Debt: The First 5,000 Years

Archaeology is one of the subfields of anthropology. It is concerned with the study of human prehistory and history through the excavation of sites and the analysis of physical remains (i.e., artifacts). Archaeological evidence needs to be interpreted carefully since it only represents what has been preserved. Thus, it is nearly impossible to gain a complete picture of a society through the archaeological remains alone. Archaeologists often draw on other fields, such as economics and history, to help interpret the physical remains. One of the criticisms that Graeber faces with Debt is that he misinterprets or overinterprets the archaeological data.

The standard definition of a coin states: “it is a piece of valuable metal, shaped into a standardized unit, with some emblem or mark inscribed to authenticate it” (224). Coins first appear in western Anatolia around 600 BCE. Ordinary jewelers likely create the first coins, which are stamped with a few letters. These early coins quickly disappear, replaced by coins manufactured by the state. The same pattern occurs in both India and China around the same time. As Graeber details throughout Debt, coins are valuable for both their physical properties as well as something more. Coins also represent a collective agreement by which people agree that the coins are acceptable payment for debts and all other purchases.

Graeber defines debt as “the obligation to pay a certain sum of money” (13). Unlike any other form of obligation, debt can be precisely quantified. This characteristic makes debts become “simple, cold, and impersonal—which, in turn, allows them to be transferable” (13). The reason that debt becomes quantifiable is through violence. In fact, the introduction of violence into the equation is what changes human economies to market economies. Violence extinguishes the unique value of a person, allowing them to become transaction items themselves.