Debt: The First Five Thousand Years

me start with the institution of slavery, whose role, I think, is key. In most times and places, slavery is seen as a consequence of war. Sometimes most slaves actually are war captives, sometimes they are not, but almost invariably, war is seen as the foundation and justification of the institution. If you surrender in war, what you surrender is your life; your conqueror has the right to kill you, and often will. If he chooses not to, you literally owe your life to him, a debt conceived as absolute, infinite, irredeemable. He can in principle extract anything he wants, and all debts — obligations — you may owe to others (your friends, family, former political allegiances), or that others therefore owe you, are seen as being absolutely negated. Your debt to your owner is all that now exists.