Without Capitalism, would debt exist?

[jes'fuchinwitcha]

Serfdom was a debt peasants owed , and little or no capital was involved, essentially trading labor for protections and some legal rights.

Could they pay their debt off?

[Chuck]

Could they pay their debt off?

Via manumission, yes. Wealth was measured in land and livestock in many places, not money, and not just in the West.

[Peter1469]

Debt used correctly is money.

[jes'fuchinwitcha]

A THOUGHT FOR TODAY:
Don't be seduced into thinking that that which does not make a profit is without value. -Arthur Miller, playwright and essayist (17 Oct 1915-2005)

[Newpublius]

A THOUGHT FOR TODAY:
Don't be seduced into thinking that that which does not make a profit is without value. -Arthur Miller, playwright and essayist (17 Oct 1915-2005)

Of course there is value, that's not the issue. The problem is that you are creating something that has value by sacrificing things that have MORE value. Profit is an economic signal to producers about which goods and services that are in demand versus those that just aren't desired as much.

[Newpublius]

It’s a brand new thought for me, I’m going to think about it.

Humans have been keeping ledgers since at least Sumer in Mesopotamia.

[zelmo1234]

Russia and China both carry Debt. But under a Communist Government, you can always just proclaim that the debt does not exist. and it goes away. Those holding the debt are just screwed

[Just AnotherPerson]

It’s a brand new thought for me, I’m going to think about it.

Yes, debt would still exist without capitalism.

[zelmo1234]

Could they pay their debt off?

the short answer is YES, but it was rigged against them so it never happened.

Much like Share Cropping, the Plantation owner, just never found a way to make money.

[zelmo1234]

A THOUGHT FOR TODAY:
Don't be seduced into thinking that that which does not make a profit is without value. -Arthur Miller, playwright and essayist (17 Oct 1915-2005)

This is very, very true, and one thing that you will find that you and I agree on.

The best things in life, are without profit.

The problem comes when people expect to be paid for things that don't create a profit or service.