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#931 Michael Hudson: The Collapse of Antiquity

The Dissenter

CHAPTER

Debt, Credit, and Economic Evolution in Ancient Societies

The chapter explores the historical significance of credit in ancient economies and the role of large institutions in setting transaction standards. It discusses the practice of debt cancellation by rulers to restore economic balance and the evolution of labor transactions from credit-based to advance payment systems. The chapter also analyzes the implications of debt and creditor dynamics on labor, military service, and political power in ancient civilizations.

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