Debt

Debt is the state of owing money to someone or something.

History

The ancient Babylonians, Jews, and other civilizations in West Asia held regular jubilee years to forgive debts. Once every fifty years, they forgave all personal debts, freed bond servants, and restored land to those who lost it. This practice dates back to Sumer in the third millennium BCE, which cancelled debts every time a new king took the throne.

Ancient Rome introduced a law requiring all debts to be paid, allowing a financial oligarchy to take control of society. It crushed Carthage and the Greek city states that tried to cancel their citizens' debts.

See also

• Indentured servitude