Borrow: The American Way of Debt
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
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LibraryThing ReviewUser Review - Carlie - LibraryThing
Beginning with a story about a young couple who purchase a house only to discover that the terms of the mortgage are set up in a way that makes repayment very difficult, the couple must refinance in ... Read full review
BORROW: The American Way of DebtUser Review - Kirkus
From an economic historian, a timely look at the evolution of consumer debt in the United States.Staggering debt, specifically in the form of student loans, accounts for many of the numbers swelling ... Read full review