Description
Book SynopsisBefore the twentieth century, personal debt resided on the fringes of the American economy, the province of small-time criminals and struggling merchants. By the end of the century, however, the most profitable corporations and banks in the country lent money to millions of American debtors. How did this happen? The first book to follow the history
Trade ReviewOne of Choice's Outstanding Academic Titles for 2011: Top 25 Books "[I]ncredibly timely."--Diane Coyle, The Enlightened Economist blog "[Debtor Nation] does a splendid job unpacking the origins and evolution of credit and debt in the US, an effort that should give news consumers a new and useful perspective on the American consumer... Hyman tells the story of America's debt obsession engagingly and without an overabundance of jargon."--Asa Fitch, The National "As an elegantly crafted historical analysis of how consumer credit grew to a colossus, Debtor Nation is compelling reading. As a well-documented financial analysis, Debtor Nation exposes the weak underside of lenders' balance sheets. Legislators should read it. Lobbyists for banks and other lenders may not be able to ignore it."--Andrew Allentuck, Financial Post "Beautifully written, painstakingly documented, and altogether persuasive, the book provides a comprehensive look at the history of consumer debt in the U.S... [Debtor Nation] is a must read for anyone who wants to understand the modern credit system in the U.S. It manages to weave together a long history of developments within America's credit markets in a narrative that is both fascinating and frightening."--Choice "Hyman has written an insightful book about the evolution of U.S. credit markets. Debtor Nation is particularly relevant given the recent financial crisis and after reading it, it is clear that a complete story of the crisis must begin decades earlier. I recommend this book to anyone wanting to know more about U.S. credit markets, or about how the U.S. became so dependent on debt."--Katharine L. Shester, EH.net "Debtor Nation offers several possibilities for use by family and consumer sciences professionals. For pre-professionals or college students interested in debt access and use in the U. S., this book is a concise source of events and key laws passed to regulate credit and credit access... For educators who cover consumer choice and responsibility, this book is packed with examples of how ignorance is costly and has been used by those in business to profit from the uninformed."--Cathy F. Bowen, Journal of Family and Consumer Sciences
Table of ContentsList of Illustrations ix An Introduction to the History of Debt 1 Chapter One: Making Credit Modern: The Origins of the Debt Infrastructure in the 1920s 10 Chapter Two: Debt and Recovery: New Deal Housing Policy and the Making of National Mortgage Markets 45 Chapter Three: How Commercial Bankers Discovered Consumer Credit: The Federal Housing Administration and Personal Loan Departments, 1934-1938 73 Chapter Four: War and Credit: Government Regulation and Changing Credit Practices 98 Chapter Five: Postwar Consumer Credit: Borrowing for Prosperity 132 Chapter Six: Legitimating the Credit Infrastructure: Race, Gender, and Credit Access 173 Chapter Seven: Securing Debt in an Insecure World: Credit Cards and Capital Markets 220 Epilogue: Debt as Choice, Debt as Structure 281 Acknowledgments 289 Abbreviations 291 Notes 293 References 363 Index 365
