By Louis Hyman
During this energetic heritage of buyer debt in the United States, monetary historian Louis Hyman demonstrates that today's difficulties are usually not as new as we predict.
"Borrow" examines how the increase of buyer borrowing—virtually unknown ahead of the 20 th century--has altered our tradition and economic system. beginning within the years earlier than the good melancholy, elevated entry to funds raised residing criteria but additionally brought unexpected hazards. As lending grew progressively more ecocnomic, it displaced cash on hand for company borrowing, atmosphere our economic climate on an unsustainable path. informed in the course of the vibrant tales of people and associations tormented by those adjustments, "Borrow" charts the collision of trade and tradition in twentieth-century the US, giving an historic viewpoint on what's new—and what's not—in today's monetary turmoil.
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Extra resources for Borrow: The American Way of Debt
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It remained largely an American phenomenon until the late 1940s when, in the hands of another group of people unconnected with Mormonism – one of them a Quaker by birth and upbringing , if not by persuasion, but still strongly influenced by Quaker values – it would make a great leap across the Pacific to Japan, an event which will be briefly chronicled in Chapter 10. The US Occupation of Japan would change the way business was done in that and other countries, and much else besides. fm Page 37 Tuesday, January 30, 2007 5:28 PM 4 The Profound Influence of French Technology If Puritan England was the father of America’s emerging managerial culture, revolutionary France was its mother.
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Borrow: The American Way of Debt by Louis Hyman