Michael Hudson describes how the dynamics of interest-bearing debt led to the rise of oligarchic lenders in classical Greece and Rome. This, in turn, gave birth to social polarization, widespread austerity, uprisings, and wars, ultimately resulting in the collapse of Rome and its transformation into a regime of serfdom and feudalism. This collapse bequeathed to later Western civilization a legal philosophy favoring creditors, which led to today’s financial system oligarchies.

This is the story told in The Collapse of the Ancient World, revealing the chilling parallels between the crumbling Roman world and today’s heavily indebted Western societies.

What others have said/written about the book:

In this monumental work, Hudson overturns everything most of us have been taught about ancient Athens and Sparta, Greece and Rome, Caesar and Cicero, as well as about kings and democracy. Modern debt and economic crises have their roots in the greed and violence of ancient oligarch-creditors, as also reflected in their laws, ultimately leading to the destruction of classical civilizations.

James K. Galbraith, author of Welcome to the Poisoned Chalice: The Destruction of Greece and the Future of Europe.

In this fascinating book, Hudson examines the rise of the predatory rentier oligarchies of classical Greece and Rome. In a compelling and captivating way, he argues that the debt trap led to the devastation of rural populations, states, and ultimately those very civilizations themselves.

Martin Wolf, Chief Economics Commentator, Financial Times