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Borrow : the American way of debt : [how personal credit created the American Middle Class and almost bankrupted the nation] by Hyman, Louis is a nonfiction available to read on EtoBox.

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CHAPTER ONE<br><br>WHEN PERSONAL DEBT WAS REALLY BUSINESS DEBT (2000 B.C.- A.D. 1920)<br><br>Academic histories of debt in America usually start in Italy, their introductory paragraphs awkwardly positioning the fourteenth-century Medici bankers as Citibankers in tunics. Popular histories, such as those scattered in newspaper articles, CEO speeches, or lenders' pamphlets, go even further into the past, like this account from one of the largest U.S. credit card companies: "Credit dates back as far as man's known existence. Clay tablets belonging to the year 2000 B.C. tell of credit transactions, and records indicate that ancient Romans bought homes and other durable goods on installment plans-just as men do today."1 Though it's true that people have always borrowed, the way in which we borrow in the United States today is unprecedented. Never before has personal debt been so central to how an economy works. Never before has borrowing to consume been such big business.<br><br>Big business, on the other hand, has always borrowed. Historians frequently date the beginning of the modern capitalist (as opposed to the medieval) era to when states and businesses began to incur large debts. T

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Author

Hyman, Louis

Publisher

Knopf Doubleday Publishing Group;Vintage Books

Published

2012

Language

EN

ISBN

9780307744906

Category

nonfiction

Subjects

Economics, Finance, Business

Rating

3.9 / 5 (111 ratings)

Updated

2026-03-14