In this lively history of consumer debt in America, economic historian Louis Hyman demonstrates that today’s problems are not as new as we think.
Borrow examines how the rise of consumer borrowing—virtually unknown before the twentieth century—has altered our culture and economy. Starting in the years before the Great Depression, increased access to money raised living standards but also introduced unforeseen risks. As lending grew more and more profitable, it displaced funds available for business borrowing, setting our economy on an unsustainable course. Told through the vivid stories of individuals and institutions affected by these changes, Borrow charts the collision of commerce and culture in twentieth-century America, giving an historical perspective on what is new—and what is not—in today’s economic turmoil.
A Paperback Original
Product Features
- Borrow
- The American Way of Debt
- Louis Hyman
Very thorough and complete chronology I heard about this book on Marketplace (from APM). While I don’t usually buy the books they mention, this one stuck out to me because I didn’t know much about how or why we got to rely on credit.This is a history book about credit. It may not be your cup of tea, but it is articulate, thorough, informative, and very enjoyable for me. For example, did you know that one of the causes of the great depression was over-extension of credit, both consumer (back then installments) and…
Concise, engaging, and informative: well worth reading. “Don’t ask just why Americans borrowed; ask why our financial institutions lent! To avoid this calamity, we must not pretend that by sending some traders to prison we have rectified our economy… The fragile recovery we now enjoy will wilt again as soon as interest rates rise…” (Borrow, p 252)This book makes a genuine attempt to explain why the foregoing is true. The story of American debt is a surprisingly engaging story; by the time the book becomes technical I was hooked – and…