David Graeber: Debt: The First 5,000 Years (2011–) [EN, CZ, RU]

“Before there was money, there was debt.

Every economics textbook says the same thing: Money was invented to replace onerous and complicated barter system–to relieve ancient people from having to haul their goods to market. The problem with this version of history? There’s not a shred of evidence to support it.

Here anthropologist David Graeber presents a stunning reversal of conventional wisdom. He shows that for more than 5,000 years, since the beginning of the agrarian empires, humans have used elaborate credit systems. It is in this era, Graeber shows, that we also first encounter a society divided into debtors and creditors.

With the passage of time, however, virtual credit money was replaced by gold and silver coins–and the system as a whole began to decline. Interest rates spiked and the indebted became slaves. And the system perpetuated itself with tremendously violent consequences, with only the rare intervention of kings and churches keeping the system from spiraling out of control. Debt: The First 5,000 Years is a fascinating chronicle of this little known history–as well as how it has defined human history, and what it means for the credit crisis of the present day and the future of our economy.”

Publisher Melville House, July 2011
ISBN 1933633867, 9781933633862
542 pages

Original essay (Mute, February 2009)
Illustrated essay with excerpts from the book (Triple Canopy, July 2010)
Video interview on Greece (Democracy Now!, July 2011)
Video interview (PBS: Need to Know, August 2011)

Review: Maryam Monalisa Gharavi (Social Text, 2011).

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Debt: The First 5,000 Years (English, 2011, updated on 2020-4-10)
Dluh: prvních 5000 let (Czech, trans. Lenka Beranová, 2012, 71 MB, added on 2020-4-10)
Dolg: pervyye 5000 let istorii (Russian, trans. A. Dunayev, 2015, 18 MB, added on 2020-4-10)

Gérard Duménil, Dominique Lévy: The Crisis of Neoliberalism (2011)

This book examines “the great contraction” of 2007–2010 within the context of the neoliberal globalization that began in the early 1980s. This new phase of capitalism greatly enriched the top 5 percent of Americans, including capitalists and financial managers, but at a significant cost to the country as a whole. Declining domestic investment in manufacturing, unsustainable household debt, rising dependence on imports and financing, and the growth of a fragile and unwieldy global financial structure threaten the strength of the dollar. Unless these trends are reversed, the authors predict, the U.S. economy will face sharp decline.

Summarizing a large amount of troubling data, the authors show that manufacturing has declined from 40 percent of GDP to under 10 percent in thirty years. Since consumption drives the American economy and since manufactured goods comprise the largest share of consumer purchases, clearly we will not be able to sustain the accumulating trade deficits.

Rather than blame individuals, such as Greenspan or Bernanke, the authors focus on larger forces. Repairing the breach in our economy will require limits on free trade and the free international movement of capital; policies aimed at improving education, research, and infrastructure; reindustrialization; and the taxation of higher incomes.

Publisher Harvard University Press, 2011
ISBN 0674049888, 9780674049888
400 pages

Interview with Gérard Duménil: Part 1, Part 2 (The Real News Network)

authors (incl. additional material)
publisher
google books

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Christian Marazzi: The Violence of Financial Capitalism (2010)

“This first English-language edition of Christian Marazzi’s most recent book, The Violence of Financial Capitalism, makes a groundbreaking work on the global financial crisis available to a new audience of readers. Marazzi, a leading figure in the European postfordist movement, first takes a broad look at the nature of the crisis and then provides the theoretical tools necessary to comprehend capitalism today, offering an innovative analysis of financialization in the context of postfordist cognitive capitalism. He argues that the processes of financialization are not simply irregularities between the traditional categories of wages, rent, and profit, but rather a new type of accumulation adapted to the processes of social and cognitive production today. The financial crisis, he contends, is a fundamental component of contemporary accumulation and not a classic lack of economic growth.

Marazzi shows that individual debt and the management of financial markets are actually techniques for governing the transformations of immaterial labor, general intellect, and social cooperation. The financial crisis has radically undermined the very concept of unilateral and multilateral economico-political hegemony, and Marazzi discusses efforts toward a new geo-monetary order that have emerged around the globe in response. Offering a radically new understanding of the current stage of international economics as well as crucial post-Marxist guidance for confronting capitalism in its newest form, The Violence of Financial Capitalism is a valuable addition to the contemporary arsenal of postfordist thought. This expanded edition includes a new appendix for comprehending the esoteric neolanguage of financial capitalism—a glossary of ‘Words in Crisis,’ from ‘AAA’ to ‘toxic asset.'”

Translated by Kristina Lebedeva
Publisher Semiotext(e), 2010
Intervention series, 2
ISBN 1584350830, 9781584350835
112 pages

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PDF (updated on 2017-6-26)