Learn how debt get entangled with honor Graeber? Explore David Graeber’s insights in Debt: The First 5,000 Years.
Debt, it’s a word that carries a lot of weight, both emotional and financial. Most of us have dealt with it in one way or another, whether it’s a mortgage, a student loan, business debt, or even owing someone a favor. But here’s a thought: what if the link between debt and morality, especially honor, isn’t a fact, but a story we’ve been told over thousands of years?
That’s what David Graeber explores in his book, Debt: The First 5,000 Years. In this article, I’ll take you on a journey through history and culture to see how debt, including business debt, became so tied to morality and obligation. Using Graeber’s fascinating insights, plus my own reflections, we’ll look at the ways debt still shapes how we live today.
Let’s dive in and rethink everything we thought we knew about debt.
Article Breakdown
What Is Debt, Really?
Let’s take a step back for a second. What is debt? Most of us think of it as something simple, you borrow money, and you pay it back (ideally with some interest).
But it’s not that straightforward. Anthropologist David Graeber has a different take. He argues that debt isn’t just financial, it’s also deeply social and moral.
In fact, debt existed long before money. In early societies, people worked on systems of trust and mutual help. For example, if someone borrowed grain or livestock, the idea wasn’t strict repayment but keeping the relationship balanced.
Debt was personal, based on trust and community. Things changed when money and formal economies came into play. Graeber says this shift made debts rigid and enforceable.
Suddenly, debt wasn’t just about maintaining relationships, it turned into a form of power. Debtors found themselves at the mercy of creditors. When I read that, it really struck me.
It reminded me of a time in college when I loaned a friend some money. At first, it felt good to help, but when weeks turned into months, and I didn’t see the money coming back, I started feeling frustrated, even resentful.
Looking back, Graeber’s point made me realize those feelings weren’t just personal. They’re shaped by a culture that treats unpaid debts as moral failures.
Debt and Honor Across Cultures
Ancient Roots of Debt and Morality
Let’s journey back in time. In many ancient societies, debt wasn’t just a financial obligation, it was a moral one. In Vedic India, for example, people were seen as born into debt: to the gods, to their ancestors, and to society.
Repayment wasn’t about money but fulfilling religious and social duties. This idea, Graeber argues, laid the groundwork for connecting debt to honor. But here’s the twist: in many of these societies, forgiving debts was seen as equally honorable.
Take the Biblical concept of the Jubilee Year. Every seven years, all debts were forgiven, and slaves were set free. This wasn’t an act of charity; it was a reset button, a way to maintain social harmony. Imagine if we had something like that today!
How many of us would sleep a little easier? Graeber points out that debt forgiveness was common in ancient Mesopotamia too. Kings regularly erased debts to prevent uprisings.
It wasn’t just about kindness, it was a practical way to keep the peace. Contrast this with modern times, where failing to pay a debt often leads to shame, legal consequences, or both. How did we get here?
Debt’s Darker Turn
As societies grew more complex, debt’s role began to change. Instead of fostering relationships, it became a tool of control. In ancient Rome, for instance, unpaid debts could lead to enslavement.
The debtor’s honor was tied to their ability to repay, no matter the cost. Fast forward to medieval Europe, and you’ll find similar patterns. Lending money at interest was often frowned upon by the Church, but it was still practiced, especially by marginalized groups like Jews, who were often forced into the role of moneylenders.
This created a toxic cycle: debt became both a stigma and a weapon, used to justify oppression. Graeber’s insights made me reflect on how modern society isn’t so different. Credit scores, foreclosure notices, even the language we use, in debt up to your eyeballs, all carry moral undertones. We don’t just owe money; we owe a piece of our dignity.
Why Debt and Honor Still Matter Today
The Modern Debt Crisis
Think about the 2008 financial crisis. Millions of people lost their homes because they couldn’t repay their mortgages. Banks were bailed out, but individuals were left to fend for themselves. Why? Because our system prioritizes honoring debts to institutions over the well-being of people.
Graeber argues that this is the result of a cultural shift. Instead of seeing debt as a tool to bind communities together, we’ve turned it into a moral cudgel. If you’re in debt, you’re irresponsible. If you can’t repay, you’re dishonorable. This mindset fuels everything from student loan policies to international debt relief (or lack thereof).
Debt, Guilt, and the Lies We Tell Ourselves
I’ll never forget the day I paid off my student loans. I felt an overwhelming sense of pride, but also lingering anger. Why had I internalized so much guilt over something as common as borrowing for an education? Graeber’s work helped me see that my struggle wasn’t just personal; it was part of a larger system that equates debt with morality.
Take a moment to think about your own experiences with debt. Have you ever felt ashamed to ask for a loan? Or judged someone else for not paying one back? These feelings aren’t just natural; they’re learned. And they’re worth unlearning.
Actionable Insights: Rethinking Debt
So, what can we do with all this knowledge? Graeber’s work isn’t just a critique, it’s a call to action. Here are some ways we can start rethinking debt:
1. Question the Narrative
Recognize that debt is a human construct, not a moral absolute. Start by reframing how you think about your own debts. Instead of seeing them as personal failings, view them as part of a larger system designed to prioritize profit over people.
2. Support Debt Forgiveness
Whether it’s advocating for student loan forgiveness or supporting international debt relief, push for policies that prioritize human well-being over rigid repayment.
3. Foster Community Over Competition
Graeber reminds us that debt was once about mutual aid. Look for ways to bring that spirit back, whether it’s lending without interest or helping others without expecting anything in return.
4. Challenge Systems of Power
Graeber’s critique goes beyond individual behavior. He urges us to question the institutions that enforce debt’s moral stranglehold, from banks to governments. Change starts with awareness but grows through collective action.
Key Takings
- David Graeber’s work on debt and honor goes beyond just theory, it’s a new way to look at the world and our place in it.
- Debt isn’t inherently good or bad. It’s like any tool, it can be used to create or to harm.
- Think about the debts in your life, not just financial ones, but social and emotional ones too.
- Graeber’s perspective offers hope. Debt doesn’t have to be something that divides us.
- If we approach it with compassion and courage, we can rethink what debt means and turn it into something that brings people together instead of creating control or inequality.
Additional Resources:
- The Divide by Jason Hickel: A must-read that breaks down global inequality and offers practical ideas to address it.
- The Debt Collective podcast: A podcast that tackles economic justice and collective action against debt.
- David Graeber’s interviews: Thought-provoking talks on debt, capitalism, and their effects on society.
- The Social Construction of Debt by Keith Hart: A fascinating anthropological look at how debt has shaped human history.
- The Myth of Capitalism by Jonathan Tepper and Denise Hearn: A look at how monopolies hurt competition and what that means for the economy.
