This is the book I brought to an annual holiday party hosted by two friends, in which the attendees bring a book that will be taken home by another guest. I had several strong candidates from titles I read this year, but after deliberation, I opted for this one. Early in this book, Graeber (who passed away in 2020) takes up the task of demolishing the classic story we’re told about the invention of money, that is: humanity invented money to dispense with the bartering problem. While this tale seems facially logical, Graeber observes that we don’t really have evidence to support the claim. Coins have the property of being archaeologically durable; we can recover them as clues to how people from previous times lived. However, coinage doesn’t always show up in sufficiently advanced ancient societies (such as Babylon) at the rate you might expect. Instead, Graeber argues persuasively that “virtual” money, arising from social obligations and mutual aid amongst community members, precedes coinage. In Debt, Graeber traces cyclical progressions across history in which civilizations move between virtual/credit based accounting and bullion-based coinage. The latter is linked to periods defined by conflict and low social trust. Metal based currency is ideal for paying soldiers, and it can be stolen, allowing armies and mercenaries to supplement their pay as they move during campaigns. I’m barely scratching the surface of everything that Graeber covers in this book (his analysis of language connecting debt to morality, and his analysis/reminder that much of the financial tools characteristic of modern capitalism were developed before the Industrial Revolution are each fascinating). It’s a longer work, but you won’t regret giving it the time it requires.