Moore, Karl and David Lewis. 2009. The Origins of Globalization (New York: Routledge).
30: "Records show one household employing almost 6,000 weavers. Some large Sumerian households boasted a workable "factory" system." Pollock, Susan. 1999. Ancient Mesopotamia: The Eden that Never Was (Cambridge: Cambridge University Press): p. 35. 51-2: In ancient Ur, Ea-Nasir ran a thriving import export business with Dilmun, which encompassed Bahrain, part of modern Kuwait near Bahrain and an island off Kuwait. He assembled investors to help finance his operations, sometimes for enormous profits. The temple at Nannar in Ur had also been investing in these expeditions since Sargon's Akkadian Empire. The great crash in 1788 BCE wiped out the hundreds of investors in his expedition at a time when the population was probably 15,000 to 20,000 people. People were borrowing in order to reap huge profits. When the profits turned out to be insufficient to cover the loans, the state declared all loans now and void, even though previously debtors faced a potential death penalty for defaulting. Interest rates soared. Other countries soon took advantage of the weakened economy until Hammurabi and the Amorites of Babylon conquered Sumer. I missed the Hudson post. He might have already mentioned it. -- Michael Perelman Economics Department California State University Chico, CA 95929 530 898 5321 fax 530 898 5901 http://michaelperelman.wordpress.com _______________________________________________ pen-l mailing list [email protected] https://lists.csuchico.edu/mailman/listinfo/pen-l
