Book Review: “Debt” by David Graeber
Faisal Khan
51

I totally agree; “Debt…” is a _must_ read. One of the many important arguments raised by David Graeber is that the myth of how money came to exist is, well, a myth. It is a myth regurgitated in every text book and Adam Smith must bear a huge responsibility for that. Smith, who otherwise brought the field of economics a lot of valuable insight, unfortunately told the story of the butcher, the brewer, and the baker (in “Wealth of Nations”, chapter 4 “On the Origin and Use of Money”) and the problem of the barter economy. This story has since appeared in most economy text books and taught most economists the wrong lesson on the origin of money. Graeber convincingly shows that this is a myth and that debt was the first form of money.

Overall Graeber shows the problems of debt through ages and that these problems still exist, albeit in a different form.

My own impressions of “Debt — The first 5,000 Years” can be found on my blog http://sveino.blogspot.no (unfortunately only in Norwegian).

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