Debt: A History of Violence and the Logic of Jubilee

Fundacja Dobre Państwo • January 2, 2026 • 🇵🇱 Polski

Introduction

This article analyzes debt as a powerful tool of social domination, drawing on David Graeber's arguments. Contrary to popular belief, debt is not a neutral economic instrument, but rather a moral and political category, historically linked to violence. Historical analysis reveals cyclical attempts to invalidate it, such as the biblical jubilee. The contemporary financial system exacerbates inequalities, making the idea of debt reset highly relevant once again.

Debt as a Tool of Violence and Guilt

According to David Graeber, debt has never been a neutral instrument. It is a powerful tool of social domination that reduces human relationships to impersonal arithmetic. In many cultures, the word "debt" is inextricably linked to the concepts of "guilt" and "sin," transforming financial obligation into a moral category. The debtor becomes stigmatized, someone who can be humiliated, and even dehumanized.

Historically, insolvency often led to debt bondage. This was a radical form of objectification, where a person became a commodity in the creditor's ledger. Debt destroyed social bonds, forcing people to pledge their children as collateral, which Graeber calls a "monstrous betrayal" of fundamental communal principles.

The Jubilee: An Ancient Response to Debt Crises

Uncontrolled indebtedness cyclically led to crises and revolutions. As Moses Finley noted, the program of every ancient revolution could be summarized in two demands: "Cancel debts and redistribute land." In response, ancient civilizations created the institution of the jubilee – a mechanism for periodically resetting accounts, which functioned as a social safety valve.

In Mesopotamia, rulers regularly proclaimed "clean slate" edicts, canceling private obligations. In Israel, religious law mandated the cancellation of debts every seven years. Other cultures, such as Greece, Rome, China, and medieval Europe, also employed various forms of control – from prohibiting debt bondage and state interventions to the religious condemnation of usury.

From Capitalism to Today: Debt as the System's Foundation

The modern era and capitalism fundamentally reversed this logic. Instead of being cyclically reset, debt became a permanent foundation of economy and politics. Today, its destructive power is evident in the policies of the International Monetary Fund and in the student loan crisis, which paralyzes entire generations. This logic contradicts the ethics of the "Axial Age," which promoted empathy over calculation.

Therefore, the call for a modern jubilee is relevant once again. Debt cancellation is not merely an economic act, but an anthropological one – it restores the freedom to make promises based on trust, rather than on the compulsion of mathematics and violence.

Conclusion

History shows that debt, left unchecked, becomes the most effective tool of violence. Ancient societies understood the need for its cyclical reset to protect the community from disintegration. Today, in a globalized system generating successive crises, this wisdom is urgently needed. A true revolution begins where we dare to dream of a world where obligations are an expression of trust, not oppression.

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Frequently Asked Questions

Why is debt perceived as a tool of social domination?

For centuries, debt has served elites to subjugate communities, necessitating violence and moral sanctions. Economic obligations have often led to the loss of freedom, dignity, and even slavery, objectifying individuals.

What is a jubilee and what role has it played in history?

The Jubilee, a cyclical process of clearing accounts, canceling debts, and releasing debtors, is familiar from Mosaic law and Mesopotamian practices. It served as a social safety valve, protecting communities from disintegration under the weight of debt and the erosion of bonds.

What were the consequences of uncontrolled debt for society?

Uncontrolled debt has led to the erosion of family and community bonds, the concentration of wealth in the hands of a few, and cyclical social crises. Throughout history, it has often been the spark of revolutions and the collapse of social orders.

What were the earliest historical attempts at debt cancellation?

The earliest evidence comes from Mesopotamia, where Sumerian and Babylonian kings issued edicts of "blank tablets." These acts forgave private obligations and freed people from servitude, restoring social harmony.

What were the attitudes towards debt in different ancient and medieval cultures?

Mesopotamia and Judaism practiced periodic amnesties (jubilees), Greece banned debt slavery, Rome experienced plebeian revolts, and China engaged in state intervention. Medieval Europe and Islam denounced usury, relying on a gift economy.