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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.[1]
International debt
From 1970 to 2000, the international debt of 60 post-colonial countries rose from $25 billion to $523 billion even though they repaid $550 billion during this same period.[2]
See also
References
- ↑ Ben Norton, Michael Hudson (2023-05-05). "Origins of debt: Michael Hudson reveals how financial oligarchies in Greece & Rome shaped our world" Geopolitical Economy Report. Archived from the original on 2023-05-28.
- ↑ Vijay Prashad (2008). The Darker Nations: A People's History of the Third World: 'Conclusion' (p. 276). [PDF] The New Press. ISBN 9781595583420 [LG]