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by missedthecue
2195 days ago
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The increase in money lending us directly correlated with a vast increase in the standard of living for the average human. Just because you buy a dollar rather than a shirt does not suddenly make you exploited. Imagine if everything debt is used for had to be bought in full. Very few people would own homes. Very few capital investment projects would be undertaken. Very few automobiles would be owned. Your life is far better because debt exists. There is no society where debt does not exist that is doing better than societies that allow debt. |
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You said it yourself, it's correlation, not causation. There are other factors that occurred in that time frame that increased the standard of living for people.
> Imagine if everything debt is used for had to be bought in full
That's how things were generally run back in the day, people saved up, then bought what they wanted. Also, people purchased on installments.
Your argument is basically that the ends justifies the means. That economic growth is the end goal, sell more cars, etc. so we need to put everyone in debt. We are already seeing the huge wealth gaps that exist in hyper capitalistic societies, due to no small part to running everything on interest and other immoral practices. I posit that if there were no interest, things would be more fair, and producers would have to reduce prices, making it easier for people to own stuff, compared to the inflation we see.