Hyman provides a satisfying answer to the first of those questions -- and only the first -- by giving a concise account of the rise of credit in this country since the 19th century, in particular the ways public policy and private profit joined forces to plunge us all deep in hock. Hyman has researched his subject deeply, and his diligence shows. An essential story of the American economy. In recent years, access to credit is more wide-spread but the quality of credit options remains uneven. Borrow examines how the rise of consumer borrowing—virtually unknown before the twentieth century—has altered our culture and economy. But it is also an accessible story concerning a timely economic reality of today's American experience. A critical academic investigation into an obscure arena of American historiography that has largely been neglected.
Anyone who has ever wondered how we got into the mess we are now in must read this powerful book. It sounds just like it happened today. I certainly agree with the author that without context, one cannot say that debt is either good or bad. And what should we do to make sure excessive borrowing -- or, as the author might put it, excessive lending -- doesn't bring us to the brink of economic Armageddon again? A critical academic investigation into an obscure arena of American historiography that has largely been neglected. Even having a mortgage was on the edge.
Hyman mumbles something about the need for government bureaus to evaluate business borrowers and securitize loans to them, but this is neither sensible nor realistic. It details the sequence of changes in culture and policies that brought us to where we are today. It is well written enough and for those with an interest in the subject of personal debt and credit cards etc. It was amazing to learn things like balloon mortgages existed in the 1910s. It's such a great book. This is a fine example of economic history writing with much-needed perspective on our current financial troubles. It was definitely interesting to learn about the slow evolution of debt from an unmentioned character blemish through common acceptance to a near necessity.
I guess my only regret is t This was a pretty interesting book that chronicled the history of American debt, starting from the early 1900s. But few realize just what an effective rope-producer our nation has become. Hyman indicates that although policymakers declare the worst of our current financial crisis ended in mid-2009, important causes continue, and he concludes, 'Debt, along with every other aspect of capitalism, is something that we have created and have the capacity to master. We just don't learn - after all big government is evil, even when it works to our mutual benefit. The author starts the book with a story a just such a family who loses it all.
Hyman not only traces how consumer debt reached this point but also what might be done to reverse the mess. There's foreshadowing, and then there's telling the same story with different words over and over. 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. Readers will come to understand that credit difficulties are not new. And serfdom was a concept invented by Google. Borrow examines how the rise of consumer borrowing--virtually unknown before the twentieth century--has altered our culture and economy.
Footage from the event is available here or on Youtube. One interesting tangent that I feel the author didn't explore, but could have, would be the intersection of debt and marginalized populations. Hyman not only traces how consumer debt reached this point but also what might be done to reverse the mess. It isn't too technical, but it does tend to drag in places. Some- as historians have well documented- continued to work in the fields illegally, but just as many- as historians have largely ignored- began to work on construction sites, on factory floors,and in chemical shops.
Hyman was a 1999—2000 at the , during which time he studied. It would also provide better understanding for those who need to evaluate how much debt they wish to incur. Readers will come to understand that credit difficulties are not new. She also stressed that credit markets have not been experienced equally by all Americans. Anyone who has ever wondered how we got into the mess we are now in must read this powerful book. She makes the case that we must address a two-tiered credit system in order to prosper as a unified country. Inequality, stagnant incomes and soaring college and medical costs also drive excessive borrowing.
Borrow should also appeal to those executives who believe that the U. Americans of color and low-income people were excluded from credit opportunities for decades. In 2007, Hyman earned a PhD in from. However, the actual story he tells happened in 1929! It details the sequence of changes in culture and policies that brought us to where we are today. Economic growth is small business growth. He touches on it when he talks about how the credit departments at department stores some of the first issuers of credit initially viewed their role as surrogate husbands controlling what were assumed to be the spendthrifty ways of female customers. Maybe the most necessary nonfiction reading at present.
But it is also an accessible story concerning a timely economic reality of today's American experience. Reviews and mentions of publications, products, or services do not constitute endorsement or recommendation for purchase. However, I'm not sure I'd reach the same conclusion about getting the government involved in encouraging the securitization of business debt. Articles published in strategy+business do not necessarily represent the views of the member firms of the PwC network. Borrow examines how the rise of consumer borrowing—virtually unknown before the twentieth century—has altered our culture and economy.