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== History == | == History == | ||
The ancient [[Mesopotamia#Akkad|Babylonians]], [[Judaism|Jews]], and other civilizations in [[Western Asia|West Asia]] held regular jubilee years to forgive debts. Once every fifty years, they forgave all personal debts, freed [[Indentured servitude|bond servants]], and restored land to those who lost it.<ref>{{Web citation| | The ancient [[Mesopotamia#Akkad|Babylonians]], [[Judaism|Jews]], and other civilizations in [[Western Asia|West Asia]] held regular jubilee years to forgive debts. Once every fifty years, they forgave all personal debts, freed [[Indentured servitude|bond servants]], and restored land to those who lost it. | ||
[[Roman Republic (509–27 BCE)|Ancient Rome]] introduced a law requiring all debts to be paid, allowing a financial oligarchy to take control of society.<ref>{{Web citation|date=2023-05-05|title=Origins of debt: Michael Hudson reveals how financial oligarchies in Greece & Rome shaped our world|url=https://geopoliticaleconomy.com/2023/05/24/debt-michael-hudson-oligarchies-greece-rome/|newspaper=[[Geopolitical Economy Report]]|archive-url=https://web.archive.org/web/20230528041512/https://geopoliticaleconomy.com/2023/05/24/debt-michael-hudson-oligarchies-greece-rome/|archive-date=2023-05-28|author=[[Ben Norton]], [[Michael Hudson]]}}</ref> | |||
== References == | == References == | ||
[[Category:Economic concepts]] | [[Category:Economic concepts]] | ||
[[Category:Stubs]] | [[Category:Stubs]] | ||
Revision as of 15:29, 28 May 2023
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.
Ancient Rome introduced a law requiring all debts to be paid, allowing a financial oligarchy to take control of society.[1]
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.