How Debt Spurs Economic Growth
As mankind evolved they needed a way to store value that wasn’t cumbersome. Sure, trading a cow for supplies seems like a good idea, but what about wages? Do you get a cow or a peck of barley for a good day of labor? Well actually, yes. That is exactly what happened. It held back commerce because you needed an immediate need between two or more parties to have an equitable exchange of value. And God forbid you were really good at mass-producing something. The oversupply of that item would make it worthless.
Even before mankind invented money as a store of wealth, people were able to borrow. Rather than make an equitable trade now, you would promise to provide a good or service later. And you better keep up your end of the bargain. The punishment for reneging on a debt was severe. You could lose a hand, be imprisoned, forced into servitude (slavery) or outright killed. No, in the early days of money and prior, it was best to honor your commitments. The alternative was unthinkable.