Debt: The First 5,000 Years

by David Graeber

In the old days, if anybody got into trouble or debt in the upper parts of the Cross River, and wanted ready money, he used generally to “pledge” one or more of his children, or some other members of his family or household, to one of the Akunakuna traders who paid periodical visits to his village. Or he would make a raid on some neighboring village, seize a child, and sell him or her to the same willing purchaser.74 The passage only makes sense if one recognizes that debtors were also, owing to their membership in the secret societies, collectors. The seizing of a child is a reference to the local practice of “panyarring,” current throughout West Africa, by which creditors despairing of repayment would simply sweep into the debtor’s community with a group of armed men and seize anything—people, goods, domestic animals—that could be easily carried off, then hold it hostage as security.75 It didn’t matter if the people or goods had belonged to the debtor, or even the debtor’s relatives. A neighbor’s goats or children would do just as well, since the whole point was to bring social pressure on whoever owed the money. As William Bosman put it, “If the Debtor be an honest man and the Debt just, he immediately endeavours by the satisfaction of his Creditors to free his Countrymen.”76 It was actually a quite sensible expedient in an environment with no central authority, where people tended to feel an enormous sense of responsibility toward other members of their community and v...