: Global trade fueled by New World gold and silver.
: A return to credit money as major empires collapsed. Debt: The First 5,000 Years
: Virtual credit money dominated.
: The book argues that hard currency (coins) did not arise from trade but from war and state violence . Coins were minted primarily to pay soldiers, while taxes were demanded back in that same currency to force conquered populations into the market. Debt as a Moral Trap : Global trade fueled by New World gold and silver
: Graeber explains how the phrase "surely one has to pay one's debts" acts as a moral bludgeon, making even the most predatory or violent relationships seem fair and unremarkable. The 5,000-Year Cycle : The book argues that hard currency (coins)
: Since the end of the gold standard, we have returned to a virtual credit era, though its rules are still being defined. Available Editions
History, according to Graeber, moves in long cycles between (credit based on trust) and bullion (hard metal based on force):