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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. | 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. This practice dates back to [[Mesopotamia#Sumer|Sumer]] in the third millennium BCE, which cancelled debts every time a new king took the throne. | ||
[[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. It crushed [[Ancient Carthage|Carthage]] and the [[Ancient Greece|Greek]] city states that tried to cancel their citizens' debts.<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> | [[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. It crushed [[Ancient Carthage|Carthage]] and the [[Ancient Greece|Greek]] city states that tried to cancel their citizens' debts.<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> | ||
Revision as of 16:28, 29 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. 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]
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.