Agree completely that it is an important work and enlightening- in terms of perspective. The socio/anthropological history of Debt is a very useful lens for the modern world.
That said, in terms of understanding- with all respect, I find it insufficient (MHO). Perspective, as Alan Kay says, is worth a lot of IQ points, but on its own is insufficient. The modern financial world is full of machines (both software and people processes). Much of what happens is a result of mechanical inertia. The universe of sensible changes from a policy perspective is limited by the ergonomics and sympathies of the existing machines.
It has been a long time since I last read Debt but I remember feeling frustrated by an absence of coverage of the machines. My perception of his advocacy in recent years has been that he has been less effective than he might have been had he stronger command of the machines, and not just the policy.
One of my recs- Sarah Quinn- while like Graeber is also deep in the world of the sociology of money, is stronger technically. Her PhD thesis is an extremely helpful dive into the mortgage securitization world- the largest debt market in the world other than Treasuries- and my rec (American Bonds) so far is a popularization of that work.
I completely forgot, another excellent book on important machines that shape the modern financial world is
That said, in terms of understanding- with all respect, I find it insufficient (MHO). Perspective, as Alan Kay says, is worth a lot of IQ points, but on its own is insufficient. The modern financial world is full of machines (both software and people processes). Much of what happens is a result of mechanical inertia. The universe of sensible changes from a policy perspective is limited by the ergonomics and sympathies of the existing machines.
It has been a long time since I last read Debt but I remember feeling frustrated by an absence of coverage of the machines. My perception of his advocacy in recent years has been that he has been less effective than he might have been had he stronger command of the machines, and not just the policy.
One of my recs- Sarah Quinn- while like Graeber is also deep in the world of the sociology of money, is stronger technically. Her PhD thesis is an extremely helpful dive into the mortgage securitization world- the largest debt market in the world other than Treasuries- and my rec (American Bonds) so far is a popularization of that work.
I completely forgot, another excellent book on important machines that shape the modern financial world is
Payment Systems in the US - Carol Coye Benson