Michael Hudson (Economist, historian and author) says Oligarchies were prevented from forming in Ancient Mesopotamian societies by cancelling the debt every time a new king began a new reign. In other words 'regular debt jubilees'...
Interesting...
"And from the very beginning, my main concern for my entire working life has been to deal with the problems caused by debt. And I wanted to study debt cancellations in antiquity. And how did society create money? How did it deal with the problems that debt created? So, we invited the leading experts of Sumur, old Babylonia, new Babylonia, Egypt, the surrounding regions. And basically, an oligarchy was prevented from developing because you had the rulers, they were called divine kingship at that time. Every Babylonian ruler did what every Sumerian ruler did – when they took the throne, they would cancel all personal debts and agrarian debts to start with a clean slate."
#economics #bitcoin #history #ancient #finance #debt #grownostr #philosophy