Moksh Juneja

“One might object that [debt peonage] was just assumed to be in the nature of things: like the imposition of tribute on conquered populations, it might have been resented, but it wasn’t considered a moral issue, a matter of right and wrong. Some things just happen. This has been the most common attitude of peasants to such phenomena throughout human history. What’s striking about the historical record is that in the case of debt crises, this was not how many reacted. Many actually did become indignant. So many, in fact, that most of our contemporary language of social justice, our way of speaking of human bondage and emancipation, continues to echo ancient arguments about debt.

It’s particularly striking because so many other things do seem to have been accepted as simply in the nature of things. One does not see a similar outcry against caste systems, for example, or for that matter, the institution of slavery. Surely slaves and untouchables often experienced at least equal horrors. No doubt many protested their condition. Why was it that the debtors’ protests seemed to carry such greater moral weight? Why were debtors so much more effective in winning the ear of priests, prophets, officials, and social reformers? Why was it that officials like Nehemiah were willing to give such sympathetic consideration to their complaints, to inveigh, to summon great assemblies?

Some have suggested practical reasons: debt crises destroyed the free peasantry, and it was free peasants who were drafted into ancient armies to fight in wars. Rulers thus had a vested interest in maintaining their recruitment base. No doubt this was a factor; clearly, it wasn’t the only one. There is no reason to believe that Nehemiah, for instance, in his anger at the usurers, was primarily concerned with his ability to levy troops for the Persian king. It had to be something deeper.

What makes debt different is that it is premised on an assumption of equality.

To be a slave, or lower caste, is to be intrinsically inferior. These are relations of unadulterated hierarchy. In the case of debt, we are talking about two individuals who begin as equal parties to a contract. Legally, at least as far as the contract is concerned, they are the same.”
― David Graeber, Debt - Updated and Expanded: The First 5,000 Years