...and Forgive Them Their Debts: Lending, Foreclosure and Redemption from Bronze

<p><strong>Selected</strong> <strong>"Best Books of 2018: Economics" by The Financial Times</strong></p><p>In .<strong><em>..and forgive them their debts</em></strong>, renowned economist Michael Hudson - one of the few who could see the 2008 financial crisis coming - takes us on an epic journey through the economies of ancient civilizations and reveals their relevance for us today. For the past 40 years, in conjunction with Harvard's Peabody Museum, he and his colleagues have documented how interest-bearing debt was invented in Bronze Age Mesopotamia, and then disseminated to the ancient world. What the Bronze Age rulers understood was that avoiding economic instability required regular royal debt cancellations. Professor Hudson documents dozens of these these royal edicts and traces the archeological record and history of debt, and how societies have dealt with (or failed to deal with) the proliferation of debts that cannot be paid - and their consequences. In the pages of <strong><em>...and forgive them their debts</em></strong>, readers will discover how debt played a central role in shaping ancient societies, and how it continues to shape our world - often destructively.</p><p><strong>The Big Question: </strong> What happens when debts cannot be paid? Will there be a writedown in favor of debtors (as is routinely done for large corporations), or will creditors be allowed to foreclose (as is done to personal debtors and mortgagees), leading to the creditors' political ta