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Borrow : American Way of Debt (12 Edition)

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Borrow : American Way of Debt (12 Edition) Cover

 

Synopses & Reviews

Please note that used books may not include additional media (study guides, CDs, DVDs, solutions manuals, etc.) as described in the publisher comments.

Publisher Comments:

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

Review:

"Credit is both a ticket to good times and an economic cancer in this savvy history of consumer debt. Economic historian Hyman takes readers from the 19th century, when household borrowing was considered immoral and illegal, to our current reliance on ubiquitous consumer borrowing as economic engine and marker of middle-class respectability. It's a story of unsung but crucial innovations in the plumbing of the economy: mass mortgage lending and securitization, which caused as much mischief in the Great Depression as in today's subprime crisis; auto-loan operations that turned carmakers into giant banks; the fraud-ridden construction of the Visa and Mastercard credit card networks. Intelligently analyzing both the economics and the social meaning of debt, Hyman grounds these developments in commercial imperatives and an evolving consumer culture, and links them to deeper economic upheavals. Credit fueled growth, he argues, but it also generated instability and asset bubbles, and corroded America's productive capacities: as consumer lending became more profitable than actually making things, corporations poured their money into financing credit and killed off their manufacturing operations. Stocked with colorful personalities and trenchant insights, Hyman's lucid, entertaining, and timely treatise illuminates the murky processes by which debt became the troubled center of economic life. Photos." Publishers Weekly Copyright PWxyz, LLC. All rights reserved.

About the Author

Louis Hyman attended Columbia University, where he received a BA in history and mathematics. A former Fulbright scholar and a consultant at McKinsey & Co., he received his PhD in American history in 2007 from Harvard University. He is currently an assistant professor in Cornell University’s School of Industrial and Labor Relations, where he teaches history.

Product Details

ISBN:
9780307741684
Author:
Hyman, Louis
Publisher:
Vintage Books
Subject:
General History
Subject:
Economic History
Subject:
US History-General
Subject:
Business-History and Biography
Subject:
debt;economics
Edition Description:
Trade paper
Series:
Vintage Original
Publication Date:
20120131
Binding:
TRADE PAPER
Language:
English
Illustrations:
19 ILLUSTRATIONS
Pages:
304
Dimensions:
7.99 x 5.14 x 0.6 in 0.62 lb

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Related Subjects

Business » History and Biographies
Featured Titles » History and Social Science
History and Social Science » Economics » General
History and Social Science » Economics » US Economy
History and Social Science » US History » 20th Century » General
History and Social Science » World History » General

Borrow : American Way of Debt (12 Edition) Used Trade Paper
0 stars - 0 reviews
$8.00 In Stock
Product details 304 pages Vintage Books - English 9780307741684 Reviews:
"Publishers Weekly Review" by , "Credit is both a ticket to good times and an economic cancer in this savvy history of consumer debt. Economic historian Hyman takes readers from the 19th century, when household borrowing was considered immoral and illegal, to our current reliance on ubiquitous consumer borrowing as economic engine and marker of middle-class respectability. It's a story of unsung but crucial innovations in the plumbing of the economy: mass mortgage lending and securitization, which caused as much mischief in the Great Depression as in today's subprime crisis; auto-loan operations that turned carmakers into giant banks; the fraud-ridden construction of the Visa and Mastercard credit card networks. Intelligently analyzing both the economics and the social meaning of debt, Hyman grounds these developments in commercial imperatives and an evolving consumer culture, and links them to deeper economic upheavals. Credit fueled growth, he argues, but it also generated instability and asset bubbles, and corroded America's productive capacities: as consumer lending became more profitable than actually making things, corporations poured their money into financing credit and killed off their manufacturing operations. Stocked with colorful personalities and trenchant insights, Hyman's lucid, entertaining, and timely treatise illuminates the murky processes by which debt became the troubled center of economic life. Photos." Publishers Weekly Copyright PWxyz, LLC. All rights reserved.
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