Debt in The Ancient Mediterranean and Near East: Credit, Money, and Social Obligation John Weisweiler 2024 Scribd Download
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i
Debt in the
Ancient
Mediterranean and
Near East
Credit, Money, and
Social Obligation
z
Edited by
JOHN WEISWEILER
iv
DOI: 10.1093/oso/9780197647172.001.0001
1 3 5 7 9 8 6 4 2
Contents
Preface ix
List of Contributors xi
viii Contents
Notes 189
Bibliography 223
Index 265
ix
Preface
In 2014 and 2016, I taught two undergraduate seminars on Greek and Roman
debt at the Seminar für Alte Geschichte of the University of Tübingen. This book
is inspired by the students who participated in these courses. The lively discus-
sions in the Zeitschriftenzimmer of the top floor of the Hegelbau, taking place
just as the Greek debt crisis reached its denouement, were a powerful reminder
of what is at stake in thinking about the interplay between credit and coercion in
world history.
Most of the chapters included in this volume were first presented at a work-
shop held in Schloss Hohentübingen in summer 2016. The stately surroundings
of the Fürstenzimmer provided an appropriate backdrop for discussing the roles
played by religion, state violence, and metal currencies in premodern Eurasia.
Although Michael Hudson, Michael Jursa, and Reinhard Wolters did not par-
ticipate in the project until the end, their observations and insights were crucial
in moving it forward. So was the learning and good humor of Cliff Ando, who
moderated the discussion. Finally, the manuscript greatly benefited from the
comments of two anonymous reviewers. I would like to thank all of them for
their contributions to this project.
It is a pleasure to acknowledge the generous financial support of the Fritz-
Thyssen-Stiftung for the workshop from which this book originates. The unbu-
reaucratic way in which this foundation awards and manages grant money is a
model for institutions of its kind—the opposite of the “box tickers” and “task
masters” who, according to David Graeber’s apposite characterization, dominate
so many organizations of higher education.
The delight about the appearance of this book is mixed with incalculable
sadness. Two key contributors to this project did not live to see its conclu-
sion. Michael Bonner’s acumen and generosity greatly enlivened the Tübingen
x
x Preface
workshop. His contribution to this volume will be among the last publications
of a scholar whose work has reconfigured our understanding of the early Islamic
economy. David Graeber’s learning and anarchic humor were a glorious spectacle
to behold. It is still difficult to grasp that his youthful mind is no longer with us.
This book is dedicated to his memory.
xi
List of Contributors
The Currency–Slavery–Warfare
Complex
David Graeber and the History of
Value in Antiquity
John Weisweiler
In his Debt: The First 5,000 Years (2011), David Graeber develops a new grand
narrative of world history. Graeber argues that the roots of the current socio-
economic order are located not in early-modern Europe but in antiquity. From
the late Bronze Age onward, all across Eurasia, relationships of social obligation
were transformed into quantifiable and legally enforceable debts. Graeber sug-
gests that this transformation made possible new economic institutions, such as
IOUs, coinage, and debt-slavery. At the same time, it also led to the emergence of
new modes of thought, which have shaped Eurasian philosophical and religious
traditions ever since.
This volume explores the implications of Graeber’s work for the history of
the ancient Mediterranean and Near East (roughly 700 Bce to 700 CE). This
era, which Graeber dubs (following Karl Jaspers) the “Axial Age,” plays a central
role in his narrative.1 He suggests that the territorial states of this period had a
distinct political economy, marked by metal currencies, taxation, chattel slav-
ery, and impersonal markets. All across Eurasia, old credit systems began to be
replaced by new forms of coinage, and states and landowning elites accumulated
unprecedented amounts of wealth. New cosmologies and philosophical practices
enabled individuals to maintain a sense of autonomy and self-determination in
these dynamic market societies. At the same time, inequality soared. Warfare led
to the spread of chattel slavery, and debt enmeshed rural populations in webs of
John Weisweiler, The Currency–Slavery–Warfare Complex In: Debt in the Ancient Mediterranean
and Near East. Edited by: John Weisweiler, Oxford University Press. © Oxford University Press 2023.
DOI: 10.1093/oso/9780197647172.003.0001
2
which he outlined the main contours of the argument that would later be elabo-
rated in his book.6 On closer inspection, it is also not clear whether Debt was
quite so obviously predestined to become a publishing success as it would later
appear. The book puts forward a complex and challenging argument. Although it
is written in accessible style, it is deeply versed in anthropological theory. Entire
chapters are taken up by technical arguments around the nature of money, defini-
tions of modes of exchange, or explorations of credit systems in remote societ-
ies or distant periods of history. In this sense, one may suspect that the popular
success of the book was more of a mirage than a reality. Like that other surprise
bestseller, Thomas Piketty’s Capital in the Twenty-First Century (2014), Graeber’s
Debt was probably more often cited than read from cover to cover. But for schol-
ars interested in the shape of premodern economies, the book repays attention. It
offers at least three insights that ancient historians may usefully incorporate into
their work.
First, Graeber challenges the narrative (prevalent since at least Adam Smith
and accepted as common sense in many quarters until today) according to which
world economic history can be written in terms of a development to ever more
efficient modes of exchange, from barter (allegedly prevalent in pre-monetized
societies) through coinage (developed in classical antiquity) to the complex
credit instruments employed in modern finance. Graeber shows that this story
is empirically wrong. In the opening chapter of the book, he demonstrates that
in reality the circulation of goods in most pre-monetized societies was deter-
mined by relationships of mutual obligation, not by exchanging fixed amounts
of one commodity against fixed amounts of another.7 The refutation of the myth
of barter was probably the most influential section of Debt. Though it was long
known among anthropologists that barter cannot have been the original form of
exchange, it was only in the wake of Graeber’s book that this conclusion began to
be widely accepted outside of specialist scholarship.8
Second, Graeber shows that exchanges based on reciprocity are not as natu-
ral or ubiquitous as common sense might lead us to believe and as social scien-
tists of different political persuasions since the nineteenth century have tended
to think. He observes that cash purchases, credit contracts, and barter resemble
each other in important ways. They are all based on an expectation that one party
will give something in return for what the other party has given, and will do so
in a precisely quantifiable way. Once the transaction is concluded, the relation-
ship between the two parties ends. Graeber distinguishes this reciprocal logic
from non-reciprocal forms of interaction. The latter fall into two subgroups. The
first (which he calls “baseline communism”) denotes interactions which operate
without an expectation of reciprocity, such as giving somebody a lighter, lend-
ing somebody a tool, or giving somebody directions. The second (which Graeber
4
After Neo-Institutionalism
In seeking to understand ancient systems of exchange from the vantage point
of Graeber’s anthropological theory, this book departs from the now dominant
approach in economic history. Since the early 2000s, an outpouring of sophis-
ticated new work has applied the toolkit of new institutional economics (NIE)
to the societies of the ancient Mediterranean and Near East. The most influen-
tial exponent of this theory was the US economist Douglass North, who in 1995
received the prize in economic sciences of the Swedish Riksbank (often referred
to as the Nobel Prize in Economics). North ascribes differences in economic
performance of different societies to the efficacy of the institutions—a term that
encompasses both legal rules and informal understandings—that govern them. If
institutions are well designed, they facilitate the free exchange of information and
goods among economic actors. A positive feedback loop ensues; as trust among
market participants increases, production and exchange intensify. By contrast,
if institutions are inefficient, they create information and power asymmetries
between buyers and sellers. Market participants are forced to expend resources
to ascertain the quality of traded goods and to ensure the enforcement of con-
tracts; these “transactions costs” hinder exchange and economic growth.13 In the
view of North and his followers, these dynamics explain the divergent trajectory
of the economies of western Europe and North America since the Industrial
Revolution.14
As more recent scholarship has pointed out, there are problems with this
simple model of the relationship between institutions and economic growth.
By seeing markets and private property rights as the most efficient mechanisms
6
for allocating resources, North naturalizes the institutions of the liberal capital-
ist nation-states of his own time. Effectively, the economic order prevalent in
post–Cold War North America and western Europe becomes the transhistorical
measuring stick by which other economic systems are assessed. Such a teleologi-
cal view prevents understanding other periods and places on their own terms.15
NIE also does not provide much help for understanding the more recent evolu-
tion of the world economy. For instance, the recent rise of East Asia and espe-
cially China, where markets are more tightly regulated and public institutions
control a much larger share of national wealth than in contemporary Europe
and North America, sheds doubt on the view that low transaction costs and the
uncompromising defense of property rights play quite the central role in facilitat-
ing economic growth, as neo-institutional theory suggests.16 In retrospect, neo-
institutional economics is all too visibly the product of the triumphalist high
point of neoliberal globalization in the 1990s.17
It might thus be expected that the application of neo-institutional economics
to ancient history had unambiguously deleterious effects. However, this would be
a mistaken assessment. In a discipline concerned with the interpretation of source
materials that were produced in cultures that radically differ from our own, the
universalizing claims made by North and his followers were always unlikely to
be adopted in full. On the contrary, by providing a simple framework to make
sense of the relationship between institutions and economic performance in dif-
ferent societies, NIE had some beneficial effects on ancient economic history.
Two developments were especially welcome. First, neo-institutional economics
motivated ancient historians to enter into a dialogue with specialists in related
disciplines. Most importantly, Mediterranean and Near Eastern historians
began to collaborate more closely with each other. In a landmark collection, The
Ancient Economy: Evidence and Models, Joe Manning and Ian Morris exposed the
ways in which cooperation between specialist in Greek, Roman, Egyptian, and
Mesopotamian history might reconfigure each of those fields.18 More recently,
Michael Jursa has systematically applied the methods of quantitative history
honed in the Mediterranean to the much more densely documented regions of
ancient Mesopotamia.19
Second, the engagement with neo-institutional economics inspired a turn
toward quantification. It motivated ancient historians to harvest the wealth
of evidence provided by landscape surveys and archaeological excavations, in
order to trace rhythms of intensification and abatement in ancient economies.
The publications of the Oxford Roman Economy project have made an array of
new data sets available, which greatly refined our understanding of the ancient
economy.20 Walter Scheidel in various publications revealed the use of models
derived from other premodern societies for understanding the dynamics and
7
THE ARGUMENT.
Sec. I.
Case I.—In Thasus, the Parian who lodged above the Temple of
Diana was seized with an acute fever, at first of a continual and
ardent type; thirsty, inclined to be comatose at first, and afterwards
troubled with insomnolency; bowels disordered at the beginning,
urine thin. On the sixth day, passed oily urine, was delirious. On the
seventh, all the symptoms were exacerbated; had no sleep, but the
urine of the same characters, and the understanding disordered;
alvine dejections bilious and fatty. On the eighth, a slight epistaxis;
small vomiting of verdigris-green matters; slept a little. On the ninth,
in the same state. On the tenth, all the symptoms gave way. On the
eleventh, he sweated, but not over the whole body; he became cold,
but immediately recovered his heat again. On the fourteenth, acute
fever; discharges bilious, thin, and copious; substances floating in
the urine; he became incoherent. On the seventeenth, in a painful
state, for he had no sleep, and the fever was more intense. On the
twentieth, sweated all over; apyrexia, dejections bilious; aversion to
food, comatose. On the twenty-fourth, had a relapse. On the thirty-
fourth, apyrexia; bowels not confined; and he again recovered his
heat. Fortieth, apyrexia, bowels confined for no long time, aversion
to food; had again slight symptoms of fever, and throughout in an
irregular form; apyrexia at times, and at others not; for if the fever
intermitted, and was alleviated for a little, it immediately relapsed
again; he used much and improper food; sleep bad; about the time
of the relapse he was delirious; passed thick urine at that time, but
troubled, and of bad characters; bowels at first confined, and again
loose; slight fevers of a continual type; discharges copious and thin.
On the hundred and twentieth day he died. In this patient the
bowels were constantly from the first either loose, with bilious,
liquid, and copious dejection, or constipated with hot and undigested
fæces; the urine throughout bad; for the most part coma, or
insomnolency with pain; continued aversion to food. Ardent fever.
Explanation of the characters. It is probable that the weakness
produced by the fever, the phrenitis, and affection of the
hypochondrium caused death on the hundred and twentieth day.
[725]
Case II.—In Thasus, the woman who lodged near the Cold Water,
on the third day after delivery of a daughter, the lochial discharge
not taking place, was seized with acute fever, accompanied with
rigors. But a considerable time before delivery she was feverish,
confined to bed, and loathed her food. After the rigor which took
place, continual and acute fevers, with rigors. On the eighth and
following days, was very incoherent, and immediately afterwards
became collected; bowels disordered, with copious, thin, watery, and
bilious stools; no thirst. On the eleventh was collected, but disposed
to coma; urine copious, thin, and black; no sleep. On the twentieth,
slight chills, and immediately afterwards was warm; slight
incoherence; no sleep; with regard to the bowels, in the same
condition; urine watery, and copious. On the twenty-seventh, free
from fever; bowels constipated; not long afterwards violent pain of
the right hip-joint for a considerable time; fevers afterwards
supervened; urine watery. On the fortieth, complaints about the hip-
joint better; continued coughs, with copious, watery sputa; bowels
constipated; aversion to food; urine the same; fever not leaving her
entirely, but having paroxysms in an irregular form, sometimes
present, sometimes not. On the sixtieth, the coughs left her without
a crisis, for no concoction of the sputa took place, nor any of the
usual abscesses; jaw on the right side convulsively retracted;
comatose, was again incoherent, and immediately became collected;
utter aversion to food; the jaw became relaxed; alvine discharges
small, and bilious; fever more acute, affected with rigors; on the
following days lost her speech, and again became collected, and
talked. On the eightieth she died. In this case the urine throughout
was black, thin, and watery; coma supervened; there was aversion
to food, despondency, and insomnolency; irritability, restlessness;
she was of a melancholic turn of mind.
Explanation of the characters. It is probable that the suppression
of the lochial discharge caused death on the eightieth day.[726]
Case III.—In Thasus, Pythion, who was lodged above the Temple
of Hercules, from labor, fatigue, and neglected diet, was seized with
strong rigor and acute fever; tongue dry, thirsty, and bilious; had no
sleep; urine darkish, eneorema floating on the top of the urine, did
not subside. On the second day, about noon, coldness of the
extremities, especially about the hands and head; loss of speech and
of articulation; breathing short for a considerable time; recovered his
heat; thirst; passed the night quietly; slight sweats about the head.
On the third, passed the day in a composed state; in the evening,
about sunset, slight chills; nausea, agitation; passed the night in a
painful state; had no sleep; small stools of compact fæces passed
from the bowels. On the fourth, in the morning, composed; about
noon all the symptoms became exacerbated; coldness, loss of
speech, and of articulation; became worse; recovered his heat after
a time; passed black urine, having substances floating in it; the night
quiet; slept. On the fifth, seemed to be lightened, but a painful
weight about the belly; thirsty, passed the night in a painful state.
On the sixth, in the morning, in a quiet state; in the evening the
pains greater; had a paroxysm; in the evening the bowels properly
opened by a small clyster; slept at night. On the seventh, during the
day, in a state of nausea, somewhat disturbed; passed urine of the
appearance of oil; at night, much agitation, was incoherent, did not
sleep. On the eighth, in the morning, slept a little; but immediately
coldness, loss of speech, respiration small and weak; but in the
evening recovered his heat again; was delirious, but towards day
was somewhat lightened; stools small, bilious, and unmixed. On the
ninth, affected with coma, and with nausea when roused; not very
thirsty; about sunset he became restless and incoherent; passed a
bad night. On the tenth, in the morning, had become speechless;
great coldness; acute fever; much perspiration; he died. His
sufferings were on the even days.
Explanation of the characters. It is probable that the excessive
sweats caused death on the tenth day.[727]
Case IV.—The patient affected with phrenitis, having taken to bed
on the first day, vomited largely of verdigris-green and thin matters;
fever, accompanied with rigors, copious and continued sweats all
over; heaviness of the head and neck, with pain; urine thin,
substances floating in the urine small, scattered, did not subside;
had copious dejections from the bowels; very delirious; no sleep. On
the second, in the morning, loss of speech; acute fever; he sweated,
fever did not leave him; palpitations over the whole body, at night,
convulsions. On the third, all the symptoms exacerbated; he died.
Explanation of the characters. It is probable that the sweats and
convulsions caused death.[728]
Case V.—In Larissa, a man, who was bald, suddenly was seized
with pain in the right thigh; none of the things which were
administered did him any good. On the first day, fever acute, of the
ardent type, not agitated, but the pains persisted. On the second,
the pains in the thigh abated, but the fever increased; somewhat
tossed about; did not sleep; extremities cold; passed a large
quantity of urine, not of a good character. On the third, the pain of
the thigh ceased; derangement of the intellect, confusion, and much
tossing about. On the fourth, about noon, he died. An acute disease.
[729]