“Debt: The First Five Thousand Years”: Charpters’ Summaries

NB: We do not resell your papers. Upon ordering, we do an original paper exclusively for you.

NB: All your data is kept safe from the public.

Table of Contents

Background
Chapter 1
Chapter 2
Chapter 3
Chapter 4
Chapter 5
Reference

Background

Prior to the creation of virtual money, it existed in a completely different form and was the cause of a large number of issues. It was the form of debt: people owing each other favors etc. It was notorious for being the cause of violence since it could not be exchanged peacefully and instead was the cause of military and interpersonal conflicts.

Chapter 1

The first mentions of money historians trace back to Mesopotamia. However, it does not mean that money in this country was different from what people used in other countries. People kept track of debts by using silver; however, they barely used this material for transactions. Large debts were documented on tablets. Moreover, markets were a part of daily life during that time.

Chapter 2

The chapter describes the era when coins first appeared and were incorporated into everyday financial life. Coinage is the reason for the birth of markets in their more modern and impersonal sense, which is commonly known today. However, coinage was not supposed to make trade easier since it was primarily developed for rulers to pay soldiers in Asia Manor.

Chapter 3

The Middle Ages saw world religions merge with commodity markets, and they would later take over them. It was important for different transactions and other financial tasks required the approval of religious authorities to be carried out. This does not imply that coinage did not suffer any negative consequences. Moreover, it does not mean that it died or stagnated as a part of economy either.

Chapter 4

The period that followed the Middle Ages was notorious for slavery, colonialism, and wars with terrifying numbers of casualties. This era saw the return of silver and gold into everyday use as a form of currency. This transition may be more complex than one might assume. In conclusion, this era allowed scientists and society to see the cons that come with money.

Chapter 5

The Present Era witnesses a time of debt and the rise of virtual money. The latter can be explained by the decrease in the usage of paper money and the consequences that inevitably follow national debt. There are hopes that virtual money may solve the issue of violence related to money, but only time will tell whether those predictions will become a reality or not.

Reference

Graeber, D. (2009). Debt: The First Five Thousand Years. Metamute.

Click Here To Order Now!