Debtor Nation: The History of America in Red Ink (Politics and Society in Modern America)
| Author | : | |
| Rating | : | 4.67 (916 Votes) |
| Asin | : | 0691156166 |
| Format Type | : | paperback |
| Number of Pages | : | 392 Pages |
| Publish Date | : | 2016-04-28 |
| Language | : | English |
DESCRIPTION:
By the end of the century, however, the most profitable corporations and banks in the country lent money to millions of American debtors. America's newfound indebtedness resulted not from a culture in decline, but from changes in the larger structure of American capitalism that were created, in part, by the choices of the powerful--choices that made lending money to facilitate consumption more profitable than lending to invest in expanded production. Before the twentieth century, personal debt resided on the fringes of the American economy, the province of small-time criminals and struggling merchants. How did this happen? The first book to follow the history of personal debt in modern America, Debtor Nation traces the evolution of debt over the course of the twentieth century, following its transformation from fringe to mainstream--thanks to federal policy, financial innovation, and retail competition.How did banks begin making personal loans to consumers during the Great Depression? Why did the governmen
. Louis Hyman is assistant professor of history at the ILR School of Cornell University
For pre-professionals or college students interested in debt access and use in the U. Legislators should read it. Debtor Nation is particularly relevant given the recent financial crisis and after reading it, it is clear that a complete story of the crisis must begin decades earlier. It manages to weave together a long history of developments within America's credit markets in a narrative that is both fascinating and frightening."--Choice "Hyman has written an insightful book about the evolution of U.S. credit markets. One of Choice's Outstanding Academic T
"The Power of Debt" according to T. Graczewski. Never mind the cheesy harlequin romance novel cover, this is a serious book. Perhaps the most amazing thing about Louis Hyman’s “Debtor Nation: The History of America in Red Ink,” the story of personal debt (namely, consumer loans, long term home mortgages, and credit cards) in twentieth century America, is that it hasn’t been written before. Moreover, it was written as a PhD dissertation, and in American history, not economics (Hyman was award. thomas smith said Excellent financial history, and surprising. Superbly detailed, this explanation of the rise of an economy that depends on debtors offers numerous surprises. Of particular note is the limited role of bankers. They were reluctant lenders. The government had to offer guarantees before bankers would extend mortgage debt. Retailers were obliged to extend credit, despite the non-cooperation of banks, when other marketing strategies failed to produce a steady supply of consumers. The snowball of finance grew into an e. Jim Altfeld said Explains How We Arrived at Where We Are. This was a wonderfully eye-opening book that does a superb job of explaining the history of Credit in America and how the US Government, especially Johnson's Great Society, started us on the path to ruin. It's the best history lesson you will ever get on how credit became King in America. And Yes, blame the banks and financial institutions, but more so, blame the US Government for its consistency in never thinking things through. I actually read this and Birth of a Sa