How ancient Mesopotamians solved runaway debt

Description

Long before modern economics, rulers such as Hammurabi in ancient Mesopotamia grappled with a political problem that still haunts our economies today: when people’s debts grow faster than their ability to repay them, the entire economic system can start to crack. Hammurabi adopted a radical solution: cancel debts entirely. Amanda H Podany, professor emeritus of history at California State Polytechnic University, Pomona, and a research affiliate at New York University, tells The Story of Money hosts, FT columnist Gillian Tett and FT Alphaville editor Robin Wigglesworth, what these debt jubilees say about how the ancient Mesopotamian economy worked and what it might teach us about debt today. To enjoy future episodes, be sure to subscribe to The Story of Money wherever you get your podcasts, also on the show's dedicated YouTube channel here.Learn more at ft.com/tsomWant more?Check out Dr Podany’s book, Weavers, Scribes, and Kings: A New History of the Ancient Near East Hosts: Gillian Tett and Robin WigglesworthProducer: Lulu SmythSenior Producers: Michela Tindera and Laurence KnightExecutive Producers: Flo Phillips and Manuela SaragosaOriginal music and sound engineering: Breen TurnerBroadcast engineers: Bianca Wakeman and Petros GioumpasisPodcast Development: Laura ClarkeFT Global Head of Audio: Cheryl BrumleyVideo editor: Kristen Kenton at Podcast DiscoveryRead a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.