Search results for ""author louis hyman""

Before 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 of personal debt in modern America, Debtor Nation traces the evolution of debt over the course of the twentieth century, following its transformation from fringe to mainstream--thanks to federal policy, financial innovation, and retail competition. How did banks begin making personal loans to consumers during the Great Depression? Why did the government invent mortgage-backed securities? Why was all consumer credit, not just mortgages, tax deductible until 1986? Who invented the credit card? Examining the intersection of government and business in everyday life, Louis Hyman takes the reader behind the scenes of the institutions that made modern lending possible: the halls of Congress, the boardrooms of multinationals, and the back rooms of loan sharks. America's newfound indebtedness resulted not from a culture in decline, but from changes in the larger structure of American capitalism that were created, in part, by the choices of the powerful--choices that made lending money to facilitate consumption more profitable than lending to invest in expanded production. From the origins of car financing to the creation of subprime lending, Debtor Nation presents a nuanced history of consumer credit practices in the United States and shows how little loans became big business.

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Consuming with a conscience is one of the fastest growing forms of political participation worldwide. Every day we make decisions about how to spend our money and, for the socially conscious, these decisions matter. Political consumers "buy green" for the environment or they "buy pink" to combat breast cancer. They boycott Taco Bell to support migrant workers or Burger King to save the rainforest. But can we overcome the limitations of consumer identity, the conservative pull of consumer choice, co-optation by corporate marketers, and other pitfalls of consumer activism in order to marshal the possibilities of consumer power? Can we, quite literally, shop for change? Shopping for Change brings together the historical and contemporary perspectives of academics and activists to show readers what has been possible for consumer activists in the past and what might be possible for today’s consumer activists.

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