David Graeber

the whole story we summarized in the last chapter – our standard historical meta-narrative about the ambivalent progress of human civilization, where freedoms are lost as societies grow bigger and more complex – was invented largely for the purpose of neutralizing the threat of indigenous critique

a feeling of gratitude for a favour or service.
—Oxford English Dictionary

The very fact that we don’t know what debt is, the very flexibility of the concept, is the basis of its power.

Those of us who do not have armed men behind us cannot afford to be so exacting.

For a very long time, the intellectual consensus has been that we can no longer ask Great Questions. Increasingly, it’s looking like we have no other choice.

Economists generally speak of three functions of money: medium of exchange, unit of account, and store of value.

Money provides a way to make multilateral exchange much simpler.

history shows anything, it is that there’s no better way to justify relations founded on violence, to make such relations seem moral, than by reframing them in the language of debt—above all, because it immediately makes it seem that it’s the victim who’s doing something wrong.

Here we come to the central question of this book: What, precisely, does it mean to say that our sense of morality and justice is reduced to the language of a business deal? What does it mean when we reduce moral obligations to debts? What changes when the one turns into the other? And how do we speak about them when our language has been so shaped by the market? On one level the difference between an obligation and a debt is simple and obvious. A debt is the obligation to pay a certain sum of money. As a result, a debt, unlike any other form of obligation, can be precisely quantified. This allows debts to become simple, cold,

and impersonal—which, in turn, allows them to be transferable. If one owes a favor, or one’s life, to another human being, it is owed to that person specifically. But if one owes forty thousand dollars at 12-percent interest, it doesn’t really matter who the creditor is; neither does either of the two parties have to think much about what the other party needs, wants, is capable of doing—as they certainly would if what was owed was a favor, or respect, or gratitude.