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The first was that the aristocrats could win, and the poor remain “slaves of the rich”—which in practice meant that most people would end up clients of some wealthy patron. Such states were generally militarily ineffective.16 The second was that popular factions could prevail, institute the usual popular program of redistribution of lands and safeguards against debt peonage, and thus create the basis for a class of free farmers whose children would, in turn, be free to spend much of their time training for war.17 Coinage played a critical role in maintaining this kind of free peasantry—secure ...more
Debt: The First 5,000 Years
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