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[[File: King William III 1-1-e1509187620207.jpg|thumb|left|Figure 1. William of Orange was given the idea to create the concept of public debt by creating the Bank of England. ]]
== Were ancient Empires such as Rome in debt? ==
In ancient societies, such as Rome, Mesopotamia, and Egypt, governments were generally creditors and not in debt. They would finance institutions or individuals at given lending rates. At times of war or major state projects, funds would be raised through taxes and directly used if there was an immediate crisis where the state-required financial support, the state would generally turn to its wealthy families.
Wealthy families had an incentive to give their money to the state if it meant the survival of the country, as the most affluent families were often the ones that ruled or had the most to lose. The state could even confiscate wealth to finance its enterprises. The general pattern in antiquity, particularly in the Old World, is that the country would allow creditors to loan individuals and debt.
