Articles

July, 2017Y

Otar Tchulukhadze on Graeber’s book: "Debt – The First 5000 Years"

David Graeber’s book "Debt: The First 5000 Years" challenges the barter myth and free-market model, which form the foundation of classical economics. He demonstrates that credit and debt systems predate money. Graeber outlines five periods: agrarian empires, the axial age, the Middle Ages, capitalist empires, and neoliberalism. He emphasizes debt as a social and political tool that shapes economies and power structures. The book explores the cultural, religious, and philosophical dimensions of debt, incorporating insights from Nietzsche and Lazzarato. Graeber argues that the modern financial system is based on state debt and that war and debt are deeply interconnected. Despite the shift to a credit-based economy, the neoliberal era remains militarized and under monetary control.

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