From Ancient Babylon to Monopoly, and the City of London

What Do Klaus Schwab, Monopoly, Ancient Babylon, and the City of London Have in Common?

The seemingly disparate elements of Klaus Schwab, the board game Monopoly, Ancient Babylon, and the City of London are tied together by a recurring theme in human history: the concentration of wealth and power in the hands of a few, often at the expense of the many. This article explores how these entities illustrate cycles of economic inequality and societal responses to it.

Lizzie Magie and Monopoly: A Warning Ignored

The origins of the board game Monopoly reveal its creator’s intention to critique economic systems that concentrate wealth. Lizzie Magie, a Georgist and feminist, patented The Landlord’s Game in 1904 to demonstrate the negative effects of monopolies and land speculation. The game featured two rule sets: one promoting monopolistic behavior (the version we know today) and another called “Prosperity,” which rewarded all players as wealth grew collectively. Magie designed these contrasting rules to illustrate how different economic systems impact society—one fostering inequality and debt, the other promoting shared prosperity3413.

Unfortunately, Magie’s vision was largely overshadowed when Charles Darrow commercialized the monopolistic version, leading to its mass production by Parker Brothers. The game’s enduring popularity reflects a societal fascination with competition and accumulation rather than collaboration and equity912.

For those interested in exploring Magie’s original rules for The Landlord’s Game, including the Prosperity variant, they are available here 1.

Ancient Babylon: Debt Forgiveness as a Solution

Over 6,000 years ago, Ancient Babylon grappled with similar issues of wealth concentration. The creditor class often accumulated vast resources while indebting the rest of society. Recognizing the destabilizing effects of such inequality, Babylonian rulers implemented debt jubilees—periodic cancellations of debts—to restore balance. These “clean slates” freed bondservants, returned land to debtors, and prevented economic collapse56.

One notable example is King Hammurabi’s Code, which included provisions for debt forgiveness in cases of failed harvests or natural disasters. This practice highlights an early understanding that unchecked debt accumulation could enslave populations and undermine societal stability6.

Klaus Schwab and the “Endgame” of Monopoly

Fast forward to today, Klaus Schwab, founder of the World Economic Forum (WEF), has become a polarizing figure in discussions about global wealth distribution. Schwab’s controversial assertion that “you will own nothing and be happy” reflects a vision for a future where Universal Basic Income (UBI) might replace traditional ownership models for most people. Critics argue this could cement a two-class system: a creditor elite owning most assets globally and a dependent majority living on subsistence-level stipends12.

This scenario mirrors the “endgame” of Monopoly in real life—where wealth accumulates in fewer hands until most players are bankrupt. Schwab’s proposals are seen by some as an acknowledgment that we are nearing this point on a global scale.

The City of London: A “Modern Babylon”

The City of London serves as another piece in this puzzle. Often referred to as “New Babylon,” it exemplifies financial systems that centralize wealth and power. As home to the Bank of England—the model for central banks worldwide—the City has long been a hub for global finance. Central banks, with their ability to create money and set interest rates, have historically favored creditor classes by prioritizing financial stability over broader economic equity78.

This parallels Ancient Babylon’s creditor-driven economy but without mechanisms like debt jubilees to reset imbalances. Instead, modern financial systems perpetuate cycles of debt through mechanisms like compound interest and austerity measures.

A Tale of Two Futures

Lizzie Magie’s suppressed Prosperity rules offer an alternative vision: one where economic systems reward collective growth rather than individual accumulation. Similarly, Ancient Babylon’s debt jubilees demonstrate that societies can intervene to prevent wealth concentration from spiraling out of control.

In contrast, today’s trajectory—reflected in Schwab’s proposals and the financial dominance of institutions like those in the City of London—risks creating a dystopian future where inequality becomes permanent. Whether through UBI or other means, such systems could institutionalize dependency while preserving elite privilege.

Conclusion

From Ancient Babylon’s debt jubilees to Lizzie Magie’s Landlord’s Game, history offers lessons on managing wealth inequality. Yet today’s global economy seems poised to repeat past mistakes on an unprecedented scale. Whether humanity chooses collaboration over competition—or continues down the path toward monopolistic concentration—will define our collective future.

As we stand at this crossroads, perhaps it is time to revisit Magie’s forgotten rules or Babylonian principles of debt forgiveness before it’s too late.