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In ancient societies, credit was a fundamental aspect of economic transactions long before the use of money. Compensation for injuries, dowries, and communal gift exchanges all operated on credit, fostering mutual obligations and integrating communities.
Debt systems evolved with specialization of labor, primarily seen in Mesopotamia's large institutions. Rulers established standard values using grains as measures, ensuring transactions between communal and institutional sectors. Land allocation and labor obligations were integrated through credit systems, shaping economic structures in early civilizations.
Debt forgiveness played a crucial role in maintaining social balance. Historical accounts show rulers canceling debts to prevent labor bondage and avoid the concentration of wealth in the hands of creditors. Failure to cancel debts led to social unrest, revolts against oligarchies, and contributed to the decline of civilizations like the Roman Empire.
The podcast delves into the historical context of Christianity, focusing on the manipulation of its teachings to serve political and economic interests. It highlights how the Sermon on the Mount and the Lord's Prayer were used to support certain agendas, such as anti-Semitism and the consolidation of power by the Roman wealthy class. The discussion explores how early Christianity's emphasis on debt forgiveness and social justice was distorted to reinforce the authority of the wealthy elite and suppress dissent.
The episode draws parallels between ancient debt cancellations in Babylonia and the current global debt crisis. It discusses the impact of canceling debts between countries, historical debt relief agreements like the Brady Plan, and the potential for countries to unite to repudiate unsustainable debts. The conversation highlights the significance of debt restructuring and the formation of alternative financial institutions to address growing inequality and prevent economic collapse.
In the podcast, the speaker identifies alarming similarities between historical power struggles and current global challenges, particularly prevalent in Western societies. These parallels include the rise of financial oligarchies, debt-driven austerity measures, and the erosion of democracy in favor of autocratic rule. The discussion underscores the urgent need for societal transformation, emphasizing the role of collective action in challenging oppressive economic systems and promoting social justice.
The episode concludes with a call to action for reshaping societal structures to combat inequality and prevent the consolidation of power among the wealthy elite. It advocates for debt cancellation, alternative economic models, and the protection of democratic values against autocratic tendencies. The conversation highlights the importance of historical awareness and collective mobilization in challenging oppressive systems and fostering a more equitable and just society.
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Dr. Michael Hudson is President of the Institute for the Study of Long-Term Economic Trends (ISLET), a Wall Street Financial Analyst, and Distinguished Research Professor of Economics at the University of Missouri, Kansas City. He is the author of Super-Imperialism: The Economic Strategy of American Empire (Editions 1968, 2003, 2021), “…and forgive them their debts” (2018), The Collapse of Antiquity, and his latest book, Temples of Enterprise.
In this episode, we focus on The Collapse of Antiquity. We start by talking about the historical origins of the notions of debtor and creditor, the invention of debt cancellation, and interest-bearing debt. We discuss the social consequences of not cancelling debts, and the relationship between debt and wage labor. We explore the rise of creditor oligarchies in classical Greece and Rome, the legacy of pro-creditor ideology, and the fall of the Roman Empire. We talk about debt cancellation in early Christianity, and how Catholic doctrine changed over time. Finally, we discuss what we can learn from what happened in Greece and Rome, and our current predicament.
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