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Privateers were buccaneers to whom a king granted legal immunity and safe harbor in return for a share of the booty. Their charge was to extract physical wealth from foreign lands and peoples by whatever means—including the execution of rulers and the slaughter and enslavement of native inhabitants. 
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Scoop.it!
David Graeber is an American anthropologist who teaches at the London School of Economics. He is the author of the classic “Debt: The First Five Thousand Years” and played an important role in the launching of Occupy Wall Street. Last year, he wrote a much-discussed essay asking what happened to society’s old promise of more leisure time for workers; for the tasks that have come to occupy the hours that were once promised to be ours, Graeber invented the delicate and slightly obscure label, “bullshit jobs.”
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1) Adam Smith first proposed in ‘The Wealth of Nations’ that as soon as a division of labor appeared in human society, some specializing in hunting, for instance, others making arrowheads, people would begin swapping goods with one another (6 arrowheads for a beaver pelt, for instance.) This habit, though, would logically lead to a problem economists have since dubbed the ‘double coincidence of wants’ problem—for exchange to be possible, both sides have to have something the other is willing to accept in trade. This was assumed to eventually lead to the people stockpiling items deemed likely to be generally desirable, which would thus become ever more desirable for that reason, and eventually, become money. Barter thus gave birth to money, and money, eventually, to credit.
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“Back in the 1930s, Henry Ford is supposed to have remarked that it was a good thing that most Americans didn’t know how banking really works, because if they did, “there’d be a revolution before tomorrow morning”.
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