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"Politics of Debt" blog

A Marxist Critique of David Graeber's Debt

Here is a critique of Graeber's Debt: The First 5,000 Years by Juan Conatz.  

http://libcom.org/library/review-debt-first-5000-years-david-graeber

He basically says that Graeber neglects human labor exploitation in the development of Capitalism, as one would expect from a Marxist-Anarchist.  The meaning of slavery as being ripped from one's context does not say enough as the critique goes, because getting the slave to do work for little or no pay is a more important and neglected component of slavery in Graeber.  The reviewer Juan Conatz also charges Graeber with not fleshing out theories on commodities and value, leveling the charge the he in general misses the meaning and function of Capitalism.  

 

This review can offer a touchstone for debating economic ideas we have discussed in the class.  My first thought is: "How important are banks as creators of money vs. labor as creators of value?  Can these two focuses, the one being on the structural perpetuation of credit/debt bubbles and the other being on the exploitation of worker's labor, be complementary?"

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