An act of Justice?

The debt system that existed in Babylon is strikingly similar to the loan system that currently exists in the United States: the high interest rates basically trap the debtor in a continuous cycle of debt, loans, and foreclosure. However, King Hammurabi, following the trend of other similar rulers, decides to do free his people from this oppression by releasing the common people of their debts. However, like the government bailouts of banks and companies in the modern day, I am not so sure if releasing the common people of debt is the best option for Hammurabi. In the text, Mieroop argues that this act of justice was practical because it did not negatively affect the creditor class and also because it benefited the king’s reputation. However, like modern day government bailouts, I feel as though the debt-release system would be detrimental for the society as a whole in the long run because the common people would continue to borrow money from the creditor class, with the mindset that if all goes wrong, the king will release them from the debt. It interferes with the morale of the working class, as they will be more likely to borrow knowing that the consequences are not too disastrous and also not work as hard to work off the debt. Therefore, although King Hammurabi’s act of “justice” may seem commendable at first, in the long-run, it may have caused problems in the society as a whole.