ABSTRACT
Debt: The First 5,000 Years was a controversial book at the time of its publication; while David Graeber’s ideas have been ignored by most economists, a few have expressed opposition or support. Smith, an assistant professor of finance at Stony Brook University and a popular economics writer, says that many monetary economists already recognize that credit preceded barter. He suggests that Graeber accuses economists of misleading the public without understanding the diversity of views within economics. Smith also argues that Graeber’s proposal for debt cancellation in response to overwhelming debt levels would make lenders very unwilling to lend in the future, and would reward those bold enough to take out large loans rather than those in need. Graeber has been accused by many of his detractors of being unwilling to accept any criticism.
