvcrytabrtcotsoct abt l t ty. utthoscwho spcntthctrwork
tng ltvcs wtthtn thc halls otgovcrnmcnt and grcat commcrctal houscs
gradual l y bcgan to dcvclop a vcry dtttcrcnt pcrspccttvc, whcrcby cash
cxchangc was normal and tt was dcbt that camc to bc sccn as ttngcd
wtth crtmtnaltty.
Lach pcrspccttvc turncd on a ccrtatn tactt thcory ot thc naturc ot
soctcty. or most Lngltsh vtll agcrs, thc rcal tont and tocus ot soctal
and moral l t tc was not so much thc church as thc l ocal alc-houscand
communtty was cmbodtcd abovc al l tn thcconvtvtaltty otpopular tcstt-
vals ltkc Chrtstmas or Nay Oay, wtth cvcrythtng that such cclcbrattons
cntatlcd. thc shartng otplcasurcs, thc communton otthc scnscs, al l thc
phystcal cmbodtmcntotwhatwascal lcd "good nctghborhood. " boctcty
was rootcd abovc tn thc "lovc and amt ty" ot trtcnds and kt n, and t t
tound cxprcsston tn al l thosc torms ot cvcryday communt sm hclptng
nctghbors wtth chorcs, provtdtng mtlk or chccsc tor old wtdows) that
wcrc sccn to how trom t t. Markcts wcrc not sccn as contradtcttng tht s
cthos ot mutual at d. It was, much as t t was tor Just , an cxtcnston ot
mutual atd-and tor much thc samc rcason. bccausc tt opcratcd cn-
ttrcly through trust and crcdt t. `
Lngland mtght not havc produccd a grcat thcortst ltkc Just , but
onc can hnd thc samc assumpttons cchocd tn most ot thc bcholasttc
wrttcrs, as tor tnstancc tn |can odt n' s De Keju|/ica, wtdcly ct rcul atcd
3 3 U D L b 1
tn Lnglt sh translatton attcr I6o. "Amtty and trtcndshtp, " odtn wrotc,
"arc thc toundatton ot all human and ctvtl soctcty"thcy constttutc
that "truc, natural | usttcc" on whtch thc wholc lcgal structurc ot con-
tracts, courts, and cvcn govcrnmcnt mustncccssartly bc butlt. ' bt mt lar
l y, whcn cconomtc thtnkcrs rchcctcd on thc ortgtns otthc moncy, thcy
spokc ot "trusttng, cxchangtng, and tradtng. " It was stmply assumcd
that human rcl attons camc hrst.
As a rcsult, all moral rclattons camc to bcconcctvcd as dcbts. "or-
gtvc us our dcbts"thts was thc pcrtod, thc vcry cnd ot thc Ntddlc
Agcs, that thts translatton ot thc Lord' s raycr gatncd such untvcrsal
populartty. bt ns arc dcbts to Cod. unavotdablc, but pcrhaps managc-
abl c, stncc at thc cnd ot ttmc our moral dcbts and crcdtts wtll bc al l
cancclcd out agatnst cach othcr tn Cod' s hnal Kcckont ng. Jhc notton
ot dcbt t nscrtcd ttsclt tnto cvcn thc most tnttmatc ot human rclattons.
Lt kcthcJt v, Ncdtcvalvt l l agcrswouldsomcttmcsrctcr to "hcsh dcbts, "
but t hcnottonwascomplctclydtttcrcnt. ttrctcrrcdt ot hcrtghtotctthcr
partncr tn a marrtagc to dcmand scx trom thc othcr, whtch tn prtnctplc
ctthcr could do whcncvcr hc or shc dcstrcd. Jhc phrasc "paytng onc' s
dcbts" thusdcvclopcdconnotattons, much asthcKomanphrasc "dotng
onc' s duty" had, ccnturtcs bctorc. Ccottrcy Chauccr cvcn makcs a pun
out ot "tal l y" rcnch. tai//e) and "tat l " t n thc bht pman' s Jalc, a story
about a woman who pays hcrhusband' sdcbts wtth scxual tavors. "and
t tso I bc tat l l c, I am yourc wyt, scorc t t upon my tat l l c. "'
Lvcn London mcrchants would occastonally appcal to thc l anguagc
ot soct abt l t ty, t nst sttng that t n thc hnal anal yst s, all tradc t s butlt on
crcdtt, and crcdt t t s rcally | ust an cxtcnston ot mutual atd. In I66, tor
t nstancc, Charlcs Oavcnant wrotc that cvcn tt thcrc wcrc a gcncral col-
lapsc otconhdcncc t n thc crcdtt systcm, tt could not last long, bccausc
cvcntual l y, whcn pcoplcrchcctcdon thc mattcr and rcal t zcd thatcrcdtt
t s stmply an cxtcnst on ot human soctcty,
Jhcy wi|| hnd, that no trading nation cvcr did subsist, and
carry on its busincss by rca| stock that is, | ust coin and mcr-
chandi sc] , that trust and conhdcncc in cach othcr, arc as ncc-
cssary to |ink and ho|d a pcop|c togcthcr, as obcdicncc, lovc,
lricndship, or thc intcrcoursc ol spccch. And whcn cxpcricncc
has taught man how wcak hc is, dcpcnding on|y on himsc|l,
hc wi|| bc wi||ing to hc|p othcrs, and ca|| upon thc assistancc
ol his ncighbors, whtch ol coursc, by dcgrccs, must sct crcdit
again ahoat.`'
A G L | 1 H L G R L A1 C A P l 1A L l S 1 L M P l R L S 3 3 l
Oavcnant was an unusua| mcrchant ht s tathcr was a poct) . Norc
typtca| ot ht s c|ass wcrc mcn |tkc Jhomas Mobbcs, whosc Leciatban,
pub|tshcd tn I6I, wast n many waysancxtcndcdattackon thcvcry tdca
that soctcty t s but|t on any sort otprtor ttcs otcommunal soltdartty.
Mobbcs mtght bc constdcrcd thc opcntng salvo ot thc ncw moral
pcrspccttvc, and t t was a dcvastattng onc. Vhcn Leciatban camc out,
t t' s not clcar what scanda| tzcd tts rcadcrs morc. tts rc|cntlcss matcrt-
altsm Mobbcs t nst stcd that humans wcrc bastca||y machtncs whosc
acttons could bc undcrstood by onc stng|c prtnctplc. that thcy tcndcd
to movc toward thc prospcct ot p|casurc and away trom thc prospcct
ot patn) , or tts rcsultant cynt ct sm tt lovc, amt ty, and trust arc such
powcrtu| torccs, Mobbcs askcd, why t st tthatcvcn wt tht n our tamt | t cs,
wc | ock our most va| uabl c posscsstons t n strongboxcsr) btt l | , Mobbcs'
u|tt matc argumcntthat humans, bct ngdrt vcn by sclt-tntcrcst, cannot
bc trustcd to trcat cach othcr | ust|y ot thctr own accord, and thcrctorc
that soctcty on| y cmcrgcs whcn thcy comc to rcaltzc that t t ts to thctr
|ong-tcrm advantagc to gtvc up a portton ot thctr | t bcrttcs and acccpt
thc abso|utc powcr ot thc Kt ngdt ttcrcd l t ttlc trom argumcnts that
thco|ogtans |tkc Narttn Luthcr had bccn maktng a ccntury carltcr.
Mobbcs st mp| y substttutcd sctcntthc | anguagc tor bt b| t ca| rctcrcnccs.``
I want to draw parttcu| ar attcntton to thc undcr|ytng notton ot
"sclt-tntcrcst. "` It t s t n a rca| scnsc thc kcy to thc ncw pht losophy.
Jhc tcrm hrst appcars t n Lngltsh rtght around Mobbcs' tt mc, and t t
t s, t ndccd, dt rcct|y borrowcd trom interesse, thc Koman l aw tcrm tor
t ntcrcst paymcnts. Vhcn tt was hrst t ntroduccd, most Lng|tsh authors
sccmcd to vtcwthc tdcathatal | human | t tc can bccxp|at ncd asthcpur-
sut t ot sc|t-t ntcrcst as a cynt ca| , torctgn, Nacht avc||t an tdca, onc that
sat uncomtortab|y wtth tradtttona| Lng| t sh morcs. y thc ctghtccnth
ccntury, most t n cducatcd soctcty acccptcd t t as st mp| c common scnsc.
ut why "t ntcrcst" r Vhy makc a gcncra|thcoryothuman mottva-
tton out ota word that ortgt nal | y mcant "pcnalty tor latc paymcnt on
a | oan" r
art ot thc tcrm' s appca| was that t t dcrtvcd trom bookkccptng. It
was mathcmatt ca| . Jht s madc t t sccm ob| ccttvc, cvcn sctcntt hc. baytng
wc arc a| l rca| | y pursutng our own sclt-t ntcrcst provtdcs a way to cut
past thcwc|tcr otpasstons and cmottons that sccm to govcrn our dat l y
cxtstcncc, and to mottvatc most ot what wc actua| | y obscrvc pcop|c
to do not only out ot lovc and amtty, but a|so cnvy, spttc, dcvott on,
ptty, lust, cmbarrassmcnt, torpor, t ndt gnatt on, and prtdc) and dt scovcr
that, dcspttc a|l tht s, most rca| | y t mportant dcct st ons arc bascd on thc
rattona| calcu|atton ot matcrtal advantagc-whtch mcans that thcy arc
tat r| y prcdtctablc as wcl | . "|ust as thc phystca| wor|d t s ru|cd by thc
o o 2 D L b 1
laws ot movcmcnt, " wrotc Iclvctt us, t n a passagc rcmt nt sccnt otLord
bhang, "no lcss t s thc mora| untvcrsc ru|cd by |aws ot t ntcrcst. "` And
ot coursc tt was on thts assumptton that al| thc guadrattc cguattons ot
cconomtc thcory could ul tt matcly bc but lt. `
Jhc prob|cm t s that thc ortgtn otthc conccpt ts not rattona| at a| l .
I tsroots arc thcologt cal , and thcthcologtca| assumpttons undcrpt nnt ng
tt ncvcr rcally wcnt away. "bcl t-tntcrcst" ts hrst attcstcd to tn thc wrtt-
tngs otthc Italtan htstortan ranccsco Cutcctadtnt who was, t n tact, a
trtcnd ot Nachtavc| | t ) , around IIo, as a cuphcmtsm tor bt. Augustt nc' s
conccpt ot "sclt-lovc. " or Augustt nc, thc "|ovc ot Cod" l cads us to
bcncvolcncc toward ourtcl l ows, sclt-lovc, t n contrast, rctcrs to thc tact
that, stncc thc al l otNan, wc arc curscd by cndlcss, t nsatt abl c dcst rcs
tor sclt-gratthcatton-so much so that, tt lctt to our own dcvtccs, wc
wt l l ncccssartly tal l tnto untvcrsal compctttt on, cvcn war. bubstttuttng
"t ntcrcst" tor "|ovc" must havc sccmcd an obvtous movc, st ncc thc as-
sumptton that lovc ts thc prtmary cmott on was prcctscly what authors
l t kc Cutcctadtnt wcrc trytng to gct away trom. ut tt kcpt that samc
assumptton ot t nsatt abl c dcstrcs undcr thc gutsc ot tmpcrsonal math,
stncc what ts "t ntcrcst" but thc dcmand that moncy Mtt Ltt to
growr Jhc samc was truc whcn tt bccamc thc tcrm tor t nvcstmcnts
"I havc a twclvc-pcrccnt t ntcrcst tn that vcnturc"-tt ts moncy pl accd
tn thc conttnual pursutt ot proht. `' Jhc vcry tdca that human bctngs
arc mottvatcd prt martly by "sc|t-t ntcrcst, " thcn, was rootcd tn thc pro-
toundly Chrtsttan assumptton thatwc arc all t ncorrtgt bl c stnncrs, lctt to
our own dcvtccs, wc wt l l not stmply pursuc a ccrtatn lcvcl ot comtort
and happtncss andthcn stop to cn|oy t t, wc wtll ncvcrcasht nthcchtps,
ltkc bt ndbad, lct alonc gucstton why wc nccd to buy chtps to bcgtn
wtth. And as Augusttnc al rcady anttctpatcd, t nhnttc dcst rcs t n a hnttc
world mcans cndlcss compctttt on, whtch t n turn t s why, as Iobbcs
t nststcd, our onl y hopc otsocta| pcacc ltcs t n contractual arrangcmcnts
and strtct cntorccmcnt by thc apparatus ot thc statc.
t 8 t t t
Jhc story ot thc orgms ot capttal t sm, thcn, ts not thc story ot thc
gradual dcstructton ottradtttonal communtttcs by thc t mpcrsonal pow-
cr ot thc markct. It t s, rathcr, thc story ot how an cconomy ot crcdtt
was convcrtcd t nto an cconomy ott ntcrcst, ot thc gradual transtorma-
tton ot mora| nctworks by thc tntruston ot thc tmpcrsonal-and ottcn
vtndtctt vc-powcr ot thc statc. Lng| t sh vt | lagcrs tn Ll t zabcthan or btu-
art ttmcs dtd not ltkc to appca| to thc | usttcc systcm, cvcn whcn thc
l aw was t n thctr tavor-partly on thc prtnctplc that nctghbors should
A G L 1 H L G R L A1 C A P l 1A L l S 1 L M P l R L S 3 3 3
work thtngs out wtth onc anothcr, but mat nl y, bccausc thc l aw was so
cxtraordtnartly harsh. Lndcr Ll t zabcth, tor cxamplc, thc punt shmcnt
tor vagrancy uncmploymcnt) was, tor hrst ottcnsc, to havc onc's cars
natlcd to a pt l lory, tor rcpcat ottcndcrs, dcath.
Jhc samc was truc ot dcbt l aw, cspcct al l y stncc dcbts could ottcn,
t tthccrcdttorwas suthctcntlyvtndtcttvc, bc trcatcd as a crt mc. In Chcl-
sca around 66o,
Nargarct bharp|cs was prosccutcd tor stca|ng c|oth, "wh ch
shc had convcrtcd nto a pcttcoat tor hcr own wcarng, ` trom
Kchard Bcnnctt` s shop. Icr dctcnsc was that shc had bar-
gancd w th Bcnnctt` s scrvant tor thc c|oth, "but havng not
moncy suthccnt n hcr pursc to pay tor t, took t t away wth
purposc to pay tor t so soon as shc cou|d. and that shc attcr-
wards agrccd wth Nr Bcnnctt ot a prcc tor t . ` Bcnnctt con-
hrmcd that ths was so. attcr agrccng to pay h m zz sh | | ngs,
Nargarct "dc|vcrcd a hampcr wth goods n t as a pawn tor
sccurty ot thc moncy, and tour sh | |ngs nncpcncc n mon-
cy. ` But "soon attcr hc d s| kcd upon bcttcr consdcraton to
ho|d agrccmcnt wth hcr. and dc|vcrcd thc hampcr and goods
back, ` and commcnccd torma| |cga| procccdngs aganst hcr. '
As a rcsult, Nargarct bharplcs was hangcd.
Obvt ousl y, tt was thc rarc shopkccpcr who wt shcd to scc cvcn ht s
most trrttattng cltcnt on thcgal l ows. Jhcrctorc dcccnt pcoplc tcndcd
to avotd thc courts cnttrcl y. Onc ot thc most tntcrcsttng dtscovcrtcs ot
Cratg Nuldrcw' s rcscarch t s that thc morc ttmc passcd, thc lcss truc
thts bccamc.
Lvcn t n thc latc Ntddlc Agcs, tn thc casc ot rcally l argc loans,
tt was not unusual tor crcdttors to lodgc c|atms t n local courtsbut
thts was rcal l y | ust a way ot cnsurtng that thcrc was a publ t c rccord
rcmcmbcr that most pcoplc at thc ttmc wcrc t l l t tcratc) . Ocbtors wcrc
wtlltngtogo along wtth thcprocccdtngst n part, t twould sccm, bccausc
ttthcrc was anyt ntcrcstbctngchargcd, ttmcantthatt tthcydt ddctaul t,
thc lcndcr was | ust as gutlty tn thc cycs ot thc l aw as thcy wcrc. Lcss
than onc-pcrccnt ot thcsc cascs wcrc cvcr brought to | udgmcnt. Jhc
|cgalt zatton ot t ntcrcst bcgan to changc thc naturc otthc playtng hcl d.
In thc 8os, whcn tntcrcst-bcartng loans bcgan to bccomc common
bctwccn vt l lagcrs, crcdttors al so bcgan to tnstst on thc usc ot stgncd,
|cgal bonds, thts lcd to such an cxploston ot appcal s to thc courts that
tn many smal l towns, al most cvcry houschold sccmcd to bc caught up
tn dcbtl t ttgatton otsomc sort orothcr. Onl y a ttny proportton otthcsc
3 3 4 D L b 1
sut ts wcrc cvcr brought to | udgmcnt, ctthcr. thc usual cxpcdtcnt was
stt l l to rcly on thc stmplc thrcat o| punt shmcnt to cncouragc dcbtors
to scttlc out o|court. ' btt l l , as a rcsult, thc |caro|dcbtor' s prtson-or
worsc camc to hang ovcr cvcryonc, and soct abt l tty ttscl| camc to takc
on thc color o| crt mc. Lvcn Nr. Coward, thc ktndly shopkccpcr, was
cvcntual l y latd l ow. Mt sgood crcdtt ttscl|bccamc a problcm, cspcct ally
as hc |clt honor-bound to usc tt to hclp thc lcss |ortunatc.
Mc a|so dca| t in mcrchandisc wi th | oosc partncrs, and bccamc
conccrncd much with pcrsonsoldcc|iningcircumstanccs,whcrc
ncithcr proht nor crcdtt cou|d bc got, and hcgavc uncasincss to
his wilc, by his |rcgucnting somc houscs olnogood charactcr.
And shc was a vcry i ndo|cnt woman, and drcw moncy pri-
vatc|ylrom him, and hi s circumstanccs bccamc so burdcnsomc
that hc dai|y cxpcctcd to bc madc a prisoncr. Which, with thc
shamc ollorlciting his lormcr rcputati on, it drcw him into dc-
spair and brokc hi shcart, so thathckcpt to his housc lor somc
timc and dicd olgricl and shamc.'
Itt spcrhapsnotsurprtstng,whcn oncconsultscontcmporarysourc-
cs about what thosc prtsons wcrc ltkc, parttcularly |or thosc who wcrc
not o| art stocrattc ortgt ns. Nr. Coward would surcly havc known, as
thccondtttons at thc most notort ous, ltkcl cct and Narshalsca, causcd
pcrtodtc scandal swhcn cxposcd t nparl t amcntorthc popularprcss, hl l -
tng thc papcrs wtth stort cs o|shackl cddcbtors "covcrcd wtth hlth and
vcrmtn, and su||crcd to dt c, wt thoutpt ty, o|hungcr and | at l |cvcr, " as
thc art stocrattc roucs pl accd tn thc clttc stdc o|thc samc| at l s l tvcd ltvcs
o|com|ort, vt st tcd by mantcurtsts and prostttutcs. `
Jhc crt mt nal t zatton o| dcbt, thcn, was thc crtmtnal tzatton o| thc
vcry bast s o| human soctcty. It cannot bc ovcrcmphast zcd that tn a
smal l communtty, cvcryonc normally was both lcndcr and borrowcr.
Onc can on| y t magtnc thc tcnstons and tcmptattons that must havc
cxtstcd tn a communtttcs-and communtttcs, much though thcy arc
bascd on lovc, tn |act, |ecause thcy arc bascd on lovc, wtll always also
bc |ul l o| hatrcd, rt va| ry and passton-whcn tt bccamc clcar that wt th
su|hctcntly clcvcr schcmtng, mantpulatton, and pcrhaps a btt o| stratc-
gtc brtbcry, thcy could arrangc to havc almost anyonc thcy hatcd tm-
prtsoncd or cvcn hangcd. Vhat was tt that Ktchard cnnctt rcally had
agatnst Nargarct bharplcs r Vc' l l ncvcr know thc back-story, but t t' s a
prctty sa|c bct that thcrc was onc. Jhc c||ccts on communal soltdartty
must havc bccn dcvastattng. Jhc suddcn acccsst bt l t ty o| vtolcncc rcally
dtdthrcatcnto trans|orm what had bccn thc csscncc o|soctaltty tnto a
A G L | 1 H L G R L A1 C A P l 1A L l S 1 L M P l R L S 3 3
war ot al l agatnst al | . It` s not surprtstng thcn, that by thc ctghtccnth
ccntury, thc vcry notton ot pcrsonal crcdtt had acgutrcd a bad namc,
wtth both lcndcrs and borrowcrs constdcrcd cgual l y suspcct. Jhc usc
otcotnsat lcast among thosc who had acccss to thcmhad comc to
sccm moral tn ttsclt.
t t f t t
Lndcrstandtng al l tht s allows us to scc somc ot thc Luropcan authors
constdcrcd tn carltcr chaptcrs tn an cnttrcly ncw l tght. Jakc anurgc' s
cncomtum on dcbt. t t turns outthatthc rca| | okc t s notthc suggcstton
that dcbt ttcs communtttcs togcthcr any Lngltsh or rcnch pcasant ot
thc day would havc stmply assumcd tht s) , or cvcn that on/y dcbt ttcs
communtttcs togcthcr, t t ts putttng thc scnttmcnt tn thc mouth ot a
wcalthy scholar who' s rcal l y an tnvctcratc crt mt nalthat t s, holdtng
up popul ar moraltty as a mt rror to makctun ot thc vcry uppcr c|asscs
who clat mcd to dtsapprovc ot t t.
Or constdcr Adam bmtth.
It ts not trom thc bcncvolcncc ot thc butchcr, thc brcwcr, or thc
bakcr, that wc cxpcct our d nncr, but trom thcr rcgard to thcr
own ntcrcst. Vc addrcss oursclvcs, not to thcr human ty but
to thctr sclt-lovc, and ncvcr talk to thcm ot our own ncccsstcs
but ot thcr advantagcs.
Jhc bt zarrc thtng hcrc t s that, at thc ttmc bmt th was wrtttng, thts
stmply wasn' t truc. ' Nost Lngl t sh shopkccpcrs wcrc stt l l carrytng out
thc mat n part ot thctr bustncss on crcdt t, whtch mcant that customcrs
appcalcd to thctr bcncvolcncc al l thc ttmc. bmt th could hardly havc
bccn unawarc ot thts. Kathcr, hc t s drawtng a utoptan ptcturc. Ic
wants to t magtnc a worl dtn whtch cvcryoncuscdcash, t n part bccausc
hcagrccdwtth thc cmcrgtng mtddlc-class optnton thatthc world would
bc a bcttcr placc t t cvcryonc rcally dtd conduct thcmsclvcs thts way,
and avotd contustng and potcnttallycorrupttngongotng cntanglcmcnts.
Vc should al l | ust pay thc moncy, say "plcasc" and "thank you, " and
lcavc thc storc. Vhat' s morc, hc uscs tht s utoptan tmagc to makc a
l argcr pot nt. that cvcn tt al l bust ncsscs opcratcd ltkc thc grcat commcr-
ct al compant cs, wtth an cyc only to sclt-t ntcrcst, t t wouldn't mattcr.
Lvcn thc "natural sclhshncss and rapactty" ot thc rtch, wtth al l thctr
"vatn and tnsattablc dcstrcs" wt l l stt l l , through thc logtc otthc t nvt st bl c
hand, lcad to thc bcncht ot a| l .
3 3 D L b 1
In othcr words, bmtth stmply t magtncd thc rolc ot consumcr crcdt t
t n ht s own day, | ust as hc had ht s account ot thc ort gt ns ot moncy. '
Jhts al lowcd htm to tgnorc thc rolc ot both bcncvolcncc and malcvo-
lcncc t n cconomt c attat rs, both thc cthos ot mutual at d that torms thc
ncccssary toundatton ot anythtng that would look ltkc a trcc markct
that ts, onc whtch t s not stmply crcatcd and matntatncd by thc statc) ,
and thc vt olcncc and shccr vtndtcttvcncss that had actual l y gonc tnto
crcattng thc compcttttvc, sclt-tntcrcstcd markcts that hc was ustng as
ht s modcl .
lt ctzschc, tn turn, was taktng up bmt th' s prcmt scs, that l t tc t s
cxchangc, but l ayt ng barc cvcrythtng thc torturc, murdcr, muttlatton)
that bmt th prctcrrcd not to havc to talk about. low that wc havc sccn
| ust a l t ttlc ot thc soctal contcxt, t t' s dtthcult to rcad lt ctzschc' s oth-
crwtsc puzzltng dcscrtpttons ot anctcnt huntcrs and hcrdsmcn kccptng
accounts otdcbts and dcmandtng cach othcrs' cycs and hngcrs wtthout
t mmcdt atcly thtnktng ot Cast mt r' s cxccuttoncr, who actually dtd prcs
cnt ht s mastcr wtth a btll tor gougcdcycs and scvcrcd hngcrs. Vhat hc
t srcally dcscrtbtng t swhatt ttook to producc a world t n whtch thc son
ot a prospcrous mtddlc-class rcvcrcnd, such as ht msclt, could stmply
assumc that al l human l t tc t s prcmt scd on calculatcd, sclt-tntcrcstcd
cxchangc.
P8 |t | | | .
| mp0rs008l r00ltm000
Oncrcasonthathtstort anstook so longtonottcc thc cl aboratcpopu| ar-
crcdtt systcms ot Judor and btuart Lngland t s that tntcl lcctual s ot thc
ttmc spokc about moncy t n thc abstract, thcy rarcly mcnttoncd t t. or
thc cducatcd classcs, "moncy" soon camc to mcan gold and stlvcr.
Nostwrotcas t ttt could bc takcn tor grantcd that gold and st lvcr had
always bccn uscd as moncy toral l nattons t n ht story and, prcsumabl y,
always woul d bc.
Jht s not onl y hcw tn thc tacc otArt stotl c, tt dt rcctly contradtctcd
thc dt scovcrtcs ot Luropcan cxplorcrs ot thc ttmc, who wcrc hndtng
shcll moncy, bcad moncy, tcathcr moncy, salt moncy, and an cnd|css
vartcty ot othcr currcnctcs cvcrywhcrc thcy wcnt. Yct al l thts | ust
causcd cconomtc thtnkcrs to dtg t n thctr hccl s. bomc appcalcd to al
chcmy to arguc that thc monctary status otgold and st lvcr had a natu-
ral bast s. gold whtch partook ot thc sun) and st lvcr whtch partook
otthc moon) wcrc thc pcrtcctcd, ctcrnal torms ot mctal toward whtch
A G L | 1 H L G R L A1 C A P l 1A L l S 1 L M P l R L S o o J
al l bascr mctals tcnd to cvo|vc.` Nost, howcvcr, dt dn' t tccl that much
cxplanatton was rcgut rcd, thc tntrtnstc valuc ot prcctous mcta|s was
stmp|y sclt-cvtdcnt. As a rcsult, whcn royal advtsors or London pam
phl ctccrs dtscusscd cconomtc probl cms, thc t ssucs thcy dcbatcd wcrc
always thc samc. Iow do wc kccp bu| | t on trom |cavtng thc country!
Vhat do wc do about thc crtppltng shortagc ot cot n! or most, gucs-
ttons ltkc "Iow do wc matntatn trust tn local crcdtt systcms! " stmp|y
dtd not artsc.
Jhts was cvcn morc cxtrcmc t n rttatn than on thc Conttncnt,
whcrc "crytng up" or "crytng down" thc currcncy was sttl| an optt on.
In rttatn, attcr a dt sastrous attcmpt at dcvaluatton undcr thc Judors,
such cxpcdtcnts wcrc abandoncd. Icncctorth, dcbascmcnt bccamc a
mora| tssuc. or thc govcrnmcnt to mtx basc mctal tnto thc purc ctcr
nal substancc ot a cotn was c|carly wrong. bo, to a lcsscr cxtcnt, was
cotn-cltpptng, a ncar-untvcrsa| practtcc tn Lngland, whtch mtght bc
thought otasa ktnd otpopu|ar vcrston otdcval uatt on, stncctt tnvo|vcd
sccrctly shavtng stlvcr ott thc cdgcs ot cotns and thcn prcsstng thcm
down so thcy sccmcd |tkc thcy wcrc stt|l thc ortgtna| stzc.
Vhat' s morc, thosc ncw torms ot vt rtua| moncy that bcgan to
cmcrgc tn thc ncw agc wcrc hrmly rootcd tn thcsc samc assumpttons.
Jht s t s crtttcal , bccausc tt hc|ps cxp|atn what mtght othcrwtsc sccm a
btzarrccontradtctton. Iow ts tt thatthts agc otruth|css matcrt al t sm, tn
wht ch thc notton that moncy was a soctal convcntton was dchntttvcly
rc| cctcd, al so saw thc rtsc ot papcr moncy, along wtth a wholc host
ot ncw crcdtt t nstrumcnts and torms ot hnanctal abstractton that havc
bccomc so typt ca| otmodcrncapttal t sm! Jruc, most ot thcsc-chccks,
bonds, stocks, annuttt cs-had thctr ortgtns tn thc mctaphystca| world
otthc Ntddlc Agcs. Yct tn thts ncw agc, thcy undcrwcnt an cnormous
ctflorcsccncc.
tonc looks at thc actua| ht story, though, t t gutck|y bccomcs clcar
that al l ot thcsc ncw torms ot moncy t n no way undcrmtncd thc as-
sumptton that moncy was toundcd on thc "t ntrt nst c" va|uc otgo|d and
st l vcr. tn tact, thcy rctntorccd tt. Vhat sccms to havchappcncd ts that,
oncccrcdttbccamc unl atchcd trom rcal rclattonsottrust bctwccn t ndt -
vt dual s whcthcrmcrchantsor vt l |agcrs ) , tt bccamcapparcntthat mon
cy cou|d, t n cttcct, bcproduccd stmp|y by saytng tt wasthcrc, but that,
whcn thts t s donc tn thc amora| wor|d ota compcttttvcmarkctplacc, tt
would a|most tncvttably lcad to scams and conhdcncc gamcs ot cvcry
sort-caustng thc guardtans ot thc systcm to pcrtodtca|ly pantc, and
scck ncw ways to latch thc valuc ot thc vartous torms ot papcr back
onto gold and stlvcr.
3 3 b D L b 1
Jhts ts thc story normally told as "thc orgms ot modcrn bank-
t ng. " rom our pcrspccttvc, though, what tt rcvcal s t s | ust how closcly
bound togcthcr war, bullton, and thcsc ncw crcdt t t nstrumcnts wcrc.
Onc nccd onl y constdcr thc paths not travclcd. or tnstancc. thcrc was
no tntrtnstc rcason why a bt l l ot cxchangc couldn' t bc cndorscd ovcr
to a thtrd party, thcn bccomc gcncral l y transtcrablcthus, t n cttcct
turntng tt tnto a torm ot papcr moncy. Jhts ts how papcr moncy hrst
cmcrgcd t n Cht na. In Ncdtcval Luropc thcrc wcrc pcrtodtc movcmcnts
t n that dt rcctton, but tor a vartcty otrcasons, thcy dtd not go tar. " Al-
tcrnatcly, bankcrs can producc moncy by tssutng book crcdtts tor morc
than thcy havc on cash rcscrvc. Jhts t s constdcrcd thc vcry csscncc ot
modcrn banktng, and tt can lcad to thc ctrculatton ot prtvatc bank
notcs. bomc movcs wcrc madc tn thts dt rcctton as wcl l , cspcct al l y t n
I ta| y, butt twas a rtsky proposttton, stncc thcrc was alwaysthcdangcr
otdcposttors pantcktng and maktng a run, and most Ncdtcval govcrn-
mcnts thrcatcncd cxtrcmcly harsh pcnalttcs on bankcrs unablc to makc
rcstttutton t n such cascs. as wttncsscd by thc cxamplc ot ranccsch
Castcl l o, bchcadcd t n tront ot ht s own bank t n arcclona t n I6o.
Vhcrc bankcrs cttccttvcly controllcd Ncdtcval govcrnmcnts, tt
provcd satcr and morc prohtablc to mantpul atc thc govcrnmcnt' s own
hnanccs. Jhc ht story otmodcrn hnanctal tnstrumcnts, and thc ul tt matc
ortgtns ot papcr moncy, rca| l y bcgtn wt th thc tssutng ot muntctpal
bondsa practtcc bcgun by thc Vcnctt an govcrnmcnt tn thc twcltth
ccntury whcn, nccdtng a gutck t ntust on ot tncomc tor mt l ttary pur-
poscs, tt lcvtcd a compulsory loan on tts taxpaytng ctttzcns, tor whtch
tt promtscd cach ot thcm hvc pcrccnt annual t ntcrcst, and al|owcd thc
"bonds" or contracts to bccomc ncgottab|c, thus, crcattng a markct tn
govcrnmcntdcbt. Jhcy thc Vcnctt an govcrnmcntr| tcndcd to bc gut tc
mcttculous abouttntcrcstpaymcnts, butstncc thc bondshad no spccthc
datc ot maturtty, thctr markct prtccs ottcn huctuatcd wtldly wtth thc
ctty' s po|tttca| and mt l ttary tortuncs, and so dt d rcsulttng asscssmcnts
otthc ltkcl thood thatthcy would bc ablc to bc rcpat d. bt mt l arpracttccs
gutckly sprcad to thc othcr Italtan statcs and to northcrn Luropcan
mcrchant cnc|avcs as wcl | . thc Lnttcd rovtnccs ot Iolland hnanccd
thctr long war ot t ndcpcndcncc agatnst thc Iapsburgs I68-I6q8)
| argcly through a scrt cs ottorccd l oans, thoughthcy hoatcd numcrous
vol untary bond tssucs as wc| l .
orct ngtaxpaycrs to makc a l oan t s, t n oncscnsc, stmply dcmand-
tng that thcy pay thctr taxcs carly, but whcn thc Vcncttan statc hrst
agrccd to pay t ntcrcst-and t n |cgal tcrms, thts was agatn interesse, a
pcnalty tor latc paymcnttt was tn prtnctplc pcnaltztng ttsclt tor not
t mmcdtatcly gtvtng thc moncy back. It's casy to scc how thts mtght
A G L | 1 H L G R L A1 C A P l 1A L l S 1 L M P l R L S 3 3 9
ratsc al l sorts ot gucsttons about thc lcgal and mora| rc|atton bctwccn
pcoplc and govcrnmcnt. Ll tt matc|y, thc commcrct al cl asscs t n thosc
mcrcanttlc rcpubl t cs that ptonccrcd thcsc ncw torms ot hnanctng dtd
cnd up scctng thcmsclvcs as owntng thc govcrnmcnt morc than thcy
saw thcmsc|vcs as bctng t n t ts dcbt. lot only thc commcrct al cl asscs .
by I6o, a ma| ortty ot Outch houscholds hcld at lcast a ltttlc govcrn-
mcnt dcbt. Iowcvcr, thc truc paradox only appcars whcn onc bcgtns
to " moncttzc" tht s dcbtthat ts, to takc govcrnmcnt promtscs to pay
and allow thcm to ctrculatc as currcncy.
Vhtlc alrcady by thc st xtccnth ccntury, mcrchantswcrc ustng bi lls
ot cxchangc to scttlc dcbts, govcrnmcnt dcbt bondsrcntc:, uro:,
annutttcswcrc thc rcal crcdt t moncy ot thc ncw agc. It' s hcrc that wc
havc to look tor thc rcal ortgtns ot thc "prtcc rcvolutton" that ham
mcrcd oncc-tndcpcndcnt townstol k and vt l l agcrs t nto thc ground and
opcncd thc way tor most ot thcm to ul tt matcly bc rcduccd to wagc
laborcrs, worktng tor thosc who had acccss to thcsc htghcr torms ot
crcdt t. Lvcn t n bcvtllc, whcrc thc trcasurc hccts trom thc lcw Vorld
hrsttouchcdport tn thc Ol d, bul l t on was not much uscd tn day-to-day
transacttons. Nost ott t wastakcndt rcctly to thc warchouscs otGcno-
csc bankcrs opcrattng trom thc port and storcd tor shtpmcnt cast. ut
t n thc proccss, t tbccamc thc basts torcomplcx crcdt t schcmcs whcrcby
thc valuc otthc bullton was l oancd to thc cmpcror to tund mt lttary op
cratt ons, tn cxchangc tor papcrs cntttltng thc bcarcr to t ntcrcst-bcartng
annutttcs trom thc govcrnmcntpapcrs that coul d t n turn bc tradcd
as t t thcy wcrc moncy. y such mcans, bankcrs could almost cnd
lcssly multtply thc actual valuc otgo|d and st lvcr thcy hcld. Al rcady tn
thc ;os, wc hcar ot tat rs t n placcs ltkc Ncdtna dcl Campo, not tar
trom bcvtllc, that had bccomc "vcrttablc tactortcs ot ccrtthcatcs, " wtth
transacttons carrtcd out cxclusivc|y through papcr. ' btncc whcthcr thc
bpantsh govcrnmcnt would actually pay thctr dcbts, or how rcgular|y,
wcrc always sl tghtly unccrtat n, thc bt l l s would tcnd to ctrculatc at a
dt scountcspcct al l y as uro: bcgan ctrcu|attng throughout thc rcst ot
Luropccaustng contt nua| t nhatt on.

It was only wtth thc crcatton ot thc ank ot Lngland tn I6q that
onc can spcak otgcnutnc papcr moncy, st ncc tts banknotcs wcrc t n no
scnsc bonds. Jhcy wcrc rootcd, ltkc al l thc othcrs, tn thc ktng' s war
dcbts. Jht s can' t bc cmphast zcd cnough. Jhc tact that moncy was no
l ongcr a dcbt owcd to thc ktng, but a dcbt owcd hy thc ktng, madc tt
vcry dt ttcrcnt than what t t had bccn bctorc. In many ways t t had bc
comc a mtrror t magc ot oldcr torms ot moncy.
Jhcrcadcr wt l l rccal l that thc ankotLngland wascrcatcd whcn a
consortt umottorty London and Ldtnburgh mcrchants-mostlyal rcady
3 4 U D L b 1
crcdttors to thc crown-ottcrcd KtngVt | l t am III a LI. z mt | | i on | oan to
hclp hnancc ht s war agat nst rancc. In dotng so, thcy a| so convt nccd
htm to a| l ow thcm t n rcturn to torm a corporatton wtth a monopo|y
on thc t ssuancc ot banknotcs-whtch wcrc, tn cttcct, promtssory notcs
tor thc moncy thc ktng now owcd thcm. Jhts was thc hrsttndcpcndcnt
natt ona| ccntra| bank, and t t bccamc thc c|cartnghousc tor dcbts owcd
bctwccn sma| | cr banks, thc notcs soon dcvc|opcd tnto thc hrst Luro-
pcan natt ona| papcrcurrcncy. Yct thcgrcatpub| t cdcbatc otthc ttmc, a
dcbatc aboutthcvcry naturcotmoncy, was about not papcrbutmctal .
Jhc I6os wcrc a tt mcotcrt st stor rtttsh cotnagc. Jhcval ucot st |vcr
had rtscn so htgh that ncw rtttsh cotns thc mtnt had rcccnt|y dcvc|-
opcd thc "mt | |cd cdgc" tamt | t ar trom cotns nowadays, whtch madc
thcm c| t p-proot) wcrcactua||y worth |css thanthctrst|vcrcontcnt, wtth
prcdtctabl c rcsul ts. ropcr st|vcr cot ns vant shcd, a| | that rcmatncd tn
ctrcu|atton wcrc thco|d c| t ppcd oncs, andthcscwcrcbccomtngtncrcas-
tng|y scarcc. bomcthtng had to bc donc. A war ot pamph|cts cnsucd,
whtch camc to a hcad tn I6, onc ycar attcr thc toundtng otthc bank.
Char|cs Oavcnant' s cssay on crcdt t, whtch I' vc a|rcady cttcd, was ac-
tual|y part ot tht s parttcu|ar pamph|ct-war. hc proposcd that rttatn
movcto a purc crcdttmoncy bascd onpub| t ctrust, and hcwastgnorcd.
Jhc Jrcasury proposcd to cal | tn thc cotnagc and rctssuc t t at a zo- to
z-pcrccnt |owcr wctght, so as to brtng tt back bc|ow thc markct prtcc
tor st|vcr. Nany who supportcd thts posttton took cxpltctt|y Chartaltst
postttons, t nststtng that stlvcr has no tntrtnstc va| uc anyway, and that
moncy t s st mpl y a mcasurc cstabltshcd by thc statc. ' Jhc man who
won thc argumcnt, howcvcr, was |ohn Lockc, thc Ltbcra| pht |osophcr,
at that ttmc acttngas advtsor to bt r Isaac lcwton, thcn Vardcn otthc
Nt nt. Lockct nst stcd that onccan no morc makc a smal | pt ccc otst|vcr
worth morc by rc|abc|tng tt a "sht | | t ng" than onc can makc a short
manta| | cr bydcc|artngthcrc arcnow httccn tnchcs tn a toot. Cold and
st |vcr had a va|uc rccognt zcd by cvcryonc on carth, thc govcrnmcnt
stamp stmp|y attcstcd to thc wctght and purtty ot a cot n, and-as hc
addcd t n words vcrttab|y sht vcrtng wtth tndtgnatton-tor govcrnmcnts
to tampcr wtth tht s tor thctr own advantagc was | ust as crt mt na| as thc
cotn-c|tppcrs thcmsc|vcs.
Jhc usc and cnd ot thc pub| c stamp s on|y to bc a guard and
vouchcr ot thc gua| ty ot s |vcr whtchmcncontract tor, and thc
n| ury donc to thc pub| c [a|tb, n th s pont, s that whch n
c|ppng and ta|sc conng hcghtcns thc ro||ery nto treason. `
A G L | 1 H L G R L A1 C A P l 1A L l S 1 L M P l R L S 3 4 l
Jhcrctorc, hc argucd, thc onl y rccoursc was to rccal l thc currcncy
and rcstrtkc tt at cxactly thc samc valuc that tt had bctorc.
Jhts was donc, and thc rcsults wcrc dt sastrous. In thc ycars tm-
mcdtatcly tollowtng, thcrc was al most no cotnagc t n ctrcul att on, prtccs
and wagcs col l apscd, thcrc was hungcr and unrcst. Onl y thc wcalthy
wcrct nsul atcd, stnccthcywcrcabl cto takc advantagcotthc ncwcrcdt t
moncy, tradtng back and torth porttons otthckt ng' s dcbt t n thc torm
ot banknotcs. Jhc val uc ot thcsc notcs, too, huctuatcd a btt at hrst,
but cvcntual l y stabt l t zcd oncc thcy wcrc madc rcdccmablc tn prcct ous
mctal s. or thc rcst, thc st tuatt on only rcally tmprovcd oncc papcr
moncy, and, cvcntual l y, smallcr-dcnomtnatton currcncy, bccamc morc
wt dcl y avat l abl c. Jhc rctorms procccdcd top-down, and vcry sl owl y,
but thcy dt d procccd, and thcy gradual l y camc to crcatc thc worl d
whcrc cvcn ordt nary, cvcryday transacttons wtth butchcrs and bakcrs
wcrc carrtcd out tn pol t tc, tmpcrsonal tcrms, wtth small changc, and
thcrctorc t t bccamc posstblc to tmagtnc cvcryday l t tc ttsclt as a mattcr
otsclt-t ntcrcstcd calculatton.
It' scasycnoughto sccwhyLockcwould adoptthcposttton thathc
dt d. Ic was a sctcntthc matcrt al t st. or htm, "tat th" t n govcrnmcnt
as tn thc guotc abovcwas not thc ctttzcns' bcltct that thc govcrn-
mcnt wtll kccp tts promtscs, but stmply that t t won't l t c to thcm, that
t t would, ltkc a good sctcnttst, gtvc thcm accuratc t ntormatt on, and
who wantcd to scc human bchavtor as toundcd tn natural laws that
ltkc thc l aws ot phystcs that lcwto
[
had so rcccntly dcscrtbcdwcrc
htghcr than thosc ot any mcrc govcrnmcnt. Jhc rcal gucstton t s why
thc rtttsh govcrnmcnt agrccd wtth htm and rcsolutcly stuck to thts
posttton dcspttc al l thc t mmcdtatc dt sastcrs. boon attcrward, tn tact,
rttatn adoptcd thc gold standard tn I;I;) and thc rtttsh Lmpt rc
matntatncd t t, and wtth tt thc notton that gold and st lvcr cc moncy,
down to tts hnal days.
Jruc, Lockc' s matcrtal t sm also camcto bcbroadl yacccptcdcvcn
to bc thc watchword otthc agc. ' Nat nl y, though, thc rcl t ancc on gold
and st lvcr sccmcd to provtdc thc onl y chcck on thc dangcrs tnvolvcd
wtth thc ncw torms ot crcdtt-moncy, whtch multtpltcd vcry gutckly-
cspcct al l y oncc ordtnary banks wcrc al lowcd to crcatc moncy too. It
soon bccamc apparcnt that hnanctal spccul att on, unmoorcd trom any
lcga| or communtty constratnts, was capablc ot productng rcsults that
sccmcd to vcrgc on tnsantty. Jhc Outch Kcpubl t c, whtch pt onccrcd
thc dcvclopmcnt ot stock markcts, had alrcady cxpcrtcnccd thts tn
thc tultp manta ot I6;thc hrst ot a scrtcs ot spcculattvc "bubbl cs, "
as thcy camc to bc known, t n wht ch tuturc prtccs woul d hrst bc btd
through thc cctltng by tnvcstors and thcn collapsc. A wholc scrtcs ot
o 4 2 D L b 1
such bubbl cs ht t thc London markcts tn thc I6os, tn al most cvcry
casc butlt around a ncw | ot nt-stock corporatton tormcd, tn t mttatton
ot thc Last Indta Company, around somc prospccttvc colontal vcnturc.
Jhc tamous bouth bca ubblc t n zotn whtch a ncwly tormcd trad-
tng company, grantcd a monopoly ot tradc wtth thc bpantsh co| ontcs,
bought up a constdcrablc portton ot thc rtttsh nattonal dcbt and saw
tts sharcs brtchy skyrockct bctorc collapstng tn tgnomtnywas onl y
thccul mt natt on. Its collapsc wasto| lowcd thcncxtycarbythccol l apsc
ot|ohn Law' s tamous anguc Koyalc tn rancc, anothcr ccntra| -bank
cxpcrtmcntst mt l ar to thc ank ot Lnglandthat grcw so gut ckl y
that wtthtn a tcwycars tt had absorbcd al l thc rcnch colontal tradtng
compantcs, and most ot thc rcnch crown' s own dcbt, tssutng tts own
papcr moncy, bctorc crashtng tntonothtngncsst n I;zI, scndtng tts chtct
cxccuttvc flcctng tor ht s l t tc. In cach casc, thts was tol lowcd by lcgt sl a-
tton. tn rt tat n, to torbtd thc crcation ot ncw | otnt-stock compantcs
othcr than tor thc but ldtng otturnptkcs and canal s ) , and tn rancc, to
cl t mt natc papcr moncy bascd tn govcrnmcnt dcbt cnttrcl y.
It' s unsurprtsing, thcn, that lcwtont an cconomt cs t t wc may cal l
ttthat)thc assumptton thatonccannotst mpl ycrcatcmoncy, orcvcn,
rcal l y, ttnkcr wtth ttcamc to bc acccptcd by al most cvcryonc. Jhcrc
had to bc somc soltd, matcrtal toundatton to all thts, or thc cnttrc sys-
tcm wouldgo tnsanc. Jruc, cconomtstswcrcto spcnd ccnturtcsargutng
aboutwhatthattoundatton mtghtbc was t trcal l ygold, orwastt land,
human labor, thc uttltty ordcst rabt l tty ot commodtttcs tn gcncra| r) but
al most no onc rcturncd to anythtng ltkc thc Artstotcltan vt cw.
t t t t t
Anothcr way to |ook at thts mtght bc to say that thc ncw agc camc
to bc tncrcastngly uncomtortablc wt th thc poltttcal naturc ot moncy.
oltttcs, attcr al l , ts thcart otpcrsuaston, thcpoltttcal ts thatdt mcnston
ot socta| l t tc t n wht ch thtngs rcally do bccomc truc tt cnough pcoplc
bcltcvc thcm. Jhcproblcm t s that tn ordcrto play thcgamccttccttvcly,
onc can ncvcr acknowlcdgc thts. tt may bc truc that, t t I could con-
vtncc cvcryonc tn thc world that I was thc Kt ng otrancc, I would t n
tact bccomc thc Kt ng otrancc, but tt would ncvcrwork t t I wcrc to
admt t that thts was thc only bast s ot my cl ai m. l n tht s scnsc, poltttcs
t s vcry stmtlar to magtconc rcason both poltttcs and magtc tcnd, | ust
about cvcrywhcrc, to bc surroundcd by a ccrtatn hal o ot traud. Jhcsc
susptctons wcrcwtdcly vauntcd atthc ttmc. InI;tt, thcsattrtcal cssaytst
|oscph Addtson pcnncd a l t ttlc tantasy about thc ank ot Lngland' s
and as a rcsult, thc rtttsh monctary systcm' sdcpcndcncc on publ t c
A G L | 1 H L G R L A1 C A P l 1A L l S 1 L M P l R L S 3 4 3
tatth t n thc po|tttca| stabt | tty ot thc thronc. Jhc Act ot bctt|cmcnt ot
I;oI was thc bt|| that guarantccd thc roya| succcsst on, and a spongc
was a popu| ar symbo| tor dctau| t) . In a drcam, hc sat d,
sawPub| i cCrcdit, scton hcrthronc in thc Groccr' s Ma| | , thc
Grcat Chartcr ovcr hcr hcad, thc Act otSctt|cmcnt tu| | in hcr
vicw. Mcr touch turncd cvcrything to go|d. chind hcr scat,
bags h||cd with coin wcrc pi|cd up to thc cci |ing. n hcr right
thc door hics opcn. Jhc Prctcndcr rushcs in, a spongc in onc
hand, and in thc othcr d sword, which hc shakcs at thc Act ot
Sctt|cmcnt. Jhcbcautitu| Quccn si nksdowntainting. Jhc spc||
by which shc has turncd a| | things around hcr into trcasurc
is brokcn. Jhc moncy bags shrink |ikc prickcd b|addcrs. Jhc
pi |cs otgo|d picccs arc turncd into bund|cs otrags or taggots
ot woodcn ta||ics. '
It onc docs not bc| t cvc thc kt ng, thcn thc moncy vant shcs
wt thht m.
Jhus ktngs, magtci ans, markcts, and a|chcmtsts a| | tuscd tn thc
pub|tc tmagtnatton durtng thts cra, and wc stt|| ta| k about thc "a|chc
my" ot thc markct, or "hnancta| magtct ans . " In Cocthc' s Faust I8o8) ,
hc actua| | y has ht s hcrotn ht s capactty a s a|chcmt st-magtct anpay a
vt st t to thc Io|y Koman Lmpcror. Jhc Lmpcror ts stnktng undcr thc
wctght otcnd|css dcbts that hc has pt|cd up paytng tor thc cxtravagant
p| casurcs ot ht s court. aust, and ht s asst stant, Ncphtstophc|cs, con-
vtncc ht m that hc can pay ott ht s crcdttors by crcattng papcr moncy.
It' s rcprcscntcd as an act ot purc prcsttdtgttatton. "You havc p|cnty ot
go|d |ytng somcwhcrc undcrncath your | ands, " notcs aust. "|ust t ssuc
notcspromtstngyourcrcdttors you' | | gtvc ttto thcm | atcr. btncc no onc
knows how much go|d thcrc rca||y t s, thcrc' s no | t mt t to how much
you can promtsc. "`
Jht s ktnd ot magtca| |anguagc a| most ncvcr appcars tn thc Ntdd|c
Agcs. It wou|d appcar that t t' s on|y tn a rcso|utc|y matcrt a| t st agc
that thts abt | tty to st mp| y producc thtngs by saytng that thcy arc thcrc
comcs to bc sccn as a scanda| ous, cvcn dtabo|tca| . And thc surcst stgn
that onc has cntcrcd such a matcrta|tst agc t s prcctsc|y thc tact that tt
t s sccn so. Vc havc a| rcady obscrvcd Kabc| at s, at thc vcry bcgtnntng
ot thc agc, rcvcrttng to |anguagc a| most tdcnttca| to that uscd by |u-
tarch whcn hc rat |cd agatnst moncy|cndcrs tn Koman ttmcs"|aughtng
at thosc natura| pht|osophcrs who ho|d that nothtng can bc madc ot
notht ng, " as thcy mant pu| atc thctr books and |cdgcrs to dcmand back
moncy thcy ncvcr actua| | y had. anurgc | ust turncd tt around. no, t t' s
3 4 4 D L b 1
by borrowtng that I makc somcthtng out ot nothtng, and bccomc a
ktnd ot god.
ut constdcr thc to||owtng | t ncs, ottcn attrtbutcd to Lord |ost ah
Char| cs btamp, dt rcctor otthc ank otLng|and.
Jhc modcrn banktng systcm manulacturcs moncy out ol noth-
tng. Jhcproccss tspcrhapsthc mostastoundtngptccc ols|ctght
ot hand that was cvcr tnvcntcd. anktng was concctvcd tn tn-
tgutty and born tn stn. ankcrs own thc carth, takc tt away
tromthcm, but |cavc thcm wtth thc powcrtocrcatccrcdtt, and
wtth thc strokc ola pcn thcy wt|| crcatc cnough moncy to buy
tt back agatn . . . Ilyou wtsh to rcmatn s|avcs otankcrs, and
pay thc cost ol your own s|avcry, |ct thcm conttnuc to crcatc
dcpostts.
It sccms cxtrcmc|y un|tkc|y that Lord btamp cvcr rca||y satd tht s, but
thc passagc has bccn cttcd cnd|css|y-tn tact, t t' s probab|y thc stn-
g|c most ottcn-guotcd passagc by crtttcs ot thc modcrn banktng sys-
tcm. Iowcvcr apocrypha| , tt c|car|y strtkcs a chord, and apparcnt|y
tor thc samc rcason. bankcrs arc crcattng somcthtng out ot nothtng.
Jhcy arc not on|y trauds and magtct ans. Jhcy arc cvt|, bccausc thcy'rc
p|aytng God.
utthcrc' s a dccpcr scanda| than mcrc prcsttdtgttatton. ItNcdtcva|
mora|tsts dtd not ratsc such ob| cctt ons, tt was not | ust bccausc thcy
wcrc comtortab| c wtth mctaphyst ca| cnttttcs. Jhcy had a much morc
tundamcnta| prob|cm wtth thc markct. grccd. Narkct mottvcs wcrc
hc|d to bc tnhcrcnt|y corrupt. Jhc momcnt that grccd was va| t datcd,
and un| t mttcd proht was constdcrcd a pcrtcct|y vtab|c cnd tn ttsc|t, thts
po|tttca| , magtca| c|cmcnt bccamc a gcnutnc prob|cm, bccausc tt mcant
that cvcn thosc actorsthc brokcrs, stock-| obbcrs, tradcrswho ct-
tccttvc|y madc thc systcm run had no convtnctng |oya|ty to anythtng,
cvcn to thc systcm ttsc|t.
Iobbcs, who hrst dcvc|opcd thts vtston ot human naturc t nto an
cxp|tctt thcory ot soctcty, was wc|| awarc ot thts grccd dt | cmma. It
tormcd thc bast s otht spo| t tt ca| pht|osophy. Lvcn, hc argucd, t twc arc
a| | rattona| cnough to undcrstand that t t' s t n our |ong-tcrm t ntcrcst to
|tvc t n pcacc and sccurtty, our short-tcrm tntcrcsts arc ottcn such that
kt||tng and p| undcrtng arc thc most obvtous|y prohtab|c courscs to
takc, and a|| tt takcs t s a tcw to cast astdc thctr scrup|cs to crcatc uttcr
t nsccurtty and chaos. Jhts was why hc tc|t that markcts cou|d on|y cx-
t st undcr thc acgts otan abso|uttst statc, whtch wou|d torcc us to kccp
our promtscs and rcspcct onc anothcr's propcrty. ut what happcns
A G L | 1 H L G R L A1 C A P l 1A L l S 1 L M P l R L S o 4
whcn wc' rc talktng about a markct tn whtch tt t s statc dcbts and statc
obl tgattons thcmsclvcs that arc bctng tradcd, whcn onc cannot rcally
spcak ot a statc monopoly on torcc bccausc onc ts opcrattng tn an tn
tcrnattonal markct whcrc thc prtmary currcncy t s bonds that thc statc
dcpcnds on tor tts vcry abt l tty to marshal mtlttary torccr
Mavtng madc tnccssant war on al l rcmatntng torms ot thc commu
nt sm otthc poor, cvcn to thc potnt otcrt mt na| t zt ng crcdt t, thc mastcrs
ot thc ncw markct systcm dt scovcrcd that thcy had no obvtous | ustt
hcatton lctt to matntatn cvcn thc communt sm ot thc rtch-that lcvcl
ot coopcratton and sol t dartty rcqut rcd to kccp thc cconomtc systcm
runntng. Jruc, tor a| l tts cndlcss stratns and pcrtodtc brcakdowns, thc
systcm has hcld out so tar. ut as rcccnt cvcnts havc dramattcal|y tcstt
hcd, tt has ncvcr bccn rcsolvcd.
P8 |t | .
50 Wh8t | s 8plt8l lsm, k6p87
Vc arc uscd to scctng modcrn capt tal t sm al ong wtth modcrn tradt
ttons ot dcmocrattc govcrnmcnt) as cmcrgtng onl y latcr. wtth thc Agc
ot Kcvoluttons-thc tndustrtal rcvolutton, thc Amcrtcan and rcnch
rcvoluttons-a scrtcs ot protound brcaks at thc cnd ot thc ctghtccnth
ccntury thatonly bccamc tul l y tnstttuttonal tzcd attcr thc cnd otthc la
polcontc Vars. Mcrc wc comc tacc to tacc wt th a pccul t arparadox. It
would sccm that al most al l cl cmcnts ot hnanct al apparatus that wc' vc
comcto assoct atc wtthcapttal t sm-ccntral banks, bond markcts, short-
scl l t ng, brokcragc houscs, spcculattvc bubbl cs, sccurtzatt on, annuttt cs
camc tnto bctngnot only bctorc thc sctcncc otcconomtcs whtch ts pcr
haps not too surprtstng) , but also bctorc thc rtsc ottactortcs, and wagc
labor ttsclt. Jhts t s a gcnutnc chal lcngc to tamt l t ar ways ot thtnktng.
Vc ltkc to thtnkotthctactortcs and workshops asthc "rcal cconomy, "
andthcrcst as supcrstructurc, constructcd on top ott t. utt tthts wcrc
rcally so, thcn how can t tbcthat thc supcrstructurc camc hrstr Can thc
drcams ot thc systcm crcatc tts bodyr
A| l tht s ratscs thc qucstton ot what "capttal t sm" ts to bcgtn wt th,
a qucstt on on whtch thcrc ts no conscnsus at al l . Jhc word was ort gt
nal l y tnvcntcd by soct al t sts, who saw capttaltsm as that systcm whcrc
by thosc who own capttal command thc labor ot thosc who do not.
roponcnts, tn contrast, tcnd to scc capttal t sm as thc trccdom ot thc
markctplacc, whtch a| l ows thosc wtth potcntt al | y markctabl c vt st ons
to pul| rcsourccs togcthcr to brtng thosc vtstons tnto bctng. |ust about
3 4 D L b 1
cvcryonc agrccs, howcvcr, that captaltsm s a systcm that dcmands
constant, cndlcss growth. Lntcrprscs havc to grow n ordcr to rcman
vablc. Jhc samc s truc otnatons. |ustas hvcpcrccntpcr annum was
wdcly acccptcd, at thc dawn ot captal sm, as thc lcg tmatc commcr-
c al ratc ot ntcrcstthat s, thc amount that any nvcstor could nor-
mally cxpcct hcr moncy to bcgrowng by thc prncplc ottntcrc::cso
s hvc pcrccnt now thc annua| ratc at whch any nat on' s CO rcally
ought to grow. Vhat was oncc an mpcrsonal mcchan sm that com-
pcllcd pcop|c to look at cvcrythng around thcm as a potcntal sourcc
ot proht has comc to bc consdcrcd thc only ob| cctvc mcasurc ot thc
hcalth otthc human communty tsclt.
btartng trom our basclnc datc ot I;oo, thcn, what wc scc at thc
dawn ot modcrn captal sm s a ggantc hnancal apparatus ot crcdt
and dcbt that opcratcs- n practcal cttcct-to pump morc and morc
labor out ot | ust about cvcryonc wth whom t comcs nto contact,
and as a rcsult produccs an cndlcssly cxpandng volumc ot matcr al
goods. It docs so not| ust by moral compuls on, butabovc al l by usng
moral compulson to mob l zc shccr physcal torcc. At cvcrypont, thc
tam l ar but pccular|y Luropcan cntanglcmcnt ot war and commcrcc
rcappcars-ottcn nstartlngncwtorms. Jhchrststock markcts nIol -
land and rtan wcrc bascd ma nl y n trad ng sharcs ot thc Last and
Vcst Ind a compancs, whch wcrc both m ltary and tradng vcnturcs.
ora ccntury, oncsuchprvatc,proht-scckngcorporatongovcrncd In-
d a. Jhc natonal dcbts otLngl and, rancc, and thc othcrswcrc bascd
t n moncy borrowcd not to dg canal s and crcct brdgcs, but to acgurc
thc gunpowdcr nccdcd to bombard ctcs and to construct thc camps
rcgurcd tor thc holdng otprsoncrs and thc tranng otrccruts. Almost
all thc bubblcs otthc cghtccnth ccntury nvolvcd somc tantastc schcmc
to uscthcprocccdsotcolonal vcnturcs to paytor Luropcan wars. apcr
moncy was dcbt moncy, and dcbt moncy was war moncy, and ths has
always rcmancd thc casc. Jhosc who hnanccd Luropc' s cndlcss m ltary
conhcts also cmploycd thc govcrnmcnt's polcc and prsons to cxtract
cvcr-ncrcasng productvty trom thc rcst otthc populaton.
As cvcrybody knows, thc world markct systcm n t atcd by thc
bpanards and ortugucsc cmptrcs hrst arosc n thc scarch tor spccs. It
soon scttlcd nto thrcc broad tradcs, whch m ght bc l abclcd thc arms
tradc, thc slavctradc, andthcdrugtradc. Jhc last rctcrs mostl yto sott
drugs, ot coursc, lkc cottcc, tca, and thc sugar to put n thcm, and
tobacco, butd st llcd lguor hrst appcars atthsstagcothuman h story
as wcl l , and as wc all know, Luropcans had no compunctons about
aggrcssvcly markctng op um n Ch na as a way ot hnal l y puttng an
cnd to thcnccdtocxportbul l on. Jhccloth tradconlycamcl atcr, attcr
A G L | 1 H L G R L A1 U A P l 1A L l S 1 L M P l R L S 3 4 J
thc Last Indt a Company uscd mt l ttary torcc to shut down thc morc
cthctcnt) Indt ancotton cxporttradc. Oncnccd only takc a gl ancc atthc
book that prcscrvcs Charlcs Oavcnant' s I66 cssay on crcdt t and hu-
man tc| l owsht p. Tbe po/itica/ and commercia/ uorks of tbat ce/e|rated
uriter Cbar/es D' Acenant re/ating to tbe trade and recenue of Eng/and,
tbe l/antation trade, tbe East-lndia trade and African trade. "Obcdtcncc,
lovc, and trtcndsht p" mtght suthcc to govcrn rclattons bctwccn tcl l ow
Lngl t shmcn, thcn, but t n thc colontcs, tt was mat nl y | ust obcdtcncc.
As I ' vc dcscrtbcd, thc Atlanttc slavc tradc can bc t magtncd as a
gtant chat n ot dcbt-obltgattons, strctchtng trom rtstol to Ca| abar to
thc hcadwatcrs ot thc Cross Kt vcr, whcrc thc Aro tradcrs sponsorcd
thctr sccrct soctcttcs, | ust as tn thc Indtan Occan tradc, st mt l ar chat ns
conncctcd Ltrccht to Capctown to |akarta to thc Kt ngdom ot Gclgcl ,
whcrc al tncsc kt ngs arrangcd thct r cockhghts to l urc thct r own sub-
| ccts to gamblcthctrtrccdom away. Inct thcrcasc, thccnd product was
thc samc. human bctngs so cnttrcly rtppcd trom thct r contcxts, and
hcncc so thoroughly dchumantzcd, that thcy wcrc pl accd outstdc thc
rcal m otdcbtcnttrcly.
Jhc mtddlcmcn t n thcsc chat ns, thc vartous commcrct al l t nks ot
thc dcbt chat n that conncctcd thc stock-| obbcrs t n London wtth thc
Aro prtcsts t n ltgcrta, pcarl dtvcrs t n thc Aru t sl ands otLastcrn Indo-
ncsta, cngal t tca plantattons, or Amazontan rubbcr-tappcrs, gtvc onc
thc tmprcsston ot havtng bccn sobcr, calcul attng, untmagtnattvc mcn.
At ctthcr cnd ot thc dcbt chat n, thc wholc cntcrprtsc sccmcd to turn
on thc abt l t ty to mantpul atc tantastcs, and to run a constant pcrtl ot
sltpptng tnto what cvcn contcmporary obscrvcrs constdcrcd vartcttcs ot
phantasmagortc madncss. On thc onc cnd wcrc thc pcrtodtc bubbl cs,
propcllcd tn part by rumor and tantasy and t n part by thc tact that| ust
aboutcvcryonct n ctttcs ltkc arts andLondon wtth anydtsposablccash
would suddcnly bccomc convtnccd that thcy would somchow bc ablc
to proht trom thc tact that cvcryonc clsc was succumbtng to rumor
and tantasy.
Charlcs NacKay has lctt us somc t mmortal dcscrtpttons otthc hrst
ot thcsc, thc tamous "bouth bca ubbl c" ot I;o. Actual l y, thc bouth
bca Company ttsclt whtch grcw so l argc that atonc potnt ttbought up
most ot thc nattonal dcbt) was | ust thc anchor tor what happcncd, a
gtantcorporatton, tts stockconstantlyballoontngtn val uc, thatsccmcd,
to put t t t n contcmporary tcrms, "too btg to tat l . " It soon bccamc thc
modcl tor hundrcds ot ncw start-up ottcrtngs.
lnnumcrab|c j otnt-stock compantcs startcd up cvcrywhcrc.
Jhcy soon rccctvcd thc namc ubblcs, thc most approprt atc
3 4 b D L b 1
magnaton could dcvsc . . . Somc ot thcm l astcd a wcck or a
tortnght, and wcrc no morc hcard ot, wh l c othcrs could not
cvcn l vc out that span ot cxstcncc. Lvcry cvcnng produccd
ncw schcmcs, and cvcry mornng ncw pro| ccts . Jhc hghcst ot
thc ar stocracy wcrc as cagcr n ths hot pursut ot gan as thc
most pl oddng | obbcr n Cornh l l . '
Jhc authorl t sts, as arbttrary cxamp|cs, ctghty-stx schcmcs, rangtng
trom thc manutacturc ot soap or sat |cloth, thc provi ston ot t nsurancc
tor horscs, to a mcthod to makc dcal-boards out ot sawdust. " Lach
t ssucd stock, cach tssuc would appcar, thcn bc scoopcd up and avtdly
tradcd back and torth t n tavcrns, cottcc-houscs, al lcys, and habcrdash-
crt cs across thc ctty. In cvcry csc thctr prt cc was qut ck| y btd through
thc cci l t ngcach ncw buycr bctttng, cttccttvc|y, that hc or shc could
unl oad thcm to somc cvcn morc gul | t b| c suckcr bctorc thc tncvttablc
collapsc. bomcttmcs pcoplc bt d on cards andcouponsthatwou|d allow
thcm no morc than thc rtght to bi d on othcr sharcs latcr. Jhousands
grcw rtch. Jhousands morc wcrc rutncd.
Jhc most absurd and prcpostcrous ot a| l , and whch shcwcd,
morc complctc|y than any othcr, thc uttcr madncss ot thc pco-
p| c, was onc startcd by an unknown advcnturcr, cnttlcd A
comany jor tbe carrying on oj an unJer|a/ing oj great aJtan
tage, 0ut no0oJy to /nou ubat it is. "
Jhc man ot gcnus who cssaycd th s bold and succcsstul n-
road upon publc crcdulty mcrcly statcd n h s prospcctus that
thc rcgu rcd captal was hal t a m l l on, n hvc thousand sharcs
ot uol. cach, dcpost zl. pcr sharc. Lach subscrbcr, payng
h s dcpost, would bc cnttlcd to uol . pcr annum pcr sharc.
Iow th s mmcnsc proht was to bc obtancd, hc would not
condcsccnd to ntorm thcm at that t mc, but promscd that n
a month thc tul l partculars would bc duly announccd, and call
madc tor thc rcmanng p8l . ot thc subscrpton. lcxt mornng,
at nnc o` clock, ths grcat man opcncd an othcc n Cornh l l .
Crowds bcsct h s door, and whcn hc shut up at thrcc o' clock,
hc tound that no lcss than onc thousand sharcs had bccn sub-
scrbcd tor, and thc dcposts pad.
Ic was ph l osophcr cnough to bc contcntcd wth h s vcn-
turc, and sct ott that samc cvcnng tor thc Contncnt. Ic was
ncvcr hcard ot aga n. '
It onc ts to bcltcvc NacKay, thc cnttrc populatton ot London
concctvcd thc st mul tancous dcluston, not that moncy could rcal l y
A G L | 1 H L G R L A1 C A P l 1A L l S 1 L M P l R L S 3 4 9
bc manutacturcd out ot nothtng, but that othcr pcoplc wcrc tool t sh
cnough to bcl tcvc that tt couldand that, by that vcry tact, thcyactu-
ally could makc moncy out ot nothtng attcr al l .
Novtng tothcothcr st dcotthcdcbtchat n, wc hnd tantastcs rang-
tng trom thc charmtng to thc apocalypttc. In thc anthropologtcal ltt-
craturc,thcrct scvcrythtngtrom thc bcautttul "sca wtvcs" otAru pcar|
dtvcrs, who wt l l not ytc|d up thc trcasurcs otthc occan unlcss courtcd
wtth gttts bought on crcdtt trom local Chtncsc shops,' to thc sccrct
markcts whcrc cngal t landlords purchasc ghosts to tcrrortzc t nsubor-
dt natcdcbtpcons, to Jtvhcsh-dcbts, a tantasy othuman soctcty cannt-
baltztngttsclt, to hnally, occastons atwhtch, thc Jtvntghtmarc appcars
to havc vcry ncar|y bccomc truc. ' Oncthc mosttamous and dtsturbtng
was thc grcat utumayo scandal ot IoIII, t n whtch thc London
rcadtng publtc was shockcd to dt scovcr that thc agcnts ot thc substd-
t ary ot a rtttsh rubbcr company opcrattng tn thc cruvtan ratntorcst
had crcatcd thctr vcry own Icart ot Oarkncss, cxtcrmtnattng tcns ot
thousands ot Iut toto ndt answho thc agcnts t nst stcd on rctcrrtng to
only as "cannt bal s"tn sccncs ot rapc, torturc, and mutt|atton that
rccallcd thc vcry worst ot thc congucst tour hundrcd ycars carltcr. ''
In thc dcbatcs that tol lowcd, thc hrst t mpul sc was to bl amc cvcry-
thtng on a systcm whcrcby thc Indt ans wcrc satd to havc bccn caught
t n a dcbt trap, madc complctcly dcpcndcnt on thc company storc.
Jhc root ot thc who|c cvt| was thc so ca||cd atron or "pcon-
agc" systcm-a vartcty ot what uscd to bc ca||cd tn Lng|and
thc "truck systcm"-by whtch thc cmp|oycc, torccd to buy a||
hts supp|tcs at thc cmp|oycr's storc, is kcpt hopc|css|y tn dcbt,
wht|c by |aw hc ts unab|c to |cavc hts cmp|oymcnt untt| hts
dcbt t s patd . . . Jhc eon ts thus, as ottcn as not, a Je jacto
s|avc, and stncc tn thc rcmotcr rcgtons ot thc vast conttncnt
thcrc ts no cttccttvc govcrnmcnt, hc ts who||y at thc mcrcy ot
hts mastcr. ''
Jhc "cannt bal s" who cndcd up hoggcd to dcath, cructhcd, ttcd
up and uscd tor targct practtcc, or hackcd to pt cccs wtth machctcs tor
tat l urc to brtng tn suthctcnt guanttttcs ot rubbcr, had, thc story wcnt,
tallcn tnto thc ultt matc dcbt trap, scduccd by thc warcs ot thc com-
pany's agcnts, thcy' d cndcd up bartcrtng away thctr vcry ltvcs.
A l atcr arl t amcntary tngutry dt scovcrcd that thc rca| story was
nothtng ot thc sort. Jhc Iut toto had not bccn trtckcd tnto bccomtng
dcbt pcons at all. It was thc agcnts and ovcrsccrs scnt tnto thc rcgton
who wcrc, much ltkc thc congutstadors,dccp|y tndcbtcdtn thctr casc,
o U D L b 1
to thc cruvtan company that had commt sstoncd thcm, whtch was ul -
ttmatcly rccctvtng tts own crcdtttromLondon hnanctcrs. Jhcsc agcnts
had ccrtatnly arrtvcd wtth cvcry tntcntton ot cxtcndtng that wcb ot
crcdt t to tncludc thc Indt ans, but dt scovcrtng thc Iut toto to havc no
tntcrcst tn thc cloth, machctcs, and cotns thcy had brought to tradc
wtth thcm, thcy' d hnally gtvcn up and | ust startcd roundtng Indtans
up and torctng thcm to acccpt l oans at gunpotnt, thcn tabulattng thc
amountotrubbcrthcyowcd. '` Nanyotthc Indtans massacrcd, tnturn,
had st mpl y bccntrytng to run away.
In rcal t ty, thcn, thc Indt ans had bccn rcduccd to slavcry, t t' s | ust
that, by Io;, no onc could opcnl y admtt tht s. A |cgtttmatc cntcrprtsc
had to havc somc moral bast s, and thc only moraltty thc company
kncw was dcbt. Vhcn tt bccamc clcar that thc Iuttoto rc| cctcd thc
prcmtsc, cvcrythtng wcnt haywtrc, and thc company cndcd up, ltkc Ca
stmtr, caught tn a sptral ot tndtgnant tcrror that ultt matcly thrcatcncd
to wtpc out tts vcry cconomt c bast s.
t t t t t
It ts thc sccrct scanda| ot capttal t sm that at no potnt has tt bccn or
gantzcd prmartly around trcc l abor. ' Jhc congucst ot thc Amcrtcas
bcgan wtth mass cnslavcmcnt, thcn gradual l yscttlcd tnto vartous torms
ot dcbt pconagc, Atrtcan sl avcry, and "t ndcnturcd scrvtcc"that ts,
thc usc ot contract labor, workcrs who had rccctvcd cash tn advancc
and wcrc thus bound tor hvc-, scvcn-, or tcn-ycar tcrms to pay t t
back. lccdl cssto say, t ndcnturcd scrvants wcrc rccrut tcd l argcl y trom
among pcoplc who wcrc al rcady dcbtors. In thc I6oos thcrc wcrc at
tt mcs almost as many wht tc dcbtors as Atrt can sl avcs worktng tn
southcrn pl antatt ons, and lcgally thcy wcrc at hrst t n al mostthc samc
sttuatton, stncc tn thc bcgt nntng, pl antatton soctcttcs wcrc worktng
wtthtn a Luropcan lcgal tradttton that assumcd sl avcry dtd not cxtst,
so cvcn Atrtcans tn thc Caroltnas wcrc classthcd, as contract l aborcrs. '
Ot coursc thts latcr changcd whcn thc tdca ot "racc" was tntroduccd.
Vhcn Atrtcan slavcs wcrc trccd, thcy wcrc rcplaccd, on pl antattons
tromarbados to Naurtttus, wtth contractl aborcrs agat n. though now
oncs rccrut tcd mat nl y tn Indta or Cht na. Chtncsc contract l aborcrs
butlt thc lorth Amcrtcan rat lroad systcm, and Indtan "cooltcs" but l t
thc bouth Atrtcan mtncs. Jhc pcasants otKusst a and oland, who had
bccn trcc landholdcrs tn thc Ntddlc Agcs, wcrc only madc scrts at thc
dawn ot capttal t sm, whcn thctr lords bcgan to scll gratn on thc ncw
wor|d markct to tccd thc ncw tndustrtal ctttcs to thc wcst. ' Colontal
rcgtmcs tn Atrt ca and bouthcast Ast a rcgularly dcmandcd torccd labor
A G L | 1 H L G R L A1 C A P l 1A L l S 1 L M P l R L S o l
trom thctr congucrcd sub| ccts, or, a| tcrnatc|y, crcatcd tax systcms dc-
stgncd to torcc thc popu|atton t nto thc |abor markct through dcbt.
rtttsh ovcr|ords t n Indta, starttng wtth thc Last Indta Company but
conttnutng undcr Icr Na| csty' s govcrnmcnt, tnstttuttona| t zcd dcbt pc
onagc as thctr prtmary mcans otcrcattngproducts tor sal c abroad.
Jhts ts a scanda| not | ust bccausc thc systcm occast onal | y gocs
haywtrc, as t t dtd tn thc utumayo, but bccausc t t plays havoc wtth
our most chcrtshcd assumpttons about what captta| t sm rca||y t s-
parttcu|arly that, tn tts bastc naturc, captta| t sm has somcthtng to do
wtth trccdom. or thc captta|tsts, tht s mcans thc trccdom ot thc mar-
kctplacc. or most workcrs, t t mcans trcc |abor. Narxtsts havc gucs-
ttoncd whcthcr wagc |abor ts u| ttmatcly trcc tn any scnsc stncc somc-
onc wtth nothtng to scl| but ht s or hcr body cannot tn any scnsc bc
constdcrcd a gcnutnc|y trcc agcnt) , but thcy stt|l tcnd to assumc that
trcc wagc |abor ts thc basts ot captta| t sm. And thc domt nant t magc t n
thc htstory otcaptta| t smt sthcLng| t shworktngmantot l t ngtnthctacto-
rtcs ot thc tndustrtal rcvol utt on, and thts tmagc can bc traccd torward
to btltcon Va||cy, wtth a stratght |tnc tn bctwccn. A|| thosc mt | l t ons ot
s|avcs and scrts and coo|tcs and dcbt pcons dt sappcar, or t t wc must
spcak otthcm, wc wrttc thcm ottas tcmporary bumps a|ong thc road.
Ltkc swcatshops, thts ts assumcd to bc a stagc that tndustrt a| t ztng na-
ttons had to pass through, | ust as t t t s stt | | assumcd that al | thosc mt l -
|tons otdcbt pcons and contract | aborcrs and swcatshop workcrs who
stt | l cxtst, ottcn tn thc samc p|accs, wt | | surcl y |tvc to scc thct rcht ldrcn
bccomc rcgu|ar wagc l aborcrs wtth hcalth tnsurancc and pcnst ons, and
tbeir chtldrcn, doctors and | awycrs and cntrcprcncurs.
Vhcn onc |ooks at thc actua| ht story ot wagc labor, cvcn tn coun
trtcsltkcLng|and, thatptcturcbcgt nsto mc|taway. InmostotNcdtcval
northcrn Luropc, wagc | abor had bccn matn|y a lttcsty|c phcnomcnon.
rom rough|y thc agc ot twc|vc or tourtccn to rough|y twcnty-ctght or
thtrty, cvcryonc was cxpcctcd to bc cmp|oycd as a scrvant tn somconc
c|sc' s houscho|d-usua| | y on a ycarly contract basts, torwhtch thcy rc-
cctvcd room, board, protcsstona| tratntng, and usual|y a wagc ot somc
sort-untt| thcy accumu| atcd cnough rcsourccs to marry and sct up a
houscho|d otthctrown. '' Jhc hrstthtngthat "prolctartantzatton" camc
to mcan was that mt|ltons ot young mcn and womcn across Luropc
tound thcmsc|vcs cttccttvc|y stuck tn a ktnd otpcrmancnt adolcsccncc.
Apprcnttccs and | ourncymcn cou|d ncvcr bccomc "mastcrs, " and thus,
ncvcr actua||y grow up. Lvcntua| | y, many bcgan to gtvc up and marry
car|y-to thc grcat scandal otthc mora|tsts, who t nst stcd that thc ncw
prolctartat wcrc starttng tamt |tcs thcy could not posstb|y support . ' '
3 2 D L b 1
Jhcrc t s, and has always b

cn, a curtous athntty bctwccn wagc

l abor and sl avcry. Jhts ts not | ust bccausc t t was slavcs on Cartb-
bcan sugar plantattons who suppltcd thc gutck-cncrgy products that
powcrcd much ot carly wagc laborcrs' work, not | ust bccausc most
ot thc sctcntthc managcmcnt tcchntgucs appltcd t n tactortcs tn thc tn-
dustrtal rcvolutton can bc traccd back to thosc sugar pl antattons, but
a| so bccausc both thc rclatton bctwccn mastcr and s|avc, and bctwccn
cmploycr and cmploycc, arc t n prtnctplc tmpcrsonal . whcthcr you' vc
bccn sold or you' rc stmply rcntcd yoursc| t out, thc momcnt moncy
changcs hands, ubo you arc t s supposcd to bc unt mportant, al l that' s
tmportant t s that you arc capablc ot undcrstandtng ordcrs and dot ng
what you' rc to|d. ' '
Jhts t s onc rcason, pcrhaps, that t n prtnctplc, thcrc was always a
tccltng that both thc buytng ot slavcs and thc htrtng otl aborcrs should
rcal l y not bc on crcdtt, but should cmploy cash. Jhc problcm, as
I ' vc notcd, was that tor most ot thc ht story ot rtttsh captta| t sm, thc
cash stmp|y dtdn't cxtst. Lvcn whcn thc Koyal Nt nt bcgan to producc
smallcr-dcnomtnatton st lvcr and coppcr cotns, thc supply was sporadtc
and tnadcguatc. Jhts t s how thc "truck systcm" dcvc|opcd to bcgtn
wtth. durtng thc tndustrtal rcvolutton, tactory owncrs would ottcn pay
thctr workcrs wtth ttckcts or vouchcrs good only t n local shops, wtth
whoscowncrsthcy hadsomcsortottntormal arrangcmcnt, or, t n morc
t sol atcd parts ot thc country, whtch thcy owncd thcmsclvcs. ' Jradt-
ttonal crcdt t rclattons wtth onc' s | ocal shopkccpcr c|carly took on an
cnttrcly ncw complcxton oncc thc shopkccpcr was cttccttvcly an agcnt
ot thc boss. Anothcr cxpcdtcnt was to pay workcrs at lcast partly tn
ktndand nottcc thc vcry rtchncss ot thc vocabul ary tor thc sorts ot
thtngsoncwas assumcd to bc al l owcd to approprtatctrom onc' swork-
placc, parttcularly trom thc wastc, cxccss, and stdc products. cabbagc,
chtps, thrums, swccptngs, buggtngs, glcantngs, swccptngs, potchtngs,
vatls, poakc, coltagc, knockdowns, ttngc. ' ` " Cabbagc, " tor tnstancc,
was thc cloth lctt ovcrtrom tat lortng, "chtps" thc pt cccs ot board that
dockworkcrs had thc rtght to carry trom thctr workp|acc any ptccc ot
ttmbcrlcssthantwotcctlong) , "thrums"wcrc takcn tromthcwarptng-
bars ot looms, and so on. And ot coursc wc havc al rcady hcard about
paymcnt t n thc torm otcod, or nat l s.
Lmploycrs had a hnal cxpcdtcnt. wat t tor thc moncy to show up,
and t n thc mcantt mc, don' t pay anythtng|cavtng thct r cmployccs to
gct by wtth on/y what thcy could scroungc trom thct r shop hoors, or
what thctr tamtltcs could hnaglc t n outstdc cmploymcnt, rccctvc t n
chartty, prcscrvc tn savtngs poo| s wt th trtcnds and tamt l t cs, or, whcn
all c|sc tat l cd, acgutrc on crcdt t trom thc loan sharks and pawnbrokcrs
who raptdly camc to bc sccn as thc pcrcnntal scourgc ot thc worktng
A G L | 1 H L G R L A1 C A P l 1A L l S 1 L M P l R L S o o
poor. Jhc sttuatton bccamc such that, by thc nt nctccnth ccntury, any
ttmc a hrc dcstroycd a London pawnshop, worktng-cl ass nctghbor-
hoods would bracc tor thc wavc ot domcsttc vt o|cncc that would tn-
cvttably cnsuc whcn many a wt tc was torccd to contcss that shc' d long
stncc sccrctly hockcd hcr husband' s bunday sut t. '
Vc arc, nowadays, uscd to assoctattngtactortcs ctghtccn months tn
arrcars tor wagcs wtth a natton tn cconomtc trcc-tal l , such as occurrcd
durtng thc collapsc ot thc bovtct Lnt on, but owtng to thc hard-moncy
poltcics ot thc rtttsh govcrnmcnt, who wcrc always conccrncd abovc
al l to cnsurc thatthctrpapcr moncy dt dn' thoat away tn anothcrspccu-
|attvcbubbl c, tn thc car|ydays ottndustrta| capttaltsm, such a sttuatton
was tn no way unusual. Lvcn thcgovcrnmcnt was ottcn unablc to hnd
thc cash to pay tts own cmpl oyccs. In ctghtccnth-ccntury London, thc
Koya| Admtralty was rcgu|arly ovcr a ycar bchtnd tn paytng thc wagcs
otthoscwholaborcd atthcOcpttord docks-oncrcason thatthcywcrc
wt l l tng to tolcratc thc approprtatton ot chtps, not to mcntton hcmp,
canvas, stccl bolts, and cordagc. n tact, as Ltncbaugh has shown, thc
sttuatton only rcally bcgan to takc rccognt zab| c torm around I8oo,
whcn thc govcrnmcnt stabtltzcd tts hnanccs, bcgan paytng cash wagcs
on schcdulc, and thcrctorc trtcd to aboltsh thc practtcc ot what was
now rclabclcd "workplacc pt l tcrtng"-whtch, mccttng outragcd rcsts-
tancc on thc part ot thc dockworkcrs, was madc punt shabl c by whtp-
ptng and t mprtsonmcnt. bamucl cntham, thccngtnccrput tn chargc ot
rctormtng thc dockyards, had to turn thcm tnto a rcgu| ar po| tcc statc
tn ordcrto bc ablc to t nstttutc a rcgtmc otpurc wagc l abor-to whtch
purposc hc ulttmatcly concctvcd thc notton ot but ldtng a gtant towcr
tn thc mtddlc to guarantcc constant survctllancc, an tdca that was latcr
borrowcd by ht s brothcr |crcmy tor thc tamous anopttcon.
l0
t t t t t
Ncn ltkc bmtth and cntham wcrc tdcaltsts, cvcn utopt ans. Jo undcr-
stand thc ht story otcapttal t sm, howcvcr, wc havc to bcgtn by rcaltztng
that thc ptcturc wc havc tn our hcads, otworkcrswho dutttully punch
thc clock at 8. oo a. m. and rccctvc rcgul ar rcmuncratton cvcry rtday,
on thc bast s ot a tcmporary contract that ctthcr party t s trcc to brcak
ott at any ttmc, bcgan as a utopt an vt st on, was only gradual l y put
t nto cttcct cvcn tn Lngland and lorth Amcrtca, and has ncvcr, at any
potnt, bccn thc mat n way ot organtztng productton tor thc markct,
cvcr, anywhcrc.
Jhts ts actually why bmtth' s work ts so tmportant. Ic crcatcd thc
vtston ot an t magtnary world al most cnttrc|y trcc ot dcbt and crcdtt,
3 4 D L b 1
and thcrctorc, trcc ot gutlt and st n, a world whcrc mcn and womcn
wcrc trcc to stmply calcul atc thctr tntcrcsts t n tul l knowlcdgc that cv-
crythtng had bccn prcarrangcd by Cod to cnsurc that tt wt | l scrvc thc
grcatcr good. buch t magt nary constructs arc ot coursc what sctcnttsts
rctcr to as "modcl s, " andthcrc' snothtng tntrtnstcally wrongwtththcm.
Actually I thtnk a tat r casc can bc madc that wc cannot thtnk wtthout
thcm. Jhc problcm wtth such modcls-at lcast, tt always sccms to
happcn whcn wc modcl somcthtng cal lcd "thc markct"ts that, oncc
crcatcd, wc havc a tcndcncyto trcatthcm as ob| ccttvc rcaltttcs, or cvcn
tal l down bctorc thcm and start worshtpptng thcm as gods. "Vc must
obcy thc dtctatcs otthc markct! "
Karl Narx, who kncw guttc a btt about thc human tcndcncy to
tal l down and worshtp our own crcattons, wrotc Das Capita/ t n an
attcmpt to dcmonstratc that, cvcn t t wc do start trom thc cconomtsts'
utopt an vt st on, so long as wc a| so al | ow somc pcop|c to control pro-
ducttvc captta|, and, agat n, lcavc othcrs wtth nothtng to scl| but thctr
bratns and bodt cs, thc rcsults wtll bc tn many ways barcly dtsttngutsh
abl c trom sl avcry, and thc wholc systcm wtll cvcntua| l y dcstroy t tsclt.
Vhat cvcryonc sccms to torgct t s thc "as tt" naturc ot hts anal yst s. '
Narx was wc|l awarc that thcrc wcrc tar morc bootbl acks, prostttutcs,
butlcrs, soldtcrs, pcdlars, chtmncyswccps, howcrgtrl s, strcctmust ct ans,
convtcts, nanntcs, and cab drt vcrs tn thc London ot ht s day than thcrc
wcrc tactory workcrs. Ic was ncvcr suggcsttng that that' s what thc
wor|d was actual l y ltkc.
bttl l , t t thcrc t s anythtng that thc last scvcral hundrcd ycars ot
world ht story havc shown, t t' s that utoptan vt st ons can havc a ccrtatn
appcal . Jht s ts as truc ot Adam bmtth' s as ot thosc rangcd agatnst tt.
Jhc pcrtod trom rough|y 8z to I; t s a brtct but dctcrmtncd cttort
on thc part ot a | argc numbcr ot vcry powcrtul pcoplcwtth thc avtd
support ot many ot thc lcast powcrtu|to try to turn that vtston tnto
somcthtng ltkc rcal t ty. Cotns and papcr moncy wcrc,
g
na| l y, produccd
t n suthctcnt guanttttcs that cvcn ordtnary pcop|c could conduct thctr
datly ltvcs wtthout appcal to ttckcts, tokcns, orcrcdtt. Vagcs startcd to
bc patd on tt mc. lcw sorts ot shops, arcadcs, and gal lcrtcs appcarcd,
whcrc cvcryonc patd tn cash, or altcrnatcly, as ttmc wcnt on, by mcans
ot tmpcrsonal torms ot crcdtt ltkc tnstal lmcnt plans. As a rcsu| t, thc
old purttantcal notton that dcbt was st n and dcgradatton bcgan to takc
a protound hold on many ot thosc who camc to constdcr thcmsclvcs
thc "rcspcctablc" worktng classcs, who ottcn took trccdom trom thc
cl utchcs ot thc pawnbrokcr and loan shark as a potnt ot prtdc, whtch
scparatcd thcm trom drunkards, hustlcrs, and dttch-dtggcrs as surc|y as
thc tact thatthcy wcrcn' t mt sstng tccth.
A G L | 1 H L G R L A1 C A P l 1A L l S 1 L M P l R L S 3
bpcaktng assomconc brought up t nthat sort otworktng-class tam-
t l y my brothcr dt cd at thc agc ot, havt ng rctuscd to ht s dytng day
to acgutrc a crcdtt card) , I can attcst to thcdcgrcc that, tor thosc who
spcnd most ot thctr wakt ng hours worktng at somconc cl sc' s ordcrs,
thc abtl t ty to pul l out a wallct tul l ot banknotcs that arc uncondttton-
ally onc' s own can bc a compcl ltngtorm ottrccdom. It' s notsurprtstng
that so many otthc cconomt sts' assumpttonsmostotthosctorwhtch
I havc bccn taktng thcm to task ovcr thc coursc ot thts bookhavc
bccn cmbraccd by thc lcadcrs ot thc ht stortc workcrs' movcmcnts, so
much so that thcy havc comc to shapc our vtstons ot what al tcrnattvcs
to capttal t sm mtght bc ltkc. Jhcproblcm t snot| ust-as I dcmonstratcd
tn chaptcr ;that t t t s rootcd t n a dccply hawcd, cvcn pcrvcrsc, con-
ccptton ot human trccdom. Jhc rcal problcm t s that, ltkc all utopt an
drcams, t t t s t mposst bl c. Vc could no morc havc a unt vcrsal world
markct than wc could havc a systcm t n whtch cvcryonc who wasn't a
capttaltst was somchow ablc to bccomc a rcspcctablc, rcgularly pat d
wagc l aborcr wtth acccss to adcguatc dcntal carc. A worl d ltkc that
has ncvcr cxt stcd andncvcrcould cxtst. Vhat' s morc, thcmomcnt that
cvcn thc prospcct that thts mt ght happcn bcgtns to matcrt altzc, thc
wholc systcm starts to comcapart.
P8 |t | .
kp008lps0
Lct us rcturn, hnal l y, to whcrc wc bcgan. wtth Cortcs and thc Aztcc
trcasurc. Jhc rcadcr mtght havc askcd hcrsclt, Vhat dtd happcn to t tr
Ot d Cortcs rcal l y stcal tt trom ht s own mcnr
Jhc answcr sccms to bc that by thc ttmc thc st cgc was ovcr, thcrc
was vcry l t ttlcottt lctt. Cortcs sccms to havcgottcn ht s hands on much
ot t t long bctorc thc st cgc cvcn bcgan. A ccrtatn portton hc had won
by gambltng.
Jhts story, too, t s t n crnal O az, and tt t s strangc and puzzltng,
but al so, I suspcct, protound. Lct mc hl l t n somc ot thc gaps t n our
story. Attcr burnt nght s boats, Cortcsbcganto asscmblc an armyotl o
cal al l t cs, whtch was casy to do bccauscthcAztccswcrcwtdcly hatcd,
and thcn hc bcgan to march on thc Aztcc capttal . Noctczuma, thc Az-
tcccmpcror, who hadbccn monttortng thc sttuatton closcly, concludcd
thathcnccdcdto atlcasthgurcoutwhatsort otpcoplc hc was dcaltng
wtth, so hc tnvttcd thc cnttrc bpantsh torcc only a tcw hundrcd mcn)
to bc ht s othct al gucsts t n Jcnochtttl an. Jht s cvcntual l y lcd to a scrtcs
3 D L b 1
ot palacc tntrtgucs durtng whtch Cortcs' s mcn brtchy hcld thc cmpcror
hostagc bctorc bctng torctbly cxpcllcd.
Ourtng thc tt mc whcn Noctczuma was bctng hcld capttvc tn ht s
own palacc, hc and Cortcs passcd a good dcal ot thct r ttmc pl ayt ng
an Aztcc gamc cal lcd toto/oque. Jhcy playcd tor gold, and Cortcs, ot
coursc, chcatcd. At onc potnt, Noctczuma' s mcn brought thc mattcr
to thc kt ng' s attcntt on, but thc ktng | ust |aughcd and madc a | okc ot
t t-nctthcr was hc conccrncd latcr whcn cdro dc A|varado, Cortcs' s
cht ct|tcutcnant, bcgan chcattng cvcn morc hagrantly, dcmandtng gold
torcach potnt lost and whcn hc l ost, paytng only tn worthlcss pcbblcs.
Vhy Noctczuma bchavcd so has rcmat ncd somcthtng ot an ht stortcal
mystcry. O az took t t as a gcsturcot lordly magnantmtty, pcrhapscvcn
a way ot putttng thc pctty-mtndcd bpant ards tn thctr placc. '
Onc htstori an, Inga Clcnntndcn, suggcsts an altcrnatc tntcrprcta-
tton. Aztcc gamcs, shc notcs, tcndcd to havc a pccul t ar tcaturc. thcrc
was a|ways a way that, by a trcak strokc otluck, onc could achtcvc to-
tal vt ctory. Jhts sccms to havc bccn truc, tor tnstancc, ot thctr tamous
bal l gamcs. Obscrvcrs alwayswondcr, vtcwing thc ttny stonchoops sct
htgh abovc thc court, how anyonc could cvcr posstbly havc managcd
to scorc. Jhc answcr sccms to bc. thcy dt dn' t, at lcast not that way.
lormal l y thc gamc had notht ng to do wtth thc hoop. Jhc gamc was
pl aycd bctwccn two oppost ng sguads, atttrcd as tor batt|c, knocktng
thc bal l back and torth.
Jhc norma| mcthod ol scortng was through thc s|ow accumu-
|atton ol potnts. ut that proccss cou|d bc dramattca||y prc-
cmptcd. Jo scnd thc ba|| through onc ol thc r|ngs-a lcat,
gtvcn thc stzc ol thc ba| | and thc rtng, prcsumabl y rarcr than
a ho|c tn onc tn goll-gavc tnstant vtctory, owncrshtp ol a||
thc goods wagcrcd, and thc rtght to pt| |agc thc c|oaks ol thc
on|ookcrs. '
Vhocvcr scorcd thc potnt won cvcrythtng, down to thc audtcncc' s
clothtng.
Jhcrcwcrc stmtlar rulcs tn board gamcs, such asCortcsand Noct-
czuma wcrc playtng. tt, by somc trcak strokc ot luck, onc ot thc dtcc
landcd on ttscdgc, thcgamc wasovcr, and thc wtnncrtook cvcrythtng.
Jht s, Clcnntndcn suggcsts, must havc bccn what Noctczuma was rc-
al l ywatttng tor. Attcr al l , hc was clcarly tn thc mtddlcotcxtraordt nary
cvcnts. btrangc crcaturcs had appcarcd, apparcntly trom nowhcrc, wtth
unhcard-otpowcrs. Kumors otcptdcmt cs, otthcdcstructton otncarby
nattons, had prcsumably al rcady rcachcd htm. Itcvcr thcrc was a ttmc
A G L | 1 H L G R L A1 C A P l 1A L l S 1 L M P l R L S o J
that somc grandtosc rcvclatton was duc trom thc gods, thcn surcly thts
was t t.
buch an attttudc docs sccm to ht pcrtcctly wt th thc spt rt t ot Az
tcc culturc gl cancd trom tts | t tcraturc, whtch cxudcd a scnsc ot t m-
pcndtng catastrophc, pcrhaps astrologt cal l y dctcrmtncd, | ust posstbly
avotdablcbut probably not. bomc havc suggcstcd that Aztccs must
havc somchow bccn awarc that thcy wcrc a ctvtltzatton skattng on
thc brtnk ot ccologtcal catastrophc, othcrs, that thc apocalypttc tonc
t s rctrospccttvcstncc, attcr all, what wc know ot Aztcc l t tcraturc t s
al most cnttrcly glcancd trom mcn and womcn who actually dt d cxpc
rtcncc tts complctc dcstructton. btt l l , thcrc docs sccm to bc a ccrtatn
tranttc gua| tty t n ccrtatn Aztcc practtccsthc sacrthcc ot as many as
tcnsotthousands otwarprtsoncrs, mostnotabl yt n thc apparcnt bc|tct
that, wcrc thc bun not conttnuallytcdwtth human hcarts, tt would dtc
and world wtth ttthat t t' s hard to cxplatn t n any othcr way.
It Clcnntndcn t s rtght, tor Noctczuma, hc and Cortcs wcrc not
stmply gambltng tor gol d. Cold was trtvt al . Jhc stakcs wcrc thc cnttrc
umvcrsc.
Noctczuma was abovc al l a warrtor, and al l warrtors arc gam
blcrs, but unltkc Cortcs, hc was clcarly t n cvcry way a man ot honor.
As wc' vc also sccn, thc gutntcsscncc ot a warrtor' s honor, whtch ts a
grcatncss that can only comc trom thc dcstructton and dcgradatton ot
othcrs, ts ht s wt l ltngncss to throw ht msclt tnto a gamc whcrc hc rtsks
that samcdcstructton and dcgradatton htmscltand, unl tkc Cortcs, to
play gractously, and by thc ru| cs. '' Vhcn thc ttmc camc, tt mcant bc
tng wt l l t ng to stakc cvcrythtng.
Ic dt d. And as tt turns out, nothtng happcncd. lo dtc landcd on
ttscdgc. Cortcsconttnucd to chcat, thcgods scntno rcvclatton, and thc
untvcrsc was cvcntually dcstroycd.
It thcrc' s somcthtng to bc |carncd hcrcand as I say, I thtnk thcrc
t stt t s that thcrc may bc a dccpcr, morc protound rclatton bctwccn
gambltng and apoca|ypsc. Capttaltsm t s a systcm that cnshrtncs thc
gamblcr as an csscnttal part ot tts opcratt on, t n a way that no othcr
cvcr has, yct at thc samc ttmc, capttal t sm sccms to bc untgucly tncapa-
blc otconcctvtng ot tts own ctcrntty. Could thcsc two tacts bc l t nkcdr
I should bc morc prcctsc hcrc. It' s not cnttrcly truc that capttaltsm
t s tncapablc ot concctvtng ot tts own ctcrnt ty. On thc onc hand, tts
cxponcnts do ottcn tccl obl tgcd to prcscnt tt as ctcrnal , bccausc thcy
tnstst that t s tt ts thc only posstblc vtablc cconomtc systcm. onc that, as
thcy sttll somcttmcs ltkcto say, "has cxt stcd tor hvc thousandycars and
wtll cxtsttor hvcthousand morc. "Onthc othcr hand, ttdocs sccm that
thc momcnt a stgnthcant portton ot thc populatton bcgtns to actually
o b D L b 1
bcl cvc th s, and partcul arl y, starts trcatng crcdt nsttutons as t
thcy rcal l y w l l bc around torcvcr, cvcrythnggocs haywrc. lotc hcrc
how t was thc most sobcr, cautous, rcsponsblc captalst rcgmcs
thc scvcntccnth-ccntury Outch Kcpubl c, thc cghtccnth-ccntury rtsh
Commonwca|th-thc oncs most carctul about managng thcr publc
dcbt-that saw thc most b zarrc cxplosons ot spcculatvc trcnzy, thc
tulp man as and bouth bca bubblcs.
Nuch ot th s sccms to turn on thc naturc ot natonal dchcts and
crcdt moncy. Jhc natonal dcbt s, as poltcans havc complancd
practcal l y s ncc thcsc thngs hrst appcarcd, moncy borrowcd trom
tuturc gcncratons. bt l l , thc cttccts havc always bccn strangcly doub|c-
cdgcd. Onthc onc hand, dchcthnancng sa wayotputtngcvcnmorc
m ltary powcr n thc handsotprnccs, gcncral s, andpoltc ans, on thc
othcr, t suggcsts that govcrnmcnt owcs somcthng to thosc t govcrns.
Insotar asourmoncy s ult matcly ancxtcnson otthcpubl cdcbt, thcn
whcncvcr wc buy a ncwspapcr or a cup ot cottcc, or cvcn placc a bct
on a horsc, wc arc tradng n prom scs, rcprcscntatons ot somcthng
that thc govcrnmcnt wl| gvc us at somc tmc n thc tuturc, cvcn twc
don' t know cxactly what t s. ' '
Immanucl Val lcrstcn lkcs to pont out that thc rcnch Kcvolu-
ton ntroduccd scvcral protoundly ncw dcas n poltcsdcas whch,
htty ycars bctorc thc rcvoluton, thc vast ma| orty otcducatcd Luropc-
ans would havc wrttcn ott as crazy, but whch, htty ycars attcrward,
| ust about anyonc tclt thcy had to at lcast prctcnd thcy thought wcrc
truc. Jhc hrst s that socal changc s ncvtablc and dcsrablc. that thc
natural d rccton ot h story s tor c v l zaton to gradual l y mprovc.
Jhc sccond s that thc appropratc agcnt to managc such changc s
thc govcrnmcnt. Jhc thrd s that thc govcrnmcnt ga ns ts lcgtmacy
trom an cntty cal lcd "thc pcoplc. " ' ' ' It' s casyt oscc how thc vcry dca
ot a natona| dcbta promsc otcont nual tuturc mprovcmcnt at thc
vcry lcast, hvc pcrccnt annual mprovcmcntj madc by govcrnmcnt to
pcoplc-mght tsclt havc pl aycd a rolc n nsprng such a rcvoluton-
ary ncwpcrspcctvc. Yctatthc samct mc, whcn onclooks atwhatmcn
lkc Nrabcau, Voltarc, Odcrot, b cycs-thc pbi/osopbes who hrst
proposcd that noton ot what wc now cal | "c v lzaton"wcrc actu-
al l y argung about n thc ycars mmcdatc|y lcadng up to thc rcvol u
t on, t was cvcn morcaboutthcdangcr ot apocalyptc catastrophc, ot
thc prospcct ot c v l zaton as thcy kncw t bcng dcstroycd by dctaul t
and cconomc collapsc.
art ot thc problcm was thc obvous onc. thc natonal dcbt s,
hrst, born ot war, sccond, t s not owcd to al l thc pcoplc cgual|y, but
abovc al l to captal sts-and n rancc at that t mc, "captalst" mcant,
A G L | 1 H L G R L A1 C A P l 1A L l S 1 L M P l R L S 3 9
spccthcal l y, "thosc who hcld ptcccs ot thc nattonal dcbt . " Jhc morc
dcmocrattcally tncltncd tc|t that thc cnttrc sttuatton was opprobrtous.
"Jhc modcrn thcory ot thc pcrpctuatton ot dcbt, " Jhomas |cttcrson
wrotc, around thts samc ttmc, "has drcnchcd thc carth wtth blood,
and crushcd tts t nhabttants undcr burdcns cvcr accumulattng. "' ' Nost
Lnl tghtcnmcnt thtnkcrs tcarcd that t tpromt scd cvcn worsc. Intrtnstc to
thc ncw, "modcrn" notton ot tmpcrsonal dcbt, attcr all, was thc posst
bt l t ty otbankruptcy. ' ' ' ankruptcy, at that ti mc, was tndccd somcthtng
ot a pcrsonal apocalypsc. t t mcant prtson, thc dtssolutton ot onc' s
cstatc, tor thc lcast tortunatc, t t mcant torturc, starvatton, and dcath.
Vhat nattonal bankruptcy would mcan, at that potnt tn ht story, no-
body kncw. Jhcrc wcrc stmply no prcccdcnts. Yct as nattons tought
grcatcr and bloodtcr wars, and thctr dcbts cscal atcd gcomctrtcally, dc-
taul t bcgan to appcar unavotdablc. ' ' " Abbc bt cycs hrst put torward hts
grcat schcmc tor rcprcscntattvc govcrnmcnt, tor t nstancc, prtmartly as
a way ot rctormtng thc nattonal hnanccs, to tcnd ott thc tncvttablc
catastrophc. And whcn t t happcncd, what would t t look ltkc! Vould
thc moncy bccomc worthl css! Vould mt l t tary rcgtmcs sctzc powcr,
rcgtmcs across Luropc bc ltkcwtsc torccd to dctaul t and tal l ltkc domt
nos, plungtng thc conttncnt tnto cndlcss barbart sm, darkncss, and war!
Nanywcrc al rcady antictpattngthcprospcct otthcJcrror l ongbctorc
thc rcvolutton ttsclt. ' '
t' s a strangc story bccausc wc arc uscd to thtnktng ot thc Lnltght-
cnmcnt as thc dawn ot a untguc phasc ot human optt mt sm, bornc on
assumpttons that thc advancc ot sctcncc and human knowlcdgc would
tncvttably makc l t tc wtscr, satcr, andbcttcrtor cvcryonca naIc tatth
satd to havc pcakcd tn thc abtan soct al t sm ot thc I8os, only to bc
annt ht latcd tn thc trcnchcs otVorld Var I. In tact, cvcn thc Vtctortans
wcrc hauntcd by thc dangcrs otdcgcncratton and dccl t nc. Nost ot al l ,
Vtctort ans sharcd thc ncar-untvcrsal assumptton that capttal t sm ttsclt
would not bc around torcvcr. Insurrcctton sccmcd t mmtncnt. Nany
Vtctortan capttaltsts opcratcd undcr thc st nccrc bcltct that thcy mtght,
at any momcnt, hnd thcmsclvcs hangtng trom trccs. In Chtcago, tor
tnstancc, a trtcnd oncc took mc on a drtvc down a bcautttul old strcct,
tullotmanstonstromthc I8;os. thc rcason, hccxpl atncd, thatt tlookcd
ltkc that, was that most otChtcago' srtch tndustrtaltsts otthc ttmc wcrc
so convtnccd that thc rcvolutton was t mmancnt that thcy collccttvcly
rclocatcd along thc road that lcd to thc ncarcst mt l t tary basc. Al most
nonc ot thc grcat thcortsts ot capttal t sm, trom anywhcrc on thc poli tt
cal spcctrum, trom Narx to Vcbcr, to bchumpctcr, to von Nt scs, tcl t
that capttaltsm was l t kcl y to bc around tor morc than anothcrgcncra-
tton or two at thc most.
3 U D L b 1
Onc could go turthcr. thc momcnt that thc tcar ot t mmtncnt soctal
rcvolutton nolongcrsccmcd pl aust bl c, by thc cnd otVorldVar I I , wc
wcrc t mmcdt atcly prcscntcd wtth thc spcctcr ot nuclcar holocaust. ' '
Jhcn, whcn that no longcr sccmcd pl aust bl c, wc dtscovcrcd gl obal
warmtng. Jht s t s not to say that thcsc thrcats wcrc not, and arc not,
rcal . Yct tt docs sccm strangc that capttal t sm tccl s thc constant nccd
to t magtnc, or to actually manutacturc, thc mcans ot tts own t mmt
ncntcxttnctt on. It' s tn dramattc contrast to thcbchavtor otthc|cadcrs
ot soctaltst rcgtmcs, trom Cuba to Al bant a, who, whcn thcy camc to
powcr, t mmcdt atcly bcgan acttng as t t thctr systcm would bc around
torcvcr-trontcally cnough, constdcrtng thcy t n tact turncd out to bc
somcthtng ot an ht stortcal bl t p.
crhaps thc rcason t s bccausc what was truc tn I;Io t s sttll truc.
rcscntcd wtth thc prospcct ot tts own ctcrntty, capttaltsm-or any-
way, hnanctal capttal t sm-st mpl y cxplodcs . ccausc tt thcrc' s no cnd
to tt, thcrc' sabsolutcly no rcason notto gcncratc crcdtt-thatt s, tuturc
moncy-t nhnt tcly. Kcccnt cvcnts would ccrtatnly sccm to conhrm tht s.
Jhc pcrtod lcadtng up tozoo8wasonc t nwht chmanybcgan to bcltcvc
that capttaltsm rcal l y was gotng to bc around torcvcr, at thc vcry lcast,
no oncsccmcd any longcrto bc ablcto t magtnc an al tcrnattvc. Jhc t m-
mcdtatc cttcct was a scrtcs ottncrcastngly rccklcss bubblcsthatbrought
thc wholc apparatus crashtng down.
h 8 pt 0| 1w0| v0
[ 9 -1h 0 b0l 0 0 l 0 0!
50 m0t h l 0 T0t t 0 b0 0t 0| ml 0 00 )
Iook at a// tbese bums lf on/y tbere
uere a uay of jnding out bou mucb
tbey oue.
Free your mind of tbe idea of deserc-
ing, of tbe idea of earning, and you ui//
begin to be ab/e to tbink.
Lrsua K. LC Lu n, Tbe Disossessed
N kUU51 5 , 9 7 , Lnttcd btatcs lrcstdcnt Ktchard ltxon an
nounccd that torctgn-hcld L. b. dol l ars would no longcr bc convcrttblc
tntogold-thusstrtpptngaway thc lastvcsttgc otthctntcrnattonalgold
standard. ' Jhts was thc cnd ot a poltcy that had bccn cttccttvc stncc
tt, and conhrmcd by thcrctton Voodsaccordsatthccnd otVorld
Var II. that wht l c Lnttcd btatcs ctttzcns mtght no longcr bc al l owcd
to cash t n thctr dol l ars tor gold, all L. b. currcncy hcld outstdc thc
country was to bc rcdccmablc at thc ratc ot$ an ouncc. y dotng so,
ltxon t nt ttatcd thc rcgtmc ot trcc-hoatng currcnctcs that contt nucs to
tht s day.
Jhc conscnsus among htstortans ts thatltxon had ltttlcchotcc. It s
hand was torccd by thc rt st ngcostsot thc Vtctnam Var-onc that, ltkc
al l capttaltst wars, had bccn hnanccd by dchctt spcndtng. Jhc Lnttcd
btatcs was tn posscsston ot a l argc proportton ot thc world' s gold rc
scrvcs tn tts vau|ts tn ort Knox though tncrcastngly lcss tn thc latc
I6os, as othcr govcrnmcnts, most tamously Charlcs dc Caullc's rancc,
bcgan dcmandtng gold tor thctr dollars) , most poorcr countrtcs, tn con-
trast, kcpt thctr rcscrvcs tn dollars. Jhc t mmcdtatc chcct ot ltxon' s
unpcggtng thcdol l arwastocauscthcprtcc otgol dto skyrockct, tt ht t a
pcak ot $6oo an ouncc tn I8o. Jhts otcoursc had thc cttcct ot caustng
3 2 D L b 1
L. b. gold rcscrvcs to tncrcascdramattcally tn valuc. Jhcvalucotthcdol
lar, as dcnomtnatcd tn gold, plummctcd. Jhc rcsult was a masstvc nct
transtcr ot wcalth trom poor countrtcs, whtch lackcd gold rcscrvcs, to
rtch oncs, ltkcthcLnttcd btatcs and Crcatrttat n, thatmatntatncd thcm.
In thc Lnttcd btatcs, tt also sct ott pcrststcnt tnf|atton.
Vhatcvcr ltxon' s rcasons, though,

ncc thc global systcm ot crcd-

tt moncy was cnttrcly unpcggcd trom go|d, thc world cntcrcd a ncw
phasc ot hnanctal ht storyonc that nobody complctcly undcrstands.
Vht l cI was growtng up tn lcwYork, I woul dhcar occast ona| rumors
otsccrctgold vaults undcrncath thc Jwtn Jowcrs t n Nanhattan. bup-
poscd|y, thcsc vaults contat ncd not | ust thc L. b. gold rcscrvcs, but
thosc ot al l thc ma| or cconomt c powcrs . Jhc gold was satd to bc kcpt
t n thc torm ot bars, pt lcd up tn scparatc vaults, onc tor cach country,
andcvcryycar, whcn thc bal ancc otaccounts wascalcul atcd, workmcn
wtth dolltcs would ad| ust thc stocks accordtngly, carttng, say, a tcw
mt l | ton tn gold out ot thc vaul t markcd "razt l " and transtcrtng thcm
to thc onc markcd "Ccrmany, " and so on.
Apparcntly a lot ot pcoplc had hcard thcsc stortcs. At l cast, rtght
attcr thc Jowcrs wcrc dcstroycd on bcptcmbcr H, zooI, onc ot thc
hrst qucsttons many lcw Yorkcrs askcd was. Vhat happcncd to thc
moncyr Vas t t satcr Vcrc thc vaults dcstroycdr rcsumab| y, thc gold
had mcltcd. Vas thts thc rca| at m ot thc attackcrs r Consptracy thco-
rtcs aboundcd. bomc spokc ot lcgtons ot cmcrgcncy workcrs sccrctly
summoncd to makc thctr way through mtlcs ot ovcrhcatcd tunncls,
dcspcratcly carttng ott tons ot bullton cvcn as rcscuc workcrs l aborcd
ovcrhcad. Onc parttcularly colortul consptracy thcory suggcstcd that
thc cnttrc attack was rcally stagcd by spccu|ators who, ltkc ltxon,
cxpcctcd to scc thc valuc ot thc dollar crash and that ot gold to
skyrockct-ctthcr bccausc thc rcscrvcs had bccn dcstroycd, or bccausc
thcy thcmsclvcs had latd prt or pl ans to stcal thcm.
Jhc truly rcmarkablcthtngaboutthtsstoryt sthat, attcr havtngbc-
l t cvcd tttorycars, andthcn, tn thcwakcotg/H, havingbccnconvtnccd
by somc morc knowtng trtcnds that tt was al l a grcat myth "lo, " onc
ot thcm sat d rcstgncdl y, as t t to a cht l d, "thc Lnttcd btatcs kccps tts
goldrcscrvcstn ort Knox") , I dtd a ltttlcrcscarchand dt scovcrcd that,
no, actual l y, t t' s truc. Jhc Lnttcd btatcs trcasury' s gold rcscrvcs arc
t ndccd kcpt at ort Knox, but thc cdcral Kcscrvc' sgold rcscrvcs, and
thosc otmorc than onc hundrcd othcr ccntral banks, govcrnmcnts, and
organtzattons, arc storcd tn vaults undcr thc cdcral Kcscrvc but | dt ng
at Ltbcrty btrcct tn Nanhattan, two blocks away trom thc Jow-
crs. At rough|y hvc thousand mctrtc tons z66 mt l l t on troy ounccs) ,
thcsc combtncd rcscrvcs rcprcscnt, accordtngt ot hccd' sownwcbsttc,
l 9 J l - 1 H L b L G l N N l N G . . . ) 3 3
somcwhcrc bctwccn onc-htth and onc-guartcr ot al l thc gold that has
cvcrbccntakcn trom thc carth.
"Jhc gold storcd at thc cdcral Kcscrvc ank ot lcw York ts sc
curcd tn a most unusual vault. It rcsts on thc bcdrock ot Nanhattan
Isl and-onc otthctcwtoundattons constdcrcd adcguatc to support thc
wctght ot thc vault, tts door, and thc gold tnstdc-ctghty tcct bclow
strcct lcvcl andhttytcct bc|ow sca lcvcl . . . Jo rcach thc vault, bul l t on
l adcn pal lcts must bc l oadcd tnto onc otthc ank' s clcvators and scnt
down hvc floors bcl ow strcct l cvcl to thc vault hoor . . . Itcvcrythtng
t s t n ordcr, thc gold t s ctthcr movcd to onc or morc ot thc vault' s Izz
compartmcnts asstgncd to dcpostttng countrtcs and othct al t ntcrnatton-
al organtzattons or pl accd on shclvcs. ` Cold stackcrs, ' ustng hydraul t c
l t tts, do tndccd shttt thcm back and torth bctwccn compartmcnts to
bal ancc crcdtts and dcbts, though thc vaults havc only numbcrs, so
cvcn thc workcrs don' t know who ts paytng whom. "'
Jhcrc ts no rcason to bcltcvc, howcvcr, that thcsc vaults wcrc t n
any way attcctcd by thc cvcnts ot bcptcmbcr 1 zooI.
Kcaltty, thcn, has bccomc so odd that t t' shard togucss whtch clc
mcnts otgrand mythtc tantastcs arc rcally tantasy, and whtch arc truc.
Jhc t magc ot col | apscd vaul ts, thc mcltcd bul l t on, ot sccrct workcrs
scurrytng dccp bc|ow Nanhattan wtth undcrground torklttts cvacuat-
tng thc world cconomy-al l thts turns out not to bc. ut ts tt cnttrcly
surprtstng that pcoplc wcrc wt l l t ng to constdcr t tr"
In Amcrtca, thc banktngsystcm stncc thc days ot Jhomas|cttcrson
has shown a rcmarkabl ccapactty to tnsptrc paranotd tantastcs. whcthcr
ccntcrtng on rccmasons, or Lldcrs ot Zton, or thc bccrct Ordcr otthc
Il l umt natt , or thc Quccn ot Lngl and' s drug-moncy-l aundcrtng opcra
ttons, or any ot a thousand othcr sccrct consptractcs and cabal s. It' s
thc mat n rcason why tt took so long tor an Amcrtcan ccntral bank to
bc cstabltshcd to bcgtn wt th. In a way thcrc' snotht ng surprtstng hcrc.
Jhc Lnttcd btatcs has always bccn domt natcd by a ccrtatn markct
popul t sm, and thc abt l t ty otbanks to "crcatc moncy outotnothtng"
andcvcn morc, to prcvcnt anyoncclsc tromdotng sohasal waysbccn
thc bugaboo ot markct popultsts, stncc tt dt rcctly contradtcts thc tdca
that markcts arc a stmplc cxprcsston otdcmocrattc cgua| tty. btt l l , stncc
ltxon' s hoattng ot thc dollar, tt has bccomc cvtdcnt that t t' s on/y thc
wtzard bchtnd thc scrccn who sccms to bc matntatntng thc vt abt l tty
ot thc wholc arrangcmcnt. Lndcr thc trcc-markct orthodoxy that tol -
| owcd, wc havc al l bctngaskcd, cttccttvcly, to acccpt that "thc markct"
ts a sclt-rcgulattng systcm, wtth thc rtstng and tal l t ng otprtccs aktn to
a torcc ot naturc, and st multancously to tgnorc thc tact that, tn thc
bustncss pagcs, tt ts st mpl y assumcd that markcts rtsc and tal l mat nl y
o 4 D L b 1
tn anttctpatton ot, or rcactton to, dcct st ons rcgardtng tntcrcst ratcs by
Alan Crccnspan, or cn crnankc, or whocvcr ts currcntly thc chat r
man ot thc cdcral Kcscrvc. `
8 8 8 8 8
Onc clcmcnt, howcvcr, tcnds to go hagrantly mt sst ng tn cvcn thc most
vtvtd consptracy thcortcs about thc banktng systcm, |ct alonc tn othctal
accounts. that t s, thc rolc ot war and mt l t tary powcr. Jhcrc' s a rcason
why thc wt zard has such a strangc capactty to crcatc moncy out ot
nothtng. chtnd htm, thcrc' s a man wtth a gun.
Jruc, tn onc scnsc, hc' s bccn thcrc trom thc start. I havc al rcady
potntcd out that modcrn moncy ts bascd on govcrnmcnt dcbt, and
that govcrnmcnts borrow moncy tn ordcr to hnancc wars. Jht s t s | ust
as truc today as tt was tn thc agc ot Kt ng htlltp II. Jhc crcatton ot
ccntral banks rcprcscntcd a pcrmancnt tnstttutt onal t zatton otthat mar
rtagc bctwccn thc tntcrcsts ot warrtors and hnanctcrs that had al rcady
bcgun to cmcrgc tn Kcnatssancc Ita|y, and that cvcntual|y bccamc thc
toundatton ot hnanct al capttal t sm.
lt xon hoatcd thc dol l ar t n ordcr to pay tor thc cost ot a war tn
wht ch, durtng thc pcrtod ot I;oI;z alonc, hc ordcrcd morc than
tour mt | l ton tons otcxplostvcs and tnccndtartcs droppcd on ctttcs and
vt l l agcs across Indocht nacaustng onc scnator to dub ht m "thc grcat-
cst bombcr ot a| l ttmc. " Jhc dcbt crtsts was a dt rcct rcsult ot thc
nccd to pay tor thc bombs, or to bc morc prcctsc, thc vast mt lttary
t ntrastructurc rcgut rcd to dc|tvcr thcm. Jht s was what was caustng
such an cnormous stratn on thc L. b. gold rcscrvcs. Nany ho|d that
by hoattng thc dol l ar, ltxon convcrtcd thc L. b. currcncy t nto purc
"hat moncy"-mcrc ptcccs ot papcr, t ntrt nst cal l y worthl css, that wcrc
trcatcd as moncy only bccausc thc Lnttcd btatcs govcrnmcnt t nst stcd
that t t should bc. In that casc, onc could wcl| arguc that L. b. mt l t tary
powcr was now thc only thtng backtng up thc currcncy. In a ccrtatn
scnsc tht s t s truc, but thc notton ot "hat moncy" assumcs that moncy
rcally "was" gold tn thc hrst pl acc. Kcally wc arc dcal tng wtth anothcr
vart atton otcrcdtt moncy.
Contrary to popu|ar bcltct, thc L. b. govcrnmcnt can' t "| ust prtnt
moncy, " bccausc Amcrtcan moncy ts not tssucd by thc govcrnmcnt at
all, but by prtvatc banks, undcr thc acgts ot thc cdcral Kcscrvc bys
tcm. Jhc cdcral Kcscrvc dcspttc thc namc t s tcchnt cal ly not part
ot thc govcrnmcnt at al|, but a pccul t ar sort ot publtc-prtvatc hybrtd,
a consorttum ot prtvatcly owncd banks whosc chat rman t s appotnt-
cd by thc Lnt tcd btatcs prcstdcnt, wtth Congrcsstonal approval , but
l 9 J l - 1 H L b L G l N N l N G . . . ) 3
whtch othcrwtsc opcratcs wtthout publtc ovcrstght. Al l dollar bt l l s tn
ctrculatton t n Amcrtca arc "cdcral Kcscrvc lotcs"-thc cd t ssucs
thcm as promtssory notcs, and commtsstons thc L. b. mtnt to do thc
actual prtnttng, paytng tt tour ccnts tor cach bt l l . Jhc arrangcmcnt
t s | ust a vartatton ot thc schcmc ortgt nal l y ptonccrcd by thc ank ot
Lngland, whcrcby thc cd "loans" moncy to thc Lnttcd btatcs govcrn-
mcnt by purchastng trcasury bonds, and thcn moncttzcs thc L. b. dcbt
by lcndtng thc moncy thus owcd by thc govcrnmcnt to othcr banks. '
Jhc dt ttcrcncc ts that wht l c thc ank ot Lngland ortgt nal l y loancd thc
ktng gold, thc cd stmply whtsks thc moncy tnto cxt stcncc by saytng
that tt' s thcrc. Jhus, tt' s thc cd that has thc powcr to prtnt moncy. '
Jhc banks that rccctvc loans trom thc cd arc no longcr pcrmtttcd to
prtnt moncy thcmsclvcs, but thcy arc al l owcd to crcatc vtrtual moncy
by maktng loans at a tracttonal rcscrvc ratc cstablt shcd by thc cd
though tn thc wakc ot thc currcnt crcdtt crt st s, at ttmc ot thts wrtttng,
thcrc has bccn a movc to rcmovc cvcn thcsc rcstrtcttons.
Al l tht s t s a btt ot a st mpl t hcatton. monctary poltcy t s cndlcssly
arcanc, and t tdocs somcttmcs sccm, t ntcnttonally so. Icnry ord oncc
rcmarkcd that t tordt nary Amcrtcans cvcr tound out how thc banktng
systcm rcally workcd, thcrc would bc a rcvol utton tomorrow. ) Vhat
t s rcmarkablc tor prcscnt purposcs t s not so much that Amcrtcan dol-
lars arc crcatcd by banks, but that onc apparcntly paradoxtcal rcsult
ot ltxon' s hoattng thc currcncy was that thcsc bank-crcatcd dol|ars
thcmsclvcsrcplaccd gold asthcworld' srcscrvc currcncy. that t s, asthc
u|ttmatc storc ot valuc t n thc world, ytcldtng thc Lnttcd btatcs cnor-
mous cconomt c advantagcs.
Ncanwht l c, thcL. b. dcbtrcmat ns, as tt has bccn st nccI`H0, a war
dcbt. thc Lnttcd btatcs conttnucs to spcnd morc on tts mt lttary than do
al l othcr nattons on carth put togcthcr, and mt l ttary cxpcndtturcs arc
not only thc basts ot thc govcrnmcnt' s tndustrta| poltcy, thcy also takc
up such a hugc proportton ot thc budgct that by many csttmattons,
wcrc tt not tor thcm, thc Lnttcd btatcs would not run a dchctt at al l .
Jhc L. b. mt l ttary, unl t kcanyothcr, matntatns a doctrtnc otglobal
powcr pro| cctt on. that tt should havc thc abt ltty, through roughly 8oo
ovcrscas mt l ttary bascs, to t ntcrvcnc wtth dcadly torcc absolutcly any-
whcrc on thc pl anct. In a way, though, land torccs arc sccondary, at
lcast stncc Vorld Var II, thc kcy to L. b. mt l ttary doctrtnc has always
bccn a rcltancc on atr powcr. Jhc Lnttcd btatcs has tought no war tn
whtch tt dtd notcontrolthc sktcs, and tt hasrcltcdon acrtal bombard-
mcnt tar morc systcmattcally than any othcr mt l t tarytn tts rcccntoc-
cupatton ot Irag, tort nstancc, cvcn gotng so tar as to bomb rcstdcntt al
nctghborhoods otct tt cs ostcnst bl y undcr tts own control . Jhc csscncc
d
~ |e0efl e0t ~ eenSe du0Qet
$900.00
$00.00
$700.00
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$500.00
$400.00
$300.00
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O! L.b. mIItaIy QICdOmInanCC In thC wOId I8, u!tImatC!y, thC !aCt that
It Can, at wI, dIOQ DOmD8, wIth Ony a !Cw hOuI8 nOtICC, at aD8OutCy
any QOInt On thC 8uI!aCC O! thC QanCt.'' O OthCI gOVCInmCnt ha8 CVCI
had anythIng ICmOtCy IKC thI8 8OIt O! CaQaDIIty. ln !aCt, a Ca8C COud
wC DC madC that It I8 thI8 VCIy QOwCI that hOd8 thC CntIIC wOId
mOnCtaIy 8y8tCm, OIganIZCd aIOund thC dOaI, tOgCthCI.
bCCau8C O! LnItCd btatC8 tIadC dChCIt8, hugC numDCI8 O! dOaI8
CIICuatC Out8IdC thC COuntIy; and OnC C!!CCt O! IXOn8 HOatIng O! thC
dOaI wa8 that !OICIgn CCntra DanK8 haVC !IttC thCy Can dO wIth thC8C
dOaI8 CXCCQt tO u8C thCm tO Duy L.b. tICa8uIy DOnd8. hI8 I8 what
I8 mCant Dy thC dOaI DCCOmIng thC wOId8 IC8CIVC CuIICnCy. hC8C
DOnd8 aIC, IKC a DOnd8, 8uQQO8Cd tO DC Oan8 that wI CVCntuay
matuIC and DC ICQaId, Dut a8 CCOnOmI8t IChaC ud8On, whO hI8t
DCgan OD8CIVIng thC QhCnOmCnOn In thC CaIy ]C8, nOtCd, thCy nCVCI
ICay dO:
O IhC CXICnt IhaI IhCsC ICasuIy LLs aIC DCIng DuII InIO
IhC WOIds mOnCIaIy DasC IhCy WI! nOI haVC tC DC ICQaId, but
aIC IO DC IO!Cd OVCI IndChnIIC!y. hIs !CaIuIC Is IhC CssCnCC O!
PmCIICas !ICC hnanCIa! IIdC, a IaX ImQOsCd aI IhC CnIIIC gODs
CXQCnsC. '`
hat8 mOIC, OVCI tImC, thC COmDInCd C!!CCt O! Ow IntCIC8t Qay-
mCnt8 and thC InHatIOn I8 that thC8C DOnd8 aCtuay dCQICCIatC In
l 9 1 l - 1 H L b L G l N N l N G . . . ) o 1
val ucaddtng to thc tax cttcct, or as I prctcrrcd to put tt tn thc hrst
chaptcr, "trtbutc. "Lconomtstsprctcrtocal l tt"sctgntoragc. "Jhccttcct,
though, t s that Amcrtcan t mpcrt al powcr t s bascd on a dcbt that wt l |
ncvcr-can ncvcr-bc rcpat d. Its natt onal dcbt has bccomc a promtsc,
not | ust to tts own pcoplc, but to thc nattons ot thc cnttrc wor|d, that
cvcryoncknows wt l l not bc kcpt.
At thc samc ttmc, U. b. pol tcy was to tnstst that thosc countrtcs
rclytng on L. b. trcasury bonds as thctr rcscrvc currcncy bchavcd tn cx
actly thc opposttc way as thcy dtd. obscrvtng ttght moncy pol tctcs and
scrupulously rcpaytng thctr dcbts.
As I' vc al rcady obscrvcd, stncc lt xon' s ttmc, thc most stgnthcant
ovcrscas buycrs ot L. b. trcasury bonds havc tcndcd to bc banks tn
countrtcs that wcrc cttccttvcly undcr L. b. mtlttary occupatton. In Lu
ropc, lt xon' s mostcnthust astt cal l y t n thts rcspcct wasVcstCcrmany,
whtch thcn hostcd morc than thrcc hundrcd thousand U. b. troops. In
morc rcccnt dccadcs thc tocus has sht ttcd to Ast a, parttcularly thcccn-
tral banks ot countrtcs |tkc |apan, Jat wan, and bouth Korca-agat n,
al l U. b. mt l ttary protcctoratcs. Vhat' s morc, thc gl obal status ot thc
dol l art s mat ntatncd t n l argc part by thc tact that tt t s, agatn stncc I;I ,
thc only currcncy uscd to buy and sc|l pctro|cum, wtth any attcmpt by
OLC countrtcs to bcgtn tradtng tn any currcncy stubbornly rcststcd
by OLC mcmbcrs baudt Arabt a and Kuwatt-also U. b. mt l ttary pro-
tcctoratcs. Vhcn baddam Iussct n madc thc bold movc ot stnglchand
cdly swttchtng trom thc dollar to thc curo tn zooo, tollowcd by Iran
t n zooI, thts was gutckly tol lowcd by Amcrtcan bombtng and mt | ttary
occupatt on. ' Iow much Iussctn's dcctston to buck thc do|lar rcally
wctghcd tnto thc L. b. dcctston to dcposc ht m ts t mposst bl c to know,
but no country tn a posttton to makc a stmt|ar swttch can tgnorc thc
posstbtltty. Jhc rcsult, among poltcymakcrs parttcu|arly tn thc g|obal
bouth, t s wtdcsprcad tcrror. ' `
8 8 8 8 8
In al l tht s, thc advcnt ot thc trcc-hoattng dol l ar marks not a brcak
wtth thc al l t ancc ot warrtors and hnanctcrs on whtch capt tal t sm ttsclt
was ortgt nal l y toundcd, but tts u|tt matc apothcost s. lctthcr has thc
rcturn to vtrtua| moncy lcd to a grcat rcturn to rcl attons ot honor
and trust. guttc thc contrary. y I;I , thc changc had only | ust bcgun.
Jhc Amcrtcan Lxprcss card, thc hrst gcncral -purposc crcdtt card, had
bccn tnvcntcd a mcrc tht rtccn ycars bctorc, and thc modcrn nattonal
crcdtt-card systcm had only rcal l y comc tnto bctng wtth thc advcnt ot
Vtsa and NastcrCard t n I68. Ocbtt cards wcrc |atcr, crcaturcs ot thc
3 b D L b 1
I;os, and thc currcnt, l argcly cashlcss cconomy only camc t nto bctng
tn thc Ios. All ot thcsc ncw crcdtt arrangcmcnts wcrc mcdt atcd not
by t ntcrpcrsonal rclattons ot trust but by proht-sccktng corporattons,
and onc otthccarltcstand grcatcstpoltttcal vtctortcs otthc L. b. crcdtt
card tndustry was thc cl t mt natton ot all lcgal rcstrtcttons on what thcy
could chargc as tntcrcst.
It htstory holds truc, an agc ot vtrtual moncy should mcan a
movcmcnt away trom war, cmptrc-but ldtng, sl avcry, and dcbt pcon-
agc wagcd or othcrwtsc) , and toward thc crcatton ot somc sort ot
ovcrarchtng t nstttutt ons, global tn scalc, to protcct dcbtors. Vhat wc
havc sccn so tar t s thc opposttc. Jhc ncw global currcncy t s rootcd tn
mt lttary powcr cvcn morc hrmly than thc old was. Ocbt pconagc con-
ttnucsto bc thc mat nprtnctplc otrccrutttnglaborgl obal l y. ctthcr t nthc
l ttcralscnsc, t nmuchotLastAsta orLattnAmcrtca, ortnthcsub| ccttvc
scnsc, whcrcby most ot thosc worktng tor wagcs or cvcn sal artcs tccl
that thcy arc dotng so prtmartly to pay ott tntcrcst-bcartng l oans. Jhc
ncw transportatton and communtcattons tcchnologtcs havc | ust madc
tt castcr, maktng tt posstblc to chargc domcsttcs or tactory workcrs
thousands ot dol | ars t n transportatton tccs, and thcn havc thcm work
ott thc dcbt tn dtstant countrtcs whcrc thcy lack lcgal protcctt ons. '
Insotar as ovcrarchtnggrand cosmtc t nstttuttons havc bccn crcatcd that
mtght bc constdcrcd t n any way parallcl to thc dtvtnc ktngs ot thc an
ctcnt Ntddlc Last or thc rcltgtous authortttcs ot thc Ntddlc Agcs, thcy
havc not bccn crcatcd to protcct dcbtors, but to cntorcc thc rtghts ot
crcdttors. Jhc Intcrnattonal Nonctary und ts onl y thc most dramattc
casc t n potnt hcrc. It stands at thc ptnnaclc ota grcat, cmcrgtngglobal
burcaucracythc hrstgcnutnclyglobaladmtntstrattvcsystcmt nhuman
ht story, cnshrt ncd notonlytn thc Lnttcd lattons, thcVorld ank, and
thc Vorld Jradc Organtzatt on, but al so thc cndlcss host ot cconomtc
untons and tradc organtzattons and non-govcrnmcntal organtzattons
that work tn tandcm wtth thcmcrcatcd l argcly undcr L. b. patron
agc. Al l otthcm opcratcon thc prtnctplc that unlcss onc t s thc Lnttcd
btatcs Jrcasury) , "onc has to pay onc' s dcbts"stncc thc spcctcr ot
dctaul tby any country ts assumcd to t mpcrtl thc cnttrc world monctary
systcm, thrcatcntng, tn Addt son' scolortul t magc, to turn al l thc worl d' s
sacks ot vt rtual ) gol d t nto worthlcss stt cks and papcr.
Al l truc. bttll, wc arc spcaktng ot a mcrc torty ycars hcrc. ut
ltxon' s gambtt, what Iudson calls "dcbt tmpcrt al t sm, " has alrcady
comc undcr constdcrablc strat n. Jhc hrst casualty was prcctscly thc
t mpcrt al burcaucracy dcdtcatcd to thc protcctt on ot crcdttors othcr
than thosc that wcrc owcd moncy by thc Lnttcd btatcs) . IN poltctcs
ot t nst sttng that dcbts bc rcpatd almost cxclustvcly trom thc pockcts
[3U3-1t btL!^^!^L ) LU
OI thC pOOt WCtC mCt Oy an Cqua!!y g!OOa! mOVCmCnt OI sOCa! tCOC!-
!On [thC sO-Ca!!Cd ant-g!OOa!IzatOn mOVCmCntthOugh thC namC
s ptOIOund!y dCCCptVC), IO!!OWCd Oy Outtght hsCa! tCOC!!On n OOth
Last Psa and Latn PmCtCa. by LLL Last Psan COunttCs had OCgun
a systCmatC OOyCOtt OI thC ^. n LL PtgCntna COmmttCd thC
u!tmatC sn: thCy dCIau!tCdand gOt aWay Wth t. 5uOsCquCnt .5.
m!taty adVCntutCs WCtC C!Cat!y mCant tO tCttIy and OVCtaWC, Out thCy
dO nOt appCat tO haVC OCCn VCry suCCCssIu!: patt!y OCCausC, tO hnanCC
thCm, thC ntCd 5tatCs had tO tutn nOt just tO ts m!taty C!Cnts, Out
nCtCasng!y, tO Lhna, ts ChCI tCmanng m!taty tVa!. PItCt thC nCat-
tOta! CO!!apsC OI thC .5. hnanCa! ndustty, WhCh dCsptC haVng OCCn
VCty nCat!y gtantCd tghts tO maKC up mOnCy at W!!, stt// managCd tO
Cnd up Wth tt!!Ons n !aO!tCs t COu!d nOt pay, Otngng thC WOt!d
CCOnOmy tO a standst!!, C!mnatng CVCn thC ptCtCnsC that dCOt mpC-
ta!sm guatantCCd staO!ty.
]ust tO gVC a sCnsC OI hOW CXttCmC a hnanCa! Ctss WC atC ta!Kng
aOOut, hCtC atC sOmC statstCaI Chatts Cu!!Cd ItOm thC pagCs OI thC 5t.
LOus CdCta! KCsCtVC WCO pagC.'

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Pt thIs pOInt, sOmC .5. CtCdItOts C!Cat!y ICC! thCy atC hna!!y In a pOsI-
tIOn tO dCmand that thCIt OWn pO!ItICa! agCndas OC taKCn IntO aCCOunt.
l 9 J l - 1 H L b L G l N N l N G . . . )
H| N WN U. . U1 L1 MNL1l 1| N
Sccmtng|y cvcrywhcrc hc wcnt on a rcccnt tour ol Chtna,
Da||as Fcd Prcstdcnt Rtchard Ftshcr was askcd to dc|tvcr a
mcssagc to Fcdcra| Rcscrvc Chatrman cn crnankc. "stop crc-
attng crcdtt out olthtn atr to purchasc U. S. Jrcasurtcs. "'
3 J l
Agatn, t t' s ncvcr cl car whcthcr thc moncy stphoncd trom Ast a to
support thc L. b. war macht nc i s bcttcr sccn as "loans" or as "trtbutc. "
btt | l , t hc suddcn advcnt ot Cht na as a ma| or holdcr ot L. b. trcasury
bonds has clcarly a| tcrcd thc dynamt c. bomc mtght gucstton why, t t
thcsc rcally arc trtbutc paymcnts, thc Lnt tcd btatcs' ma| or rt val woul d
bc buytng trcasury bonds to bcgt n wtth-lct alonc agrcctng to vart ous
tactt monctary arrangcmcnts to mat ntai n thc valuc ot thc dol l ar, and
hcncc, thc buytng powcr otAmcrtcan consumcrs. ' ' ut I thtnk thts ts a
pcrtcct casc tn potnt ot why taktng a vcry long-tcrm htstorical pcrspcc
ttvc can bc so hclptul .
rom a | ongcr-tcrm pcrspccttvc, Cht na' s bchavtor t sn' t puzzltng
at all. In tact tt's guitc truc to torm. Jhc untguc thtng about thc Cht-
ncsc cmpt rc t s that i t has, stncc thc Ian dynasty at lcast, adoptcd a
pccul t ar sort ot trtbutc systcm whcrcby, tn cxchangc tor rccognttton
ot thc Chtncsc cmpcror as world-sovcrctgn, thcy havc bccn wt l l t ng to
showcr thctr cltcnt statcs wtth gttts tar grcatcr than thcy rccctvc t n rc-
turn. Jhc tcchnt guc sccms to havc bccn dcvclopcd al most as a ktnd ot
trtck whcn dcaltng wtth thc "northcrn barbart ans" otthc stcppcs, who
always thrcatcncd Chtncsc tronttcrs. a way to ovcrwhclm thcm wtth
such luxurtcs that thcy would bccomc complaccnt, cttcmtnatc, and
unwarltkc. It was systcmattzcd t n thc "trtbutc tradc" practtccd wtth
cltcnt statcs ltkc |apan, Jatwan, Korca, and vartous statcs otbouthcast
Asta, and tor a brtct pcrtod trom Iqo to Iq, t t cvcn cxtcndcd to a
world sca|c, undcr thc tamous cunuch admtral Zhcng Ic. Ic lcd a
scrtcs otscvcn cxpcdtttons across thc Indtan Occan, ht s grcat "trcasurc
hcct"-tn dramattc contrast to thc bpantsh trcasurc hccts ot a ccn-
tury latcrcarrytng not only thousands otarmcd martncs, but cndlcss
guanttttcs ot stlks, porccl at n, and othcr Chtncsc luxurtcs to prcscnt to
thosc local rulcrs wt l | t ng to rccogntzc thc authortty ot thc cmpcror.

Al l tht s was ostcnstbly rootcd tn an tdcology ot cxtraordtnary chauvtn-

i sm "Vhat could thcsc barbartans posst bl y havc that wc rcally nccd,
anywayr ") , but, appltcd to Chtna' s ncighbors, ttprovcdcxtrcmclywtsc
poltcy tor a wcalthy cmptrc surroundcd by much smal l cr but potcn
tt al l y troublcsomc ktngdoms. In tact, t t was such wt sc poltcy that thc
L. b. govcrnmcnt, durtng thc Cold Var, morc or lcss had to adopt t t,
3 J 2 D L b 1
crcattng rcmarkab|y tavorab|c tcrms ot tradc tor thosc vcry statcs
Korca, |apan, Jai wan, ccrtatn tavorcd a| | tcs tn bouthcast Ast a-that
had bccn thc tradtttona| Chtncsc trtbutartcs, tn thts casc, tn ordcr to
contatn Chtna. '
caring a| | thts t n mt nd, thc currcnt ptcturc bcgtns to ta| | cast | y
back tnto p|acc. Vhcnthc Unttcd tatcs was tar and away thc prcdom
t nantwor|dcconomtc powcr, t t cou|d attord to matntatn Cht ncsc-sty|c
trtbutartcs. Jhus thcsc vcry statcs, a|onc amongst U. b. mt| ttary protcc
toratcs, wcrc a| |owcd to catapu|t thcmsc|vcs out ot povcrty and tnto
hrst-wor|d status. AttcrI;I, as U. b. cconomtcstrcngth rc|attvc to thc
rcst ot thc wor|d bcgan to dcc|tnc, thcy wcrc gradua|| y trans

ormcd
back tnto a morc o|d-tashtoncd sortot trtbutary. Yct Chtna' sgctttngtn
on thc gamc tntroduccd an cnttrc|y ncw c|cmcnt. Jhcrc t scvcry rcason
to bc| t cvc that, trom Cht na' s potnt ot vtcw, thts t s thc hrst stagc ot
a vcry |ong proccss ot rcductng thc Unttcd btatcs to somcthtng |tkc a
tradtttona| Cht ncsc c|tcnt statc. And ot coursc, Chtncsc ru|crs arc not,
any morc than thc ru|crs ot any othcr cmptrc, mottvatcd prt mart|y by
bcncvo|cncc. Jhcrc t s a| ways a po|ttica| cost, and what that hcad| t nc
markcd wasthchrstg| t mmcrtngsotwhatthatcostmt ghtu|ttmatc|ybc.
t t t f t
A| | that havc satd so tar mcrc|y scrvcs to undcr|tnc a rca|tty that
has comc up constant|y ovcr thc coursc ot thts book. that moncy has
no csscncc. t' s not "rca| | y" anytht ng, thcrctorc, tts naturc has a| ways
bccn and prcsumab|y a|ways wt | | bc a mattcr ot po|tttca| contcn
tton. Jhts was ccrtatn|y truc throughout car|tcr stagcs ot U. b. htstory,
tnctdcnta||y-as thc cnd|css nt nctccnth-ccntury batt|cs bctwccn go|d-
bugs, grccnbackcrs, trcc bankcrs, bt -mcta||tsts and st | vcrttcs so vtvtd|y
attcstor, tor thatmattcr, thctactthatAmcrtcan votcrswcrc so suspt
ctous otthc vcry tdca otccntra| banks that thc cdcra| Kcscrvc systcm
was on|y crcatcd on thc cvc ot Vor|d Var , thrcc ccnturtcs attcr thc
ank ot Lng|and. Lvcn thc moncttzatton otthc nattona| dcbt ts, as ' vc
a| rcady notcd, doub|c-cdgcd. t can bc sccn-as |cttcrson saw t t-as
thc u|tt matc pcrntctous a| | tancc ot warrtors and hnanctcrs, but t t a| so
opcncd thc way to scct nggovcrnmcnt ttsc|tas a mora| dcbtor, ottrcc
dom assomcthtng|ttcra||y owcd to thc natt on. crhaps no onc put t tso
c|ogucnt|y as Narttn Luthcr Ktng |r. , tn ht s " Mavc a Orcam" spccch,
dc| tvcrcd on thc stcps ot thc Ltnco|n Ncmorta| tn I6.
In a scnsc wc'vc comc to our natton' s captta| to cash a chcck.
Whcnthc archttcctsolour rcpub|tcwrotcthcmagnt hccntwords
l 9 J l - 1 H L b L G l N N l N G . . . )
ot thc Consttuton and thc Occ|araton ot lndcpcndcncc, thcy
wcrc sgnng a prom ssory notc to whch cvcry Amcrcan was
to tal | hcr. Jhs notc was a promsc that al l mcn, ycs, bl ack
mcn as wc|l as wh tc mcn, would bc guarantccd thc "una| cn-
ab|c Kghts` ot "L tc, L bcrty and thc pursut ot Iappncss. ` lt
s obvous today that Amcrca has dctaultcd on ths promssory
notc, nsotar as hcr ctzcns ot co|or arc conccrncd. lnstcad ot
honorng th s sacrcd oblgaton, Amcrca has gvcn thc lcgro
pcoplc a bad chcck, a chcck whch has comc back markcd
" nsuthccnt tunds. `
3 J 3
Onc can scc thc grcat crash ot zoo8 t n thc samc | tght-as thc out-
comc ot ycars ot po|tttca| tuss|cs bctwccn crcdttors and dcbtors, rtch
and poor. Jruc, on a ccrtatn |cvc|, tt was cxact|y what tt sccmcd to
bc. a scam, an tncrcdt b| y sophtsttcatcd onzt schcmc dcstgncd to co|-
|apsc t nthc tu| | know|cdgc that thc pcrpctrators wou|d bc ab|cto torcc
thc vtcttms to bat| thcm out. On anothcr |cvc| tt cou|d bc sccn as thc
cul mtnatton ota battlc ovcr thc vcry dchnttton ot moncy and crcdt t.
by thccnd otVor| dVar I I , thc spcctcr ot an t mmt ncntworktng-
c|ass uprt stng that had so hauntcd thc ru|tng c|asscs ot Luropc and
lorth Amcrtca tor thc prcvtous ccntury had |argcly dt sappcarcd. Jht s
was bccausc c| ass war was suspcndcd by a tact t sctt|cmcnt. Jo put tt
crudc|y. thc whttc worktng c|ass ot thc lorth At|anttc countrtcs, trom
thc Lnttcd btatcs to Vcst Ccrmany, wcrc ottcrcd a dca|. It thcy agrccd
to sct astdc any tantastcs ot tundamcnta||y changtng thc naturc ot thc
systcm, thcn thcy wou|d bc a| |owcd to kccp thctr unt ons, cn|oy a wtdc
vartcty a soct a| bcnchts pcnst ons, vacattons, hca|th carc . . . ) , and, pcr-
haps most t mportant, through gcncrous|y tundcd and cvcr-cxpandtng
pub|tc cducattona| tnstttuttons, know that thctr cht|drcn had a rcason-
abl c chancc ot |cavtng thc worktng c| ass cnttrc| y. Onc kcy c|cmcnt t n
a| l tht s was a tact t guarantcc that tncrcascs tn workcrs' producttvtty
wou|d bc mct by tncrcascs tn wagcs. a guarantcc that hc|d good untt|
thc |atc ;os. Largc|y as a rcsu|t, thc pcrtod saw both raptdly rtstng
producttvtty and raptd|y rtstng tncomcs, |aytng thc basts tor thc con-
sumcr cconomy ot today.
Lconomtsts ca| l tht s thc "Kcyncst an cra" stncc tt was a ttmc t n
whtch|ohnNaynard Kcyncs' cconomtcthcortcs, wht cha|rcadytormcd
thc bast s ot Kooscvcl t' s lcw Oca| t n thc Lnttcd btatcs, wcrc adoptcd
by tndustrta| dcmocractcs prctty much cvcrywhcrc. Vtth thcm camc
Kcyncs' rathcr casua| attttudc toward moncy. Jhc rcadcr wt|| rcca| |
that Kcyncs tu|ly acccptcd that banksdo, tndccd, crcatc moncy"out ot
thtn atr, " and that tor thts rcason, thcrc was no tntrt nst c rcason that
o 1 4 D L b 1
govcrnmcnt poltcy should not cncouragc thts durtng cconomtc down-
turns as a way ot stt mulattng dcmanda posttton that had long bccn
dcar to thc hcart ot dcbtors and anathcma to crcdttors.
Kcyncs ht msc|t had tn ht s day bccn known to makc somc tatrly
radtcal notscs, tor tnstancc cal l t ng torthc complctc c| t mt natton otthat
cl ass otpcoplc who l tvcd ottothcr pcopl c' s dcbtsthc "thc cuthanast a
ot thc rcnttcr, " as hc put ttthough al l hc rcal l y mcant by thts was
thct r cl t mt natt on through a gradual rcductton ot tntcrcst ratcs. As tn
so much ot Kcyncst ant sm, thts was much lcss radtcal than t t hrst ap-
pcarcd. Actually it was thorough|y tn thc grcat tradttton ot poltttcal
cconomy, hcarkcntng back to Adam bmtth' s tdcal ot a dcbtlcss utopta
but cspcct al | y Oavtd Ktcardo' scondcmnatton otlandlords as parasttcs,
thctr vcry cxt stcncc tntmtcal to cconomtc growth. Kcyncs was stmply
procccdtng along thc samc l t ncs, scctng rcnttcrs as a tcudal holdovcr
tnconst stcnt wtth thc truc sptrtt ot capttal accumul atton. ar trom a
rcvolutton, hc saw tt as thc bcst way ot avotding onc.
l scc, thcrclorc, thc rcnticr aspcct ol capita|ism as a transi-
tiona| phasc which wi|| disappcar whcn it has donc its work.
And with thc disappcarancc ol its rcnticr aspcct much c|sc tn
it bcsidcs wi|| sullcra sca-changc. lt wi|| bc, morcovcr, a grcat
advantagc ol thc ordcr olcvcnts which l am advocattng, that
thc cuthanasia ol thc rcnticr, ol thc lunction|css tnvcstor, wt||
bc nothing suddcn . . . and wi|| nccd no rcvo|ution. `
Vhcn thc Kcyncstan sctt|cmcnt was hna|ly put tnto cttcct, attcr
Vorld Var I I , tt was ottcrcd only to a rc|attvcly smal l sltcc ot thc
world' spopulatton. As ttmcwcnton, morc and morc pcoplc wantcd tn
on thc dcal . Almost al l ot thc popular movcmcnts ot thc pcrtod trom
Iq to I;, cvcn pcrhaps rcvo| uttonary movcmcnts, could bc sccn as
dcmands tor t ncl ust on. dcmands tor poltttca| cgual t ty that assumcd
cgualtty was mcantnglcsswtthoutsomclcvcl otcconomtcsccurtty. Jht s
was trucnot only otmovcmcnts by mtnortty groups tn lorth At|anttc
countrtcs who had hrst bccn lctt out ot thc dcalsuch as thosc tor
whom Or. Ktng spokc but what wcrc thcn cal lcd "nattonal ltbcra-
tton" movcmcnts trom Algcrta to Chtlc, or, hnal|y, and pcrhaps most
dramattca|ly, t n thc l atc I6os and I;os, tcmtnt sm. At somc potnt t n
thc' ;os, thtngs rcachcd a brcaktngpot nt. Itwoul d appcarthatcapttal-
t sm, as a systcm, stmply cannot cxtcnd such a dcal to cvcryonc. Quttc
posstblyttwou| dn' tcvcn rcmatnvtab|ctta|l tts workcrs wcrc trcc wagc
| aborcrs,ccrtatnlytt wt l l ncvcr bc ablc to provtdc cvcryonc tn thcworld
thc sort otl t tc l tvcd by, say, a I6os auto workcr tn Ntchtgan or Jurtn
[3U3-J1t bt1^^1^ . ) 3
VIth hI8 OVn hOu8C, gatagC, and ChI!dtCn In COCgCand thI8 Va8 ttuC
CVCn DC!OtC 8O many O! thO8C ChIdtCn DCgan dCmandIng C88 8tutI!yIng
IVC8. hC tC8ut mIght DC tCtmCd a CtI8I8 O! InC!u8IOn. Dy thC atC I]C8,
thC CXI8tIng OtdCt Va8 CCat!y In a 8tatC O! CO!aQ8C, QaguCd 8ImutanC-
Ou8y Dy bnanCIa ChaO8, !OOd tIOt8, OI! 8hOCK, VIdC8QtCad dOOm8day
QtOQhCCIC8 O! thC Cnd O! gtOVth and CCOOgICa! CtI8I8a O! VhICh, It
tutnCd Out, QtOVCd tO DC Way8 O! QuttIng thC QOQu!aCC On nOtICC that
a! dCa8 VCtC O!!.
hC mOmCnt that VC 8tatt tamIng thC 8tOty thI8 Vay, It8 Ca8y tO
8CC that thC nCXt thItty yCat8, thC QCtIOd !tOm tOughy I]o tO 2CC,
!OOV8 nCat!y thC 8amC QattCtn. XCCQt that thC dCa!, thC 8CttCmCnt,
had ChangCd. \CttaIny, VhCn DOth hOnad hCagan In thC LnItCd btatC8
and atgatCt hatChCt In thC L aunChCd a 8y8tCmatIC attaCK On thC
QOVCt O! aDOt unIOn8, a8 VC a8 On thC CgaCy O! CynC8, It Va8 a Vay
O! CXQICIt!y dCCatIng that a! QtCVIOu8 dCa!8 VCtC O!!. VCtyOnC COud
nOV haVC QOItICa! tIght8CVCn, Dy thC IC8, mO8 t CVCtyOnC In atIn
PmCtICa and P!tICaDut pOItICa tIght8 VCtC tO DCCOmC CCOnOmICay
mCanIng!C88. hC InK DCtVCCn QtOduCtIVIty and VagC8 Va8 ChOQQCd
tO DIt8: QtOduCtIVIty tatC8 haVC COntInuCd tO rI8C, Dut WagC8 haVC 8tag-
natCd Ot CVCn attOQhICd:
~ Prcduct|v|ty = wages
hI8 Va8 aCCOmQanICd, at bt8t, Dy a tCtutn tO mOnCtatI8m: thC
dOCttInC that CVCn thOugh mOnCy Wa8 nO OngCt In any Vay Da8Cd In
gO!d, Ot In any OthCt COmmOdIty, gOVCtnmCnt and CCntta-DanK QOICy
8hOud DC QtImatIy COnCCtnCd VIth CatC!u!y COnttO!Ing thC mOnCy
8uQQy tO Cn8utC that It aCtCd tj It VCtC a 8CatCC COmmOdIty. VCn a8,
at thC 8amC tImC, thC bnanCIa!IZatIOn O! CaQIta mCant that mO8t mOnCy
3 J D L b 1
bctng tnvcstcd tn thc markctplacc was complctcly dctachcd trom any
rclatton to productton otcommcrcc at a|l, but had bccomc purc spccu-
latton.
Al l thts t s not to say that thc pcoplc ot thc world wcrc not bc
tng ottcrcd somcthtng. | ust that, as I say, thc tcrms had changcd. In
thc ncw dt spcnsatton, wagcs would no l ongcr rtsc, but workcrs wcrc
cncouragcd to buy a pt ccc ot capttal t sm. Kathcr than cuthantzc thc
rcnttcrs, eceryone couldnowbccomc rcnttcrs-cttccttvcly, couldgrab a
chunk ot thc prohts crcatcd by thctr own tncrcastngly dramattc ratcs ot
cxplottatton. Jhc mcans wcrc many and tamt l t ar. In thc Lnttcd btatcs,
thcrc wcrc qoI k) rcttrcmcnt accounts and an cndlcss vartcty ot othcr
ways ot cncouragtng ordtnary ctttzcns to pl ay thc markct, but at thc
samc ttmc, cncouragtng thcm to borrow. Onc otthc gutdtng prtnctplcs
otJhatchcrtsm and Kcagant smaltkc was thatcconomt crctorms would
ncvcr gatn wtdcsprcad support unlcss ordtnary worktng pcoplc could
at |cast asptrc to owntng thctr own homcs, to thts was addcd, by thc
Ios and zooos, cndlcss mortgagc-rchnanctng schcmcs that trcatcd
houscs, whosc val uc tt was assumcd would onl y rtsc, "l tkc AJNs"-
as thc popu|ar catchphrasc had tt, though tt turns out, t n rctrospcct,
tt was rcally morc ltkc crcdtt cards. Jhcn thcrc was thc prol t tcratton
ot actual crcdt t cards, | ugglcd agatnst onc anothcr. Icrc, tor many,
"buytng a ptccc ot capttal t sm" sl tthcrcd undctcctabl y tnto somcthtng
tndtsttngutshablc tromthosctamt l t arscourgcs otthc worktngpoor. thc
loan shark and thc pawnbrokcr. It dtd not hclp hcrc that tn I8o, L. b.
tcdcral usury l aws, whtch had prcvtously l t mttcd i ntcrcst to bctwccn ;
and Io pcrccnt, wcrc cl t mtnatcd by act ot Congrcss. |ust as thc Lnttcd
btatcs had managcd to l argcly gct rtd ot thc problcm ot po|tttcal cor-
ruptton by maktng thc brt bcry ot lcgtslators cttccttvcly lcgal tt was
rcdchncd as "lobbytng") , so thc problcm otl oan-sharktng was brushcd
astdc by maktng rcal tntcrcst ratcs otz pcrccnt, o pcrccnt, orcvcn tn
somc cascs tor t nstancc tor payday loans) Izo pcrccnt annual l y, oncc
typtca| onlyotorgantzcd crtmc, pcrtcctlylcgal-and thcrctorc, cntorcc-
ablc no longcr by | ust ht rcd goons and thc sort ot pcoplc who placc
muttlatcd antmals on thctr vtctt ms' doorstcps, but by | udgcs, lawycrs,
bat l t tts, and pol t cc. '
Any numbcr ot namcs havc bccn cotncd to dcscrtbc thc ncw dt s-
pcnsatton, trom thc "dcmocrattzatton ot hnancc" to thc "hnanctaltza-
tton otcvcryday l t tc. " Outstdcthc Lnttcd btatcs, ttcamc to bc known
as "ncoltbcral t sm. " As an tdcology, tt mcant that not | ust thc markct,
but capttaltsm I must contt nual l y rcmtnd thc rcadcr that thcsc arc
not thc samc thtng) bccamc thc organtztng prtnctplc ot almost cvcry
thtng. Vc wcrc all to thtnk otoursclvcs as ttny corporattons, organt zcd
l 9 J l - 1 H L b L G l N N l N G . . . ) o J J
around that samc rclattonshtp ot tnvcstor and cxccuttvc. bctwccn thc
cold, calculattng math ot thc bankcr, and thc warrtor who, tndcbtcd,
has abandoncd any scnsc ot pcrsona| honor and turncd htmsclt tnto a
kt nd otdt sgraccd machtnc.
In thts world, "paytng onc' s dcbts" can wc|l comc to sccm thc vcry
dchnttton otmora|tty, tt on|y bccausc so many pcoplc tat l to do t t. or
tnstancc, t t has bccomc a rcgul ar tcaturc ot many sorts ot bustncss tn
Amcrtca that l argc corporatt ons or cvcn somc smal l bustncsscs, taccd
wtth a dcbt, wtll almost automattcally stmply scc what happcns t tthcy
do not pay-comp|ytng only tt rcmtndcd, goadcd, or prcscntcd wtth
somc sort otlcgal wrtt. In othcr words, thc prtnctplc othonor has thus
bccn almost complctcly rcmovcd trom thc markctplacc. As a rcsult,
pcrhaps, thc wholc subj cct ot dcbt bccomcs surroundcd by a halo
ot rcltgton.
Actual l y, onc mtght cvcn spcak ot a doublc thcology, onc tor thc
crcdttors, anothcr tor thc dcbtors. It t s no cotnctdcncc that thc ncw
phasc otAmcrtcan dcbt tmpcrt al t sm has al so bccn accompant cd by thc
rtsc ot thc cvangcl tcal rtght, who-tn dchancc ot al most a|l prcvt ousl y
cxt stt ng Chrtsttan thcology-havc cnthust astt cal | y cmbraccd thc doc
trtnc ot "supply-stdc cconomtcs, " that crcatt ng moncy and cttccttvcly
gtvtng tt to thc rtch t s thc most t bl t cal l y approprtatc way to brtng
about nattonal prospcrtty. crhaps thc most ambt ttous thcologtan ot
thc ncw crccd was Ccorgc Ct |dcr, whosc book Wea/tb and locerty
bccamc a bcst-scllcr tn I8I, at thc vcry dawn ot what camc to bc
known as thc Rcagan Rcvolutt on. Ct l dcr' s argumcnt was that thosc
who tcl t that moncy could not stmply bc crcatcd wcrc mt rcd t n an
old-tashtoncd, godl css matcrt al t sm that dtd not rcal t zc that j ust as Cod
could crcatc somcthtng out ot nothtng, It s grcatcst gttt to humant ty
was crcattvtty ttsclt, whtch procccdcd tn cxactly thc samc way. Invcs
tors can t ndccd crcatc val uc out ot nothtng by thctr wt | l tngncss to ac
ccpt thc rtsk cntatlcd tn plactng thctr tatth tn othcrs' crcattvtty. Rathcr
than scctng thc t mt tatton ot Cod' s powcrs ot crcatton ex nibi/o as
hubrt s, Ct ldcr argucd that tt was prcctscly what Cod tntcndcd. thc crc
atton otmoncy was a gttt, a blcsstng, a channcltng otgracc, a promtsc,
ycs, but not onc that can bc tulhl|cd, cvcn ttthc bonds arc contt nual l y
ro| l cdovcr, bccauscthrough tatth "t n Cod wctrust" agat n) thct rval uc
bccomcsrcal t ty.
Lconomtsts who thcmsc|vcs do not bc|tcvc tn thc luturc ol
captta|tsm wt|| tcnd to tgnorc thc dynamtcs olchancc and latth
that| argc|y wt|| dctcrmtnc that luturc. Lconomtstswho dtstrust
rc|tgton wt|| a|ways tat | to comprchcnd thc modcs ol worshtp
3 J b D L b 1
by whtch progrcss ts achtcvcd. Chancc b thc loundatton ol
changc and thc vcssc| olthc dtvtnc.
buch cttust ons t nspt rcd cvangcltsts ltkc at Kobcrtson to dc-
cl arc supply-stdc cconomtcs "thc hrst truly dtvtnc thcory ot moncy-
crcatton. "'
Ncanwhtlc, tor thosc who could not stmply crcatc moncy, thcrc
was a guttc dtttcrcnt thcologtcal dtspcnsatt on. "Ocbt t s thc ncw tat, "
Nargarct Atwood rcccntly rcmarkcd, struck by how much thc advcr-
ttscmcnts that surround hcr datly onthc bus t n hcr nattvc Joronto had
abandoncd thctrcarl t crattcmpts to makcrtdcrs pant c about thccrccp
tng tcrrors ot scxual unattracttvcncss, but tnstcad turncd to provtdtng
advtcc on how to trcc oncsclt lrom thc much morc t mmcdtatc tcrrors
otthc rcpo man.
Jhcrc arc cvcn dcbtJV shows,whtch havc a lamt|tarrc|tgtous-
rcvtva| rtng to thcm. Jhcrc arc accounts ol shopaho|tc btngcs
durtng whtch you don' t know what camc ovcr you and cv-
crythtng was a b|ur, wtth tcarlu| conlcsstons by thosc who'vc
spcnt thcmsc|vcs tnto gutvcrtng tnsomntac | c||tcs ol hopc|css
tndcbtcdncss, and havc rcsortcd to |ytng, chcattng, stca|tng,
and ktttng chcgucs bctwccn bank accounts as a rcsu|t. Jhcrc
arc tcsttmonta|s by lamt|tcs and |ovcd oncs whosc |tvcs havc
bccn dcstroycd by thc dcbtor' s harmlu| bchavtour. Jhcrc arc
compasstonatc but scvcrc admontttons by thc tc|cvtston host,
who hcrc p|ays thc part ol prtcst or rcvtva|tst. Jhcrc' s a mo-
mcnt olscctng thc |tght, lo|l owcd byrcpcntancc and a promtsc
ncvcr to do tt agatn. Jhcrc' s a pcnancc tmposcd-sni, sni
go thc sctssors on thc crcdtt cards-lo||owcd by a strtct curb-
on-spcndtng rcgt mcn, and hna||y, tla|| gocs wcl | , thc dcbts arc
patd down, thc stns arc lorgtvcn, abso|utton ts grantcd, and a
ncw day dawns, tn whtch a saddcr but morc so|vcnt man you
rtsc thc morrow morn.`"
Icrc, rtsk-taktng t s t n no scnsc thc vcsscl ot thc dtvtnc. Quttc thc
opposttc. ut tor thc poor t t' s al ways dtttcrcnt. In a way, what At-
wood dcscrtbcs mtght bc sccn as thc pcrtcct tnvcrston otthc prophcttc
votcc ot Kcvcrcnd Ktng's "I Iavc a Orcam" spccch. whcrcas thc hrst
postwar agc was about collccttvc cl at ms on thc natt on' s dcbt to tts
humbl cst ctttzcns, thc nccd tor thosc who havc madc tal sc promtscs
to rcdccm thcmsclvcs, now thosc samc humbl c ctttzcns arc taught to
thtnk ot thcmsclvcs as stnncrs, sccktng somc ktnd otpurcly t ndt vt dual
l 9 J l -1 H L b L G l N N l N G . . . ) o J 9
rcdcmptton to havc thc rtght to any sort ot moral rclattons wtth othcr
human bctngs at al l .
Atthcsamctt mc, thcrct ssomcthtngprotoundlydcccpttvcgotngon
hcrc. Al l thcsc moral dramas start trom thc assumptton that pcrsonal
dcbt t s ultt matcly a mattcr ot sclt-tndulgcncc, a st n agat nst onc' s lovcd
oncsand thcrctorc, that rcdcmptton must ncccssartly bc a mattcr ot
purgtngand rcstoratton otasccttcsc|t-dcnt al . Vhat' sbctngshuntcd out
ot stght hcrc t s hrst ot al l thc tact that eceryone t s now t n dcbt L. b.
houschold dcbt t snowcsttmatcd at on avcragc Iopcrccnt ottncomc) ,
andthatvcry l t ttlc ottht sdcbtwasaccrucdbythoscdctcrmtncdt ohnd
moncyto bcton thc horscs ortoss awayon trtppcrt cs. nsotar ast twas
borrowcd tor what cconomtsts ltkc to cal l dt scrcttonary spcndtng, t t
was matnly to bcgt vcn to cht l drcn, to sharc wtth trtcnds, or othcrwt sc
to bc ablc to butld and matntatn rcl att ons wtth othcr human bctngs
that arc bascd on sometbing othcr than shccr matcrtal calculatton. `'
Onc must go t nto dcbt to achtcvc a l t tc that gocs t n any way bcyond
shccr survt val .
Insotar as thcrc t s a poltttcs, hcrc, t tsccms a vartatton on a thcmc
sccn stncc thc dawn ot capttal t sm. Llttmatcly, tt's soct altty ttsclt
that' s trcatcd as abust vc, crt mt nal , dcmontc. Jo tht s, most ordtnary
Amcrtcanstncludtng l ack and Lattno Amcrtcans, rcccntt mmtgrants,
and othcrs who wcrc tormcrly cxcludcd trom crcdtthavc rcspondcd
wtth a stubborn t nst stcncc on conttnutng to lovc onc anothcr. Jhcy
conttnuc to acgutrc houscs tor thctr tamt l t cs, ltguor and sound systcms
tor parttcs, gttts tor trtcnds, thcy cvcn tnstst on conttnutng to hold
wcddtngs and tuncral s, rcgardlcss otwhcthcrthts ts ltkcly to scnd thcm
sktrttng dctaul t or bankruptcyapparcntly hgurtng that, as |ong as
cvcryonc now has to rcmakc thcmsclvcs as mt nt aturc capttaltsts, why
shoul dn' t thcy bc al lowcd to crcatc moncy out ot nothtng toor
Crantcd, thc rolc ot dt scrcttonary spcndtng ttsc|t should not bc
cxaggcratcd. Jhc chtctcausc ot bankruptcy tn Amcrtca ts catastrophtc
t l lncss, most borrowtng t s stmply a mattcr ot survtval t tonc docs not
havc a car, onccannotwork) , and tncrcastngly, st mply bctng ablcto go
to col lcgc now almost ncccssartly mcans dcbt pconagc tor at lcast hal t
onc' s subscgucnt worktng l t tc. ` btt l l , t t t s usctul to pot nt out that tor
rcal human bctngs survtval ts rarcly cnough. lor should t t bc.
y thc Ios, thc samc tcnstons had bcgun to rcappcaron a global
scalc, as thc oldcr pcnchant tor loantng moncy tor grandtosc, statc-
dtrcctcd pro| ccts ltkc thc Aswan Oam gavc way to an cmphasts on
mtcrocrcdt t. Insptrcd by thc succcss ot thc Cramccn ank t n angla
dcsh, thc ncw modcl was to tdcnttty buddtng cntrcprcncurs t n poor
communtttcs and provtdcthcm wtth small low-tntcrcst loans. "Crcdt t, "
3 b U D L b 1
thc Cramccn ank tnststcd, "t s a human rtght. " At thc samc ttmc thc
tdca was to draw on thc "soct a| captta| "-thc know|cdgc, nctworks,
connccttons, and tngcnutty that thc poor pcoplc ot thc world arc a|
rcady ust ng to gct by tn dtthcult ctrcumstanccs-and convcrt tt t nto a
way ot gcncrattng cvcn morc cxpanstvc) captta|, ab|c to grow at to
zo pcrccnt annua| | y.
As anthropo|ogtsts ltkc |u| t a L| yachar dt scovcrcd, thc rcsul t ts
doub|c-cdgcd. As onc unusua| | y candtd lCO consu|tant cxp|at ncd to
hcr tn Catro t n I.
Moncy is cmpowcrmcnt. Jhis is cmpowcrmcnt moncy. You
nccd to bc big, nccd to think btg. orrowcrs hcrc can bc i m-
prtsoncd i lthcy don' tpay, sowhy bc worricd!
ln Amcrica wc gct tcn ollcrs lor crcdit cards tn thc mai |
cvcry day. Youpay incrcdi b|c rca| intcrcst ratcs lorthatcrcdit,
somcthing |ikcqC pcrccnt. utthcollcr is thcrc, so yougctthc
card, and stull your wa||ct lu|| ol crcdit cards. You lcc| good.
lt shou|d bc thc samc thing hcrc, why not hc|p thcm gct into
dcbt! Do l rca||y carc what thcy usc thc moncy lor, as |ong as
thcy pay thc |oan back!``
Jhc vcry tncohcrcncc ot thc quotc t s tc| |tng. Jhc on|y unttytng
thcmc sccms to bc. pcoplc ougbt to bc tn dcbt. It' s good tn ttsc|t. It' s
cmpowcrtng. Anyway, t tthcy cnd up too cmpowcrcd, wc can a| sohavc
thcm arrcstcd. Ocbt and powcr, stn and rcdcmptton, bccomc al most
tndtsttngut shab| c. rccdom t s sl avcry. b| avcry t s trccdom. Ourtng hcr
ttmc t n Catro, L|yachar wttncsscd young graduatcs ot an lCO tratn
tng program go on strtkc tor thctr rtght to rccctvc start-up | oans. At
thc samc ttmc, | ust about cvcryonc tnvo|vcd took tt tor grantcd that
most otthctr tc||ow studcnts, not to mcnttoncvcryoncc|sc tnvo|vcd tn
thc program, was corrupt and cxplotttng thc systcm as thctr pcrsona|
cash cow. Icrc too, aspccts ot cconomt c l t tc that had bccn bascd on
|ongstandtng rc|attons ot trust wcrc, through thc tntruston ot crcdtt
burcaucractcs, bccomtng cttccttvc|y crtmtnaltzcd.
Vtthtn anothcr dccadc, thc cnttrc pro| cct-cvcn t n bouth Ast a,
whcrc tt bcgan-bcgan to appcar susptctously st mt | ar to thc L. b. sub-
prt mc mortgagc crt st s. a| l sorts ot unscrupu|ous lcndcrs pt |cd t n, a| |
sorts ot dcccpttvc hnanct al appratsals wcrc passcd ott to tnvcstors,
tntcrcst accumulatcd, borrowcrs trtcd to co||ccttvc|y rctusc paymcnt,
lcndcrs bcgan scndtng tn goons to sctzc what | t ttlc wca|th thcy had
corrugatcd ttn roots, tor cxamp|c) , and thc cnd rcsu|t has bccn an
l 9 J l - 1 H L b L G l N N l N G . . . ) 3 b l
cptdcmtc ot sutctdcs by poor tarmcrs caught tn traps trom whtch thctr
tamt ltcs could ncvcr, posstbly, cscapc. '
|ust as tn thc Iq-I; cyclc, thts ncw onc cul mt natcd tn anothcr
crtsts ott ncl ust on. Itprovcd no morc posstblc to rcally turn cvcryonct n
thc wor| d t nto mtcro-corporattons, or to "dcmocrattzc crcdt t" tn such
a way thatcvcry tamt l ythatwantcd to coul dhavc a housc and t tyou
thtnkaboutt t, t twc havcthc mcansto butld thcm, whyshoul dn' tthcyr
arc thcrc tamt l t cs who don' t "dcscrvc" houscs r) than tt had bccn to
al l ow al l wagc laborcrs to havc unt ons, pcnstons, and hcalth bcnchts.
Capttal t sm docsn' t work that way. It t s ultt matcly a systcm ot powcr
and cxcl ust on, and whcn tt rcachcs thc brcaktng potnt, thc symptoms
rccur, | ust as thcy had tn thc I;os. tood rtots, otl shock, hnanctal
crt st s, thc suddcn startlcd rcal t zatton that thc currcnt coursc was cco
logtcal unsustatnablc, attcndant apocalypttc sccnartos ot cvcry sort.
In thc wakc ot thc subprtmc collapsc, thc L. b. govcrnmcnt was
torccd to dcct dc who rcal l y gcts to makc moncy out ot nothtng. thc
hnanctcrs, orordtnary ctttzcns. Jhcrcsults wcrc prcdtctabl c. tnanctcrs
wcrc "bat lcd out wtth taxpaycr moncy"whtch bastcally mcans that
thctr tmagtnary moncy wastrcatcd as t tt t wcrc rcal . Nortgagc holdcrs
wcrc, ovcrwhclmtngly, lctt to thc tcndcr mcrctcs ot thc courts, undcr
a bankruptcy law that Congrcss had a ycar bctorc rathcr susptctously
prcsctcntl y, onc mtght add) madc tar morc cxacttng agatnst dcbtors.
lothtng was al tcrcd. Al l ma| or dcct st ons wcrc postponcd. Jhc Crcat
Convcrsatton that many wcrccxpccttng ncvcr happcncd.
t t t t t
Vc ltvc, now, at a gcnutncly pccul t ar htstortcal | uncturc. Jhc crcdt t
crt st shasprovtdcd uswt tha vt vt dt l l ustratton otthc prtnctplcsctouttn
thc lastchaptcr. that capttal t sm cannot rcallyopcratctn a world whcrc
pcoplc bcltcvc tt wt l l bc around torcvcr.
or most ot thc last scvcral ccnturtcs, most pcoplc assumcd that
crcdtt could not bc gcncratcd tnhnttcly bccausc thcy assumcd that thc
cconomtc systcm ttsclt was unltkcly to cndurc torcvcr. Jhc tuturc was
ltkcly to bc tundamcntally dt ttcrcnt. Yct somchow, thc anttctpatcd rcv-
ol uttons ncvcr happcncd. Jhc bastc structurcs ot hnanct al capttal t sm
l argcly rcmatncd t n pl acc. It' s only now, at thcvcry momcnt whcn t t' s
bccomtng tncrcastngly cl car that currcnt arrangcmcnts arc not vt abl c,
that wc suddcnly havc htt thc wal l t n tcrms ot our collccttvc tmagtna-
tton.
Jhcrc t s vcry good rcason to bcltcvc that, tn a gcncratton or so,
captta| t sm t tscl t wt l l no l ongcr cxt stmost obvtously, as ccologtsts
3 b 2 D L b 1
kccp rcmndng us, bccausc t' s mpossblc to mantan an cngnc ot
pcrpctual growth torcvcr on a hntc planct, and thc currcnt torm ot
captalsm docsn' t sccm to bc capablc ot gcncratng thc knd ot vast
tcchnologcal brcakthroughs and mob l zatons that would bc rcgu rcd
tor us to start hndng and colonzng any othcr pl ancts. Yct taccd
wth thc prospcct ot captal sm actually cndng, thc most common
rcacton-cvcn trom thosc who cal l thcmsclvcs "progrcssvcs"-s sm-
ply tcar. Vc clng to what cxsts bccausc wc can no longcr magnc an
al tcrnatvc that wouldn' t bc cvcn worsc.
Iow d d wc gct hcrcr Ny own suspcon s that wc arc lookng at
thc hnal cttccts ot thc m l tarzaton ot Amcrcan captalsm tsclt. In
tact, t could wcll bc sad that thc l ast th rty ycars havc sccn thc con
structon ota vast burcaucratc apparatus tor thc crcaton and mantc
nancc othopclcssncss, a gant machnc dcsgncd, hrst and torcmost, to
dcstroy any scnsc ot possblc al tcrnatvc tuturcs. At ts root s a vcr
tablc obscsson on thc part ot thc rulcrs ot thc world-n rcsponsc to
thc uphcavals otthc I6os and I;os-wth cnsurng that socal movc-
mcnts cannot bc sccn to grow, flour sh, or proposc al tcrnatvcs, that
thosc who challcngc cxstngpowcr arrangcmcnts can ncvcr, undcrany
crcumstanccs, bc pcrccvcd to wn.'` Jo do so rcgurcscrcatng a vast
apparatus ot armcs, prsons, polcc, varous torms ot prvatc sccurty
hrms and polcc and mltary ntcll gcncc apparatus, and propaganda
cngncs otcvcry conccvablc varcty, mostotwhch do not attack al tcr
natvcs d rcctly so much as crcatc a pcrvasvc cl matc ottcar, | ngostc
contormty, and smplc dcspar that rcndcrs any thought ot changng
thc world sccm an dlc tantasy. Nantanng ths apparatus sccms cvcn
morc mportant, to cxponcnts ot thc "trcc markct, " cvcn than man-
taning any sort ot vablc markct cconomy. Iow clsc can onc cxplan
what happcncd nthc tormcr bovct Lnonr Onc would ordnarly havc
magncd that thc cnd ot thc Cold Var would havc lcd to thc d sman-
tl ng otthc army and thc KLb and rcbuldng thc tactorcs, but n tact
what happcncd was prccscly thc othcr way around. Jh s s | ust an cx
trcmc cxamplc ot what has bccn happcnng cvcrywhcrc. Lconom cal l y,
thc apparatus s purc dcad wc ght, al l thc guns, survc l l ancc camcras,
and propaganda cng ncs arc cxtraordnarly cxpcnsvc and rcal l y pro
ducc nothng, and no doubt t's yct anothcr clcmcnt draggng thc cntrc
captal st systcm down-along wth producng thc l l us on ot an cnd-
lcss captalst tuturc that l a d thc groundwork tor thc cndlcss bubblcs
to bcgn w th. nancc captal bccamc thc buyng and scllng otchunks
ot that tuturc, and cconom c trccdom, tor most ot us, was rcduccd to
thc rght to buy a smal l p ccc ot onc' s own pcrmancnt subordnat on.
l 9 J l - 1 H L b L G l N N l N G . . . ) 3 b 3
In othcr words, thcrc sccms to havc bccn a protound contradtctton
bctwccn thc poltttcal t mpcrattvc ot cstabl t shtng capttaltsm as thc only
posstblc way to managc anythtng, and capttal t sm' s own unacknowl-
cdgcd nccd to ltmtt tts tuturc hortzons lcst spcculatton, prcdtctably, go
haywtrc. Oncc tt dtd, and thc wholc machtnc t mplodcd, wc wcrc lctt tn
thc strangc sttuatton ot not bctng ablc to cvcn tmagtnc any othcr way
that thtngs mtght bc arrangcd. About thc onl y thtng wc can t magtnc
ts catastrophc.
8 8 8 8 8
Jo bcgtn to trcc oursclvcs, thc hrst thtng wc nccd to do ts to scc our-
sclvcs agatn as ht stortcal actors, as pcoplc who can makc a dt ttcrcncc
t n thc coursc otworld cvcnts. Jhts t scxactly whatthc mt l t tartzatton ot
ht story t s trytng to takc away.
Lvcnt twc arc at thc bcgtnntng otthcturnota vcrylong ht stortcal
cyclc, t t' s sttll l argcly up to us to dctcrmtnc how t t' s gotng to turn out.
or tnstancc. thc lastttmc wc sht ttcd trom a bul l t on cconomy to onc ot
vtrtual crcdt t moncy, at thc cnd otthc Axt al Agc and thc bcgtnntngot
thcNtddlcAgcs,thct mmcdtatc shttt wascxpcrtcnccd l argcly asa scrtcs
otgrcatcatastrophcs. Vt l l tt bc thc samc thts ttmc aroundr rcsumabl y
a lotdcpcnds on how consctousl ywcsct outto cnsurcthatt twon' tbc.
Vt l l a rcturn to vt rtual moncy lcad to a movc awaytromcmptrcs and
vast standtng armtcs, and to thc crcatton ot | argcr structurcs ltmtttng
thc dcprcdattons ot crcdttors r Jhcrc t s good rcason to bcltcvc that all
thcscthtngs wt l l happcn-and t thumant ty t sto survtvc,thcy wt l l prob-
abl y havc to--but wc havcno tdca how long tt wtll takc, or what, t ttt
docs, ttwouldrcally look ltkc. Capttal t smhastranstormcd thcworld t n
many ways that arc clcarly t rrcvcrstblc. Vhat I havc bccn trytng to do
tn thts book t s not so much to proposc a vtston otwhat, prcctscly, thc
ncxt agc wtll bc ltkc, but to throw opcn pcrspccttvcs, cnlargc our scnsc
otposstbtltttcs, to bcgtn to ask whatt t would mcan to start thtnktng on
a brcadth and wtth a grandcur approprt atc to thc ttmcs.
Lct mc gtvc an cxamp|c. I' vc spokcn ot two cyclcs ot popular
movcmcntsstnccVorld Var II. thc hrst q-;8) , aboutdcmandtng
thc rtghts ot nattonal ctttzcnsht p, thc sccond ;8-zoo8) , ovcr acccss
to capttal t smttsclt. It sccms stgnthcant hcrcthat tn thc Ntddlc Last, t n
thchrstround, thoscpopul armovcmcnts thatmost dtrcctly chall cngcd
thc global status guo tcndcd to bc tnsptrcd by Narxt sm, tn thc scc-
ond, largcly, somc vartatton on radtcal Isl am. Constdcrtng that Isl am
has al ways placcd dcbt at thc ccntcr ot tts soct al doctrtncs, t t' s casy
to undcrstand thc appcal . ut why not throw thtngs opcn cvcn morc
3 b 4 D L b 1
wtdcl yr Ovcr thc l ast hvc thousand ycars, thcrc havc bccn at lcast two
occastons whcn ma| or, dramattc moral and hnanctal tnnovattons havc
cmcrgcd trom thc country wc now rctcr to as Irag. Jhc hrst was thc
tnvcntton ot tntcrcst-bcartng dcbt, pcrhaps somcttmc around ooo C,
thc sccond, around 8oo nD, thc dcvclopmcnt ot thc hrst sophtsttcatcd
commcrctal systcm that cxpltcttly rc| cctcd tt. I s tt posstblc that wc
arc duc tor anothcr r or most Amcrtcans, t t wt l l sccm an odd gucs-
tton, stncc most Amcrtcans arc uscd to thtnktng otIragts ctthcr as vtc-
ttms or tanattcs thts t s how occupytng powcrs always thtnk about thc
pcoplc thcy occupy) , but tt t s worthy ot notc that thc most promtncnt
worktng-class Isl amt st movcmcnt opposcd to thc L. b. occupatton, thc
badrtsts, takc thctr namc trom onc ot thc toundcrs ot contcmporary
Isl amt c cconomtcs, Nuhammad agtr al-badr. Jruc, much ot what has
stncc comc to pass tor Isl amt c cconomtcs nowadays has provcd dcctd-
cdlyunt mprcsstvc. ' Ccrtatnlyt nno scnscdocst tposca dt rcctchallcngc
to capttal t sm. btt l l , onc has to assumc that among popular movcmcnts
otthts sort, all ktnds ott ntcrcsttng convcrsattons about, say, thc status
ot wagc labor must bc taktng placc. Or pcrhaps t t' s naIvc to look tor
any ncw brcakthrough trom thc purttantcal lcgacy ot thc old patrtar-
chal rcbcl l t on. lcrhaps t t wtll comc out ot tcmt nt sm. Or Islamtc tcmt -
nt sm. Or trom somc as yct complctcly uncxpcctcd guartcr. Vho' s to
sayr Jhc onc thtng wc can bc conhdcnt ot t s that ht story t s not ovcr,
and that surprtstng ncw tdcas wt|l ccrtatnly cmcrgc.
t t 8 t 8
Jhc onc thtng that' s clcar ts that ncw tdcas won' t cmcrgc wtthout thc
| ctttsontng ot much ot our accustomcd catcgortcs ot thoughtwhtch
havcbccomc mostly shccrdcadwctght, t tnot tntrtnstcparts otthc vcry
apparatus ot hopclcssncssand tormul attng ncw oncs. Jhts t s why I
spcnt so much ot thts book talktng about thc markct, but a| so about
thctal scchotccbctwccn statc andmarkctthatso monopoltzcd poltttcal
tdcology tor thc l ast ccnturtcs that t t madc t t dt thcult to arguc about
anythtngcl sc.
Jhc rcal ht story ot markcts t s notht ng l t kc what wc' rc taught to
thtnk tt ts. Jhc carltcr markcts that wc arc ablc to obscrvc appcar to
bc sptllovcrs, morc or lcss, stdc cttccts ot thc claboratc admtntstrattvc
systcms ot anctcnt Ncsopotamt a. Jhcy opcratcd prtmartly on crcdt t.
Cash markcts arosc through war. agatn, largcly through tax and trtb-
utc poltctcs that wcrc ortgt nal l y dcstgncd to provtston soldtcrs, but
that latcr bccamc usctul t n al l sorts otothcr ways bcstdcs. It was only
thc Ntddlc Agcs, wtth thctr rcturn to crcdtt systcms, that saw thc hrst
l 9 J l - 1 H L b L G l N N l N G . . . ) 3 b
mant tcstattons ot what mtght bc ca| |cd markct popu| t sm. thc tdca that
markcts cou|d cxtst bcyond, agatnst, and outstdc ot statcs, as tn thosc
ot thc Nus|tm Indtan Occan-an tdca that was | atcr to rcappcar tn
Cht na wtth thc grcat st|vcr rcvo|ts ot thc httccnth ccntury. It usua||y
sccms to artsc tn sttuattons whcrcmcrchants, tor onc rcason or anoth
cr, hnd thcmsc|vcs maktngcommon causcwtth common pcop|cagatnst
thc admtnt strattvc machtncry otsomc grcat statc. ut markct popu| t sm
t s a|ways rtdd|cd wtth paradoxcs, bccausc tt stt | | docs dcpcnd to somc
dcgrcc on thccxtstcncc otthat statc, and abovca| | , bccausc tt rcgut rcs
toundtng markct rc|attons, u| tt matc|y, t n somcthtng othcr than shccr
ca|cu|att on. t nthc codcsothonor, trust, and u| tt matc|y communtty and
mutua| at d, morc typtca| ot human cconomtcs. ' Jhts t n turn mcans
rc|cgattng compctttton to a rc|attvc|y mtnor c|cmcnt. In thts |tght, wc
can scc that what Adam bmtth u|ttmatc|y dtd, t n crcattng hts dcbt-trcc
markct utopt a, was to tusc c|cmcnts ot thts un| t kc|y |cgacy wtth that
unusua||y mt | ttartsttc conccptton ot markct bchavtor charactcrt sttc ot
thc Chrtsttan Vcst. In dotng so hc was surc|yprcsctcnt. ut |tkc a| | cx
traordt nart | y tnhucntta| wrttcrs,hcwasa|so | ustcapturtngsomcthtngot
thccmcrgtngsptrtt otht s agc. Vhat wc havc sccncvcr stncc t s an cnd-
|csspo|tttca| | ockcytng back andtorth bctwccn twosortsotpopu|tsm
statc and markct popu|tsm-wtthout anyonc nottctng that thcy wcrc
ta|ktng about thc |ctt and rtght hanks ot cxact|y thc samc ant ma| .
Jhc mat n rcason that wc' rc unab| c to nottcc, I tht nk, t s that thc
|cgacy ot vt o|cncc has twtstcd cvcrythtng around us. Var, congucst,
and s| avcry not on|y p|aycd thc ccntra| ro|c tn convcrttng human ccon
omtcs t nto markct oncs, thcrc ts |ttcra||y no tnstttutton tn our soctcty
that has not bccn to somcdcgrccattcctcd. Jhc story to|d at thc cnd ot
chaptcr ;, othow cvcn our conccpttons ot "trccdom" ttsc|tcamc to bc
transtormcd, through thc Koman tnstttutton ots| avcry, tromthc abt | tty
to makc trtcnds, to cntcr t nto mora| rc|attons wtth othcrs, tnto tnco
hcrcnt drcams ot abso| utc powcr, ts on|y pcrhaps thc most dramattc
tnstancc-and most t nst dt ous, bccausc tt|cavcs ttvcry hard to tmagtnc
what mcantngtu| human trccdom wou|d cvcn bc |tkc. `
Itthts book has shown anythtng, t t' scxact|y how much vt o|cncc tt
has takcn, ovcr thc coursc ot human ht story, to brtng us to a sttuatton
whcrc t t' s cvcn posstb|c to t magtnc that that' s what |ttc t s rca||y about.
Lspcct a| | y whcn onc constdcrs how much ot our own dat | y cxpcrtcncc
htcs dt rcct|y t n thc tacc ot tt. As I ' vc cmphastzcd, communtsm may bc
thc toundatton ot a|| human rc|attons-that communt sm that, t n our
own dat | y | t tc, manttcsts ttsc|t abovc a|| tn what wc ca|| "|ovc"-but
thcrc' s a|ways somc sort ot systcm otcxchangc, and usua||y, a systcm
ot htcrarchy but|t on top ot t t. Jhcsc systcms ot cxchangc can takc
o b D L b 1
an cndlcss vartcty ot torms, many pcrtcctly tnnocuous. btt l l , what wc
arc spcaktng ot hcrc ts a vcry parttcular typc ot calculattng cxchangc.
As I potntcd out tn thc vcry bcgtnntng. thc dtttcrcncc bctwccn owtng
somconc a tavor, and owtng somconc a dcbt, t s that thc amount ot
a dcbt can bc prcctscly calculatcd. Calcul atton dcmands cgutvalcncc.
And such cgutvalcncCspcct al l ywhcn t ttnvolvcscgutvalcncc bctwccn
human bctngs and tt al ways sccms to start that way, bccausc at hrst,
human bctngs arc always thc ultt matc val ucs)-only sccms to occur
whcn pcoplc havc bccn torct bl y scvcrcd trom thctr contcxts, so much
so that thcy can bc trcatcd as tdcnttcal to somcthtng clsc, as tn. "scvcn
marttn sktns and twclvc largc st lvcr rtngs tor thc rcturn ot your cap-
turcd brothcr, " "onc otyour thrcc daughtcrs as surcty tor thts loan ot
onc hundrcd and htty bushcls otgrat n" . . .
Jhts tn turn lcads to that grcat cmbarrasstng tact that haunts al l
attcmpts to rcprcscnt thc markct as thc ht ghcst torm ot human trcc-
dom. that ht stortcal l y, tmpcrsonal , commcrctal markcts ortgtnatc tn
thctt. Norc than anythtng clsc, thc cndlcss rccttatton ot thc myth ot
bartcr, cmploycd much ltkc an tncantatton, ts thc cconomtsts' way ot
tcndtng ott any posst bt l tty ot havtng to contront t t. ut cvcn a mo
mcnt' s rchcctton makcs tt obvt ous. Vho was thc hrst man to look at
a housc tul l ot ob| ccts and to t mmcdtatcly asscss thcm only tn tcrms
ot what hc could tradc thcm t n tor tn thc markct ltkcly to havc bccnr
burcly, hc can only havc bccn a thtct. urg|ars, maraudtng soldtcrs,
thcn pcrhaps dcbtcollcctors, wcrc thc hrst to scc thc world thts way. It
was only tn thc hands otsol dt crs, trcsh trom l oott ngtowns and ctttcs,
that chunks ot gold or st l vcr-mcl tcd down, tn most cascs, trom somc
hctrloom trcasurc, that ltkc thc Kashmtrt gods, or Aztcc brcastplatcs,
or aby|ontan womcn' s anklc bracclcts, was both a work ot art and
a l t ttlc compcndtum ot htstory-could bccomc st mpl c, unt torm btts ot
currcncy, wtth no ht story, val uabl c prcctscly tor thctr lack ot htstory,
bccausc thcy could bc acccptcd anywhcrc, no gucsttons askcd. And t t
conttnucs to bc truc. Any systcm that rcduccs thc worl d to numbcrs
can only bc hcld t n placc by wcapons, whcthcr thcsc arc swords and
clubs, or nowadays, "smart bombs" trom unmanncd droncs.
It can al so only opcratc by contt nual l y convcrttng lovc t nto dcbt.
I know my usc ot thc word "lovc" hcrc t s cvcn morc provocattvc, t n
tts own way, than "communt sm. " btt l l , t t' s tmportant to hammcr thc
potnt homc. |ust as markcts, whcn al lowcd to drttt cnttrcly trcc trom
thct r vtolcnt ortgt ns, tnvartably bcgtn to grow t nto somcthtng dtttcr-
cnt, t nto nctworks ot honor, trust, and mutual conncctcdncss, so docs
thc mat ntcnancc ot systcms ot cocrcton constantly do thc opposttc.
turn thc products othuman coopcratton, crcattvtty, dcvotton, lovc, and
l 9 J l - 1 H L b L G l N N l N G . . . ) o b J
trust back tnto numbcrs oncc agatn. In dotng so, thcy makc t t posst bl c
to tmagtnc a worl d that t s notht ng morc than a scrt cs ot cold-bl oodcd
calculattons. Lvcn morc, by turntng human soct al t ty ttsclt tnto dcbts,
thcy transtorm thc vcry toundattons otour bctng-stncc what clsc arc
wc, u| ttmatcly, cxccpt thc sum ot thc rclattons wc havc wtth othcrs
tnto mattcrs ottaul t, st n, and crtmc, and maktng thc world t nto a placc
ottntgutty thatcan only bcovcrcomcbycomplcttngsomcgrcatcosmtc
transactton that wt l l annt ht l atc cvcrythtng.
Jrytng to htp thtngs around by asktng, "Vhat do wc owc soct-
ctyr" or cvcn trytng to talk about our "dcbt to naturc" or somc othcr
manttcstatton ot thc cosmos t s a tal sc solutton-rcally | ust a dcspcratc
scramblc to salvagc somcthtng trom thc vcry moral logtc that has scv-
crcd us trom thc cosmos to bcgtn wtth. In tact, tt's t tanythtng thc cul-
mtnatton otthc proccss, thc proccss brought to a potnt otvcrttablc dc-
mcntt a, stncc tt's prcmt scd on thc assumptton that wc'rc so absolutcly,
thoroughl y dtscntanglcd trom thc world that wc can | ust toss al l othcr
human bctngsor al l othcr ltvtng crcaturcs, cvcn, or thc cosmos-tn
a sack, and thcn start ncgottattng wtth thcm. It's hardly surprtstng
that thc cnd rcsul t, ht stort cal l y, t s to scc our l t tc ttsclt as somcthtng
wc hold on talsc prcmtscs, a loan long stncc ovcrduc, and thcrctorc,
to scc cxt stcncc ttsclt as crt mt nal . Insotar as thcrc' s a rcal crtmc hcrc,
though, tt's traud. Jhcvcryprcmtsc t s traudulcnt. Vhat could posst bl y
bc morc prcsumptuous, or morc rt dt cul ous, than to thtnk tt would bc
posstblc to ncgottatc wtth thc grounds ot onc' s cxtstcnccr Otcoursc tt
tsn' t. Insotar as t t t s t ndccd posstblc to comc tnto any sort ot rclatton
wtth thc Absolutc, wc arc contronttng a prtnctplc that cxtsts outstdc ot
ttmc, or human-scalc ttmc, cnttrcl y, thcrctorc, as Ncdtcval thcologtans
corrcctly rccogntzcd, whcn dcaltng wtth thc Absol utc, thcrc can bc no
such thtng as dcbt.
00 0| 0 s l 0 0 .
P0rh8ps th0 W0rl J R08l l 000s W0 Y0u 8 Llvl 0
Nuch ot thc cxt stt ngcconomtc lttcraturc on crcdt tand bankt ng, whcn
t t turns to thc ktnd ot l argcr ht stortcal gucsttons trcatcd tn thts book,
strtkcs mc as ltttlc morc than spcct al plcadtng. Jruc, carltcr hgurcs
ltkc Adam bmtth and Oavtd Ktcardo wcrc susptctous otcrcdtt systcms,
but alrcady by thc mtd-nt nctccnth ccntury, cconomtsts who conccrncd
thcmsclvcs wtth such mattcrs wcrc largcly t n thc bustncss ot trytng
to dcmonstratc that, dcspttc appcaranccs, thc banktng systcm rcal|y
3 b b D L b 1
was protoundly dcmocrattc. Onc ot thc morc common argumcnts was
that t t was rcally a way ot tunncltng rcsourccs trom thc "t dlc rtch, "
who, toountmagtnattvc to do thc work ot t nvcsttng thctr own moncy,
cntrustcd t t to othcrs, to thc "tndustrtous poor"-who had thc cncrgy
and t nt tt attvc to producc ncw wcalth. Jhts | ustthcd thc cxtstcncc ot
banks, but tt also strcngthcncd thc hand ot popult sts who dcmandcd
casy moncy poltctcs, protccttons tor dcbtors, and so on-stncc, t tttmcs
wcrc rough, why should thc tndustrtous poor, thc tarmcrs and arttsans
and small bustncssmcn, bc thc oncs to suttcrr
Jht sgavcrtsc to a sccond l t nc otargumcnt. thatnodoubtthcrtch
wcrc thc ma|or crcdttors t n thc anctcnt world, but now thc sttuatton
has bccn rcvcrscd. bo Ludwtg von Ntscs, wrtttng t n thc os, around
thc ttmc whcn Kcyncs was calltng tor thc cuthanast a otthc rcnttcrs .
lubl c op n on has always bccn bascd aganst crcd tors . t
dcnt hcs crcdtors w th thc dlc r ch and dcbtors w th thc n-
dustr ous poor. t abhors thc tormcr as ruthl css cxpl o tcrs and
ptcs thc l attcr as nnoccnt vctms ot opprcss on. t consdcrs
govcrnmcnt acton dcsgncd to curtal thc clams ot thc crcd-
tors as mcasurcs cxtrcmcly bcnchcal to thc mmcnsc ma| orty
at thc cxpcnsc ot a small mnorty ot hardbo lcd usurcrs . t d d
not not cc at al l that n nctccnth-ccntury captalst nnovatons
havc who|ly changcd thc composton ot thc classcs ot crcd-
tors and dcbtors . n thc days ot Solon thc Athcn an, ot anccnt
Komc` s agraran l aws, and ot thc Nddlc Agcs, thc crcdtors
wcrc by and l argc thc rch and thc dcbtors thc poor. But n ths
agc ot bonds and dcbcnturcs, mortgagc banks, savng banks,
l tc nsurancc pol c cs, and socal sccurty bcnchts, thc masscs
ot pcopl c wth morc modcratc ncomc arc rathcr thcmsclvcs
crcdtors .
Vhcrcas thc rtch, wtth thctr lcvcragcd compantcs, arc now thc
prtnctpal dcbtors. Jhts t s thc "dcmocrattzatton ot hnancc" argumcnt
and tt t s nothtng ncw. whcncvcr thcrc arc somc pcoplc calltng tor thc
cl t mt natton ot thc class that ltvcs by co|lccttng tntcrcst, thcrc wt l l bc
othcrs to ob| cct that thts wtll dcstroy thc l tvclt hood ot wtdows and
pcnstoncrs.
Jhc rcmarkablc thtng ts that nowadays, dctcndcrs ot thc hnanctal
systcm arc ottcn prcparcd to usc both argumcnts, appcaltng to onc or
thc othcr accordtng to thc rhctortcal convcntcncc ot thc momcnt. On
thc onc hand, wc havc "pundtts" l t kc Jhomas rtcdman, cclcbrattng
thc tact that "cvcryonc" now owns a ptccc ot Lxxon or Ncxtco, and
l 9 l - 1 H L b L G l N N l N G . . . ) 3 b 9
that rtch dcbtors arc thcrctorc answcrablc to thc poor. On thc othcr,
ltal| crguson, authorot Tbe Ascent of Money, publ t shcd t nzoo, can
stt l l announcc as onc otht s maj or dt scovcrtcs that.
Povcrty ts notthc rcsu|t ol rapactous hnanctcrs cxp|otttng thc
poor. lthas much morc to dowtth thc |ack olhnancta| tnstttu-
ttons, wtth thcabscncc olbanks, notthctrprcscncc. On|ywhcn
borrowcrs havc acccss to clhctcnt crcdtt nctworks can thcy
cscapc lrom thc c| utchcs ol |oan sharks, and on|y whcn savcrs
can dcpostt thctr moncy tn rc|tab| c banks can tt bc channc|cd
lrom thc td|c rtch to thc tndustrtous poor. "
buch t s thc statc ot thc convcrsatton tn thc mat nstrcam |ttcraturc.
Ny purposc hcrc has bccn lcss to cngagc wtth t t dt rcctly than to show
how t t has const stcntly cncouragcd us to ask thc wrong gucstt ons.
Lct' s takc tht s l ast paragraph as an t l lustratton. Vhat t s crguson rc-
ally saytng hcrcr ovcrty t s causcd by a lack ot crcdt t. It' s only t t thc
tndustrtous poor havc acccss to loans trom stablc, rcspcctablc banks-
rathcr than to l oan sharks, or, prcsumabl y, crcdtt card compantcs, or
payday l oan opcrattons, whtch now chargc l oan-shark ratcs-that thcy
can rtsc out ot povcrty. bo actually crguson t s not rcally conccrncd
wtth "povcrty" at al l , j ust wtth thc povcrty ot somc pcoplc, thosc who
arc tndustrtous and thus do not dcscrvc to bc poor. Vhat about thc
non-tndustrtous poorr Jhcy can go to hcl|, prcsumably gut tc lttcrally,
accordtng to many branchcs otChrtsttantty) . Ormaybcthctrboats wt l |
bc l t ttcd somcwhat by thc rtstng ttdc. btt | l , that' s c|car|y tnctdcntal .
Jhcy' rc undcscrvtng, stncc thcy' rc not tndustrt ous, and thcrctorc what
happcns to thcm t s rcally bcstdc thc potnt.
or mc, thts t s cxactly what' s so pcrntctous about thc moral t ty ot
dcbt. thc way that hnanct al t mpcrattvcs constant|y try to rcducc us
al l , dcspttc oursclvcs, to thc cgutvalcnt ot pt l l agcrs, cyctng thc world
stmply tor what can bc turncd tnto moncy-and thcn tcll us that tt' s
only thosc who arc wtlltng to scc thc world as pt l l agcrs who dcscrvc
acccss to thc rcsourccs rcgut rcd to pursuc anythtng t n l t tc otber than
moncy. I tt ntroduccs moral pcrvcrstons on al mostcvcry lcvcl . "Cancc|
al l studcnt loan dcbtr ut that would bc untat rto al l thosc pcoplc who
strugglcd tor ycars to pay back thctr studcnt loans! " Lct mc assurc
thc rcadcr that, as somconc who strugglcd tor ycars to pay back hts
studcnt loans and hnal|y dt d so, thts argumcnt makcs about as much
scnsc as saytng t t would bc "untat r" to a muggtng vtcttm not to mug
thctr nctghbors too. )
3 9 U D L b 1
Jhc argumcntmtghtpcrhapsmakcscnsc tt oncagrccd wtth thc un
dcrl yt ngassumpttonthatwork ts bydchnt tt onvtrtuous, stnccthcultt
matc mcasurcothumantty' ssucccssasa spcctcst stts abt l tty to tncrcasc
thc ovcral l global output ot goods and scrvtccs by at lcast pcrccnt
pcr ycar. Jhc problcm ts that tt ts bccomt ng tncrcastngly obvtous that
t t wc conttnuc along thcsc ltncs much longcr, wc' rc l tkcly to dcstroy
cvcrythtng. Jhatgtantdcbt machtncthat has, tor thc l asthvc ccnturtcs,
rcduccd tncrcastng proporttons ot thc world's populatton to thc moral
cgut val cnt ot congutstadors woul d appcar to bc comt ng up agatnst
tts soct al and ccologtca| ltmtts. Capttal t sm' s t nvctcratc propcnstty to
t magtnc tts own dcstructton has morphcd, tn thc last hal t-ccntury, tnto
sccnartos that thrcatcn to brtng thc rcst ot thc world down wtth t t.
And thcrc' s no rcason to bcl t cvc that tht s propcnstty t s cvcr got ng to
go away. Jhc rcal gucstton now ts how to ratchct thtngs down a bt t,
to movc toward a soctcty whcrcpcopl ccan |tvc morc by worktng | css.
I would ltkc, thcn, to cnd by puttt ng tn a good word tor thc non-
tndustrtous poor. ' At lcast thcy arcn' t hurttng anyonc. Insotar as thc
ttmc thcy arc taktngttmcotttrom work t s bctng spcnt wtth trtcnds and
tamt l y, cn| oytng and cartng tor thosc thcy |ovc, thcy' rc probably tm
provtng thc world morc than wc acknowlcdgc. Naybc wc should thtnk
otthcm as ptonccrs ota ncw cconomtc ordcr that would not sharc our
currcntonc' s pcnchanttor sclt-dcstructton.
t t t t t
In tht s book I havc | argc|y avotdcd maktng concrctc proposal s, but lct
mc cnd wtth onc. It sccms to mc that wc arc long ovcrduc tor somc
ktnd ot t bl tcal-stylc |ubt l cc. onc that wou|d attcct both tntcrnattonal
dcbt and consumcrdcbt. Itwould bc sal utary not| ust bccausc ttwould
rcltcvc so much gcnutnc human suttcrtng, but al so bccausc t t would
bc our way ot rcmtndtng oursclvcs that moncy t s not tncttabl c, that
paytng onc' s dcbts t s not thc csscncc ot moraltty, that a| l thcsc thtngs
arc human arrangcmcnts and that t t dcmocracy t s to mcan anythtng,
tt t s thc abt l t ty to al l agrcc to arrangc thtngs tn a dtttcrcnt way. It t s
stgnthcant, I tht nk, that st ncc Iammurabt , grcat t mpcrtal statcs havc
t nvart abl y rcst stcd tht s ktnd ot po| t tt cs. Athcns and Komc cstablt shcd
thc paradtgm. cvcn whcn controntcd wtth contt nual dcbt crtscs, thcy
tnst stcd on lcgtslattng around thc cdgcs, sottcntng thc t mpact, cl t mt
natt ng obvt ous abuscs l t kc dcbt slavcry, ust ng thc spot l s ot cmpt rc to
throwal l sorts otcxtra bcnchts atthct rpoorcr ctttzcns who, attcr al l ,
provtdcd thcrankand hlc otthct rarmt cs) , so as to kccp thcmmorcor
lcss ahoatbut al l tn such a way as ncvcr to al l ow a cha|lcngc to thc
l 9 J l - 1 H L b L G l N N l N G . . . ) 3 9 l
prtnctplc ot dcbt ttsclt. Jhc govcrntng cl ass otthc Lnttcd btatcs sccms
to havc takcn a rcmarkably st mt l ar approach. cl t mt nattng thc worst
abuscs c. g. , dcbtors' prtsons) , ustng thc trutts ot cmptrc to provtdc
substdtcs, vt st bl c and othcrwtsc, to thc bul k ot thc pou| atton, t n morc
rcccnt ycars, mantpulattng currcncy ratcs to hood thc country wtth
chcap goods trom Chtna, but ncvcr al l owt ng anyonc to gucstton thc
sacrcd prtnctplc that wc must al l pay our dcbts.
Atthtspotnt, howcvcr, thc prtnctplc has bccn cxposcd asa hagrant
ltc. As ttturns out, wc don't "al l " havc to pay ourdcbts. Only somc ot
usdo. lothtngwouldbcmorct mportantthantowtpcthcsl atcclcantor
cvcryonc, mark a brcak wtth ouraccustomcd moraltty, and start agat n.
Vhatt sa dcbt, anywayr A dcbtts j ustthcpcrvcrston ota promt sc.
It t s a promt sc corruptcd by both math and vt ol cncc. It trccdom rcal
trccdom) t s thc abt ltty to makc trtcnds, thcn tt t s al so, ncccssartly, thc
abt l t ty to makc rcal promtscs. Vhat sorts otpromtscs mtght gcnutncly
trcc mcn and womcn makc to onc anothcrr At thts potnt wc can' tcvcn
say. It's morc a gucstton othow wc can gct to a placc that wtll al l ow
us to hnd out. And thc hrst stcp tn that j ourncy, t n turn, t s to acccpt
that t n thc l argcst schcmc ot thtngs, just as no onc has thc rtght to tcll
us our truc val uc, no onc has thc rtght to tcll us what wc truly owc.
NU1Lb
hBpl6I 06
t . With thc prcdictab|c rcsu|ts that
thcy wcrcn't actua||y bui|t to makc it
casicr |or Ma|agasy pcop|c to gct around
in thcir own country, but main|y to gct
products |rom thc p|antations to ports to
carn |orcign cxchangc to pay |or bui |ding
thc roads and rai|ways to bcgin with.
z. JhcUnitcdStatcs,|orcxamp|c,on|y
rccognizcd thc Kcpub|ic o| Haiti in I86o.
Francc doggcd|y hc|d on to thc dcmand
and thc Kcpub|ic o| Haiti was hna||y
|orccd to pay thc cguiva|cnt o|$zI bi||ion
bctwccn I
9
z
5
and t
9
4
6, during most o|
which timc thcy wcrc undcr U. S. mi |itary
occupation.
3
. Ha||am I866 V. z69
-;o. Si ncc thc
govcrnmcnt did not |cc| it appropriatc to
pay |or thc upkccp o| improvidcnts, pris-
oncrs wcrc cxpcctcd to |urnish thc |u||
cost o| thcir own imprisonmcnt. I| thcy
cou|dn't, thcy simp|y starvcd to dcath.
4
. I|wcconsidcrtax rcsponsibi|itics to
bcdcbts,it' sthcovcrwhc|ming ma|ority-
and i| nothing c|sc thc two arc c|osc|y rc-
|atcd, sincc ovcr thc coursc history, thc
nccd to asscmb|c moncy |or taxpaymcnts
has a|ways bccn thc most |rcgucnt rcason
|or |a||ing into dcbt.
5
. Fin|cy I
9
6o. 6
3
, I
9
6
3
. z
4
, I
9
;
4
. 8o,
I
9
8t. Io6, t
9
8
3
. Io8. And thcsc arc on| y
thconcsI managcd to track down. What
hc says |or Grcccc and Komc wou|d ap-
pcar to bc cgua||ytruc o||apan, India, or
China.
6. Ga|cy I
9
8
3
.
;. |acgucsdcVitry,inLcGo||I
99
o. 6
4
.
8. Kyokai , Record o[ Miracu/ous
Euents in ]aan c. 8zz ao,, Ja|c z6,
citcd in LaF|cur t
9
86.
3
6. A|so Nakamura
t
99
6. z
5
;-
59
.
9
. ibid. 6
Io. ibid. ;.
II. Simon |ohnson, thc IMF's chic|
cconomist at thc timc, put it concisc|y in
a rcccnt artic|c in Tbe At/antic: "Kcgu|a-
tors, |cgis|ators, and acadcmics a| most a||
assumcd that thc managcrs o|thcscbanks
kncwwhatthcywcrcdoing. In rctrospcct,
thcy didn't. AIG' s Financia| lroducts di-
vision, |or instancc, madc $z.
5
bi||ion in
prctax prohts in zoo
5
, |argc|y by sc||ing
undcrpriccd insurancc on comp|cx,poor|y
undcrstood sccuritics. |tcn dcscri bcd as
'pickingup nickc|s in|ronto|a stcamro||-
cr,' this stratcgy is prohtab|c in ordinary
ycars, and catastrophic in bad oncs. As o|
|ast |a| | , AIG had outstanding insurancc
on morc than $
4
oo bi||ion in sccuritics.
Jo datc, thc U.S. govcrnmcnt, in an c|-
|ort to rcscuc thc company, has commit-
tcd about $I8o bi||ion in invcstmcnts and
|oans to covcr |osscs that AIG's sophisti-
catcd risk modc|ing had said wcrc virtu-
a||y i mpossib|c. " |ohnson zoIo) |ohnson
o| coursc passcs ovcr thc possibi|ity that
AIG kncw pcr|cct|y wc|| what was cvcn-
tua||y going to happcn, but si mp|y didn't
carc, sinccthcykncw thc stcamro||cr was
going to ||attcn somconcc|sc.
Iz. Incontrast,Lng|and a|rcady had a
nationa| bankruptcy |aw in t
5
;t. An at-
tcmpt to crcatc a U. S. |cdcra| bankruptcy
O 4 N 1 L b
|aw n I8oo |oundcrcd, thcrc was onc
brchy n p|acc bctwccn I86; and :8;8,
a mcd to rc|cvc ndcbtcd Cv| War vct-
crans, but t was cvcntua||y abo|shcd
on mora| grounds scc Mann zooz |or a
good rcccnt hstory) . ankruptcy rc|orm
n Amcrca s morc |kc|y to makc thc
tcrms harshcr than thc othcr way around,
as wth thc zoo
5
rc|orms, whch Congrcss
passcd, on ndustry urgngs, |ust bc|orc
thc grcat crcdt crash.
I
3
. Jhc mortgagc rc|c| |und sct up
a|tcr thc ba|out, |or cxamp|c, has on|y
provdcd adto a tnypcrccntagco|c|am-
ants, and thcrc has bccn no movcmcnt
toward |bcra|zaton o| bankruptcy |aws
that had, n |act, bccn madc |ar harshcr,
undcr hnanca| ndustry prcssurc, n zoo
5
,
|ust two ycars bc|orc thc mc|tdown.
:
4
. "In |a| |orcng n Dcbt, " Chrs
Scrrcs G|cnn Howatt, Mnncapo|s-St.
Iau| Star Tri0une, |unc
9
, zoIo, www
. startrbunc. com/|oca|/
95
6
9
z6I
9
. htm|.
I
5
. "IMF warns sccond ba|out
wou|d 'thrcatcn dcmocracy. "' Angc|a
|amcson and L|zabcth |udgc, busncss
.tmc s on| nc . c o . uk/ t o|1bus nc s s / cco
nom cs / ar t c| c6
9
z8I
4
;. ccc#c d=JC
-KSSattr=u8
5
;99, acccsscd Novcmbcr
z
5
, zoo9
hBpl6I 1w0
I. Casc, Far, Grtncr, Hcathcr
I
99
6.
5
6
4
. Lmphass n thc orgna|.
z. op ct.
3
. cgg, Fschcr, and Dornbuch
zoo
5
.
3
8
4
) , Maundcr, Mycrs, Wa||, and
M||cr I99:.
3
Io) , Iarkn Kng I
995
. 6) .
4
. Stg|tz and Dr|h|| zooo.z. Lm-
phass agann thc orgna|.
5
. Arstot|c Fo/itics I.
9. Iz
5
;
6. Ncthcr s t c|car wc arc rca||y
spcakngo|bartcr hcrc. Arstot|c uscd thc
tcrmmetadosis,whchnhsdaynorma||y
mcant "sharng" or "sharng out . " Sncc
Smth, ths has usua||y bccn trans|atcd
"bartcr," but as Kar| Io|any I
95
;a.
93
)
has |ongsncccmphasizcd,thssprobab|y
naccuratc, un|css Arstot|c was ntroduc-
ng an cntirc|y ncw mcanng |or thc tcrm.
Jhcorsts o| thc orgn o| Grcck moncy
|rom Laum I
9
z
4
) to Sca|ord zoo
4
) havc
cmphaszcd that customs o| apportonng
goods c.g., war booty, sacrhca| mcat) ,
probab|y dd p|ay a kcy ro|c n thc dcvc|-
opmcnt o|Grcck currcncy. For a crtguc
o| thc Arstotc|an tradton, which docs
assumc Arstot|c s ta|kng about bartcr,
scc Fahazmancsh zoo6. )
;. Scc |can-Mchc| Scrvct I
99
4
, zooI)
|or ths |tcraturc. Hc a|so notcs that n
thccghtccnthccntury,thcscaccountssud-
dcn|y vanshcd, to bc rcp|accd by cnd|css
sghtngso| "pr mtvc bartcr" n accounts
o| ccana, A|rca, and thc Amcrcas.
8. Wea/tb o[Nations I. z. I-z. As wc'||
scc, thc |nc sccms to bc takcn |rom much
o|dcr sourccs.
9. "I| wc shou|d cngurc nto thc prn-
cp|c o|human mnd on whch ths dspo-
ston o| truckng s |oundcd, t s c|car|y
thc natura| nc|naton cvcry onc has to
pcrsuadc. Jhc o||crngo|a sh||ng, whch
to us appcars to havc so p|an and smp|c
mcanng,s n rca|tyo||crng an argumcnt
to pcrsuadconcto dosoandso as ts|or
hs ntcrcst" Lectures on ]urisrudence,
5
6) It's |ascnatng to notc that thc as-
sumpton that thc noton that cxchangc
s thc bass o| our mcnta| |unctons, and
man|csts tsc|| both n |anguagc as thc
cxchangc o|words) and cconomcs as thc
cxchangc o| matcra| goods) gocs back to
Smth. Most anthropo|ogsts attrbutc t
to C|audc Lcv-Strauss I96
3
. z
9
6) .
Io. Jhc rc|crcncc to shcphcrds mp|cs
hc may bcrc|crrngto anothcrpart o|thc
wor|d, butc|scwhcrc hs cxamp|cs, |or n-
stancc o|tradng dccr |or bcavcr, makc t
c|carhc'sthnkngo|thcNorthcastwood-
|ands o|North Amcrca.
u. Wca|th o|Natons I.
4
. z.
Iz. Wca|th o| Natons I .
4
.
3
.
I
3
. Wca|th o|Natons I.
4
. ;.
:
4
. Jhc dca o| an hstorca| scgucncc
|rom bartcr to moncy to crcdt actua||y
sccms to appcar hrst in thc |ccturcs o| an
N 1 L b O D
Ita|an bankcr namcd crnardo Davanzat
Iz
9
-I6o6, so Waswo I996) , t was dc-
vc|opcd as an cxp|ct thcory by Gcrman
cconomc hstorans. runo H|dcbrand
I86
4
) , who postcd a prchstorc stagc o|
bartcr, an anccnt stagc o| conagc, and
thcn, a|tcrsomc rcvcrson to bartcr n thc
Mdd|c Agcs, a modcrn stagc o| crcdt
cconomy. It took canonca| |orm n thc
work o| hs studcnt, Kar| chcr I
9
o;) .
Jhc scgucncc has now bccomc unvcrsa||y
acccptcd common scnsc, and t rcappcars
n at |cast tact |orm n Marx, and cx-
p|ct|y n S mmc|-agan, dcsptc thc |act
that a|most a|| subscgucnt hstorca| rc-
scarch has provcd t wrong.
I. Jhough thcy dd makc an mprcs-
son on many othcrs. Morgan' s work n
partcu|ar I8, I8;;, I88I) , whchcmpha-
szcd both co||cctivc propcrty rghts and
thc cxtraordnary mportancc o| womcn,
wth womcn's counc|s | argc|y n con-
tro| o| cconomc ||c, so mprcsscd many
radca| thnkcrs-nc|udcd Marx and
Lngc|s-that thcy bccamc thc bass o| a
knd o| countcr-myth, o| prmtvc com-
munsm and prmitvc matrarchy.
I6. Annc ChapmanI98o) gocs | any-
thng |urthcr, notng that | purc bartcr
s to bc dchncd as conccrncd on|y wth
swappng ob|ccts, and not with rcarrang-
ng rc|atons bctwccn pcop|c, t' snot c|car
that t has cvcr cxstcd. Scc a|so Hcady
zoo.
I;. Lcv-Strauss I
9
43
, thc trans|aton s
|rom Scrvct I
9
8z.
33
.
I8. nc must magnc thc tcmptaton
|or a scxua| varcty must bc |ar|y strong,
|or young mcn and womcn accustomcd
to spcndng a| most a| | o| thcr tmc wth
maybca dozcn othcrpcop|c thc samc agc.
I
9
. crndt I
9
I. I6I, c|. Gudcman zooI .
Iz
4
-z, who provdcs an ana|yss gutc
sm|ar to my own.
zo. crndtI
9
I. I6z.
zI. Jhough as wc w|| notc |atcr, t' s
not cxact|y as | ntcrnatona| busncss
dca|s now ncvcr nvo|vc musc, danc-
ng, |ood, drugs, hgh-prccd hookcrs, or
thc possb| ty o| vo|cncc. For a random
cxamp|c undcr|nng thc |ast two, scc Icr-
kns zoo.
zz. Lndho|m I
9
8z. u6.
z
3
. Scrvct zooI. zo-zI comp|cs ancnor-
mous numbcr o|such tcrms.
z
4
. Jhc pont s so obvous that t's
amazng t hasn't bccn madc morc o|tcn.
Jhc on|y c|assca| cconomst I ' m awarc
o| who appcars to havc consdcrcd thc
possb|ty that dc|crrcd paymcnts mght
havc madc bartcr unncccssary s Ka|ph
Hawtrcy I
9
z8. z, ctcdnLnzgI
9
4
9
.
3
;) .
A|| othcrs smp|y assumc, |or no rcason,
thata| | cxchangcs cvcnbctwccnncghbors
must havc ncccssar|y bccn what ccono-
msts |kc to ca|| "spot tradcs. "
z. ohannan I
9
, arth I
9
6
9
. c|.
MunnI
9
86, Akn KobbnsI
99
8. Agood
summary o| thc conccpt can bc |ound n
Grcgory I
9
8z.
4
8-
4
9
. Grcgory gvcs onc
cxamp|co|a hgh|andIapuaNcw Gunca
systcm wth sx ranks o| va|uab|cs, wth
|vc pgs and cassowary brds on thc top
rank, "pcar|-shc|| pcndants, pork sdcs,
stonc axcs, cassowary-p|umc hcaddrcsscs,
and cowrc-shc|| hcadbands" on thc scc-
ond, and so on. rdnar|y tcms o| tcms
o| consumpton arc conhncd to thc |ast
two, whch consst o| |uxury |oods and
stap|c vcgctab|c |oods, rcspcctvc|y.
z6. Scc Scrvct I
99
8, Humphrcs I
9
8.
z;. Jhc c|assc cssay hcrc s Kad|ord
I
9
4
.
z8. In thc I6oos, at |cast, actua||y
ca||cd thc o|d Caro|ngan dcnomnatons
"magnary moncy"vcryonc pcrsst-
ng n usng pounds, sh||ngs, and pcncc
or |vrcs, dcncrs, and sous) |or thc n-
tcrvcnng Boo ycars, dcsptc thc |act that
|or most o|that pcrod, actua| cons wcrc
cntrc|y d ||crcnt, or smp|y ddn't cxst
Lnaud I93
6) .
z
9
. thcr cxamp|cs o| bartcr cocxst-
ng wth moncy. r|ovc I986, arncs
arncs I
9
8
9
.
3
o. nc o| thc dsadvantagcs o| hav-
ng your book bccomcs a c|assc s that
o|tcn, pcop|c w|| actua||y chcck out such
cxamp|cs. nc o| thc advantagcs s that
cvcn | thcy dscovcr you wcrc mstakcn,
O N 1 L b
pcop|c w|| contnuc to citc you as an au-
thortyanyway.)
3
r . Inncs r
9
I
3
.
3
;8. Hc gocs on to ob-
scrvc. "A momcnt's rchccton shows that
a stap|c commodty cou|d not bc uscd as
moncy, bccausc ex byotbesi, thc mcd-
um o| cxchangc s cgua||y rccc vab|c by
a|| mcmbcrs o| thc communty. Jhus |
thc hshcrs pad |or thcr supp|cs n cod,
thctradcrs wou|dcgua||y havc to pay |or
thcr cod n cod, an obvous absurdty. "
3
z. Jhc tcmp|cs appcar to havc comc
hrst, thc pa|accs, whch bccamc ncrcas-
ng|y mportant ovcr tmc, took ovcr thcr
systcm o|admnstraton.
33
. Smth was not drcamng about
thcsc. thc currcnt tcchnca| tcrm |or such
ngotss "hacks|bcr" c. g. , a|muthzooI) .
34
. Comparc Grcrson I
9
;;. r; |or
Lgyptan para||c|s.
35
. c. g. , Hudson zooz. z
5
, zoo
4
.H
4
3
6. Inncs I
9
I
3
.
3
8I
3
;. IctcrSpu||ord' smonumcnta|Mon-
ey andlts Use in Medieua/Euroe r
9
88) ,
whch dcvotcs hundrcds o|pagcs to go|d
and s|vcr mning, mnts, and dcbascmcnt
o|conagc, makcs on|y two or thrcc mcn-
tons o|varous sorts o||cad or|cathcr to-
kcn moncy or mnor crcdt arrangcmcnts
by whch ordnary pcop|c appcar to havc
conductcd thc ovcrwhc|mng ma|orty
o| thcr dai|y transactons. About thcsc,
hc says, "wc can know ncxt to nothng"
I
9
88.
33
6) . An cvcn morc dramatc cxam-
p|csthc ta||y-stck, o|whch wc w|| hcar
a good dca|. thc usc o| ta||cs nstcad o|
cash was wdcsprcad n thc Mdd|c Agcs,
but thcrc has bccn a|most no systcmatc
rcscarch on thc sub|cct, cspcca||y outsdc
Lng|and.
hBpl6I 1hI66
r. Hcnsohn Stcgcr r
9
8) cvcn sug-
gcst thc man rcason thcr |c||ow ccono-
msts havcn't abandoncd thc story s that
anthropo|ogsts havc not yct provdcd
an cgua||y compc||ng a|tcrnativc. St||,
a| most a|| hstorcs o| moncy continuc
to bcgn wth |anc|u| accounts o| bartcr.
Anothcr cxpcdicnt s to |a|| back on purc
crcu|ar dchntions. | "bartcr" s an cco-
nomc transacton that docs not cmp|oy
currcncy, thcn any cconomc transacton
that docsn' t nvo|vc currcncy, whatcvcr
ts |orm or contcnt, must bc bartcr. G|yn
Davcs I
99
6. -I
3
) thus dcscr bcs cvcn
Kwakut| pot|atchcs as "bartcr. "
z. Wc o|tcn |orgct that thcrc was a
strong rc|gous c|cmcnt n a|| ths. Ncw-
ton hmsc|| was n no scnsc an athcst-
n |act, hc trcd to usc hs mathcmatca|
ab|itcs to conhrm that thc wor|d rca||y
had bccn crcatcd, as shop Usshcr had
car|icr argucd, somctmc around ctobcr
z
3
,
4
oo
4
sc.
J
. Smth hrst uscs thc phrasc "nvs-
b|chand" n hs Astronomy III. z) , but n
Tbeoryo[Mora/SentimentsI V. r. Io, hc is
cxp|ctthatthc nvsb|c hand o|thc mar-
kct s that o| "Irovdcncc. " n Smth's
thco|ogy n gcncra| scc Ncho||s zoo
3
.
35
-
43
, on ts possb|cconnccton to Mcdcva|
Is|am, scc chaptcr ro bc|ow.
4
. Samuc|son I
9
4
8.
4
9
. Scc Hcnsohn
andStcgcrI
9
8
9
|ora crtguco|thspos-
ton, a|so Ingham zoo
4
.
5
. Igou I
9
4
9
. oanovsky I
993
pro-
vdcs a hstory o|thc tcrm.
6. "Wc do not know o| any cconomy
n whch systcmatc bartcr takcs p|acc
wthout thc prcscncc o| moncy" Fay-
azmancsh zoo6. 8;)-by whch hc mcans,
n thc scnsc o| moncy o|account.
;. n thcgovcrnmcnt ro|c o||ostcrng
thc "sc||-rcgu|atng markct" n gcncra| ,
scc Io|any I
9
4
9
. Jhc standard cconomc
orthodoxy, that | thc govcrnmcnt |ust
gcts out o| thc way, a markct w|| natu-
ra||y cmcrgc, wthout any nccd to crcatc
appropratc |cga|, po|cc, and po|tca|
nsttutons hrst, was dramatca||y ds-
provcd whcn |rcc-markct dco|ogucs trcd
to mposc ths modc| n thc |ormcr Sovict
Unon n thc I
99
os.
8. Inncs as usua| puts t ncc|y. "Jhc
cyc has ncvcrsccn, nor thc hand touchcd
a do||ar. A|| that wc can touch or scc s a
N 1 L b O
promsctopayorsats|y a dcbtduc|or an
amountca||cd a do||ar. " In thc samc way,
hc notcs, "A|| our mcasurcs arc thc samc.
No onc has cvcr sccn on ouncc or a |oot
or an hour. A |oot s thcdstancc bctwccn
two hxcd ponts, but ncthcr thc dstancc
nor thc ponts havc a corporca| cxstcncc"
I
9
I
4
. I
55
) .
9
. Notc that ths docs assumc somc
mcans o| ca|cu|atng such va|ucs-that
is, that moncy o| account o| somc sort
a|rcady cxsts. Jhs mght sccm obvous,
but rcmarkab|c numbcrs o| anthropo|o-
gsts sccm to havc msscd t.
Io. Jo gvc somc scnsc o| sca|c, cvcn
thc rc|atvc|y crcumscrbcd commcrca|
cty-statc o| Hong Kong currcnt|y has
rough|y $z
3
.
3
b||on n crcu|aton. At
rough|y; m||onpcop|c, that's morc than
thrcc thousand Hong Kong do||ars pcr
nhabtant.
. "Statc thcory may bc traccd to thc
car|y nnctccnth ccntury and to Adam]
Mu||cr's Neu Tbeory o[ Money, whch
attcmptcd to cxp|an moncy va|uc as an
cxprcsson o| communa| trust and naton-
a| w||, and cu|mnatcd n G. F. ] Knapp' s
State Tbeo o[ Money, hrst pub|shcd
n Gcrman n I
9
o
5
. Knapp consdcrcd t
absurd to attcmpt to undcrstand moncy
'wthout thc dca o| thc statc. ' Moncy
s not a mcdum that cmcrgcs |rom cx-
changc. It s rathcr a mcans |or account-
ng |or and sctt|ng dcbts, thc most m-
portant o|wh ch arc taxdcbts" Ingham
zoo
4
.
4
;. ) Ingham' s book s an admrab|c
statcmcnt o| thc Charta|st poston, and
much o| my argumcnt hcrc can bc |ound
n much grcatcr dcta| n t. Howcvcr, as
w|| |atcr bccomc apparcnt, I a|so part
company wth h m n ccrtan rcspccts.
Iz. In Frcnch. |vrcs,sous, and dcncrs.
I
3
. Lnaud I
93
6. Cipo||a I
9
6;) ca||s t
"ghost moncy. ''
I
4
. n ta||cs. |cnknson I
9
II, I
9
z
4
,
Inncs I9I
3
, Grandc|| I
9
;;, axtcr I989,
Stonc zoo
5
.
I
5
. Snc|| I
9
I
9
. z
4
o) notcs that kngs
wh|c tourng thcr domans wou|d somc-
tmcs sczc catt|c or othcr goods by rght
o| "prccmpton" and thcn pay n ta|cs,
but t was vcry d|hcu|t to gct thcr rcp-
rcscntatvcs to |atcr pay up. "Sub|ccts
wcrc compc||cd to sc||, and thc worst o|
t was that thc Kng's purvcyors wcrc n
thc habt o| payng not n cash down,
but by mcans o| an cxchcgucr ta||y, or a
bcatng . . . In practcc t was |ound no
casy mattcr to rccovcr undcr ths systcm,
whch |cnt tsc|| to thc worst cxactons,
and sthc sub|cct o|numcrous comp|ants
n our car|y popu|ar poctry. "
I 6. I t s a|so ntcrcstngt onotc, nths
rcgard,thatthc anko|Lng|andst||kcpt
thcr own ntcrna| accounts usng ta||y
stcks n Adam Smth's tmc, and on|y
abandoncd thc practcc in I8z6.
J. SccLngc|s I
9
;8) |ora c|asscstudy
o|ths sort o|prob|cm.
I8. Appca|ng partcu|ar|y to dcbtors,
who wcrc undcrstandab|y drawn to thc
dca that dcbt s smp|y a soca| arrangc-
mcnt that was n no scnsc mmutab|c but
crcatcd by govcrnmcnt po|ccs that cou|d
|ust as cas|y bc rcshu|t|cd-not to mcn-
tion, who wou|d bcncht |rom nhationary
po|ccs.
I
9
. n thc tax, |acob I
9
8;, |or thc
ctsmsaraka v||agc study, A|thabc I968,
|or ana|ogous Ma|agasy casc studcs,
Frcmgacc I
9
;6, Kanbc I
9
8z, Sch|cmmcr
I98
3
, Fcc|cy-Harnk I99I. For co|ona| tax
po|cy n A|rca morc gcncra||y, Forstatcr
zoo
5
, zoo6.
zo. So, |or nstancc, Hcnsohn Stc-
gcr I98
9
. I88-I89.
zI. S|vcr was mncd n thc Mdwcst
tsc||, and adoptng b-mcta||sm, wth
both go|d and s|vcr as potcnta| backng
|or currcncy, was sccn as a movc n thc
drcctono||rcccrcdtmoncy,andto a||ow
|or thc crcaton o| moncy by |oca| banks.
Jhc |atc nnctccnth ccntury saw thc hrst
crcaton o|modcrn corporatc capta|sm n
thc Untcd Statcs and t was |crvcnt|y rc-
sstcd, wth thc ccntra|zaton o|thc bank-
ng systcm bcng a ma|or hc|d o| strugg|c,
and mutua|sm-popu|ar dcmocratic not
proht orcntcd) bankng and nsurancc
arrangcmcnts-onc o| thc man |orms o|
O N 1 L b
rcsstancc. Jhcb-mcta||stswcrcthcmorc
modcratc succcssors o| thc Grccnback-
crs, who ca||cd |or a currcncy dctachcd
|rom moncy a|togcthcr, such as Lnco|n
brchy mposcd n wartimc Dghc zooz)
provdcs a good summaryo|thc hstorca|
background. )
zz. Jhcy on| ybccamc ruby s| ppcrs n
thc movc.
z. Somc havc cvcn suggcstcd that
Dorothy hcrsc|| rcprcscnts Jcddy Koos-
cvc|t,s ncc sy||abca||y, "dor-o-thcc" sthc
samc as "thcc-o-dor", on|y backwards.
]. Scc Ltt|chc|d :6 and Kocko||
:o |or a dcta |cd argumcnt about Tbe
Wizard of Oz as "monctary a||cgory. "
aum ncvcr admttcd that thc book had
a po|tca| subtcxt, but cvcn thosc who
doubt hc put onc n ntcntona||y c. g. ,
Iarkcr :q; c|. Jay|or zoo) admt that
such a mcanng was guck|y attrbutcd
to t-thcrc wcrc a| rcady cxp|ct po|t-
ca| rc|crcnccs n thc stagcvcrson o|:oz,
on|y two ycars a|tcr thc book's orgna|
pub|caton.
z. Kcagan cou|d as cas|y bc argucd
to bc a practtoncr o| cxtrcmc m |tary
Kcyncsansm, usng thc Icntagon' s bud-
gct to crcatc |obs and drvc cconomc
growth, anyway, monctary orthodoxy
was abandoncd vcry guck|y cvcn rhctor-
ca||y among thosc actua||y managng thc
systcm.
z6. SccIngham zooo.
z). Kcyncs :o. q-
z8. Jhc argumcnt s rc|crrcd to as thc
paradox o| bankng. Jo provdc an cx-
trcmc|y smp|hcd vcrson. say thcrc was
on|y onc bank. Lvcn | that bank wcrc
to makc you a |oan o| a tr||on do||ars
bascd on no asscts o|ts own o| any knd
whatcvcr, you wou|d u|tmatc|y cnd up
puttng thc moncy back nto thc bank
agan, whch wou|d mcan that thc bank
wou|d now havc onc tr||on n dcbt, and
onc tr||on n workng asscts, pcr|cct|y
ba|ancng cach othcr out. I|thc bank was
chargng you morc |or thc |oan than t
was gvng you n ntcrcst whch banks
a|ways do) , t wou|d a|so makc a proht.
Jhc samc wou|d bc truc | you spcnt thc
tri||on-whocvcrcndcdup wth thc mon-
cy wou|d st|| havc to put t nto thc bank
aga n. Kcyncspontcd out thc cxstcncc o|
mu|tp|c banks ddn't rca||y changc any-
thng, provdcd bankcrs coordnatcd thcr
c||orts, whch, n |act, thcy a|ways do.
z. I mght notc that ths assumpton
cchocs thc |ogc o| ncoc|assca| cconomc
thcory, whch assumcs that a|| basic n-
sttutona| arrangcmcnts that dchnc thc
contcxt o| cconomc actvty wcrc agrccd
to by a|| partcs at somc magnary pont
nthcpast, and thatsncc thcn,cvcrythng
has and w|| a|ways contnuc to cxst n
cgu|brum. Intcrcstng|y, Kcyncs cxp|c-
t|y rc|cctcd ths assumption n hs thcory
o|moncy Davdson zoo6) . Contcmporary
soca| contract thcorsts ncdcnta||y makc
a sm|ar argumcnt, that thcrc's no nccd
to assumc that ths actua||y happcncd, t's
cnough to say t cou|d havc and act as |
t dd.
o. Ag|ctta s a Marxst, and onc o|
thc |oundcrs o| thc "Kcgu|aton Schoo| , "
r|cans, an adhcrcnt o| thc "cconomcs
o| convcnton" |avorcd by Jhcvcnot and
o|tansk. Irmorda| dcbtthcoryhasbccn
man|y dcvc|opcd by a group o|rcscarch-
crs surroundngcconomstsMchc|Ag|ct-
ta and Andrc r|cans, hrst n La Vio/ence
de /a Monnaie :z) , whch cmp|oycd
a psychoana|ytc, G radan |ramcwork,
and thcn n a vo|umc ca||cd Souereignty,
Legitimacy and Money :) and a co|-
|ccton ca||cd Souereign Money Ag|ctta,
Andrcau, ctc. :8) , co-cdtcd by c|cvcn
d||crcnt scho|ars. Jhc | attcr two vo|umcs
abandon thc G rardan |ramcwork |or a
Dumontan onc. In rcccnt ycars thc man
cxponcnto|thspostonhasbccnanothcr
Kcgu|atonst, runo Jhcrct :z, :,
zoo),zoo8) . Un|ortunatc|ya|mostnonco|
this matcra| has cvcr bccn trans|atcd nto
Lng|sh, though a summary o| many o|
Ag|ctta' s contr butons can bc |ound n
Grah| zooo) .
:. For nstancc, Kanda|| Wray :o,
:8, zooo) and Stcphanc c|| :,
zooo) n thc Untcd Statcs, or Gco||rcy
N 1 L b O
Ingham I
99
6, I
999
, zoo
4
) in thc Unitcd
Kingdom. Michac| Hudson and othcrs in
thc ISCANLL group havc takcn up c|c-
mcnts o| thc idca, but havc ncvcr to my
know|cdgc |u||y cmbraccd it.
3
z. Rna. Ma|amoud I
9
8
3
. zz) notcs
that a|rcady in thc car|icst tcxt it had
both thc mcaning o| "goods rcccivcd in
rcturn|orthcpromiscto handbackcithcr
thc goods thcmsc|vcs or somcthing o| at
|castcguiva|cnt va|uc", as wc|| as "crimc"
or "|au|t. " So a|so |ivc||c I
99
3
.
4
8, who
notcs rna "can mcan |au|t, crimc, or
gui|t-o|tcn at thc samc timc. " It is not
howcvcrthcsamc as thc:word|or"duty. "
Fora typica| cxamp|c o|car|y praycrs |or
rc|casc |rom dcbt, scc Atharva Vcda ook
6 Hymns II;, Db, and II
9
.
33
. Sataatba 8rabmana
3
. 6. z. I6
34
. As Sy|vain Lcvi, Marcc| Mauss' s
mcntor, rcmarkcd, i| onc takcs thc
rahmanic doctrinc scrious|y, "thc on|y
authcntic sacri hcc wou|d bc suicidc"
I898. I
33
, so a|so A. . Kcith I
9
z
5
.
459
) .
ut o| coursc noonc actua||y took things
that |ar.
35
. Morc prccisc|y, it o||crcd thc sac-
ri hccr a way to brcak out o| a wor|d in
which cvcrything, inc|uding hi msc||, was
a crcation o| thc gods, to |ashion an im-
morta|, divinc body, asccnd into hcavcn,
and thus bc "born into a wor|d hc madc
hi msc||" Sataatba 8rabmana VI. z. z. z;)
whcrc a|| dcbts cou|d bc rcpaid, buy back
his abandoncd morta| body |rom thcgods
scc, i . c. , Lcvi I8
9
8. I
3
o-
3
z, Ma|amoud
I
9
8
3
.
3
I-
3
z) . Jhis s ccrtain|y onc o| thc
most ambitious c|aims cvcr madc |or thc
c|hcacy o| sacrihcc, but somc pricsts in
China around thattimc wcrc making sim-
i|ar c|aims Iuctt zooz) .
3
6. Jrans|atcd "saints" in thc tcxtwith
which I bcgan thc chaptcr, but sincc it
rc|crs to thc authors o| thc sacrcd tcxts,
thc usagc sccms appropriatc.
3
;. I am |using hcrc two s|ight|y di |-
|crcnt vcrsions. onc in Tattiriya Sarbita
6.
3
. Io.
5
) , which says that a|| rahmans
arc born aitb a dcbt, but on|y |ists gods,
Fathcrs, and sagcs, |caving out thc duty
o| hospita|ity, and thc othcr i n Sataatba
8rabmana t. ;. z. I-6) that says a|| mcn arc
born as a dcbt, |isting a|| |our-but which
sccms rca||y to bc rc|crring to ma|cs o|
twicc-born castcs. For a |u|| discussion.
scc Ma|amoud I
9
8
3
and | i vc||c I
993
.
4
6-
55
, a|so Ma| amoud I
99
8.
3
8. Jhcrct I
999
. 6oI
39
. "Jhc u|timatc dischargc o| this
|undamcnta| dcbt is sacrihcc o| thc |iv-
ing to appcasc and cxprcss gratitudc to
thc anccstors and dcitics o| thc cosmos"
Ingham zoo
4
.
9
o) .
4
o. op cit. Hc citcs Hudson zooz. Ioz-
3
, on thc tcrms |or "gui|t" or"si n, " but as
wc'|| scc thc point gocs back to Gricrson
I
9
;;. zz-z
3
) .
4
I. Laum I9z
4
. His argumcnt about
thc origin o| moncy in Grcccc in tcmp|c
distributions is intriguing and has |ound
contcmporary cxponcntsinSca|ord zoo
4
)
and part|y in Hudson c. g. , zoo
3
) but is
rca||y a thcory o| thc origin o|coinagc.
4
z. Morc than I wou|d cvcr drcam
o| trying to citc. Jhcrc arc two standard
survcy works on "primitivc moncy, " by
Quiggin and by Linzig, both o| which,
curious|y, camc out in I
9
4
9
. otharcout-
datcd in thcir ana|ysis but contain a grcat
dca| o|usc|u| matcri a|.
43
. Lng|ish "pay" is |romFrcnch ay-
er, which in turn is dcrivcd |rom Latina-
care, "to paci|y, " "to makc pcacc with. "
Facare i n turn i s rc|atcd t o acere, "to
comc to tcrms with an in|urcd party"
Gricrson I
9
;;. zI ) .
44
. Gricrson I9;;. zo.
45
. In |act, as Gricrson notcs, thc au-
thors o|tcn sccmcd to bc intcntiona||y
making |un o| thcmsc|vcs, as in thc Irish
tcxt that spccihcs that onc can dcmand
compcnsation |or a bcc-sting, but on|y i|
onc hrst dcducts thc cost o| thc dcad bcc
Gricrson I
9
;;. z6) .
4
6. Wc havc p|cnty o| myths and
hymns |rom ancicnt Mcsopotamia, too,
|or ipstanccbut most wcrc discovcrcd
in thc ruins o| ancicnt |ibrarics that wcrc
a|so |u||o|rccordso|courttria|s,busincss
contracts, and pcrsona| corrcspondcncc.
4 N 1 L b
In thc casc o| thc o|dcst Sanskrt tcxts,
rc|gous |tcraturc s a|| wc havc. What's
morc, sncc thcsc wcrc tcxts passcd on
vcrbatm |rom tcachcr to studcnt |or
thousandso|ycars,wccan'tcvcn say wth
any prccson whcn and whcrc thcy wcrc
wrttcn.
4
;. Intcrcst-bcarng |oans ccrtan|y cx-
stcd n Mcsopotama, but thcy on|y ap-
pcar n Lgypt n Hc||cnstc tmcs, and
n thc Gcrmanc wor|d cvcn |atcr. Jhc
tcxt spcaks o| "thc trbutc that I owc to
Yama, " whch cou/d rc|cr to "ntcrcst, "
but thc comprchcnsvc rcvcw o| car|y
Indan |cga| sourccs n Kanc's History o[
Dbarmasastra I
9
;
3
III.
4
u-
4
6I) comcs to
no c|car conc|usion on whcn ntcrcst hrst
appcarcd, Kosamb I
99
4
. I
4
8) cstmatcs
that t mght havc appcarcd n oo bL but
admts ths s a gucss.
4
8. Mcsopotama, Lgypt, and Chna
comc most mmcdatc|y to mnd. Jhc no-
ton that ||c s a |oan |rom thc gods docs
occur c|scwhcrc. tsccmsto crop up spon-
tancous|y n anccnt Grcccc, around thc
samc tmc as moncy and ntcrcst-bcarng
|oans do. "Wc arc a|| owcd as a dcbt to
dcath, " wrotc thc poct Smondcs, around
oo L. "Jhc scntmcnt that ||c was a
|oan to bc rcpaid by dcath bccamc] an
a|mostprovcrba| sayng" M ||ct I
99
Ia. 6) .
No Grcck author to m; know|cdgc con-
nccts ths cxp|ct|y to sacrhcc, though
onc cou|d conccvab|y arguc that I|ato's
charactcr Ccpha|us docs so mp|ct|y n
onc passagc o|thc Reu0/ic
33
Id) .
4
9
. Hubcrt and Mauss I
9
6
4
) provdc
a good survcy o| thc anccnt | tcraturc n
ths rcgard.
o. Fn|cy I
9
8I.
9
o
5
I. Jhs was somcthng o| a |cga|s-
tc dstncton, what t rca||y mcant n
practcc was that |unds |cvcd n Icrsa
wcrc tcchnca||y consdcrcd "g|ts, " but t
shows thc powcr o| thc prncp|c rant
zoo6.
39
8-
99
)
5
z. Iharaonc Lgypt and mpcra|
Chna ccrtan|y dd |cvy drcct taxcs, n
moncy, knd, or |abor, n d||crcnt pro-
portons at d||crcnt tmcs. In car|y Inda,
thc gana-sangba rcpub|cs do not sccm to
havcdcmandcdtaxcso|thcrctzcns,but
thc monarchcs that u|tmatc|y rcp|accd
thcm dd Khys Davcs I
9
zz. I
9
8-zoo) . My
pont is that taxcs wcrc not ncvtab|c and
wcrc o|tcn sccn as marks o|congucst.
53
. I am |o||owng what I bc|cvc s
st||thc prcdomnant vcw, though at|cast
n somc p|accs Ia|accs wcrc n chargc o|
prctty much cvcrythng |rom gutc car|y
on, and Jcmp|cs gutc subordnatc scc
Mackawa I
9
;
3
-I
9
;
4
) . Jhcrc s |vc|y dc-
batc about ths, as wth thc ba|ancc o|
tcmp|c, pa|acc, c|an, and ndvdua| ho|d-
ngs n d||crcnt tmcs and p|accs, but I
havc avodcd gong nto such dcbatcs,
howcvcr ntcrcstng, un|css thcy havc a
d rcct bcarng on my argumcnt.
54
. I am |o||owng Hudson's ntcrprc-
taton zooz) , though othcrs-c.g. Stcn-
kc||cr I
9
8I, Mcroop zooz. 6
4
-suggcst
that ntcrcst may havc nstcad orgnatcd
n rcnta| |ccs.
55
. Fora goodsummary, Hudson I
993
,
zooz. Jhc mcanng o| amargi s hrst not-
cd n Fa|kcnstcn I
954
) , scc a|so Kramcr
I
9
6
3
.;
9
, Lcmchc I
9;
9
. I6n
34
) .
5
6. In anccnt Lgypt thcrc wcrc no
|oans at ntcrcst, and wc know rc|atvc|y
|tt|c about othcr car|y cmprcs, so wc
don'tknow howunusua| ths was. utthc
Chncsc cvdcncc s at thc vcry |cast sug-
gcstvc. Chncsc thcorcs o| moncy wcrc
a|ways rcso|utc|y Charta|st, and n thc
standard story about thc orgns o| con-
agc, sincc at |cast Han tmcs, thc mythc
|oundcro|thc Shangdynasty, upsctto scc
so many |am|cs havng to sc|| thcr ch|-
drcn durng |amncs, crcatcdcons so that
thc govcrnmcnt cou|d rcdccm thc ch|drcn
and rcturn thcm to thcr |am|cs scc
chaptcr 8, bc|ow) .
5
;. What s sacrhcc, a|tcr a||, but a
rccognton that an act such as takng an
anma|' s||c, cvcn |ncccssary |or our sus-
tcnancc, s not an act to bc takcn |ght|y,
butwth anatttudco|hum|tybc|orcthc
cosmos
5
8. Un|css thc rccpcnt s owcd mon-
cy by thc crcdtor, a||owng cvcryonc to
N 1 L b 4 1
cancc| thcr dcbts n a crc|c. Jhs mght
sccm an cxtrancous pont, but thc crcu-
|ar cancc||aton o|dcbts n ths waysccms
to havc bccn gutc a common practcc
n much o| hstory. scc, |or nstancc, thc
dcscrpton o| "rcckonngs" n chaptcr D
bc|ow.
. I am not ascrbng ths poston to
thc authors o| thc rahmanas ncccssar|y,
on|y pursung what I takc to bc thc n-
tcrna| |ogc o| thc argumcnt, n da|oguc
wth ts authors.
6o. Ma|amoud :8. z.
6:. Comtc:8:. z
6z. In Francc, partcu|ar|y by po|t-
ca| thnkcrs |kc A||rcd Fou||c and Lcon
ourgcos. Jhc |attcr, |cadcr o| thc Kad-
ca| Iarty n thc :8os, madc thc noton
o| soca| dcbt onc o| thc conccptua|
|oundatons |or what hs ph |osophy o|
"so|darsm"-a |orm o| radca| rcpub|-
cansm that, hc argucd, cou|d provdc a
knd o|mdd|c-ground a|tcrnatvc to both
rcvo| utonary Marxsm and |rcc-markct
|bcra|sm. Jhc dca was to ovcrcomc thc
vo|cncc o| c|ass strugg|c by appca|ng to
a ncw mora| systcm bascd on thc noton
o| a sharcd dcbt to soccty-o|whch thc
statc, o| coursc, was mcrc|y thc admns-
trator and rcprcscntatvc Hayward :,
Donzc|ot:q,|obcrtzoo) . Lm|c Durk-
hcm too was a So|darst po|tca||y.
6. As a s|ogan, thccxprcsson s gcn-
cra||y attrbutcd to Char|csGdc, thc|atc-
n nctccnth-ccntury Frcnch coopcratvst,
but bccamc common n So|darst crc|cs.
It bccamc an mportant prncp|c n Jurk-
sh soca|st crc|cs at thc tmc Aydan
zoo) , and, I havc hcard, though I havc
not bccn ab|c to vcr|y, n Latn Amcrca.
hBpl6I |0uI
:. Hart :86. 68.
z. Jhc tcchnca| tcrm |or ths s "h-
ducarty, " thc dcgrcc to wh ch ts va|uc
s bascd not on mcta| contcnt but pub-
|c trust. For a good dscusson o| thc
hducarty o| anccnt currcnccs, scc Sca-
|ord zooq. ::q6. A|most a|| mcta| cons
wcrcovcrva| ucd. I|thcgovcrnmcntsctthc
va|uc bc|ow that o| thc mcta|, o| coursc,
pcop|c wou|d smp|y mc|t thcm down,
| t's sct at cxact|y thc mcta| va|uc, thc
rcsu|ts arc usua||y dchatonary. As runo
Jhcrct zoo8. 8z6-z)) ponts out, a|though
Lockc's rc|orms, whch sct thc va|uc o|
thc rtsh sovcrcgn at cxact|y ts wcght
n s|vcr, wcrc dco|ogca||y motvatcd,
thcy had dsastrous cconomc c||ccts. b-
vous|y, |conagc s dcbascd or thc va|uc
othcrwsc sct too hgh n rc|aton to thc
mcta| contcnt, ths can producc nt|aton.
ut thc tradtona| vcw, whcrc, say, thc
Koman currcncy was u|timatc|y dcstroycd
by dcbascmcnt, s c|car|y |a|sc, sncc t
took ccnturcs |or nt|aton to occur In-
gham zooq. :oz-) .
. Lnzg :q. :oq; sm|ar gamb|ng
chts, n ths casc madc o| bamboo, wcrc
uscd n Chncsc to
_
ns n thc Gob dcscrt
bd. :o8) .
q. n Lng|sh tokcn moncy, scc W|-
|amson :88; Whtng :):; Mathas
:)b.
. n cacao, M||on :; on Lthopan
sa|t moncy, Lnzg :q. :z-z6. oth Kar|
Marx :8). zz, :86). :8z) and Max Wc-
bcr :)8. 6)-)q) wcrc o|thc opnon that
moncy had cmcrgcd |rom bartcr bctwccn
socctcs, not wthn thcm. Kar| chcr
:oq) , and arguab|y Kar| Io|any :68) ,
hc|d somcthng c|osc t o ths poston, at
|cast nso|ar as thcy nsstcd that modcrn
moncy cmcrgcd |rom externa/ cxchangc.
Incvtab|y thcrc must havc bccn somc sort
o| mutua||y rcn|orcng proccss bctwccn
currcnccs o| tradc and thc |oca| account-
ng systcm. Inso|ar as wc can ta|k about
thc " nvcnton" o| moncy n ts modcrn
scnsc, prcsumab|y ths wou|d bc thc p|acc
to |ook, though n p|accs |kc Mcsopota-
ma ths must havc happcncd |ong bc|orc
thc usc o| wrtng, and hcncc thc hstory
s c||cctvc|y |ost to us.
6. Lnzg :q. z66) , ctng Ku|schcr
:z6.z) and I|wo| :88z. 6) .
). Cenea/ogy o[Mora/s, z. 8.
4 Z N 1 L b
8 . As I rcmarkcd car|cr, both Adam
Smth and Nctzschc thus antcpatc Lcv-
Strauss' s |amous argumcnt that |anguagc
s thc "cxchangc o| words. " Jhc rcmark-
ab|c thng hcrc s that so many havc man-
agcd to convncc thcmsc|vcs that n a||
ths,Nctzschc sprovdnga radca| a|tcr-
natvc to bourgcos dco|ogy, cvcn to thc
|ogc o| cxchangc. Dc|cuzc and Guattar,
mostcmbarrassng|y, nsstthat "thc grcat
book o|modcrn cthno|ogy s not so much
Mauss' Tbe Cift as Nctzschc's On tbe
Cenea/ogy of Mora/s. At |cast t shou|d
bc, " sncc, thcysay, Nctzschc succccds n
ntcrprctng"prmtvcsoccty" ntcrmso|
dcbt, whcrc Mauss st|| hcstatcs to brcak
wth thc |ogc o| cxchangc :)z. zzq-z) .
n thcr nspraton, Sarthou-La|us :))
has wrttcn ph|osophy o| dcbt as an a|-
tcrnatvc to bourgcos dco|ogcs o| cx-
changc, that, shc c|ams, assumc thc pror
autonomy o| thc pcrson. |coursc what
Nctzschcproposcss not an a|tcrnatvc at
a||. It's anothcr aspcct o| thc samc thng.
A|| ths s a vvd rcmndcr o| how casy
t s to mstakc radca|zcd |orms o| our
own bourgcos tradton as a|tcrnatvcs to
t ata||c 1

|, whoDc|cuzcand Guat-
tarprasc asanothcra|tcrnatvcto Mauss
n thc samc passagc, s anothcr notorous
cxamp|c o|ths sort o|thng) .
. Cenea/ogy ofMora/s z. .
:o. Nctzschc had c|car|y bccn rcadng
too much Shakcspcarc. Jhcrc s norccord
o|thc mut|aton o|dcbtors n thc anccnt
wor|d, thcrc was a good dca| o| mut|a-
ton o|s|avcs, but thcy wcrc by dchnton
pcop|c who cou|d not bc n dcbt. Mut|a-
tion |or dcbt s occasona||y attcstcd to n
thcMcdcva|pcrod,butaswc' ||scc, |cws
tcndcd to bc thc vctms, sncc thcy wcrc
|argc|y wthout rghts, and ccrtan|y not
thc pcrpctrators. Shakcspcarc turncd thc
story around.
. Cenea/ogyofMora/s z. :.
:z. Cenea/ogyofMora/s z. z:.
:. Frcuchcn :6:. :q. It's not c|car
what |anguagc ths was sad n, consd-
crng that Inut dd not actua||y havc an
nsttuton o| s|avcry. It's a|so ntcrcstng
bccauscthcpassagc wou|dnot makcscnsc
un|css thcrc wcrc somecontcxts n whch
g|t cxchangc did opcratc, and thcrc|orc,
dcbts accrucd. What thc huntcr s cmpha-
szngsthattwas|c|tmportantthatths
|ogc dd notcxtcndto thc basc mcans o|
humancxstcncc, such as |ood.
:q. Jo takc an cxamp|c, thc Gangcs
Va||cy n thc uddha's tmc was |u|| o|
argumcnts about thc rc|atvc mcrts o|
monarchca| and dcmocratc consttu-
tions. Gautama, though thc son o|a kng,
sdcd wth thc dcmocrats, and many o|
thc dccson-makng tcchngucs uscd n
dcmocratc asscmb|cs o| thc tmc rcman
prcscrvcd n thc organzaton o| uddhst
monastcrcs Muh|cnbcrgcr Ianc:). )
Wcrc t not |or th s wc wou|d not know
anythng about thcm, or cvcn bc cntrc|y
surc that such dcmocratc po|tcs cxstcd.
:. For nstancc, buyng back onc's an-
ccstra| |and Lcvtcus z. z, z6) or any-
thngonchad gvcn to thcJcmp|c Lcvt-
cus z)) .
:6. Hcrc too, n thc casc o| comp|ctc
nso|vcncy, thc dcbtor mght |osc hs own
|rccdom as wc||. Scc Houston zoo6) |or
a good survcy o|thc contcmporary |tcra-
turc on cconomc condtons n thc tmc
o| thc prophcts. I hcrc |o||ow a synthc-
ss o| hs and Mchac| Hudson's :)
rcconstructon.
:).Scc|ornstancc,Amosz. 6, 8. z, and
Isaah8.
:8. Nchcmah . -).
:. Jhcrc contnucs to bc ntcnsc
scho|ar|ydcbatc aboutwhcthcr thcsc |aws
wcrc n |act nvcntcd by Nchcmah and
hs prcst|y a||cs cspcca||y Lzra) , and
whcthcr thcy wcrc cvcr actua||y cn|orccd
n any pcrod. scc A|cxandcr :8; North
:q; Fnkc|stcn :6:, :6; Wcstbrook
:):; Lcmkc :)6, :), Hudson :;
Houston :6 |or a |cw cxamp|cs. At hrst
thcrc wcrc sm|ar dcbatcs about whcthcr
Mcsopotaman "c|can statcs" wcrc actua|-
|y cn|orccd, unt| ovcrwhc|mng cvdcncc
wasproduccd thatthcy wcrc. Jhc bu|k o|
thc cvdcncc now ndcatcs that thc |aws
n Dcutcronomy wcrc cn|orccd as wc||,
N 1 L b 4 O
though wc can ncvcr know |or ccrtan
how c||cctvc|y.
zo. "Lvcryscvcnthycaryousha|| makc
a cancc||aton. Jhc cancc||aton sha|| bc
as |o||ows. cvcry crcdtor s to rc|casc thc
dcbts that hc has owng to hm by hs
ncghbor" Dcutcronomy I
5
. I-
3
) . Jhosc
hc|d n dcbt bondagc wcrc a|so |rccd. Lv-
cry
4
9
ornsomcrcadngs
5
o) ycars camc
thc |ub|cc, whcn a|| |am|y |and was to
bc rcturncd to ts orgna| owncrs, and
cvcn |am|y mcmbcrs who had bccn so|d
as s|avcs sct |rcc Lcvtcus z
5
.
9
) .
zI. Unsurprsng|y, sncc thc nccd to
borrow was most o|tcn sparkcd by thc
nccd to pay taxcs mposcd by |orcgn
congucrors.
zz. Hudson notcs n aby|onan,
c|can s|atcs wcrc "ca| |cd hubu||um dcbt)
masa'um to wash), |tcra||y ' a washng
away o|thc dcbt rccords] , ' that s, a ds-
so|vngo|thcc|ay tab|cts on whch hnan-
ca| ob| gatons wcrcnscr bcd" I
993
. I
9
) .
z
3
. Matthcw I 8 . z
3
-
34
.
z
4
. Jo gvc a scnsc o| thc hgurcs n-
vo|vcd, tcn thousand ta|cnts n go|d s
rough|y cguva|cnt to thc cntrc Koman
taxrcccpts|romthcrprovnccs nwhat's
now thc Mdd|c Last. A hundrcd dcnar
s I/6o o|onc ta|cnt, and thcrc|orc worth
6oo,ooo tmcs |css.
z
5
. Obei/ema n thc Grcck orgna|,
whch mcant "that whch s owcd," "h-
nanc a| dcbts, " and by cxtcnson, "s n. "
Jh s was apparcnt|y uscdto trans|atc thc
Aramac boyueen, whch a|so mcant both
"dcbt" and, by cxtcnson, "sn. "Jhc Lng-
|shhcrc as n a|| |atcr b|c ctatons) |o|-
|owsthcKng|amcsvcrson,whchnths
casc s tsc||bascd on a t
3
8I trans|atono|
thc Lord' s praycr by |ohn Wyc|||c. Most
rcadcrs w|| probab|y bc morc |am|ar
wth I
559
ook o| Common Iraycr vcr-
son that substtutcs "And |orgvc us our
trcspasscs, as wc |orgvc thcm that trcs-
pass aganst us. " Howcvcr, thc orgna| s
gutccxp|ct|y "dcbts. "
z6. Changng thcsct o"sprtua| dcbts"
docsn't rca||y changc thc prob|cm.
z;. Jhc prospcct o| scxua| abusc n
thcsc stuatons c|car|y wcghcd hcav|y
on thc popu|ar magnaton. "Somc o|
our daughtcrs arc brought unto bond-
agc a| rcady" protcstcd thc Israc|tcs to
Nchcm ah. Jcchnca||y, daughtcrs takcn
n dcbt bondagc wcrc not, | vrgns, cx-
pcctcd tobcscxua||yava|ab|cto crcdtors
who dd notwsh to marry thcm or marry
thcm to thcrsons Lxodus zI. ;-y, Wrght
zoo
9
. I
3
o
33
) though chattc| s|avcs wcrc
scxua||y ava|ab|c scc Hczscr zoo
3
), and
o|tcn thc ro|cs b|urrcd n practcc, cvcn
whcrc |aws thcorctca||y protcctcd thcm,
|athcrs must o|tcn havc had |tt|c mcans
to protcct thcm or causc thosc |aws to bc
cn|orccd. Jhc Koman hstoran Lvy's ac-
count o|thc abo|ton o|dcbt bondagc n
Komc n
3
z6 bL |or nstancc, |caturcd a
handsomc young man namcd Caus Iub-
||us p|accd n bondagc |or a dcbt hc'd
nhcrtcd |rom hs |athcr, and who was
savagc|y bcatcn |or rc|usng thc scxua|
advanccs o|hs crcdtor Lvy 8. z8) . Whcn
hc appcarcd on thc strccts and announccd
what had happcncd to hm, crowds gath-
crcd and marchcd on thc Scnatc to dc-
mand that thcy abo|sh thc nsttuton.
z8. Iartcu|ar|y | thc s|avcs wcrc |or-
cgncrs capturcd n war. As wc' || scc, thc
common bc|c| that thcrc wcrc no mora|
ob|cctons to s|avcry n thc anccnt wor|d
s|a|sc. Jhcrc wcrcp|cnty. utasdc|rom
ccrtan radca|s such as thc Lsscncs, thc
nsttuton was acccptcd as an un|ortunatc
ncccssty.
z
9
. Hudson zooz.
3
;) ctcs thc Grcck
hstoran Dodorus Scu|us . ;9) who at-
trbutcs ths motvc to thc Lgyptan pha-
raoh akcnranc|, though hc too cmpha-
szcs that m| tary consdcratons wcrc
not thc on|y oncs, but that cancc||atons
rchcctcd broadcr |cc|ngs about |ustcc.
3
o. ppcnhcm I
9
6
4
. 88. ppcnhcm
suggcsts that ntcrcst-|rcc |oans wcrc
morc common n thc Lcvant, and that
n Mcsopotama soca| cgua|s wcrc morc
|kc|y to chargc cach othcr ntcrcst but
on cascr tcrms, ctng an |d Assyran
mcrchant who spcaks o| "thc ratc onc
4 4 N 1 L b
brothcr chargcs anothcr" op cit) . In an-
cicnt Grcccc, |ricnd|y |oans bctwccn so-
cia| cgua|s wcrc known as eranos |oans,
usua||y o| sums raiscd by an impromptu
mutua|-aid socicty and not invo|ving thc
paymcnt o| intcrcst |oncs I
95
6. I;I-;
3
,
Vondc|ing I
9

I, Fin|cy I
9
8I. 6;8, Mi | |ct
I
99
I. I
53
-I
55
) . Ari stocrats o|tcn madc such
|oans to onc anothcr, but so didgroups o|
s|avcs trying to poo| moncy to buy back
thcir |rccdom Harri|| t
99
8. I6;) . Jhis tcn-
dcncy, |or mutua| aid to bc most markcd
at thc vcry top and vcry bottom o| thc
socia| sca|c is a consistcnt pattcrn to this
d
_
y.
3
I. Hcncc thc constant invocation o|
thc phrasc "your brothcr," particu|ar|y in
Dcutcronomy, c. g. , "you sha|| not |cnd at
intcrcst to your brothcr" z
3
. zo) .
hBpl6I |1v6
IAs wc'|| scc in chaptcr scvcn, I|ato
bcgins Tbe Reu0/ic in cxact|y thc samc
way.
z. For a po|itc but dcvastating asscss-
mcnt, scc Kahncman zoo
3
.
3
. Homans I
95
8, a|so |au I
9
6
4
, Lcvi-
Strauss I
9
6
3
. z
9
6. In anthropo|ogy, thc
hrst to proposc rcciprocity as a univcrsa|
princip|c was Kichard Jhurnwa|d I9I6) ,
but it was madc |amous by Ma|inowski
I
9
zz) .
4
. nc rcason no known |aw codc has
cvcr bccn known to cn|orcc thc princip|c,
thc pcna|ty was a|ways thcrc to bc com-
mutcd to somcthingc|sc.
5
. Atwood zoo8. I) . Jhc author thcn
procccds to cxp|orc thc naturc o| our
scnsc o|cconomic mora|ity by comparing
thc bchavior o| cagcd apcs with midd|c-
c|ass Canadian chi|drcn to arguc that
a|| human rc|ations arc indccd cithcr cx-
changc or|orcib|c appropriation i bi d.
4
9
) .
Dcspitc thc bri||i ancco| manyo| its argu-
mcnts, thc rcsu|t is a rathcr sad tcstimony
to how di|hcu|t it is |or thc scions o| thc
North At|antic pro|cssiona| c|asscs not to
scc thcir own charactcristic ways o|i mag-
ining thc wor|d as si mp|c human naturc.
6. Scton's|athcr,a |ai|cdshippingmag-
natc turncd accountant, was, Scton |atcr
wrotc, so co|d and abusivc that his son
spcnt much o|hi s youth in thc woods try-
ing to avoid hi m, a|tcr paying thc dcbt-
which incidcnta||y camc to $
53
;.
5
o, a tidy
but not insurmountab|c sum in I88I-hc
changcd his namc and spcnt much o| thc
rcst o| his |i|c trying to dcvc|op morc
hca|thy chi|d-rcaring tcchnigucs.
;. Kcv. W. H. cat|cy H Lcvy-ruh|
I
9
z
3
.
4
II
8. Kcv. Fr. u| |con, H Lcvy-ruh|
I
9
z
3
.
4
z
5
9
. Jhis phrasc was not coincd by
Marx, incidcnta||y, but was apparcnt|y a
s|ogan currcnt in thc car|y Frcnch work-
crs' movcmcnt, hrst appcaring in print
in thc work o| socia|ist Louis |anc in
I8
39. Marx on|y took up thc phrasc in
his Critique o[ tbe Cotba Frogramme in
t8;
5
, and cvcnthcnuscd it in a rathcrid-
iosyncraticway. |orthcprincip|chc imag-
incd cou|d app|y on thc |cvc| o| socicty
as a who|c oncc tcchno|ogy had rcachcd
thc point o| guarantccing abso|utc matc-
ria| abundancc. For Marx, "communism"
was both thc po|itica| movcmcnt aiming
to bring about such a |uturc socicty, and
thatsocictyitsc||. I amdrawinghcrc morc
on thc a|tcrnatc strain o| rcvo|utionary
thcory, cvidcnt most |amous|y pcrhaps in
Ictcr Kropotki n' s Mutua/Aid I
9
oz) .
Io. At |cast, un|css thcrc is somc spc-
cihc rcason not to|or instancc, a hicr-
archica| division o| |abor that says somc
pcop|c gctco||cc and othcrs do not.
II. What this mcans o| coursc is that
command cconomics-putting govcrn-
mcnt burcaucracics in chargc o| coordi -
nati ngcvcry aspcct o|thc production and
distribution o| goods and scrviccs within
a givcn nationa| tcrritory-tcnds to bc
much |css c|hcicnt than othcr avai|ab|c a|-
tcrnativcs. Jhis is obvious|y truc, though
i |it "|ustdocsn't work" at a||, it'shard to
i maginc how statcs |ikc thc Sovict Union
cou|d havc cxistcd, |ct a|onc maintain
N 1 L b 4 D
thcmsc|vcs as wor|d powcrs, n thc hrst
p|acc.
Iz. Lvans-Irtchard I9
4
o. I8z
I
3
. Sm|ar|y, a mdd|c-c|ass pcdcstran
wou|d bc un|kc|y to ask a gang mcmbcr
|or drcctons, and mght cvcn run n |car
|onc approachcd hmto ask|or thctmc,
butths s agan bccausc o|an assumpton
o| a tacit statc o| war cxstng bctwccn
thcm.
I
4
. Ibd, p. I8
3
.
I
5
. Kichards I
939
. I
9
;. Max G|uckman,
rcmarkng on such customs, conc|udcs
that nso|ar as t s possb|c to spcak o|
"prmtvc communsm, " t cxsts n con-
sumpton, rathcr than producton, whch
tcndsto bc much morcndvdua||y orga-
nzcd I9;I.
5
z) .
I6. A typca| cxamp|c. " | a cabn o|
hungry pcop|c mccts anothcr whosc pro-
vsons arc not cntrc|y cxhaustcd, thc
|attcr sharc wth thc ncwcomcrs thc |tt|c
whch rcmans to thcm wthout watng to
bcaskcd, a|though thcycxposcthcmsc|vcs
thcrcby to thcsamcdangcro|pcrshngas
thosc whom thcy hc|p . . . " Lahtau I
9
;
4
Vo|umc II. 6I.
I;. |csut Kc|atons I6
35
) 8. Iz;, ctcd
n Dc|gc I
99
3
.
54
.
I8. Jhs s a common arrangcmcnt n
ccrtanparts o|thc wor|d particu|ar|ythc
Andcs, Amazona, nsu|ar Southcast Asa,
and Mc|ancsa) , and nvarab|y thcrc s
somc ru|c whcrcbycach ha|| sdcpcndcnt
on thc othcr |or somcthng consdcrcd cs-
scnta| to human ||c. nc can on|y marry
somconc |romthcothcr sdc o|thcv| |agc,
or maybc onc can on|y cat pgs rascd on
thc othcr sdc, or pcrhaps onc sdc nccds
pcop|c |rom thc othcr sdc to sponsor thc
rtua|s that ntatc ts ma|c ch|drcn nto
manhood.
I
9
. As I havc suggcstcd c|scwhcrc,
Gracbcr zooI. I
5
o, c|. Mauss I
9
4
;
Io
4
-
5
.
zo. I ' m sdc-stcppng thc who|c gucs-
ton o| onc-sdcd cxamp|cs dscusscd n
Gracbcr zooI. zI8.
zI. Marsha| | Sah| ns I
9
;z) concd
thc phrasc "gcncra|zcd rccprocty" to
dcscrbc ths sort o| rc|aton, on thc prn-
cp|c that | cvcrythng crcu|atcs |rcc|y,
cvcntua||y, a|| accounts w|| ba|ancc out.
Marcc| Mauss was a|rcady makng such
an argumcnt in |ccturcs back n thc I
93
os
I
9
4
;) , but hc a|so rccognzcd thc prob-
|cms. wh|c ths mght bc truc o|Iroguos
moctcs, somc rc|atonshps ncvcr ba|-
ancc out-|or nstancc, bctwccn mothcr
and ch|d. Hs so|uton, "a|tcrnatng
rccprocty"-that wc rcpay our parcnts
by havng ch|drcn oursc|vcs-s c|car|y
drawn |rom hs study o|thc Vcdas, but t
u|tmatc|y dcmonstratcs that|onc has a|-
rcady dccdcd that a| rc|atons arc bascd
on rcciprocty, onc can a|ways dchnc thc
tcrm so broad|y as to makc t truc.
zz. Hostis: scc cnvcnstc I9;z.;z. Jhc
Latn tcrmno|ogy conccrnng hospta|ty
cmphaszcs thc abso|utc mastcry o| thc
housc by ts ma|c) owncr as thc prccon-
dton o| any act o| hospta|ty, Dcrrda
zooo, zooI) argucs that ths ponts to a
ccntra| contradcton n thc vcry conccpt
o| hospta|ty, sincc it mp|cs an a| rcady-
cxistng abso|utc domnum or powcr
ovcr othcrs, thc knd that mght bc sccn
as takng ts most cxp|otatvc |orm n
Lot's o||crng hs own daughtcrs up to
a crowd o| Sodomtcs to dssuadc thcm
|rom rapng hs houscgucsts. Howcvcr,
ths samc princp|c o| hospta|ty can bc
cgua||y wc|| documcntcd n socctcs-
such as thc Iroguos-that wcrc anythng
but patrarcha|.
z
3
. Lvans-Irtchard I
9
4
o. I
54
, I
5
8.
z
4
. Jhs s o| coursc onc rcason why
thc vcryrich |kc toassocatcman|ywth
onc anothcr.
z
5
. In a |css hosti|c vcn onc can spcak
o| an cxchangc o| prsoncrs, notcs, or
comp|mcnts.
z6. A good sourcc onhagg|ng. Uchcn-
do I96;.
z;. ohannan I
9
6
4
.
4
;.
z8. Notcvcn arca| busncssdca| , sncc
thcsc may o|tcn nvo|vc a grcat dca| o|
co||cctvc wnng and dnng and gvng
o| prcscnts. Morc thc sort o| magnary
4 N 1 L b
busncss dca| that appcars n cconomics
tcxtbooks.
z
9
. nc nccd on| y g|ancc at thc vast
anthropo|ogca| |tcraturc on "compcttvc
|castng". c. g. , Va|cr zooI.
3
o. ourdcu I
96
5
s thckcy tcxt, but
hc rcpcats thc man ponts n ourdcu
I99o. 98-ror.
3
I. nv|ccI
9
8o. zo
4
.
3
z. Ictronus
5
I, I|ny Natura/ History
3
6. I
95
, Do
5
;. zI.
5
-;.
33
. "Jhs kng s o| a| | mcn thc most
addctcd to thc makng o| g|ts and thc
shcddng o| b|ood. Hsgatc s ncvcr wth-
out somc poor man cnrchcd or somc |v-
ng man cxccutcd. "
34
. r cvcn thc vcry rch. Nc|son
Kockc|c||cr, |or cxamp|c, uscd to prdc
h msc|| on ncvcr carryng a wa||ct. Hc
ddn't nccd onc. Lvcry now and thcn
whcn hc was workng |atc and wantcd
cgarcttcs, hc wou|d borrow somc |rom
thc sccurty pcop|c at thc dcsk at Kock-
c|c||cr Ccntcr, who wou|d thcn bc ab|c
to boast that thcy had |cnt a Kockc|c||cr
moncy and wou|d rarc|y ask |or t back.
In contrast, "thc sxtccnth-ccntury Iortu-
gucsc monarch Dom Manuc|, ncw|y rch
|rom thc Indcs tradc, adoptcd thc tt|c
' Lord o| thc Congucst, Navgaton, and
Commcrcc o| Lthopa, Araba, Icrsa,
and Ind a. ' thcrs ca||cd hm thc "groccr
kng. " Ho zoo
4
. zz;) .
35
. Scc Gracbcr zooI. I;
5
-;6.
3
6. Lvcn bctwccn strangcrs t's a bt
unusua|. as Scrvct I
9
8I, I
9
8z) has cmpha-
szcd, most "prmtvc tradc" takcs p|acc
through tradc partncrshp and spcca|zcd
rcgona| mdd|cmcn.
3
;. I |ramc thngs ths way bccausc I
am man|y ntcrcstcd hcrc n cconomcs.
I|wc wcrc thnkng smp|y o|humanrc|a-
tons, I supposc onc mght say that atonc
cxtrcmc s k||ng, and at thc othcr, gvng
brth.
3
8. In |act, tsccmscsscntia| to thc na-
turc o|charty that, |kc a g|ts to a kng,
t can ncvcr |cad to rccprocty. Lvcn |
t turns out that thc pathctc-|ookng bcg-
gar s rca||y a god wandcrng thc carth n
morta| |orm, orHarun a|-Kashd,yourrc-
ward w|| bc cntrc|y dsproportonatc. r
consdcr a|| thosc storcs about drunkcn
m||onarcs on a bngc who, whcn thcy
got thcr ||c back togcthcr, hand out |an-
cy cars or houscs to thcr car|cr bcnc|ac-
tors. It's cascr to magnc a panhand|cr
gvngyou a |ortuncthan rcturnng an cx-
act cguva|cnt to thc do||ar that you gavc
h m.
39
. Xcnophon Cyroedia VI I I . 6,
Hcrodotus
3
. 8.
9
, scc rant zoo6. I
93
-I
9
4
,
39
4
-
4
o
4
, who acknow|cdgcs that somc-
thng broad|y a|ong thcsc |ncs probab|y
dd takc p|acc, wth a morc mpromptu
g|t systcm undcr Cyrus and Cambyscs bc-
ng systcmatzcd undcr Darus.
4
o. Marc |och I
9
6I. u
4
-I
5
) , who
adds "cvcry act, cspcca||y | t was rc-
pcatcd thrcc or |our tmcs, was |kc|y to
bc trans|ormcd nto a prcccdcnt-cvcn |
n thc hrst nstancc t had bccn cxccpton-
a| or cvcn |rank|y un|aw|u| . "
4
I. Jhc approach s o|tcn dcnthcd
wth rtsh anthropo|ogst A. M. Hocart
I
93
6) . Jhc mportant thng s that ths
docs not ncccssar|y mcan that thcsc bc-
camc thcr man or cxc|usvc occupatons.
most o| thc tmc, such pcop|c rcmancd
smp|c |armcrs |kc cvcrybody c|sc. Yct
what thcy dd |or thc kng, or |atcr, on
rtua| occasons, |or thc communty, was
sccn as dchnng thcr csscnt a| naturc,
thcr dcntty wthn thc who|c.
4
z. In |act, wc may bccomc ndgnant
at hcr |or an act o| stngncss wc wou|d
ncvcr cvcn consdcr stngy n anyonc
c|sccspcca||y, oursc|vcs.
43
. A vcrson has bccn pub|shcd
as. Sarah St||man, "Jhc mssng whtc
gr| syndromc. dsappcarcd womcn
and mcda actvsm" St||man, zoo;) .
p u b | c a t o n s . ox|am. o r g. uk/ ox|a m/
d s p| a y . a s p K=oozjI z
4
6 s |_oI =c at
c| assst_oI=6zosort=SKJ _DAJL/
dm=8
4
dc=;I
9
44
. Karatan zoo
3
. zo
3
-zo
5
) makcs
ths pont compc||ng|y. Jhc Kwakut|
and othcr F rst Natons o|thc Northwcst
Coast arc somcthng o| an ntcrmcdary
N 1 L b 4
cascarstocratc, but at |cast n thc pc-
rod wc know about, usng non-cocrcvc
mcans to gathcr rcsourccs though Codcrc
I
95
o. )
45
. Gcorgcs Duby I
9
8o) provdcs thc
dchntvc hstory o| ths conccpt, whch
gocs back to much o|dcr Indo-Luropcan
dcas.
4
6. Fora typca| cxamp|c o|magnary
rccprocty bctwccn |athcr and son, scc
|vcr I
955
. zo. Anthropo|ogca| thcory
bu||s w|| notcc that I am hcrc cndors-
ng Ldmund Lcach' s I96I) poston on
thc "crcu|atng connubum" prob|cm. Hc
|atcrapp|cdthc samc argumcnt to thc |a-
mous "ku|a chan" I
9
8
3
) .
4
;. Actua||y, thcrc arc hcrarchca| rc-
|atons that arc cxp|ct|y sc||-subvcrtng.
thc onc bctwccn tcachcr and studcnt, |or
cxamp|c, sncc | thc tcachcr s succcss|u|
n passng hcr know|cdgc to thc studcnt,
thcrc s no |urthcr bass |or ncgua|ty.
4
8. Frcuchcn I
9
6I. I
54
. It's not c|car
what thc orgna| |anguagc was hcrc, con-
sdcrng that thc Inut dd not havc an
nsttuton o| s|avcry. A|so, thc passagc
wou|d not makc scnsc un|css thcrc wcrc
some contcxts n whch g|t cxchangc dd
opcratc, and thcrc|orc, n whch dcbts ac-
crucd. What thc huntcr s cmphaszng s
that t was |c|t mportant that ths |ogc
dd not cxtcnd to basc nccds |kc |ood.
4
9
. F rth I
959
.
4
u-Iz a|so n Gracbcr
zooI. I;
5
) . Hs namc was Jc Kcnga.
o. For onc |amous cxamp|c. Chagnon
I
99
6. o;6.
r. Sm|ar|y, two groups mght |orm
an a||iancc by contractng a "| okng rc|a-
ton, " n whch any mcmbcr o|onc cou|d
at |cast n thcory makcsm|aroutragcous
dcmands o|thc othcr Hcbcrt I
95
8) .
5
z. Marcc| Mauss, nh s |amous "Ls-
say on thc G |t" I
9
z
4
) , o|tcn dd, andthc
rcsu|ts havc somctmcs con|uscd dcbatc
|or gcncratons to comc.
53
. Mauss I
9
z
5
, thc Grcck sourcc bc-
ng Iosdonus. As usua| onc docs not
know how |tcra||y to takc ths account.
Mauss thought t |kc|y accuratc, I suspcct
t mght havc happcncd oncc or twcc.
54
. As rcto|d by W||am Ian M||cr

99
. r-6) . Jhc hrst guotc s d rcct|y
|rom thc orgna|, Lg| ' s Saga, chaptcr
;8. Lg| rcmancd ambva|cnt about thc
shc|d. hc |atcr took t to a wcddng party
and contrvcd to drop t nto a vato|sour
whcy. A|tcrward, conc|udng t was ru-
ncd, hc strppcd t|or ts raw matcra|s.
55
. Scc, |or nstancc, Wa||acc-Hadr||
I
9
8
9
.
5
6. |axtcr I
9
;I. Iz;-z8.
5
;. Anothcr anthropo|ogst, |or n-
stancc, dchncs patron-c|cnt rc|atons as
"|ong-tcrm contractcd rc|atons n whch
thc c|cnt's support s cxchangcd |or thc
patron's protccton, thcrc s an dco|ogy
whch s mora||y chargcd and appcars to
ru|c out strct, opcn accountng, but both
partcs kccp somc tact rough account,
thc goods and scrvccs cxchangcd arc not
sm|ar, and thcrc s no mp|caton o||ar
cxchangc or ba|ancc o|sats|actons, sncc
thc c|cnt s markcd|y wcakcr n powcr
and nccds thc patron morc than hc s
nccdcd by hm" Lozos I
9
;;. u) . Agan,
t both s and sn't an cxchangc, t's both
a mattcr o| accountng and not a mattcr
o|accountng.
5
8. lt's cxact|y thc samc | onc takcs
a | ob at a doughnut shop, |cga||y, t must
bc a |rcc contract bctwccn cgua|s, cvcn
| n ordcr to bc ab|c to say ths wc havc
to mantan thc charmng |cga| hcton
that onc o| thcm s an magnary pcrson
namcd "Krspy Krcmc. "
59
. For nstancc thc word "shou|d, " n
Lng|sh, orgna||y dcrvcs |rom Gcrman
scbu/d, mcanng "gu|t, |au|t, dcbt. " cn-
vcnstc provdcs sm|ar cxamp|cs |rom
othcr Indo-Luropcan |anguagcs I
9
6
3
.
5
8) .
Last Asan |anguagcs such as Chncsc and
|apancsc rarc|y conhatc thc actua| words,
but a sm|ar dcnthcaton o| dcbt wth
sn, shamc, gu|t, and |au|t can bc cas|y
documcntcd Ma|amoud I
9
88) .
6o. I|utarch Mora/ia
3
o
3
, a|so ds-
cusscd n Fn|cy I
9
8r. r
5
z, M||ctt I
99
ra.
4
z.
Sm|ar|y, St. Jhomas Agunas madc t a
mattcr o|Catho|c doctrnc that sns wcrc
"dcbts o|punshmcnt" owcd to God.
4 N 1 L b
6r. Jhs s onc rcason why t's so casy
|O dtc uQ O|hct Ot| O tcl a|iOnhiQ a
dcbts. Say onc wshcs to hc|p out a |rcnd
n dcspcratc nccd o| moncy but docsn't
want to cmbarrass hcr. Usua||y, thc cas-
cst way to do t s to provdc thc moncy
and thcn nsst that t's a |oan and thcn
|ct both partcs convcncnt|y |orgct t cvcr
happcncd) . r thnk o| a| | thc tmcs and
p|accs whcrc thc rch acgurc scrvants by
advancngwhat s ostcnsb|y a |oan.
6z. nc cou|dargucthat somccguva-
|cnt o| "p|casc" and "thank you" cou|d
bc dcnthcd n any human |anguagc, |
onc wcrc dctcrmncd to hnd thcm, but
thcnthctcrms you hnd arc o|tcn uscd so
d||crcnt|y-|or nstancc, on|y n rtua|
contcxts, or to hcrarchca| supcrors-.
that t's hard to attach much sgnhcancc
to thc |act. It s sgnhcant that ovcr thc
|ast ccntury or so |ust about cvcry human
|anguagc thatsuscdn o|hccs orto makc
transactons n shops has had to crcatc
tcrms thatdo|uncton as an cxact cguva-
|cnt o|thc Lng|sh "p|casc, " "thank you,"
and "you'rc wc|comc. "
6
3
. In Span sh onc hrst asks a |avor
or[auor) , andthcn saysgracias,nordcr
a|hrm you rccognzc onc has bccn donc
|or you, sncc t dcrvcs |rom thc Latn
word gratia, mcanng "nhucncc, or |a-
vor. " "Apprccatc" s morc monctary. |
you say "I rca||y apprccatc your dong
that |or mc," you arc usng a word that
dcrvcs |rom Latn aretiare, "to sct a
prcc. "
6
4
. "You' rc wc|comc," hrst documcnt-
cdnShakcspcarc' stmc,dcrvcs|rom |d
Lng|shui/cuma,ui/bcng "p|casurc" and
cuma bcng "gucst. " Jhs s why pcop|c
arc st || wc|comcd nto a housc. It s thus
|kc "bc my gucst," mp|yng that, no,
| thcrc s an ob|gaton t's on my part,
as any host s ob|gcd to bc gcncrous to
gucsts, and that dspatchng such ob|ga-
tons s a p|casurc n tsc||. St||, t's sg-
nhcant that mora|sts rarc|y chdcanyonc
|or |a|urc to say "you' rc wc|comc"-that
onc s much morc optona|.
6
5
. ook I. Iz. Jhs and othcr guotcs
atc rOm |hc zoo6 cngutn bcrccch |rans-
|aton, n ths casc, p. 86.
66. Comparc thc Mcdcva| Arab ph-
|osophcrIbn Mskaway. "Jhccrcdtordc-
srcs thc wc||-bcng o|thc dcbtor n ordcr
to gct hs moncy backrathcr than bccausc
o| hs |ovc |or hm. Jhc dcbtor, on thc
othcr hand, docs not takc grcat ntcrcst n
thc crcdtor. " n Hosscn zoo
3
.
3
6) .
6;. Appropratc, sncc Ianurgc's cntrc
dscoursc s nothng but a comca| c|abo-
raton o| Marcc|o Fcno's argumcnt that
thc cntrc unvcrsc s drvcn by thc powcr
o||ovc.
hBpl6| b1X
r. From. Ictcr Car|son, "Jhc Kc|a-
tvc|y Charmcd L|c o| Nc| ush, " Tbe
Wasbington Fost, Sunday Dcccmbcr z8,
zoo
3
, Iagc DoI.
z. Grcrson I
9
;;. zo.
3
. Jo bc |artoGrcrson,hcdocs|atcr
suggcst that s|avcry p|aycd an mportant
part n thc orgns o| moncy-though hc
ncvcr spccu|atcs about thc gcndcr, whch
sccmssgnhcant. s|avcgr|s a|soscrvcdas
thc hghcst dcnomnaton o| currcncy n
Mcdcva| Icc|and W||ams I
9
3
;) , and n
thcKgVcda,grcatg|ts andpaymcnts arc
rcgu|ar|y dcsgnatcd n "go|d, catt|c, and
s|avc gr|s" Chakravart I
9
8.6-
5
;) . y
thc way, I say "young"bccauscc|scwhcrc,
whcn s|avcs arc uscd as monctary unts,
thcuntsassumcdto bc a s|avcaboutI8-
zo ycars o|d. A cuma/ was consdcrcd thc
cguva|cnt n va|uc o|thrcc m|ch cows or
sx hc|crs.
4
. n cuma/ scc No|an I
9
z6, Lnzg
r
9
4
9
. z
4
;-
4
8, Gcrrcts I
9;8, I9
8I, I9
8
5
,
Iattcrson I
9
8z. I68
9
, Kc||y I
99
8. IIz-I
3
.
Most mcrc|y cmphaszc that cuma/ wcrc
|ust uscd as unts o|account and wc don't
knowanythngaboutcar|crpractccs. It's
notab|c, though, that n thc |aw codcs,
whcn scvcra| d||crcnt commodtcs arc
uscd as unts o| account, thcy w|| nc|udc
N 1 L b 4
that country' s most sgnhcant cxports,
and tradc currcncy that's why n Kussan
codcs,thc unts wcrc|ur and s|vcr) . Jhs
wou|d mp|y a sgnhcant tradc n |cma|c
s|avcs n thc pcrod | ust bc|orc wrttcn
rccords.
5
. So cndcr :
99
6.
6. Hcrc I am drawng on thc dcta|cd
cthnographc survcy work o| A|an Jc-
start zooo, zoor, zooz) . Jcstart docs a
magn hccnt | ob synthcszng thc cvdcncc,
though hc tooas wc' || scc n thc ncxt
chaptcr-has somc cgua||y strangc b|nd
spots n hs conc|usons.
7. "A|though thc rhctorca| phrasc
'sc||ng onc's daughtcr nto prosttuton'
has wdc currcncy . . . thc actua| arrangc-
mcnt s morc o|tcn prcscntcd as cthcr
a |oan to thc |am|y or an advancc pay-
mcnt |or thc gr|'s usua||y unspcc hcd
or msrcprcscntcd) scrvccs. Jhc ntcrcst
on thcsc '|oans' s o|tcn roo pcrccnt, and
thc prncpa| may bc ncrcascd by othcr
dcbts-|or |vng cxpcnscs, mcdca| carc,
brbcs to o|hca|s-accrucd oncc thc gr|
has bcgun work" shop Kobnson
:
99
8. ro
5
) .
8. S oMchac| Hudson ctcd nWray
r
999
) , but t' s c|carcnough |onc |ooks at
thc |anguagc o| thc orgna|. "Jhou sha|t
not covct thy ncghbour's housc, thou
sha|t not covct thy ncghbour's w|c, nor
hs manscrvant, nor hs madscrvant, nor
hs ox, nor hs ass, nor any thng that s
thy ncghbour' s" Lxodus zo. :
7
, Dcutcr-
onomy
5
.z: ) .
9
. Wampum s a good cxamp|c. In-
dans ncvcr sccm to havc uscd t to buy
thngs |rom othcr mcmbcrs o| thc samc
communty, a|though t was rcgu|ar|y
uscd nconductngtradcwth sctt|crs scc
Gracbcr zoo:. r-r
5
o) . thcrs, |kc Yurok
shc|| moncy or somc Iapuan currcnccs,
arc wdc|y uscd as currcnccs n add-
ton to thcr soca| |unctons, but thc hrst
sccms to havc cmcrgcd |rom thc sccond.
:o. Jhc most mportant tcxts on thc
"brdcprcc dcbatc". Lvans-Irtchard
:
93
:, Kag|an :
93
:, Gray :
9
68, Coma-
ro|| :
9
8o, Va|cr :
994
. nc rcason why
Lvans-Irtchard orgna||y proposcd to
changc thc namc |rom "brdcprcc" to
"brdcwca|th" bccausc thc Lcaguc o| Na-
tonshad n :
9
z6 out|awcdthc practcc as
a |ormo|s|avcry Guycr :
994
) .
r r . n

Jv knshpand cconomy. Dug-

gan :
93
z, Abraham r
933
, Downcs :9
33
,
Akga :
939
, L. ohannan :
95
z, I. ohan-
nan :
955
, :957, :959, I. L. ohannan
:
953
, :
9
68, Jscayo :
975
, Kc| :
979
.
:z. Akga Sa :
939
. :o6 |or a good
ana|yss o| how ths cou|d happcn. For
a |atcr comparatvc rcana|yss n rcgona|
pcrspcctvc, scc Fardon :
9
8
4
, r
9
8
5
.
:
3
. Iau| ohannan puts t. "Jhc kem
rc|atonshp o| dcbt bctwccn a man and
hs w|c' s guardan s ncvcr brokcn, bc-
causc kem s pcrpctua| , thc dcbt can ncvcr
bc |u||y pad. " :
95
;
73
. ) thcrwsc thc
account s |rom Akga :
939
. rz6-:z
7
) .
:
4
. Kospabc :
993
.
35
.
:
5
. Lvans-Irtchard :
94
o. :
53
.
r6. As thc cthnographcr puts t, "that
thcy arc acccptng thc catt|c on|y n ordcr
to honour h m and not bccausc thcy arc
rcady to takc catt|c |or thc ||c o| thcr
dcad knsman. " :
94
o. r
53
)
. p ct :
54
-:
55
.
t8. Morgan :8
5
:.
33
z. Morgan, a |aw-
ycr by trainng, s usng a tcchnca| tcrm
hcrc, "condonaton," whch thc x|ord
Lng|sh Dctonary dchncs as "thc vo|un-
tary ovcr|ookng o|an o||cncc. "
:
9
. Morgan r8
5
: .
333
. Jhc basc|nc
was hvc |athoms |or a man, tcn |or a
woman, but othcr |actors mght ntcrvcnc
J. Smth :
9
8
3
. z
3
6, Morgan :8
5
:.
33
:-
34
, Iarkcr :
9
z6) . n "mournng wars"
scc Kchtcr :
9
8
3
, thc cxprcsson "puttng
hs namc upon thc mat" s |rom Fcnton
r
97
8.
3
:
5
. Incdcnta||y I am assumng t's
a man who dcs, sncc thcsc arc thc cx-
amp|cs n thc sourccs. It's not c|car |
thc samc was donc |orwomcn who dcd
natura| | y.
zo. Lvans-Irtchard :
94
o. r
55
, r
95
:. rog
D, Howc|| :
954
.
7
:-8o, Gough :
97
r,
Hutchnson r
99
6. 6z, :
75
-/6.
zr. Kospabc :
995
.
47-
4
8, ctng Ictcrs
r
947
.
4 1 N 1 L b
zz. n mourning war. Kichtcr :98
3
.
Intcrcsting|y, somcthing simi|ar occurrcd
among thc Nambikwara. I mcntioncd in
chaptcr
3
that thc |casts hc|d a|tcr bartcr
cou|d |cad to scductions and |ca|ous mur-
dcrs, Lcvi-Strauss adds that thc ordinary
way o| rcso|ving such murdcrs is |or thc
ki||cr to marry(hc victi m` swi|c, adopt his
chi|drcn, and thus, c||cctivc|y, bccomc thc
pcrson thc victim uscd to bc :
943
. Iz
3
) .
z
3
. Jhough pcop|c did usc thcm to
commissionccrtain|ancycra|tgoods say,
musica| instrumcnts) |rom spccia|ists i n
othcrvi|| agcs :
9
6
3
.
54
-
55
) .
z
4
. Doug|as :
95
8. ::z, a|so :
9
8z.
43
.
z
5
. Doug|as :
9
6
3
.
5
8) cstimatcs that a
succcss|u| man wi|| havc spcnt at mini-
mum
3
oo ra|ha c|oths i n paymcnts, and
givcn away at |cast
3
oo morc as gi|ts, by
thc timc hc rcachcd |u| | socia| maturity.
z6. As anthropo|ogists o|tcn notc, thc
|act that onc traccs dcsccnt through thc
|cma|c |incdocs not ncccssari|y mcan that
womcn thcmsc|vcs havc a |ot o| powcr.
It can, it did among thc Iroguois, and it
docs among Minangkabau rightnow. ut
it docsn`t ncccssari|y.
z/. Doug|as :
9
6
3
. :
44
-
45
, which is an
adoption o|:
9
6o.
3
-
4
.
z8. Shc was in |act a conscrvativc
Catho|ic, marricd a Jory cconomist, and
tcndcd to |ook with disdain on a|| |ibcra|
conccrns.
z
9
. As i|to hammcr this homc, a man
wasactua||yconsidcrcd to bc owcda |i|c-
dcbt |or |athcring |cma|c chi|drcn Doug-
|as :
9
6
3
. ::
5
)-that cou|d on|y bc paid
by a| |owing hi m to takc onc o| his own
daughtcrs` daughtcrs as a pawn. Jhison|y
makcs scnsc i|wc assumc a princip|c that
on|y mcn can bc owcd a |i|c, and thcrc-
|orc, in thc casc o| womcn, thc crcation
o| |i|c was assumcd to bcgivcn |rcc. Mcn,
as notcd, cou|d bc pawns and manywcrc,
but thcy wcrc ncvcr tradcd.
3
o. Doug|as :
966. :
5
o.
3
:. n "vi||agc-wivcs, "sccparticu|ar|y
Doug|as :
95
:, a|so :
9
6
3
. :z8-
4
o.
3
z. Doug|as :
96
3
./6, comparc :
95
:. ::.
Jhcauthor i s c|car|y simp|y rcpcating hcr
in|ormants` cxp|anation |or thc custom.
thc Lc|c didn`t "havc t o" makc such an
arrangcmcnt, in |act, most A|rican socict-
ics did not.
33
. Somc vi||agc wivcs wcrc |itcra||y
princcsscs, sincc chic|s` daughtcrs invari-
ab|y chosc to marry agc-scts i n this way.
Jhc daughtcrs o| chic|s wcrc a||owcd to
havc scx with anyonc thcy wantcd, rc-
gard|css o|agc-sct, and a|so had thc right
to rc|usc scx, which ordinary vi||agc wivcs
did not. Irinccsscs o| this sort wcrc rarc.
thcrcwcrc on|ythrccchic|s i n a||Lc|ctcr-
ritory. Doug|as cstimatcs that thc numbcr
o|Lc|c womcn who bccamc vi||agc wivcs,
on thc othcr hand, was about :o pcrccnt
:
95
: ) .
34
. For instancc. :
9
6o.
4
, :
9
6
3
. :
45
-
4
6,
:68-/
3
, :
9
6
4
.
3
o
3
. bvious|y, mcn cou|d
somctimcs put a grcat dca| o| physica|
prcssurc on womcn, at |cast, i| cvcryonc
c|sc agrccd thcy had a mora| right to do
so, but cvcn hcrc Doug|as cmphasizcs
most womcn had a good dca| o|room |or
mancuvcr.
35
. n pcacc|u|ncss, particu|ar|y,
:
9
6
3
. /o/:.
3
6. :
96
3
. :/o.
3
/. :
96
3
. :/:.
3
8. Costo|s|avcs. :
9
6
3
.
3
6, :
9
8z.
4
6
4/.
39. Iart|y, though, this was bccausc
thc main purposc o| ma|c s|avcs was to
bc sacrihccd at important mcn`s |uncra|s
:
9
6
3
.
3
6) .
4
o. Scc Gracbcr zoo:, chaptcr
4
. Jhc
grcat cxccption might sccm to bc thc cat-
t|c moncy o|thc Nucr, and simi|arpasto-
ra| pcop|cs. Yct cvcn thcsc wcrc arguab|y
adornmcnto| thcpcrsono|a sort.
4
: . Akiga Sai :
939
. :z:, :
5
8o.
4
z. So too whcn Jiv practiccd mar-
riagc by capturc. Akiga Sai :
939
. :
3
/-
4
:) .
43
. Hcrc I ` m drawing on thc c|assic
"sphcrcs o| cxchangc" ana|ysis by Iau|
ohannan :
955
, :
959
) , supp|cmcntcd by
Dorward :9/6) and Guycr zoo
4
. z/-
3
: ) .
44
. SoAkigaSai :
939
. z
4
:, I. ohannan
:
955
. 66,I. L. ohannnan :
9
68. z
33
, z
35
.
As charisma in gcncra|. Last in Akiga Sai
:
9
3
9
. z
3
6, Downcs:
9/:. z
9
.
N 1 L b 4 1 1
45
. Scc Abraham I
933
. z6, Akiga Sai
I939. z
4
6, I. ohannan I
95
8.
3
, Downcs
I
97
I. z
7
.
4
6. n witchcs in gcncra| . I. ohan-
nan I
957
. I8
7
-88, I
95
8, Downcs I
97
I.
3
z-
z
5
. n hcsh dcbts or ikiindi): Abraham
I
9
33
. 8I-8
4
, DowncsI
97I.
3
6-
4
o.
47
. Akiga Sai I93
9
. z
57
.
4
8. Akiga Sai I93
9
. z6o.
49
. Fo||owing hcrc Wi|son I
95
I .
o. Iau| ohannan I
95
8.
4
) makcs a
simi|ar but not idcntica| argumcnt.
r. Jiv migration storics c. g. Abra-
ham I
9
33
.-z6, Akiga ohannan I
954
,
I. ohannan I
954
) do not cxp|icit|y say
this, but thcy cou|d casi|y bc rcad this
way. Akiga`s story I
939
. I
37
) about Jiv
migrants painting what |ookcd |ikc sorcs
on thcir womcn`s bodics so raidcrs wou|d
not takc thcm is particu|ar|y suggcstivc.
Dcspitcthcir |ack o|govcrnmcnt, Jiv did
havc a notorious|y c||cctivc war organi-
zation, and as Abrahams notcs I
9
33
. I9) ,
managcd t o succcss|u||y p|ay thc Fu|ani
and |ukunagainstcach othcr by intcrvcn-
ing in thcir own wars with cach othcr.
5
z. Somc o| thcsc raids wcrc not cn-
tirc|y unsucccss|u| . For a whi|c, it wou|d
appcar, thcncarby|ukunkingdom,which
madc scvcra| u|timatc|y unsucccss|u| c|-
|orts to incorporatc thc Jiv in thc cigh-
tccnth ccntury, appcar to havc bccn sc||-
ingJivcaptivcsto s|avc dca|crs opcrating
on thc coast Abraham I
933
. I
9
, Curtin
I
9
6
5
. z
55
, z
9
8, Latham I
973
. z
9
, Jambo
I
97
6. zoI-
3
. ) It`s doubt|css signihcanthcrc
that many Jiv insistcd in thc I93
os that
thc |ukun wcrc thcmsc|vcs canniba|s, and
that thc origins o| thc m0atsau "organi-
zation" |ay in ccrtain chichy tit|cs that
Jiv acguircd |romthcm whcn thcyhna||y
camc to a po|itica| rapprochcmcnt Abra-
ham I
9
33
.
33
-
35
) .
53
. |oncs I
95
8, Latham I
97
I, Northrup
I
97
8. I
57

4
, Hcrbcrt zoo
3
. I
9
6. Jhc |a-
mous Mcdicva| Arab travc|cr Ibn attuta,
who wc`vc a|rcady mct at thc courto|thc
King o| Singh in chaptcr z, saw pcop|c
using thcm as moncy in thc Nigcr rcgion,
not|araway, in thc I
34
os.
54
. Hcrbcrt zoo
3
. I8I) csti matcs that
Luropcansimportcd aboutzo,oootons o|
Lng|ish brass and coppcr into A|rica bc-
twccn I6
99
and I86
5
. Itwas manu|acturcd
in risto|, Chcad|c, and irmingham. Jhc
vast ma| ority was cxchangcd |or s|avcs
55
. I basc this numbcr on thc |act that
I
5
z,o
7
6 s|avcs arc known to havc bccn cx-
portcd |rom thcighto|ia|ra asa who|c
in thosc ycars L|tis, chrcnt, Kichardson
K|cin zooo) . Jhc s|avc tradc at |d
Ca|abar |astcd rough|y |rom I6
5
o to I8
4
I,
during whichti mcthcportwas by|arthc
|argcst i n thc ight, and thc cxports |rom
thc ight itsc||during its hcight rcprcscnt
about zo pcrccnt o|a|| A|rica Lovc|oy
Kichardson I
999
.
337
) .
5
6. Shcridan I
95
8, Iricc I
9
8o, I9
8
9
,
I
99
I.
57. A | argcr varicty o|bcads.
5
8. arbot in Ja|bot I
9
z6 l . I8
5
-I86.

9
. Inkori I
9
8z) dcmonstratcs that in
thc |atc cightccnth ccntury, ritish ships
docking in |d Ca|abar brought on avcr-
agc
4
oo muskcts cach, and that bctwccn
I
757
and I8o6, thc tota| numbcr importcd
into thc Ca|abar-Camcroons rcgion was
zz,
9
86. Kum and othcr |iguor was, how-
cvcr, a vcry minor import.
6o. nc common cxpcdicnt, cspccia||y
in thc car|y ycars, was |or mcrchants to
arrivc at vi||agc markcts with canocs |u||
o| warcs, cxchangc thcm |or s|avcs, and
thcn,i |thcydidn`tcomcuptoguota,wait
unti| night|a|| and simp|y attack homc-
stcads a|ongthc rivcr, carryingo||anyonc
thcy cou|d hnd C|arkson i n Northrup
I
97
8. 66, a|so citcd in Noah I
99
o.
94
. )
6I. Jhc cxisting scho|ar|y | itcraturc
i s o| |itt|c hc|p in rcconstructing thc his-
tory o| how onc |orm was trans|ormcd
into thc othcr, sincc thcrc arc on|y works
trcating pawnship either as a mattcr o|
kinship c.g., Doug|as I
9
6
4
, Fardon I
9
8
5
,
I
9
86) , or o| commcrcc c. g. , Fa|o|a
Lovc|oy I
994
) , but ncvcr comparing thc
two. As a rcsu|t, many basic gucstions
rcmain unaskcd. Fa|o|a and Lovc| oy, |or
instancc, suggcst that pawns` |abor |unc-
tions as intcrcst, butthc book containsno
4 1 Z N 1 L b
in|ormation on whcthcr intcrcst-bcaring
|oans cvcn cxistcd in thc parts o| A|rica
whcrc pawnship was practiccd.
6z. It`sa|soc|carthatthissorto|pawn-
ship must havcdcvc|opcd|romsomcthing
|ikcthc Lc|c institution. Manyo|thc ru|cs
arcthc samc. |or instancc, much as among
thc Lc|c, i | a gir| was p|cdgcd, thc crcdi -
tor o|tcn had thc opti on o| marrying hcr
whcn shc rcachcd maturity, thus cancc|-
|ing thc dcbt.
6
3
. Lovc|oy Kichardson I
999
.
349
-
5
I, zooI.
6
4
. Lguiano I/8
9
.6-I
3
.
6
5
. thcrs inc| udcd thc Akunakuna,
and thc Lhk, who wcrc bascd in Ca|abar
itsc||. Jhc Aro wcrc Igbo-spcakcrs, and
thc rc
[
ion a patchwork o| spcakcrs o|
Igbo and Ibibio |anguagcs.
66. n thc Aro in gcncra|, scc |oncs
I
939
, ttcnbcrgI
95
8, Ahgbo I
9/I, Lkc| iu-
ba I
9/z, Isichci I
9/6, Northrup I
9/8, Dikc
Lkc| iuba I
99
o, Nwauwa I
99
I.
6/. Di kc and Lkc| iuba I
99
o. I
5
o) cs-
timatc that /o pcrccnt o| thc s|avcs so|d
to Luropcans in thc ight o| ia|ra camc
|romthc Aro. Mosto|thc rcst camc|rom
thc othcr mcrchant socictics.
68. nc twcnticth-ccntury c|dcr rc-
ca||cd, "a woman who commitcd adu|tcry
wou|d bc so|d by hcr husband and thc
husband kcpt thc moncy. Jhicvcs wcrc
so|d, and thc moncy wcnt to thc c|dcrs
whosc rcsponsibi |ity it was to makc thc
dccision. " Northrup I
9/8. 6
9
)
6
9
. Northrup I
9/8. /
3
/o. n Lkpc as dcbt cn|orccmcnt in
Ca|abaritsc||.|oncsI
9
68, LathamI
9/
3
.
35
-
4
I, Lovc| oy Kichardson I
999
.
34/-
49
.
n thc sprcad o| Lkpc to Arochukwc and
throughout thc rcgion. Kuc| I
9
6
9
. z
5
oz
5
8,
Northrup I
9/8. Io
9
-::o, Nwaka I
9/8,
ttcnbcrg Knudson I98
5
. Nwaka
I
9/8. I88) wrtcs. "Jhc Lkpc socicty, thc
most widcsprcad in thc Cross Kivcr arca,
|ormcd thc basis o| |oca| govcrnmcnt. It
pcr|ormcdcxccutivcandj udicia||unctions
in arcas whcrc it opcratcd. Jhrough thc
agcncy o| its mcmbcrs, punishmcnts wcrc
administcrcd to pub|ic o||cndcrs, customs
cn|orccd and thc authority o| thc c|dcrs
uphc|d. Lkpc |aws to somc cxtcnt rcgu|at-
cd thc |ivcs o|most mcmbcrs o|thc com-
munity in such mattcrs as thc c|caning o|
towns and strccts, co||cction o|dcbts and
othcr mcasurcs o| pub|ic bcncht. "
/I. Latham I
9
6
3
.
3
8.
/z. Jakcn |rom Wa|kcr I8/
5
. Izo
/
3
. ttcnbcrg ttcnbcrg I
9
6z. Iz
4
.
/4
. Iartridgc I9o
5
z.
/
5
. I| onc wcrc sccking a pawn, onc
cou|dn' t simp|y takc a random chi|d |rom
a ncighboringvi| |agc, as hisorhcrparcnts
wou|d guick|y track thc chi|d down.
/6. In Lovc|oy Kichardson zooI
4
.
For a para||c| casc in Ghana, scc Gctz
zoo
3
. 8
5
.
//. Kcmarkab|y, Akiga Sai I
939
.
3
/9
-
8o) insists that, among thc Jiv, this was
thc origin o| s|avcry. thc scizing o| hos-
tagcs |rom thc samc |incagc as somconc
who rc|uscd to pay a dcbt. Say, hc says,
thc dcbtor sti|| rc|uscs to pay. Jhcy wi||
kccp thcir hostagc |cttcrcd |or a whi|c,
thcn, hna||y, sc|| thcm in anothcrcountry.
"Jhis is thc origin o|s|avcry. "
/8. So Harris I
9/z. Iz8 writing o| an-
othcr Cross Kivcr district, Ikom. onc o|
thc ma|or supp|icrs o| s|avcs |or Ca|a-
bar. Jhcrc, shc notcs, dcbtors wcrc o|tcn
ob|igcd to pawn thcmsc|vcs whcn matcr-
na| and patcrna| kin intcrvcncd to prcvcnt
thcm |rom sc||ing o|| any morc o| thcir
rc|ativcs, with thc rcsu|t that thcy wcrc
hna||y cns|avcd and scnt to Ca|abar.
/9. Wc do not know what proportion.
King Lyo II to|d a ritish missionary that
s| avcs "wcrc so|d |or di||crcnt rcasons-
somc as prisoncrs o| war, somc |or dcbt,
somc |or brcaking thcir country's |aws
and somc by grcat mcn who hatcd thcm"
inNoah I
99
o.
95
) . Jhis suggcsts thatdcbt
was not insignihcant, cspccia||y sincc as
Iicr Larson zooo. I8) notcs, a| | sourccs at
thc timc wou|d |ist "war," sincc it was
considcrcd thc most |cgitimatc. Comparc
Northrup I
9/8./6-8o) .
8o. Kci dI98
3
. 8
8I. op cit.
8z. Kcid I
9
8
3
. Io
N 1 L b 4 1 O
8
3
. Vckcrs I
99
6) provdcs an cxcc|-
|cnt hstory o| a| ' s magc n thc North
At|antc magnaton, |rom "savagc a|"
to tcrrcstra| paradsc.
8
4
. Gccrtz Gccrtz I
9/
5
, oon
I9/). IzI-z
4
. c|o I
93
6. z6) ctcs n|or-
mants n thc I
9
zos that nsstcd that mar-
ragc by capturc was a |ar|y rcccnt n-
novaton, whch cmcrgcd |rom gangs o|
young mcn stca|ng womcn |rom cncmy
v||agcs and, o|tcn, dcmandng that thcr
|athcrs pay moncy to gct thcm back.
8
5
. oon I
9/;/4
86. Covarrubas I
93
/. Iz) notcs that
as car|y as I6I
9
, a|ncsc womcn wcrc n
grcatdcmandins|avcmarkcts nKcunon.
8/. oon I9//. z8, van dcr Kraan I
9
8
3
,
Wcncr I
995
. z/
88. Vckcrs I
99
6. 6I. l nccd on|y rc-
mark that thc anthropo|ogca| |tcraturc
on a|, most notab|y C|||ord Gccrtz's
|amous cssay on thc a|ncsc cockhght as
"dccp p|ay" I
9/
3
) , a spaccwhcrca|incsc
pcop|c can cxprcss thcr nncr dcmons
and tc|| storcs about thcmsc|vcs, or hs
conccpton o|prc-co|ona|govcrnmcnts as
"thcatcrstatcs" I
9
8o) whosc po|tcsccn-
tcrcd around gathcrng thc rcsourccs to
crcatc magnhccnt rtua|s, mght wc|| bc
rcthought n thc | ght o|a|| o| ths. Jhcrc
s a pccu|ar b|indncss n ths |tcraturc.
Lvcn oon, a|tcr thc abovc guotc about
mcn hdng thcr daughtcrs, procccds on
thc vcry ncxt pagc I
9//. /
5
) to rc|cr to
that govcrnmcnt's "sub|ccts" as rca||y
| ust a "s|ght|y taxcd audcncc |or ts rtu-
a|s," as |thc |kc|y prospcct o| thc rapc,
murdcr and cns|avcmcnt o| onc's ch|drcn
ddn't rca||y mattcr, or, anyway, was not
o|cxp|ct|y po|tca| mport.
8
9
. A| | ths s mcant in part as a cr-
tguc o|Lous Dumont'sargumcnts I
99
z)
that thc on|y tru|ycga|taransocctcs arc
modcrn oncs, and cvcn thosc on|y by dc-
|au|t. sncc thcr u|tmatc va|uc s ndvd-
ua|sm, and sncc cach ndvdua| s va|u-
ab|c abovc a|| |or thc dcgrcc to whch hc
or shc s unguc, thcrc can bc no bass |or
sayngthatanyonc s ntrnsca||y supcror
to anybody c|sc. nc can havc thc samc
c||cct wthout any doctrnc o| "Wcstcrn
ndvdua|sm" at a| | . Jhc cntrc conccpt
o| "ndvdua|sm" nccds to bc scrous|y
rcthought.
9o. cattc I96o. 6I.
9
I . Jruc, n many tradtona| socctcs,
pcna|tcs arc gvcn to mcn who bcat thcr
wvcs cxccssvc| y. ut agan, thc assump-
ton s that NL such bchavor s at |cast
par|or thc coursc.
9
z. n charvar, scc |or nstancc Da-
vs I9/
5
, Damton I
9
8
4
. Kcth Jhomas
I
9/z. 6
3
o) , who ctcs ths vcry Nyoro
story n an account o| Lng|sh v||agcs o|
thattmc, rccounts a who|cscrcso|soca|
sanctons, such as dunkng thc "v||agc
sco|d, " that sccm a|mostcntrc|y amcd at
thc vo|cnt contro| o| womcn, but odd|y,
hc c|ams that charvar wcrc drcctcd at
NLH who bcatthcrwvcs,dcsptc thc |act
that a|| othcr sourccs say thc oppostc.
9
3
. Not gutc a||. Agan, onc mght
ctc Iroguos soccty o| thc samc pcrod
as an cxamp|c. t was n many scnscs a
matrarchy, partcu|ar|y on thc cvcryday
houscho|d |cvc|, and womcn wcrc not
cxchangcd.
94
. Jakcn |rom Jrawck zooo. I8
5
, hg-
urc D.
95
. Jhc dagram s rcproduccd |rom
I. ohannan I
95
). 8/.
9
6. Akga Sa I939
. I6I.
9/. So too among thc Lc| c, whcrc
Mary Doug|as I
9
6
3
. I
3
I) rcmarks that t
was consdcrcd acccptab|c to whp a v|-
|agc w|c |or rc|usng work or scx, but
ths was no rchccton on hcr status, sncc
thc samc was truc o| Lc|c wvcs marrcd
to | ust onc man, too.
hBpl6I b6v60
I. http.sumcranorg/prot-sum.htm, |rom
a "Iroto-Sumcran dctonary"
z. F|orcntus n |ustnan' s Insttutcs
I.
5
.
4
. I ) . Its ntcrcstng to notcthatwhcn
attcmpts arc madcto | ust|y s|avcry, start-
ng wth Arstot|c, thcy gcncra||y |ocus
4 1 4 N 1 L b
not on thc nsttuton, whch s not n t-
sc||| usthab|c, buton thc n|crorgua|tcs
o|somc cthnc group bcng cns|avcd.
3
. L|wahd :
9
3
I C|arcncc-Smth
zoo8. :/n
5
6) notcs that a|-Wahd's book
tsc|| cmcrgcd |rom wthn |ivc|y dcbatcs
n thc Mdd|c Last about thc ro|c o|s|av-
cry n Is|am that had bccn gong on at
|cast sncc thc md-n nctccnth ccntury.
4
. L|wahd :
93
:. :o:-:o, and passm.
An ana|ogous |st appcars n Iattcrson
:98z. :o
5
.
5
. Jhc sa|c o| ch|drcn was a|ways
|c|t to bc a sgn o| cconomc and mora|
brcakdown, cvcn |atcr Koman cmpcrors
|kcDoc|ctan, notcs a|-Wahd, supportcd
chartcs a mcd to provdc rc|c| |or poor
|am|cs cxp|ct|y so thcy wou|d not havc
to rcsort to th ngs |kc ths L|wahcd :
93
:.
8
)
: ) .
6. Mtamura :
9/o.
/. Dcbts|avcry,hcnotcs,waspractccd
ncar|y Koman hstory, butths s bccausc
accordng to thc |aws o| thc twc|vc tab-
|cts, nso|vcnt dcbtors cou|d actua||y bc
k||cd. In most p|accs, whcrc ths was not
possb|c, dcbtors wcrc not |u||y cns|avcd
by rcduccd to pawns or pcons scc Jcstart
zooo, zooz, |or a |u|| cxp|anaton o| thc
d||crcnt possb|tcs) .
8. Al-Wahd citcs cxamp|cs |rom Ath-
cnacus o| Grcck patcnts who o||crcd
thcmsc|vcs as s|avcs to doctors who had
savcd thcr |vcs op ct. z
34
)
9. U|pan s prccsc. "Incvcry brancho|
thc |aw, a pcrson who |a|sto rcturn |rom
cncmy hands s rcgardcd as havngdcd at
thc momcnt whcn hc was capturcd. " D-
gcst
49
. :
5
. :8) Jhc Lcx Cornc|a o| 8
4
-8:
sc spcchcs thc nccd |or rcmarragc.
:o. Mc||assoux :
99
6. u6
::. Iattcrson :
9
8z. "S|avcry, " as hc dc-
hncs t, " s thc pcrmancnt, vo|cnt dom-
naton o| nata||y a| cnatcd and gcncra||y
dshonorcd pcrsons. " :
9
8z. :
3
)
:z. Hc guotcs Frcdcrck Doug|ass hcrc
to grcat c||cct. "A man wthout |orcc s
wthout thc csscnta| dgnty o| human-
ty. Humannaturcs so consttutcd that t
cannot honor a hc|p|css man, a|though t
can pty h m, and cvcn that t cannot do
|ong, | thc sgns o| powcr do not arsc. "
nIattcrson :
9
8z. :
3
)
:
3
. Ircsumab|y an honorab|c woman
as wc||, though n thc casc o| womcn, as
wc sha| | scc, thc gucston bccamc ncx-
trcab|y caught up n gucstons o| hdc|ty
and chastty.
:
4
. Iau| Hou|m n Du||y, MacSham-
hran and Moyncs zoo
5
.
43
I. ) Jruc, thc
ba|ancc o| tradc sccms to havc sh|tcd
back and |orth, at somc pcrods Irsh
shps wcrc radng Lng|sh shorcs, and
a|tcr 8oo ao thc Vkngs carrcd o|| thou-
sands, brchy makng Dub|n thc | argcst
s|avc markct n Luropc. St||, by ths tmc,
cuma|s do not appcar to any |ongcr havc
bccn uscd as actua| currcncy. Jhcrc arc
somc para||c|s hcrc wth A|rca, whcrc n
ccrtan tmcs and p|accs a||cctcd by thc
tradc, dcbts wcrc ta||cd up n s|avcs as
wc|| Linzg :
949
. :
53
) .
:. St. Iatrck, onc o| thc |oundcrs o|
thc Irsh church,wasonc o|thc|cwo|thc
car|y Church Fathcrs whowasovcrt|y and
uncondtona||y opposcd to s|avcry.
:6. Dohcrty :
9
8o. ;8-8
3
.
:/. Gcrrcts :
9/8. O8, :
9
8:. :/:-/z,
:
9
8
5
.
33
8. Jhs was n dramatc contrast,
ncdcnta||y, to Wc|sh |aws |rom on|y two
or thrcc ccnturcs |atcr, whcrc thc prccs
o| a|| such ob| ccts arc |astdous|y spcc-
hcd L||s :gz6.
3
/9
-8:) . Jhc |ist o| tcms
ncdcnta||ys a randomsc|ccton |rom thc
Wc|sh codcs.
:8. Dohcrty :98o. ;
3
-/4
:
9
. Jhs was truc n Irsh and n Wc|sh,
and apparcnt|y, othcr Cc|tc |anguagcs as
wc||. Char|cs-Ldwards :
9/8. :
3
o, :
993
.
555
)
actua||y trans|atcs "honor prcc" as "|acc
va|uc. "
zo. Jhc onc cxccpton bcng an car|y
ccc|csastca| tcxt. Lnzg :
949
. z
4
/-
4
8,
Gcrrcts :
9/8. /I.
zI. Jhcma n sourcc on thc monctary
systcm s Gcrrcts :
9/8) , a dsscrtaton
that un|ortunatc|y was ncvcr pub|shcd as
a book. A tab| c o| standard ratcs o| cx-
changc bctwccn cuma|, cows, s | vcr, ctc,
N 1 L b 4 1 D
arc a|so to bc |ound in Char|cs-Ldwards
I
993
.
4
/8-8
5
.
zz. Gcrricts I
9/8.
53
.
z
3
. I| you had |cnt a man yourhorscor
sword and hc didn't rcturn it in timc |or
a batt|c, causing |oss o| |acc, or cvcn i |a
monk |cnt his cow| to anothcr monk who
didn'trcturnit intimc,causinghi mnot to
havc propcr attirc |oran importantsynod,
hc cou|d dcmand his honor pricc Fcrgus
I9
88. II8) .
z
4
. Jhc honor pricc o| Wc|sh kings
was |ar highcr L||is I
9
z6. I
44
) .
z
5
. Irovincia| kings, who rankcd
highcr, had an honor pricc o| I
4
cuma|s,
and in thcory thcrc was a high king at
Jara who ru|cd a|| Irc|and, but thc posi-
tion was o|tcn vacant or contcstcd yrnc
I
9/
3
) .
z6. A|| o| this i s a simp|ihcation o|
what's in |act an cnd|css|y comp|icatcd
systcm, and somc points, cspccia||y con-
ccrning marriagc, o| which thcrc arc scv-
cra| varictics, with di||crcnt intcgrations
o| bridcpricc and dowry, rcmain obscurc.
In thc casc o| c|icnts, |or cxamp|c, thcrc
wcrc two initia| paymcnts by thc |ord, thc
honor pricc bcing onc o|thcm, with "|rcc
c|icnts, " howcvcr, thc honor pricc wasnot
paid and thc c|icnt was not rcduccd to
scrvi|c status, Scc Kc||y I
9
88 |or thc bcst
gcncra| summary. )
z/. Di mctian Codc II. z
4
. Iz Howc|
zoo6.
559
) . A simi|ar pcna|ty is spccihcd
|or thc ki| |ing o| pub|ic o|hcia|s |rom ccr-
tain districts L||is I
9
z6.
3
6z) .
z8. "Jhcrc is no cvidcncc that goods
thcmsc|vcs cou|d bc assigncd priccs. Jhat
is, whi|c Irish moncys cou|d guanti|y thc
statuso|an individua|,thcy wcrcnotuscd
to guanti|y thc va|uc o| goods. " Gcrricts
I
9
8
5
.
33
8) .
z
9
. Sutton zoo
4
.
3
/4
.
3
o. Ga||ant zooo. nc might a|so con-
sidcr hcrc thc phrasc "a||ai ro|honor," or
|or that mattcr, "honor ki|| ing"-which
a|so makc c|car that such scntimcnts arc
hard|y conhncd to rura| Grcccc.
3
I. In|act,onccou|d| ust as casi|yturn
thcgucstion around, and ask. Why isitso
insu|ting to suggcst that a man's sistcr is
trading scx |or moncy i n thc hrst p|acc
Jhis onc rcason I say that conccpts o|
honor sti|| shapc our pcrccptions in ways
wc'rc not awarc o|-thcrc arc p|cnty o|
p|accs in thc wor|d whcrc thc suggcstion
that a man' s wi|c is trading scx |or proht,
or that his sistcr is cngagcd with mu|tip|c
partncrs, is morc | ikc|y to bc grcctcd with
bcmuscd good humor than with murdcr-
ous ragc. Wc'vc a|rcady sccn cxamp|cs in
thc Gunwinggu and thc Lc|c.
3
z. bvious|y I am distinguishing thc
tcrm hcrc |rom thc broadcr scnsc o| pa-
triarchy uscd in much |cminist |itcraturc,
o|any socia| systcm bascdon ma|c subor-
dination o|womcn. C|car|y thc origins o|
patriarchy in this broadcr scnsc must bc
soughtin a much car|icrpcriodo|history
in both thc Mcditcrrancan and Ncar Last.
33
. Jhc "Scmitic inh|trati on" modc| is
a| rcadyto bc|oundinsuch c|assic sourccs
as Saggs I
9
6z) . Gcncra||y spcaking, thc
pattcrn sccms to bc onc o| pcriodic urban
crisis, thc ncar-brcakdown o| rivcrinc so-
cicty bcing|o||owcd byrcviva|,apparcnt|y
a|tcrthc advcnt o|a ncw wavc o|Scmitic
pastora|ists Adams ct a| . I
9/4
) .
34
. Kohr|ich I
9
8o i s a compc||ing
cxamp|c.
35
. Jhis is o|coursc a vast simp|ihca-
tion o| a thcsis main|y idcntihcd with thc
anthropo|ogist |ack Goody I
9/6, I
9
8
3
,
I99o) . Jhc basic princip|c is that dowry
is not so much a paymcnt by thc bridc's
|athcr i t might comc cgua||y |rom both
sidcs) buta kindo|prcmaturc inhcritancc.
Goody has had vcry |itt|c to say about
Mcsopotamia, though, and that |itt|c
I
99
o.
3
I
5
-I/) |ocuscs a| most cxc|usivc|y
on uppcr-c|ass practicc.
3
6. Wi|ckc I98
5
, Wcstbrook I9
88,
Grccngus I
99
o, Sto| I
995
. Iz
5
-z/. For
Mari. La|ont I
9
8/, |or |d aby|onian
practicc. Grccngus I
9
66, I
969
, |or Nuzi,
GroszI
9
8
3
, I
9
8
9
.
3
/. ur bcst sourccs arc |rom thc city
o| Nuzi cI
5
oo sc, though Nuzi was atypi-
ca| in ccrtain ways, main|y duc to Hur-
rian inhucncc. Jhcrc, marriagc paymcnts
4 1 N 1 L b
appcar to havc bccn madc n stagcs, |or
nstancc,atthc brth o|a hrst ch|d Grosz
I
9
8I. I/6)a pattcrn |am|ar to anthro-
po|ogsts |rom Mc|ancsa, A|rca, and nu-
mcrous othcr parts o|thc wor|d.
3
8. Fnkc|stcnI
9
66,VcrStccgzooo. IzI,
I
53
n9r . A |athcr cou|d c|am monctary
damagcs aganst somconc who |a|sc|y
c|amcd that hs daughtcr was not a vr-
gn, prcsumab|y bccausc t wou|d |owcr
thc brdc-prcc Coopcr zooz.IoI) .
3
9. ottcro I
99
z. II
3
.
4
o. Sto| I
995
. Iz6.
4
I. Cardasca I
959
on "matrmona|
adopton" a|so Mcndc|sohn I
949
. 8-Iz,
Grccngus I
9/
5
) . Durng tmcs o| |amnc,
somctmcs cvcn thc brdcpjcc was ds-
pcnscd wth, and a starvng |am|y mght
turn ovcr thcr daughtcr to a rch housc-
ho|d n cxchangc |or a promsc to kccp
hcr a|vc.
4
z. Lvans-Irchard I
9
3
I, Kag|an I93
I .
It' s a |tt|c ronc that t hcdcbatc wasoc-
currng n Lng|and, sncc ths was onc
o| thc |cw p|accs whcrc t was, tcchn-
ca||y, |cga| to sc|| or cvcn aucton o||
onc's w|c Mcnc|cc I
9
8I, Stonc I
99
o. I
43
-
4
8, scc Iatcman I
9
88) . Stonc notcs that
wh|c pub|c "w |c-sa|cs" n Lng|sh v|-
|agcs wcrc apparcnt|y rca||y prcarrangcd
dvorccs, "thc dcta|s o| thc rtua| wcrc
dcsgncd to cmphasizc thc hna| naturc o|
thc trans|cr o| propcrty, by mtatng as
c|osc|y as possb|c thc sa|c o| a cow or
a shccp. A ha|tcr was uscd to |cad thc
w|c |rom hcr homc to thc markct, and
|rom thc markct to thc housc o| hcr pur-
chascr. " I
99
o. I
45
) Jhc practcc, conhncd
to thc popu|ar c|asscs, causcd a scanda|
whcn documcntcd n Hardy's Mayor o[
Caster0ridge, but t was on|y comp|ctc|y
abandoncd n I
9
I
9
.
43
. Fn|cyI
9
8I. I
53
-
55
, Stcnkc||crzoo
3
,
Mcroop zoo
5
. z/-z8. Mcroop notcs that
thc car|cst such contract s documcntcd
|rom twcnty-hrst-ccntury aby|ona. Jhs
s anntcrcstngcxamp|c|orthccar|y hs-
tory o| wagc |abor. As I' vc writtcn c|sc-
whcrc Gracbcr zoo6. 66
9
, zoo/.
9
I-
94
) ,
wagc-|abor contracts nthc anccnt wor|d
wcrc prmar|y a mattcr o| thc rcnta| o|
s|avcs-a practcc that n Mcsopotam a s
hrst documcntcd on|y n nco-aby|onan
tmcs ppcnhcm I96
4
. /8, VcrStccg
zooo. /o/I, |or an Lgyptan para||c| Vcr-
Stccg zooz. I
9/) .
44
. Jhc cntrc ssuc has bccn comp|-
catcd by Hcrodotus' c|am r. I
99
) that a||
aby|onan womcn othcr than daughtcrs
o| thc c|tc wcrc cxpcctcd to prosttutc
thcmsc|vcs at tcmp|cs, oncc, to carn thc
moncy |or thcr dowrcs. Jhs was ccr-
tan|y |a|sc, but t has causcd thc tcrms o|
dcbatcto bccomcrathcrcon|uscdbctwccn
pcop|c nsstng on thc mportancc o|"h-
crodu|cs" orcvcnc|amngthata| | prost-
tuton was c||cctvc|y sacrcd c.g., Kramcr
I
9
6
9
, Lambcrt I
99
z) and thosc rc|cctng
thc cntrc notion as rcnta|st |antasy
Arnaud I
9/
3
, Wcstcnho|z I
9
8
9
, card
Hcndcrson I
99/, Assantc zoo
3
) . Howcvcr,
rcccnt|y pub|shcd tcxts |rom Ksh and
Sppar makc c|car that scxua| rtua|s n-
vo|vng tcmp|c womcn, at |cast somc o|
whom wcrc pad |or thcr scrviccs, dch-
ntc|y dd takc p|acc Ga||cry I
9
8o, Yo||cc
I
99
8, Sto| I
995
. I
3
8-
39
) Jhc dcvadas ana|-
ogy ncdcnta||y was hrst to my know|-
cdgc proposcd n Yo||cc I
99
8.
33
6. n
dcvadass n gcncra| . rr zooo, |ordan
zoo
3
, V| asr zoo
4
.
45
. Kramcr I
96
3
. II6, ahran zooI.
5
o.
4
6. A sm|ar rcadng can bc |ound n
ottcro I
99
z.
9
6, but wthout thc ambva-
|cncc,whchLcrncr I
9
8o. z
4/) cmphaszcs.
4/. Scc Lcrncr I
9
8o, Van Dcr Joorn
I
9
89, Lambcrt I
99
z.
4
8. A|so, n many p| accs, sma||-sca|c
|cma|c tradcrs arc |kcncd to or con|uscd
wth prosttutcs, smp|y bccausc thcy havc
mu|tp|c ongong rc|atonshps wth unrc-
|atcdmcn |ora contcmporary Kazakh cx-
amp|c. Nazpary zooI)and thc ro|cs can
somctmcs ovcr|ap.
49
. Dakono|| I9
8z) . Loosc bands o|
pastora| nomads or rc|ugccs, who a|so
somctmcs doub|cd as so|dcrs, wcrc o|-
tcn rc|crrcd to gcncrca||y as bairu or
ba0iru, both n Mcsopotama and to thc
N 1 L b 4 1
Wcst. Jhismightbc thcorigino|thctcrm
"Hcbrcw, " anothcr group that according
to thcirown historics had hcd |rom bond-
agc, wandcrcd with thcirhocks inthcdcs-
crt, and cvcntua||y dcsccndcd as congucr-
ors on urban socicty.
o. Hcrodotus I. I
99
, a|so Strabo
I6. I. zo.
5
I. Kcvc| ations I/.
4
-
5
. Kcvc|ations
sccms to |o||ow thc pcrspcctivc o|thc |o|-
|owcrs o| Ictcr morc than thosc o| Iau|.
I obscrvc i n passing that Kasta|arian-
ism, thc main prophctic voicc today that
makcs usc o|thc imagco|aby|on ascor-
ruption and opprcssion-though i t docs
tcnd to p|ay down thc i magcry o| scxua|
corruption-has in practicc bccn vcry
much about thc rcasscrtion o|patriarcha|
authority among thc poor.
5
z. I
98o. z
49
-
54
, t
989. Iz-
4
o. Jhc
main tcxtua| sourcc is Drivcr Mi |cs
I
935
, a|so Cardascia I
9
6
9
.
53
. In Sumcrian wcddings, a bridc's
|athcr wou|d covcr hcr wi th a vci|, and
thc groom wou|d rcmovc it-it was by
this act that hc madc hcr his wi|c Sto|
I995
. Iz8) . Not on|y docs this dcmonstratc
thc dcgrcc to which thc vci| was a sym-
bo| o| cncompassmcnt in somc man's do-
mcstic authority, it might a|so havc bccn
thc sourcc |rom which thc |atcr Assyrian
practicc was cvcntua||y adoptcd.
54
. My takc on Con|ucianism |o||ows
Dcng's I
999
) somcwhat unconvcntiona|
approach. Scc Watson t
9
8o on thc com-
moditization o| womcn, Gatcs I
9
8
9
on
its rc|ation to gcncra| dcc|inc o|womcn's
|rccdoms during thc Song, thcrc sccms to
havc bccn anothcr ma|or sctback during
thc Ming dynasty-|or a rcccnt ovcrvicw,
Ko, Haboush, and Iiggott zoo
3
) . Jcstart
zooo, zooI . t
4
8-
49
, I
9
o) cmphasizcs that
thc casc o| China conhrms hi s "gcncra|
socio|ogica| |aw," that socictics that prac-
ticc bridcpricc wi|| a|so a||ow dcbt s|avcry
Jcstart, Lccrivain, Karadimas Govo-
ro|| zoor) , sincc this was a p|acc whcrc
thc govcrnmcnt vain|y tricd to stop both.
Anothcraspccto|Con|ucianism was that
ma|c s|avcry was sccn as much morc
dubious than |cma|c s|avcry, though it
ncvcr wcnt as |ar as in Korca, whcrc a|-
tcr thc invasion o| Hidcyoshi, a |aw was
passcd dccrccing that on/y womcn cou|d
bc cns|avcd.
55
. Jambiah I9/
3
, I
9
8
9
) was thc hrst
to makcwhatisnowthcstandard critiguc
o| Goody's argumcnt. Goody prc|crs to
scc thcscasindircctdowry paymcnts sincc
thcy wcrc norma||y passcd to thc |ami|y
t
99
o. I/8-
9/) .
5
6. n Homcric honor. Fin|cy
I
954
. n8-t9, Adkins I
9/z. I
4
-I6 Sca|ord
I
994
. 6-/. Catt|c arc again thc main unit
o| account, and si|vcr. Is a|so apparcnt|y
uscd As C|assicists havc notcd, thc on|y
actua| acts o| buying and sc||ing in thc
Homcric cpics arc with |orcigncrs Von
Kcdcn I995
.
5
8-/6, Sca|ord zoo
4
.z6-
3
o,
Fi n| cy I
954
. 6/-/o) . Nccd|css to say, Ho-
mcric socicty |ackcd thc |cga|istic prcci-
sion o| thc Irish notion o| "honor pricc"
but thc princip|cs wcrc broad|y thc samc,
sincc tme cou|d mcan not on|y "honor"
but "pcna|ty" and "compcnsation. "
5
/. Tme is not uscd |or thc "pricc"
o| commoditics in thc l/iad or thc Odys-
sey, but thcn priccs o| commoditics arc
barc|y mcntioncd. It i s, howcvcr, uscd |or
"compcnsation, " in thc scnsc o| wcrgc|d
orhonor-pricc Sca|ordzoo
4
. I
9
8n
4
6) . Jhc
hrst attcstcd usc o|time as purchasc pricc
is in thc s|ight|y |atcr Homcric Hymn to
Dcmctcr I
3
z) whcrc, as Sca|ord notcs, it
sccms signihcant that in |act it rc|crs to a
s|avc.
5
8. Aristot|c, Constitution o[tbe Atbe-
nians z.z. Hc is rc|crring to thc grcat cri-
sis |cading to So|on's rc|orms, thc |amous
"shakingo||o| burdcns" o|c.
594
bL.
59
. Grcck chattc| s|avcry was in |act
much morc cxtrcmc than anything that
appcars to havc cxistcd in thc ancicnt
Ncar Last at thc timc scc c. g. , Wcstcr-
mann I
955
, Fin|cy I
9/4
, I
9
8I, Wicdc-
mann I
9
8t, Dandamacv I
9
8
4
, Wcstbrook
I
995
) , not on|y bccausc most Ncar Last-
crn "s|avcs" wcrc not tcchnica||y s|avcs
at a|| but rcdccmab|c dcbt pawns, who
thcrc|orc at |cast in thcory cou|d not bc
4 1 N 1 L b
arbtrar|y abuscd, but bccausc cvcn thosc
who wcrc abso|utc prvatc propcrty had
grcatcrrghts.
6o. "Sc||-su|hccncy sancnd and what
sbcst" Arstot|cFo/iticsIz
5
6-
5
8, sccFn-
|cy I
9/q. Iogu, VcyncI
9/9
, |orc|asscds-
cussons o|whatths mcant n practcc. )
6r. Jhc argumcnt hcrc |o||ows Kurkc
zooz. n thc pub|c brothc|s, scc Ha|-
pcrn I
99
o, Kurkc I
99
6. Jhcrc actua||y
wcrc Jcmp|c prosttutcs n Grcccc too,
most|y |amous|y n Cornth, whcrc Strabo
8. 6. zo) c|amcd that thc Jcmp|c o| Aph-
rodtc owncd a thousand o|thcm, appar-
cnt|y, s|avcs who had bccn dcdcatcd to
thc tcmp|c by pous worshppcrs.
6z. As notcd n thc guotc |rom Davd
Sutton zooq) abovc. For a samp|ng o|
thc anthropo|ogca| |tcraturc on honor n
contcmporary Grcck soccty, scc. Camp-
bc|| I
9
6q, Icrstany I
96
5
, Schncdcr I
9/I,
Hcrz|c|d I
9
8o, I
9
8
5
, |ustzooI.
6
3
. n thc mproprcty o| womcn's
work outsdc thc houscho|d, scc rock
I
99
q. nscgrcgatono|womcn ngcncra| .
Kcu| sI
9
8
5
, Cohcn I
9
8/, |ustI
9
8
9
, Loraux
I
993
.
6
4
. Jhc cvdcncc s ovcrwhc| mng, but
unt| rcccnt|y has bccn |argc|y gnorcd.
L|cwc||yn-|oncs zoo
3
) notcs that thc
practcc bcgan as an arstocratc a||ccta-
ton, but that by thc h|th ccntury, a|| rc-
spcctab|c womcn "wcrc vc|cd da|y and
routnc|y, at |cast n pub|c or n |ront o|
non-rc|atcd mcn" b d. Iq) .
6
5
. van Kcdcn I
99/. I/4
, rc|crcncng
Hcrodotus /. z
33
, I|utarch' s Icrc|cs, z6.
4
.
66. A woman who onc o|thcm, Ach|-
|cs, hadpcrsona||yrcduccdto s|avcry. r-
scs was |rom thc Jro| an town o|Lyrncs-
sus, and a|tcr Ach||cs k ||cd hcr husband
and thrcc brothcrs n thc Grcck attack on
thc town, shc was awardcd to hm as a
przc. n |carnngo|ths, hcr |athcr|atcr
hangcd hmsc||. ) In thc I|ad, Ach||cs n-
ssts hc |ovcs hcr. rscs' opnons wcrc
not consdcrcd worth rccordng, though
|atcr pocts, uncom|ortab|c wth thc dca
that thc grcatcst cpc o| antguty was a
cc|cbraton o| smp|c rapc, concoctcd a
story whcrcby rscs had actua||y |ong
bccn n |ovc wth Ach||cs |rom a|ar,
and somchow manpu|atcd thc coursc o|
cvcnts so as to causc thc batt|c to bcgn
wth.
6/. Homcrc warrors wcrcn' t rca||y
arstocrats at a||, or | thcy wcrc, as Ca|-
houn puts t I
934
.
3
o8) thcy wcrc ars-
tocrats "on|y n thc |ooscst scnsc o| thc
word. " Most|y thcy wcrc | ust a co||ccton
o||oca|chc|tansand ambtouswarrors.
68. Scc Kurkc I
99/. IIz-I
3
, I
999
. I
9/-
9
8
|or Grcck c|aboratons on thc thcmc. So
too Sca|ord. "Whcrcas thc Homcrc gi[t
s nvcstcd wth thc pcrsona|ty o| ts hc-
roc donor, thc on|y knd o| pcrson that
money rcscmb|cs s thc prosttutc. For
Shakcspcarc t s 'thc common whorc o|
a|| manknd"' zooz. I
5
6, cmphass n thc
orgna|. For what t's worth, Sca|ord s
s|ght|yo||hcrc.Shakcspcarcdcscr bcdthc
eartb as thc "common whorc o| a|| man-
knd," whosc wombproduccsgo|d, whch
s moncy Timon o[Atbens
4
.
3
.qz-q
5
] . )
6
9
. Sca|ordzooz nhsrcvcwo| Kurkc
notcsthatGrcck sourccs rcgu|ar|ygo back
and |orth on ths.
/o. In thc Odyssey II. q88-
9
I) , |a-
mous|y, Ach||cs, whcn tryng to nvokc
thc |owcst and most mscrab|c pcrson hc
can possb|y magnc, nvokcs not a s|avc
but a tbete, a mcrc |aborcr unattachcd to
any houscho|d.
/I. Frccornewcrca|waysthc daugh-
tcrs o| |orcgncrs or rcsdcnt a| cns.
So, ncdcnta| | y, wcrc thc ar stocrats'
courtcsans.
/z. Jhc rcadcr w | | obscrvc that cvcn
n thc anccdotcs that |o||ow, womcn sm-
p|y don't appcar. Wc havc no dca who
Io|cmarchus' w|cwas.
/
3
. Kcca|| hcrc that pcdcrasty was
tcchnca||y aganst thc |aw. r, to bc
morc cxact, |or a man to submt to thc
passvc ro|c n sodomy was | |cga| , onc
cou|d bc strppcd o| onc's ctzcnshp |or
havng donc so. Wh|c most adu|t mcn
wcrc nvo|vcd n |ovc a||ars wth boys,
and most boys wth mcn, a|| dd so un-
dcr thc prctcnsc that no ntcrcoursc was
N 1 L b 4 1
actua||y takng p|acc, as a rcsu|t, a|most
anyonc cou|d bc accuscd o| |ormcr m-
proprcty. Jhc most |amous casc hcrc s
Acschncs' Against Timarcbus scc van
Kcdcn zoo. :zoz, a|so D | |on zoo. :I/-
z8. ) Lxact|y thc samc d|cmmas rcsur|acc
n Komc, whcrc Cccro, |or nstancc, ac-
cuscd hs rva| Marc Antony o| havng
oncc madc hs |vng as a ma|c prosttutc
Ih|ppcs z.
44
-
45
) , and ctavan, thc
|atcr Augustus, was wdc|y rcputcd to
havc "prosttutcd" h msc||, as a youth, to
|u|us Cacsar, among othcr powcr|u| pa-
trons Suctonus Augustus 68) .
/4
. Jhc most |amous cascs wcrc Ath-
cns, Cornth, and Mcgara Ashcr I
9
69,
St. Crox I
98I, Fn|cy I
9
8I. I
5
6-
5
/. )
/
5
. Jhc |aw was ca||cd thc a/into-
kia and s known man|y |rom I|utarch
Mora/ia z
95
D, apparcnt|y drawng on
a |ost Arstotc|an Constitution o[ tbe
Megarians. ) A| most cvcrythng about t
s at ssuc n currcnt scho|arshp Ashcr
I
9
69. I
4
-I6, Fgucra I
98
5
. I
4

5
6, M|-
|cttt I
9
8
9
. zI-zz, Hudson I
99
z.
3
I, ryant
I
994
. Ioo-o
44
) . Hudson |or nstancc ar-
gucs that sncc thc cvcnt s sad to havc
happcncd around
54
o sc, at a tmc whcn
ntcrcst-bcarng |oans mght notcvcn havc
cxstcd, thc who|c story s |kc|y to bc
|atcr propaganda. thcrs suggcst that t
rca||y happcncd much |atcr. It's ntcrcst-
ng that a| | Grcck sourccs trcat ths as
a most radca| and outragcous popu|st
mcasurc--dcsptc thc |act that sm|ar
mcasurcs bccamc standard Catho|c po|-
cy durng most o| thc Luropcan Mdd|c
Agcs.
/6. It s cntrc|y unc|car whcthcr |oans
at ntcrcst cvcn cxstcd n ths car|y pc-
rod, sncc thc hrst apparcnt rc|crcncc to
ntcrcst s |rom rough|y
4/
5
sc, and thc
hrst uttcr|y c|car oncs |rom thc |atcr part
oIthat samc ccntury ogacrt I
9
66, I
9
68,
Fn|cy I
9
8I, M ||ctt I
99
Ia.
44
-
45
, Hudson
I
99
z) .
//. Comparc |or cxamp|c Lcvtcus
z
5
.
35
-
3
/, whch stpu|atcs that t s pcr-
mssb|c to makc an mpovcrshcd "|c||ow
countryman" a c|cntortcnant, butnotto
gvc hm an ntcrcst-bcarng |oan.
/8. AsHcsodcmphasizcsnWorksand
Days II
34
-6
3
) , hc' s our man sourcc on
such mattcrs. Iau| M||ctt I
99
Ia. o
35
)
provdcs a c|osc rcadng o| ths passagc,
to | |ustratc thc ambgutcs bctwccn g|ts
and |oans. M||ctt's book Lending and
8orrouing in Ancient Atbens op ct) s
thc basc work on that topc. Scho|arshp
on thc Grcck cconomy has |ongbccnprc-
occupcd by what's st|| rathcr anachro-
nstca||y) ca||cd thc Irmtvst-Modcrnst
dcbatc, M||ctt takcs a strong Irmtvst
poston and has takcn prcdctab|c hcat
|rom thc othcr sdc c.g., Cohcn I
995
,
Shp|cy I
99/, zooI) . Most o| thc dcbatc,
though, turns on thc prcva|cncc o| com-
mcrca| |cndng, whch stangcnta|to my
prcscntconccrns.
/9
. Jhc story s so strkng bccausc
Nasruddn a| most ncvcr c|scwhcrc bc-
havcs n a way that a contcmporary au-
dcncc wou|d consdcr un|ar or cxp|ot-
atvc. Jhosc storcs that do a|ways |ocus
on hs rc|atons wth hs ncghbor thc
mscr-thc |stcncr s prcsumcd to know
that bcng a mscr, hc must, ncccssar|y,
bc up to no good.
8o. "Aganst Ncostratus" Dcmos-
thcncs
53
} . My vcrson |argc|y |o||ows
M||ct I
99
Ia.
53
-
59
) but a|so draws on
Jrcvctt I
99
z, D||on zooz.
94
-Ioo, Har-
rs zoo6. z6I-6
3
) . Jhc ntcrprctaton o|
Ncostratus' motvcs s my own, D|-
|on, |or cxamp|c, suspccts that thc cn-
trc story o| hs kdnappng and ransom
at Acgna was madc up though | that
wcrc thc casc, onc wou|d magnc Apo|-
|odorus wou|d havc cvcntua||y |ound
out and to|d thc | urors. Jhc tcxt docsn't
cxp|ct|y say that Ncostratus was an
arstocrat, but ths sccms thc most p|au-
sb|c cxp|anaton o| why somconc mght
havc a com|ortab|ccountrycstatc but no
moncy. Apo||odorus, though, was known,
|rom othcr contcxts, to havc |carcd that
hs |c||ow ctzcns wou|d havc contcmpt
|or hs |ow|y background, and trcd to
compcnsatc by |avsh-and somc |c|t,
4 Z N 1 L b
ovcr-|avsh-gcncrosty scc a||n I
9/8,
Jrcvctt I
99
z) .
8I. Athcnans whcn tryng to bc hgh-
mndcd at |cast spokc as ||c||ow ctzcns
shou|d bchavc ths way to onc anothcr,
to |oan moncy at ntcrcst to a ctzcn n
drc nccd was trcatcd as obvous|y rcp-
rchcnsb|c bchavor M||ctt I
99
Ia. z6) . A||
ph|osophcrs who touchcd on thc sub| cct,
startng wth I|ato Laus /4
zc, 9zIc) and
Arstot|c Fo/itics Iz
5
8c) dcnounccd ntcr-
cst as mmora|. bvous|y not cvcryonc
|c|t that way. Hcrc as n thc Mdd|c Last,
|romwhcnccthccustomhadsprcadHud-
son I
99
z) , thc d|cmma was that chargng
ntcrcst madc obvous scnsc n thc casc o|
commcrca| |oans, but cas|y bccamc abu-
svc n thc casc o|consumcr |oans.
8z. It's not c|car whcthcrdcbt s|avcry,
or at |cast dcbt pconagc, was anywhcrc
cntrc|yc| mnatcd, anddcbtcrscs contn-
ucd to occur at rcgu|ar ntcrva|s n ctcs
othcr than Athcns Ashcr I
9
6
9
, St. Crox
I
9
8I) . Somc Khodcs I
9
8I. II8-z/, Ca rns
I99I, Harrs zoo6. z
49
-8o) bc|cvc that
dcbt bondagc was not cvcn cntrc|y c|m-
natcdnAthcns. M ||ctt I
99
Ia6) sprob-
ab|yrghtto saythat mpcra|capta|s|kc
Athcns, and |atcr Komc, |cndcd o|| thc
dangcrs o| dcbt crscs and rcsu|tng un-
rcst|css by|orbddngthcpractccthan by
|unnc|ng trbutc moncy nto soca| pro-
grams that provdcd a constant sourcc o|
|unds |or thc poor, makng usury |argc|y
unncccssary.
8
3
. M | |ctt I
99
Ib. I8
9
-
9
z. Jhc samc
was truc n Koman Ga||cc Goodman
I
9
8
3
.
55
) , and prcsumab|y n Komc as wc||
Howgcgo I99
z. I
3
) .
8
4
. thc Furcs, who pursuc rcstcs to
avcngc hs k||ngo|hs mothcr, nsstthat
thcy arc co||cctng a dcbt duc n b|ood
Acschy|us, Lumcndcs z6o,
3
I9. ) M||ctt
I
99
Ia. 6-/) comp|cs a numbcr o| cxam-
p|cs. Korvcr I
934
, c|. M| |ct I
99
I. z
9
-
3
z)
dcmonstratcs that thcrc was ncvcr any
|orma| dstncton bctwccn "g|t" and
"|oan", thc two contnua||y shadcd nto
cach othcr.
8
5
. Jhc two wcrc sccn to bc conncct-
cd. Hcrodotus, |amous|y, argucd that |or
thc Icrsans, thc grcatcst crmc was to |c,
and that thcy thcrc|orc |orbadc thc |oan-
ng o| moncy at ntcrcst sncc t wou|d
ncccssar|ygvcrscto untruth|u| bchavor
I. I
3
8) .
86. I|ato Reu0/ic
33
Ic.
8/. I|ato Kcpub|c
345
d. My rcadngs
strong|y nhucnccd hcrc by that o| Marc
Shc|| I
9/8) . Shc| | ' scssay s mportant, but
sad|yncg|cctcd,asC|asscstson|ysccm to
ctc cach othcr at |cast, on thc sub| cct o|
thc C|asscs) .
88. What Io|cmarchus s nvokng o|
coursc s thc |ogc o|t hchcroc g|t, and
o| thc |cud. I| somconc hc|ps or harms
you, you pay thcm back thc samc or bct-
tcr. Io|cmarchus actua||y says that thcrc
arc two crcumstanccs whcn t's cascst to
do ths. n war, and n bankng.
89. Jhc Kcpub|c was wrttcn n j8o
bL and thcsc cvcnts took p|acc n
3
88//.
Scc Jhcs|c|| I
9
8
9
.
5
, Duos zoo
3
. I
53
-
54
,
|or thc datcs and rc|crcnccs to anccnt
and contcmporary scho|arshp on thc s-
suc, whch concur that thcsc cvcnts dd
takc p|acc. It's not cntrc|y c|car | I|ato
was takcn n an act o|pracy, so|d on thc
ordcrso|an angrycx-patron, or sczcd as
a prsoncr o| war Acgna-I|ato's brth-
p|acc, ncdcnta||y-was thcn at war wth
Athcns. ) ut thc |ncs b|urrcd. Curous|y,
Dogcncs thc Cync, a youngcrcontcmpo-
rary o|I|ato, was a|so capturcd by pratcs
on a trp to Acgna around thc samc tmc.
In hs casc no onc camc to hs ad un-
surprsng consdcrng that hc rc| cctcd a||
wor|d|y attachmcnts and tcndcd to nsu|t
cvcryonc hc mct) . Hc cndcd up spcndng
thc rcst o| hs ||c as a s|avc n Cornth
Dogcncs Lacrtus,
4
.
9
) . I|ato, Arstot|c,
and Dogcncs wcrc thc thrcc most |amous
ph|osophcrs o| thc |ourth ccntury, thc
|act that two o| thc thrcc had thc cxpc-
rcncc o| standng on an aucton b|ock
dcmonstratcsthat such thngs rca||y cou|d
happcn to anyonc.
N 1 L b 4 Z 1
9o. I|ato rccounts thc cvcnts n hs
Seuentb Letter to Dion, but Annkcrs
on|yappcarsn DogcncsLacrtus
3
. Iyzo.
9
I. Ihcrng I8//.
9
z. Kghts "in rem, " or " n thc thng,"
arc consdcrcd to bc hc|d "aganst a| | thc
wor|d," sncc "a duty s ncumbcnt on a||
pcrsons whatsocvcr to abstan |rom acts
n| urous to thc rght"ths s opposcd
to rghts "in ersonem," whch arc hc|d
aganst a spcchc ndvdua| or group o|
ndvdua|s Dgby Harrson I89/.
3
oI) .
Garnscy zoo/. I//-I/8) notcs that Iroud-
hon I8
4
o) was corrcct n nsstng that
thc "abso|utc" naturco|propcrtyrghts n
thc Frcnch Cv| Codc and othcr paradg-
matc modcrn |cga| documcnts gocs back
d rcct|y to Koman |aw, 0otb to thc noton
o| abso|utc prvatc propcrty, and to that
o|thc cmpcror's abso|utc sovcrcgnty.
93
. Jhc dca that Koman propcrty was
not a rghtgocs backto V||cy I
94
6) , and
bccamcmanstrcam n Lng|shscho|arshp
wth Juck I
9/9
. /-I
3
) andJcrncy I
99/) ,
thoughGarnscy zoo/. I//-95
) hasrcccnt|y
madc a convncng casc that Koman | u-
rstsd dsccpropcrtyas a rght ius) n thc
scnsc that onc had a rght o| a|cnaton,
and to dc|cnd onc's c|ams n court. It's
an ntcrcstng dcbatc, | argc|y turnng on
onc's dchnton o| "rght," but somcwhat
tangcnta| to my own argumcnt.
94. "Jhc paradgmatc rc|aton bc-
twccn a pcrson anda thngsthato|own-
crshp, yct thc omans thcmsc|vcs sccmcd
ncvcr to havc dchncd t. Jo thcm, t was
a powcr rc|aton-a |orm o| otestas-
drcct|y cxcrcscd ovcr thc physca| thng
tsc||" Samuc| zoo
3
.
3
oz) .
95
. In car|cst Koman |aw thc Jwc|vc
Jab|cts o| o sc; s|avcs wcrc st|| pco-
p|c, but o| dmnshcd worth, sncc n| u-
rcs aganst thcm countcd as o pcrccnt
thosc o| a |rcc pcrson Jwc|vc Jab|cts
VIII. Io) . y thc |atc Kcpub|c, around thc
tmc o| thc cmcrgcncc o| thc conccpt o|
domnum, s|avcs had bccn rcdchncd as
res, thngs, and n| urcs to thcm had thc
samc |cga| status as n| urcs to |arm an-
ma|s Watson I
9
8/.
4
6)
9
6. Iattcrson. " t s d|hcu|t to undcr-
stand why thc Komanswou|d want to n-
vcnt thcdca o| a rc|aton bctwccn a pcr-
son and a thng an a|most mctaphysca|
noton, gutc at varancc wth thc Koman
way o|thnkng n othcr arcas) . . . un|css
wc undcrstand that, |or most purposcs,
thc 'thng' on thcr mnds was a s|avc"
I
9
8z.
3
I) .
9/. It docs not appcar n thc Jwc|vc
Jab|cts or car|y |cga| documcnts.
98. Dominus hrst appcars n III bL
dominium, somctmc |atcr rks I
9
8
5
. z6) .
Kcth Hopkns I
9/8) cstmatcs that by
thc cnd o| thc Kcpub|c, s|avcs madc up
bctwccn
3
o and
4
o pcrccnt o| thc Ita|an
popu|aton, pcrhaps thc hghcst propor-
ton o|any known soccty.
99
. Digest
9
. z. II pr. , U|pan n thc I8'
book on thc Ldct.
Ioo. Jhc cxamp|cs arc |rom Digest
4/. z.
3
6 pr. , U|pan n thc
4
I" book on Sa-
bnus, and Digest
9
. z.
33
pr, Iau|us' scc-
ond book to I|autus, rcspcctvc|y.
IoI. Scc Sa||cr I
9
8
4
) on domus vcr-
sus [ami/ia. Jhc word [ami/ia, and ts
varous |atcr Luropcan cognatcs, [ami//e
n Frcnch, [ami/y n Lng|sh, and so on,
contnucd to rc|cr prmar|y to a unt o|
authorty and not ncccssar|y o| knshp
unt| at|castthc I8th ccntury StoncI
9
68,
F|andrn I
9/9
, Duby I
9
8z. zzoz
3
, zmcnt
I
9
8
3
, Hcr|ihy I
9
8
5
)
Ioz. Wcstbrook I
999
.zo/ gocs through
thc thrcc known cascs o| ths rca||y hap-
pcnng. It wou|d sccm that thc |athcr's
authorty hcrc was consdcrcd dcntca|to
that o|thc statc. I|a |athcrwas|oundto
havc cxccutcd hs chi|d ||cgt matc|y, hc
cou|d bc punshcd.
Io
3
. r to cns|avc thcm. In |act thc
Law o| thc Jwc|vc Jab|cts IIII) tsc||
sccms to bc an attcmptto rc|orm or mod-
cratc cvcn harshcr practccs, as a|-Wahd
L|wahcdI9
3
I. 8I-8z) waspcrhaps thc hrst
to pont out.
Io
4
. Fn|cy notcs that thc scxua| ava|-
ab|ty o|s|avcs "s trcatcd as a common-
p|acc n thc Gracco-Koman |tcraturc"
4 Z Z N 1 L b
I
9
8o. I
43
, scc Sa||cr I98/.
9
8-
99
, G|anccy
zo6.
5
o
5
/) .
Io
5
. Jhcrc s a |vc|y dcbatc about
whcthcr brccdng s|avcs was cvcr cxtcn-
svc|y practccd n Komc. onc common
thcory o| s|avcry c.g., Mc||assoux I
99
6,
Andcrson I
9/4
) argung that t s ncvcr
prohtab|c to do so, and whcn a supp|y o|
ncws|avcs s cut o||, s|avcsw|| ordnar|y
bc convcrtcd nto scr|s. Jhcrc sccms no
rcason to wcgh n on ths hcrc, but |or a
summary, scc rad|cy I98/.
Io6. Jruc, Koman ctzcns cou|d not
|cga||ycns|avconcanothcr, butthcy cou|d
bc cns|avcd by |orcgncrs, and pratcs and
kdnappcrs rarc|y put too hnc a pont on
such thngs.
Io/. JhcChncsccmpcrorWangMang
was so |astdous on ths pont, |or n-
stancc, that hc oncc ordcrcd onc o| hs
own sons put to dcath |or thc arbtrary
murdcr o|a s|avc Jcstart I
99
8. z
3
. )
Io8. Jhc /ex Fetronia. Jcchnca||y
t bans owncrs |rom ordcrng s|avcs to
"hght thc w|d bcasts, " a popu|ar pub|c
cntcrtanmcnt. "hght," though, s usua||y
a cuphcmsm, s ncc thosc hghtng hungry
|ons wcrc not provdcd wth wcapons, or
obvous|y nadcguatc oncs. It was on|y a
ccntury |atcr, undcr Hadran II/-I
3
8 ao, ,
that owncrs wcrc |orbddcn to k|| thcr
s|avcs, mantan prvatc dungcons |or
thcm orpractcc othcr cruc| and cxccssvc
punshmcnts. Intcrcstng|y, thc gradua|
| mtaton o| thc powcr o| s|avc-owncrs
wasaccompancd by ncrcasngstatcpow-
cr, cxpanson o| ctzcnshp, but a|so thc
rcturn o| varous |orms o| dcbt-bondagc
and thc crcation o| dcpcndcnt pcasantry
Fn|cy I
9/z.
9
z-
93
, I
9
8I. I6
4

5
) .
Io9. Jhus Lvy
4
I.
9
. II) notcs nI// bL
thc scnatc actua||y passcd a |aw to prc-
vcnt Ita|ans whowcrcnot Koman ctizcns
|rom sc||ng rc|atvcs nto s|avcry n ths
way n ordcr to bccomc citzcns.
uo. Jhc phrasc s prcscrvcd n thc
work o| thc c|dcr Scncca Controuersias
4
. /) and notcd by Fn|cy I
98o.
9
6) , among
othcrs. Jhcrc s a dcta |cd d scusson n
utrca zoo6. ztoz
3
.
III. Wrszubsk I
95
o. n thc ctymo|-
ogy, scc cnvcnstc I
9
6
3
.z6z-/z. Sm|ar-
|y Kopyto|| and Mcrs I9//) cmphaszc
that n A|rca, "|rccdom" a|ways mcant
ncorporaton nto somc kn group-on|y
s|avcs wcrc "|rcc" n our scnsc) o|a|| so-
ca| rc|atons.
IIz. F|orcntus n |ustnan' s Insttutcs
I.
5
.
4
. I) . Somc suggcst that thc word
"natura| " n thc hrst scntcncc was on|y
nscrtcd n |atcr cdtons, pcrhaps n thc
|ourth ccntury. Jhc poston that s|avcry
s a product o| |orcc cnshr ncd n |aw,
contrary to naturc,howcvcr,gocsback at
|cast to thc |ourth ccntury bL whcn Ars-
tot|c Io|tcs Iz
53
bzoz
3
) cxp|ct|y takcs
ssuc wth t scc Cambano I
9
8/) .
II
3
. A| rcady nthc that ccntury, |aw-
ycrs |kcAzo andractonbcganaskng. I|
th s s truc, wou|dn't that mcan a scr| s
a |rcc man too HardngI
9
8o.
4
z
4
notc 6,
scca|so uck|and I
9
o8. I, Watson I
98/) .
II
4
. U|pan wrotc that "cvcryonc was
born |rcc undcr thc |aw o| naturc" and
that s|avcry was a rcsu|t o| thc ius gen-
tium "|aw o| natons") , thc common |c-
ga| usagcs o| manknd. Somc |atcr | ursts
addcd that propcrty was orgna||y com-
mon and thc iusgentium was rcsponsb|c
|orkngdoms, propcrty, and so on Digcst
I. I.
5
) . As Juck notcs I
9/9
. I
9
) , thcsc wcrc
rca||y scattcrcd dcas, on|y systcmatzcd
by Church thnkcrs |kc Gratan much
|atcr, durngthc twc||th-ccntury rcvva| o|
Koman |aw.
II
5
. Frinces /egi0us so/utus est "thc
sovcrcgn s not bound by thc |aws") , a
phrasc nta||y concd by U|pan and rc-
pcatcd by |ustnan I.
3
pr. )
[
hs was a
vcry ncw noton n thc anccnt wor|d, thc
Grccks, |or nstancc, had nsstcd that
wh|c mcn cou|d do as thcy |kcd wth
thcr womcn, ch|drcn, and s|avcs, any
ru|cr who cxp|otcd thcr own sub| ccts n
thc samc way was thc dchnton o| a ty-
rant. Lvcn thc basc prncp|c o| modcrn
sovcrcgnty, that ru|crs ho|d thc u|tmatc
powcro|||c and dcath ovcr thcrsub|ccts
whch modcrn hcads o|statc st|| ho|d n
thcrpowcrtograntpardons) , was |ookcd
N 1 L b 4 Z O
on wth susptcton. Sm|ar|y, undcr thc
Kcpub|c, Cccro argucd that ru|crs who
nsstcd on ho|dng thc powcr o| | |c and
dcath wcrc by dchnton tyrants, "cvcn |
thcy prc|cr to bc ca||cd kngs" DeRe|u-
0/ica
3
. z
3
, Wcstbrook I
999
. zo
4
. )
u6. InthcChronc|co|Wa|tcro|Gus-
borough I
95
/. zI6) , scc C|anchy I
993
.z-
5
.
u/. Ay|mcr I9
8o.
u8. Jo bc |ar, a c|assca| | bcra|
wou|d nsstthatths sthc |ogca|conc|u-
son wth startng out |rom thc noton o|
|rccdom as actvc nstcad o|passvc oras
ph|osophcrs put t, that thcrc arc "sub-
| cctvc rghts")-that s, sccing |rccdom
not | ust as othcrs' ob|gatons to a||ow us
to do whatcvcr thc |aw or custom says
wc can do, but to do anythng that s not
spcchca||y |orbddcn, and that ths has
had trcmcndous | bcratng c||ccts. Jhcrc
s ccrtan|y truth n ths. ut hstorca||y,
t has bccn somcthng o|a sdc c||cct, and
thcrc arc many othcr ways to comc to thc
samc conc|uson that do not rcgurc us to
acccpt thc undcr|yng assumptons about
propcrty.
u
9
. Juck I9/9
.
49
, c|. Ju||y I993
. z
5
z,
|ackburn I99/. 6
3
-6
4
.
Izo. Notc hcrc that n ths pcrod,
thc | usthcaton was not bascd on any
assumpton o| raca| n|crorty-raca|
dco|ogcs camc |atcr-but rathcr on thc
assumpton that A|rcan |aws wcrc |cgt-
matcand shou|d bc consdcrcd bndng, at
|cast on A|rcans.
IzI. I' vc madc thc argumcnt that wagc
|abor s rootcd n s|avcry cxtcnsvc|y n
thc pastscc c. g. , Gracbcr zoo6.
Izz. Jhs s thc rcason, as C. .
MacIhcrson I
9
6z) cxp|ancd, that whcn
"human rghts abuscs" arc cvokcd n
thc ncwspapcrs, t s on|y whcn govcrn-
mcnts can bc sccn as trcspassng on somc
vct m' s pcrson or posscssons-say, by
rapng, torturng, or k| |ng thcm. Jhc
Unvcrsa| Dcc|araton o| Human Kghts,
|kc j ust about a|| sm|ar documcnts, a|so
spcaks o| unvcrsa| rghts to |ood and
shc|tcr, butoncncvcr rcads aboutgovcrn-
mcnts commttng "human rghts abuscs"
whcn thcy c|mnatc prcc supports on
basc |oodstu||s, cvcn | t |cads to wdc-
sprcad ma|nutrton, or |or razng shan-
tytowns or kckng thc homc|css out o|
shc|tcrs.
Iz
3
. nc can tracc thc noton back as
|cast as |ar back as Scncca, who n thc
hrst ccntury ao, argucd that s|avcs cou|d
bc|rccn thcr mnds, sncc|orccon|y ap-
p|cd to thc "prsono|thc body" De0en-
efciis
3
.zo)-ths appcars to havc bccn a
kcy pont o|transtion bctwccn thc noton
o| |rccdom as thc ab|ty to |orm mora|
rc|atons wth othcrs, and |rccdom as an
ntcrna|zaton o|thcmastcr's powcr.
Iz
4
. Scc Kotman zoo
3
. zz
4
|oronc au-
thor who cxp|ct|y rc|atcs ths to dcbt.
For ob|ccts as unguc ponts n a human
hstory, thcrc s a vast |tcraturc, but scc
Hoskns I
999
, Gracbcr zoor.
Iz
5
. nc can tc| | how unusua| s|av-
cry was by n|ormants' assumptons that
s|avcswou|d havcno dca that ths wasto
bc thcr |atc.
Iz6. Sgnhcant|y, at thc vcry momcnt
whcn hssoca|cxistcnccwasthc on|y cx-
stcncc hc had |c|t. Jhc mass k||ng o|
s|avcs at thc |uncra| s o| kngs, or gran-
dccs, has bccn documcntcd |rom anccnt
Gau|, to Sumcr, Chna, and thc Amcrcas.
Iz/. l/iad 9.
34
z-
44
.
Iz8. Lvans-Irtchard I
94
8.
3
6, c|. , Sah-
|ns I
9
8I. For a good cxamp|c o| dcnth-
caton o| kngs and s|avcs, Fcc|cy-Harnk
I
9
8z. bvous|y, cvcryonc s wc|| awarc
that kngs do havc |am|cs, |rcnds, |ov-
crs, ctc-thc pont s that ths s a|ways
sccn as somcthng o| a prob|cm, sncc hc
shou|d bc kng to a|| hs sub| ccts cgua||y.
Iz
9
. Kcgardngthc nhucncc o|Koman
|aw on thc | bcra| tradton, it s |ascnat-
ng to notc that thc vcry car|cst author
wc havc on rccord who |ad out somc-
thng |kc Smth's modc!, whcrc moncy,
and u|tmatc|y conagc, s nvcntcd as an
ad to commcrcc, was anothcr Koman | u-
r st, Iau| us. Digest I8. r. r.
I
3
o. utthasby no mcansbccnc|m-
natcd. I|anyoncs nc|ncdtodoubtths,
I rccommcnd thcy takc a stro|| through
4 Z 4 N 1 L b
thcr ncghborhood gnomng a| | propcrty
rghts, and scc | ust how |ong t takcs |or
thc wcapons to comc out. )
hBpl6I L1hl
:. "Dcbt,n. An ngcnoussubsttutc|or
thc chan and whp o| thc s|avcdrvcr, "
wrotcthcnotorious cync Ambrosc crcc
Tbe Deui/'sDictionary, :::. q) . Ccrtan-
|y |or thoscJha womcn who appcarcd at
Nc| ush's door, thc d|lcrcncc bctwccn
havng bccn so|d by onc's parcnts, and
workng o|| onc's parcnts' dcbt contract,
was as much a tcchnca|ty as t wou|d
havc bccn two thousand ycars ago.
z. nc o| thc |cw authors I know
who's con|rontcd thc gucstion hcad-on s
Icrrc Dockcs :)) , who makcs a con-
vncng statcmcnt that t has to do wth
thc powcr o| thc statc. at |cast, s|avcry
as an nsttuton was brchy rcvvcd undcr
thc Caro|ngan cmprc and thcn vanshcd
agan a|tcrward. It s ccrtan|y ntcrcstng
that sncc thc nnctccnth ccntury at |cast,
thc "transton |rom |cuda|sm to capta|-
sm" has bccomc our hstorca| paradgm
|orcpocha| soca|changc, and no onc much
addrcsscsthc transton |rom anccnts|avcry
to |cuda|sm,cvcn though thcrc s rcason to
bc|cvcthatwhatcvcrs happcnng now may
much morc c|osc|y rcscmb|c t.
. Kobn |ackburn makcs ths argu-
mcnt gutc convncng|y n Tbe Making
o[Neu Wor/dS/auery :)) . Jhcrc wcrc
somc cxccptons, notab|y thc Ita|an cty-
statcs. Jhcstory so|coursc morccomp|-
catcd than I'm rcprcscntng t. onc rcason
|or thc host|ty was that durng much o|
thc Mdd|c Agcs, Luropcans wcrc |argc|y
vctms o| s|avc-radcrs rathcr than thcr
bcnchcarcs, wth many captvcs markct-
cd n North A|rca and thc Mdd|c Last.
q. Jhc Acgcan cons wcrc stampcd,
thc Indan, punchcd, and thc Chncsc,
cast. Jhs suggcsts that wc arc not ta|kng
about d||uson hcrc. Spcakng o| Indan
cons,|ornstancc, onc hstoran rcmarks.
"I|thcrc s onc thngthatsccmsc|car|rom
a punch-markcd con, t s that thc pcrson
who thought tup had ncvcr sccn a Grcck
conor | hc had sccn onc, t had not
mprcsscd h m. Jhc punch-markcd con s
madcbyan cntrc|y d||crcntmcta||urgca|
proccss" Schaps zoo6. ) .
. Irucssncr :z8) was pcrhaps thc
hrst to pont ths out.
6. Jhcy appcar to havc bccn wdc|y
uscdby |dAssyranmcrchantsopcratng
n Anato|a Vccnho|:)) .
). Iowc|| :)8, :), :. :q-:8) pro-
vdcs an cxcc||cnt asscssmcnt o| thc cv-
dcncc, cmphaszng that aby|onans did
not producc sca|cs accuratc cnough to
mcasurc thc tny amounts o| s|vcr thcy
wou|d havc had to usc to makc ordnary
houscho|d purchascs |kc |rcd hsh or
cords o| hrcwood n cash. Hc conc|udcs
that si|vcr was |argc|y uscd n transactons
bctwccn mcrchants. Markct vcndors thcrc-
|orc prcsumab|y actcd as thcy do n sma||-
sca|c markcts n A|rca and Ccntra| Asa,
today, bu|dng up |sts o| trustworthy c|-
cnts to whomthcycou|dcxtcndcrcdtovcr
tmc c. g. , Hart :.zo:, Nazpary zoo:) .
8. Hudson zooz. z:-z, who hypoth-
cszcs that thc tmc c|cmcnt was mportant
as mcrchants wou|d prcsumab|y othcrwsc
dc|ay to cmp|oy thc |unds as |ong as pos-
sb|c. SccKcngcr:8q,:q;Mcroop zoo.
. I ' m rc|crrng hcrc to _irad and
Mudara0a arrangcmcnts, sm|ar to thc
anccnt and Mcdcva| Mcdtcrrancan
Commenda Udovtch :)o, Kay :)) .
:o. Hcrodotus :. :8.
D. Hcrodotus . :oz-.
:z. Mcroop zooz. 6, zoo. z. Hc
notcs that Lnmctcna' s tota| gran ncomc
n any onc ycar was rough|y ) m||on |-
tcrs,makngthcsumhcc|amsto bcowcd
morc than onc thousand tmcs hs own
pa|acc's annua| rcvcnuc.
:. Lambcrt:):;Lcmchc :). :6.
:q. Hudson: provdcs thcmostdc-
ta|cd ovcrvcw o|ths |tcraturc.
:. Hudson :. zo.
:6. Grcrson :)). :), citng Ccrny
:q. o).
:). |cbcrg zooz
N 1 L b 4 Z D
I8. nc authorty statcs catcgorca||y.
"I donotknowo|dcbt-annu|mcntdccrccs
ssucd by any Iharaoh" |asnow zooI.
4
z) ,
and adds that thcrc s no cvdcncc |or
dcbt-bondagc unt| thc vcry |atc Dcmot-
c pcrod. Jhs s thc samc pcrod whcn
Grcck sourccs bcgn to spcak o| both.
I
9
. VcrStccg zooz. I99
, scc Lorton
I
9//.
4
z-
44
.
zo. Jhs n ccrtan ways rcscmb|cs thc
|cga| |oopho|cs crcatcd n both thc Mcd-
cva| Chrstan and Is|amc wor|ds, whcrc
ntcrcst was |orma||y banncd. scc chaptcr
Io bc|ow.
zI. Dodorus Scu|us I. /9
. Scc Wcs-
tcrmann I
955
.
5
o
5
I |or a comparson
o| Grcck and Lgyptan sourccs on thc
sub|cct.
zz. Jhchstory o|thc dsscmnaton o|
ntcrcst-bcarng dcbt s on|y bcgnnng to
bc rcconstructcd. It docs not yct appcar
n Lb|a c. z
5
oo sc; , n |d or Mdd|c
Kngdom Lgypt, or n Myccnacan Grcccc,
but t cvcntua||y bccomcs common n thc
Lcvant n thc |atc ronzc Agc, and a|so
n Htttc Anato|a. As wc'|| scc, t camc
gutc |atc to C|assca| Grcccc, and cvcn
|atcr to p|accs |kc Gcrmany.
z
3
. In Chncsc hstorography, n |act,
ths who|c cpoch s known as "thc |cuda|
pcrod. ")
]. Jhc Cuanzi, ctcd n Schaps
zoo6. zo.
z
5
. Yung-J zoo6) has rcccnt|y argucd
that thcy wcrcn't, though wc wou|dn't
rca||y know. Jhcrry I
99
z.
3
9
-
4
I) smp|y
assumcs thcy wcrc, provdng much cv-
dcncco|thcruscbothas untso|account
and mcans o| paymcnt, but nonc o| thcr
usc |or buyng and sc||ng.
z6. At any ratc, cowrcswcrcdchntc|y
bcng uscd as thc cguva|cnt o| cons n
|atcrpcrods, and thcgovcrnmcnt pcrod-
ca||ycthcrsupprcsscd thcruscorrcntro-
duccd thcm Quggn I
949
, Swann I
95
o,
Jhcrry I
99
z.
39
-
4
I, Icng I
994
. ) Cowrc
moncy survvcd, a|ongsdc ta||y stcks, as
a common |orm o| currcncy n Yunnan
provncc n thc |ar south unt| rc|atvc|y
rcccnt tmcs . Yang zooz) , and dcta|cd
studcs cxst, but-as |ar as I can tc||-
on|y n Chncsc.
z/. Schcidc| zoo
4
.
5
.
z8. Kan I
9/8.
9
z, Martz|o|| zooz. I/8. I
notc n passng that a study o| thc Inca
kbiu systcm tsc|| wou|d tsc|| bc gutc
|ascnatng i n ths rcgard, thcstrngswcrc
uscd to rccord both ob|gatons wc wou|d
consdcr hnanca|, and othcrs wc wou|d
consdcr rtua|, sncc as n so many Lur-
asan |anguagcs, thc words "dcbt" and
"sn" wcrc thc samc n Qucchua as wc||
Quttcr Urton zooz. z/o) .
z
9
. L. Yang I
9/I.
5
) hnds thc hrst rc|-
ab|c |tcrary rc|crcncc to |oans at ntcrcst
in thc |ourth ccntury sc. Icng I
994
.
9
8-
IoI) notcs that thc car|cst survvng rc-
cords thc orac|c boncs and nscrptons)
do not mcnton |oans, but thcrc's no rca-
son thcy wou|d, hc a|so asscmb|cs most
o| thc ava|ab|c |tcrary rc|crcnccs, hnds
many rc|crcnccs to |oans n car|y pcr-
ods, and conc|udcs that thcrc's no way to
know whcthcr to takc thcm scrous|y. y
thc Warrng Statcs pcrod, howcvcr, thcrc
s abundant cvdcncc |or |oca| usurcrs,
and a|| thc usua| abuscs.
3
o. Yan tie /un I z/
4
bz, n Ga|c
I
9
6/) . Iz.
3
I. Guanz /
3
Iz) , Kckctt I
99
8.
39/)
3
z. So around Ioo sc, "whcn hood and
drought comc upon thcm . . . thosc who
havc gran sc|| at ha|| va|uc, wh|c thosc
who havcnot borrow atcxorbtantusury.
Jhcn patcrna| acrcs changc hands, sons
and grandsons arc so|d to pay dcbts, mcr-
chants makc vast prohts, and cvcn pctty
tradcsmcn sct up busncss and rca|zc un-
hcard o| gans" n Duyvcndak I
9
z8.
3
z) .
Loans at ntcrcst arc hrst documcntcd n
thc |ourth ccntury sc n Chna but may
havccxstcdbc|orcthat YangI
9/I.
5
) . For
a para||c| casc o| ch|d-sc||ng |or dcbt n
car|y Inda, Khys Davds I
9
zz. zI8.
hBpl6I N1 06
I. |aspcrs I
949
.
z. Iarkcs I
959
./I.
4 Z N 1 L b
3
. r, | onc must bc cvcn morc prc-
csc, wc shou|d probab|y cnd t n 6
3
z ao,
wth thc dcatho|thc Irophct.
4
. bvous|y Vcdc Hndusm s car-
|cr, I am rc|crrng to Hndusm as a sc||-
conscous rc|gon, whch s gcncra||y sccn
as havng takcn shapc n rcacton to ud-
dhsm and |ansm around ths tmc.
5
. Jhcdatcuscdto bcsctmuchcar|cr,
at6
5
o orcvcn/oosc, butrcccntarchaco|-
ogy has ca||cd ths nto gucston. Lydan
cons st|| sccm to bc thc car|cst, though,
as mosto|thcothcrshavcbccnsccmto bc
thc car|cst though.
6. Irakash Sngh I
9
68, Dhava|kar
I
9/4
, Kosamb I98I, Gupta Hardakcr
I
995
. Jhc |atcstacccptcddatcs|orthc ap-
pcarancc o|conagc n Inda, bascd on ra-
docarbonana|yss, scrca
4
oosc Lrdosy
I
9
88. II
5
, I
995
. II
3
) .
/. Kosamb I
9
8I) notcs that thcrc
sccms to bc a d rcct connccton bctwccn
thc hrst o| thcsc and ronzc Agc Harap-
pan ctcs. "cvcn a|tcr thc dcstructon o|
Mohcn|o Daro, whch s cntrc|y a tradc
cty as shown by ts hnc wcghts and poor
wcapons, thc tradcrs pcrsstcd, and con-
tnucd to usc thc vcry accuratc wcghts
o| that pcrod. " bd.
9
I ) . Gvcn what wc
know o| Mcsopotama, wth whch thc
Harappan cv|zaton was n c|osc con-
tact, t a|so sccms rcasonab|c to assumc
that thcy contnucd to cmp|oy o|dcr com-
mcrca| tcchngucs, and, ndccd, "proms-
sorynotcs"doappcaras |am|arpractccs
n our car|cst |tcrary sourccs, such as thc
|akatas Khys Davds I
9
oI. I6, Jhapar
I
995
. Iz
5
, Fscr zoo
4
. I
94
) , cvcn |thcsc arc
many ccnturcs |atcr. | coursc, n ths
casc, thc marks wcrc prcsumab|y mcant
to conhrm thc accuracy o| thc wcght, to
show that t hadn't bccn |urthcr trmmcd,
but thc nspraton o| car|cr crcdt prac-
tccs sccms |kc|y. Kosamb |atcr con-
hrms ths. "Jhc marks wou|d corrcspond
to modcrn countcrsgnaturcs on b||s or
chcgucs c|carcd through busncss houscs. "
I
99
6. I/8-/9
)
8. ur hrst |tcrary rccord o| conagc
n Chna s o|a kngdom that rc|ormcd ts
currcncy systcm n
5
z
4
scwhch mcans
that t a| rcady had a currcncy systcm,
and prcsumab|y had |or somc tmc L
I
9
8
5
.
3
/z) .
9. Schaps zoo6.
34
. For a sm|ar rcccnt
argumcnt, Schocnbcrgcr zoo8.
Io. |coursc thcvcry hrstcons wcrc
o| |ar|y hgh dcnomnatons and gutc
possb|y uscd |or payng taxcs and |ccs,
and |or buyng houscs and catt|c morc
than |or cvcryday purchascs Kraay I
9
6
4
,
Ircc I
9
8
3
, Schaps zoo
4
, Vckcrs I
9
8
5
) .
A rca| markct soccty n Grcccc, |or n-
stancc, cou|d on|y bc sad to cxst whcn,
as n thc h|th ccntury, ordnary ctzcns
wcnt to thc markct carryng mnuscu|c
cons o| stampcd s|vcr or coppcr n thcr
chccks.
D. Frst proposcd by Cook I
95
8) ,
t hc cxp|anaton has sncc |ost |avor
Ircc I
9
8
3
, Kraay I
9
6
4
, Wa||acc I
9
8/,
Schaps zoo
4
.
9
6-IoI, though c|. Ingham
zoo
4
. Ioo)-|argc|y, on thc argumcnt that
onc cannot pay so|dcrs wth cons un-
|css thcrc arc a| rcady markcts wth pcop|c
w||ng to acccpt thc cons. Jhs strkcs
mc as a wcak ob| ccton, sncc thc abscncc
o| conagc docs not mp|y thc abscncc o|
cthcr moncy or markcts, a| most a|| par-
tcs to thc dcbatc c. g. , a|muth I
9
6/,
I
9/I, I
9/
5
, zooI) who argucs that rrcgu|ar
pcccs o| s|vcr wcrc a|rcady n wdc usc
as currcncy, and Lc Kdcr zooI) , Sca|ord
zoo
4
.
3
I8-
3
/) or |or that mattcr Schaps
zoo
4
.zzz-
35
) , who arguc that thcy wcrc
not numcrous cnough to bca vab|c cvcry-
day currcncy, sccm to gvc much consd-
craton to thcpossb|ty that mostmarkct
tradc took p|acc on crcdt. Anyway, as
I' vcnotcdcar|cr, twou|d bccasycnough
|or thc statc to cnsurc that thc cons bc-
camc acccptab|c currcncy smp|y by n-
sstng that thcy wcrc thc on|y acccptab|c
mcans o| paymcnt |or ob|gatons to thc
statctsc||.
Iz. Most o| thc car|cst known Grcck
bankcrs wcrc o| Ihocncan dcsccnt, and
t's gutc possb|c that thcy hrst ntro-
duccd thc conccpt o| ntcrcst thcrc Hud-
son I
99z) .
N 1 L b 4 Z
:. L|ayi L|ayi I99
z.
I
4
. Starr I
9//. u, scc Lcczooo.
I
5
. It' s intcrcsting to notc that, to our
know|cdgc, thc grcat trading nations did
notproduccmuch in thc way o|grcatart
or phi|osophy.
r6. Jhc grcat cxccption was o|coursc
Sparta, which rc|uscd to issuc its own
coinagc but dcvc|opcd a systcm whcrcby
aristocrats adoptcd a strict mi |itary |i|c-
sty|c and traincd pcrmancnt|y |or war.
J. Aristot|c hi msc|| notcd thc con-
ncction whcn hc cmphasizcd that thc
constitution o| a Grcck statc cou|d bc
prcdictcd by thc main army o| its mi|i-
tary. aristocracics i |thcyrc|icdon cava|ry
sincc horscs wcrc vcry cxpcnsivc) , o|igar-
chics in thc casc o| hcavy in|antry sincc
armor was not chcap) , dcmocracy in thc
casc o||ight in|antry or navics sincc any-
onc cou|d wic|d a s|ing or row a boat)
Fo/itics
4
. . :z8
9
b-
44
, :. :z
9/bI6-z
4
,
6./. :z:a6-:
4
) .
r8. Kcyt I
99/. :o) summarizin

g Fo/i-
tics :o
4
bz/-
3
:.
t
9
. Jhucydidcs 6. 9/. /) c|aimcd that
zo,ooo cscapcd |rom thc mincs in
4
zI sc,
which i s probab|y cxaggcratcd, but most
sourccs cstimatc at |cast ro,ooo |or most
o| that ccntury, gcncra||y working shack-
|cd and undcr atrocious conditions Kob-
inson I
9/
3
) .
zo. Ingham zoo
4
. 99-:oo.
zI. MacDona|d zoo6.
43
.
zz. n A|cxandcr's armics monctary
nccds, Davics t
99
6. 8o in turn, 8
3
, on his
|ogistics morc gcncra||y, Lngc|s I
9/8. Jhc
hgurc Oo,ooo inc|udcs not on|y actua|
troops but scrvants, camp-|o||owcrs, and
so |orth.
z
3
. Grccn I993
.
3
66.
z
4
. Jhc Koman institution was ca||cd
HL7HN and wc don't know cntirc|y how
it workcd. i . c. , whcthcr it was a |orm o|
|abor contract, whcrcby onc workcd o||
thc dcbt |or a hxcd tcrm, or somcthing
morc |ikc A|rican pawn systcms, whcrc
thc dcbtor-and his or hcr chi|drcn-
scrvcd in conditions rough|y |ikc thosc o|
a s|avc unti| rcdcmption scc Jcstart zooz
|or thc possibi|itics) . Scc uck|cr I895
,
runt I
9/4
, Cornc|| I
994
. z66-6/, o-z.
z
5
. Hcncc, most o|thc scanda|ous sto-
rics that sparkcd uprisings against dcbt
bondagc ccntcrcd on dramatic cascs o|
physica| or scxua| abusc, o| coursc, oncc
dcbt bondagc was abo|ishcd and housc-
ho|d |aborwas instcad supp|icd by s|avcs,
such abusc was considcrcd norma| and
acccptab|c.
z6. Jhc hrst bronzc coins paid to so|-
dicrs sccm to havc bccn coincd around
4
oo bL Schcidc| zoo6) , but this was thc
traditiona| datc according to Koman
hi storians.
z/. What I am arguing hics in thc |acc
o| much o| thc convcntiona| scho|ar|y
wisdom, summcd up bcst pcrhaps by Mo-
scs Fin|cy whcn hc wrotc "i n Grcccc and
Komc thc dcbtor c|ass rcbc||cd, whcrcas
in thc Ncar Last thcy did not"-and
thcrc|orc rc|orms |ikc thosc o| Nchcmiah
wcrc at |castminor,tcmporarypa||iativcs.
Ncar Lastcrn rcbc||ion took a di||crcnt
|orm, morcovcr, Grcck and Koman so|u-
tions wcrc both morc | i mitcd and morc
tcmporary than hc supposcd.
z8. Ioannatou zoo6 |or a good cxam-
p|c. Cata|inc's conspiracy o|6
3
bL was an
a||i ancc o| indcbtcd aristocrats and dcs-
pcratcpcasants. ncontinucd Kcpub|ican
dcbt and |and rcdistribution campaigns.
Mitchc|| :
993
.
z9. Howgcgo makcs thispoint. "I||css
is hcard o| dcbt undcr thc Irincipatc it
may wc|| bc bccausc po|itica|stabi|ityrc-
movcdthc opportunity |orthc cxprcssion
o|discontcnt. Jhis argumcnt is supportcd
by thc way i nwhich dcbt rc-cmcrgcsasan
issuc at timcs o|opcn rcvo|t" I99z. I) .
3
o. I|utarch, Mora/ia, 8z8|-8
3
ra.
:. Jhcrc is, nccd|css to say, a vast
and conhicting |itcraturc, but probab|y
thc bcst sourcc is ana|i zooI) . Hc cm-
phasizcs in thc |atc cmpirc, "dcbt was thc
csscnti a| mcans by which cmp|oycrs cn-
|orccd contro| ovcr thc supp|y o| |abour,
|ragmcnting thc so|idarity o|workcrs and
'pcrsona|izing' rc|ations bctwccn owncrs
4 Z N 1 L b
and cmp|oyccs" bd. zo
5
) , a stuaton hc
comparcs ntcrcstng|y to Inda.
3
z. Kosamb :
9
66, Sharma :
9
68, Msra
:
9/6, A|tckar :
9//. u
3
8. Contcmporary
Indan hstorans, who rc|cr to thcm as
gana-sanghas "trba| asscmb|cs") , tcnd
to dsmss thcm as warror arstocraccs
supportcd by popu|atons o| hc|ots or
s|avcs, though o|coursc,Grcck cty-statcs
cou|d bc dcscrbcd thc samc way.
33
. In othcr words, thcy |ookcd morc
|kc Sparta than |kc Athcns . Jhc s| avcs
wcrc a|so co| |cctvc|y owncd Chakravart
:
98
5
.
4
8-
49
. ) Agan, onc has to wondcr
how much ths wasrca||ythcgcncra| ru|c,
but I yc|d to thc prcdomnant scho|ar|y
opnon on such mattcrs.
34
. Artbasastra z. Iz. z/. Scc Sc-
haps zoo6. :8 |or a ncc comparatvc
commcntary.
35
. Jhapar zooz.
34
, Dkshtar :
94
8.
3
6. Jhcrc wcrc a|so taxcs, o| coursc,
usua||y rangng |rom :/6 to :/
4
o| tota|
yc|d Kosamb :
99
6.
3
:6, Shag zoo
5
) , but
taxcs a|so scrvcd as a way to brng goods
to thc markct.
3
/. So Kosamb :
9
66. :
5
z-
5
/.
3
8. And wagc |abor, two phcnomcna
that, as so o|tcn n thc anccnt wor|d,
|argc|y ovcr|appcd. thc common phrasc
|or workcrs uscd n tcxts |rom thc pcr-
od was dasa-karmakara, "s| avc-hrc|ng"
wth thc assumpton that s|avcs and |a-
borcrs workcd togcthcr and wcrc barc|y
dstngushab|c Chakravart :
9
8
5
) . nthc
prcdomnancco|s|avcry,scc Sharma :
95
8,
Ka :
9
8IJhccxtcnt scontcstcd, butcar-
|y uddhst tcxts do sccm to assumc that
any wca|thy |am|y wou|d norma||y havc
domcstc s|avcs-whch ccrtan|y wasn't
truc n othcr pcrods.
39
. Iunch-markcd cons wcrc a|so
cvcntua||y rcp|accd, a|tcr A|cxandcr's
brc| congucst o| thc Indus Va||cy and
hs cstab|shmcnt o| Grcck co|onsts n
A|ghanstan, by Acgcan-sty|c cons, u|t-
matc|y causng thc cntrc Indan tradton
to dsappcar Kosamb :
9
8:, Gupta
Hardakcr :
9
8
5
. )
4
o. It' src|crrcd toasthc"I||arLdct"
Morman :
9/
5
. :6) .
4
I. Jhcrc' s a good dca| o| dcbatc as
to whcn. Schopcn :
994
) cmphaszcs thcrc
s |tt|c cvdcncc |or substanta| uddhst
monastcrcs unt| thc hrstccnturyao, pcr-
hapsthrccccnturcs|atcr. Jhs has a grcat
dca| o| bcarng on monctarzaton too, as
wc'|| scc.
4
z. "Jhc prvatc tradcr was rcgardcd
as a thorn kantaka) , a pub|c cncmy | ust
short o|a natona| ca|amty, by Arth.
4
. z,
taxcd and hncd|or ma|practccs o|whch
many arc takcn |or grantcd" Kosamb
:
99
6. z
43
) .
43
. Jhosc wshng t o bccomc monks
had to hrst a|hrm that thcy wcrc not
thcmsc|vcs dcbtors just as thcy a|so had
to promsc thcy wcrcn't runaway s|avcs) ,
but thcrc was no ru|c sayng thc monas-
tcrytsc||cou|d not |cnd moncy. In Chna,
as wc'|| scc, provdng casy crcdt tcrms
|or pcasants camc to bc sccn as a |orm o|
charty

q. Sm|ar|y, uddhst monks arc not

a||owcd to scc an army, | thcy can pos-
sb|y avod t Iacttya,
4
8-
5
: ) .
45
. Lcws :99
o.
4
6. W|bur:
943
, Yatcs zooz. Jhc statc
o| Qn, durng thc Warrng Statcs pcrod,
not on|y a||owcd |or army o|hccrs to bc
a||ocatcd s|avcs by rank, but |or mcr-
chants,cra|tsmcn, and thc "poorand d|c"
to thcmsc|vcs bc "conhscatcd as s|avcs"
Lcws :
99
o. 6:-6z) .
4/. Schcdc| zoo6, zoo/, zoo
9
) has
consdcrcd thc mattcr at |cngth and con-
c|udcd that Chncsc currcncy took thc
unusua| |orm that t dd |or two mabn
rcasons . :) thc hstorca| co ncdcncc that
Qn whch uscd bronzc cons) dc|catcd
Chu whch uscd go|d) n thc cv| wars,
and subscgucnt conscrvatsm, and z) thc
|ack o| a hgh|y pad pro|cssona| army,
whch a||owcd thc Chncsc statc to act
|kc thc car|y Koman rcpub|c, whch a|so
|mtcd tsc|| to bronzc cons |or pcasant
conscrpts-but un|kc thc Koman rcpub-
|c, was not surroundcd by statcs accus-
tomcd to othcr |orms o|currcncy.
N 1 L b 4 Z
4
8. Iythagoraswas,as|ar as wcknow,
thc hrst to takc thc |attcr coursc, |ound-
ng a sccrct po|tca| soccty that |or a
wh|c had contro| ovcr thc |cvcrs o|po|t-
ca| powcr n thc Grcck ctcs o| southcrn
Ita|y.
49
. Hadot I
995
, zooz. In thc anccnt
wor|d, Chrstanty was rccognzcd as a
ph|osophy |argc|y bccausc t had ts own
|orms o|ascctc practcc.
o. n thc J||crs. Graham I9/9
,
I
994
. 6/-IIo. Jhcy sccm to havc hour-
shcd around thc samc tmc as Mo D,
thc |oundcr o| Mohsm rough|y
4/o
39
I
sc; . Jhc J||crs u|tmatc|y vanshcd, |cav-
ng bchnd man|y a scrcs o| trcatscs on
agrcu|tura| tcchno|ogy, but thcy had a
trcmcndous nhucncc on car|y Jaosm-
whch, n turn, bccamc thc |avortc ph-
|osophy |or pcasant rcbc|s |or many ccn-
turcs to comc, startng wth thc Yc||ow
Jurbans o| I8
4
ao. Lvcntua||y, Jaosm
was dsp|accd by mcssanc |orms o|ud-
dhsm as thc |avortc dco|ogy o| rcbc|-
|ous pcasants.
5
I . Wc-Mng I
9
86, Graham I
9
8
9
,
Schwartz I
9
86.
5
z. Lcgcnd has t that a|tcr onc Iy-
thagorcan mathcmatcan dscovcrcd thc
cxstcncc o| rratona| numbcrs, othcr
mcmbcrs o|thc scct took hm on a crusc
and droppcd hm ovcrboard. For an cx-
tcndcd dscusson o| thc rc|aton o| car|y
Iythagorcansm
53
o-
4
oosc; to thc rsco|
a cashcconomy,sccSca|ordzoo
4
.z66-/
5
) .
53
. At |cast | my own cxpcrcncc n
Madagascarsanythngto go on.
54
. War s gu tc sm|ar. t's a| so an
arca n whch t's possb|c to magnc cv-
cryonc as p|ayng a gamc whcrc thc ru|cs
and stakcs arc unusua||y transparcnt.
Jhc man d||crcncc s that n war onc
docs carc about onc's |c||ow so|dcrs. n
thc orgns o| our own noton o| "sc||-
ntcrcst," scc chaptcr D bc|ow.
55
. Not to bc con|uscd wth thc unrc-
| atcd Con|ucan tcrm /i, mcanng "rtua|"
or "ctgucttc. " Latcr, /i bccamc thc word
|or "ntcrcst"-that s, not on|y "sc||-
ntcrcst, " but a|so " ntcrcst paymcnt"
c.g., Cartcr I
9
88. z6-z/) . I shou|d notc
that my argumcnt hcrc s s| ght|y uncon-
vcntona|. Schwartz I
9
8
5
. I
45
-
5
I) notcs
that n Con|ucus, "proht" has a purc|y
pc|oratvc mcanng, and hc argucs that t
was subvcrsvc|y rcntcrprctcd by Mo D .
I hndtun|kc|ythatCon|ucus rcprcscnts
convcntona| wsdom at ths tmc, wh|c
hswrtngs arcthccar|cstwchavconthc
sub| cct, hs poston was c|car|y margna|
|or ccnturcs a|tcr hs dcath. I am assum-
ng nstcad that thc Lcga|st tradton rc-
hcctcd thc common wsdom cvcn bc|orc
Con|ucus-or ccrtan|y, Mcncus.
5
6. Zban Cuo Ce "Stratcgcs o| thc
Warrng Statcs") no. Io
9
, /. I/
5
5
/. Annua/s o[L8uuei, 8/
5
.
4
.
5
8. Scc Amcs I
994
) |or a dscusson o|
kcy tcrms. si/i sc||-ntcrcst) , sbi stratcgc
advantagc) , and /i min pub|c proht) .
59
. ook o| Lord Shang
94/-
4
8,
Duyvcndak I9z8. 6
5
.
6o. Kosamb's trans|aton I
9
6
5
. I
4
z) ,
thcLncyc|opcdartanncaprc|crs"hand-
bookon proht" cntry |or "Crva") , A|-
tckar I
9//.
3
) , "thc sccncc o|wca|th. "
6I . Nag Dkshtar I9z/. I
5
. Kosamb
argucs that thc Mauryan po|ty was thus
bascd on a |undamcnta| contradcton. "a
mora| |aw-abdng popu| aton ru|cd by a
comp|ctc|y amora| kng" t
99
6. z
3
/) . Yct
such a stuaton s hard|y unusua|, bc|orc
or smcc.
6z. Jhucyddcs
5
. 8
5
-II
3
c|.
3
.
3
6-
49
) .
Jhccvcnttookp|acc n
4
I6sc, aroundthc
samc tmc that Lord Shang and Kaut|ya
wcrc wrtng. Sgnhcant|y, Jhucyddcs'
own ob| cctons to such bchavor arc not
cxp|ct|y mora| but ccntcr on showng
that t was not to thc "|ong-tcrm pro|-
t" o| thc cmprc Ka||ct zooI. I
9
) . n
Jhucyddcs' own ut|taran matcra|sm
morc gcncra||y, scc Sah|ns zoo
4
.
6
3
. Moz 6./, n Hanscn zooo. I
3
/
6
4
. Mcncus
4
. I, n Duyvcndak
I
9
z8. /6-//. Hc appcars to bc rc|crrng to
a dstnctonorgna||ymadcbyCon|ucus
h msc||. "thc supcror pcrson undcrstands
what s rght wh|c thc n|cror pcrson
4 O N 1 L b
on|y undcrstands what s pcrsona||y pro|-
tab|c" Ana/ects /.
4
. I6) .
6
5
. Jhc Mohst pathvcrt|y cmbracc
hnanca| |ogc-was thc |css wc|| trod-
dcn. Wc'vc a|rcady sccn how n Inda
and Grcccc, attcmpts to |ramc mora| ty
as dcbt wcnt nowhcrc. cvcn thc Vcdc
prncp|cs arc ostcnsb|y about |bcraton
|rom dcbt, whch was a|so, as wc'vc sccn,
a ccntra| thcmc n Israc|.
66. Lccnhardt I9/9. I6
4
.
6/. Jhs ntcrprctaton docs hy |ar|y
d rcct|y n thc |acc o| thc man thrust o|
scho|arshp on thc ssuc, whch tcnds n-
stcad to cmphaszc thc "transccndcnta|"
naturc o| Axa| Agc dcas c. g. , Schwartz
I
9/
5
, Lscnstadt I
9
8z, I
9
8
4
, t
9
86, Koctz
I
993
, c||ah zoo) .
68. Jhc Grcck systcm actua||y bcgan
wth Frc, Ar, and Watcr, and thc Indan
wth Firc, Watcr, and Larth, though n
cach casc thcrc wcrc numcrous c|abora-
tons. Jhc Chncsc c|cmcnta| systcm was
hvc|o|d. Wood, Frc, Larth, Mcta|,Watcr.
6
9
. ln Chrstanty, at |cast n thc Au-
gustnan tradton, ths s gutc cxp|ct.
thc matcra| wor|d docs not n any scnsc
partakc o| God, God s not n t, t was
smp|y madc by Hm De ciuitate dei
4
. Iz)-ths radca| scparaton o|sprt and
naturc bcng-accordng to Hcnr Frank-
|ort I94
8.
34
z-
44
)-a pccu|arty o| thc
|udaco-Chrstan tradton. Jhat samc
Augustnan tradton, though, a|so drcw
on I|ato to nsst that rcason, on thc othcr
hand-thc abstract prncp|c whch a||ows
us to undcrstand such thngs, and whch
scntrc|yscparatc|rommattcr-Joes par-
takc o| thc dvnc scc Hotcnga I
99
I. uz-
I
4
, |orthccon||ctn Augustnc'sown dcas
hcrc) .
/o. Shc||'s cssay "Jhc Kng o| Gygcs"
I
9/8) has a| rcady bccn ctcd n thc |ast
chaptcr,n mydscussono|I|ato,Sca|ord
I998, zoo
4
.
/I. Jhs s bascd on thc |act that M-
|ctus was onc o| thc ctcs, |not thc hrst
cty, to producc cons o| sma|| cnough
dcnomnatons thatthcy cou|d bc uscd |or
cvcryday transactons Kraay I
9
6
4
. 6/) .
/z. Hcrac|tus was |rom thc ncarby Io-
nanctyo|Lphcsusand Iythagorasorg-
na||y |rom thc Ionan s|and o| Samos.
A|tcr Iona was ncorporatcd nto thc
Icrsan cmprc, |argc numbcrs o| Ionans
hcd to southcrn Ita|y, whch thcn bccamc
thc ccntcr o| Grcck ph |osophy, agan, at
| ust thcpcrodwhcnthcGrcck ctcsthcrc
bccamc thorough|y monctarzcd. Athcns
bccamc thc ccntcr o| Grcck ph|osophy
on|y n thc h|th ccntury, whch s a|so
whcn Athcnswas m|tar|y domnant and
thc Athcnan "ow|" conagc bccamc thc
man ntcrnatona| currcncyo|thc Lastcrn
Mcdtcrrancan.
/
3
. r as Sca|ord zoo
4
. zo8) puts t,
cchong Anaxmandcr's dcscrpton o| hs
prma| substancc, "a dstnct, ctcrna|, m-
pcrsona|, a||-cmbracng, un|mtcd, homo-
gcncous, ctcrna||y movng, abstract, rcgu-
|atng substancc, dcstnaton |or a|| thngs
as wc|| as thcr orgn" or, at |cast, "a| |
thngs" that wcrc ava|ab|c |or purchasc. )
/4
. Sca|ord zoo
4
. I
3
6-
4
6, scc Icard
I
9/
5
, Wa||acc I
9
8/, Harrs zoo8a. Io. Iurc-
|y "hducary" moncy s o| coursc what
a mcta||ist wou|d ca|| "hat" or "tokcn"
moncy, or a Kcyncsan, "charta| moncy. "
Dcsptc Fn|cy's argumcnts t o thc con-
trary I
9
8o. I
4
I, I
9
6) , | ust about a|| anccnt
moncy was hducary to somc cxtcnt. It's
casy to scc why cons wou|d ordnar|y
crcu|atc at a hghcr |acc va|uc than thcr
wcght n go|d or s|vcr, sncc thc prcc o|
thc |attcr wou|dtcndto huctuatc, but thc
momcnt thc con's |acc va|uc was |owcr
thanthato|ts mcta| contcnt, thcrc wou|d
bc no rcason not to mc|t t down.
/
5
. In thc casc o|tru|y |argc statcs |kc
thc Koman or Mauryan cmprcs, nhaton
dd cvcntua||y rcsu|t, but thc |u|| c||ccts
wcrc not |c|t |or at |cast a ccntury scc In-
gham zooz. IoI-
4
, Kcss|cr Jcmn zoo8,
Harrszoo8b|orsomcgooddscussonso|
t hcKoman stuaton. )
/6. Sca|ord zoo
4
. I
3
8-
39
.
N 1 L b 4 O 1
//. I ampart|y nsprcd hcrc by Marcc|
Mauss' s argumcnts about o| thc conccpt
o|substancc A||cn I
99
8) .
/8. Hcncc, aswc'||scc Arstot|c's pos-
ton that con was on|y a soca| con-
vcnton Nicomacbean Etbics II
33
az
3
I)
rcmancd vcry much a mnorty v cw n
thcanccnt wor|d. It d d bccomc thcprc-
domnant vcw |atcr, n thc Mdd|c Agcs.
/9. Hc s known as Iys n thc
uddhst scrpturcs, Iacs n thc |ana
scc ronkhorst zoo/. I
43
-I
59 |or a good
dscusson o| thcsc car|cst Indan matc-
ra|sts, |or thc |atcr matcra|st schoo|,
to whch Kaut|ya s sad to bc|ong, scc
Chattopadhyaya I
994
. |aspcrs I
95
I. I
35
) ,
wrtng o| Inda, notcs thc appcarancc o|
"a|| ph |osophca| trcnds, nc|udng skcp-
tcsm and matcra| sm, sophstry and
nh|sm"-a sgnhcant |st, sncc t's ob-
vous|y not a |st o| "a||" ph|osophca|
trcndsata||, buton|ythcmostmatcra|st.
8o. In Tbe Reub/ic t s rc|cctcd out
o|hand. In Inda, as I'vc argucd, thc Hn-
du tradton on|y appcars to cmbracc t.
uddhsts, |ans, and othcr oppostona|
ph |osophcs ddn't usc thc tcrm at a| | .
8I. Ih | oo|A|cxandra,wrtngaround
thctmco|Chrst,sayso|thcLsscncs. "not
a sng|c s|avc s to bc |ound
_
mong thcm,
but a|| arc |rcc, cxchangng scrvccs wth
cach othcr, and thcy dcnouncc thc owncrs
o| s|avcs, not mcrc|y |or thcr n| ustcc n
outragng thc |awo| cgua|ty, but a|so|or
thcr mpcty n annu||ng thc statutc o|
naturc" _uod omnis robus/ibersit/9
) .
Jhc Jhcrapcutac, anothcr |cwsh group,
group rc| cctcd a| | |orms o| propcrty, but
|ookcd on s|avcry "to bc a thng abso-
|utc|y and who||y contrary to naturc, |or
naturc has crcatcd a|| mcn |rcc" De Vita
Contem/atiua /o) . Jhc sm |arty to Ko-
man |aw dcas s notab|c. |cwsh groups
arc unusua||y wc|| documcntcd, |sm|ar
sccts cxstcd n, say, Jhracc,or Numda,
wcprobab|ywou|dn' tknow.
8z. Latcr |cgcnd had t that hs |athcr
wasa kngandhcgrcw upna pa|acc, but
thc Sakya "kng" o| thc tmc was n |act
a c|cctcd and rotatng poston Kosamb
I
9
6
5
.
96) .
hBpl6I 160
I. Cons produccd by thc barbaran
succcssor statcs gcncra||y dd not havc a
grcat dca| o| go|d or s|vcr n thcm, as a
rcsu|t thcy tcndcd to crcu|atc on|y wthn
thc prncpa|ty o|thc kng or baron who
ssucd thcm and wcrc |argc|y usc|css |or
tradc.
z. DockcsI
9/9
.6z-/o)provdcsagood
ovcrvcw o| thc stuaton-| tcra||y, sncc
currcnt undcrstandngs o| thc cxtcnt o|
Koman s|avc cstatcs n Francc arc bascd
|argc|y on acra| photography. vcr tmc
cvcn thc |rcc communtcs |argc|y cndcd
up n dcbtpconagco|onc sortoranothcr,
or bound to thc |and as scr|s n Latn,
co/oni) .
3
. As wc'vc sccn, Kosamb saw
Magadha as a pcak o| monctarzaton.
K. S. Sharma zooI . n6z) argucs that
conagc rcmancd commonp|accundcrthc
Guptas z8o to
55
o ao, but thcn abrupt|y
dsappcarcd a|most cvcrywhcrc thcrca|-
tcr. Howcvcr, cvcn | hc s rght that thc
tota| numbcr o| cons n crcu|aton dd
not dmnsh unt| thcn, hc h msc||ponts
out bd. I
43
) that thc tota| popu|aton o|
thc Gangcs I|an a|most trp|cd ovcr ths
pcrod, so cvcn ths wou|d mark a stcady
dcc|nc.
4
. For an ovcrvcw. K. S. Sharma I
9
6
5
,
Kanc I
9
68 III.
4
n-6t, Chattcr|cc I
9/I.
Schopcn I
994
) cspcc a||y cmphaszcs that
thc tcchngucs grow morc sophstcatcd
ovcr thc coursc o| thc Mdd|c Agcs, |or
nstancc, dcvc|opng bookkccpng tcch-
ngucs |or combnng compound ntcrcst
wth parta| rcpaymcnts.
5
. Documcnts on thc rcgu|aton o|mo-
nastc a||ars pay a grcat dca| o| attcn-
ton to thc dcta|s. how whcn thc moncy
was |cnt out, contracts wou|d bc sgncd,
sca|cd, and dcpostcd n thc tcmp|c bc|orc
4 O Z N 1 L b
wtncsscs, how a surcty or p|cdgc worth
twcc thc amount o| thc |oan shou|d bc
turncd ovcr, how "dcvout |ay brothcrs"
shou|d bc assgncd to managc thc nvcst-
mcnt, and so |orth Schopcn I
994
) .
6. From thc Arab dinar, which nturn
dcrvcs |rom thc Koman denarius. It s
unc|car whcthcr such sums wcrc actua||y
pad n cons at ths pont. onc car|y mo-
nastc manua|, |or cxamp|c, spcakng o|
ob|ccts that mght bc rc|cgatcd to thc In-
cxhaustb|cJrcasurcs andthusputoutat
ntcrcst, mcntons "go|d ands|vcr,whcth-
cr nthc|orm o|cons, hnshcdorraw, n
|argc or sma|| guanttcs, purc or a||oycd,
orwhcthcrnthc|ormo|utcns|s, hnshcd
or unhnshcd" Mahsmghka Vnaya, n
GcrnctI
95
6 I
995
. I6
5
] ) .
/. F|cct I888. z6oz, as trans|atcd n
Schopcn I
994
.
53
z-
33
. nc nccd hard|y
rcmark on thc rony o| ths cmphass on
ctcrnty cmcrgng wthn uddhsm, a rc-
|gon |oundcd on thc rccognton o| thc
mpcrmancncc o|a|| wor|d|y attachmcnts.
8. Jhc commcrca| |oans arc docu-
mcntcd |rom an nscrpton at thc Wcst
Indanmonastcryat Kar|c LcvI
93
8. I
45
,
Gcrnct I
95
6 I
995
. I6
4
] , arrcau I
9
6I.
44
-
4/) , thc asscmb|cs |rom |atcr Jam|
tcmp|cs Ayyar I
9
8z.
4
o-68, K. S. Sharma
I96
5
. ) Itsnotc|carwhcthcrsomco|thcsc
wcrc commcrca| |oans, or morc |kc thc
|atcr uddhstcustom o|jisa st|| currcnt
nJbct,hutan, andMongo|a,whcrcan
ndvdua|, orco||cctvc, orgroupo||am-
|cswshngtosupporta spcchcccrcmony
or, say, an cducatona| pro| cct mght rc-
ccvc a oo-rupcc |oan "n pcrpctuty" and
thcn bc cxpcctcd to provdc 8oo rupccs
a ycar to organzc thc ccrcmony. Jhc rc-
sponsb|tcs arc thcn nhcrtcd, though
thc "|oan" can bc trans|crrcd M||crI
9
6I,
MurphyI96I) .
9
. Ka|hana, Rajatarangini /.Io
9
I-
9
8,
sccasham I
94
8, Kcpc I
9
6I.
44
n
49
. ) Jhc
monks wcrc apparcnt|y A| vkas, who st||
cxstcd at ths tmc.
Io. Naskar I
99
6, K. S. SharmazooI.
4
-
66, on thc Iuranc dcscrpton o| thc
"Ka| agc, " whch sccms to bc thc way
|atcrrahmns rc|crrcd to thcpcrod |rom
rough|y A|cxandcr's rcgn to thc car|y
Mdd|c Agcs, a pcrod o| nsccurty and
unrcst whcn |orcgn dynastcs ru|cd much
o|Inda,andcastchcrarchcswcrcwdc|y
cha||cngcd or rc| cctcd.
u. Manusm(t 8.
5
. z
5
/. Sgnhcant|y,
thcdcbtto othcr humansvanshcscntrc|y
n thcsc tcxts.
Iz. Manusm(t 8.
5
. z/o /z. A Sudra's
tongucwou|d a|so bc cut o|||ornsu|tng
a mcmbcro|thctwcc-born castcs 8. z/o) .
I
3
. K. S. Sharma I
95
8, I
9
8/, Chauhan
zoo
3
.
I
4
. "A Sudra, though cmancipatcd by
hs mastcr, s not rc|cascd |rom a statc
o| scrvtudc, |or a statc whch s natura|
to hm, by whom can hc bc dvcstcd"
Manusm(t, Y| ava|kya Sm(t 8.
5
.
4
I
9
) ,
or cvcn "Sudras must bc rcduccd to s|av-
cry, cthcr by purchasc or wthout pur-
chasc, bccausc thcy wcrc crcatcd by God
|or thc sakc or scrvng othcrs 8.
5
.
4
I
3
) .
I
5
. Kaut|ya a||owcd 6 o pcrccnt |or
commcrca| |oans, Izo pcrccnt "|or cntcr-
prscs that nvo|vc | ourncys through |or-
csts, "andtwccthat|orthoscthatnvo|vc
shppng goods by sca Artbasastra
3
. u,
onc |atcr codc, Y|ava|kya Sm(t z.
3
8
|o||ows th s. )
I6. Y|ava|kyaSmrt z.
3
/, Manusmrt
8. I
43
, Vsnusmrt
5
. 6. z, scc Kanc I
9
68
III.
4
zI.
I;. K. S. Sharma I96
5
. 68. Sm|ar|y,
car|y |aw-codcsspcchcdthatanyoncwho
dc|au|tcdon a dcbt shou|d bc rcborn as a
s|avc or cvcn a domcstc anma| n thcr
crcdtor's houscho|d. onc |atcr Chncsc
uddhst tcxt was cvcn morc cxact, spcc-
|yng that |or cach cght wcn dc|au|tcd,
onc must spcnd onc day as an ox, or |or
cach scvcn, onc day as a horsc Zhuang
Chun n Icng I
994
. z
44
nI/)
I8. Dumont I
9
66) .
I
9
. Gyan Irakash zoo
3
. I8
4
) makcs
ths pont |or thc co|ona| pcrod. whcn
onc-tmc castc hcrarchcs bcgan to bc
trcatcd nstcad as mattcrs o| dcbt bond-
agc, subordnatcsturncd ntopcrsons who
N 1 L b 4 O O
had cgua| rights, but whosc rights wcrc
tcmporari|y "suspcndcd. "
zo. 1o bc |air, onc cou|d a|so arguc
thatindcbtcdpcasantsarca|so|ikc|yto bc
in command o| morc rcsourccs, and thus
bc morc capab|c o| organizing a rcbc|-
|ion. Wc know vcry |itt|c about popu|ar
insurrcctions in Mcdicva| lndia though
scc Guha I
999
) . Ia|at I
9
86, I
9
88. zo
5
-I
5
,
Kosambi I
99
6.
39
z-
93
) , but thc tota| num-
bcro|such rcvo|tssccmsto havcbccnrc|-
ativc|y |ow in comparison to Luropc and
ccrtain|y in comparison to China, whcrc
rcbc||ion was a|most ccasc|css.
zI. "No onc knows | ust how many rc-
bc||ions havc takcn p|acc in Chincsc his-
tory. From thc o|hcia| rccord thcrc wcrc
scvcra| thousand incidcnts within | ust
thrcc ycars |rom 6I
3
to 6I
5
ao, probab|y
onc thousand cvcnts a ycar Wci Z. ao
6
5
6. ch. "Kcport o| thc l mpcria| Histori-
ans") . According to Iarsons, during thc
pcriod I6z
9
-
44
, thcrc wcrc as many as
z
34
, I8
5
insurrcctions in China, avcraging
43
cvcnts pcr day, or I.8 outbrcaks pcr
hour" Dcng I999. zzo) .
zz. Fo||owing Dcng I
999
) .
z
3
. Huang I
999. z
3
I.
z
4
. 1hcsc |oans appcar to havc bccn
an cxtcnsion o| thc |ogic o| thc statc gra-
narics, which stockpi|cd |ood, somcto sc||
at stratcgic momcnts to kccp priccs |ow,
somc to distributc|rcc in timcs o||aminc,
somcto |oan at |ow intcrcst toprovidcan
a|tcrnativc to usurcrs.
z
5
. Huang op cit, c|. Zhuoyun Du||
I
9
8o. zz-z
4
. For his comp|cx currcncy rc-
|orms. IcngI
994
. In-I
4
.
z6. Gcncra||y, intcrcst ratcs wcrc sct at
a maximum o| zo pcrccnt and compound
intcrcst was banncd. Chincsc authoritics
cvcntua||y a|so adoptcd thc lndian prin-
cip|c that intcrcst shou|d not bc a||owcd
to cxcccd thc principa| Carticr I988. z8,
YangI
9/I .
9
z-Io
3
) .
z/. raudc| I
9/9
, Wa| |crstcin I
99
I,
zooI.
z8. l am hcrc cspccia||y |o||owing
thc work o| oy in Wong I99/, zooz,
a|so Mic|ants zooI, zoo/. ) Grantcd, most
raudc|anson|yscc|atcrdynastics|ikcthc
Ming as |u||y cmbodying this princip|c,
but l think itcan bc pro| cctcd backwards.
z
9
. So, |or instancc, whi|c markcts
thcmsc|vcs wcrc considcrcd bcnchcia|, thc
govcrnmcnt a|so systcmatica||y intcrvcncd
to prcvcnt pricc || uctuations, stockpi|ing
commoditics whcn thcy wcrc chcap and
rc|casing thcm i | priccs rosc. 1hcrc wcrc
pcriods o| Chincsc history whcn ru|crs
madc common causc with mcrchants, but
thc rcsu|t was usua||y a ma| or popu|ar
back|ash Dcng I
999
. I
4
6) .
3
o. Iommcranz I
99
8, Go|dstonc zooz
|or an introduction to thc vast |itcraturc
on comparativc standards o| |iving. lndia
was actua||y doing rathcr wc|| a|so |or
most o|its history.
3
I. Zrchcr I
95
8. z8z.
3
z. Gcrnct I
95
6 I999
. z
4
I-
4
z) , |or thc
|o||owing discussion scc Gcrnct I
9
6o, |an
I
9
6
5
, Kicschnick I99/, cnn I998, zoo/.
33
. 1san-ning
9
I
9
-IooI ao, guotcd
in |an I
9
6
5
. z6
3
. thcrs appca|cd to thc
history o| bodhisattvas and pious kings
who had madc gi|ts o| thcir own bodcs,
such as thc king who, in timc o| |aminc,
|captto hisdcath to bc trans|ormcd intoa
mountain o| hcsh, rcp|ctc with thousands
o| hcads, cycs, |ips, tccth, and tongucs,
which |or tcn thousand ycars on|y grcw
|argcr no mattcr how much o| it humans
and anima|s ingcstcd cnn zoo;95
, u8,
c|. hnuma zoo/) .
34
. 1u Mu, citcd i n Gcrnct I
95
6
I
995
. z
45
) .
35
. 1his mightcomcas somcthingo|a
surprisc, sincc thc phrasc is uscd so o|tcn
in contcmporary Wcstcrn popu|ar usagc,
"karmic dcbt" bccoming somcthing o| a
Ncw Agc c|ichc. ut it sccms to strikc
a much morc intuitivc chord with Luro-
Amcricans than it cvcr did in lndia. Dc-
spitc thc c|osc association o| dcbt and sin
in thc lndian tradition, most car|y ud-
dhistschoo|savoidcd thcconccpt-|argc|y
bccausc it imp|icd a continuity o|thc sc||,
which thcy saw as cphcmcra| and u|ti-
matc|y i||usory. 1hc cxccption wcrc thc
Sammitiya, ca||cd "pcrsona|ists" as thcy
4 O 4 N 1 L b
did bc|icvc in an cnduring sc||, who dc-
vc|opcd thc notion o| aviprpasa, whcrc-
by thc rcsu|ts o| good or bad actions-
karma-"cndurc |ikc a shcct o| papcr on
which a dcbt is inscribcd" as an uncon-
scious c|cmcnto|thc sc||that passcs|rom
onc |i|c to anothcr Lamottc :):zz-zq,
86 o, Lusthaus zooz:zo-:o) . 1hc idca
might havc dicd with that scct had it not
bccn takcn up by thc |amous Mahayana
phi|osophcr Ngr| una, who comparcd
it to an "i mpcrishab|c promissory notc"
Ka|upahana :::q-, zq, Iasadika
1

7) . His Mdhyamaka schoo| in turn

bccamc thc San|un or "1hrcc 1rcatisc"
schoo|i nChina,thcnotiono|karmicdcbt
was takcn up in particu|ar by thc "1hrcc
Stagcs" or "1hrcc Lcvc|s" schoo| crcatcd
thc monk Hsin-Hsing qoq ao, Hub-
bard zoo:) .
6. CommentaryontbeDbarmao[tbe
lnexbausti0/e Storebouse o[ tbe Mabay-
ana Uniuerse, as trans|atcd by Hubbard
zoo::z6) , with a |cw changcs bascd on
Gcrnct :6 ::zq6|) .
). I nHubbord zoo::z66.
8. Dao Shi, in Co|c :8:::). Co|c's
book providcs an cxcc||cnt summary
o| this |itcraturc scc a|so Ahcrn :),
1ciscr :88, Knapp zooq, x|c|d zoo) .
Somc Mcdicva| tcxts |ocus cxc|usivc|y on
thc mothcr, othcrs on parcnts gcncra||y.
Intcrcsting|y, thc samc notion o| an inh-
nitc and unpayab|c "mi|k-dcbt" to onc's
mothcr a|so appcars in 1urkcy Whitc
zooq. )_6) .
. Sutra [ortbeRecomenseo[Crati-
tude citcd i n askind zoo). :66. My "|our
bi||ion ycars" trans|atcs "ka|pa, " which
is tcchnica||y q. z bi||ion ycars. I a|so
changcd "thcm" |or parcnts to "hcr" |or
mothcr sincc thc contcxt rc|crs to a man
who cut his own hcsh spcci hca||y |or his
mothcr' s sakc. `
qo. Chincsc uddhists did not invcnt
thc pawnshop, but thcy appcar to havc
bccn thc hrst to sponsor thcm on a |argc
sca|c. n thc origins o| pawnbroking
i n gcncra|, scc Hardakcr :8z, Kuzncts
:. n China spcci hca||y. Gcrnct :6
:. :)o )|, Yang :)::):-), Whc|an
:). In a rcmarkab|c para||c|, thc hrst
"|orma| " pawnshops in Luropc a|so
cmcrgcd |rom monastcrics |or simi|ar
purposcs. thc monti di ieta or "banks
that takc pity" crcatcd by thc Franciscans
in Ita|y in thc h|tccnth ccntury. Icng
:q:zq, a|so makcs notc o|thc para||c| . )
q:. Gcrnct :6 :::qz-86|, Ch'cn
:6q:z6z, Co||ins :86:66:, Icng
:q:-q.Itwou|dsccmthat1aoist mon-
astcrics, which a|somu|tip|icdinthispcriod,
banncd making |oans Kohn zooz:)6), pcr-
haps inpart to mark a distinction.
qz. Gcrnct :6 ::zz8|, whcrc hc
|amous|y wrotc, "thc donors to thc In-
cxhaustib|c 1rcasurics wcrc sharcho|d-
crs, not in thc cconomic domain but that
o| rc|igi on. " As |ar as I know, thc on|y
contcmporary scho|ar who has |u||y cm-
braccd thc prcmisc that this was indccd
an car|y |orm o| capita|ism is Kanda||
Co||ins :86) who sccs si mi |ar monastic
capita|ism in |atcr Mcdicva| Luropc as
wc||. 1hc acccptcd Chincsc historiogra-
phy has tcndcd to scc thc hrst "shoots o|
capita|ism" dcvc|oping |atcr, in thc Song,
which was much |css hosti|c to mcrchants
than othcr dynastics, |o||owcd by a |u||
cmbracc o|thc markct-but hrm rc| cction
o|capita| i sm-in thc Mingand Qing. 1hc
kcy gucstion is thc organization o| |abor,
and in 1ang timcs this rcmains somcwhat
opaguc, sincccvcn i |statistics wcrc avai|-
ab|c, which thcy'rc not, it's di|hcu|t to
know whattcrms |ikc "scr|, " "s|avc," and
"wagc-|aborcr"actua||ymcanti npracticc.
q. Gcrnct :6 :: u6-|, Ch'cn
:6q:z6-):, on |and rcc|amation and mo-
nastic s|avcs.
qq. "It is c|aimcd that thc purposc o|
this gcncrosity is to rc|icvc thc poor and
orphans. ut in |act thcrc is nothing to it
butcxccssand |raud. 1his isnot a |cgitimatc
busincss" Gcmct:6 :::oq-, z::) .
q Gcrnct :6 ::zz|.
q6. Scc Adamck zoo, Wa|sh zoo).
q). 1his is probab|y why abstractions
|ikc 1ruth, |usticc, and Frccqom arc so
o|tcnrcprcscntcd as womcn.
N 1 L b 4 O D
4
8. Marco Io|o obscrvcd thc practicc
inthc southcrnprovincc o|Yunnan in thc
thirtccnth ccntury. "ut whcn thcy havc
any busincss with onc anothcr, thcy takc
a round or sguarc piccc o|stick, and sp|it
it in two, and onc takcs onc ha|| and
thc othcr takcs thc othcr ha||. ut bc-
|orc thcy sp|it it, thcy makc two or thrcc
notchcs in it, oras many asthcy wi sh. So,
whcn onc o| thcm comcs to pay anothcr,
hc givcs him thc moncy or whatcvcr it
i s, and gcts back thc piccc o| stick thc
othcr had" cncdctto I
93
I. I
9
3
) . Scc a|so
Yang I
9/I.
9
z, Kan I
9/8, Icng I
99
4
.
3
zo,
3
o, o8, 1rombcrt I
995
. Iz-I
5
. 1a||ics o|
this sort sccm, according to Kan, to havc
prcccdcd writing, and onc |cgcnd c|aims
that thc samc man, a ministcr to thc Yc|-
|ow Lmpcror, invcntcd both writing and
ta||y contracts simu|tancous|y 1rombcrt
I
99
5
) .
4
9
. Graham I9
6o. 9
.
o. Actua||y thc simi|arity was noticcd
in antiguity as wc||. Laozi Daodejing z/)
spcakso|thosc who can "countwithouta
ta||y, sccurc a door without a |ock. " Most
|amous|y, hc a|so insistcd "whcn wisc
mcn ho|d thc|c|tta||yp|cdgc, thcy do not
prcss thcirdcbtors |or thcirdcbts. Mcn o|
virtuc ho|d on to thc ta||y, mcn |acking
vi rtuc pursuc thcir c|aims" stanza /9
) .
5
I. r onc might bcttcr say, turning
thcm at onc snap |rom monctary dcbts
to mora| oncs, sincc thc vcry |act that wc
know thc story imp|ics hc was cvcntua||y
rcwardcd Icng t
99
4
. Ioo) . It is probab|y
signihcant that thc word [u, mcaning
"ta||y," a|so cou|d mcan "an auspicious
omcn grantcd to a princc as a tokcn o|
his appointmcnt by Hcavcn" Mathcws
I
93
I. z8
3
) . Si mi | ar|y, Icng notcs a passagc
|rom Strategems o[ tbe Warring States,
about a |ord attcmpting to win popu|ar
support. "Fcng hurricd to i, whcrc hc
had thc c|crks asscmb|c a|| thosc pcop|c
who owcd dcbts, so that his ta||ics might
bc matchcd against thcirs. Whcn thc ta|-
|icshad bccn matchcd, Fcng brought|orth
a |a|sc ordcr to |orgivc thcsc dcbts, and hc
burncd thc ta||ics. 1hcpcop|ca||chccrcd"
i bi d. Ioon9) . For 1ibctan para||c|s, scc
Ucbach zoo8.
5
z. Si mi |ar things happcncd in Lng-
|and, whcrccar|y contracts wcrc a|so bro-
kcn in ha|| in i mitation o|ta||y sticks. thc
phrasc "i ndcnturcd scrvant" dcrivcs |rom
this practicc, sincc thcsc wcrc contract
|aborcrs, thc word actua||y dcrivcs |rom
thc "indcntations" or notchcs on thc ta||y
stick uscd as a contract |ackstonc I8z/
I . zI8) .
53
. L. Yang I9/I.
5
z, Icng I99
4
.
3
z
9
-
3
I .
Icng pcrccptivc|y notcs "this mcthod o|
matchingta||ics to withdrawcash was ac-
tua||y anoutgrowth o|thcproccss uscd in
borrowing moncy, cxccpt that thc movc-
mcnt ovcr timc o| |oans was trans|ormcd
into a movcmcnt ovcr spacc" I
99
4
.
33
o) .
54
. 1hcy wcrc ca||cd "dcpositshops"-
and L. Yang I9/I. /8-8o) ca||s thcm
"proto-banks. " Icng I
99
4
.
3
z
3
-z/) notcs
somcthing a|ong thcsc |incs was a|rcady
opcrating, at |cast|or mcrchants andtrav-
c|crs, undcrthc 1ang, butthcgovcrnmcnt
had strict contro|s prcvcnting bankcrs
|rom rcinvcsting thc moncy.
55
. 1hc practicc bcgan in Sichuan,
which had its own pccu| i ar |orm o|cash,
in iron, not bronzc, and thcrc|orc much
morc unwic|dy.
5
6. Icng I
99
4
.
5
o8, a|so
5
I
5
, 8
33
. A||
this is vcry much |ikc thc tokcn moncy
that circu|atcd in much o| Luropc in thc
Midd|c Agcs.
5
/. 1hc most important scho|ar|y cx-
poncnt o| this vicw i s von G|ahn I
99
4
,
though Icng I
99
4
] ho|ds to somcthing
c|osc) , and it sccms thc prcvai|ing onc
amongcconomists,popu|arandothcrwisc.
5
8. Diagram|romMacDona|dzoo
3
. 6.
59
. nc o| thc |avoritc imagcs cm-
pIoycd whcn rcmcmbcring thc ru|c o|
thc Lcga|ists, undcr thc much-hatcd Fi rst
Dynasty, was that thcy constructcd grcat
brass cau|drons, in which cach |aw was
opcn|y and cxp|icit|y spc||cd outthcn
uscd thcm to boi| crimina|s a|ivc.
6o. Scc u||ict I
9/9
a|so Lapidus
zoo. I
4
I-
4
6) on thc proccss o| convcr-
sion. u||ict a|so cmphasizcs i bi d. Iz
9
)
4 O N 1 L b
that thc main c||cct o| mass convcrsmn
was to makc thc ostcnsib|c | ustihcation o|
govcrnmcnt, as protcctor and cxpandcr o|
thc |aith, sccm incrcasing|y ho||ow. Mass
popu|ar support |or ca|iphs and po|itica|
|cadcrs on|y rccmcrgcd in pcriods, |ikc
thc Crusadcs or during thc reconquista in
Spain, whcn Is|am itsc|| sccmcd undcr at-
tack, as o| coursc, |or simi|ar rcasons, it
has in much o|thc Is|amic wor|d today.
6t. "Most o|thc timc thc |owcr circ|cs
pai
_
thcir taxcs through thcir hcads, and
|ookcd a|tcr thcmsc|vcs. Si mi|ar|ythcgov-
crnmcnt rcccivcd thc taxcs and providcd
somc sort o|sccurity, and apart|rom this,
occupicd itsc||with mattcrs o|conccrn to
itsc||. cxtcrna| war, patronagc o| |carning
and thc arts, a |i|c o| |uxmious ostcnta-
tion" Icarson I
9
8z.
54
) .
6z. 1hc provcrb appcars, attributcd
to thc Irophct hi msc||, in a|-Ghaza|i's
lbya', kita0 a/- 'l/m, z8
4
, |o||owcd by a
|ong |ist o| si mi |ar statcmcnts. "Sa' i d in
Musaiyab said, 'Whcn you scc a rc|igious
scho|ar visiting a princc, avoid him, |or hc
is a thic|. ' A|-Auza'i said, '1hcrc is noth-
ing morc dctcstab|c to A||ah than a rc|i-
gious scho|ar who visits an o|hcia|' . . . "
ctc. 1his attitudc has by no mcans disap-
pcarcd. A strong ma| ority o| Iranian aya-
to||ahs, |or cxamp|c, opposcthcidcao|an
Is|amicstatc, on thc grounds that it wou|d
ncccssari|y corrupt rc|igion.
6
3
. Lombard I
9
4
/, Gricrson I
9
6o. 1his
is o|tcn rcprcscntcd as a wiscpo|icy o|rc-
|usa|to "dcbasc" thccoinagc, but it might
cgua||y bc rcad as mcaning that thc ca-
|iph's signaturcaddcd no additiona| va|uc.
An cxpcrimcnt with Chincsc-sty|c papcr
moncy in asra in Iz
9
4
|ai|cd, as no onc
was wi||ing to acccpt moncy backcd on|y
by statc trust Ashtor I
9/6. z
5
/) .
6
4
. MacDona|d zoo
3
. 6
4
. Gradua||y
this bccamc unsupportab|c and Mus|im
cmpi rcs adoptcd thc morc typica||y Mc-
dicva| iqta'systcm,whcrcbyso|dicrs wcrc
grantcd thc tax rcvcnucs |rom spccihc
tcrritorics.
6
5
. Ncithcr havc s|avcs bccn cmp|oycd
as so|dicrs sincc, cxccpt in tcmporary
and anoma|ous circumstancc c. g. , by thc
Manchus, or in arbados) .
66. lt sccms signihcantthat I) thc"i n-
guisition" o| 8
3
z, thc |ai|cd Abbasi d at-
tcmpt to takccontro| o|thc u|cma, z) thc
most important mass convcrsion o| thc
Ca|iphatc's sub| ccts to Is|am, pcaking
around 8z
5
-8
5
o, and
3
) thc dchnitivc as-
ccnt o| 1urkish s|avc so|dicrs in Abbasid
armics, o|tcn datcd to 8
3
8, a|| rough|y
corrcspondcd in timc.
6/. L|wahcd Ig_I. IIIj. As hc puts
it ibid. Iz/) , "thc ina/iena0i/ity o[ /i0erty
is onc o| thc |undamcnta| and uncon-
tcstcd princip|cs o| Is| am. " Fathcrs do
not havc thc right to sc|| thcir chi|drcn,
and individua|s do not havc thc right to
sc|| thcmsc|vcs-or at |cast, i |thcydo, no
courts wi|| rccognizc any rcsu|tant owncr-
ship c|aims. I notc that this is thc dia-
mctrica| oppositc o|thc "natura| |aw" ap-
proach that |atcr dcvc|opcd in Luropc.
68. 1hcrc is a ccrtaincontrovcrsyhcrc.
somc scho|ars, inc|uding somc contcm-
porary Mus|im scho|ars opposcd to thc
Is|amic cconomics movcmcnt, insist that
ri0a, which is uncguivoca||y condcmncd
in thc Koran, did not origina||y rc|cr to
"intcrcst" in gcncra|, but to a prc-Is|amic
Arabianpracticco|hning|atcpaymcntby
doub|ing thc moncy owcd, and that thc
b|ankct condcmnation o|intcrcst is a mis-
intcrprctation c. g. , Kahman I
9
6
4
, Kuran
I
995
) . I am in nopositiontowcighin but,
i|truc,this wou|d suggcst thatthc ban on
usury rca||y cmcrgcd in Irag itsc|| as part
o|thcproccsso|thccrcationo|grassroots
Is|am, which wou|d actua||y rcin|orcc my
gcncra| argumcnt.
6
9
. 1hc bcst rccords wc havc arc ac-
tua||y |rom a community o| |cwish mcr-
chantsinGcniza, i ntwc||th-ccnturyLgypt,
who obscrvcd thc ban on intcrcst cvcn in
dca|ings with onc anothcr. 1hc onc arca
whcrc wc rcgu|ar|y hcar o| intcrcst bcing
chargcd is thc onc arca whcrc cocrcion
was a|so rcgu|ar|y cmp|oycd. that is, in
dca|ings with kings, vizicrs, and o|hcia|s,
who o|tcn borrowcd |argc sums o|moncy
atintcrcst-cspcci a|l y, butnotcxc| usivc|y,
N 1 L b 4 O
|rom|cwish or Christian bankcrs-to pay
thcir troops. b| iging a rcgucst |or such
an i | |cga| |oan was a dangcrous busincss,
but rc|using cvcn morc so |or Abbasid
cxamp|cs, scc Kay I99/. 68-/o, main|y
drawing|rom Fischc| I
93
/) .
/o. Jhcrc wcrc a|so a who|c host o|
|cga| subtcr|ugcs ca||cd biya/) that onc
might undcrtakc i | onc wcrc abso|utc|y
dctcrmincd to chargc intcrcst. |or in-
stancc, buying onc's dcbtor's housc |or
thc amount o| thc |oan, charging thcm
rcnt|or it, and thcn a| |owingthcm to buy
it back |or thc samc sum, having onc's
dcbtor agrcc to buy a ccrtain product
month|y and sc|| it to onc at a discount,
and so |orth. Somc schoo|s o| Is|amic |aw
banncd thcsc outright, othcrs mcrc|y dis-
approvcd. Ituscdto bcassumcdthatthcsc
mcthods wcrc widc|y cmp|oycd, sincc
most cconomic historians assumcd intcr-
cst to bc a ncccssary c|cmcnt o| crcdit,
but rcccnt rcscarch providcs no cvidcncc
thatthcy wcrc cspccia||ycommon |or thc
o|dcr vicw. Khan I
9
z
9
, |or thc ncw. Kay
I
99/.
5
8-
59
) .
/I. Mcz I
9
zz.
44
8, guotcd i n Labib
I969. 8
9
. Notc that asra, thc city whcrc
cvcryoncinthcmarkctpaid bychcck, was
a|so thc city whcrc, a ccntury |atcr, Mon-
go| attcmpts to introducc govcrnmcnt-
issuc papcr moncy wcrc so doggcd|y rc-
sistcd. Jhc word sakk is incidcnta||y thc
origin o| thc Lng|ish "chcck. " Jhc u|ti-
matcoriginso|sakkarccontcstcd. Ashtor
I
9/z.
555
) suggcsts thcy wcrc yzantinc,
Chosky I988) , Icrsian.
/z. Goitcin I
9
66, I
96/, I
9/
3
) providcs
a dctai|cd summary o| hnancia| practic-
cs among |cwish mcrchants in twc||th-
ccntury Lgypt. A| most cvcry transaction
invo|vcd crcdit to somc dcgrcc. Chccks,
rcmarkab|y si mi |ar cvcn in appcarancc
to thc kind uscd today, wcrc i n common
usagcthough sca|cd bags o|mcta| coins
wcrc cvcn morc common in cvcryday
transactions.
/
3
. Jhough apparcnt|y govcrnmcnts
somctimcs paid wagcs by chcck 1ag L|-
Din zoo/. 6
9
. ) I amnodoubt undcrp|aying
thcgovcrnmcnt ro|cina||this. thcrcwcrc,
|or instancc, attcmpts to sct up ccntra|
govcrnmcnt banks, and ccrtain|y usua||y
a commitmcnt in princip|c that thc gov-
crnmcnt shou|d cn|orcc commcrcia| stan-
dards and rcgu|ations. It sccms, howcvcr,
that this rarc|y camc to much in practicc.
/
4
. Udovitch I
9/o. /I-/
4
.
/
5
. Sarakhsi in Udovitch I9/5
. n, who
has a good discussion o| thc issucs in-
vo|vcd. Likcwisc Kay I
99/.
59
o.
/6. Jhi sshou|d surc|ya|so bc o|intcr-
cst to studcnts o| Iicrrc ourdicu, who
madc a |amous argumcnt, bascd on his
study o| Kaby|c socicty in A|gcri a, that a
man' shonorin such a socicty is a |orm o|
"symbo|iccapita| , "ana|ogous to but morc
important than cconomic capita|, sincc it
is possib|c to turn honor i nto moncy but
not thc othcr way around ourdicu I
9//,
I
99
o) . Jruc, thc tcxt abovc docs not guitc
say this, but onc docs wondcr how much
this is ourdicu' s own insight, and how
much simp|yrchcctsthc common scnsc o|
his in|ormants.
//. Fo||owing K.N. Chaudhuri
I
9
8
5
. I
9/) . Jhc cxpansion o| Is|am was
spcarhcadcd by both Suh brothcrhoods
and |cga| scho|ars, many mcrchants dou-
b|cd as cithcr or both. 1hc scho|ar|y |it-
craturc hcrc is unusua||y rich. Scc, |orin-
stancc. Chaudhuri I
9
8
5
, I
99
o, Kisso I
995
,
Subrahmanyam I
99
6, arcndtsc zooz,
cau| ard zoo
5
.
/8. In Goody I
99
6.
9
I .
/9
. M. Lombard zoo
3
. I//-/9.
8o. urton's trans|ation, I
9
34
IV.zoI
3
.
8r. And what's morc, o|hcia|s cm-
p|oycd thcir own pcrson bankcrs, and
thcmsc|vcs madc cxtcnsivc usc o| crcdit
instrumcnts such assu[taja both |ortrans-
|cr o| tax paymcnts, and thc sccrcting
away o| i||-gottcn gains Hodgson I
9/
4
I.
3
oI, Udovitch I9/
5
. 8, Kay I
99
4
. 6g/I. )
8z. "ForMohammcdthisnatura|rcgu-
|ation o|thc markct corrcsponds to a cos-
micrcgu|ation. Iriccsriscand |a||as night
|o||ows day, as |ow tidcs |o||ow high, and
pricc imposition is not on|y an in| usticc
4 O N 1 L b
to thc mcrchant, but a disordcring o|thc
natura| ordcr o| things" Lssid I
995
. I
53
) .
8
3
. n|y vcry |i mi tcd cxccptions wcrc
madc, |or instancc in timcs o| disastcr,
and thcn most scho|ars insistcd it was
a|ways bcttcr to providc dircct rc|ic| to
thc nccdy than to intcr|crc with markct
|orccs. SccGhazan|ar Is|ahi zoo
3
, Is|ahi
zoo
4
.
3
I-
3
z, |ora |u||cr discussion o|Mo-
hammcd's vicws on pricc |ormation, scc
1uma I96
5
, Lssid I
9
88, I
995
.
8
4
. Hosscini I
99
8. 6/z, zoo
3
.
3
/. "oth
indicatc thatanima|s,suchasdogs, donot
cxchangc onc bonc |or anothcr. "
8
5
. Hosscini I998, zoo
3
. Smith says hc
visitcd such a |actory hi msc||, which may
wc|| bc truc, but thc cxamp|c o|thc cigh-
tccn stcps origina||y appcars in thc cntry
"
[
ping|c" in Vo|umc
5
o| thc Frcnch En-
cyc/oeie,pub|ishcd in I/
55
, twcnty ycars
car|icr. Hosscini a|so notcs that "Smith' s
pcrsona||ibrary containcd thc Latintrans-
|ations o| somc o| thc works o| Icrsian
and Arab) scho|ars o| thc mcdicva| pc-
riod" Hosscini I
99
8. 6/9
) , suggcsting that
hc might havc |i|tcd thcm |rom thc origi-
na|s di rcct|y. thcr i mportant sourccs
|or Is|amic prcccdcnts |or |atcr cconomic
thcory inc|udc. Kodison I
9/8, Is|ahi I
9
8
5
,
Lssid I
9
88, Hosscini I
995
, Ghazan|ar
I
99
I, zooo, zoo
3
, Ghazan|ar Is|ahi
I
99/, zoo
3
. It is bccoming morc and morc
c|car that a grcat dca| o| Ln|ightcnmcnt
thought traccs back to Is|amic phi |oso-
phy. Dccartcs' cogito, |or cxamp|c, sccms
to dcrivc |rom Ibn Sina a. k. a. Aviccnna) ,
Humc's |amous point that thc obscrvancc
o| constant con|unctions docs not itsc||
provc causa|ity appcars in Ghaza|i, and
I havc mysc|| noticcd Immanuc| Kant's
dchnition o| cn|ightcnmcnt in thc mouth
o| a magic bird in thc |ourtccnth-ccntury
Icrsian poct Kumi .
86. 1usi' s Nasirean Etbics, in Sun
zoo8.
4
o
9
.
8/. Ghazan|ar Is|ahi zoo
3
.
5
8, Gha-
zan|arzoo
3
.
3
z-
33
.
88. So |or cxamp|c among Ghaza|i' s
cthica| princip|cs, wc hnd "thc buycr
shou|d bc |cnicnt whcn bargaining with
a poor sc||cr and strict whcn transacting
with a rich sc||cr," and "a pcrson shou|d
bc wi||ing to sc|| to thc poor who do not
havc thc mcans and shou|d cxtcnd crcdit
to thcm without thccxpcctationo|rcpay-
mcnt" Ghaza|ilbyaU/uma/DinII. /8z,
citcd in Ghazan|ar Is|ahi I
99/.zz)-thc
|attcr o| coursc rcca||ing Lukc 6.
35
.
8
9
. Ghaza|i in Ghazan|ar Is|ahi
I
99/. z/.
9
o. Ibid.
3
z.
9
I. Ibid.
3
z.
9
z. Ibid.
35
. n postmcn in Mcdicva|
Is|am. Goitcin I
9
6
4
. Ghaza|i's position
hcrc rcca||s and is no doubt inhucnccd by
Aristot|c' s Nicomacbean Etbics nzIb) .
that sincc moncy is a socia| convcntion
mcant to |aci|itatc cxchangc, divcrting it
into usury dchcs its purposc, but its u|-
timatc thrust is guitc di||crcnt, c|oscr to
1homasAguinas' argumcntthatmoncyis
basica||ya mcasurcandthatusurydistorts
it, and Hcnry o| Ghcnt's argumcnt that
"moncy is a mcdium in cxchangc and not
a tcrminus"-unsurprising|y, sincc Agui-
nas was |ikc|y dircct|y inhucnccd by him
Ghazan|ar zooo) .
93
. It's hard t o ovcrstatc this. Lvcn
thc |amous "La||cr Curvc, " by which
thc Kcagan Administration in thc I98os
tricd to arguc that cutting taxcs wou|d
incrcasc govcrnmcnt rcvcnuc by stimu|at-
ing cconomic activity, is o|tcn ca| |cd thc
Kha|dun-La||cr curvc bccausc it was hrst
proposcd, as a gcncra| princip|c, H lbn
Kha|dun's I
3
// Muqaddimab.
9
4
. Goitcin I
95
/ |or thc risc o| thc
"Midd|c Lastcrn bourgcoisic. "
95
. "Crying down" actcd as a dc |acto
tax incrcasc, sincc onc wou|d now nccd
to pay morc ccus to makc up a tax ratc
hxcd in shi||ings. Sincc wagcs wcrc hxcd
in pounds, shi||ings, and pcncc, this a|so
had thc c||cct o| raising thcir va|uc, and
hcncc it was usua||y popu|ar. "Crying up"
by contrast had thcc||cct o| |owcring thc
c||cctivc va|uc o| thc units o| account.
1his cou|d bc usc|u| to rcducc a king's-
or his a||ics'-pcrsona| dcbt mcasurcd in
such units, but ita|so undcrcut thc incomc
N 1 L b 4 O
o|wagc-carncrs and thosc on any sort o|
hxcd incomc and so waso|tcn protcstcd.
9
6. Langho|m I
9/9
, Wood zooz. /
3
-/6.
9/. nthcpatristic|itcraturcon usury.
Ma|oncy I
9
8
3
, Gordon I
9
8
9
, Moscr zooo,
Ho|man zooz. IIz-z6, |oncs zoo
4
. z
5
-
3
o.
9
8. Matthcw
5
.
4
z
99
. St asi| o| Cacsarca, Homi/ia ll in
Fsa/mum XlV IG z
9
, z68-6
9
) .
Ioo. opcit.
IoI. op cit.
Ioz. Ambrosc De Ogciis z. z
5
. 8
9
.
Io
3
. Ambrosc De To0ia I
5
.
5
I. Scc Nc|-
son I
9
4
9
.
3
-
5
, Gordon I
9
8
9
. II
4
-II8.
Io
4
. 1hough not cntirc|y. It's worthy
to notc that thc main supp|y o| s|avcs to
thc cmpirc at this timc camc |rom Gcr-
manicbarbarians outsidc thc cmpirc, who
wcrc acguircd eitberthrough warordcbt.
Io
5
. "I| cach onc," hc wrotc, "a|tcr
having takcn |rom his pcrsona| wca|th
whatcvcr wou|d satis|y his pcrsona|
nccds, wou|d |cavc what was supcrhuous
to thosc who |ack cvcry ncccssity, thcrc
wou|d bc no rich or poor" In l//iud Lu-
cae
4
9
D)-asi| himsc|| had bccn born an
aristocrat, but hc had so|d o|| his |andcd
cstatcs and distributcd thcprocccds to thc
poor.
Io6. Homi/ia ll in Fsa/mum XlV IG
z
9
, z//C) . 1hc rc|crcncc is to Irovcrbs
I9. I/.
Io/. Summa8.
3
. I.
3
. "sinccgraccis|rcc-
|ygivcn,itcxc|udcsthc idca o|dcbt . . . In
no] scnsc docs dcbt imp|y thatGod owcs
anything to anothcrcrcaturc. "
Io8. C|avcro I
9
86) sccs thi sas a basic
conhict ovcr thc naturc o| thc contract,
and hcncc thc |cga| basis o| human rc|a-
tions in Luropcan history. usury, and by
cxtcnsion proht, wasdcnounccd, but rcnt,
thc basis o| |cuda| rc|ations, was ncvcr
cha||cngcd.
Io
9
. Gordon I
9
89
. II
5
. "What is com-
mcrcc, "wrotcCassiodorus
4
8
5
-
5
8
5
) , "cx-
ccptto wantto sc||dcarthatwhichcan bc
bought chcap 1hcrc|orc thosc mcrchants
arc dctcstab|c who, with no considcration
o| God's | usticc, burdcn thcir warcs morc
with pcr| ury than va|uc. 1hcm thc Lord
cvictcd thcm |rom thc 1cmp|c saying, ' Do
notmakc my Fathcr'shousci ntoa dcn o|
thicvcs" in Langho|m I
99
6.
454
) .
no. n thc |cwish |cga| tradition
conccrning usury, scc Stcin I
953
, I
955
,
Kirschcnbaum I
9
8
5
.
III. Io|iakov I
9//. zI.
IIz. Nc|son I
9
4
9
) assumcd that thc
"Lxccption"waso|tcn hc|dtoapp|yto rc-
|ations bctwccn Christians and |cws, but
Noonan I
95
;IoI-z) insists that it was
main|y hc|d to app|y on|y to "hcrctics and
inhdc|s, particu|ar|y thc Saraccns, " and by
somc, not cvcn to thcm.
II
3
. Up to
5
z pcrccnt with sccurity, up
to Izo pcrccnt without Homcr I
9
8/.
9
I ) .
II
4
. Dcbtor's prisons, in thc scnsc o|
prisons cxc|usivc|y |or dcbtors, cxi stcd
in Lng|and on|y a|tcr Iz6
3
, but thc i m-
prisonmcnt o| dcbtors has a much |ongcr
history. Abovc a||, |cwish |cndcrs sccm
to havc bccn cmp|oycd as thc mcans o|
trans|orming virtua|, crcdit moncy into
coinagc, co||ccting thc |ami|y si|vcr |rom
inso|vcnt dcbtors, and turning it ovcr to
roya| mints. 1hcy a|so won tit|cto a grcat
dca|o||and |rom dc|au|tingdcbtors, most
o|which cndcd up in thc hands o|barons
or monastcrics Singcr I
9
6
4
, owcrs I
9
8
3
,
Schohc|d Mayhcw zooz) .
II
5
. Kogcr o| Wcndowcr, F/ouers o[
History z
5
z-
53
. Kogcr docsn't namc thc
victim, in somc |atcr vcrsions his namc is
Abraham, inothcrs, lsaac.
II6. MatthcwIrior, in o||cs I8
3
/. I
3
.
II/. r cvcn, |or that mattcr, Ni-
ctzschc's |antasics o|thcoriginso|| usticc
in muti|ation. Whcrconc wasa pro|cction
onto |cws o| atrocitics actua||y commit-
tcdagainst|cws,Nictzschcwaswritingin
an agcwhcrcactua|"savagcs"wcrco|tcn
puni shcd by si mi |ar torturcs and muti|a-
tions |or |ai|urc to pay thcir dcbts to thc
co|onia| tax authoritics, as |atcr bccamc a
most notorious scanda| in Lcopo|d's c|-
gian Congo.
n8. Mundi|| zooz) , rand zoo
3
) .
II
9
. Cohn I
9/z. 8o.
Izo.IctcrCantor,inNc| sonI
9
4
9
. Io-n.
4 4 N 1 L b
IzI. It was a hrm |rom Cahors, |or in-
stancc, who rcccivcd thc propcrty o| thc
Lng|ish |cws whcn thc |attcrwcrc hna||y
cxpc||cd in Iz
9
o. 1hough|or a |ongtimc,
Lombards and Cahorsins wcrc thcmsc|vcs
dcpcndcnt on roya| |avor and
[
ard|y in
much bcttcr position than thc |cws. In
Francc, thc kings sccmcd to cxpropriatc
and cxpc| |cws and Lombards a|tcrnatc|y
Io|iakov I
9//.
4
z) .
Izz. Noonan I
95
/. I8-I
9
, Lc Go||
I
99
o. z
3
-z/.
Iz
3
. 1hcrc arc two sorts o| wca|th-
gctting, as I havc said, onc is a part o|
houscho|dmanagcmcnt, thcothcris rctai |
tradc.thc|ormcrncccssaryandhonorab|c,
whi|c that which consists in cxchangc is
| ust|y ccnsurcd, |or it is unnatura|, and a
modc by which mcn proht |rom onc an-
othcr. 1hc most hatcd sort, and with thc
grcatcst rcason, i s usury, which makcs a
proht out o| moncy itsc||, and not |rom
thc natura| ob| cct o| it. For moncy was
intcndcd to bc uscd in cxchangc, but not
to incrcasc at intcrcst. And this tcrm "in-
tcrcst" tokos) , which mcans thc birth
o| moncy |rom moncy, is app|icd to thc
brccding o| moncy bccausc thc o||spring
rcscmb|cs thc parcnt. "Whcrc|orc o| a||
modcs o| gctting wca|th this is thc most
unnatura|" Aristot|c, Fo/itics Iz
5
8b) . 1hc
Nicomachcan Lthics nzIb) is cgua||y
damning. For thc bcst gcncra| ana|ysis o|
thc Aristotc|can tradition on usury. Lang-
ho|m I98
4
.
Iz
4
. Noonan I
95
/. Io
5
-Iz, Langho|m
I
9
8
4
.
5
o.
Iz
5
. 1hctcchnica| tcrm |orthc| ostin-
comc is /ucrum cessans: scc ' ricn I
9
zo.
to/-Io, Noonan I
95
/. n
4
-z8, Langho|m
I
99
z. 6o-6I, I
99
8. /
5
, Spu||ord I
9
8
9
.z6o.
Iz6. As Gcrman mcrchants a|so did in
thc a|tic citics o| thc Hanscatic a||iancc.
nthc Mcdici bank as a casci npoint, scc
dc Koovcr I
9
4
6, I
9
6
3
, Iarks zoo
5
.
Iz/. 1hc situation in Vcnicc, a pio-
nccr i nthcscmattcrs, is tc| |ing. thcrcwas
no mcrchant gui|d, but on|y cra|t gui|ds,
sincc gui|ds wcrc csscntia||y crcatcd as
protcction against thc govcrnmcnt, and
in Vcnicc, thc mcrchants uere thc gov-
crnmcnt MacKcnncy I
9
8/, Mauro
I
993
. z
59o) .
Iz8. 1hcy wcrc accuscd o| both hcrcsy
and sodomy. scc arbcr I
9/8.
Iz
9
. nc cannot "provc" t hc Is|amic
inspirationo|Luropcan bi||s o|cxchangc,
but considcring thc amount o| tradc bc-
twccn thc two sidcs o| thc Mcditcrra-
ncan, dcnying it sccms bizarrc. raudc|
I
995
. 8I6-I/) proposcs that thc idca must
havcrcachcdLuropcthrough|cwish mcr-
chants, who wc know to havc |ong bccn
using thcm in Lgypt.
I
3
o. n bi||s o| cxchangc. Ushcr I
9
I
4
,
dcKoovcrI
9
6/,oycr-Xambcu,Dc|cp|acc,
and Gi | | ard I
99
4
, Munro zoo
3
b.
54
z-
4
6,
Dcnzc|zoo6. 1hcrcwcrcinnumcrab|ccur-
rcncics, any o| which might at any timc
bc "cricd up," "cricd down, " or othcrwisc
huctuatc in va|uc. i||s o| cxchangc a|so
a||owcd mcrchants to c||cctivc|y cngagc
in currcncy spccu|ation, and cvcn gct
around usury |aws, oncc it bccamc pos-
sib|c to pay |or onc bi|| o| cxchangc by
writingadi||crcntbi|| o|cxchangc, duc in
scvcra| months' timc, |ora s|ight|yhighcr
sum. 1his was ca||cd "dry cxchangc" dc
Koovcr I
9
44
) , and ovcr timc thc Church
bccamc incrcasing|y skcptica|, causing yct
anothcr round o|hnancia| crcativity to gct
around thc |aws. It's worthy o| notc that
thc ratcs o| intcrcst on such commcrcia|
|oans wcrc gcncra||y guitc |ow. twc|vc
pcrccnt at thc highcst, in dramatic con-
trast to consumcr |oans. 1his is a sign o|
thc incrcasing|y |owcr risk o| such trans-
actions scc Homcr I
9
8/ |or a history o|
intcrcst ratcs) .
I
3
I. Lanc I
9
34
.
I
3
z. "In vcry many rcspccts, such as
thc organization o| s|avc |abor, managc-
mcnt o|co|onics, impcria| administration,
commcrcia| institutions, maritimc tcch-
no|ogy and navigation, and nava| gun-
ncry, thc Ita|ian city-statcs wcrc thc dircct
|orcrunncrs o| thc Iortugucsc and Span-
ish cmpircs, to thc shaping o| which thc
Ita|ians contributcd so hcavi|y, and in thc
N 1 L b 4 4 1
prohts o| which thcy so |argc|y sharcd"
rady :
99
;:o) .
:
3
. 1hcy appcar to havc uscd Grcck
scr|s at hrst, and somctimcs Arabs cap-
turcd in thc Crusadcs, and on|y |atcr, A|-
ricans. Sti||, this was thc cconomic modc|
that was cvcntua||y transportcd by Iortu-
gucsc mcrchants to At|antic is|ands |ikc
thcCanarics,thcn cvcntua||yto thc Carib-
bcan Vcr|indcn t
9
;o, Ihi||ips t
9
8
]
.
93
-
9
;,
So|ow t
9
8;, Wartburg t
995
) .
:
4
. Scammc|| :
9
8t. t;
3
-;
5
.
:. Spu||ord t
9
88. t
4
z
t
3
6 n thc notion o| advcnturc. Aucr-
bach t
9
4
6, Ncr|ich :
9
;;.
:
3
;. Duby t
9
;
3
) makcsthispoint. 1hc
"round tab|c" was origina||y a typc o|
tournamcnt, and cspccia||y in thc :oos,
it bccamc common to makc such tourna-
mcnts cxp|icit i mitations o|King Arthur`s
court, with knights cntcring thc contcsts
taking on ro|cs |rom thcm. Ga|ahad, Ga-
wain, ors, ctc.
t8. A|so at a timc whcn tcchno|ogi-
ca| changcs, cspccia||y thc invcntion o|
thc crossbow and thc risc o| pro|cssiona|
armics, wcrc bcginning to rcndcrknights`
ro|c in combat incrcasing|y irrc|cvant
Vancc t9;
3
) .
:
9
. Kc||y :
9
;:o.
t
4
o. Scc Schocnbcrgcr zoo8 |or a rc-
ccnt and compc||ing takc. comparing thc
ro|c o| war mobi |ization in crcating mar-
kcts in Grcccc and Komc to Wcstcrn Lu-
ropc in thc High Midd|c Agcs.
t
4
t . Wo||:
9]
4
.
t
4
z. A point origina||y madc by Vancc
t
9
86.
4
8) . 1hc simi|arity is morc obvious
in thc Gcrman poct Wo||ram von Lschcn-
bach`s Farzi[a/, writtcn pcrhaps twcnty
ycars |atcr, in which knights "roam |rcc|y
ovcr Spain, North A|rica, Lgypt, Syria, to
aghdad, Armcnia, India, Ccy|on" Ad-
o|| :
95
;. n)-and Is|amic rc|crcnccs arc
|cgion Ado|| t
9
4
;, :
95
;)-that is, arcas
known to Luropcans o| thc timc on|y
through tradc. 1hc |act that actua| mcr-
chants, on thosc rarc occasions whcn thcy
appcar, arc ncvcr sympathctic charactcrs
has |itt|c bcaring.
:
43
. Wagncr, Die Wi0e/ungen We/t-
gescbicbte aus der Sage t8
4
8)-which
in Lng|ish is "Wor|d History as 1o|d in
Saga. " I am taking my account o| Wag-
ncr`s argumcnt |rom anothcr wondcr|u|,
i| somctimcs cxtravagant, cssay by Marc
Shc|| ca| |cd "Accounting |or thc Grai|"
t
99
z. ;-
3
8) . Wagncr` s argumcnt is rc-
a||y morc comp|icatcd. it ccntcrs on thc
|ai |cd attcmpt by thc Ho|y Koman Lm-
pcror Frcdcrick arbarossa to subduc thc
lta|ian city-statcs and thc abandonmcnto|
his princip|c that propcrty can on|y how
|rom thc king, instcad, wc havc thc risc
o| mcrcanti|c privatc propcrty, which is
cchocd by hnancia| abstraction.
t
44
. Shc|| sccs thc Grai| as a trans-
|ormation o| thc o|dcr notion o| thc cor-
nucopia or incxhaustib|c pursc in an agc
"| ust bcginning to bc acguaintcd with
chccks and crcdit"-noting thc conncc-
tion o|thc |cgcnd with thc 1cmp|ars, and
|act that Chrcticn-whosc namc mcans
"Christian"-was | ikc|y, |or that rcason,
to havc bccn a convcrtcd |cw. Wo||ram
a|soc|ai mcd that hcgot thc |cgcnd |rom a
|cwish sourcc Shc|| t
99
z.
44
-
45
) .
:
45
. Lvcn China was o|tcn sp|it and
|racturcd. |ust about a|| thc grcat cmpirc-
bui|ding pro| ccts o|thc Midd|cAgcswcrc
thc work not o| pro|cssiona| armics, but
o| nomadic pcop|cs. thc Arabs, Mongo|s,
1atars, and 1urks.
t
4
6. Nicomacbean Etbics ::az:.
:
4
;. Hc comparcs moncy noton| y to
a postman, but a|so, to a "ru|cr," who
a|so stands outsidc socicty to govcrn and
rcgu|atc our intcractions. It`s intcrcsting
to notc that 1homas Aguinas, who might
havc bccn di rcct|y inhucnccd by Ghaza|i
Ghazan|ar zooo) , did acccpt Aristot|c`s
argumcnt that moncy was a socia| con-
vcntion that humans cou|d | ust as casi|y
changc. For a whi|c, in thc |atc Midd|c
Agcs, this bccamc thc prcdominant Cath-
o|ic vicw.
t
4
8. As |ar as I know, thc on|y scho|ar
to havcpoi ntcd out thcconncctionis cr-
nard Faurc, a Frcnch studcnt o||apancsc
uddhi sm. Faurc :
99
8
9
8, zooo.zz
]
.
4 4 Z N 1 L b
I
4
9. Latcrsti||,as cashtransactions bc-
camcmorc common, thctcrmwas app|icd
to sma|| sums o| cash o||crcd as down-
paymcnt, rathcr in thc scnsc o| Lng|ish
"carncst moncy. " n sym0o/a in gcn-
cra|. cauchct I8
9/, |oncs I
95
6. zI/, Shc||
I
9/8.
3
z-
35
.
I
5
o. Dcscat I
995
.
9
86.
I
5
I . Aristot|c On lntereretation I. I6
I/. Whitakcr zooz. Io) thus obscrvcs that
|or Aristot|c, "thc mcaning o| a word is
hxcd by convcntion, | ust as thc impor-
tancc attachcd to a ta||y, tokcn, or tickct
dcpcnds on agrccmcnt bctwccn thc partics
conccrncd. "
I
5
z. Nicomacbean Etbics II
33
azg
3
I.
I
53
. ut thcy bc|icvcd that thcsc |or-
mu|ac summcd up or "drcw togcthcr"
thc csscncc o|thosc sccrct truths that thc
Mystcrics rcvca|cd-"symbo|on, " bcing
dcrivcd thc vcrb sym0a//ein, mcaning "to
gathcr, bring togcthcr, or comparc. "
I
54
. Mri I93
I, Mcycr I999. 1hc on|y
know|cdgc wc havc o| such sym0o/a
comcs |rom Christian sourccs, Christians
|atcr adoptcd thcir own symbo|on, thc
Crccd, and this rcmaincd thc primary rc|-
crcnto|thctcrm "symbo|"throughoutthc
Midd|c Agcs Ladncr I
9/9
) .
I
55
. r pscudo-Dionysius, sincc thc
rca| Dionysius thc Arcopagitc was a hrst-
ccntury Athcnian convcrtcd to Christian-
ity by St. Iau|. Iscudo-Dionysius' works
arc an attcmpt to rcconci|c nco-I|atonism,
withitsnotiono|phi|osophyasthcproccss
o|thc |ibcration o| thc sou| |rom matcria|
crcation and its rcunihcation with thc di-
vinc, with Christian orthodoxy. Un|ortu-
natc|y, his most rc|cvant work, Sym0o/ic
Tbeo/ogy, has bccn |ost, but his surviving
works a|| bcaron thc issucto somcdcgrcc.
I
5
6. In arasch I
99
3
. I6I.
I
5
/. Iscudo-Dionysius, On tbe Ce-
/estia/ Hierarcby I
4
IA-C. n Dionysius'
thcory o| symbo|ism i n gcncra|, and its
inhucncc, scc arasch I99
3
. I
5
8-8o, a|so
Goux I
99
o. 6/, Gadamcr zoo
4
. 6
3
-6
4
.
I
5
8. Hc ca||s thcm, |ikc communion,
"gi|ts that arc grantcd to us in symbo|ic
modc. " On tbe Ce/estia/ Hierarcby Iz
4
A.
I
59
. Mathcws I
9
34
. z8
3
. Comparc thc
dchnition o|symbo|on.
A. ta//y, i.c. cach o| two ha|vcs
or corrcsponding picccs o| a knuck-
|cbonc or othcr ob| cct, which two
gucst |ricnds, or any two contracting
partics, brokc bctwccn thcm, cach
party kccping onc piccc, in ordcr to
havc proo| o|thc idcntity o|thc prc-
scntcr o|thc othcr.
. o| othcr dcviccs having thc
samc purposc, c.g. a sca|-i mprcssion
on wax,
I. anytokcnscrvingas proo|
o|idcntity
2. guarantcc
3. tokcn, csp. o|goodwi||
A|tcr Liddc|| and Scott I9
4
o. I6/6 //,
withoutthc cxamp|cs, and with thc Grcck
words |or "knuck|cbonc" and "gucst-
|ricnd" rcndcrcd into Lng|ish.
I6o. Kotours I
95
z. 6. n [u or qi, an-
othcr namc |or dcbt ta||ics that cou|d bc
uscd morc gcncra||y |or "tokcns") morc
gcncra||y. Kotours I
95
z, Ka|tcnmark I
9
6o,
Kan I
9/8, Faurc zooo. zzI-z
9
. Fa|kcnhau-
scn zoo
5
.
I6I. 1hcrc is a curious tcnsion hcrc.
thc wi|| o|hcavcn is a|so in a ccrtain scnsc
thc wi|| o| thc pcop|c, and Chincsc think-
crs varicd on whcrc thcy p|accd thc cm-
phasis. Xunzi, |or instancc, assumcd that
thc authority o| thc king is bascd on thc
conhdcncc o| thc pcop|c. Hc a|so argucd
that whi|c conhdcncc among thc pcop|c
is maintaincd by contracts cnsurcd by thc
matching o| ta||y sticks, undcr a tru|y | ust
king, socia| trust wi|| bc such that such
ob| ccts wi|| bccomc unncccssary Koctz
I
993
./
3
-/
4
) .
I6z. Kohn zooo.
33
o. Si mi|ar|y i n |a-
pan. Faurc zooo. zz/.
I6
3
. In thc Encyc/oedia o[ Taoism
thcy arc dcscribcd as "diagrams, con-
ccivcd as a |orm o| cc|cstia| writing, that
dcrivc thcir powcr |rom thc matching cc-
|cstia| countcrpart kcpt by thc dcitics who
bcstowcd thcm" okcnkamp zoo8.
35
) .
N 1 L b 4 4 O
n 1aost [u. Ka|tcnmark :
9
6o, Scdc|
:
9
8
3
, Strckmann zooz. :
9
o-_:, Vcrc||cn
zoo6, on uddhst para||c|s, scc Faurc
:
99
8, Kobson zoo8.
:6
4
. Sasso :
97
8, thcorgns o|thcyn-
yang symbo| rcman obscurc and contcst-
cd butthoscSno|ogsts I`vc consu|tcd hnd
thsp|ausb|c. 1hcgcncrc word |or "sym-
bo| '' n contcmporary Chncsc s [ubao,
whch s drcct|y dcrvcd|rom |u.
:6
5
. Inso|ar as I ` mwcghng n on thc
"Why ddn`t thc Is| amc wor|d dcvc|op
modcrn capta| sm" dcbatc, thcn, t
sccms to mc that both Udovtch` s argu-
mcnt :
975
. :
9
-z:) that thc Is| am c wor|d
ncvcr dcvc|opcd mpcrsona| crcdt mcch-
ansms, and Kay`s ob| ccton :
997
.
39
-
4
o)
that thc ban on ntcrcst and nsurancc
was morc mportant, carry wcght. Kay' s
suggcston that d ||crcnccs n nhcrtancc
|aws mght p|ay a ro|

a|so dcscrvcs
nvcstgaton.
:66. Mat|and :
9
o8.
54
.
:6
7
. Davs :
9
o
4
.
:68. In thc I|atonc scnsc. | ust as any
partcu|ar, physca| brd wc mght happcn
to scc on a ncarby |rut trcc s mcrc|y a
tokcn o|thc gcncra| dca o|"brd" whch
s mmatcra|, abstract, angc|c) , so do thc
varous physca|, morta| ndvdua|s who
|on togcthcr to makc up a corporaton
bccomc an abstract, angc|c Idca. Kanto-
rowczargucsthat t took a numbcro|n-
tc||cctua| nnovatons to makc thc noton
o| thc corporaton possb|c. notab|y, thc
dca o| thc acon or acvum, ctcrna| tmc,
that s, tmcthat |asts |orcvcr, as opposcd
to thc Augustnan ctcrnty whch s out-
sdc o| tmc cntrc|y and was consdcrcd
thc habtaton o|thc angc|s, to thc rcvva|
o| thc works o| Donysus thc Arcopagtc
:
957
. z8o8:) .
:6
9
. Kantorowcz :95
;z8z-8
3
.
o. Is|amc |aw, |or nstancc, not on|y
dd not dcvc|op thc noton o| hctvc pcr-
sons, but stcad|ast|y rcsstcd rccognzng
corporatons unt| gutc rcccnt|y Kuran
zoo) .
JI . Man|y Kanda|| Co||ns :
9
86. z-
5
8) , who a|so makcs thc comparson wth
Chna, c|. Co|cman :
9
88.
z. Scc Ncr|ch :
9
8
7
.:z:-z
4
.
hBpl6I L| 6v60
I. n Lng|sh wagcs, scc Dycr :989,
on Lng|sh |cstvc ||c, thcrc s a vast |t-
craturc, but a good rcccntsourcc s Hum-
phrcyzoo:. S|va Fcdcrc zoo
4
) provdcs
a compc||ng rcccnt synthcss.
z. For a vcry sma| | samp|ng o| morc
rcccnt dcbatcs ovcr thc "prccrcvo|uton,"
scc Ham|ton :
9
34
, Cpo||a :
9
6
7
, F|ynn
:
9
8z, Go|dstonc :
98
4
, :
99
:, Fshcr :
9
8
9
,
Munro zoo
3
a, zoo
7
. 1hc man argumcnt
s bctwccn monctarsts who contnuc to
arguc that ncrcasc n thc amount o| spc-
cc s u|tmatc|y rcsponsb|c |or thc nha-
ton, and thosc who cmphaszc thc ro|c
o|rapdpopu|aton ncrcasc, though most
spcchc argumcnts arc consdcrab|y morc
nuanccd.
3
. Hstorans spcak o| "bu||on
|amncs"as most actvc mncs drcd up,
such go|d and s|vcr that wasn't suckcd
out o| Luropc to pay |or castcrn |uxurcs
was ncrcasng|y hddcn away, causng a||
sorts o| d|hcu|tcs |or commcrcc. In thc
I
4
6os, thc shortagc o| spccc n ctcs |kc
Lsbon had bccn so acutc that mcrchant
shps vstng wth cargocs |u| | o| warcs
ohcn had to rcturn homc wthout sc||ng
anythng Spu||ord :
9
88.
33
9-6z) .
4
. rook :99
8. Nccd|css to say, I ' m
smp||yng cnormous|y. anothcr prob-
|cm was thc growth o| |and|ordsm, wth
many sma||ho|dcrs |a| |ng n dcbtto |and-
|ords |or nab|ty to pay. As mcmbcrs o|
thc cvcr-ncrcasng roya| |am|y and othcr
|avorcd |am | cs gancd tax cxcmptons
|rom thc statc, thc tax burdcn on sma||-
ho|dcrs bccamc so hcavy that many |c|t
|orccd to sc|| thcr |ands to thc powcr|u|
|am | cs n cxchangc |or tcnancy agrcc-
mcnts to |rcc thosc |ands |rom taxcs.
4 4 4 N 1 L b
5
. Chincsc historians count // di||cr-
cnt "mincrs` rcvo|ts" during thc I
43
os
and `
4
os Harrison I
9
6
5
. Io
3
-
4
, c|. Jong
I
99
z. 6o
4
, Gcrnct I
9
8z.
4
I
4
) . ctwccn
I
445
and I
44
9
thcsc bccamc a scrious
thrcatassi|vcrmincrsundcr a rcbc| |cadcr
namcd Yc Zong|iu madc common causc
withtcnant|armcrs and thc urbanpoorin
ovcrpopu|atcd Fu|ian and Shaxian, spark-
ing an uprising that sprcad to a numbcr
o| di||crcnt provinccs, scizing a numbcr
o|citics and cxpc||ing much o|thc |andcd
gcntry.
6. Von G|ahn I
99
6o8z) docu-
mcnts thc proccss. Gcrnct I
9
8z.
4
I
5
-I6)
documcnts how bctwccn I
45
o and I
5
oo,
most taxcs bccamc payab|c in si|vcr. Jhc
proccss cu|minatcd in thc "sing|c |ash o|
thc whip" mcthod. tax rc|orms put into
p|acc bctwccn I
53
o and I
5
8I Huang
I
9/
4
, scc Arrighi , Hui , Hung and Sc|don
zoo
3
. z/z-/
3
) .
/. WongI
99/, Iomcranz zooo, Arrighi
zoo/, among many othcrs who makc this
point.
8. Iomcranz zooo. z/
3
.
9
. Jhc va|uc o| si|vcr in China as
mcasurcd in go|d) rcmaincd, through thc
sixtccnth ccntury, rough|y twicc what it
wasinLisbonorAntwcrp F|ynn Gira|-
dcz I
995
, zooz) .
Io. von G|ahn I
99
6b.
44
o, Atwc|| I
99
8.
D. Cha|is I
9/8. I
5
/.
Iz. China had its own "agc o|cxp|ora-
tion" in thc car|y h|tccnth ccntury, but it
was not |o||owcd by mass congucst and
cns|avcmcnt.
I
3
. It`s possib|c that thcy wcrc wrong.
Gcncra||y popu|ations did dcc|inc by
9
o
pcrccnt cvcn in arcas whcrc no di rcct
gcnocidc was taking p|acc. ut in most
p|accs, a|tcr a gcncration or so, popu|a-
tionsstartcd rccovcring, inHispanio|aand
many parts o| Mcxico and Icru, around
thc mincs, thc u|timatc dcath ratc was
morc |ikc Ioo pcrccnt.
I
4
. Jodorov I
9
8
4
. I
3
/-
3
8, |or thc origi-
na|, Icazba|ccta zoo8. z
3
-z6.
I
5
. nc historian rcmarks. "y thc
c|osc o| thc sixtccnth ccntury bu||ion,
primari|y si|vcr, madc up ovcr
95
pcrccnt
o|a|| cxports |caving Spanish Amcrica |or
Luropc. Ncar|y that samc pcrccntagc o|
thc indigcnous popu|ation had bccn dc-
stroycd in thc proccss o| scizing thosc
richcs" Stannard I
993
. zzI ) .
I 6. crna| D|az I
9
6
3
.
43
.
I/. crna|D|az. thcguotcisa synthcsis
o| thc Lockhart trans|ation I8
44
l I. Oo)
and Cohcn trans|ation I
9
6
3
.
4
Iz) , though
thcsc appcar to bcbascdon s| ight|ydi||cr-
cnt origina| s.
I8. crna|D|az op cit.
I
9
. Cortcs I868. I
4
I.
zo. Most o| thc conguistadors had
si mi | arstorics.a| boacamctothcAmcri-
cas to hcc hiscrcditors, Iizarro borrowcd
so hcavi|y to outht his cxpcdition to Icru
that a|tcr car|y rcvcrscs, it was on|y thc
|car o| dcbtor`s prison that prcvcntcd his
rcturn to Ianama, Francisco dc Montc| o
had to pawn his cntirc Mcxican posscs-
sions |or an cight-thousand-pcso |oan to
|aunch his cxpcdition to Honduras, Icdro
dc A|varado too cndcd up dccp|y in dcbt,
hna||y throwing cvcrything into a schcmc
to congucr thc Spicc Is|ands and China-
on his dcath, crcditors immcdiatc|y tricd
to put his rcmaining cstatcs to auction.
zI. c.g., Iagdcn I9
86.
zz. Gi bson I
9
6
4
. z
53
. A|| this isdisturb-
ing|y rcminisccnt o|g|oba| po|itics nowa-
days, in which thc Unitcd Nations, |or
cxamp|c, wi|| urgc poor countrics to makc
cducation |rcc and avai|ab|c to cvcryonc,
and thcn thcIntcrnationa| Monctary Fund
which is, |cga||y, actua||y a part o| thc
Unitcd Nations) wi|| insist thatthosc samc
countrics do cxact|y thc oppositc, impos-
ing schoo| |ccs as part o| broadcr "cco-
nomicrc|orms" as a condition o|rchnanc-
ing thc country`s |oans.
z
3
. Fo||owing Wi||iam Iictz I9
8
5
. 8) ,
who studicd car|y mcrchant advcnturcr`s
accounts o|WcstA|rica,thoughJodorov
I98
4
. Iz
9
-
3
I) on thc vcry si mi |ar pcrspcc-
tivc o|thc conguistadors.
z
4
. Somc did go bankrupt-|or in-
stancc,onc brancho|thcFuggcrs.utthis
was surprising|y rarc.
N 1 L b 4 4 D
z
5
. Martin Luthcr, Von Kau[sband-
/ung und Wucber, I
5
z
4
, citcd in Nc|son
I9
4
9.
5
o.
z6. InLuthcr' st mcthcmai nissucwas
a practiccca||cdZinskau[, tcchnica||yrcnt
on |cascd propcrty, which was basica||y a
disguiscd |orm o|intcrcst-bcaring |oan.
z/. In akcr I9/
4
.
53
-
54
. 1hc rc|crcncc
to Iau| i s in Komans I
3
. /.
z8. Hc argucd that thc |act that Dcu-
tcronomy a||ows usury undcr any circum-
stanccs dcmonstratcs that this cou|d not
havc bccn a univcrsa| "spiritua| |aw," but
was a po|itica| |awcrcatcd |or thc spcchc
ancicnt Israc|i situation, and thcrc|orc,
that it cou|d bc considcrcd i rrc|cvant in
di||crcnt oncs.
z9. And i n |act, this i s what "capi-
ta|" origina||y mcant. 1hc tcrm tsc||
gocs back to Latin caita/e, which mcant
"|unds, stock o| mcrchandisc, sum o|
moncy,ormoncycarryingintcrcst" rau-
dc I
99
z. z
3
z) . It appcars i n Lng|ish n thc
mid-sixtccnth ccntury |argc|y as a tcrm
borrowcd |rom Ita|ian bookkccpingtcch-
nigucs Cannan IyzI, Kchard I
9
z6) |or
what rcmaincd whcn onc sguarcd prop-
crty, crcdits, and dcbts, thouh unti| thc
ninctccnth ccntury, Lng|sh sourccscncr-
a||y prc|crrcd thc word "stock"in part,
onc suspccts, bccausc "capita|" was so
c|osc|y associatcd with usury.
3
o. Nations that, a|tcr a||, a|so prac-
ticcd usury on onc anothcr. Nc|son
I
9
4
y./6.
3
I . cn Nc|son cmphasizcd thi s in
an i mportant book, Tbe ldea o[ Usu.
From Tri0a/ 8rotberbood to Unitersa/
Otberbood.
3
z. Midc||ort I
99
6.
3
9
.
33
. Zmora zoo6. 68. Iub|ic hnanc-
ing at this pcriod |argc|y mcant dsguiscd
intcrcst-bcaring |oans |rom thc minor no-
b|ity, who wcrc a|so thc stratum |rom
which |oca| administrators wcrc drawn.
34
. n church |ands. Dixon zooz.
9
I .
n Casimir's gamb|ing dcbts. |ansscn
I
9
Io I V. I
4
/. His ovcra|| dcbt rosc to ha||
a mi||ion gui|dcrs i n I
5
z8, and ovcr thrcc
guartcrs o| a mi||ion by I
54
I Zmora
zoo6. r
3
n
55
. )
35
. Hcwas|atcr accuscd o|conspiring
withCountW|hc|mvonHcnncburg,who
had gonc ovcr to thc rcbc|s, to bccomc
sccu| ar Dukc o| thc tcrritorics thcn hc|d
by thc ishop o|Wurzburg.
3
6. From "Kcport o| thc Margravc's
Commandcr, Michc| Gross |rom 1rock-
au," in Scott Scribncr I
99
I.
3
oI. 1hc
sums arc bascd on a promisc o| r horin
pcr cxccuton, Yz pcr muti|ation. Wc do
not know i | Casimir cvcr paid this par-
ticu|ar dcbt.
3
/. For somc rc|cvant accounts o| thc
rcvo|t and rcprcssion. Sccbohm I8//. I
4
I-
45
, |ansscn I
9
Io IV.
3
z
3
-z6, |ick|c I
9//,
Lndrcs I
9/9
, Vicc I
9
88, Kobishcaux
I
9
8
9
.
4
8-6/, Sca zoo/. Casimi r i s said to
havc u|timatc|y sctt|cd into cxacting hncs,
cvcntua||y dcmanding somc Io
4
,ooo gu|-
dcns in compcnsation|rom his sub| ccts.
3
8. Lncbaugh zoo8) makcs a bcauti-
|u| ana|yss o| ths sort o| phcnomcnon
in hi s cssay on thc socia| orgns o| thc
Mana Carta.
3
y. It i s tc||in that dcspitc thc cnd-
|css rcprsa|s aainst commoncrs, nonc o|
thcGcrmanprinccsornob|ty,cvcnthosc
who opcn|y co||aboratcd wth thc rcbc|s,
was hc|d accountab|c i nany way.
4
o. Mu|drcw Iyy
3
a, Iyy
3
b, Iyy6, Iyy8,
zooI, ct. Macntosh Iy88, Zc|| Iyy6, Was-
wo zoo
4
, lnram zoo6, Va|cnzc zoo6,
Ktchzoo/. I hnd mysc||stron|y arccin
with mosto|Mu|drcw'sconc|usons, on|y
gua||ynsomc.|ornstancc,hi src|ccton
o| MacIhcrson' s posscssivc individua|ism
argumcnt Iy6z) strikcs mc as unncccs-
sary, sincc I suspcct that thc | attcr docs
idcnt changcs that arc happcning on a
dccpcr structura| |cvc| |css acccssib|c to
cxp|icit discoursc scc Gracbcr I
99/) .
4
I . Mu|drcw zooI.
9
z) cstimatcs that
in c. r6oo, cight thousand London mcr-
chants miht havc posscsscd as much as
onc-third o| a|| thc cash i n Lng|and.
4
z. Wi||iamson r88
9
, Whting I
9/I,
Mathias I
9/9
b, Va|cnzc zoo6.
34
-
4
o.
4 4 N 1 L b
43
. Go|d and s|vcr wcrc a vcry sma||
part o| houscho|d wca|th. nvcntorcs rc-
vca| on avcragc h|tccn shi||ings o| crcdt
|or cvcry onc n coin Mu|drcw I
99
8) .
44
. 1hs prncp|c o| a right t o |ivc-
| ihood s kcy to what L.I. 1hompson
|amous|y ca||cd "mora| cconomy o| thc
crowd" I
9/I) in cghtccnth-ccntury Lng-
|and, a noton that Mu|drcw I
993
a)
thnks can bc app|icd to thcsc crcdit sys-
tcms as a who|c.
45
. Stout I/
4
z. /
4
-/
5
, parts o| thc samc
passagc arc citcd n Mu|drcw I
99
3
a. I/8,
andI
99
8. I
5
z.
4
6. 1o bc morcprccsc, cithcrpicty n
thcCa|vinistcasc) orgoodnaturcd soca|-
ty nthccasco|thoscthatopposcdthcm
in thc namc o| o|dcr |cstivc va|ucs)-n
thc ycars bc|orc thc civi| war, many par-
shgovcrnmcntswcrcdvidcdbctwccnthc
"god|y" and "good honcst mcn" Hunt
I
9
8
3
. |
4
6)
4
/. Shcphcrd zooo, Wa|kcr I996, |or
my own takc on "| |c-cyc|c scrvcc" and
wagc |abor, scc, agan, Gracbcr I99/.
4
8. H | | I
9/z.
3
9
-
5
6, Wrghtson
Lcvnc I
9/9
, cicr I
9
8
5
.
4
9. Mu|drcw zooI. 8
4
.
o. For a c|assc statcmcnt on thc con-
nccton o| 1udor markcts, |cstiva|s, and
mora|ity, scc Agncw I
9
86) .
t. |ohnson zoo
4
.
5
6-
5
8. n thc two
conccptons o| | ustcc. Wrghtson I
9
8o.
odin' s cssay was widc|yrcad. Itdrcwon
Aguinas' vicw o| |ovc and |ricndship as
prior to thc |cga| ordcr, which, n turn,
harkcns back to Arstot|c's Nicomacbean
Etbics, whch rcachcd Luropc through
Arab sourccs. Whcthcr thcrc was a|so a
d rcct nhucncc |rom thc Is|amic sourccs
thcmsc|vcs wcdo not know, but considcr-
ing thc dcgrcc o| gcncra| mutua| cngagc-
mcnt Ghazan|ar zoo
3
) t sccms |kc|y.
5
z. Gcrard dc Ma|yncs's Maintenance
o[ Free Trade I6z) , citcd n Mu|drcw
I
99
8.98, a|so Mu|drcw zooI. 8
3
.
53
. Chauccr s |u| | o|ths sort o|thng.
thc Wi|c o| ath has much to say about
con|uga| dcbts c.g., Cottcr I
9
6
9
) . It was
rca||y in thc pcriod o| about I
4
ooI6oo
that cvcrything camc to bc so |ramcd as
dcbt, prcsumab|y rchcctng thc hrst stir-
rings o| posscssivc ndivdua|ism, and at-
tcmpts to rcconci|c itto o|dcr mora| para-
digms. Guth zoo8) , a |cga| historan, thus
ca||sthcscccnturics "thcagco|dcbt," onc
whch was thcn rcp|accd a|tcr I6oo by an
"agc o|contract. "
54
. Davcnant I//I. I
5
z.
55
. Marsha|| Sah|ns I
99
6, zoo8) has
bccn cmphaszng thc thco|ogca| roots o|
Hobbcs |or somc timc. Much o| thc |o|-
|owng ana|yss draws on hs nhucncc.
5
6. Hobbcs himsc|| docsn't usc thc
tcrm "sc||-intcrcst" but docs spcak o|
"partcu|ar," "prvatc, " and "common"
intcrcsts.
5
/. DeL'Esrit
53
, citcd n H rschman
I986.
45
. Lxp|oring thc contrast bctwccn
Shang's "proht" and Hc|vctius' "i ntcrcst"
wou|d bc a tc||ing history in itsc||. 1hcy
arc not thc samc conccpt.
5
8. "Intcrcst" |rom interesse) comcs
into common usagc as a cuphcmism |or
usuryinthc|ourtccnthccntury, butiton|y
comcs to bcuscd nits morc|ami|ar,gcn-
cra|scnsc in thc sxtccnth. Hobbcsdocsn't
usc "sc||-ntcrcst, " though hc spcaks o|
"prvatc" and "common" ntcrcst

, but
that tcrm was a|rcady currcnt, having ap-
pcarcd in thc work o|Machiavc|| ' s |ricnd
Franccsco Guccadni n I
5
Iz. It bccomcs
commonp|acc in thc cghtccnth ccntury
scc Hrschman I
9//, I
99
z, cspcci a||y
chaptcr z, "on thc conccpt o| ntcrcst",
DumontI
9
8I, Mycrs I
9
8
3
, Hci|bronI
99
8) .
59. Scc I9z8. I8/) notcs that unt|
around I8oo, " ntcrcssc" wasthc common
word |or "capta|" n Frcnch, n Lng|sh
thc prc|crrcd word was "stock. " It is cu-
rous to notc that Adam Smith, |or onc,
actua||y rcturns to thc Augustnian usagc,
"sc||-|ovc, " n hs |amous passagc about
thc butchcr and thc bakcr Wea/tb o[Na-
tions I. z. z) .
6o. ccr I
9
8
5
. I
5

3
, c|. Dobb
I9
4
6. z
34
. Consorting with gypscs was
a|so a capita| crimc. In thc casc o| va-
grancy,| usticcs|oundt sod|hcu|tto hnd
anyonc wi||ing to prcss chargcs against
N 1 L b 4 4 1
vagrants that thcy wcrc cvcntua||y |orccd
to rcducc thc pcna|ty to pub|ic whipping.
6:. In Wa|kcr :6. zqq.
6z. Hc|mho|tz :86, rand zooz, Guth
zoo8.
6. Hc|mho|z:86, Mu|drcw :8. z,
Schohc|d Mayhcw zooz, Guth zoo8) .
6q. Stout :)qz. :z:.
6. "Jhchorrors o|thcF|cctand Mar-
sha|sca wcrc |aid barc in :)z. Jhc poor
dcbtors wcrc |ound crowdcd togcthcr on
thc 'common sidc, '-ovcrcd with h|th
and vcrmin, and su||crcd to dic, without
pity, o| hungcr and |ai| |cvcr . . . No at-
tcmpt was madc to distinguish thc |raud-
u|cnt |rom thc un|ortunatc dcbtor. Jhc
rich roguc-ab|c, but unwi||ing to pay
his dcbts-might riot in |uxury and dc-
bauchcry, whi|c hi s poor un|ucky |c||ow-
prisoncr was |c|tto starvc and rot on thc
'common sidc"' Ha||am :866 V. z6-)o. )
66. I do not want t o arguc that thc
morc |ami|iar narrativc o| "primitivc ac-
cumu|ation," o|thc cnc|osurc o|common
|ands andrisco|privatc propcrty, thc dis-
|ocation o| thousands o|onc-timc cottag-
crs who bccamc |and|css |aborcrs, i s|a|sc.
I simp|y high|ight a |css |ami|iar sidc o|
thc story. It's cspccia||y hc|p|u| to high-
|ight it bccausc thc dcgrcc to which thc
Judor and Stuart pcriods wcrc actua||y
markcd by a risc o|cnc|osurcs is a hcatcd
mattcr o| dcbatc c. g. , Wordic :8) . Jhc
usc o| dcbt to sp|it communitics against
thcmsc|vcs i s mcant in thc samc vcin as
Si|via Fcdcrici's zooq) bri||iant argumcnt
aboutthcro|co|witchcra|t accusations in
rcvcrsingpopu|argains o|thc |atc Midd|c
Agcs and opcning thc way to capita| i sm.
6). "Icrsona| crcdit rcccivcd a bad
prcss in thc cightccnth ccntury. It was
|rcgucnt|y said that it was wrong to go
into dcbt si mp|y to pay |orcvcryday con-
sumption goods. A cash cconomy was
cc|cbratcd and thc virtucs o| prudcnt
housckccping and parsimony cxto||cd.
Conscgucnt|y rctai | crcdit, pawnbroking,
and moncy|cnding wcrc a| | attackcd, with
both borrowcrs and |cndcrs thc targcts"
Hoppit :o.Iz-I. )
68. Wea/tb o[Nations :. z. z.
6. Mu|drcw makcs this poi nt.
:. I6.
)o. Tbeory o[Mora/Sentimentsq. :. :o.
):. "Jhc man who borrows in ordcr
to spcnd wi|| soon bc ruincd, and hc who
|cnds to hi m wi | | gcncra||y havc occasion
to rcpcnt o| his |o||y. Jo borrow or to
|cnd |or such a purposc, thcrc|orc, is in
a|| cascs, whcrc gross usury is out o| thc
gucstion, contrary to thc intcrcst o| both
partics, and though it no doubt happcns
somctimcs that pcop|c do both thc onc
and thc othcr, yct, |rom thc rcgard that
a| | mcn havc |or thcir own intcrcst, wc
may bc assurcd that it cannot happcn so
vcry |rcgucnt|y as wc arc somctimcs apt
to i maginc" Wea/tb o[Nationsz.q.z) . Hc
docs occasiona||y acknow|cdgc thc cxis-
tcncc o| rctai | crcdit, but hc grants it no
signihcancc.
)z. Kccvcs :. Kccvcs, |ikc Scrvct
:q, zoo:) shows that many wcrc awarc
o| thc variabi|ity o| moncy-stu||s. Iu||cn-
dor|, |or cxamp|c, madc a |ong |ist o|
thcm.
). Whcn wc attributc va|uc to go|d,
thcn, wc simp|y rccognizc this. Jhc samc
argumcntwasusua||yinvokcdto so|vcthc
o|d Mcdicva| puzz|c about diamonds and
watcr. Why is it that diamonds arc so cx-
pcnsivc, though usc|css, and watcr, which
isusc|u| in a|| sorts o|ways, hard|yworth
anything at a| | Jhc usua| so|ution was.
diamonds arc thc ctcrna| |orm o| watcr.
Ga| i |co, who ob| cctcd to thc cntirc prcm-
isc, at oncpoint suggcstcd that thosc who
makc such c|aims shou|d rca||y bc turncd
into statucs. Jhat way, hc suggcstcd, in
inimitab|c Kcnaissancc sty|c, cvcryonc
wou|d bc happy, sincc :) thcy wou|d bc
ctcrna|, and z) thc rcst o| us wou|d no
|ongcr havc to |istcn to thcir stupid argu-
mcnts. ) Scc Wcnncr|ind zoo, who notcs,
intcrcsting|y, that most Luropcan govcrn-
mcnts cmp|oycd a|chcmists in thc scvcn-
tccnth ccntury i n ordcr to manu|acturc
go|d and si|vcr |or coins, it's on|y whcn
thcsc schcmcs dchnitivc|y |ai|cd that thc
govcrnmcnts movcd to papcr currcncy.
4 4 N 1 L b
/
4
. Knd|cbcrgcr I98
4
, oycr-Xambcu,
Dc|cp|acc, G | |ard I
99
4
, Ingham
zoo
4
. I/I. Kathcr, ths path cvcntua||y |cd
to thc crcaton o| stock markcts. thc hrst
pub|c bourscs, n h|tccnth-ccntury rugcs
and Antwcrp, bcgan not by tradng sharcs
n| ont-stockvcnturcs,whchbarc|ycxst-
cd at thc tmc, but by "dscountng" b||s
o|cxchangc.
/
5
. Ushcr I
9
34
, I
9
44
) orgna||y ntro-
duccd thc dstncton bctwccn "pr mtvc
bankng," whcrc onc smp|y |cnds out
what onc has, and "modcrn bankng,"
bascd on somc sort o| |ractona| rcscrvc
systcm-that s, onc |cnds morc than
onc has, thus c||cctvc|y crcatng moncy.
1hs wou|d bc anothcr rcason why wc
havc now movcd to somcthngothcrthan
"modcrn bankng"-scc bc|ow.
/6. Spu||ord I
9
88. z
5
8, drawing on
Ushcr I
943
. z
3
-
4
z. Wh|c dcpost notcs
wcrc uscd, prvatc bank notcs, bascd on
crcdt, on|y appcar gutc |atc |rom Lon-
don go|dsmths, who a|so actcd as bank-
crs, n thc scvcntccnth and cihtccnth
ccnturcs.
77. Scc Munro zoo
3
b |or a usc|u|
summary.
78. MacDona|dzoo6. t
S
6.
79. Jomas dc Mcrcado in F|ynn
t978.
4
oo.
8o. Scc F|ynn t
979
, raudc t
99z.
S
zz-
z
3
, Stcin Stcn zooo.
S
ot
S
,
9
6oz,
1ortc||a Comn zooz. 1hc numbcr o|
uros in crcu|aton wcnt |rom
3
. 6 mi||ion
ducats n t
S
t6 to 8o.
4
mi||on n t
S9
8.
8t. 1hcmost |amous cxponcnt o| ths
postonwasNicho|asarbon t6
9
o) , who
arucd that "moncy s a va|uc madc by
|aw" and a mcasurc n | ust thc samc man-
ncr asnchcsorhours or hud ounccs. Hc
a|so cmphaszcd that most moncy was
crcdtanyway.
8z. Lockc I6
9
I. I
44
) a|so ctcd n
Ca||cntzs I
9
8
9
.
4
6-
4
/, whch rcmans thc
most nsght|u| summary o| thc dcbatc
and ts mp|catons. Comparc Icr|man
McCann I
99
8. n/-zo, Lctw n zoo
3
./I8,
Va|cnzc zoo6.
4
o
43
.
8
3
. Wc tcnd to |orgct that thc ma-
tcra|sm o| thc Marxst tradton s not
somc radca| dcparturc-Marx was, |kc
Nctzschc, takng bourgcos assumptons
though n hs casc, di||crcnt oncs) and
pushng thcm n d rcctons that wou|d
outragc thcir orgna| proponcnts. Any-
way, thcrc s good rcason to bc|cvc that
whatwc now ca|| "hstorca| matcra|sm"
s rca||y Lngc|s' addton to thc pro| cct-
Lngc|s bcng hmsc|| nothng | not bour-
gcos n background and scnsb|tcs
hc was a sta|wart o| thc Co|ognc stock
cxchangc) .
8
4
. Macau|ay I886.
4
8
5
-thc orgna|
cssay was pub|shcd n thc Spcct

tor,
March I, JD.
8
5
. Faust II, Act I-scc Shc|| I
99
z,
nswangcr I
99
4
|or a dcta|cd ana|yss.
1hc connccton wtha|chcmys rcvca|ng.
Whcn n I
3
oo Marco Io|o had rcmarkcd
thatthc Chncsccmpcror "sccmcd to havc
mastcrcd thc art o| a|chcmy" n hs ab|-
ty to turn mcrc papcr nto somcthng as
good as go|d, ths was c|car|y mcant as a
| okc, by thc scvcntccnth ccntury most Lu-
ropcan monarchs actua||y dd cmp|oy a|-
chcmists to tryto producco|d|rombasc
mcta|s, itwas on|ythcr|a|urcthat|cdto
thcadoptono|papcrmoncyWcnncr|cnd
zoo
3
) .
86. lt'snota s | suspcons aboutmon-
cy ddn't cxistbut thcy tcndcd to |ocus,
instcad, on mora| and mctaphysca| ssucs
c.., "thcthc|to|tmc") .
87. Sad t o havc bccn vcn at a ta|k
at thc Unvcrsty o|1cxas n t
9
z7, but n
|act, whi|cthcpassac is cnd|css|yctcd n
rcccnt books and cspcca||y on thc ntcr-
nct, itcannotbcattcstcdto bc|orcrouh|y
t97
S
. Jhc hrsttwo |ncs appcarto actua||y
dcrvc |rom a rtsh nvcstmcnt advsor
namcd LL. . Angas n I
93
/. "1hc mod-
crn ankng systcm manu|acturcs moncy
out o| nothng. 1hc proccss s pcrhaps
thc most astoundng pccc o| s|cght o|
hand thatwas cvcr nvcntcd. ankscan n
|act nhatc, mnt and unmnt thc modcrn
|cdgcr-cntrycurrcncy" AngasI
93
/.zozI) .
1hc othcr partso| thc guotc arc probab|y
N 1 L b 4 4
|atcr invcntions-and Lord Stamp ncvcr
suggcstcd anything |ikc this in his pub-
|ishcd writings. A simi|ar |inc, "thc bank
hath bcnchto|a|| intcrcst which it crcatcs
outo|nothing" attri butcd to Wi||iam Iat-
tcrson, thc hrst di rcctor o| thc ank o|
Lng|and, is |ikcwisc hrst attcstcd to on|y
in thc I
93
os, and i s a|so a|most ccrtain|y
apocrypha|.
88. |oint-stock corporations wcrc
crcatcd in thc bcginning o| thc co|onia|
pcriod, with thc |amous Last India Com-
pany and rc|atcd co|onia| cntcrpriscs, but
thcy |argc|y vanishcd during thc pcriod o|
thcindustria| rcvo|ution and wcrc main|y
rcvivcd on|y at thc cnd o| thc ninctccnth
ccntury, and thcn principa||y, at hrst, in
Amcrica and Gcrmany. As Gi ovanni Ar-
righi I
99
4
) has pointcd out, thc hcyday
o| ritish capita|ism was markcd by sma||
|ami|y hrms and high hnancc, it was
Amcrica and Gcrmany, who spcnt thc
hrst ha|| o|thc twcnticth ccntury batt|ing
ovcr who wou|d rcp|acc Grcat ritain as
hcgcmon,thatintroduccdmodcrnburcau-
craticcorporatc capita|ism.
89. MacKayI8
54
.
5
z.
9o. MacKay I8
54
.
53
-
54
.
9
I . Spycr I
99/.
9
z. Irakash zoo
3
. zo
9
-I6.
93
. Hardcnburg Cascmcnt I
9
I
3
, thc
story has bccn ana|yzcd most |amous|y,
and insight|u||y, by Mick 1aussig I
9
8
4
,
I
9
8/) .
9
4
. Lncyc|opcdia ritannica, n'" cdi-
tion I
9
II) . cntry|or "Iutumayo. "
95
. As 1aussig notcs I9
8
4
.
4
8z) , whcn
thc hcad o| thc company was |atcr askcd
what hc actua||y mcant by "canniba|" hc
said, simp|y, that it mcant thc Indians rc-
|uscd to tradc with anybody c|sc.
9
6. 1his is a point dcmonstratcd in
grcat dctai| in an i mportant book by
Yann Mou|icr-outang I99/) , which un-
|ortunatc|y has ncvcr bccn trans|atcd into
Lng|ish.
9/. Davics I
9/
5
.
59
. "Indcnturcd"
comcs |rom thc "i ndcntations" or notchcs
on a ta||y agai n, sincc thcsc wcrc widc|y
uscd ascontracts|or thosc who, |ikc most
indcnturcd scrvants, cou|dn't rcad |ack-
stonc I8z/ I . zI8) .
9
8. Immanuc| Wa||crstcin I
9/
4
) pro-
vidcs thc c|assic ana|ysis o| this "sccond
scr|dom.
99
.1his was truc, incidcnta||y, across
thc c|ass spcctrum. cvcryonc was cxpcct-
cd to do this, |rom |ow|y mi|kmaids and
apprcnticcs to "|adics in waiting" and
knight`s pagcs. 1his was onc rcason, inci-
dcnta||y, why indcnturcd-scrvicccontracts
did not sccm |ikc much o| a | ump in thc
scvcntccnth ccntury. thcy wcrc simp|y
|cngthcning thc tcrm o| contractcd cm-
p|oymcnt|romonc to hvc or scvcnycars.
Lvcn in Mcdicva| timcs thcrc wcrc a|so
adu|t day-|aborcrs, but thcsc wcrc o|tcn
considcrcd indistinguishab|c |rom simp|c
crimina|s.
Ioo. 1hc vcry word "pro|ctariat" in
a way a||udcs to this, as it's takcn |rom
a Koman tcrm |or "thosc who havc
chi|drcn. "
IoI. C. L. K. |amcs I
9
3
8, Lric Wi|| iams
I9
4
.
Ioz. "Many dcviccs wcrc avai|ab|c by
which busincssmcn cconomi zcd in thc
usc o| cash in wagc paymcnts-paymcnt
cou|d bc madcon|y at |ong intcrva|s,pay-
mcnt might consist in giving c|aims on
othcrs truck paymcnt, tickcts or vouch-
crs to authorizc purchasing |rom shops,
ctc. , thc provision o| privatc notcs and
tokcns) "-Mathias I
9/9
a.
95
.
Io
3
. Actua||y thc |u|| |ist i s. "cabbagc,
chips, waxcrs, swccpings, sockings, wast-
agcs, b|cssing, |ays, dcad mcn, onccs, pri-
magc, |urthing, dunnagc, portagc, wincs,
vai|s, tingc, buggings, co|ting, rumps,
birrs, |cnts, thrums, potching, scrapings,
poakc, co|tagc, cxtra, trct, tarc, |argcss,
thc con, nobbings, knockdown, boot,
tommy, trimmings, po||, g|canings, |ops,
tops, bontagcs, kccpy back, pin moncy"
Lincbaugh I993
.
44
9, scc a|so Lincbaugh
I
9
8z, Ku|c I
9
86. n
5
-I/) .
Io
4
. 1cbbutt I
9
8
3
.
4
9
. n pawnbro-
king in gcncra| . Hardakcr I8
9
z, Hudson
I98z, Caskcy I99
4
, Fitzpatrick zooI.
Io
5
. Lincbaugh I
99
3
.
3
/I-
4
o
4
.
4 D N 1 L b
Io6. Usua||y n ordcr to conc|udc that
today, o| coursc, wc arc |vng n an cn-
trc|y d||crcnt wor|d, bccausc c|car|y
that's not truc any morc. It mght hc|p
hcrc to rcmnd thc rcadcr that Marx saw
hmsc|| as wrtng a "crtguc o| po|tca|
cconomy"-that s, o|thcory and practcc
o| cconomcs o| hs day.
Io7. Scc thc Lockhart trans|aton o|
crna| D|az D|az I8
44
II.
3
9
6) , whch
gvcs scvcra| vcrsons o| thc story, drawn
|rom d||crcnt sourccs.
Io8. C|cnnndcn I
99
I. I
44
.
Io
9
. It s on thcsc grounds that Jcstart
dstngushcs s|avcry owng to gamb|ng,
whcrc thc gamb|cr stakcs hs own pcrson,
and dcbt s|avcry, cvcn | thcsc arc u|t-
matc|y gamb|ng dcbts. "Jhc mcnta|ty o|
thcgamb|crwhodrcct|ystakcshspcrson
n thc gamc s c|oscr to that o| thc war-
ror, who rsks |osng hs ||c n war or
bcng takcn nto s|avcry, than to that o|
thc poor pcrson w||ng to sc|| hmsc|| to
survvc" Jcstart zooz. I8o) .
uo. Jhs s ncdcnta||y why com-
p|antsaboutthc mmora|tyotdchctsarc
so protound|y dsncnuous. sncc modcrn
moncy cttcctvc|y is ovcrnmcnt dcbt, t
thcrc was no dchct, thc rcsu|ts wou|d
bc dsastrous. Jruc, moncy can a|so bc
cncratcd prvatc|y, by banks, but thcrc
wou|d appcar to bc | mts to ths. Jhs
s why U. S. hnanca| c|tcs, |cd by A|an
Grccnspan, panckcd n thc |atc I
99
os
whcn thc C|nton admnstraton bcanto
run budct surp|uscs, thc ush tax cuts
appcar to havc bccn dcsncd spcchca||y
to cnsurc that thc dchct was mantancd.
III. Wa||crstcn I
9
8
9
.
uz. I988. 6oo.
II
3
. rtan passcd ts hrst bankruptcy
|aw n I
S4
z.
u
4
. Jhs s no doubtwhatGocthcwas
gcttng at whcn hc had Faust, spcchca||y,
tc|| thc cmpcror to pay hs dcbts wth
IUs. Attcr a||, wc a| | know what hap-
pcncd to h m whcn hs tmc camcduc.
u
S
. Soncnschcr zoo7) gvcsa |ongand
dcta|cdhstoryo|thcscdcbatcs.
u6. nc mght tracc a rc|gous c|c-
mcnt hcrc. n thc tmc o| Augustus, a
group o| rc|gous cu|tsts in thc Mdd|c
Lastconccvcdthc dcathathrcwasabout
to comc |rom thc sky and consumc thc
p|anct. Nothng sccmcd |css |kc|y at thc
tmc. Lcavc thcm n chargc o| a corncr o|
thc wor|d |or two thousand ycars, thcy
hgurc out a way to do t. ut sti||, ths s
c|car|y part o|a |argcr pattcrn.
hBpl6I 1w6| v6
I. I was hrst put on to thc sgnih-
cancc o|thc datc by |c||ow anthropo|ogst
Chrs Grcgory I
99
8. z6
S
-
9
6, a|so Hudson
zoo
3
a) . U. S. ctzcns had not bccn ab|c to
cash n do||ars |or go|d sncc I
9
34
. Jhc
ana|yss that |o||ows s nsprcd by both
Grcgory and Hudson.
z. nc p|ausb|c-soundng vcrson,
whch ctcs rathcr sma|| amounts o| bu|-
|on, can bc |ound at. www. rcd||. com/
moncy/zooI/nov/I7wtc. htm. For a morc
cntcrtanng, hctona| vcrson. www. rcnsc
. com/cncra|7
3
/contcss. htm.
3
. "hcFcdcra|Kcscrvcank ot Ncw
York. thc Kcy to thc Go|d Vau|t" ncw
yorktcd. or/cducat on/addpub/o| dvau|
. pdt) .
4
. As a mnor asdc, I rcmcmbcr trom
thc tmc a|so rcadn ncws rcports not-
n that thcrc wcrc, n |act, a numbcr ot
cxpcnsvc | cwc|ry shops n thc arcadcs
drcct|y bcncath thc Jowcrs, and that a||
thc go|d n thcm dd n tact dsappcar.
Ircsumab|y thcy wcrc pockctcd by rcs-
cuc workcrs, but consdcrn thc crcum-
stanccs, twou|d sccm thcrc wcrc no scr-
ous ob|cctonsat |cast, I ' vc ncvcr hcard
anythng about thc mattcr bcng turthcr
nvcstgatcd, |ct a|onc prosccutcd.
S
. It's no concdcncc, ccrtan|y, that
W||amGrcdcrdccdcd to namchsgrcat
hstory o| thc Fcdcra| Kcscrvc I
9
8
9
) Tbe
Secrets o[ tbe Tem/e. Jhs s actua||y
how many o| ts own o|hca|s prvatc|y
dcscrbc t. Hc guotcs onc. "Jhc Systcm
s | ust |kcthc Church . . . It's got a popc,
thc charman, and a co||cgc o| cardna|s,
thc govcrnors and bank prcsdcnts, and
N 1 L b 4 D 1
a cura, thc scnor sta||. 1hc cguva|cnt
o| thc |aty s thc commcrca| banks . . .
Wc cvcn havc d||crcnt ordcrs o|rc|gous
thought |kc |csuts and Francscans and
Domncans on|y wc ca|| thcm pragma-
tsts and monctarsts and nco-Kcyncsans"
bd.
4
) .
6 . 1hs s hard|y a ncw c|am, and t
rcsts n part on thc raudc|an wor|d-
systcms) schoo|, |or nstancc, thc rcccnt
work o|Mc|ants zoo;) . For a morc c|as-
sca||y Marxst vcrson dcvc|opng thc
conncctonsncc Nxon's tmc,scc Custcrs
zoo;. For a morc manstrcam ncoc|assca|
trcatmcnts o| thc connccton, scc Mac-
Dona|d Gastman zoot, MacDona|d
zoo6.
;. Scnator Fu||brght, n McDcrmott
zoo8. r9o.
8. I notc that ths h cs drcct|y n thc
|acc o| thc ntcnt o| thc Untcd Statcs
Consttuton r. 8.) , whch spcchcs that
on|y Congrcss was rc|cgatcd thc powcr
"to con moncy, and] rcgu|atc thc va|uc
thcrco|"-no doubt at thc bchcst o| thc
|c||crsonans, who wcrc opposcd to crc-
atng a ccntra| bank. Jhc Untcd Statcs
st|| obscrvcs thc |cttcr o| thc |aw. Unt-
cd Statcs cons arc ssucd drcct|y by thc
Jrcasury. Untcd Statcs papcr moncy,
wh|c sgncd by thc hcad o|thc 1rcasury,
s not ssucd by thc Jrcasury but by thc
Fcdcra| Kcscrvc. Jhcy arc tcchnca||y
banknotcs, though as wth thc ank o|
Lng|and,onc bank s grantcd a monopo|y
n ssung thcm.
9
. For thosc who don't know how thc
Fcd works. tcchnca||y, thcrc arc a scrcs
o|stagcs. Gcncra||ythc Jrcasury puts out
bondstothcpub|c, andthcFcdbuysthcm
back. Jhc Fcd thcn |oans thc moncy thus
crcatcd to othcr banks at a spcca| |ow
ratc o|ntcrcst "thc prmc ratc") , so that
thosc banks can thcn |cnd at hghcr oncs.
In ts capacty as rcgu|ator o| thc bankng
systcm, thc Fcd a|so cstab|shcs thc |rac-
tona| rcscrvc ratc. | ust how many do|-
|ars thcsc banks can "|cnd"-||cctvc|y,
crcatc-|or cvcry do||ar thcy borrow|rom
thc Fcd, orhavc on dcpost, or can othcr-
wsccount as asscts. 1cchnca||yths sro
to r , but a varcty o||cga||oopho|csa||ow
banks to go consdcrab|y hghcr.
ro. Whch docs rasc thc rathcr ntcr-
cstng gucston o| what ts go|d rcscrvcs
arc actua||y |or.
II. Indccd, pcrhaps thc grcatcst com-
promsc to Untcd Statcs g|oba| powcr n
rcccnt ycars s thc |act that thcrc s now
onc p|acc-thc rcgon o| Chna |acng
1awan-whcrc ar dc|cnscs arc now so
dcnsc and sophstcatcd that thc Untcd
Statcs Ar Forcc s no |ongcr ccrtan that
t can pcnctratc at w | | . Jhc nab|ty to
b|ow up sama bn Ladcn s, o| coursc,
thc most dramatc |mt to ths powcr.
Iz. r, to put thc moncy n thc Unt-
cd Statcs stock markct, whch u|tmatc|y
has a sm|ar c||cct. As Hudson notcs,
"Amcrcan dp|omats havc madc t c|car
that to buy contro| o| U.S. compancs or
cvcn to rcturn to go|d wou|d bc vcwcd
as an un|rcnd|y act" zooza. ;) , so, un|css
thcy want to movc out o|do||ars cntrc|y,
whch wou|d bc consdcrcd an cvcn morc
un|rcnd|y act, thcrc s |tt|c a|tcrnatvc.
As to how "un|rcnd|y" acts mght bc rc-
ccvcd. scc bc|ow.
I
3
. Hudson zooza. Iz.
I
4
. As many havc rcmarkcd, thc thrcc
countrcs thatswtchcdto thccuro around
ths tmcIrag, Iran, and North Korca
wcrc prccsc|y thosc sng|cd out by ush
as hs "Axs o| Lv | . " | coursc wc can
argucaboutcauscandc||ccthcrc. It's a|so
sgnhcant that thc corc curo-usng statcs
such as Francc and Gcrmany un|orm|y
opposcd thc war, wh|c U. S. a||cs wcrc
drawn |rom curo-skcptcs |kc thc UK.
I
5
. For a |cw rcprcscntatvc takcs on
thc rc|aton o| thc do| | ar and cmprc.
|rom a ncoc|assca| cconomc pcrspcc-
tvc,Fcrguson zoor, zoo
4
) , |rom a radca|
Kcyncsan pcrspcctvc, Hudson zoo
3
a) ,
|rom a Marxst onc, rcnncr zooz) .
r6. Lvcn thc CIA now ordnar|y rc|crs
to such arrangcmcnts as "s|avcry, "though
tcchnca||y dcbt pconagc s d||crcnt.
I;. Comparcths to thcdchct/m|tary
chartabovc, onpagc 366-thc curvc s c|-
|cctvc|y dcntca|.
4 D Z N 1 L b
I8. Scc da|yba| .com/homc/chna-
warns-us-about-dcbt-monct zat on. htm| ,
acccsscd Dcccmbcr zz, zoo

. Jhc story
s bascd on a pccc |rom thc Wa// Street
]ourna/, "Don' t Monctzc thc Dcbt. Jhc
prcsdcnt o| thc Da||as Fcd on nhaton
rsk and ccntra| bank ndcpcndcncc"
Mary Anastasa ' Grady, WS], May z
3
,
zoo

. ) I shou|d add that n popu|ar us-

agc nowadays, "to monctzc thc dcbt" s
gcncra||y uscd as a synonym |or "prnt-
ng moncy" to pay dcbt. Jhs usagc has
bccomc a| most unvcrsa|, but t' s not thc
orgna| scnsc o| thc tcrm, whch s to
turn thc dcbt tsc||nto moncy. Jhc ank
o| Lng|and dd not prnt moncy to pay
thc natona| dcbt, t turncd thc natona|
dcbt tsc|| nto moncy. Hcrc too thcrc s
a pro|ound argumcntgong on about thc
naturco|moncy tsc||.
I

. Jhc arrangcmcnt s somctmcs rc-

|crrcd to as rctton Woods II Doo|cy,
Fo|kcrts-Landau Garbcr zoo
4
, zoo

) .
c||cctvc|y, a n agrccmcnt sncc thc r

os
at |castto uscvarous uno|hca| mcansto
kccp thc do||ar's va|uc arthca||y hgh,
and Last Asan currcnccs-partcu|ar|y
thc Chncsc-arthca||y |ow, n ordcr to
cxpcdtcchcap Asan cxports to thc Unt-
cd Statcs. Sncc rca| wagcs n thc Untcd
Statcs havc cthcr stagnatcd or rctrcatcd
contnua||y sncc thc r

;os, ths, and thc

accumu|aton o| consumcr dcbt, s thc
on|y rcason |vng standards n thc Untcd
Statcs havc not prccptous|y dcc|ncd.
zo. n Zhcng Hc, scc Drcycr zoo6,
Wadc zoo
4
, Wakc I

;. n thc trbutc
tradc n gcncra| . Moscs r

6;, Y t

6;,
Hamashta I
4
, zoo
3
, D Cosmo Wy-
att zoo.
zI. Jhc argumcnt hcrc |o||ows Arrgh ,
Hu, Hung and Sc|dcn zoo
3
, somc c|c-
mcnts o| whch wcrc cchocd n Arrgh ' s
| astwork, Adam Smitb in 8eijing zoo;) .
zz. |apan o| coursc was somcthng
o| an cxccpton, sncc t had arguab|y
achcvcd somcthng|kcFrstWor|dstatus
cvcnbc|orcths.
z
3
. Kcyncs I
3
6.
345
.
z
4
. Scc www. r|c. bcrkc|cy.cdu/cvcnts/
springo8/|c| |cr /
z
5
. Jhc kcy |cgs|aton was thc "Dc-
postory Insttutons Dcrcgu|aton and
Monctary Contro| Act" o| t

8o, whch
struckdown a|| |cdcra| usury |aws. ostcn-
sb|y, n rcacton to thc rampant nhaton
o| thc |atc r

;os, though o| coursc thcy

wcrc ncvcr rcstorcd whcn nhaton was
brought back undcr contro|, as t has n
thc |ast guartcr-ccntury. lt |c|t statc n-
tcrcst cc|ngs n p|acc, but nsttutions
|kc crcdt-card compancs wcrc a| |owcd
to obscrvc thc |aws o| thc statc n whch
thcy arc rcgstcrcd, no mattcr whcrc thcy
opcratcd. Jhs s why most arc rcgstcrcd
n South Dakota, whch has no maxmum
ntcrcst ratc.
z6. Jhc hrsts |rom JhomasFrcdman
r

) n a cockyand vacuous book ca||cd

TbeLexusandtbe OliueTree, thc sccond
|rom Kandy Martn zooz) n a book o|
thc samc namc.
z;. In Amcrca ths "unvcrsa| othcr-
ncss" s accomp|shcd abovc a|| through
racsm. Jhs s why most sma|| rcta|ng
n thc Untcd Statcs sconductcd oncthnc
|ncs. say, Korcan groccrs or dry-c|cancrs,
who poo| crcdt wth onc anothcr, whosc
c|cnts, howcvcr, arc su|hccnt|y soca||y
dstantthatthcrc sno gucston o|cxtcnd-
ng crcdt outsdc, orcvcncxpcctngbasc
rc|atons o| trust-sncc thcy thcmsc|vcs
ordinar|y cxpcct c|cctrcans, |ocksmths,
contractors o| varous sorts who provdc
scrvccs to at |cast attcmpt to sha|t thcm.
Lsscnta||ythc markct across raca|orcth-
nc |ncs bccomcs onc whcrc cvcryonc s
assumcd to bc Ama|ck.
z8. G|dcr t

8r. z66, ctcd n Coopcr

zoo8. ;. Coopcr's cssay s a br||ant cx-
p|oraton o| thc rc|aton bctwccn dcbt
mpcr a|sm-a phrasc shc sccms to havc
concd, nsprcd by Hudson-and cvangc|-
ca| Chrstanty, and t s hcart|y rccom-
mcndcd. Scc a|so Nay|or I

8
5
.
z

. Kobcrtson r

z. I
53
. In Coopcr
agan. op ct.
J
o. Atwood zoo8.
4
z.
N 1 L b 4 D O
3
I. Jhs s, ncdcnta||y, a|so thc bcst
rcsponsc to convcntona| crtgucs o| thc
poor as |a||ng nto dcbt bccausc thcy arc
unab|c to dc|ay grathcaton-anothcr
way n whch cconomc |ogc, wth a|| ts
human b|nd spots, skcwsanypossb|cun-
dcrstandng o| "consumcrs' " actua| mot-
vatons. Katona||y, snccCDsyc|daround
4
pcrccnt annua||y, and crcdtcardschargc
zo pcrccnt, consumcrs shou|d savc as a
cushon and on|y go into dcbt whcn thcy
abso|utc|yhavcto, postponng unncccssary
purchascs unt| thcrc's a surp|us. Vcry |cw
act ths way, but ths s rarc|y bccausc o|
mprovdcncc can't wat to gctthat hashy
ncw drcss) but bccausc human rc|atons
can't actua||y bc put o|| n thc samc way
as magnary "consumcr purchascs". onc's
daughtcr w|| on|y bc hvc oncc, and onc's
grand|athcr has on|y so many ycars |c|t.
3
z. Jhcrc arc so many books on thc
sub|cct that onc hcsitatcs to ctc, but a
coup|c o|outstanding cxamp|cs arc Anya
Kamcntz's Ceneration De0t zoo6) , and
rctt W||iam's Socia/ History o[ tbe
Credit Tra zoo
4
) . Jhc |argcr pont
aboutdcmands |or dcbt asa |ormo|c|ass
strugg|c s n | argc part insprcd by thc
Mdnght Notcs co||cctvc, who arguc
that, howcvcr paradoxca||y, "nco|bcra|-
sm has thrown opcn a ncw dmcnson o|
strugg|c bctwccn capta| and thc work-
ng c|ass withn thc doman o| crcdt"
zoo9. 7) . I havc |o||owcd this ana|yss to
a dcgrcc, but trcd to movc away |rom
thc cconomstc |ramng o| human ||c as
"rcproduction o| |abor" that hobb|cs so
much Marxst |tcraturcthc cmphasis
on |i|c bcyond surviva| might bcdistant|y
Vancigcm-nhucnccd I
967) , but | argc|y
|a||s back on my own work on va|uc thc-
ory Gracbcr zooI) .
33
. L|yachar zooz.
S
Io.
34
. Scc |or nstancc, "Inda' s mcro-
hnancc sucidc cpdcmc," Soutk swas,
CNcws SouthAsa,I6DcccmbcrzoIo,
http.bbc. co. uk/ncws/wor| d- south- as a
-II997S
7I
3S
. I havc obscrvcd ths hrst hand on
any numbcr o| occasons n my work as
an actvst. po|cc arc happy to c||cctvc|y
shut down tradc summts, |or cxamp|c,
| ust to cnsurc that thcrc' s no possb|c
chancc that protcstors can |cc| thcy havc
succccdcd n dong so thcmsc|vcs.
3
6. In practcc, t man|y conssts o|
"ntcrcst-|rcc" bankng arrangcmcnts that
pay |p scrvcc to thc noton o| proht-
sharng but n rca|ty opcratc n much
thc samc way as any othcr bank. Jhc
prob|cm sthat |proht-sharng banks arc
compctng wth morc convcntona| oncs
nthc samc markctp|acc, thosc who antc-
patc that thcr cntcrprscs w|| yc|d hgh
prohts w|| gravtatc toward thc oncs o|-
|crng hxcd-ntcrcst |oans, and on|y thosc
who antcpatc |owcr prohts w|| turn to
thcproht-sharing opton KuranI
99S
.I6z) .
For a transton to no-ntcrcst bankng to
work, t wou|d havc to bc tota| .
3
7. Undcr thc Ca|phatc, to guarantcc
thc moncy supp|y, n Chna, through sys-
tcmatic ntcrvcnton to stab|zc markcts
and prcvcnt capta|stc monopo|cs, |at-
cr, n thc Untcd Statcs and othcr North
At|antc rcpub|cs, through a||owng thc
monctzaton o|its own dcbt.
3
8. Jruc, as I showcd n chaptcr
S
,
cconomc ||c w | | a|ways bc a mattcr o|
c|ashngprncp|cs, and thusmght bcsad
to bc incohcrcnt to a ccrtancxtcnt. Actu-
a||y I don't think ths is n any way a bad
thingat thcvcry |cast, t'scnd|css|ypro-
ductvc. Jhc distortons born o| vio|cncc
strikc mc as uniguc|y nsdous.
3
9. von Mscs I
9
4
9.
S4
o
4
I. Jhc orgi-
na| Gcrman tcxt was pub|shcd in I
9
4
o
and prcsumab|y composcd a ycar or two
prcvous.
4
o. Fcrgusonzoo7. v.
4
I. I can spcak wth somc authority
hcrc sncc I was mysc|| born o| humb|c
origins and havc advanccd mysc|| in ||c
a|most cxc|usvc|y through my own n-
ccssant |abors. I am wc|| known by my
|ricnds to bc a workaho|c-to thcr o|-
tcn | usthab|c annoyancc. I am thcrc|orc
kccn|y awarc that such bchavor is at bcst
s|ght|y patho|ogca|, and ccrtan|y n no
scnsc makcs onc a bcttcr pcrson.
b | b L| UKdT
Abraham, Koy C|ivc. Iyjj. 1hc 1tt lcop/c. Lagos. Govcrnmcnt lrintcr.
Abu Lughod, |anct. IyBy. bc]orc Luropcan Hcgcmony xlord. xlord Univcrsity lrcss.
Adamck, Wcndi L. zooj. "Thclmpossibi|ity olthcGivcn. KcprcscntationsolMcrit and Emp-
tincss in Mcdicva| Chincsc uddhism. " Htstoj o]Kc/tgtonsqj z) . Ijj-IBo.
Adams,KobcrtMcC,. C. Lambcrg-Kar|ovsky, Wi||iam L. Moran. Iy)q. "Thc Mcsopotamian
Socia| Landscapc. Thc Vicw lrom thc lronticr. " bu//cttn o] thc Amcrtcan Schoo/s o]
Crtcnta/ Kcscarch. Supp/cmcntaryStudtcs No. zo, Kcconstructing Comp|cxSocictics. An
Archaco|ogica| Co||oguium, pp. I-zo.
Adkins, Arthur W. H. Iy)z. Nora/ Vu/ucs and lo/tttca/ bchattour tn Anctcnt Grcccc:|rom
Homcrto thcLndo]thc|t]th Ccntury. Ncw York. Norton.
Ado|l, Hc|cn. Iyq). "NcwLighton ricnta| Sourccs lorWo|lram's larziva| and thcr Grai|
Komanccs. " lMLA 6z z). jo6-j.
. Iyj). "Christcndom and ls|am in thc Midd|cAgcs. Ncw Light on 'Grai| Stonc' and
'Hiddcn Host. "' Spccu/um jz I). Ioj-tIj.
Ahgbo, Adic|c Ebcrcchukwu. Iy)I. "Thc Aro olsouthcastcrn Nigcri a. a socio-historica| ana|-
ysis ol|cgcnds olthcirorigi ns. " A]rtcan Notcs 6. jI-q6.
Ag|ictta, M. and r|can, A. Iyyz. La Vto/cncc dc /a monnatc. laris. lrcsscs Univcrsitaircs
dc lrancc.
. Iyyj. Soutcratnctc,/cgtttmttcdc/amonnatc. laris. Associationd'
g
conomiclinancicrc
Cahicrs hnancc, cthiguc, conhancc) .
. IyyB. La Nonnatc soutcratnc. laris. di|c |acob.
Ag|ictta, M., ct a| . IyyB. "lntroduction. " ln. La monnatc soutcratnc M. Ag|ictta
A. r|can, cds. ) , pp. y jI. laris. di|c |acob.
Ag|ictta,M., r|can,A. Eds. ) . Iyyj. Soutcratnctc,/cgtttmttcdc/amonnatc. laris. Associa-
tion d'
g
conomic linancicrc Cahicrs hnancc, cthiguc, conhancc) .
Agncw,|can-Christophc. IyB6. Wor/ds Apart: 1hcNarkctandthc 1hcatcrtnAng/o-Amcrtcan
1hought. Cambridgc. Cambridgc Univcrsity lrcss.
Ahcrn, Emi|y. Iy)j. 1hc Cu/t o]thc Ocad tn a Chtncsc Vt//agc. Stanlord. Stanlord Univcrsity
lrcss.
Akiga Sai, . Iyjy. Aktga'sstory; thc1tttrthcassccnhyonco]ttsmcmhcrs. 1rans/atcd and
annotatcd hy Kupcrt Last. London, Ncw York, lub|ishcd lor thc lntcrnationa| Alrican
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. Iyjq. "Thc 'Dcsccnt' ol thc Tiv |rom lbcnda Hi||" trans|atcd by lau| ohannan. )
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_
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4 | L | H N T
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Yang, in. zooz. "Horscs, Si|vcr, and Cowrics. Yunnan in G|oba| lcrspcctivc. "]ourna/ o]
Wor/dHtstory, vo|. I no j. zBI-jzz.
4 Z | L | H N T
Yang, Licn-shcng. I)I. Noney and Credtt tn Chtna: A Short Htstory. Harvard-Ycnching
lnstitutc Monograghs Iz. Cambridgc. Harvard Univcrsity lrcss.
Yatcs, Kobin D. S. zooz. "S|avcry in Ear|y China. A Socio-Cu|tura| Approach. "]ourna/ o]
Last Astan Archaeo/ogy I/) . zB-I.
Yollcc, Norman. IB. "Thc Economics olKitua| atLatcaby|onian Kish. "]ourna/ o]the
Lconomtc and Socta/ Htstory o]the Crtent qI ) . Iz-q.
Y, Ying-shi h. I6). 1rade and Lxpanston tn Han Chtna. A Study tn the Structure tn Stno-
barhartanLconomtcKe/attons. crkc|cy. Univcrsity ol Ca|ilornia lrcss.
Yung-Ti, Li. zoo6. "nthclunctionolCowrics inShangandWcstcrnZhou China. "]ourna/
o]Last Astan Archaeo/ogyj. t-z6.
Zc||, Michac| . I6. "Crcdit i n thc lrc-lndustria| Eng|ish Woo||cn lndustry. " 1he Lconomtc
Htstory Ketteu, Ncw Scrics,q q) . 66)-6I
Zmora, Hi||ay. zoo6. "Thc lrincc|y Statc and thc Nob|c lami|y. Conhict and Co-opcration
i n thc Margraviatcs Ansbach-Ku|mbach in thc Ear|y Sixtccnth Ccntury. " 1he Htstortca/
]ourna/ q. t-zI.
Zrchcr,Erik. IB. 1hebuddhtst conguest o]Chtna:thespreadandadaptattono]buddhtsm
tnear/ymedteta/ Chtna. Vo|umc I ol Sinica Lcidcnsia. Lcidcn. E. ). ri ||.
| NL

Abbasd Ca|phatc, I6
9
, 272-275, 303
abo|tonsm, I66-I67
abso|utc powcr
n propcrty rghts, I
9
8-20I , 42In
9
2,
42I n
9
6
o|statc and monarchs, 205-207, 325,
33I , 385
abusc/dcstructon) , I
99
Abyssna, 26
"Accountng |or thc Gra|" Shc| | ) ,
44InnI43-I44
Ach||cs, I8
9
, 20
9
, 4I8n66, 4I8n70
Act o|Sctt|cmcnt o| I70I, 2
43
ada/-bada/ gvc and takc) , 33-34
Addson, |oscph, 242, 368
adu|tcry
bb|ca| vcw o|, I2
9
, 40
9
n8
n Lc|c cu|turc, I38
advantagc, conccpt o|, 23
9
Acschncs, 4I8-I
9
n73
"a||ar o|honor," I77, 4I5n30
A|rca
bartcr systcms n, 24, 3
9
4n7
c|oth moncy n, I2
9
co|ona|sm n, 350
currcncy n, I50, I52, 4IIn53,
4I Inn53-54
Is|am n, 272, 273
Kaby|c crbcr mcn A|gcria) , I06
ncgatvc magc o|, I56
rcciprocty, cxamp|cs o| n,
9
2-
9
4
s|avc tradc n, I48-I55
See a/so Lc|c pcop|c, s|avcry, Jv
pcop|c
A|rcan s|avcry |aws, I6
9
Against Timarcbus Acschncs) , 4I8-
4I
9
n73
Agamcmnon, I8
9
agc o|dcbt, 446n53
agc o|cxp|oraton, 308, 44nI2
Agco|Kcvo|utons, 345
Ag|ctta, Mchc|, 55, 56, 3
9
8n30
Agn god) , 56
abimsa, prncp|cs o|, 234, 255
AIG Amcrcan Intcrnatona| Group,
Inc. ) , I7, 3
93nI I
Akga, Sa , I32, I6I-I62, 4I0n42, 4I I n5I,
4I2n77
Akkadan |anguagc, I78
Akunakuna pcop|c, 4I2n65
a|chcmy, 336, 343, 448n85
A|cxandcr thc Grcat, 2I
9
, 227, 22
9
-230,
233, 427n22, 428n3
9
, 432nI0
A|gcra
Kaby|c crbcr mcn in, I06, 277,
437n76
natona| |bcraton movcmcnts n, 374
a|-Sadr, Muhammud agr, 384
"a|tcrnatng rccprocty, " 405n2I
"a|tcrnatvc tradton, " 54, 55
A|thabc, Gcrard, 5I
A|varado, Icdro dc, 356, 4n20
a|-Wahid, A| bn gravc,Abd, I68-I6
9
,
274, 4I4nn3-8, 42InI03
amargi |rccdom) , 65, 2I6
Amazona, bura| customs n,
99
, 405nI8
Ambrosc, Sant, 282, 284-285, 286, 287
Amcrcan drcam, dca|s o|, 37
4-375, 38I
Amcrcan Lxprcss, 367
Amcrcas, Luropcan congucst o|, 3I4-
3I8, 350
Amortc |anguagc, I78
Amos, 73
Anax mandcr/Anaximcncs, 230n73, 245
anccnt Grcccc. See Grcccc
anccnt Komc. See Komc
Angas, LL. . , 448n87
4 4 | N L A
Annkcrs, I7, 42In0
Antony, Marc, 4I8-In73
Aooka, Lmpcror, 24, 252-253
aeiron thc un|mtcd) , 245
"aposto|c povcrty, " 20
"apprcciatc, " ctymo|ogy o|, 408n63
areitiare to sct a prcc) , 408n63
Agunas, 1homas, 25I , 286, 2, 304,
407n60, 438n2, 44InI47, 446n5I
Agutanc, L|canor o|, 24
Arabc tcrmno|ogy
ruq'a notcs) , 275
sakk chccks) , 275
sbarika a/-ma[a/is partncrshp o|thc
pcnn|css) , 276
Aramac | anguagc, I78
Aramac tcrmno|ogy, boyueen dcbt) ,
403n25
Argcntna
co||apsc o|cconomy n, 37
dc|au|t on ntcrnatona| dcbt, 36
arstocracy
ndcbtcdncss o|, 23 I, 427n28
supcrorty, notons o|, I I2-I I3, 406-
407n44
Arstot|c
aghdad Arstotc|cans, 27I
on bartcr systcms, 34n6
Constitution o[tbe Atbenians, I87,
4I7n58
Constitution o[tbe Megarians, 4In75
on Grcck statc, 427nI7
On lnterretation, 442nI5I
on moncy|cndng, 440nI23
Nicomacbean Etbics, 43In78, 438n2,
440nI23, 44 nI47,442n I53,
446n5I
on orgns o| moncy, 24
Fo/itics, 24, 34n6, 4I8n60, 420n8I,
422nI I2, 427nI7, 440nI23
Aro Con|cdcracy, I52, I63, 4I2nn65-67
Arrgh, Govann, 4n88, 445n2I
Artbasasatra Kaut|ya) , 50, 233-234, 240,
432nI5
Arthur, Kng, 23, 44I nI37
Aru Is|ands, 347, 34
Ascent o[Money Fcrguson) , 38
Asoka, Lmporcr, 234-235, 24,252-253
Assyran |aw codcs, 4I7n53
on prost tuton, I84
Astronomy Smth) , 36n3
Athcns. See Grcccc
At/antic, Tbe, 33nI I
At|antc S|avc 1radc. See s|avc tradc
Atwood, Margarct, 2, 378, 404n5
Augustnc, Sant, 332, 446n5
Augustnan tradtons, 332, 430n6,
443nI68, 446n5
Augustn thc Lxccutoncr, 325
Augustus, 287, 4I8-4In73, 450nI I 6
Aurc|us, Marcus, 243
Austra|a
Gunwnggu pcop|c,30-33, 35, I27,
4I5n3I
Maor pcop|c, I08, I I6
Axa| Agc
n Chna, 235-237
cons, orgns o|, 225-226
n Lgypt, 226
n Grcccc, 228-232
n Inda, 232-235
matcra|sm, pursut o|prohts and,
237-242
mcrccncrcs as currcncy, 226, 426nI I
ovcrvcw, 223-228
rc|gous thought n, 223-226
rsc o|conagc n, 2I4
war|arc durng, 23023I
"Axs o|Lv|," 45InI4
Aztcc pcop|c

Luropcan congucst o|, 3I4-3I5, 3I7,

325-326, 355-357
gamcs o|, 356
Moctczuma, 355-357
aby|ona. See Mcsopotama
aghdadArstotc|cans, 27I
ba|outs, hnanca|
|orcorporatons, I6-I7, 38I , 33nI I
mortgagc rc|c||unds, 34nI3 Chap.
I)
thrcatto dcmocracy and, I7, 34nI3
Chap. I)
akcnranc|, Iharaoh,2I, 403n2
a|boa, Vasco Ncz dc, 444n20
a|, s| avc tradc n, I56-I58, I58, I63,
4I3n88
ana| , 427n3I
ang|adcsh, mcrocrcdt n, 37-380
| N L A 4 D
ank o|Lng|and
crcaton o|, 33-340, 372, 44n87,
45In8
dcbtmonctzaton and, 452nI8
growth o|, 342
|oans and, 344, 365, 44950n87
moncy, prntng o|, 33, 452nI8
moncy thcorcs and, 45, 4, 37nI6
po|tcs and, 342-343
8anking Lau]ourna/, 40
banknotcs. See papcr moncy
bankruptcy
causcs o|, 37
n Francc, 35
natona| bankruptcy, 35, 450nI I4
bankruptcy |aws
n Lng|and, 35, 33nI2, 450nI I3
n U. S. , I6, 37, 38I, 33-34nnI2-I3,
34nI3 Chap. I)
bankruptcy rc|orm, I6, 33-34nnI2-I3
banks/bankng systcms
conspracy thcorcs about, 363-364
hnanca| crss o|2008 and, I5-I7,
372, 33nI I
g|oba| monctary systcms, 368-36
"go-go bankng," 2
n Grcccc, 227, 426nI2
Is| am c|aw on, 275-280,
436-37nn68-74
n Ita|y, 2I-22, 440nI32
n mcdcva| Luropc, 2I-22,
440nI32
modcrn bankng systcms, 448n87
"prmtvc bankng, " 448n75
prvatc bank notcs, 338, 448n75,
44nI02
"proto-banks, " 435n54
provcrbs about, I
See a/so ccntra| banks, Fcdcra| Kc-
scrvc ank
anguc Koya| Francc) , 342
barbaran cons, 252, 43InI
"arbaranLawCodcs, " 60, 77, I28, I72,
252
arbarossa, Frcdcrck, 4InnI43
arbon, Ncho|as, 448n8 I
ard, 2I
barganngcustoms
bazaars, hagg|ng n, I02-I04
n Is|am,27-280, 32, 438n88
n |ava, I02
n Madagascar, I04
bar tabs, I8, 38, 40, 47, 85, 26, 327
bartcr, myth o|
contnucd bc|c| n,43-5, 36nI
dspc|| ng, 33-I, 36-38, 35n24
ovcrvcw, 522
ro|c n soccty, 386
Smth on utopan bartcrcconomy,
22-24, 34-36, 46, 374, 383-384,
385
bartcr systcms
Arstot|c on, 24, 34n6
dvson o||abor and, 25-26
"doub|c concdcncc o|wants," 22-23,
34, 36
cconomsts' vcws o|, 22-28, 28, 36-
38, 35n24
cxchangc, mcnta| |uncton and, 25-26,
34n
hospta|ty va|ucs and, 2-34
|abor, dvson o|and, 25-26
ncgatvc vcws about, 2I
orgns o|moncy and, 2I, 2, 34nI4,
34nnI4-I6
ovcrvcw, 22-24, 32-33
soca|ty n, 2-33
vo|cncc and, 32, 35n2I
us. usng moncy, 22-24, 445, 36n6
womcn's ro|c n, 2-30, 34nI5,
35nnI5
bartcr systcms, typcs o|
ada/-bada/ gvc and takc) , 33-34
n A|rca, 24, 35, 34n7
n thc Amcrcas, 24, 34n7
ccrcmona| bartcr, 3O33, 35, I27,
35nI8, 35n2I, 4I5n3I
g|t cconomcs, 36, 0, I08
Gunwnggu pcop|c,3O33, 35, I27,
4I5n3I
Inut pcop|c, I I4-I I6, 407n46
n Is| am, 27-28I , 438n88
Ka|ahar ushmcn,35
Kwakut| pot|atchcs, 36nI
n Madagascar, 28
Nambkwara pcop|c, 2-30, 32-33,
35, I27, 4I0n22
Natvc Amcrcan systcms o|cxchangc,
25, 34nI0
n ccana, 34n7
4 | N L A
bartcr systcms, typcs o| continued)
"prmtvc bartcr," 39
4n7
Iukhtun pcop|c, 33-34, 37
"spot tradcs, "395n24
swappng ob|ccts, 2
9
, 37,44, 85,
395nI6
truckng, 25, 28, 3
9
4n7
Untcd Statcs, 24, 3
9
4n7
n Wcst Indcs, 24
"basc|nc commun sm, "
9
7-
99
, I0I, I04
ata||c, Gcorgcs, 402n8
att|c o|Ldcssa, I8
9
attuta, Ibn, I07, 4I In53
aum, L. Frank, 52-53, 3
9
8nn22-24
bazaars, Mdd|c Lastcrn
barganng n, I03-I04
Is|amc soccty and, 278-27
9
bcad moncy, 60, 336
cdouns, I36
cgg, Davd, 23
c|arus, crmc n, I0
9
cnga| pcop|c, 347, 34
9
cntham, |crcmy, 353
cntham, Samuc|, 353
crnankc, cn, 364
crndt, Kona|d, 30
b|c
on covctng and adu|tcry, I2
9
, 40
9
n8
on dcbt and rcdcmpton, 75, 8O87,
403n25
Lxodus, 82, 283, 403n27, 40
9
n8
|orgvcncss, conccpt o|n, 84, 403n25
|rccdom, conccpt o| n, 82
Gcncss, I77
on honorng dcbts, I66
hospta|ty va|ucs n, 405n22
|ub|cc, Law o|, 2, 82, 3
9
0, 403n20
|anguagc o| dcbt n, 75, 84, 403n25,
404n3I
Lcvtcus, 82, 402nI5, 403n20,
4I
9
n77
Matthcw, 442nI58
on patrarchy, I77
on prosttuton, I83, 4I7n5I
Jcn Commandmcnts, I2
9
, 40
9
n8
bb|ca| conccpts
Dcutcronomy, 82, 87, 285, 287, 323,
402nI7, 403n20, 40
9
n8, 45n28
See a/so Chrstanty
crcc, Ambrosc, 424nI
ght o| a|ra, I50, 4IIn55
b||s o|cxchangc, Luropcan
Is|amc nspraton |or, 2
9
2, 40nI2
9
ovcrvcw, 2
9
I-2
9
2, 40nI30
bmcta||sm, 52, 3
9
7-39
8n2I, 3
9
7n2I
bn Ladn, sama, 45I nI I
brth, as dcbt, 58
|ackburn, Kobn, 224n3
|ack Dcath, 308
|anc, Lous, 404n
9
|axtcr, Lorranc, I I
9
|och, Marc, I I0, 406n40
b|ood brothcrs, I00, I I 6
b|ood dcbts
n Grcccc, 420n84
Lc|c pcop|c and, I37-I4, I45
See a/so ||c-dcbts, unpayab|c dcbts
b|ood-|cuds, 60, I0I, I33-I34, I58,
40
9
nI6
mournngwarand, I36, 4I0n22
b|oodwca|th, I33, I35-I36
us. wcrgc|d, I33, I73, 4I7n57
odn, |can, 32
9
-330
ocsoou scu|ptor) , 243, 247
ohannan, Laura, I04, I46
ohannan, Iau|, 36, I46, 40
9
nI3, 4I0n43
o|va
as dcbtornaton, 5
|oans to dctators n, I6
o|tansk, Luc, 3
9
8n30
bondcd workcrs, 265
"bond-|rcnds, " I00
See a/so b|ood brothcrs
bondmads cuma/), 6I , I28
See a/so cuma/s
bonds, govcrnmcnt dcbt, 338-340, 45
bookkccpng, 278, 33I , 43In4, 45n2
9
ntcrcst and, 33I
8ook o[tbe Eskimo Frcuchcn) , 7
9
, I I5-
I I6, I I7, I I
9
, 402nI3, 47n48
osman, W||am, I54
ourdcu, Icrrc, I06, 277, 437n76
ourgcos, Lcon,
4
0In62
bourgcos dco|ogy, Nctzschc on, 78,
402n8, 448n83
rahamanc doctrnc
on |rccdom, conccpt o|, 68
on moncy|cndng,
9
ovcrvcw, 56-57, 678, 80
prmorda| dcbt thcory and, 56-57
| N L A 4 1
on "rcdcmpton," 808 I
Kg Vcda, 43, 56, 408n3
Sataatba 8rabmana, 43, 3nn33-37
Tattiriya Sarbita, 3n-37
See a/so Vcdas
rahms, dutcs o|, 255
brass, as currcncy, I54, 4IIn54
raudc|, Fcrdnand, 260, 440nI2, 445n2
raudc|ans wor|d systcms) , 433n28,
45In6
raz|, Nambkwara pcop|c, 2-30, 32-
33, 35, I27, 4I0n22
rctton Woods l l , 452nI
Seea/so trcasury bonds, U. S.
brdcwca|th
n Chna, I85, 4I7n54
dowrcs, I7, 4I5n35
as |orm o|s|avcry, 40nI0
honor prcc, I7I-I76, 4I4nI4, 4I4nI,
4I5n26
Mcsopotaman brdc paymcnts, I7-
I80, 4I5-4I6nn35-I
orgns o| moncy and, I3I
ovcrvcw, I3I-I32, 3I-I33, I35, I38,
I7- 80, 40nI0
prosttution as dowry, I85-I86,
4I7n55
terbatum brdc paymcnt) , I7
as unpayab|c dcbt, I32-I33
us. "brdc prcc, " I3 , 40nI0
"w|c sa|cs, " I80, 4I6n42
See a/so honor prcc
rtan. See Lng|and
rtsh capta| sm, 343-345, 35I-352,
44n87
ronzc Agc, 2I0-220, 232, 426n7
bronzc cons, 230, 427n26
ryan, W||am |cnnngs, 52-53
bubb|cs, hnanc a| , 34I-342, 347-358, 360
chcr, Kar|, 3435n4, 40In5
udda, 223
uddhsm
abso|utc |bcraton n, 266
abimsa, prncp|cs o|, 234, 255
Asoka and, 234235, 24, 252-253
n Axa| Agc, 224
Chncsc uddh sm, I, 26I-27I
dcbt, duty to rcpay, 266-267
Dharma, 26I, 265, 268
ctcrnty, bc|c|s about, 254, 432n7
n lnda, 234-235, 24, 252-253,
428n4I
lndan uddhsm, 234-235, 262,
428n4I
jisa, custom o|, 432n8
Mahayana doctrnc, 24I, 265-266,
266, 268, 433-34n35
on markcts and humanty, 80, 402nI4
moncy|cndng and, II-I2
mothcrsn, 264-268
sangba uddhst monastcrcs) , 250
sc||, ||usonary naturc o|, 262, 433-
434n35
on s|avcry, 233, 428n36
womcn n, 265-268, 434n44, 434n47
See a/so Vcdas
uddhst monks
cons, mc|tng o|, 266
rcstrctons on,264
bu//ae bu||on) , 2I4
u||ct, Kchard W., 435n60
bu||on
n capta|sm, 2I4
dchncd, 2II
domnaton o|, I8
n Mdd|c Agcs, 2I4
rcturn toa|tcr Mdd|c Agcs, 308-30
See a/so go|d and s|vcr
"bu| | on |amncs, " 30, 443n3
ush, Gcorgc W. , 45InI4
taxcuts, 450nI I0
ush, Nc|, I27-I28, I2, 424nI
uwc, L, 230-240
yzant umcmprc, 27I-272, 308

Cacsar, |u|us, 4I8-In73

Cahorsns |am|y, 28, 40nI2I
Ca| abar, s|avc tradcn, I4-I53, 4I In60
ca|cu|aton, commcrca|, 33I-332, 386-
387
Ca|phatc, I6, 272-275, 303
convcrson to ls| am by, 436n66
markct popu|sm and, 453n32
support |or, 435-36n60
Ca|vn, |ohn, 322-323
Ca|vnsm, 3I6, 322-323, 446n46
Camc|ot, 23, 44InI37
camwood moncy, I38, I
42-I44, I5
cann ba|sm, I47, 34, 4IIn52, 44n5
4 | N L A
capta|
as crcdt n Is|am, 27I-282
nvcstmcnt capta|, orgns o|, I
9
soca| capta|, 380
"symbo|c capta| , ", 437n76
caita/e capta|) , 445n2
9
capta|sm
acccssto, 383
rtsh capta|sm, 343-345, 35I-352,
44
9
n87
bu||ion n, 2I4
changcs to, dcas about, 373-375,
383-384
n Chna, 260, 434n42
currcnt practccs, 375-383
dcbt chan/dcbt trap and, 53, I55,
347, 34
9
dchncd, 260
dchumanzaton n, 80, I
9
4I
95, 267,
347, 354
dcmocracy and, I7
hnanca| crss o|2008, I5-I7
hnanca| nnovatons and, I5-I7, 347-
348, 376, 3
9
3nI I
haws o|, 387-30
|uturc o|, 359
-360, 377-378, 38 I-383
gamb|ng and, 357-358
g|oba| chccts o|, 3
9
0
growth, nccd |or n, 346, 380
hstorca| vcws o|, 35I
hstory' s c||cct on, 3I
9
-320
Marx on, 35I , 359
, 453n32
n mcdcva| Luropc, 434n42
mcrchant capta|sm, 2
9
02
9
I ,
440nI26
m |tarzaton and,346, 382
nco|bcra|sm, 376, 453n32
orgins o|, 332
ovcrvcw, 345-355, 4
9
nn88-I04
povcrty and, 388-38
9
prospcrty and, 348-34
9
protcsts aganst, 382, 452n35
rc|gous dco|ogcs, nhucncc on, 377-
37, 453n28
s|avc tradc and, 34
9
-352, 385
supp|y-sdc cconomcs, 377
supportcrs o|, 388
trading and, 346-347
utopan modc|s |or, 354-355
ts. communsm,
95-
9
6, 404nn
9
-I I
wagc |abor and, 345, 34
9
-353, 4
9
n88
war and, 346-347, 385
See a/so |rcc-markct dco|ogcs, ntcr-
cst
"capta|st," dchncd, 358-359
Caro|ngan cmprc
dcrncrsn, 2
9
2
"magnary moncy" n, 37, 383,
4
95n28
s|avcry n, 424n2
Carreta, Tbe Jravcn) , 307
Carthagc, 227-228, 22
9
Casc, Kar|c L. , 22
cash|css cconomy, modcrn, 368
Casmr, Margravc, 323-326, 336, 350,
445nn36-37
Castc||o, Franccsch, 338
castc systcms
hcrarchy and, I I I , 432nI
9
n Inda, 255-257, 432nI2
ncgua|ty n, 257
ts. s|avcry, 86
Cata|nc's conspracy, 427n28
Catho|cism
Augustnan tradtons, 332, 430n6
9
,
443nI68, 446n59
on Lng|sh |cstvc ||c, 30
9
on moncy|cndng, I0, 283-285
Iostvsm and, 6
9
-70
on soccta| ntcractons, 44InI47
See a/so Chrstanty
catt|c as currcncy, 5-60, 6I , I28, 4I0n40
Cc|tc socctcs. See lrc|and
ccntra| banks
crcaton o|, 364
moncy, crcaton o|and, 39
7n2I
statc-supportcd ccntra| banks, 45,
37nI0
n Swcdcn, 45
U. S. do||ars and, 363, 366-367, 45InI2
U. S. nhaton and, 452nI8
See a/so Fcdcra| Kcscrvc ank
Ccpha|us, 400n48
ccrcmona| bartcr, 30-33, 35, I27,
3
95nI8, 35n2I, 4I5n3I
Chapman, Annc, 3
95nI6
charsma Tsat), I47
charty
Chrstan charty, 283-287
rccprocty and, I0
9
-I I I , 406n38
| N L A 4
Char|cmagnc, Kng,48-SI
Char|cs V, Kng, 3I
9
Charta|sm, 47-8, S0, S4, 2S8, 340,
3
97
nI I , 400nS6
See a/so dcbt-tokcn systcms
"chartaI moncy, " 430n74
cbarta tokcn) , 4
7
Chasc ank, 2
chastty, honor and, I77-I82, 4ISn3I
chattc| s|avcry
n Chna, 236, 428n46
c|mnaton o|, 2I I-2I2
n Grcccc, I87, 4I7nS
9
n Inda, 2S6
See a/so s|avcry
Chauccr, Gco||rcy, 330, 46nS3
Chaudhur, K. N. , 437n77
chccks, 27S-276, 437n
7
I
Chcago, ndustra|zaton n, 3S
9
ch|drcn, dcbt to parcnts o|,
9
2,
9
4,
404n6, 40Sn2
m|k-dcbts, 26426S, 267-268, 302,
3I2, 434n38
"Ch|drcn o|God. "See Aro Con|cdcracy
ch|d-sc||ng
n thc Amcrcas, 3I4
n Chna, 22I, 42Sn32
daughtcrs so|d to pay |oans,
9
, I4, 8S,
I28-I2
9
, 403n27, 40
9
n7, 4I7nI7
|athcrs' rghts to, I2
9
, 436n6
7
n Inda, 2S6-2S7
kdnappng |or s|avcry, IS4, I68-I6
9
mora|ty o|, 4I4nS
"natura| |aw" |or, 436n67
nto s|avcry, 8, I2
9
, IS4, I68, 4I2n28,
4I2n
7
8, 4I4nS
Ch|c, natona| | bcraton movcmcnts n,
374
Chna
chattc| s|avcry n, I87, 4I7nS9
chcap goods |rom, 3
9
0
cons, orgns o|, 87, 2I2, 2I
9
-22I,
224n4, 22S, 400nS6, 42Snn23-30,
426n8
communsm n,
9
4
Con|ucansm n, 224, 248-24
9
, 26I ,
4I7nS3
cosmo|ogca| spccu|aton n, 224,
243-244
domnancc o|, 36
9
cxstcnta| dcbt n, bc|c|s about,
3
99
n3S, 400n48
go|d and s|vcr n, 3IU-3I2, 4 nnS-
9
nhaton n, 2
7
0
markct popu|sm n, 4S3nJ2
matcria|sm and substancc, 247-2S0
patrarcha| honor n, I78
pcasantrcbc||ons n, 2S8-2S
9
,
433nn202I
popu|aton ncrcascs n, 3I I , 444nS
s|avcry n, 2S
9
, 422nI07, 44nI2
soc a| currcncy n, 2I
9
Chna, monctary systcms n
anccnt currcncy in, 74-7S
Axa| Agc, 23S-237
brdcprcc n, I8S, 4I7nS4
capta|sm n, 260, 434n42
Charta|sm, 4
7
, 2S8, 400nS6
ch|d-sc||ng n, 22I , 42Sn32
commcrca| |oans n, 2S
9
, 432n24
crcdt |or pcasants, 23S, 428n43
crcdt systcms n, 2I
9
-22I , 26
9
-270,
42Sn2S, 42Sn28, 428n43, 43SnS4
currcncy n, 236, 428n47
dcbt, duty to rcpay, 432nI7,
43Snn48-S2
dcbt bondagc n, I8S
ntcrcst ratcs, rcgu|aton o| n, 2S
9
,
432n26
Lcga|ists, Schoo| o|, 240, 42
9
nSS,
43SnS9
|oans, 26
9
, 43Snn48-S3
matcra|sm |or proht, 23
9
-242, 42
9
nSS
Mdd|c Agcs, 2S8-27I , 2
97
monctary thcory n, 2S8
papcr moncy, abandonmcnt o|, 30
9
-
3!3, 338, 436n63
papcr moncy n, 270, 30
9
-3I3, 338,
43SnSS, 436n63
promssory notcs n, 26
9
-270, 43SnS4
taxcs n, 26
9
, 3I0, 3I3, 400nS2
tax rc|orms n, 4n6
trbutc systcms n, 37I-372
U. S. dcbt monctzaton and, 6, 37I-
372,4S2nnI8-I
9
Chncsc uddh sm, 26I-266
dcbt and, 2S8-27I
nvcstmcnt capta|, orgns o|, I
9
womcn n, 26S-266, 434n4, 434n47
See a/so uddhsm
D | N L A
Chincsc dynastics
Han, 22O,2J5-2J6, 24, 258, 26I,
26, J7I
Liang, 26I
Qing, 258, 4J4n42
Shang, J8, 4OJn22
Song, 26-27O, 4I7n54, 4J4n42
Sung, 258

1ang, 22022I, 26I , 4J4n42, 4J5n55

Yuan, 258
Chincsc c|cmcnta| systcm, 244, 4JOn68
Chincsc gaming chips, 74, 4OInJ
Chi ncsc monctary thcory, 4OOn56
Chincsc tcrmino|ogy
[u/[ubao symbo| ) , 28-JO2,
442nI60-I64
/i min pub|ic proht) , 42n58
/i proht) , 2J, 42n55
sbi stratcgic advantagc) , 42n58
si /i sc||-intcrcst) , 42n58
Christian charity, conccpt o|, 28J-287
Christianity
in ancicnt wor|d, 2J6, 42n4
cqua|ity and dcbt, vicws on, JO2-JOJ
|rccdom, conccpt o|, 286, 4JnIO7
God, notions about, 4JOn6
|udai sm us. , 287-2O
Luthcr, Martin and, J2I-J22, J24,
JJI, 445n26
mcrchants in, vicws o|, IO, 286-2 ,
4J
in Midd|c Agcs, 282-26
on moncy|cnding, 28J-285, JI ,
JJnIO8
NativcAmcrican and, J
onpovcrty, 85-I86
onpropcrty rights, 2O
on rcdcmption, conccpt o|, 80-87,
4OJn25
on sacrihcc, 78
symbo|s in, 442nnI54
See a/so bib|ica| conccpts, Catho|icism
Christian Union, J24
Ciccro, 4I8-4In7J
cigarcttcs, as currcncy, J7
"circ|c o| sovcrcignty, " 5O
"circu|ating connubi um, " 4O7n46
Citibank, 2, 4, I6
ci vi | courtcsics, I22-I24, 4O8n62
civi| ization, notion o|, J58
C|avcro, arto|omc, 4JnIO8
"c|can s|atcs, " 65, I, 2I, 2JI, 4OJn22
C|cnnindcn, Inga, J56-J57
c|oth moncy, 2, J7-IJ8, I42, I46
cod hsh as currcncy, 26, J7, J8, J8nJI
Cohn, Norman, 288
coins/coinagc
dcbasing va|uc o|, 27, 246,274,
4OIn2, 4J6n6J
dchncd, 224-225
|rcc pcasantry and, 228
govcrnmcnt powcr to issuc, 27
history o| moncy and, 22-24
as IUs, 46-4, J6-J7n8
Lydian coins, 224, 227, 426n5
mc|tcd |or statucs, 266
mi|itary-coinagc-s|avcry-comp|cx, 22,
2J4, 24O, 248-24, 274
ovcrva|uation o|, 7J, 4OIn2
stamping o|, 27, 4, 7475, 246
two sidcs o|, 7J
va|uc o|, 245
va|uc o|in ancicnt wor|d, 245-247
us. crcdit systcms, 2IJ
us. virtua| moncy, 4O,2I4, JIJ
warand, 2IJ-2I4
coins/coinagc,origins o|
in ancicnt Komc, 2JO, 427n26
in Axia| Agc, 224, 426n5
barbarian coins, 252, 4JInI
in China,2I2, 2I-22I, 224n4, 225,
425nn2J-JO, 426n8
in Lgypt, 2I7-2I, 425n22
hrst coins, 224, 2JO, 426nIO, 427n26
in Grcccc, I86, 426nIO
in Indi a, 2I2, 224n4, 225, 426n6
invcntion o|, 2I2-2IJ, 224n4
in Mcsopotami a, 2I4-2I7, 424n7
origins o|, 4O, Jn42, 4OOn56
ovcrvicw, 2I2-2I4
coins/coinagc,typcso|
bronzc coins,2JO,427n26
dcnicrs, Frcnch, 48, 22, J5n28,
J7nI2
dinars/dinaras, 27J-274, 276, 4J2n6
|rancs, Ma| agasy, 5O
|ivrcs, Frcnch, 48, J5n28, J7nI2
minas, Mcsopotamian, J, I7
si|vcr shckc|s, Mcsopotamian, J, I8O,
2I4-2I5
| N L A D 1
sous, Frcnch, 48, 395n28, 3
9
7nI2
Seea/so prmtvc moncy
Co|d War, 37I, 382
co||cctvc propcrty rights,
95, 395nI5,
47n66
co||cgc costs, dcbt and, 37
9
Co||ns, Kanda||, 434n42
co|ona|sm
nA|rca,350
n Amcrcas, 3I4-3I8, 350
c||cct on dcbtor natons, 5
n Hat, 6, 393n2
n Madagascar, 5, 505I , 39
3nI
"pachcaton" and, 5
n Southcast Asa, 350
See a/so congustadors, Luropcan
congucsts
Co|umbus, Chrstophcr, I0I, 3I I
Comaro||, |ohn, 208
command cconomcs, 404nI0
commerants scrvants) , 2
9
4
commcrca| cconomics. See markct
cconomcs
commcrca| |oans
n mcdcva| Chna, 259
, 432n24
n mcdcva| Inda, 254, 432n8, 432nI5
commcrca| prosttuton, I82, I84
See a/so prosttuton
commodtcs, moncy as, 26, 36, 46,
73-75, 352-353, 3
95n25, J
9
6n3I ,
4
9
nI02, 44
9
nI03
communsm
"basc|nc commun sm, "
9
7-
99
, I0I,
I04
n China,
9
4
co||cctvc propcrty rghts n,
95,
3
95nI5, 447n66
n Cuba,
9
4
dchncd,
9
4
|a |urcs o|, 404nI I
"|rom cach accordngt othcr
ab|tcs" prncip|c,
95,
9
6-
9
8, I00,
I I5, 404n
9
nsu|tng/compctng |anguagc n,
9
6-
9
8
Marx on, 395nnI5, 404n
9
myths about,
9
4-
9
6, 326
ovcrvcw,
9
4-I02
"pr mtvc commun sm, "
95, 3
95nI5,
405nI5
as princp|c o|mora|ty, I02
n Kussia,
9
4
Ji||crs, Jhc, 237, 24
9
n50
us. capta|sm,
95-
9
6, 404nn
9
-I I
See a/so Marx
"communism o|thc rch, " 326
communtcs, dchncd, 77
compcttvc g|t-gvng, I06-I07, I I7-I I8
compu|sory |oans, 338-33
9
Comtc, Augustc, 6
9
-70
"condonaton," I35, 40
9
nI8
Con|ucansm, 224, 248-24
9
, 26I, 4I7n53
Con|ucus, 223-224, 230, 248, 42
9
n55,
42
9
n64
Conquest o[America, Tbe Jodorov) ,
3I4
congucsts. SeeLuropcan congucsts
congustadors
A|varado, J56
a|boa, 444n20
Co|umbus, I0I, 3I I
Cortcs, 30
9
, 3I6-3I7, 320-32I, 325-
326, 355-357, 444n20
da Gama, 3I I
hnancia| troub|cs o|, 32I
hnancing cxp|oraton, 3I8, 323,
44n20
Izarro, 30
9
, 44n20
Io|o, 435n38, 448n85
storics about, 444n20
wor|d vcws hc|d by, 3I
9
-320
conspracy thcorcs, bankng, 363-364
Constantnc thc Grcat, 24
9
Constantnop|c, 2
95, 2
9
7
Consttution, U. S. , 45In8
Constitution o[tbeAtbenians Arstot|c) ,
I87, 4I7n58
Constitution o[tbe Megarians Aristot|c) ,
4I
9
n75
consumcr buyng bchavor, 378-380
consumcr dcbt, 4, 37I, 37
9
, 452nI
9
,
45Jn3I
consumcr motvatons, 37
9
, 453n3I
consumcrs U. S. , buyng powcr o|, 37I
contnua| nhaton, 33
9
contract cmp|oymcnt, 35I, 353, 44
9
n
99
contracts. See crcdt systcms
Cook, |amcs, I0I
Cook, Kobcrt Manuc|, 426nI I
Coopcr, Mc|nda, 452n28
D Z | N L A
coopcr bars, ascurrcncy, I50
coppcr,2
/
coppcr bars, as currcncy, I50, I52,
4IInn53-54
corporations
bai|outs |or, I6-I
/
, 38I , 33nI I
"hctivc pcrson" ersonafcta), 304,
443nI
/
0
in India, 346
|oi nt-stock companics, 22, 305, 320,
342, 34
/
, 4n8B
|cga| idca o|, 304
|cga| rccognition o|, 304-306, 443nI
/
0
mcdicva| corporations, 303-305
motivcs o|, J68
start-up companics, 34
/
structurc o|, 320
corus inte//ectua/e intc||cctua| body) , 304
Cortcs, Hcrnan, 30, 3I6 3I
/
, J2O-32I,
J25-326, J55-35
/
, +n20
covcting, bib|ica| vicw o|, 40n8
Coward, Hcnry, 328, 334
cowrics, 60, I3I , 220,225, 425n25,
425n26
crcdit, as human right, 380 38I
crcdit, as mcaning "rcputation, " 328
crcdit, cconomic hi story and, 38-0
crcdit-card companics, 36
/
, 452n25
crcdit cards
crcation o|, J6
/
-368
dcbit cards, J6
/
intcrcst chargcd by, 3
/
, 453n3I
o||crs |or, 380
crcdit moncy. See virtua| moncy
crcdit moncy systcm, U.S. do||ar and,
36I-362
crcditors, socicta| vicws o|, 388
crcditsystcms
chccks and promissory notcs, 26-
2
/
0, 2
/
5-2
/
6, 4J5n54
, 4J
/
n
/
I
dcbit and crcdit cards, 36
/
as cxtcnsion o|human socicty, 330 J3I
Inca kbiu systcm, 220, 425n28
microcrcdit, J
/
-38I
Mus|im suftaja, 20I , 2
/
6, 2I , 43
/
n8I
ncgativc vicws o|, 335, 44
/
n66
privatc bank notcs, 338, 48n
/
5,
44nI02
provcrbs about, 326
shopkccpcrs and, 352
ta||y sticks, 48, 268, 36n3
/
, 3
/
nI6,
4
25n26, 435nn48-53, 442nI6I
trust i n,
/
3, J28-32, 33
/
, 340 34I,
34
/
utopian idca|s about, 335-336
us. coins/coinagc, 40, 2I3
See a/so intcrcst-bcaring| oans, virtua|
moncy
crcdit systcms, origins o|
ancicnt systcms, I8, J
/
-38
in China, 2I-22I , 26-2
/
0, 425n25,
425n28, 428n43, 435n54
dcstruction o|ancicnt systcms and,
J2
/
in Grcccc, 23 I
in India, 255-25
/
in Mcsopotami a, 2I4-2I
/
in Midd|c Last, 2I5, 2
/
5-2
//
, 424n,
436-43
/
nn68-74
Crcdit Jhcory o|moncy, 46 52
crcdtit trap, 453n32
Crccd, thc symbo| ) , 42nI54
crimc
dcbt-dc|au|t as, I
/
, 32
gi|t by stca|th, I0-I I I
hicrarchy and, I0-I I I
rcdcmption and cxchangc, I
socicta| dcbto|crimina|s, I2I-I22
crimina|ization, as dcbt, 334, 46n60
crimina|s, puni shmcnts |or, 435n5
"crisis," ctymo|ogy o|, I
//
Critique oftbe Cotba Frogramme
Marx) , 404n
Cross Kivcr socictics. See mcrchant soci-
ctics, s|avc tradc
Crusadcs, 2I, 3I8
"crying down/crying up, " 282, 33
/
,
438n5, 440nI30
Cuba, communism in, 4
cuma/s, I
/
I , I
/
3, 408nn3-, 4I4nI4,
4I4n2I , 4I5n25
bondmaids, 6 , I28

cunci|orm documcnts, Mcsopotami an,

38, 54
currcncy. See coinagc, coins/coinagc, cur-
rcncy, moncy, primitivc moncy

da Gama, Vasco, 3 I I
Dam, Aswam, 3
/

| N L A D O
Da Reub/ica od n) , 32
Darus, Kng, 23I, 406n3
DarkAgcs, 60, 2II, 252
Das Caita/ Marx) , 354
daughtcrs, as currcncy |or dcbt, , I4, 85,
I28-I2, 403n27, 40n7, 4I7nI7
Seea/so |cma|c s|avcs
Davanzat, crnardo, 34-35nI4
Davcnant, Char|cs, 326, 330-33I , 340,
347
dcbt cards, 367
dcbt, agc o|, 446n53
dcbt, conccpts
as sc||-ndu|gcncc, 37, 453n3I
dcbt, conccpts o|
as causc |or po|tca| nstab|ty, 2023I
as ccntra| ssuc n currcnt cconomc
po|tcs, 4-5
hstorc argumcnts about, 8-, 33n4
mpcrsona| markcts and, I3-I4
|anguagc about, 8, I23, 330, 403n25
as mora|ty, 242, 430n65
orgns o| moncy and, 2I-22
rcdcmpton and, 75, 80-87, 403n25
soccta| panc about, 378-37
uscd to sp|t communtcs, 447n66
as way to contro| |abor, 427n3I
dcbt, duty to rcpay
n uddhsm, 266-267
n Chna, 432nI7, 435nn48-52
conccpt o|, I7
n Grcccc, 430n65
n Inda, 256-257, 430n65, 432nI7
n Mcsopotama, 8
as mora| ob|gaton, 3-,77
taxcsand, 85-86, 403n28
"to pay," ctymo|ogy o|, 60, 3n43
as va|uc, 368
dcbt, govcrnmcnt, 338-340
dcbt, typcs o|
b|ood dcbts, I37-I4, I45, 420n84
hcsh-dcbts, 330
"karmcdcbt," 262-263, 268, 302,
433-34n35
||c-dcbts, I33-I36
m |k-dcbts, 264-265, 267-268, 302,
3I2,434n38
"mora| rc|atons, as dcbts, 32-330
soca| dcbt, 6-7I
See a/so unpayab|c dcbt
dcbt amncsty
"c|can s|atcs, " 65, II, 2I, 23I,
403n22
|ub|cc, Law o|, 2, 82, 30, 403n20
dcbt bondagc
abo|ton o| n Komc, 403n27
n anccnt Komc, 20I-207
n Chna, I85
condtons n, I2
daughtcrs so|d to pay dcbt, , I4, 85,
I28-I2, 403n27, 408n7, 4I7nI7
n Grcccc, 420n82
ndcnturcd scrvcc, 3I3, 335n52, 350,
44nn7-
|ub|cc, Law o|, 2, 82, 30, 403n20
pawns/pawnshp, I55-I56
uprsngs aganst, 230-23I,
427nn24-25
dcbt bonds, 338-340, 33-340, 345,
448n80
dcbt chan/dcbt trap, 53, I55, 347, 34,
453n32
dcbt-co||ccton
kngs and, 37nI5
vo|cncc and, 7-8, I4, I4I5
See a/so moncy|cndng
dcbt crss
cconomc rcccssons and, I5-I7, 370,
33n I , 452n25
hnanca| bubb|cs and, 34I-342, 347-
348, 358
g|oba| hnanca| crss o|2008 and,
I5-I7
n Grcccc, 230-23I , 427n27
mortgagccrss and, I5, 380J8I, 33nII
prvatc banks crash i n, 36
n Komc, 230-23I
so|vcd through war|arc, 23I
subprmc mortgagc crss, U. S. , 380-
38I
n 1hrd Wor|d, 2-3, 5
U. S. ntcrnatona| dcbt and, 36
n U.S. I70s) , 364
dcbt-dc|au|t
Argcntna and, 36
|aws on, 256, 432nI7
sccnas crmc, I7, 32
"dcbt," dchncd, 30, 424nI
ob|igaton us. dcbt, I3-I4, 2I
n Oxford Eng/isb D|ctionary, I
D 4 | N L A
"dcbt, " ctymo|ogy o|, 59
"dcbt mpcr a| sm, " 368
dcbt | tgaton, 333-334
dcbt monctzaton, 37I-372, 45InnI8-I
9
dcbtor-crcdtor rc|atonshps, I24I26,
408nn66-67
dcbtor protccton nsttutcs, I8
See a/so I ntcrnat ona| Monctary
Fund
dcbtorpunshmcnts
dcbt pconagc, 4I4n5
cxccuton, 333
|oss o||rccdom, 8I , 402nI6
mut|aton, I6, 77, 288, 402nI0
Nchcmah on, 8 I-82, 283, 402nI
9
pawnshp, 4I4n5
sns as, 407n60
dcbtors' prsons
condtons n, 7, 334, 3
9
3n3, 47n65
n Lng|and, 7, I7, 334, 3
9
I , 43
9
nI I4,
44n20
F|cct and Marsha|sca prsons, 334,
447n65
n U. S. , I7
dcbtpawns. See pawns/pawnshp
dcbt pconagc
capta|sm, comparsons to, 347, 34
9
crcaton o|, 34
9
-35I
dutcs o|pcons, I2
9
n Grcccc, 228, 427nI5
n Hat, 6, 3
9
3n2
n Inda, 256-257
as |cga| punshmcnt, 4I4n5
as mcans o|rccrutng g|oba| |abor,
368
eons,34
9
as s|avcry, 6, 3
9
3n2, 45InI6
s|avcry, comparsont o, 34
9
-350,
45InI6
|or wvcs commttng adu|tcry, I2
9
dcbt rccords, prcscrvaton o|
n Chna, 38
cons us. crcdt arrangcmcnts and, 22
n Lgypt, 38
Indus Va||cy cv|zaton, 38
n Mcsopotama, I4, 2I, 38, 3
9
, 54,
6I , 3
99
-00n43, 3
99
n43
n Sumcr, 3
9
, 3
9
6n32
"dcbts o|punshmcnt, " 407n60
dcbt thcorcs. See cconomc thcorcs
dcbt-tokcn systcms
Charta|sm, 47-8, 50, 54, 258, 340,
3
9
7nI I , 400n56
|cathcr tokcn moncy, 48, 7475, 327,
39
6n37
mcdcva| Luropcan systcms, 40, 48,
7475, 435n56
ta||y stcks, 48, 268, 3
9
6n37, 3
9
7nI6,
425n26, 435nn48-53, 442nI6I
"dcbttonaturc, " 386
Dcccan rots, 257
Decretum Gratan) , 287
dc|cnsc budgct, U. S. , 365-366
dchcts, govcrnmcnt, 358, 366, 450nI I0
dege m | |ct) , I6
9
Dc|cuzc, G | |cs, 402n8
dcmagogucs, 22
9
dcmocracy
ba|outs, and thrcat to, I7, 3
9
4nI3
Chap. I)
n uddhsm, 250
capta|sm and, I7
crcdt and dcbt, dcasaboutn, 387-
388
hnancc,dcmocratzaton o|,388
n Grcccc, 228, 427nI7
n monarchca| hcrarchcs, 80, 402nI
9
de nada you'rc wc|comc) , I23
dcncrs, Frcnch, 48, 2
9
2, 3
95n28, 3
9
7nI2
dcpost notcs, 448n75
Dcpostory I nsttutons Dcrcgu|aton and
Monctary Contro| Act o| I
9
80,
376, 452n25
dcrcgu|aton, hnanca|, 376, 452n25
de rien you'rc wc|comc) , I23
dcrvatvcs, hnanca|, I5
De To0ia Ambrosc) , 284
Dcutcronomy, vcws on dcbt n, 82, 87,
285, 287, 323, 402nI7, 403n20,
40
9
n8, 45n28
deuadasis tcmp|c danccrs) , I 8I-I82,
4I6n44
dc Vtry, |acgucs, I0
Dharma, 26I , 265, 268
Dharmasstra, 255
damonds us. watcr, 447n73
D|az dc| Cast ||o, crna|, 3I6-3I7, 355-
356, 44nI7
dctators, 2-3
didjeridu, 3I
| N L A
Die Wibe/ungen Wagncr) , 44InI43
dignity. See honor
Dikc, K. nwuka, 4I2n67
dinars/dinaras, 273-274, 276, 432n6
Diogcncs thc Cynic, 420n8
Dionysius` symbo|a, 30I, 42nI63
Dionysius thc Arcopagitc, 2-30I,
442nI57, 443nI68
Iscudo-Dionysius' works, 442nI55
dirbams, 274, 276, 28I
Divinc Irovidcncc, 44, 27-280, 36n4
Dockcs, Iicrrc, 424n2, 43InI0
do||ar, U. S.
artihcia| va|uc o|, 37I, 452nI
ccntra| banks and, 366-367, 45InI2
crcdit moncy systcm and, 36I-362
g|oba| status o|, 367
go|d, cxchangcd |or, 36I, 450nI
go| d, pcgging to, 53, 2I4, 36I-368,
37n2 , 45In6
Grccnbackcrs and, 52, 372, 37-
38n2
pctro|cum sa|cs and, 367
statc-moncy thcorics and, 53-54
as wor|d "rcscrvc currcncy, " 366-367,
45InI2
Seedo||ar, U. S.
Dominicans, 28-20, 45O5In5
dominium propcrty) , I8-203, 200-20I,
42In5
Dornbuch, Kudigcr, 23
doub|c coincidcncc o|wants, 34, 36
"doub|c coincidcncc o| wants," 22-23,
34, 36
Doug|as, Frcdcrick, 4I4nI2
Doug| as, Mary, I37-I44, 4I0n25,
4I0n2n34
dowrics. See bridcwca|th
Dragon ship} , I5I
Dri|h||, |ohn, 23
"dry cxchangc," 440nI30
Duby, Gcorgcs, 407n45, 42InI0I, 4InI37
Dumont, Louis, 257, 38n30, 4I3n8
Durkhci m, Lmi|c,70, 40n62
Dutch Kcpub|ic. See Ho||and
dzama/ag, 3 I-32
L
Last India Company, 34I, 347, 35I, 4n88
cconomic markcts, dchncd, I I4-I I5
cconomic mora|ity, 2, 378, 404n5
cconomic rcccssions, I5-I7, 370, 33nI I ,
452n25
cconomics, discip|inc o|
bartcr and, 32-33
|oundingo|,24-25
Ncwtoni an cconomics,4, 340-34 ,
36n2
p|acc in socia| scicnccs, 0
"rca| cconomics," 44, 345
rc|igion and, 44, 27-280
tcchnica| vocabu|ary i n, 28
See a/so Smith, Adam
Economics cgg, Fischcrand Dornbuch) ,
23
Economics Casc ct a| . ) , 22
Economics Ex/ained Maundcr ct a| . ) , 23
Economics Iarkin and King) , 23
cconomic thcorics
bi mcta||ism, 52, 37-38n2I, 37n2I
Charta|ism, 47-48, 50, 54, 258, 340,
37nI I , 400n56
Chincsc monctary thcory, 400n56
Crcdit Jhcory, 46-52
Dumontonian thcorics, 257, 38n30,
4I3n8
"incxhaustib|c trcasurics, " 253, 264-
265, 268, 303, 432n6, 436n42, 44I
nI44
"invisib|c hand" thcory, 44
Is|amic prcccdcnts i n, 27, 282, 2I-
22, 303, 438n85, 40nI2
Kcyncsi ansi m, 53-55, 373-375, 376,
388, 38n25, 38nn28-2, 430n74
Nictzschc on, 76-78, 336, 402nn8-I0,
43nI I7, 448n83
primordia| dcbt thcory, 552, 62-65,
I36, 38n30
rationa| choicc thcory, 0
Kcagnism/Kcagan Kcvo|ution, 377
socia| contract thcorics, 54-55, 38n2
Socia| Lxchangc Jhcory, I
So|idarism,40In62
"sphcrcs o|cxchangc, " 36, I46,
4I0n43, 45n25
statc-moncy thcorics, 48, 37nI I
Structura|ism, I
Jhatchcrism, 376
unpayab|c dcbt thcory, I3I-I36, I58-I5
See a/so capita|ism
D | N C A
cconomcs, typcs o|
command cconomcs, 404nI0
g|t cconomcs, 36,
9
0, I08
"rca| cconomcs," 4, 345
statc|css cconomcs, 60
See a/so bartcr systcms, capta|-
sm, human cconomcs, markct
cconomcs
"cconomy," conccpt o|, 27-28, 45
Ldward I, Kng, 205
Lhk pcop|c, 4I2n65
cga|taran socctcs, ndvdua|sm n,
4I3n8
9
Lg| Vkng) , I I8, 407n54
Lgypt
n Axa| Agc, 226
cons, orgns o|, 2I7-2I
9
, 425n22
dcbt, vicw o| n, 2I8, 425nI 8
dcbt rccords n, 38
cconomc hstory n, 38
cxstcnta| dcbt n, bc|c|s about, + n48
Grcck ru|c o|, 2I
9
, 230
ntcrcst-bcarng |oans n, 63, 400n47,
400n56
Is|am n, 273, 274
|cwsh mcrchants in, 437n72
mutua| ad n, 2I8
Iharaonc Lgypt, 38, 452n52
rcdcmpton n, conccpt o|, 82
s|avcry n, 20
9
taxcs n, 63, 400n52, 452n52
See a/so Is|am, Mdd|c Last
Lgyptan hcrog|yphcs, 38
Lnzg, Iau|, 395n24, 399
n42, 40In3,
4I4nI4
Lkc| uba, Fc|ca, 4I2n67
Lkpc soccty, I53, I63, 4I2n70
L|dcrs o| Zon, 363
c|cctronc moncy. See vrtua| moncy
c|cmcnta| systcms, 2 245, 430n68
L|zabcth, Quccn, 333
L|yachar, |u|a, 380
cmpowcrmcnt, crcdt and, 380
Encyc/oedia o[Taoism, 42nnI63
Lngc|s, Frcdrch, 3
95nI5, 448n83
Lng|and
rtsh capta|sm, 343-345, 35I-352,
4
9
n87
crcdt moncy n, 47
dcbt-tokcn systcm n, 40, 48, 435n56
cconomic turmo| n, 30
9
govcrnmcnt monctary contro| , mcd-
cva|, 48-5I , 39
7nnI5-I8
s|avc tradc, nvo|vcmcnt n, I5O-I52
Stuart Lng|and, 332, 336, 447n65
"truck systcm" n, 34
9
, 350, 352,
4
9
nI02
Judor Lng|and, 3I2, 336-337, 47n65
Vctoran Lng| and, 359
wagc |abor n, 35I-353, 4
9
n
99
Lnkdu story, I8I-I82, I83
cn|ghtcnmcnt, 2
9
7, 359
, 438n85
Lnmctcna, 2I6, 424nI2
Lphcsus, 430n72
"cpc commun sm, "
95
cgua|ty, assumpton o|n dcbt, 86-87,
403nn2
9
-30
cgua|ty/ncgua|ty
g|t-gvng, cgua|ty o|status and,
I06-I08.406nn33-34, I20, I22,
408n6I
g|t-gvng and, I22, 408n6I
n hcrarcha| rc|atonshps, I00, I I5,
I I
9
-I20, 257, 405n2I , 407n57,
407nn-46-8
ntcrcst-bcarng |oans and, 86-87,
403nn2
9
-30
vo|cncc as causc |or, I I3
Lguano, |audah, I66-I67, I7I
eranos |oans, 403-04n30
Lskmo pcop|c. See Inuit
Lsscncs,250, 403n28, 43In8I
ctcrnty, bc|ic|s about
Augustananctcrnty,443nI68
uddhst bc|c|s on,432n7
curo
Gcrmany and, 55-56
g|oba| adopton o|, 367, 45InI4
Luropc
bankng systcms n, 2
9
I-2
9
2, 440nI32
|ack Dcath and, 308
capta|sm n, 434n42
Dark Agcs n, 60, 2II, 252
dcbt-tokcn systcm n, 40, 48, 435n56
cconomc turmo| n, 308-30
9
hcrarchy n, 302
nhaton n, 308-30
9
, 3I2-3I3, 33
9
,
443n2
ntcrcst-bcarng |oans n, 40nI30
Is|am n, 272
| N L A D 1
markct cconomcs, cmcrgcncc o|, I30
mcrchantcapta|sm n, 2
9
02
9
I ,
440nI26
n Mdd|c Agcs, 282-2
9
6, 434n42
modcrn capta|sm and, 346
"prcc rcvo|uton" n, 304, 308-30
9
,
3I3, 33
9
, 43n2
s|vcr, |ack o| n, 3I I
s|avcry nMdd|c Agcs n, 2
9
2,
43
9
nI0, 44InI33
s|avc tradc n, 2I I-2I2, 224n3
tradc n, 2
9
2-2
9
3, 303
U. S. trcasury bonds and, 367
Seea/so spcchc countrcs
Luropcan congucsts
o| Amcrcas, 3I4-3I 8
o| Aztcc pcop|c, 3I43I5, 3I7, 325-
326, 355-357
mora|ty and, I I0
Spansh/Iortugucsc cmprcs, 24, 30
9
-
3I7, 3I
9
, 355-356, 40nI32
Seea/socongustadors
Luropcan warand congucst, capta|sm
and, 346-347
.
curo zonc, crcaton o|, 55-56
Lvans-Irtchard, L. L. ,
9
6-
9
8, I34, 40
9
nI0
cxchangc, mora|ty n
mpcrsona| naturco|, I03
"mutua|ty" and, I03
ovcrvcw, I02-I08
cxchangc, prncp|co|
as bass |or human |uncton, 25-26,
3
9
4n
9
c||cct o|vo|cncc and orgns o|, I
9
human rc|atons and, I3-I4, I 8-I
9
,
6I2
|anguagc and, 76-77, 402n8
"mutua|ty," n, I03
purposc o|cxchangc, I04
sc||-ntcrcst and, 336
Seea/sog|tcxchangc customs
cxchangc systcms. See bartcr systcms, g|t
cxchangc customs
cxstcnta|dcbt, 563, 67
9
,
3
99
nn33-0, 400n47, 400n48
ex nibi/o, 377
Lxodus, vcws on dcbt n, 8J, 283,
403n27, 40
9
n8
cxpcnscaccounts,38
cxp|oraton, agco|, 308
cxp|oraton, hnancng, 3I8, 44n20
cxp|orcrs. See congustadors
"cyc |or an cyc, "
9
I , 404n4
Lyo II, Kng, 4I2n7
9

Faban soca|sm, 35
9
, 388
Fa r, Kay C. , 22
|ars and |cstva|s, mcdcva|, 2
9
4-2
95,
323-324, 32
9
-330, 346n46
"|aith, " n govcrnmcnt, 34I
fami/ia |am|y) , 20I , 42InI0I
"|am|y, " ctymo|ogyo|, 20I , 42InI0I
fatidra b|ood brothcrhood) , I00, I I6
Faurc, crnard, 44InI48
Faust Gocthc) , 343, 48n85, 450nI I4
|casts
compcttvc g|t-gvng n, I06-I07,
I I7-I I8
hospta|ty durng,
99
vo|cncc, potcnta| |or n, 2
9
-33, 35,
I I7-I I8, I27, 4I0n22
|cathcr moncy, 60, I2
9
, 336
Fcdcra| Kcscrvcank
|oans togovcrnmcntby, 365-366
n Ncw York, 362-364
ovcrvcw, 364-365, 450n5, 45In
9
,
45Inn8-
9
powcr to prnt moncy, 364365,
45In8, 45InI8
U. S. ntcrnationa| dcbt and, 36
9
-370
Fcdcra| Kcscrvc Notcs, 365
|cma|c s|avcs, 4I7n54
actvtcs o|, I2
9
, 40
9
n7
bondmads, 6I, I28
cuma/s, I7I, I73, 408nn3-, 4I4nI4,
4I4n2I, 4I5n25
n Grcccc, 7I, I8
9
, 4I8n66
n Icc|and, 408n3
n Kussa, 408-0
9
n5
uscd as currcncy, I27-I2
9
,
408-0
9
nnJ
|cmnsm, Is|amc, 384
|cmnsm, rsc o|, 374
|cstvc | |c, Lng|sh, 2
9
4-2
95, 32
9
-330,
346n46
attack o|, 30
9
|cstvc ||c, Gcrman, 323-324
|cuda|sm, I I4, I2I-I24, I72, 286, 324-
325, 424n2
D | N L A
hat moncy, 53, 270, 364, 430n74
Fcno, Marcc|o, 408n67
"hctvc pcrson" ersonafcta),304,
443nI70
"hducary, " dchncd, 73, 245, 40In2
"hducary" moncy, 430n74
hnancc, dcmocratzaton o|, 388
hnanca| bubb|cs, 34I-342, 347-348, 358,
360
hnanca| dcrcgu| aton, 376, 452n25
hnanca| g|oba| crss o|2008
ba|outs |or, 33nI I
ovcrvcw, I4-I7, 372
hnanca| nnovatons, I5-I7, 347-348,
376, 33nI I
vrtua| moncy, I7-I
hnanca| nstrumcnts, modcrn, 338
Fn|cy, Moscs, 8, 63, 33n5, 403-404n30,
4I7n56, 4In76, 42InI04, 422nI08,
422nI I0, 427n27
on ancicnt moncy, 8, 33n5, 430n74
Fischcr, Stan|cy, 23
F|cct prson, 334, 447n65
hcsh-dcbts, I44-I48, I4, I55, 330, 34
"hyng cash, " 260
|ood, sharng o|, 7, I0I, 402nI3
See a/so |casts
|orccd |abor. See dcbt pconagc, s|avcry
Ford, Hcnry, 365
"|orgvcncss, " |anguagc n dcbt, 8
Fort Knox, 36I, 362
Fou||c, A||rcd, 40In62
Francc
Luro and, 45InI4
Hat, congucsto|, 6, 33n2
Madagascar, nvason o|, 5, 5O 5I
moncy|cndng n, -I0
So|idarsm, 40In62
statc-supportcd ccntra| banks in, 45
Structura|sm n, I
Franc scans, 28-20, 434n40, 450-
45I n5
|rancs, Ma|agasy, 50
Frank|n, cn| ami n, 63
|rccdom, conccpts o|
armargi Sumcran) , 65, 2I6
as basc va|uc, I4
n b|c, 82
n rahamanc doctrnc, 68
capta|sm and, 35I, 354-355, 385
n Chrstanty, 286, 43nI07
hrst rccordcd n history, 2I6
n l s| am, 27
|anguagc about n dcbt, 8, 203
/i|ertus |rcc) , 203
n Mcsopotamia, 82
in Koman |aw, 203-206, 2I0,
422nI0, 422nI I3, 423nI I8,
423nnI22-I23
utopan modc|s o|capta|sm and,
354355
Seea/so s|avcry
"|rcc, " ctymo|ogy o|, 203, 422nI I I
|rcc |abor. See s|avcry
|rcc-markct dco|ogcs
dcas about, 382
ls|amc prcccdcnts in, 27, 282, 2I-
22, 303, 438n85, 440nI2
sc||-ntcrcst n, 282
sc||-rcgu|atng markct systcms, 44,
363-364, 36n7
Jhrd Wor|d dcbt crss and, 3
See a/so capta| sm, corporatons,
lntcrnatona| MonctaryFund
Frccmasons, 363
|rcc pcasants. See pcasants
Frcc S|vcr p|at|orm, 52
|rcc wagc |abor. See wagc |abor
Frcnch Ln| ghtcnmcnt, 27, 35
Frcnch |aw codcs, on propcrty rghts,
42In2
Frcnch Kcvo|uton, 48, 6, 5, 345, 358-
35
Frcnch tcrmno|ogy
de rien you' rc wc|comc) , I23
merci thank you) , I23
rendre seruice gvng scrvcc) , I I
si uous /ait p|casc) , I23
tai//e ta||y) , 330
Frcuchcn, Ictcr, 7, I I5, I I, 402nI3,
407n48
Frcdman, Jhomas, 388, 452n26
Fricdrch, Margravc, 3I8
|rcndshps, as dcbts, 32-330, 446n5I
fructus |ruts) , I
fu/fu bao symbo| ) , 28-302,
442-443nnI60-I64
Fuggcr Fam| y, 320, 444n24
|uncra|s, as ||c cxpcnsc,
Furcs, Jhc, I25, 420n84
| N L A D

Gabon, I6
Ga|cy, |can-C|audc,
9
Ga| |co,
447n73
Ga||cn, |oscph, 5, 50
gamb|ng
capta|ism as, 357-358
s|avcry and, 450nI0
9
gamng chps, Chncsc, 74, 40In3
Gancsha god) , 267
Gardncr, Gco||rcy W. , 2I I
Cargantua andFantagrue/ Kabc|as) , I24
Grtncr, Man|rcd, 22
Gautama, Sddhrtha, 232, 402nI4
Cei/d Lng|sh) , 59
Cei/d moncy) , 59
Ce/d Gcrman) , 59
"gcncra|zcd rccprocty, " 405n2I
Gcncra| Motors, I6
CenerationDebt Kamcntz) , 453n32
gcncrosty/sharng, as cu|tura| va|uc,
9
8-
99
, I0I, 405nI6
Gcncss, I77
Gcorg thc Ious, 325
"Gcrman Hstorca| Schoo| , "47-48
Gcrmanc |aw codcs, 6OI
GcrmanKcnassancc, 323-325, 445n39
Gcrman tcrmno|ogy
Ce/d moncy) , 59
scbu/d dcbt/|au|t/gu|t) , 77, 407n59
Gcrmany
Luro and, 45InI4
curo and, 55-56
rcparaton paymcnts by, 5
U. S. ad to, 373
U. S. trcasury bonds and, 6
Gcrnct, |acgucs, 26I , 265, 268
Ghaza|, Irophct, 27
9
-28I , 2
9
I , 2
9
8,
438n88, 438n
9
2
lbya, 27, 436, 438n88`
"ghost moncy, "39
7n3
9
See a/so " magnary moncy"
"ghost-wvcs, " I36
Gdc, Char|cs, 40I n62
Cift, Tbe Mauss) , 402n8
g|t cconomcs, 36,
9
0, I08
g|tcxchangc customs
"b| ood brothcrs, " I00, I I 6
compcttvc g|t-givng,
9
6-
9
8, I06-
I07, I I7-I I 8
cgua|ty o| status n,
I06-I08. 406nn33-34, I20, I22,
408n6I
cguva|cnt, conccpto|, I08
"hcroc gi|ts, "420n88
honorand, I I 8
nInut cu|turc, I I4-I I6, 407n46
kngs, gh-gvng to, I06I08, I I0,
406n36
|oans U. g|ts, 420n84
o|Maor pcop|c, I08, I I 6
ob|gatons and, I06
rccprocty and, I08-I0
9
, 406n36
sc||-ntcrcst n, I05-I06, 405n28
soca| rc|atonshps and, 406n36
Jv pcop|c, I04-I05, 328, 405n28
o|Jv pcop|c, I04I05, I08, 328
trust and, I I7
Cifts and Soi/s, I I
9
G|dcr, Gcorgc, 377
Ci/d Gothc) , 59
Grard, Kcnc, 39
8n30
g|oba| monctary systcms, 367-36
9
g|oba| po|tcs, currcnt, 44n22
G|uckman, Max, 405nI5
goa/ rcdcmpton) , 80
God, notons about
in Chrstanty, 430n6
9
cosmo|ogica| spccu|aton and, 224,
243-24, 430nn68-6
9
Durkhcm on, 70
cxstcnta| dcbt and, 56-58, 623,
67
9
, 3
99
nn33-0, 400n47
gracc o|God, as dcbt, 286,43
9
nI07
" n God wc trust," 377
Is|am and prcc dctcrmnations, 27
y
-
280
markcts crcatcd by God, 303
matcra|sm and, 243-250, 300,
300gravc,
n Mdd|c Agcs, 2
9
7-2
9
8
moncy gvcn by God, 2
9
8, 44InI47
Ncwton on, 44
See a/so rc|gon
god, soccty and. See cxstcnta| dcbt,
soca| dcbt
god|css matcra|sm, 377
Gocthc, 343, 448n85, 450nI I4
"go-go bankng," 2
go|d, nhaton and, 362
D 1 | N L A
go|d, U. S. myths about, 362-363, 450n4
go|d and s|vcr
anccnt cons madc |rom, 73-74,
40In2
as backng |or currcncy, 53-54, 37n2I
n Chna, JI0-3I2, 44nn5-
dcbascmcnt o|, 337
ntrnsc va|uc o|, 245, 336-338,
447n73, 448n85
mnngo|,30, 3I I , 3I5, 37n2I ,
443n3, 444n6, 44nI5
pcggng va| uc|rom U. S. do| | ar, 53,
2I4, 36I-368, 37n2I, 45In6
s |vcr, as currcncy, 3, 3I0-3I2,
444nn5-
uscd as moncy, 27
Go|dman Sachs, I7
go| drcscrvcs, U. S. , 36I-363, 364
"go|d stackcrs, " 363
go|d standard, 52-53, 34I, 36I
Goody, |ack,4I5n33, 4I7n55
govcrnmcnt-backcd moncy, 53, 270, 364,
430n74
govcrnmcnt dcbt bonds, 338-340, 345
govcrnmcnt dchcts, 358, 450nI I0
govcrnmcnt monctary rcgu|aton
dcbt monctzaton and, 37I-372,
45InnI8-I, 453n72
"|ath, " n govcrnmcnt, 34I
human mora| rc|aton w th, 33
n Inda, 25-260, 432n26, 432n28
kngs contro| ovcr moncy, 48-5I ,
37nI5
n mcdcva| Lng|and, 48-,
37nnI5-I8
ovcrvcw, 4445, 70
propcrty rghts and, 206
statc|css cconomcs and, 60
o| taxcs, 48-5I , 37nI See a/so
Fcdcra| Kcscrvc ank)
govcrnmcntpowcr and po|ccs
as admnstrator or cxstcnta| dcbt,
70-7I
"command cconomcs" and, 404nI0
"thcstatc," dchncd, 58
trustn, 340-34I
govcrnmcntpowcrand po|cy, 340-J4I
govcrnmcnt rcgu|aton
markct cconomy, Indan, 25-260,
432n26, 432n28
gracias thank you) , 408n63
Gramccn ank, 37-380
gratia n||ucncc) , 408n63
Gratan, 287
Grcat Dcprcsson, 53
Grcccc
chattc| s|avcry n, I 87, 4I7n5
cons, orgns o|, 87, 426nI0
cosmo|ogca| spccu|aton n, 224,
230n68, 243-244
dcbt crss n, I I , 420n82
dcmagogucs n, 22
cconomc ||c n, I0I3
Lgypt, ru|c o|, 2I, 230
cxstcnta| dcbt n, bc|c|s about,
400n48
|rcc pcasantry n, 228
Homcrc honor, I I7nn56-57, I 86-I8,
II, 4I 8n67nn68
honor and dcbt n, I86-I7
man' s honor n, I88
patronagc n, II
po|tcs n, 22-232, 42n48
prosttuton n, 4I 8n6I
sc||-su|hccncy n, I87, I0, 4I8n60
s|avcry n, I8, 22, 4I8n65, 420n82
womcn`s honor n, 4I8nn635
Grcccc, monctary systcms n
Axa|Agc, 228-232
bankng systcms n, 227, 426nI2
commcrca|markcts, cmcrgcncc o|,
I86-I 87, II
crcdt systcms n, 23I
currcncy n, 74-75
dcbt, duty to rcpay, 430n65
dcbt bondagc n, 228, 420n82, 427nI5
ntcrcst-bcarng| oansn, 86-87, II-
I2, 403n30, 4Inn75nn77, 420n8I
mnng n, 22, 427nI
patronagc, II
ph|osophca| ngury, bcg a o|,
230n72, 244
taxcs n, 63
va|uc o|moncy n, 245-246
Grcccc, orgns o| moncy n, 24, 5,
34n6, 3n4I
Sca|ord on, 244247, 34n6, 3n4I,
4I7n57, 4I8nn68, 426nI I ,
430n73
grccd, mora| vcws on, 3I5
| N L A D 1 1
Grcck c|cmcnta| systcm, 244 245, 430n68
Grcck tcrmino|ogy
metadosis sharc/sharing) , 3
9
4n6
Obei/dma that which is owcd) ,
403n25
Obei/ma that which is owcd) ,
403n25
orne s|avc gir| s) , 7I, I 87, I8
9
,
4I 8n66
symbo/on ta||y} , 2
9
8-2
99
, 442nI58,
442nnI53-I54
timehonor) , I76, 2I7n57
Grccnbackcrs, 52, 372, 39
7-39
8n2I
Grccnspan, A|an, 364, 450nI I0
Grcgory, Christophcr A. , 3
9
5n25, 450nI
Gricdicr, Wi | | i am, 450n5
Gricrson, Ihi|ip, 60, I28, 3
99
nn43-45,
408n2, 436n63
Gross Domcstic Iroduct GDI} , 346
Cuanzi,Tbe, 22I
Guattari, Iicrrc-Fc|ix, 402n8
Guicciadini , Franccsco, 332, 446n58
gui|t and sin, conccpts o|
dcbt vicwcd as sin, I
9
5, 2I8, 354
|anguagc about in dcbt, 8, 56-57,
5
9
0, 60, 77, 225n28, 3
99
n32,
399
n40, 403n25, 407n5
9
moncy|cnding and, I2-I3
rc|igious mora| conccpts and dcbt, 56
scbu/d dcbt/|au|t/gui|t) , 77, 407n5
9
Gunwinggu pcop|c, 30-33, 35, I27,
4I5n3I
Guptas, 43In3
Guth,Dc| |oyd |. , 446n53
gypsics, 446n60
N
"hacksi|bcr," 39
6n33
Hadot, Iicrrc, 42
9
n4
9
hagg|ing. See bargaining customs
Haida pcop|c, I I7
Haiti
congucst o|, 6, 3
9
3n2
povcrty in, 6, 393n2
zombic storics |rom, I70
Ha||am, Hcnry, 393n3, 447n65
Han dynasty, 220, 235-236, 24
9
, 258,
26I , 26
9
, 37I
Hanscatic a| | i ancc, 2
9
I , 440nI26
Harappan civi|ization, 426n7
Hardy, Jhomas, 4I6n42
Harris, Koscmary, 4I2n78
Harsa,254
Hart, Kcith, 47, 73
Hatian zombic storics, I70
Hawtrcy, Ka|ph, 39
5n24
Hc, Zhcng, 37I
Hcathcr, Kcn, 22
Hcbrcw tcrmino|ogy
goa/ rcdcmption) , 80
nokri |orcigncr) , 285
adab rcdcmption) , 80
Hc|vctius, 446n57
Hcnri thc Libcra|, 2
9
4
Hcnry l l , King,
4
7-8-5I
Hcnry l l l , King, 288
Hcnry o|Ghcnt, 438n
9
2
Hcrac|itus, 430n72
Hcrodotus, I 83, 2I5, 406n3
9
, 4I6n44,
420n85
"hcroic gi|ts," 420n88
"hcroic socictics," I I7, 208-20
9
hcroic systcms o|honor, I
9
3-I
9
5
Hcsiod, 4I
9
n77
hicrarchia| rc|ationships
"b|ood brothcrs, " I00, I I6
castc systcms, 86, I I I, 255-257,
432nI2, 432nI4, 432nI
9
civi| courtcsics and, I23-I24
communistic sharing i n, I I 6
dcbtor-crcditor rc|ationships, I24-I26,
408nn667
cxpcctations o|rcciprocity in, I I 6-I I 8
incgua|ity i n, I00, I I5, I I
9
-I20, 257,
405n2I, 407n57, 407nn-6-48
"| oking rc|ation, " I I7, 407n5I
mathcmatica| modc|s o|, I I3-I I5
ovcrvicw, I0
9
-I I3
patronagc, I I 8-I20, 407n57
rcciprocity, cxpcctations o|, I I I-I I3,
I I4, 406n42
s|avc owncrs and s|avcs, I70I7I
socia| ity among strangcrs and, I I6
See a/so patriarcha| hicrarchy, s|avcry
Hi|dcbrand, runo, 3
9
4-3
9
5nI4
Hinduism
on dcbt,56
ctcrnity, bc|ic|s about, 58
on hospita|ity, 58, 399
n38
on intcrcst-bcaring |oans, I I-I2
D 1 Z | N L A
Hndusm continued)
|and owncrshp n, 255
as ma| or wor|d rc|gon, 224, 226n4
in Mdd|c Agcs, 254-255
on prosttuton, I 8I
tcmp|cs o|, 256
womcn n, 267
See a/so rahamanas, Inda, Vcdas
Hndu |aw codcs, 255-256
on moncy|cndng, I I
Hromushmc, story o|, I I-I2, I3, I4
Hspano|a
Luropcan cxp|oraton o|, I0I
s |vcr mnng n, 3I5-3I6, 44nI3
"hstorca| matcra|sm, "448n83
History ofDbarmasastra Kanc), 400n47
biya/, 436n68
Hobbcs, Jhomas, 206, 206nn55-58, 2I0,
325, 344
Leuiatban, 33I
on sc||-ntcrcst, 33I-332, 446n58
Hod| a, Nasruddn, I02, I07, I
9
2-I
93,
273, 280, 4I
9
n7
9
Hohcnzo||crn dynasty, 323
Ho||and, stock markcts n, 34I, 346
Ho|y Gra|, 2
93, 2
95-2
9
6, 44InnI43-I44
Homans, Gcorgc,
9
I
Homcr
l/iad,Tbe, I I7, I8
9
, 4I7n57, 4I8n66
Odyssey, Tbe, I8
9
, 4I7n57, 4I8n70
Homcrc honor, I I7nn56-57, I86-I8
9
,
I
9
I, 4I8n67nn68
honor, as moncy, 437n76
honor, conccpts o|
as basc va|uc n compcttvcg|tgv-
ng, I I 8
b|ood-|cuds and, 60, I 0I , I33-I34,
I58, 40
9
nI6
chastity andscxua| proprcty, I77-
I82, 4I4nI3, 4I5n3I , 4I6n38
contradictory mcanngs o|, I7I
dshoncsty and, I
93-I
95, I
9
7, 4I
9
n80
Lguano storyabout, I66-I67, I7I
n Grcccc, I86-I
9
7
hcroc systcms o| honor, I
93-I
95
|ack o|n currcnt markctp|acc, 377
|anguagc and, I65, I76, 4I7n57
"|oss o||acc" and, I7I-I73, 4I5n23
mcn o|honor, I67, I70I7I, I77, I87,
20
9
, 277, 357
n Mcsopotam a, I76-I86
ovcrvcw, I65-I66
va|uc o| moncy and, I7I
warror honor, 357
See a/so patrarcha| hcrarchy
honorng dcbts, conccpt o|, I66
"honor k||ng," I77, 4I5n30
honor prcc, I7I-I76, 4I4nI4, 4I4nI
9
,
4I5n26
hospta|ty, conccpts o|
bartcr systcms and, 2
9
-34
ctymo|ogy o|, I0I, 405n22
gcncrosty/sharng, as cu|tura| va|uc,
9
8-
99
, I0I, 405nI6
Hndusmon, 58, 399
n38
|aw o|hospta|ty, I00-I0I, II8,
405n22
rccprocty and soca| cxpcctatons,
9
6-
9
8, 405nI6
hospta|ty, cxpcctatons o|
rccprocty, conccpts o|,
9
6-
9
8,
405nI6
Hosscn, Hamd S. , 438n85
"host/host|c/hostagc," ctymo|ogy o|,
I0I, 405n22
bostis hospta|ty) , 405n22
houscho|d dcbt, U. S. , 37
9
houscho|d managcmcnt, |or wca|thgct-
tng, 2
9
0, 440nI23
Howgcgo, Chrstophcr, 427n20
boyueen dcbt) , 403n25
Huang, Qn Sh, 240
Hudson, Mchac|, 2I7, 366, 368, 39
8-
399
n3I, 402nI6, 402nI
9
, 403n2
9
,
40
9
n8, 4I
9
n75, 424n8, 450nI ,
45InI2
"c|can s|atcs, " 65, I
9
I , 2I
9
, 23I,
403n22
Hutoto pcop|c, 34
9
-350
human cconomcs, 208
ovcrvcw, I30-I33, I36, I58-I60
ro|c o| moncy n, I30
soca| currcncy n, I30, I58, 2I
9
unpayab|c dcbt n, I3I-I36
us. markct cconomcs, I30, I58-I59
human rc|atons, cxchangc and, 3-I4,
I8-
9
, 6I-62
human rghts abuscs, 423nI22
Humc, Davd, 438n85
Humphrcy, Caro|nc, 2
9
| N L A D 1 O
"hundrcd schoo|s" o|phi |osophy, 237
Husscin, Saddam, 5, 367
Icc|and, |cma|c s|avcs in,
408n3
"I Havc a Drcam" King) , 372-373, 378
lbya Ghaza| i ) , 27, 436,
438n88
l/iad,TbeHomcr) , I I7, I8, 4I7n57,
4I8n66
i||itcracy, 333
i||ncss, bankruptcy and, 37
"i maginary moncy, " 48, 282, 38I , 35n28
in Caro|ingian cmpirc, 37, 383,
45n28
"ghost moncy, " 37n3
IMF. See Intcrnationa| Monctary Fund
i mpcrsona| markcts
vio|cncc and, I
4
"imtmora/isateur",50
Inca kbiu systcm, 220, 425n28
inc|usion, crisis o|, 374-375, 38I
indcnturcd scrvicc, 3I3, 335n52, 350,
44nn7-
India
Artbasasatra Kauti|ya) , 50, 233-234,
240, 432nI5
castc systcms in, 86, I I I , 255-257,
432nI2, 432nI4
,
432nI
chattc| s|avcry i n, 256
chi|d-sc||ing in, 256-257
coins, origins o|, 2I2, 2I, 22
4
n
4
, 225,
426n6
cosmo|ogica| spccu|ation in, 22
4
,
2
43-2
44
hicrarchy in, 302
Is|am in, 272
Kosa|a cmpirc in, 232
Magadha cmpirc in, 232-233, 235,
43In3
Na|anda, 26
patriarcha| honor in, I78
phi|osophica|trcnds in, 24, 2
4
7,
43In7
rcdcmption, vicws on, 232, 402nI
4
s|avcry i n, 232-233, 256,
428n33
India, monctary systcms in
Axia| Agc,232-235
commcrcia| |oans in, 253-254, 43I-
432n5,
432nI5
corporations in, 3
4
6
crcdit systcms i n, 255-257
dcbt, duty to rcpay, 256-257,
430n65,
432nI7
dcbt pconagc i n, 256-257
govcrnmcnt cconomic rcgu|ation i n,
25-260,
432n26,
432n28
intcrcst-bcaring |oans in, 62-63, 256,
4
00n
4
7,
432nI5
intcrcst ratcs, rcgu|ation o| in, 25,
432n26
|and owncrship in, 232
matcria|ism and substancc i n, 2
4
7-250
Midd|c Agcs, 252-257
taxcs in, 62-63,
4
00n52, 428n36
See a/so uddhism, Hinduism
Indian uddhism, 234-235, 262,
4
28n4I
See a/so uddhism
Indian ccan, tradc in, 3I I-3I2, 3
4
7, 385
Indian vi| |agc systcm, 255-257
individua|ism
in cga|itarian socictics,
4
I3n8
posscssivcindividua|ism, 445n40,
44
6n53
industria| rcvo|ution, 26I , 345, 35I-352,
35, 44
n88
Indus Va||cy civi|ization,38, 232, 4
28n3
incgua|ity. See cgua|ity/incgua|ity
"i ncxhaustib|c trcasurics, " 253, 26
4
-265,
268, 303,
432n6, 436n
4
2, 4I nI4
inhnitc dcbt, 258
inhation
during "agc o|cxp|oration, " 3 I7
ccntra| bank indcpcndcncc and,
452nI8
in Chi na, 270
continua| inhation, 33
dcbascmcnt o|currcncy and, 27,2
4
6,
4
0In2
in Luropc, 308-30, 3 I2-3I3, 33,
443n2
Gcrman banks and, 55
popu|ation incrcascs and, 43n2
"pricc rcvo|ution" and, 30
4, 308-30,
3I3, 33, 443n2
in Koman/Mauryan cmpircs,
430,
430n75
in U. S. , 362, 37nI8, 452n25
lngham, Gco||rcy, 58-5, 74, 22, 37nI I ,
38n3I, 3n3, 4
0In2,
4
26nI I
lnnoccnt I I , Iopc, 30
4
D 1 4 | N L A
nsu|tng/compctng |anguagc and
n communsm,
9
6-
9
8
n compcttvc g|t-gvng, I06-I07,
I I7-I I 8
ntcrcst, rcstrctons on
n Chna, 259
, 432n26
n lnda, 259
, 432n26
n ls|am, 436n6
9
, 436n70, 443nI65
ntcrcst-bcarng |oans. See |oans, ntcrcst-
bcarng
ntcrcst interesse)
bookkccpng and, 33I
ctymo|ogy o|, 322, 46nn58-59
hrst appcarancc o|, 63, 400n47
prncp|c o|, 2
9
0, 332, 338, 346,
440nI23, 446n59
, 446nn58-59
tokos, 440nI23
See a/so |oans, ntcrcst-bcarng
ntcrnatona| dcbt, 367-36
9
ntcrnatona| go|d standard, 52-53, 34I,
36I
Intcrnatona| Monctary Fund IMF) , 2-3
currcnt ro|c o|, I7-I8
g|oba| capta|sm and, I7
g|oba|powcrand, 368
nsstcncc on payngdcbt, 368-36
9
|cga| status o|, 444n22
opposton to, 368-36
9
, 36
9
purposc o|, I8, 368
Jhrd Wor|d dcbt and,2-,368-36
9
ntuton, n Jaosm, 242
Inut, 7
9
,
9
3, I I5-II6, I I7, I I
9
, I22,
402nI3, 407n48
nvcstmcnt capta|, orgns o|, I
9
"nvsb|c hand" thcory, 44, 27
9
, 335,
39
6n3
IUs
ta||cs,48-5I , 39
6n37, 3
9
7nI5,
442nI58
ta||y stcks as, 48, 268, 3
9
6n37,
3
9
7nI6, 425n26, 435nn48-53,
42nI6I
See a/so crcdt systcms
iqta' systcm, 274, 436n63
Iran
Luro and, 45InI4
Irag
Amcrcan vcws about, 384
dcbtto Kuwat, 5
Luro and, 45InI4
hnanca| nnovatons |rom, 384,
436n68
Husscn, Saddam, 5, 367
U. S. m |tary n, 5
Irag, moncy|cndng |aws n, 436n68
Irc|and
cuma/s, I7I, I73, 408nn3-, 4I4nI4,
4I4n2I, 4I5n25
|cma|c s|avcs n, I7I, I72, I73,
408nn3-4, 4I4nI4, 4I4n2I, 4I5n25
honor prcc n, I7I-I76, 4I4nI4,
4I4nI
9
, 4I5n26
|aw codcs n, 6I, 3
99
n43
Irsh |aw codcs, on honor prcc, I7I-I76,
4I4nI
9
ron, as prccous mcta|, 27
Iron Agc, 223
ron rngs, as moncy, 60
Iroguos pcop|c
bura| customs o|,
99
, 405nI8
||c-dcbts and, I35
ovcrvcw, 2
9
, I35, 395nI5,
40
9
nnI8-I
9
rccprocty n, I I4
wampum shc|| moncy o|, 60, I2
9
,
I35-I36, 40
9
n
9
womcn' s soca| ro|c and va|uc,
4I0n26, 4I3n
9
3
rratona| numbcrs, 42
9
n52
Is|am
n Axa| Agc,224
on bartcr, 27
9
-28I , 438n88
bazaarsand, I03-I04, 278-27
9
capta| as crcdt in Mdd|c Agcs,
27I-282
currcncy n, 274-276, 28I
cgua|ty, prncp|cs o|, 280
Luropcans dcas about, 27I
cxpanson o|, 277, 437n77
Koran, I83, 436n68
n markct rcgu|aton, dcas about,
27
9
, 437n82
mcrchants, ro|c n soccty,277,27
9
-
280, 32
9
, 437n72
Mohammcd, Irophct, I6
9
, 224,
27I-272, 275, 27
9
, 286,
437-38nn82-83
mutua| ad n, 2I8, 2
9
I , 446n5I
ph|osophcs o|, 27I-272
prcc, barganng and, 27
9
-280, 32
9
| N L A D 1 D
prnccsprovcrb n, 273, 436n62
prncp|cs o|, 274, 436n67
radca| Is|am, 383-384
Is|amc cconomc prcccdcnts, 27
9
, 282,
2
9
I-2
9
2, 303, 438n85, 40nI2
9
Is|amc cconomcs movcmcnt, 275-282,
436n68
Is|amc |aw, 272-273
on bankng systcms, 275-280,
43637nn68-74
cconomc po|ccs n, 274, 436n63
on ntcrcst, 436n6
9
, 436n70, 43nI65
on rccognzng corporatons, 443nI70
on s|avcry, I68-I6
9
, I70, 274,
4I4nn5-8, 42InI03, 436n65
on taxcs, 436n6I
Is|amc statc, dcao|,274, 436n62
Israc|, dcbt as mora|ty n, 430n65
Ita|an Kcnassancc, 364
Ita|y
bankngsystcms n, 2
9
I-2
9
2, 338,
440nI32
mcrchant gu|ds n, 2
9
2, 40nI27
s|avcry n, 2
9
2
ius rghts) , I
99
, 42In
9
3

|ansm, 224, 232, 237, 255, 426n4

|apan, 37I, 372, 452n22
ccntra| bank n, 367
U. S. trcasury bonds and, 6-7
|aspcrs, Kar|, 223-224, 43I n7
9
|ava, barganng customs n, I02
|ava, s|avc tradc n, I57-I58
|c||crson, Jhomas, 35
9
, 363, 372, 45In8
|crcmah prophct) , 82, 283
|cvons, Stan|cy, 28, 2
9
|cwsh pcop|c
dcbts owcd to, vcws o|, 288
dscrmnaton and abusc o|, 77, 288-
28
9
, 440nI2I
cxc|uson |rom gu|ds, 288
as mcrchants, 437n72
moncy|cndng, atttudcs toward,
287-2
9
0
moncy|cndng, ro|cs n, I I , 287-28
9
as s|avcs n Is|am, 274
|hcrng, Kudo||von, I
9
8
jisa, custom o|, 432n8
|ohn, Kng, 288
|ohnson, Smon, 3
9
3nII
| ont-stock corporatons. See corporatons
"| okng rc|atonshps," I I7, 407n5I
]ourna/ ofConsumer Fo/icy, 57
|ub|cc, Law o|, 2, 82, 3
9
0, 403n20
|udasm
God,notonsabout, 430n6
9
ovcrvcw, 8I , 224, 27I
on rcdcmpton, conccpt o|, 8I-82
rcdcmpton n, conccpt o|, 8 I-82
us. Chrstanty, 287-2
9
0
|ukun kngdom, 4I Inn5I-52
juros dcbt bonds) , 448n80
| ustcc,conccptso|,
9
I-
9
2, I I4-I I5, 332-
333, 34
6n5I
| ustcc, orgns o|, 43
9
nI I7
h
Kaby|c crbcr pcop|c A|gcr a) , I06, 277,
437n76
Ka|ahar ushmcn, 35
Ka|anoro sprt) , 28
"Ka| agc, " 432nI0
Kamcntz, Anya, 453n32
Kan, Lao, 435n48
Kanc, Iandurang Vaman, 400n47
kantaka thorn) , 428n42
Kant,Immanuc|, 438n85
Kantorowcz, Lrnst, 304, 443nI68
karma, 255
"karmc dcbt, " 262-263, 268, 302, 433-
434n35
Kashmr, 254, 386
Kaut | ya, 250, 42
9
n62,
43In7
9
Artbasasatra, 50, 233-234, 240,
432nI5
Kc||y, Amy, 2
9
4
kem rc|atonshp, 40
9
nI3
Kcyncs, |ohn Maynard
"a| tcrnatvc tradton, " 54, 55
Treatiseon Money, 54
"Kcyncsan cra, " 373
Kcyncsansm, 53-55, 373-375, 376, 388,
39
8n25, 39
8nn28-2
9
, 430n74
nco-Kcyncsans, 55, 4505In5
Kcagan and, 3
9
8n25
KG, 382
Kha|dun, Ibn, I0
9
, 438n
9
3
Kha|dun-La||cr curvc La||cr Curvc) ,
9
0,
438n
9
3
D 1 | N L A
kbiu systcm, lnca, 22O, 425n28
kdnappng
ch|d-sc||ng and, I54, I68-I6
9
marragc by capturc, I5
/
, 4IOn42
|or s|avcry, I5I-I52, I5
4
, I5
/
, I68-
I6
9
,
4
I I n6O,
4
I2n
//
Kng, Davd, 23
Kng, Martn Luthcr, |r. , 3
/
2, 3
/
8
kngs
g|t-gvng to, IO6-IO8, I IO,
4O6n36
honor prcc o|, I
73-I
/4, 4I5nn24-25
dcnthcaton wth s|avcs, 2O
9
-2IO,
4
23nI2
9
moncy, va|uatons o|, 282-283,
438n
9
5
taxcs dcmandcd by, 65
Knapp, G. F. , 48, 54, 3
9/
nI I
knghts, mcdcva|
dutcs o|, 4InI38
storcs about, 2
9
3-294
, 44InI3
/
tournamcnts |or, 2
94-2
9
5
Knghts Jcmp|ar, 2
9
I , 4
4
InI
44
Koran, I 83, 436n68
Kosa|a cmprc, 232
Kosamb, Damodar Dharmanand,
4OOn4
/
, 426n
/
, 42
9
nn6OI
4OI k) rctrcmcnt accounts, 3
/
6
Kropotkn, Ictcr,
4
O
4
n5
Ksatrya rcpub|cs, 232, 256, 4
28n32
Kuwat
curo n, 36
/
Iragu dcbt to, 5
Kwakut| pcop|c, I I
/
, 3
9
6nI ,
4
O6n
44
L
|abor, dvson o|
bartcr systcms and, 25-26
n Is| am, 2
/9
-28O, 32
9
|abor unons, 3
/
4-3
/
5
La||cr curvc Kha|dun-La||cr Curvc) ,
9
O,
438n
9
3
|asscz- |arc cconomcs. see capta|sm,
|rcc-markct cconomcs
|and|ordsm,
9
, 3
/
4, 443n
4
| anguagc, dchncd, 4O2n8
Laoz, 435n5O
Larson, Icr, 4I2n
/9
Latn Amcrca, ntcrnatona| dcbt o|,
368-36
9
Latn tcrmno|ogy
abusus abusc/dcstructon) , I
99
areitiare to sct a prcc) ,
4O8n63
bu//ae bu||on) , 2I
4
caita|e capta| ) ,
44
5n2
9
cbarta tokcn) ,
4/
corus inte//ectua/e ntc||cctua|
body) , 3O4
dominium propcrty) , I
9
8-2O3, 2OO-
2OI ,
4
2In
9
5
fami/ia |am|y) , 2OI , 42InIOI
fructus |ruts) , I
99
gratia nhucncc) ,
4
O8n63
bostis hospta|ty) , 4O5n22
ius gentium |aw o|natons) , I6
/
, 2O4,
4
22nI I
4
ius rghts) , I
99
,
4
2In
93
juros dcbt bonds) ,
44
8n8O
/ibertus |rcc) , 2O3
/ucrum cessans |ost ncomc) , 4
4
OnI25
mysticum mystca| body) , 3O
4
acare pac|y) , 3
99
n
43
ersonafcta hctvc pcrson) , 3O4,
443nI
/
O
rentes dcbt bonds) , 33
9
usus usc o|a thng) , I
99
Laum, crnard, 5
9
, 3
94
n6, 3
99
n
4
I
La Vio/ence de /a Monnaie r|cans) ,
3
9
8n3O
Law, |ohn, 342
|aw codcs, car|y, 6O-62
|aw o|natons, I6
/
, 2O4, 422nI I4
Laus I|ato) ,
4
2On8I
Lcach,Ldmund, 4O
/
n
4
6
|cathcr tokcn moncy, 48,
/
4
-
/
5, 32
/
,
39
6n3
/
Lccnhard, Maurcc, 243-2
44
|cga| dcbts us. mora| dcbts, I2O
Lcga|sts, Schoo| o|, 24O,
4
2
9
n55, 435n5
9
Lchman rothcrs, I6
Leizi, 26
9
Lc|c pcop|c A|rca)
b|ood dcbts and, I3
/
, I39
-I44, I
4
5
camwood moncy, I38, I42-I4, I5
9
c|oth moncy o|, I3
/
-I38, I42
marragc cxpcnsc and customs, I38,
4IOn25, 4I2n62
pawns, mcn as, 4IOn2
9
pawns, womcn as, I3
9
-I44, 4I2n62
s| avcry practccs o|, I4O, I
44
, I
4
6,
2IOn39
| N L A D 1 1
soccta| hcrarchcs n, I42-I43
"v||agc-wvcs, " I4I-I42, 4I0n33
womcn' s soca| ro|cand va|uc, I38-
I44, 4I0n2
9
, 4I0n34, 4I0nn25-26,
4I3n
9
7
Lending and 8orrouing in AncientAtb-
ens M||ctt) , 4I
9
n78
"| copard-skn chc|s, " I33
Lcrncr, Gcrda, I 84
Lcv, Sy|van, 3
99
n34
Leuiatban Hobbcs) , 33I
Lcv-Strauss, C|audc,
9
I , 3
9
4n
9
, 402n8,
4I0n22
Lcvtcus, vcws on dcbt n, 82, 402nI5,
403n20, 4I
9
n77
Lcvy- ruh|, Luccn,
9
3
/ex Fetronia, 422nI08
Lexusand tbe O/iue Tree, Tbe Frcd-
man/Mart n) , 452n26
Lang dynasty, 26I
/i0ertus |rcc) , 203
|bcrty. See |rccdom, conccpt o|
||c, as cnd|css dcbt, 263
||c-dcbts, I33-I36
b|ood dcbts, I37-I4, I45, 420n84
/i min pub|c proht) , 42
9
n58
/i proht} , 23
9
, 42
9
n55
|v|hood, rght to, 328,446n4
|vrcs, Frcnch, 48, 3
95n28, 3
9
7nI2
Lvy, Jtus Lvus) , 230, 403n27, 422nI0
9
L|cwc||yn-|oncs, LLoyd, 4I8n64
|oans
n Chna, 26
9
, 435nn48-53
commcrca| |oans, 253-254, 43I-
432n5
compu|sory |oans, 338-33
9
eranos |oans, 40304n30
rrcsponsb|c |oans and dcbtcrss,
I5-I7, 3
93nI I
Jhrd Wor|d dcbt crss and, 2-3
us. gi|ts, 420n84
us. trbutc systcms, 6, 37I-372, 384
See a/so crcdt systcms, moncy|cnd-
ng/moncy|cndcrs
|oans, ntcrcst-bcarng
c||cct on |am |cs, 328
n Luropc, 440nI30
n Grcccc, I
9
I-I
9
2, 4I
9
nn75nn77,
420n8I
Hndusm and, I I-I2
n Inda, 256, 432nI5
nvcnton o|, 384
n Mdd|c Last, 420n8I
orgns o|, 64, 420n8I
n Icrsa, 400n5I , 420n85
n Sumcr, 2I6
n Vcdc Inda, 623, 400n47
wagc |abor and, 368
|oan sharks/|oan-sharkng, I0, 28, 5I ,
I
95, 259
, 352, 354, 376, 38
9
|obbyng po|ccs, U. S. , 376
Lockc, |ohn, 24, 45, 2I0, 3434I, 34I,
40In2
Lozos, Ictcr, 407n57
Lombard, Maurcc, 277
Lombards |am|y, 28
9
, 440nI2I
London. See Lng|and
|ost ncomc, 2
9
0, 440nI25
"|ovc, " conccpt o|, 385, 386, 446n5I
/ucrum cessans |ost ncomc) , 40nI25
Luthcr, Martn, 32I-322, 324, 33I ,
445n26
Lyda, kngdom o|, 2I2, 224225, 24
Lydan cons, 224, 227, 426n5
M
Machavc||, Ncco|, 33I-332, 46n58
MacKay, Char|cs, 347-348
MacIhcrson, C. . , 423nI22, 45n40
Madagascar
barganng customs n, I04
bartcr systcms n, 28
Frcnch nvason o|, 5, 50
ma|ara outbrcak n, 4
taxcs i mposcd on by Francc, 5-6,
5I, 39
3nI
Magadha cmprc, 232-233, 235, 43In3
magca| |anguagc, 343
Mahavra, 232
Mahayana doctrnc, 24I , 265-266, 266,
268, 433-434n35
Mhyamaka schoo|, 433-434n35
Makingo[tbe Neu Wor/d S/auery
|ackburn) , 224n3
Ma|agasy pcop|c. See Madagascar
Ma|amoud, Char|cs, 3
99
n32, 407n59
Ma|nowsk, rons|aw K. , 404n3
Mam|uks, 20
9
, 274, 2
9
4
manas man) , 76
Manuc|, Dom, 406n34
D 1 | N L A
Maor pcop|c
g|t cxchangc customs o|, I08, II6
soccta| structurc o|, I I7
Marduk god) , 2I6
Marccha|, Gu||aumc | c, 2
9
4
"thc markct," conccpts o|, 327
dchncd, I I4-I I5
dchumanzaton and, 80, I
9
4-I
95,
267, 347, 354
as sc||-rcgu|atng, 44, 363-364, 3
9
6n7
markct cconomcs
co||apsc o|, 37
cmcrgcncc |rom mutua| ad, 2I8, 2
9
I
hstorca| cmcrgcncc o|, I30
See a/so capta|sm
markct popu|sm, 363, 364, 385, 453n32
markct rcgu|aton, govcrnmcnt ro|c n,
44-5, 70
markcts, orgns o|
n Axa| Agc, 238-23
9
n Madagascar, 50-5I
marragc
anthropo|ogca| pattcrn dagram o|,
I6I
as bggcst ||c cxpcnsc,
9
, I3I, I33,
I38, 4
I0n25
by capturc, I57, 4I0n42
n Lc|c cu|turc, I38, 4I0n25, 4I2n62
moncy|cndng practccs and,
9
n Sumcran cu|turc, 4I7n53
n Jv cu|turc, I32-I33, I45,
4
I0n42
See a/so brdcwca|th
Marsha| | , |ohn and Laura, 35
Marsha|scaprson, 334, 447n65
Martn, Kandy, 452n26
Marx, Kar|
on capta|sm, 359
on communsm, 404n
9
Critique oftbe Cotba Frogramme,
404n
9
Das Caita/, 354
on orgns o| moncy, 354,
39
43
95nnI4I5
utopan dca|s o|, 354, 359
, 3
95nI5,
450nI06
Marxsm
a|tcrnatvcs to, 40In62
nhucncc o|, 383
|abor and, 35I , 453n32
matcra|sm o|, 448n83
supportcrs o|, 3
9
8n30
us. capta| i sm, 35I, 453n32
See a/so communsm
Mastcrcard, 367
"mastcr|css mcn, " 3I3, 328
matcra|sm
n Axa|Agc,237-24
2
god|css matcr a|sm, 377
"hstorca| matcra| sm, " 448n83
Marx on, 448n83
modcrn capta|sm and, 337
rc|gous dco|ogcs and, 243-250,
300
substancc, sprtua|ty and, 242-250
matcr a|st ph|osophy, conccpt o|, 2
4
6
247
matrarchy, prmtvc, 3
95nnI5
Matthcw bb|ca| ) , 442nI58
Maundcr, Ictcr, 23
Mauryan cmprc
anccntcurrcncy n, 74-75
nhaton n, 234, 42
9
n6I , 430,
430n75
n Mdd|c Agcs, 253
Mauss, Marcc|,
9
0, I08, 3
99
n34, 402n8,
405n2I, 407nn52-53, 43In77
"Lssay on thc G |t, " 407n52
on g|t cconomcs, I08
Mayor ofCasterbridge Hardy) , 4I6n42
mbatsau wtchcs) , I47-I48
Mcdc, 2
9
I
mcdcva| corporatons, 303-305
mcdcva| cra. See Mdd|c Agcs
"mcdcva| , " ncgatvc vcws o|, 25I
Mcdtcrcan
Axa| Agc and, 228-232
patrarcha| honor n, I2
9
, I77, 4I5n32
Mcgasthcncs, 234, 253
Mcncus, 242,42
9
n55, 42
9
n64
Mcnckcn, H. L. , 2I
Mcngcr, Kar|, 28
mcn o|honor, conccpt o|, I67, I70-I7I,
I77, I87, 20
9
, 277, 357
Mcphstophc|cs, 343
mcrccncrcs, as currcncy, 226, 426nI I
"mcrchant advcnturcrs, "2I5, 2
9
I , 2
9
3-
2
9
6, 305, 323
4mcrchant capta| sm, 2
9
0-2
9
I
mcrchant gui|ds, 2
9
2, 440nI27
|cwsh cxc|uson |rom, 288
| N L A D 1
mcrchants
in Christrianity, vicw o|, I0
9
, 286-
2
9
I,
43
9
Is|am and, 277,
437n72
rcstrictions on, 28
9
wca|th o|Lng|ish mcrchants, J27,
45n
4
I
mcrchant socictics, s|avc tradc, I52-I54,
I63, 4I2nn657
merci thank you) , I2J
Mcsopotamia
cconomichi story o|,J8-3
9
cxistcntia| dcbt in, bc|ic|s about,
4
00n
4
8
|rccdom, conccpt o|i n, 82
honor and patriarcy, I76-I86, 4I5n32
Is|am in, 273
moncy, origins o|, 38-4
0, 74-75,
40Inn2-5
rcdcmption in, conccpt o|, 8I ,
4
02nI
9
See a/so Sumcr
Mcsopotamia,monctarysystcms in
anccstora| |and rccovcry,2, 8I-82,
39
0,
4
02nnI
9
-20
bridc paymcnts, I7
9
-I80,
4I5-
4I6nnJ5-4I
crcditor's rights, 8I ,
4
02nI
9
crcdit systcms, 2I
4
-2I7
currcncy in, 39
, I80, I
9
7, 2I4 2I5
dcbt, duty to rcpay, 8I
dcbt rccords about, I
4, 2I, 38, 3
9
, 54,
6I , J
99
-
4
00n43, 3
99
n
43
intcrcst-bcaring |oans in, 64-65,
400n47, 403n30
markctp|accs i n, 3
9
moncy, va|uing, 2I
moncy|cnding, 8I
Mcsopotamian cunci|orm rccords, J8, 54
Mcsopotamian tab|cts, 2I
metadosis sharc/sharing) , 394
n6
mcta|s, prccious
crash in va|uc o|, 30
9
mining o| in Grcccc, 2
9
,
4
27nI
9
mcta|s, uscd as moncy
in Axia| Agc, 225-226
bi mcta||ism, 52, 3
9
7-39
8n2I , 3
9
7n2I
brass, I54,
4
I I n54
coppcr, 27
iron, 27
rudc bars, 27, 3
9
Mcxico
Aztcc pcop|c, Luropcan congucst o|,
JI4 3I5, 3I7, 325-326, 355-357
si |vcr mining in, 3I I , 4n6, 4nI5
microcrcdit, J7
9
-38I
Midd|c Agcs
about, 25 I-252
abstraction, movc toward, 268
bcgin o|, 252
in China, 258-27I
Christianity in, 282-2
9
6
cmpirc-bui|ding in, 2
9
7
in India, 252-257
Is|am and, 2
9
7
mcdicva| institutions i n, 2
9
62
9
8
monctary systcms, sophistication o|
during, 253, 43Inn3-5
ovcrvicw, 2
9
6-305
s|avcry in, 2
9
7
transccndcncc in, 2
9
7
virtua| crcdit moncy in,
9
8, 2I4,
282-283
Midd|c Last
crcdit systcms in, 2I5, 275,
4
2
4
n
9
,
436-437nn68-7
4
intcrcst-bcaring |oans in,
4
20n8I
markct cconomics, cmcrgcnc o|, I30
Midd|c Agcs in, 2
9
7
patriarcha| honor in, I2
9
, I77,
4
I5n32
patronagc rc|ationships i n, I I
9
rcdcmption i n, conccpt o|, 82-83
taxcs in, 20I , 27
4
, 276,
436n6
4
,
4J7n8I
wars o|cxpansion and, 274 275
See a/so ls|am
Midnight Notcs co| |cctivc,
453n32
Microop, Marc Van dc,
4
00n54,
4
I6n
43
Mi |ctus, 2
4
4 2
45, 2
4
6,
430n7I
mi|itarization, g|oba| cconomy and, 346,
368
mi |itary aggrcssion,dchncd,5
mi|itary-coinagc-s|avcry-comp|cx, 22
9
,
234
, 2
4
0, 2
4
8-2
49
, 27
4
mi |itary dominancc, U. S. , 365-367,
45InI I
Mi|itary ordcr o|thc Knights o|thc
Jcmp|c So|omon, 2
9
I , 4
4
InI4
mi|itary organization. See Axi a| Agc
mi|k-dcbts, 264, 268, 302, 3I2
Mi | | cr, KogcrLcKoy, 23
D Z | N L A
M||cr, W||am Ian, 407n54
M||ctt, Iau|, 4I
9
n78, 420nn8I-84
Lending and 8orrouing in Ancient
Atbens, 4I
9
n78
mnas, Mcsopotaman, 3
9
, I
9
7
mncrs, rcvo|ts, 444n5
Mng dyanasty, 258,

IO3I I , 3I4,
4I7n54, 433n28, 434n42
Mtchc||-Inncs, A||rcd, 37, 40, 45-7,
3
9
6n8, 3
9
6n3I
Moctczuma, 355-357
modcrn bankng systcms, 448n87
Modcrn MonctaryJhcory MMJ) . See
Charta|sm
Mo D , 24I, 24
9
n50
'Mohammcd, Irophct, I6
9
, 224, 27I-272,
275, 27
9
, 286, 437-38nn82-83
Mohsm, 237, 248, 24
9
n50, 430n65
monarchca| hcrarchcs
abso|utc powcr o|, 205-207, 325, 33I ,
385
dcmocracy n, 80, 402nI
9
See a/so kngs
monastcrcs, mcdcva| Indan, 253
"monctarsm," 375
monctary thcorcs. See cconomc thcorcs
moncy, conccpts o|, 3
9
7nI I
as commodty, 26, 36, 46, 73-75,
395n25, 3
9
6n3I
as cmpowcrmcnt, 380
as govcrnmcnt crcaton, 24-25
honor and, I7I
as IU, 73, 74-75
and |anguagc, I
95
as mathcmatca| conccpt, 52
mcasurng va|uc and, 46-48,
3
9
6-3
9
7nn8-II
ph|osophca| thought about, 2247
po|tca| naturc o|, 242-345
Kospabc unpayab|cdcbt thcory on,
I3 I-I36, I58-I59
as soca| currcncy, I30, I58, 2I
9
as symbo|, 2
9
8-302
as symbo| o|dcgradaton, I88-I8
9

as un|mtcd, 245-247
as va|uc madc n |aw, 340, 48n8I
moncy, |unctons o|, 22-23
moncy, orgns o|
crcdt systcms and, 73-75, 40In5
car|y |cga| practcc and, 6O2
hrst cons, 224, 230, 426nI0, 427n26
n Grcccc, 24, 39
4n6
|cgcnds about, 403n30
n Mcsopotama, 38-0, 74-75,
40Inn2-5
ovcrvcw, 46 7
prmorda| dcbt thcory, 55-62, 625,
I36, 3
9
8n30
See a/so bartcr, myth o|
moncy, typcs o|
brass, I54, 4IIn54
catt|c, 59
-60, 6I
coppcr bars, I50, I52, 4IIn53,
4I I nn53-54
hat moncy, 53, 270, 364, 430n74
"hducary" moncy, 430n74
n prsons and IW camps, 37
s|vcr, 3,

IO3I2, 444nn5-
9
tobacco, 26, 38, 75, I66
MoneyandEar/y Creek Mind Sca|ord) ,
244
Money and lts Use in Medieua/ Euroe
Spu||ord) , 3
9
6n37
Money and tbe Ear/y Creek Mind Sca-
|ord) , 244
moncy|cndng/moncy|cndcrs
rahmanc doctrnc on,
9
uddhsm and, I I-I2
Catho|cChurch on, I0
ch|drcn so|d to, 3I4
ch|d-sc||ing and,
9
, I4, I28-I2
9
,
40
9
n7
Chrstanty and, 283-285, 3I
9
,
339
nI08
crcdtor us. dcbtor gu|t, I2-I3
dshoncsty o|, 284
Hndu |aw codcs on, I I
|cwsh atttudcs toward, 287-2
9
0
|cwsh ro|cs n, I I , 287-28
9
|cga| |oopho|cs n, 28
9
|oan sharks/|oan-sharkng, I0, 28, 5I ,
I
95, 259
, 352, 354, 376, 38
9
n mcdcva| Luropc, I I
nmcdcva| Francc,
9
-I0
mcrchants as, 2
95
n Mcsopotama, 8I
nMdd|cLast, 275-276, 436n68
motvatons |or, 22
ncgatvc rcprcscntatons o|, I0, 28,
343
| N L A D Z 1
ncgatvc vcws o|, 2
9
0,
440nI23
ovcrvcw,
9
-I3
rc|gous idco|ogcs and, I0-I3, 28
9
"usurcrs, " dchncd, I0
vo|cncc uscd n |oan co||ccton, 7-8,
I
4
, I
9
4I
95
Mongo|s, 3 I0
Montc| o, Francsco dc,
444
n20
Mora/ia I|utarch) , 407n60
mora|ty, conccpts o|
bankng practccs and, I5-I7, 372,
3
9
3nI I
as basc va|uc, I4
cu|tura| varanccs n, I I3-I I 8
dcbt cancc||aton and, 38
9
cconomc mora|ty,
9
2, 378, 4
04n5
govcrnmcnt dchcts as mmora|, 358,
366, 450nI I0
hcrarchy and, I0
9
-I I3
markctp|acc and human ||c, 8
9
-
9
0
unpayab|c dcbt and, I20-I22, 407n60
See a/so rccprocty
mora| rc|atons, as dcbts, 32
9
-330
Morgan, Hcnry Lcws
on Iroguos, Sx Natons o|, 2
9
, I35,
395nI
]
,
4
0
9
nnI8-I
9
mortgagc crss, U. S. , I5, 38038I ,
3
9
3nI I
mortgagc-rchnancng schcmcs, 376
mortgagc rc|c| |unds, 394
nI3 Chap. I )
Moto| n a, Fray Jorbo dc, 3I4, 3I
9
mournng war, I36, 4I0n22
movcmcnt, |aws o|, 332
Moz, 2
4
2,
4
2
9
n55
Mu|drcw, Crag, 327, 333, 445n
4
0,
45nn4OI, 46nn446
Mu||cr, Adam, 3
9
7nI I
murdcr, a s |orm o | dcbt rcpaymcnt, I3I-
I36, 4I0n22
Musayab, Sa'd n, 273,
436n62
Mus|m suftaja, 20I , 276, 2
9
I ,
437n8I
mut|aton, o|dcbtors,77, 288, 402nI0
mutua| ad
n Lng|shcu|turc, 32
9
n Is|am, 2I8, 2
9
I ,
44
6n5I
mutua| ad, conccpt o|, I I
9
Mutua/ Aid Kropotkn) , 404n5
Mycrs, Danny, 23
mysticum mystca| body) , 304
"mythc commun sm, "
95
N
Ngr| una,
433-34n35
Na|anda, Inda, 2
9
6
Nambkwara pcop|c, 2
9
-30, 32-33, 35,
I27,
4
I0n22
Nasruddn, I02, I07, I
9
2-I
93, 273, 280,
4I
9
n7
9
natona| bankruptcy, 359
, 450nI I4
natona| ctzcnshp, rghts to, 383
natona| |bcraton movcmcnts, 374
Natvc Amcrcans
Aztcc pcop|c, 3I
4
-3I5, 3I7, 325-326,
355-357
bartcr systcms o|, 25, 3
94nI0
bura| customs,
99
, 405nI8
Chrstanty, convcrsont o, 3I
9
Luropcan congucst and, 3I4
Kwakut| pcop|c, I I7, 406n
44
rccprocty n, I I
4
See a/so Inut pcop|c, Iroguos pcop|c
Ncbuchadnczzar, Kng, 8I
Nchcmah prophct)
on crcdtors rghts and punshmcnts,
8I-82, 283,
402nI
9
on daughtcrs uscd as dcbt paymcnt,
I28-I2
9
, 427nI7
on dcbtors' rghts, 86
rc|orms n,
4
27n27
Nc|son, cn| amn, 43
9
nI I I
nco-Kcyncsans. See Kcyncsansm
nco|bcra|sm, 376,
453n32
Ncw Dca|, 373
Ncw|ound|and, 26, 37-38, 3
9
8n3I
Ncw Jcstamcnt. See b|c
Neu Tbeory ofMoney, Mu||cr) ,
39
7nI I
Ncwton, Isaac,44, 2
4
2, 34
0, 34I , 3
9
6n2
Ncwtonan cconomcs, 4, 2
4
2, 3
4
034I ,
3
9
6n2
Ncw York Cty, 362-363
nexum, 230
Nicomacbean Etbics Arstot|c) ,
43In78,
438n
9
2,
44
0nI23,
44InI47, 44
2n
I53, 446n5I
Ncostratus, I
93-I
95, I
9
7,
4
I
9
n80
Nctzschc, Frcdrch, 76-78, 336,
4
02nn8-
I0, 43
9
nI I7,
44
8n83
On tbe Cenea/ogy ofMora/s, 76-77,
4
02n8
Ngcr a, s|avc tradc n, I
49
-I50
D Z Z | N L A
9
/ I I , 362, 363
Nxon, Kchard, 53, 2I4, 36I-368, 45In6
nokri|orcgncr) , 285
North Korca, curo and, 45InI4
Nucr pcop|c,
9
6-
9
8
b|ood-|cuds n, I34I35
catt|c moncy o|, 4I0n40
Nuz pcop|c Mcsopotam a) , I 80,
4I5n37

o0rigado thank you) , I23

ccana, bartcr systcms n, 3
9
4n7
ocia| dcbt
Amcrcan vcw o|, 6
9
ovcrvcw, 6
9
-7I
"So|darsm" and, 40In62
"Wc arc a|| born as dcbtors to soc-
cty, " 70, 40In63
Odyssey, Tbe Homcr) , I8
9
, 4I7n57,
4I8n70
o| crss I
9
70s) , 2
|d Lng|sh tcrmno|ogy
Cei/d moncy) , 59
ui/cuma you'rc wc|comc) , 408n64
|d Jcstamcnt. See b|c
|vc||c,Iatrck,399
n32
On lnterretation Arstot|c) , 42nI5I
on sc||-ntcrcst
Smth on, 336
On tbe Cenea/ogy o[Mora/s Nctzschc) ,
7677, 402n8
ILC countrcs, 2, 367
Obei/ma that whch s owcd) , 403n25
Obei/ma that whch s owcd) , 403n25
ppcnhcm, Lco, 403n30, 4I6n43
r|cans, Andrc, 55, 56, 39
8n30
ttoman cmprc, 308
oxcn. See catt|c

acare pac|y) , 3
99
n43
"pachcaton," 5
adab rcdcmpton) , 80
Iakstan, 33-34
bartcr systcms n, 33-34
Ia|cstnc, w|c-sc||ng n, I28
Ianc o| I 8
9
3, 53
Ianoptcon, 353
Ianurgc, I24, I26, 335, 343, 408n67
"panyarrng," I54
papcr moncy
n Chna, 270,30
9
-3I3, 338, 435n55,
436n63
cmcrgcncc o|, 2
9
8
purposc o|, 46
See a/so bu||on, cons/conagc, do||ar,
L. b.
IapuaNcw Gunca
currcncy n, 60, 395n25, 40
9
n
9
soca| hcrarchcs n, I I3
soca| ||c n, I I3
parcnts, ch|drcn' s dcbt to,
9
2,
9
4, 404n6,
405n2I
m|k-dcbts,264-265, 267-268, 302,
3I2, 434n38
Iarkn, Mchac|, 23
"partncrshp o|thc pcnn|css," 276
Farzi[a/ Wagncr) , 2
9
6, 4InI42
ater[ami/ias |am | y) , 42InI0I
patrarcha| hcrarchy
chastty and scxua| proprcty, I77-
I 82, 4I4nI3, 4I4n3I, 4I5n3I ,
4I6n38
n Chna, I78
n Inda, I78
n Mcsopotama, I76-I86
n Mdd|cLast, I2
9
, I77,4I5n32
ob|gatory vc|ng and, I78, I88,
4I7n53, 4I8n64
orgns ol, I76, I82-I83
patcrna| authorty n Komc, 20I,
42InI02
prosttuton and, I8I-I86, 4I6n44,
4I6n48
n Sumcr, I77-I78
"w|c sa|cs," I80, 4I6n42
womcn's |rccdom, rcstrcton o|, I78-
I7
9
, 4I7n54
Iatrck, Sant, 4I4nI5
patronagc, I I 8-I20, 34
9
, 407n57
n Grcccc, I
9
I
ts. dcbt bondagc, I56
Iattcrson, r|ando, I
99
, 4I4nnI I-I2,
42In
9
6
S/ate andSocia/ Deatb, I70
Iattcrson, W||am, 448-
9
n87
Iau| Apost|c) , I26
pawnshops/pawnbrokng, orgns o|,264,
352, 434n40
| N L A D Z O
pawns/pawnshp
dcbt pawns, I87, 4I7n59
dcbtpawns |or |oans, I80, 4I6n43
dcbt pawns n s|avc tradc, I5I-I54,
I56, I6
9
, 4I I-I2nn6I2, 4I2n78
as |cga| punshmcnt, 4I4n5
n Lc|c cu|turc, I39
-I4, 4I0n2
9
,
4I2n62
us. s|avcs, I40, I44
. See dcbt bondagc, dcbt pconagc
Iys/Iacs, Kng, 247, 43In7
9
pcasant rcbc||ons, 257, 258-259
, 433n20,
433nn202I
pcasants
crcdt |or, 3
9
, 235, 428n43
|rcc pcasants, 86, 228
pcdcrasty, 4I8n73
enauing |ow-castc w|c) , I57
Icng, Xnwc, 425n2
9
, 435n5I ,
435nn53-57
eons, 34
9
"thc pcop|c" conccpt o|, 358
Icrcva|, Sr, 2
9
3
"pcrpctua| cndowmcnts, " 253, 432n6
Icrsa
cons, orgns o|, 2I5-2I6
|rcc-markct thcorcs n, I
9
g|t-gvng customs n, I I0
ntcrcst-bcarng |oans n, 400n5I ,
420n85
|yng, vcw o|n, 2I5
n Mdd|c Agcs, 27
9
taxcs n, 63
ersonafcta hctvc pcrson) , 304,
43nI70
pcrsona| crcdt, ncgatvc vcw o|, 447n66
pcrsona| dcbt, as sc||-ndu|gcncc, 37
9
,
453n3I
Icru
Hutoto pcop|c n, 34
9
-350
s|vcr mnng n, 3I I , 3I5, 444n6,
444nI5
Icruzz, 2
9
I
Iharaonc Lgypt. See Lgypt
Ih|ppncs, as dcbtor naton, 5
Ih||p II, Kng, 364
Ih|o o|A|cxandra, 23In8I
"ph|osophy," conccpt o|, 24
"I||ar Ldct, " 428n40
Izarro, Francsco, 30
9
, 44n20
I|ato
on angc|s, 304, 43nI68
on God, 247
Laus, 420n8 I
Reu0/ic, Tbe, I
95 - I
9
7, 400n48,
404nI , 420nn87-8
9
, 43In80
Symosium, Tbe, 2
9
6
"p|casc"
customs o|cv|ty and, I22-I24,
408n62
ctymo|ogy o|, I23, 408n63
p|cdgcs, rcdcmpton o|, 8I , 402nI
9
I|utarch, I2I, 23I , 343, 407n60, 4I
9
n75
Io|any, Kar|, 3
9
4n6, 3
9
6n7, 40In5
Io|cmarchus, I
9
6, 420n88
po|tcs
nGrcccc,22
9
-232, 42
9
n48
m|tary motvcs and, 372
naturc o| moncy and, 242-345
Untcd Natons and, 368, 44n22
Fo/itics Arstot|c) , 24, 3
9
4n6, 4I8n60,
420n8I , 422nI I2,427nI7,440nI23
Io|o, Marco, 435n38, 435n48, 448n85
Iomcranz, Kcnncth, 3 II
Ionz schcmcs, 373, 376
or fauor p|casc) , I23, 408n63
orne s|avc gr|s) , 7I, I 87, I8
9
, 4I8n66
Iortuga|, "bu||on |amncs" n, 43n3
Iortugucsc/Spansh cmprcs, 24, 30
9
-3I7,
3I
9
, 355-356, 40nI32
Iortugucsc tcrmno|ogy, o0rigado thank
you) , I23
"Iostvc Catcchsm" Comtc) , 70
Iostvsm, 6
9
-70
posscssvc ndvdua|sm,445n40, 46n53
"pound o|hcsh, " 288
povcrty
"aposto|ic povcrty, " 2
9
0
capta|sm and, 388-38
9
n Hat, 6, 39
3n2
Jhrd Wor|d dcbt crss and, 2-3, 5-6
Irakash, Gyan, 432nI
9
prccous mcta| s. See bu||on, go|d and
s|vcr, mcta|s, prccous
"prccmpton," 39
7nI5
"prcc rcvo|uton, "304, 308-30
9
, 3I3,
339
, 443n2
"prmc ratc, " 35In
9
"prmtvc accumu|aton," 47n66
"prmtvc bankng," 448n75
D Z 4 | N L A
"primitivc bartcr," J4n7
"primitivc communism, " 5, J5nI5,
405nI5
primitivc moncy
about, Jn42, 425n26
dchncd, 60
origins o|, I45, 40n40
ovcrvicw, 60, I2-IJI, Jn42
Kospabc on, IJI-IJ6, I58-I5
1iv pcop|c and, I45
uscd as adornmcnt, I45, 4I0n40
uscd to bui|d rc|ationships, IJ0, 40n
uscd to pay unpayab|c dcbts, IJI-IJ6
Wampum shc|| moncy, 60, I2, IJ5-
IJ6, 40n
primitivc moncy, typcs o|
bcad moncy, 60, JJ6
cacao moncy, 75, 40InJ
camwood moncy, IJ8, I42-I44, I5
catt|c as currcncy, 5-60, 6I , I28,
4I0n40
c|oth moncy, I2, IJ7-IJ8, I42, I46
cod hsh, 26, J7, J8, J8nJI
cowrics, 60, IJI, 220, 225, 425n25,
425n26
|cathcr moncy, 60, I2, JJ6
gamingchips, Chincsc, 74, 40InJ
human intcractions, I22
|cathcr tokcn moncy, 48, 7+ 75, J27,
J6nJ7
sa|t moncy, 26, 40I nJ
shc|| moncy, 60, 220, JJ6, J5n25
Wampum shc|| moncy, 60, I2, IJ5-
IJ6, 40n
woodpcckcr sca|ps, 60
"primitivc socictics," I00-I0I
"pri mitivc tradc," 406nJ6
primordia| dcbt thcory, 552, 62-65,
IJ6, J8nJ0
Frinces /egibus so/utus est thc sovcrcign
is not bound by |aws) , 422nI I5
rinces /egibus so/utus est thc sovcrcign
is not bound by |aws) , 422nI I5
prisons
conditions in, JJ4, 447n65
currcncy i n, |orms o|, J7
See a/so dcbtors' prisons
privatc bank notcs, JJ8, 448n75, 44nI02
privatc propcrty, 447n66. See propcrty
rights
proht, conccpts o|
in Is|am, 275, J0J
/i, proht) , 2J, 42n55
/i min pub|ic proht) , 42n58
matcria|ism in Axia| Agc and, 2J-
242, 42n55
ovcrvicw, 2J, 242, 262, 42n60,
42n64, 446n57
as rcward |or risk, J0J
sc||-intcrcst and, JJI-JJ2, 446n58
sbi stratcgic advantagc) , 42n58
si/i sc||-intcrcst) , 42n58
"progrcssivcs, " J82
"pro|ctariat," ctymo|ogy o|, 5J, J5I,
44nI00
promissory notcs
in China, 26-270, 4J5n54
in Midd|c Last, 275-276
propcrty rights
"abso|utc powcr" in, I, 42In2
anccstra| |and rccovcry, Mcsopota-
mian, 2, 8I-82, J0, 402nnI-20
in ancicnt Komc, I8-20J,
42Inn2-4
Christianity and, 20
co||cctivc propcrty rights i n, 5,
J5nI5, 447n66
Frcnch |aw codcs on, 42In2
|and|ordism, , J74, 44Jn4
in ersonem rights, 42In2
o|pcrson us. thing, 42In6,
42Inn2-J
privatc propcrty, 447n66
in rem rights, 42In2
prostitution
deuadasis tcmp|c danccrs) , I8I-I82,
4I6n44
Lnkidu story about, I 8I-I82, I8J
in Grcck and Komancu|turc, I88-
I0, 4I8n6I
inHi nduIndia, I8I
ma|c prostitution, I0, 4I8-In7J
origins o|, I8I-I84
patriarcha| honor and, I8I-I86,
4I6n44, 4I6n48
Irotcstantism
on Lng|ish |cstivc |i|c, J0
Luthcr, Martin, J2I-J22, J24, JJI,
445n26
"proto-banks," 4J5n54
| N L A D Z D
pscudo-Dionysius, 42nI55
Iscudo-Dionysius thc Arcopagitc,
42nI55
pub|ic hnancing, 323, 445n33
Iukhtunpcop|c,33-34, 37
Iutumayo scanda|, 34
9
-35I
Iythagoras, 223-224, 238, 428n48, 430n72
Iythagorcanism, 42
9
n52
V
Qin, statc o|, 235-236, 240, 428nn46-7
Qing dynasty, 258,
434n42
guantihcation, human rc|ations and, I3-
I4, I8-I
9
, 6I-62
Quiggin, A. Hingston, 3
99
n42, 425n26
K
Kabc|ais, Franois, I24, I26, 343
Cargantua andFantagrue/ Kabc|ais) ,
I24
racc, hicrarchy and, I I I-I I3
racism, in sma|| rctai|ing, 452n57
ra|ha c|oth. See c|oth moncy
Kamscs II, 2I7-2I
9
, 425n22
Kamscs II, Iharaoh, 2I8
Kanava|ona I I I , Quccn, 5
rationa| choicc thcory,
9
0
"rationa| , " ctymo|ogy o|, 238
Kcagan, Kona|d, 53, 375-377, 39
8n25,
438n
9
3
Kcagnism/Kcagan Kcvo|ution, 366-377
"rca| cconomics," 44, 345
rcbc||ions
pcasant rcbc||ions, 257-259
,
433nn20-2I
si|vcr mincrs, rcvo|ts o|, 44n5
rcccssions, cconomic, I5-I7, 370, 3
9
3nI I ,
452n25
rcciprocity, conccpts o|
"a|tcrnating rcciprocity, " 405n2I
charity and, I0
9
-I I I , 406n38
dchncd, I00, 405n2I
cxpcctationso|, cu|tura| variations in,
9
2-
9
4,
9
6-
9
8, I I6-I I7, 405nI3
"cyc |or an cyc, "
9
I , 404n4
"gcncra|izcd rcciprocity," 405n2I
hospita|ity, cxpcctations o|,
9
6-
9
8,
405nI6
| usticc, conccpt o|and,
9
I-
9
2
ovcrvicw,
9
I-
9
2, I0
9
-II5, I2I, 300,
407n46
saving a |i|c and,
9
2-
93
socia| hicrarchy and, I I I-II3, I I4,
406n42
"sguaring accounts, "
9
2
as thank you, I I
9
univcrsa| princip|c o|,
9
I-
9
3, 404n3
us. communistic idca|s, I00, I02
rcdcmption, conccpts o|
bib|ica| vicws o|dcbt and, 75, 7
9
-87,
403n25
Lgypt, 82
in India, 80-8I , 232, 402nI4
|anguagc about indcbt, 8, 808I
Lord`spraycr and, 84, 403n25
in Mcsopotamia, 8I, 402nI
9
ovcrvicw, 80-87
See a/so dcbt amncsty
Kccvcs, Li|ccn, 447n72
"Kcgu|ation Schoo| , "3
9
8n30
Kcid, Anthony, I55-I56
rcincarnation, 255
rc|ationships
bascd on buying and sc||ing, 76-78,
336, 402n8, 43
9
nI I7, 48n83
dcbtor-crcditor rc|ationships, I24-I26,
408nn667
|ricnds and cncmics, I0I
human rc|ations, cxchangcand, I3
I4, I8-I
9
, 6I-62
sc||-intcrcst and, I24-I26, 408nn667
See a/so hicarchia| rc|ationships
rc|igions, wor|d
Con|uci anism, 224, 248-24
9
, 26I ,
4I7n53
|ainism, 224,232, 237, 255, 426n4
|udaism, 8I , 224, 27I
Mohism, 237, 2
4
I , 248, 24
9
n50,
430n65
Jaoism, 224, 26
9
, 2
9
7, 30I, 42
9
n50,
42nI63
Zoroastrianism, 80, 224
See a/so uddhism, Christianity, Hin-
duism, Is| am
rc|igious idco|ogics
Augustinian traditions, 332, 430n6
9
,
443nI68, 446n59
during Axia| Agc, 224, 2
9
7, 30I,
42
9
n50, 442nI63
D Z | N L A
rc|gous dco|ogcs continued)
capta|sm and, J77-J7
9
, 45Jn28
Dvnc Irovdcncc, 44, 27
9
-280,
J
9
6nJ
cxstcnta| dcbt and, 56-58, 62J,
67-6
9
, I
95, J
99
nnJJ-40, 400n47,
400n48
matcra|sm and, 24J-250
moncy|cndng and, I0IJ
Ncwton on, 44
prmorda| dcbt thcory, 4J, 56-62,
J
99
nJ2
rcdcmpton, conccpt o|, 75, 7
9
-87,
40Jn20, 40Jn25
sou|s, notons o|, 244
See a/so God, notons about
ren, dca| o|, 242
rendre seruice gvng scrvcc) , I I
9
rentes dcbt bonds) , JJ
9
rcparaton paymcnts, 5
rcpo man, J78
Reub/ic, Tbe I|ato) , I
95-I
9
7400n48,
404nI , 420nn87-8
9
, 4JIn80
"rcspcctab|c womcn," I84-I85, I88, I
9
0,
J28, 4I8n64
rctrcmcnt accounts, 40I k) , J76
Kcvc|atons, 4I7n5I
Kcardo, Davd, J74, J87
Kchards, Audrcy,
9
8
rch us. poor, strugg|c o|, 8
Kg Vcda, 4J, 56, 408nJ
"K ng o|Gygcs, Jhc" Shc| | ) , 420n87,
4J0n70
Kobcrtson, Iat, J78
Kockc|c||cr, Nc|son, 406nJ4
Koman |aw
on abso|utc prvatc propcrty, I
99
-20I,
205, 42In
9
6
on domcstc authorty, 20I , 42InnI02
"|rcc/|rccdom, " conccpt o|, 20J-
206, 422nI0
9
, 422nI IJ, 42JnII8,
42JnnI22-I2J
nhucncc on |bcra| tradton, 20
9
-2I0,
42JnI2
9
ius gentium |aw o|natons) , I67, 204,
422nII4
ius rghts) , I
99
, 42In
9
J
/ex Fetronia, 422nI08
on propcrty rghts, I
9
8-207, 42In
95
on s|avcry, I6
9
, 20I-207, 4I4n7,
42I-22nnI0J-I08
on s|avc tradc and ctzcnshp, 20J,
422nI0
9
Koman s|avc cstatcs, 252, 4JIn2
Komc
anccntcurrcncy n, 74-75
ch|d-sc||ng n, I2
9
cons, orgns o|, 87, 2J0, 427n26
currcncy n, 27
dcbt bondagc n, 40Jn27
nhaton n, 4J0, 4J0n75
nexum |abor contracts n, 2J0, 427n24
patcrna| authorty n, 20I, 42InI02
propcrty rghts n, I
9
8-207
s|avcry n, 20I-207, 252,
42I-22nnI0J-I08, 4JIn2
taxcs n, 6J
war|arc durng Axa| Agc, 2JO-2JI
Kooscvc|t, Jhcodorc, J7J, J
9
8n2J
Kospabc, Ih|ppc, IJI-IJ6, I58-I59
Koya| Admra|ty, J5J
rudc bars, 27, J
9
ruq'a notcs) , 275
Kussa
b
communsm n,
94
|cma|c s|avcs n, 408-0
9
n5
|rcc markct dco|ogcs n, J
9
6n7
Sovct Unon, |a|urc o|, J7, J82
sacr hcc ritua|s, 57, J
99
nnJ4-J
9
, 400n48
to pay back dcbt, 77-78
sbiba/-m/ mcrchants) , J0J
Sah|ns, Marsha||, 405n2I , 46n55
sakk chccks) , 275, 4J7n7I
sa|t, as currcncy, 26
Samuc|son, Iau|, 44
sangba uddst monastcrcs) , 250
Sanskrt. See rahmanc doctrnc, Vcdas
Santa C|aus/San Ncho|as, I0
9
Saraccns, 287, 4J
9
nI I2
Sarthou-La| ous, Natha|c, 402n8
Sassanan cmprc, 50, I 8
9
, 272
Sasso, Mchac|, 44Jn64
Sataatba 8rabmana, 4J, J
99
nnJJ-J7
Schaps, Davd, 226, 426nI I
Schopcn, Grcgory, 428n4I , 4JIn4
scbu/d dcbt/|au|t/gu|t) , 77, 407n59
Schumpctcr, |oscph, J59
| N L A D Z
Sca|ord, Kichard, 2
44
-2
47
, 394
n6,
3
99
n4
I ,
4
I7n57
,
4
I8nn68-6
9
,
4
26nI I ,
430n
7
3
Money and Ear/y Creek Mind, 2
44
"sca wivcs," 349
Sccrct rdcr o|thc I||uminati, 363
Secrets oftbe Tem/e, Tbe Gricdcr) ,
450n5
sccuritization, I6, 393nI I
sc||-intcrcst
commcrcia| sc||-intcrcst, 78
dcbtor-crcditorrc|ationships and,
I2
4
-I26,
4
08nn66-67
in gi|t cxchangcs, I05-I06,
4
05n28
Hobbcs on, 33I-332, 4
46n58
human naturc and,
9
0, I
9
6, 33I-332,
336,
44
6n58
in Is|am, 282
as motivation |or cxchangc, 4, 238,
33I, 336
notion o|, 33I-332,
44
6nn56-59
proht, dcsirc |or and, 33I-332, 446n58
si/i sc||-intcrcst) , 42
9
n58
in war,
4
2
9
n54
See a/so proht
sc||-rcgu|ating markct systcms,
44
, 363-
364, 3
9
6n
7
sc||-su|hcicncy, idca| o|
in China, 3I0
in Grcccc, I8
7
, I
9
0,
4
I8n60
in Indian vi| |agcs, 255
"Scmitic inh |tration" modc|, I78,
4
I5n33
Scptcmbcr II 200I) , 362, 363
scr|s, 252, 35O 35I , 434
n
4
2, 44InI33
Scrvct, |can-Michc|, 394
n
7
, 47n
7
2
Scton, Lrncst Jhompson,
9
2,
94
,
4
0
4
n6
scx industry. See |cma|c s|avcs, prostitu-
tion
Shakcspcarc, Wi||iam
on muti|ation o|dcbtors,
77
, 288,
4
02nI0
on prostitution, 4I8n68
Shangdynasty,38,
4
03n22
Shapur I, Lmpcror, 272
sbarika a/-mafa/is partncrship o|thc
pcnni|css) , 2
7
6
shari ng/gcncrosity, as cu|tura| va|uc,
9
8-
99
, I0I,
4
05nI6
Sharp|cs, Margarct, 333, 33
4
shckc|s Mcsopotamia) , 3
9
, I80, 2I4-2I5
Shc||, Marc, 2
44
"Accounting |or thc Grai|, "
44
InnI
43-I
44
"King o|Gygcs, Jhc,"
4
20n8
7
,
430n
7
0
shc|| moncy, 60, 220, 336, 3
95n25
wampum shc|| moncy o|, 60, I2
9
,
I35-I36, 40
9
n
9
sbi stratcgic advantagc) , 42
9
n58
"shou|d, " ctymo|ogy o|,
4
0
7
n59
Sicu|us, Diodorus,
4
03n2
9
Sidon, 22
7
, 22
9
Sicycs, Abbc, 359
si/i sc||-intcrcst) ,
42
9
n58
si|vcr, as currcncy, 3
9
, 3I0-3I2, 4
4
nn5-
9
S

e a/so bu||ion, go|d and si|vcr

si|vcr shckc|s, Mcsopotamian, 39
, I80,
2I
4
-2I5
Simmc|, Gcorg, 3
94
nI
4
sin. See gui|t and sin
si uous/ait p|casc) , I23
"s|avc"
dchncd, I
4
6
ctymo|ogy o|, 20I,
4
2InI0I
s|avc-owncrs, powcr o|, I
7
OI
7
I
s|avcry
brccding s|avcs,
4
2InI05
causcs o|, I44, I46, I68, 349
-35I,
4
I2n7
9
chattc| s|avcry, I87, 2I I-2I2, 236,
256, 4I
7
n59
,
4
28n46
in China,
4
22nI0
7
dchncd, I6
7
-I
7
I , I
7
0,
4
I4nnI I-I2
dcmisc o|ancicnt s|avcry, 2I I-2I4,
224n2
in Lgypt, 20
9
c|imination o|, 2
97
,
4
I0
in Luropc, 2
9
2, 44InI33
cxchangc, ro|c in crcating

I
9
in Grcccc, I8
9
, 22
9
,
4
I8n65,
4
20n82
horrors storics bascd on, I
4
8, I6
9
-I
7
0
in India, 232-233, 256, 428n33
inhumanity o|, I68, I
7
0,
4
I
4
nnI I-I2
in Is|am, I68-I6
9
, I
7
0, 274, 4I
4nn3-
8,
42InI03, 436n65
in Ita|y, 2
9
2
| ustihcations |or, I6
7
-I68,
4I3n2
ki||ing o|s|avcs, 208,
4
23nI26
Lc|c pcop|c and, I40, I44, I46,
2I0n39
D Z | N L A
s|avcry continued)
n mcdcva| Luropc, 43
9
nI04
n Mdd|c Agcs, 2
9
7
orgns o|moncy and, I27-I2
9
,
4080
9
nn3
n Icru, 34
9
-350
n Komc, 20I-207, 252,
42I-422nnI03-I08, 43In2
scr|s, 252, 434n42, 44InI33
Jv pcop|c and, I45-I46, 4I I n52
vcw o|s|avcs as soca||y dcad, I6
9
-
I70, 4I4n
9
us. wagc |abor, 233, 35I-352, 428n36,
434n42
See a/so ch|d-sc||ng, dcbt bondagc,
dcbt pconagc, |cma|c s|avcs
s|avcry, |aws on
A|rcan |aws, I6
9
Is|amc |aw, I68-I6
9
, I70, 274,
4I4nn5-8, 42InI03, 436n65
|aw o|natons and, I 67, 204, 422nI I4
to prcvcnt cruc|ty, 422nI08
Koman |aw, I6
9
, 20I-207, 203, 4I4n7,
42I22nnI03-I08, 422nI0
9
s|avcry, opposton to, 2I I-2I2, 4I4nI5,
43In8I
Lsscncs, 250, 403n28, 43In8I
S/auery and Socia/ Deatb Iattcrson) ,
I70
s|avc tradc
nA|rca, I48-I55, I62-I63
capta|sm and, 34
9
-352, 385
as chan o|dcbt-ob|gatons, 347
dcbt pawns n, I5I-I54, I56, I6
9
,
4I I-4I2nn6I2, 4I2n78, 4I4n5
gamb|ng and, 450nI0
9
good uscd to tradc |or s|avcs, I50,
I52-I53, 4IIn54, 4I Inn59
0
kdnappng |or, I5I-I52, I54, I57,
I68-I6
9
, 4IIn60, 4I2n77
mcrchant socctcs and, I52-I54, I63,
4I2nn657
rccrutmcnt mcthods |or, I68-I6
9
salc o|sc|| to, I20, I68, 4I4n6
n Southcast Asa, I55-I58
vo|cncc o|, I44, I46, I59
-I60, I62-
I64, 4I2n7
9
war and, 4I2n7
9
sma|| rcta|ng, racsm n, 452n57
smart bombs, 386
Smth,Adam
on conccpt o|cconomy, 27-28, 33,
445
on crcdt systcms, 387
Dvnc Irovdcncc, 4, 27
9
-280, 3
9
6n3
dvison o||abor and, 27
9
cxchangc as bass |or mcnta| human
|uncton, 25-26, 336, 3
9
4n
9
as |oundcr o|cconomcs, 24-25
on magnary bartcr cconomy, 22-24,
2
9
, 34-36, 46, 353-354, 374, 385
"nvsb|c hand" thcory, 4, 27
9
, 335,
3
9
6n3
on |anguagc and humanty, 76-77
on moncy, orgns o|, 24-25
Nctzschc on, 76-78, 336, 402nn8-I0,
43
9
nI I7, 48n83
on orgns o|moncy, 24
ovcrvcw, I
9
on sc||-ntcrcst, 336
on soca| ntcractons, 335
Tbeory ofMora/Sentiments, 44,
3
9
6n3
Wea/tb ofNations, Tbe, 37, 435,
446n59
, 47n7I
Snc||, F. |. , 3
9
7nI5
socab|ty, |anguagc o|, 330
soca| capta|, 380
soca|changc, mportancc o|, 358
soca| c|asscs
arstocratc supcrorty, notons o|,
I I2-I I3, 406-407n44
prcssurc o|cgua|ty, I02, 452n57
rch us. poor, strugg|c o|, 8
unrcst among durng Axa| Agc, 230
23I, 427n28 See a/so hcrarcha|
rc|atonshps)
soca|contractthcorcs, 54-55, 3
9
8n2
9
soca| currcncy, I30, I58, 2I
9
Soca| Lxchangc Jhcory,
9
I
Socia/ History oftbe Credit Tra W|-
|am) , 453n32
soca| ntcracton
Catho|csm on, 4InI47
cv| courtcscs and, I22-I24, 408n62
thcorcs o|,
9
0
9
I
soca|ty
n bartcr systcms, 2
9
-33
as basc va|uc, I4
Ca|vnsm and, 3I6, 322-323, 46n46
| N L A D Z
capita|sm and, 3
/

|anguagc o|, 446n45

See a/so rc|atonshps
soca| rcvo|uton, |caro|, 35-360,
450nI I 6
socctcs, typcs o|
"communst socctcs," 5
"hcroc socctcs, " I I
/
, 208-20
monarchca| hcrarchcs, 80, 205-20
/
,
325, 33I , 385, 402nI
"prmtvc socctcs, " I0OI0I
"tradtona| socctcs," I60
"soccty, " conccptso|, I I4
bascd on ctcrnty assumptons, I00
c|ass dvsons and, I06 I08, I20,
406nn33-34
ndcbtcdncss to, dcas o|, 65-6
/
, 36,
38
/
Mctzschc on,
/
8
santzcd mdd|c-c|ass vcw o|, I2
/
-
28
varatons n, I I3-I I4
"soccty, " conccpts o|
dchntons o|, 66
/
, 6
Soccty o|Mcrchant Advcnturcrs, 305
See a/so "mcrchant advcnturcrs"
"Soco-Cu|tura| Dmcnsons o|thc Cur-
rcncy, Jhc" Jhcrct) , 5
/
soco|ogy, dscp|nc o|,6-
/
0
Socratcs, 6
/
, I88, I5-I6, 24
/
sodomy, |aws aganst, I0, 203, 4I8n
/
3
So|darsm, 40In62
So|on thc Athcnan, 388
rc|orms o|, 228, 4I
/
n58
Song dynasty, 26-2
/
0, 4I
/
n54, 434n42
sou|s, notons o|, 244
sous, Frcnch, 48, 35n28, 3
/
n2
South Araba, 36
/
South Dakota, 452n25
Southcast Asa
co|ona|sm n, 350
ntcrnatona| dcbt o|, 368-36
s|avc tradc n, I55-I58
South Korca, 36
/
, 3
/
I, 3
/
2
U. S. trcasury bonds and, 6
/
South Sca Company/South Sca ubb|c,
34I, 34
/
-348, 358
Souereign Money, 38n30
Souereignty,LegitimacyandMoney,
38n30
Sovct Unon. See Kussa
Spansh/Iortugucsc cmprcs, 24, 30-3 I
/
,
3I, 355-356, 440nI32
Spansh tcrmno|ogy
de nada you'rc wc|comc) , I23
gracias thank you) , 408n63
orfauor p|casc) , I23, 408n63
Sparta, 2
/
, 42
/
nI6
"sphcrc o|consumpton, " 33
"sphcrcs o|cxchangc, " 36, I46, 4I0n43,
45n25
spontancty, n Jaosm, 242
"spot tradcs, " 35n24
Spu||ord, Ictcr, 343n3, 36n3
/
, 48n
/
6
Stamp, Char|cs, 444, 448-4n8
/
stampng, con, 2
/
, 4,
/
4-
/
5, 246
Star Tribune Mnncapo|s-St. Iau| ) ,
I
/
-I
start-upcompancs,34
/
statc|css cconomcs, 60
statc-moncy thcorcs
Charta|sm, 4
/
-8, 50, 54, 258, 340,
3
/
nI I , 400n56
monarchca| powcr and, 205-20
/
, 325,
33I, 385
U. S. do||ar and, 53-54
State Tbeory ofMoney Knapp) , 48,
3
/
nI I
Stg|tz, |oscph, 23
St||man, Sarah, I I2
"stock, thc, " ctymo|ogy o|, 48
"stock, " ctymo|ogy o|, 445n2
"stock ho|dcr," ctymo|ogy o|, 48
stock-| obbcrs, 34
/
-348
stock markcts
crcaton o|, 34I-342, 346 348, 448n
/
4
hnanca| bubb|cs, 34I-342, 34
/
-348,
358, 360
hnanca| nnovatons and, I5-I6, 28,
24
/
-248, 33nI I
hrst markcts, 345, 346
ordnary pcop|c and, 3
/
6
n U. S. , 45InI2
See a/so capta|sm, corporations
Stout, Wi | | am, 328
Structura|sm, I
Stuart Lng|and, 332, 336, 44
/
n65
subprmc mortgagc crss, U. S. , I, 38O
38I, 33nI I
Sudras castc, 255-256, 432nI2, 432nI4
D O | N L A
su[taa, 20I , 276, 2
9
I , 437n8I
sucdc, 227, 262-264, 3
99
n34
as rcsu|to|crcdtdcbt,38I
Su|awcs, dcbt bondagc n, I56
Sumcr
ch|d-sc||ng n, I2
9
cons, orgns o| n, 2I5-2I6
dcbt rccords n, 3
9
, 39
6n32
cconomic hstory o|, 39
, 3
9
6n32
|rccdom, conccpt o| n, 65, 2I6
ntcrcst-bcarng |oans n, 2I6
marragc customs n, 4I7n53
patrarcha| honor n, I77-I78
prosttunon n, I8I-I82,4I6n4,4I6n48
tcmp|cs and pa|accs, cconomcs o|,
39
, 39
6n32
See a/so Mcsopotama
Sumcran |anguagc, changcs n, I78
Sumcran tcrmno|ogy
amargi |rccdom) , 65, 2I6
ur honor) , I65
Sung dynasty, 258
supp|y and dcmand, I02, I07
|o|kta|cs about, I02
supp|y-sdc cconomcs, 377
swappng ob| ccts, 2
9
, 37, 44, 85, 3
95nI6
swcatshops, 35I
Swcdcn, ccntra| banks n, 45
symbo|, moncy as, 2
9
8-302
"symbo|, " ctymo|ogy o|, 2
9
8,
442nI60I64
"symbo|c capta| , ", 437n76
Symbo/ic Tbeo/ogy Iscudo-Donysus) ,
442nI55
symbo/on ta||y) , 2
9
8-2
99
, 442nI58,
42nnI4
9
-I54
"symbo|s," ctymo|ogy o|, 42nnI53-I54
Symosium, Tbe I|ato) , 2
9
6
Syra, Is|am n, 273
1
tabs, as crcdt systcms, I8, 38, 40, 47, 85,
26
9
, 327
tai//e ta||y), 330
Jawan, J67, 37I, 372
U. S. trcasury bonds and, 6
ta||cs
ascrcdtsystcms, 48-5I , 39
6n37,
39
7nI

dchncd, 442nI58
ta||y stcks, 48, 268, 3
9
6n37, 39
7nI6,
425n26, 435nn48-53, 442nI6I
Jambah, Stan|cy |. , 4I7n55
Jaosm, 224,26
9
, 2
9
7, 30I, 42
9
n50,
42nI63
Tattiriya Saqbita, 399
n-37
Jaussg, Mck, 44
9
n
95
tax cuts, 450nI I0
taxcs
n anccnt wor|d, 63, 400nn5I-52
as causc |or dcbt, 82-83, 85, 3
9
3n4,
403n2I, 403n23
n Chna, 26
9
, 3I0, 3I3, 400n52
co|ona|sm and, 5, 505I , 393nI
compu|sory |oans and, 338-33
9
cryngdown/cryng up", 282, 337,
438n
95, 40nI30
"cducatona|/mora|zng tax," 50
n Lgypt, 63, 400n52, 452n52
n Inda, 623, 400n52, 428n36
n Is|amc |aw, 436n6I
La||crcurvcand,
9
0, 438n
93
n Madagascar, 5, 505I , 393nI
as marks o|congucst, 400n52
n Mcsopotama, 65
n Mdd|c Last, 20I, 274, 276, 436n64,
437n8I
Mongo| tax systcms, 3I0
ob| cctons t opayng, 85-86, 403n28
ovcrvcw, 625
n Icrsa, 63
prmorda| dcbt and, 59
, 63
purposc o|, 55-56
n Komc, 63
U. S. ntcrnatona| monctary po|cy
and, 36I , 366
uscd to crcatc markcts, I7
9
tax rc|orms, 444n6
Jcmp|ars, 2
9
I , 44InI44
tcmp|c danccrs
n Grcccc, 4I8n6I
n Mcsopotama, I 8I-I82, 4I6n4
tcmp|cs and pa|accs
dcbt rccords n, 2I
cconomc systcms n, 3
9
, 3
9
6n32
ntcrcst-bcarng |oans and, 6465,
400n53
Jcn Commandmcnts, I2
9
, 40
9
n8
Jcnochtt|an, 3I4-3I5, 3I7, 355
terbatum brdc paymcnt) , I7
9
| N L A D O 1
Jcstart, A|an, 40
9
n6, 4I7n54, 422nI07,
427n24, 450nI0
9
Jha|and, dcbt bondagc n, I56
Jha|and, U. S. trcasury bonds and, 6
"thank you"
customo|cv|ty and, I22-I24,
408n62
ctymo|ogy o|, I23, 408n63
Jhatchcr, Margarct, 53, 375-376
Jhatchcrsm, 376
Tbeory ofMora/Sentiments Smth) , 4,
3
9
6n3
Jhcrct, runo, 55, 57-58, 3
9
8n30, 40In2
Jhcvcnot, Mc|chscdcch, 3
9
8n30
Jhcrry, Franos, 425nn25-26
Jhrd Wor|d dcbt, 2-3, 5
Jhrd Wor|d dcbt crss, 2-3, 5-6
Jhompson, L. I. , 46n44
Tbousandand One Nigbts, 278
Jhrasymachus, I
9
6, 24I
Jhrcc Stagcs, Schoo|o|, 262, 265, 433-
434n35
Jhucyddcs, 427nI
9
, 42
9
n62
Jbcrus, Kng, 73, IO7, 202
"tckct stubs, "ctymo|ogy o|, 48
J||crs, Jhc, 237, 24
9
n50
tme honor) , I76, 2I7n57
"tt-|or-tat, " I05, 405n28
Jv pcop|c Ngcr a)
cannba|smamong, I47,4II n52
charsma Tsau), I47
cu|tura| horror storcs o|, I48, I6
9
-
I70
currcncy n, I54, 4I I n54
currcncy o|, I45
cconomc ||c o|, I46-I48
cgua|ty among, I22
hcsh-dcbts, 34
9
hcsh-dcbts n, I44-I48, I4
9
, I55
|orms o|currcncy uscd by, I32
g|t cxchangc customs o|, I04-I05,
I08, 328
hstory o|mgraton o|, I4
9
-I50,
4I I n5I
marragc customs and "brdcwca|th"
n, I32-I33, I45, 4I0n42
mournng warn, I36, 4I0n22
sstcr cxchangc n, I6I-I62
s|avcrypractccso|, I45-I46, 4I In52
s|avc tradc and, I4
9
-I53, I62
"sphcrcs o|cxchangc" n, 36, I46,
4I0n43, 4
95n25
war organzaton o|, 4I I nn5I-52
wtchcs mbatsau) n, I47-I48, 4I I n52
J|ngt pcop|c, I I7
tobacco, as currcncy, 26, 38, 75, I66
Jodorov,Jzvctan,3I4
tokcns. See Charta|sm, dcbt-tokcn sys-
tcms, prmtvc moncy
tokos ntcrcst) , 440nI23
"too bg to |a | , " 347
"to pay, " ctymo|ogy o|, 60, 3
99
n43
toto/oque gamc) , 356
tradng
capta|sm and, 346-347
|or wca|thgcttng, 2
9
0, 440nI23
See a/so bartcr systcms
"tradtona| socctcs," I60, 332
Jrcasury bonds, U. S. , 6, 366-377
Treatise on Money Kcyncs) , 54
trbutc systcms, 384
n Chna, 37I-372
"trbutc tradc, " 45InI8
Jroycs, Chrctcn dc, 2
9
3-2
9
4, 4InI4
"truck and bancr," ctymo|ogy o|, /, 2
9
I
truckng, 25, 28, 39
4n7
See a/so bartcr systcms
"truck systcm, " 34
9
, 350, 352, 44
9
nI02
trust, conccpts o|
n crcdt systcms, 73, 328-32
9
, 337,
34034I, 347
g|tcxchangc customs and, I I7
n God,377
n govcrnmcnt, 34034I
n govcrnmcnt powcr and po|ccs,
34034I
vrtua| moncy and, 367-368
Tsau charsma) , I47
Juck, Kchard, 206, 42In
9
3, 422nI I4
Judor Lng|and, 3I2, 336-337, 447n65
tugudu c|oth) , I46
Jurkcy
cons n, orgns o|, 224
Is|am and, 273-274
m|k-dcbts n, 434n38
storcs |rom, I
9
2
Jus, 27
9
-280, 32
9
Jwn Jowcrs, go|d myths and, 362-363,
450n4
Jyrc, 227, 22
9
, 230
O Z | N L A
U
u/ema |cga| scho|ars) , 273
u|i mitcd, thc aeiron), conccpt o|, 245-
247
U|pian, 200, 4I4n, 422nnI I4-I I
]
See a/so Koman |aw
unions, |abor, 374-375
Unitcd Nations, 368, 444n22
Unitcd Statcs
bartcr systcms in, 24, 34n7
civi|ity, customs o|, I22-I23
dcbt monctization in, 6, 37I-372,
452nnI8-I, 453n32
dcbt o|, 365-36
dcbtors, vicw o| in, I6-I7
cmbargo on Haiti by, 6, 33n2
as "cmpirc," 6
|orcign dcbt o|, 6-7, 367-36
g|oba| powcr bascd on dcbt in, 367
g|oba| strcngth, dcc| inc o|, 372
go|d rcscrvcs o|, 36I-363
houscho|d dcbt i n, 37
in||ation in, 362, 37nI8, 452n25
intcrnationa| monctary po|icics o|,
36I, 366
markct popu|ism in, 453n32
mi | itary dominancc o|, 365-367, 372,
4]
InI I
monctary po|icics i n, 2
monctary po|icy i n, 365
privatc banks crash i n, 36
1hird Wor|d dcbt po|icics, 6
war dcbt o|, 365-366
"univcrsa| othcrncss," 376, 452n27
unpayab|c dcbt
b|ood dcbts, I37-I44, I45, 420n84
b|ood-|cuds and, 60, I0I, I33-I34,
I58, 40nI6
bridcwca|th as, I32-I33
||csh-dcbts, 330
in human cconomics, I36
kem rc|ationship and, 40nI3
|i|c-dcbts, I33-I36
mi |k-dcbts, 264-265, 267-268, 302,
3I2,434n38
moncy, usc|cssncss o||or, I3I-I36
mora| ity and, I20-I22, 407n60
ovcrvicw, I3I-I36
primitivc moncy uscd |or, I3I-I36
Kospabc thcory on, I3I-I36, I58-I5
womcn uscd as currcncy to pay,
I35-I36
ur honor) , I65
Uruinimgina, 2I6
U. S. Air Forcc, 45I nI I
U. S. dcbt, Fcdcra| Kcscrvc and, 36-370
U. S. 1rcasury bonds, 366-367, 45Inn8-
China and, 37I-372, 452nnI8-I
Ushcr,AbbotIayson, 448n75
usury/uscrcrs. See moncy|cnding /mon-
cy|cndcrs
usus usc o|a thing) , I
utopi an communitics, 250, 43In8I
utopian i magi nary bartcr cconomy, 22-
24, 34-36, 46, 353-354, 374, 385
utopian Marxist idco|ogics, 354, 35,
35nI5, 450nI06
utopian modc|so|capita| i sm, 354355
V
vagrancy, 446n60
"vanguishcd oncs,"
Vcdas
on chi|drcn' sdcbttoparcnts, 405n2I
on |cma| c s|avcry, 408-0nn3
on history o|moncy, I4
on honoring dcbts, I66
on i ntcrcst-bcaring |oans, 62-63,
400n47
primoridia| dcbt thcory and, 56, 62,
64
on rcciprocity, 405n2I
Kig Vcda, 43, 56, 408n3
on s|avcry, 408n3
vcgctarianism, 255
vci|ing, ob| igatory, I78, I88, 4I7n53,
4I8n64
"vci| o| moncy, " 44
Vickcrs, Adrian, I58, 4I3n83
Victorian Lng|and, 35
Victnam War, 36I, 364
Vikings, s|avcry and, 4I4nI5
"vi|| agc-wivcs, " I4I-I42, 4I0n33
vio|cncc
b|ood-|cuds, 60, I0I, I33-I34, I58,
40nI6, 4I0n22
as causc |or soci a| incgua|ity, I I3
dchumanization and, I4-I5
cxchangc princip|c origins and, I
| N L A D O O
|cast, gi|t cxchangc and, 2
9
-33, 35,
I I7-I I8, I27, 4I0n22
mpcrsona| markcts and, I4
|oan co||ccton and, 7-8, I4, I
9
4I
95
murdcr, as |orm o| dcbt rcpaymcnt,
I3I-I36, 4I0n22
phi |osophica| cxprcssons o|, I4
in s|avc tradc, I44, I46, I59
-I60, I62-
I64, 4I2n7
9
uscd to contro| womcn, I60, 4I3n
9
7,
4I3nn
9
I-
9
2
Vrgnia, tobacco as currcncy i n, 26, 38,
75, I66
vrgnty. Seechastity
vrtua| moncy
car|y cxstcncco|, I8, 25I , 268, 28I ,
2
9
8, 308, 337
n Midd|c Agcs, 2
9
8
ncw agc o|, I 8
as origna| |orm o| moncy, I8
ovcrvicw, I7-I
9
trust and, 367-368
trust n, 367-368
us. coins/conagc, 40, 2I4, 3I3
Vsa, 367
von Lschcnbach, Wo||ram, 2
9
6, 44InI42
von G|ahn, Kchard, 435n57, 44n6
von Hcnncburg, Wi|hc|m, 345n35
von Mscs, Ludwg, 359
, 388
W
wagc |abor
bondcdworkcrs, 265
capita|sm and, 345, 34
9
-352, 44
9
n88
cash us. commodty wagcpaymcnts,
352-353, 44
9
nI02, 44
9
nI03
contract cmp|oymcnt, 35I , 4
9
n
99
dcbt as way to contro|, 427n3I
|rcc wagc |abor, 35I
history o|, 35I-353, 354, 44
9
n88,
44
9
n
99
n India, 256
Marx on, 34
9
-35I
to pay o|| dcbt, 368
Koman nexum |abor contracts, 230,
427n24
s|avcry and, 206, 423nI2I
us. s|avcry, 233, 35I-352, 428n38,
434n42
work, as vrtuous, 3
9
0
wagc-|abor contracts, I20, Y7n58
wagc stagnaton, 375-376, 452nI
9
Wagncr, Kchard
Die Wibe/ungen, 4InI43
Farzifa/, 2
9
6, 44InI42
Wa||, Nancy, 23
Wa||crstcn, Immanuc|, 358
Wa// Street ]ourna/, 452nI8
Wampum shc|| moncy,60, I2
9
, I35-I36,
4
0
9
n
9
Wang Mang, 259
, 422nI07
war dcbt, U. S. , 365-366
war|arc
cash markcts |rom, 384
cxchangc, ro|c o|crcatng and, I
9
mi|tarizaton and capta|ism, 346, 382
Seea/soAxa| Agc
"Warring Statcspcrod,"235, 240, 428n46
warror honor, 357
Way to Wisdom |aspcrs) , 223
Wea/tb andFouerty Gi |dcr) , 377
wca|thgcttng, typcs o|, 2
9
0, 44nI23
Wea/tb ofNations, Tbe Smth) , 37, 43-
45, 446n5
9
, 447n7I
Wcbcr, Max, 258, 3I6, 35
9
, 40In5
Wcbcr, Mx, 3I6
wcddngs. See brdcwca|th, marragc
Wc|sh |aw codcs, 6I-62, I28, 40
9
n4
on honor prcc, I75, 4I4nI
9
wcrgc|d, I33, I73, 4I7n57
Wcstcrn Arnhcm Land. See Austra|a
Wcst Indcs, bartcr systcms n, 24
"w|c sa|cs," I 80, 4I6n42
ui/cuma you' rc wc|comc) , 408n64
W||iam, rctt, 453n32
W||iam III, King, 340
wtchcs mbatsau), I47-I48, 4I In52
wivcs
husband's rght to sc||, I28
womcn
bartcr systcms, ro|c in, 2
9
-30, 3
9
4nI5,
395nnI5
uddhsm on, 265-268, 434n44,
434n47
chastty, cxpcctatons o|, I77-I82,
4I4nI3, 4I4n3I , 4I5n3I , 4I6n38
in Chincsc uddhsm, 265-266,
434n44, 434n47
"ghost-wvcs, " I36
n Hndusm, 267
D O 4 | N L A
womcn continued)
patrarcha| hcrarchy and, I
/
8-I
79
,
4
I
/
n54
as pawns, IJ
9
-I44, 4I2n62
prmtvc matri archy, J
95nnI5
"rcspcctab|c womcn, " noton o|, I84-
I85, I88, I
9
0, J28,
4
I8n6
4
uscd as currcncy to pay dcbt,
9
,
I
4
, 85, I28-I2
9
,
4
0Jn2
/
, 408n
/
,
4
I
7
nI
/
vo|cncc uscd to contro|, I60, 4IJn
9/
,
4
IJnn
9
I-
9
2
See a/so |cma|c s|avcs
Wonderfu/ Wizard ofOz,Tbe aum) ,
52-5J, J6J-J64, J
9
8nn22-24
woodpcckcr sca|ps, as currcncy, 60
Woods, rcton, J6I
"workp|acc p ||crng, " J5J
Works and Days Hcsod) ,
4
I
9
n
//
Wor|dank, J68
wor|d markct systcm,J
4
6
Wor|d Jradc rganzaton, J68
Wor|d War I , J59
, J
/
2
Wor|d War II, J60, J
/
J, J
/
4, J8J
"worthcs," J28
Wrght, Davd l. ,
4
0Jn2
/
Wrght, Stcvcn,
/
Wu-t, Lmporcr, 24
9
Wycl||c, |ohn, 40Jn25

Xcnophon, I I0,
4
06nJ
94
T
Yama god) , 56,
4
0On
4/
Yang, Lcn-shcng, 425n26,
4
25n2
9
,
4J5n54, 4J5nn5J-54
yn-yang symbo|, J0I ,
44
JnI6
4
"you' rc wc|comc"
customs o|cv|ty and, I2J,
4
08n62,
408n6
4
ctymo|ogy o|,
4
08n6
4
Yuan dynasty, 258
Yung-J, L, 425n25

Zhou cmprc, 225

Zinskauf|cascd propcrty) , 45n26
Zong| u, Yc,
444
n5
Zoroastr an sm, 80, 224