Download or read book A Culture of Credit written by Rowena OLEGARIO and published by Harvard University Press. This book was released on 2009-06-30 with total page 287 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the growing and dynamic economy of nineteenth-century America, businesses sold vast quantities of goods to one another, mostly on credit. This book explains how business people solved the problem of whom to trust--how they determined who was deserving of credit, and for how much. Rowena Olegario traces the way resistance, mutual suspicion, skepticism, and legal challenges were overcome in the relentless quest to make information on business borrowers more accurate and available.
Download or read book The Economy of Obligation written by C. Muldrew and published by Springer. This book was released on 2016-07-27 with total page 461 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is an excellent work of scholarship. It seeks to redefine the early modern English economy by rejecting the concept of capitalism, and instead explores the cultural meaning of credit, resulting from the way in which it was economically structured. It is a major argument of the book that money was used only in a limited number of exchanges, and that credit in terms of household reputation, was a 'cultural currency' of trust used to transact most business. As the market expanded in the late-sixteenth century such trust became harder to maintain, leading to an explosion of debt litigation, which in turn resulted in social relations being partially redefined in terms of contractual equality.
Download or read book The Character of Credit written by Margot C. Finn and published by Cambridge University Press. This book was released on 2003-08-21 with total page 386 pages. Available in PDF, EPUB and Kindle. Book excerpt: Table of contents
Download or read book Creditworthy written by Josh Lauer and published by Columbia University Press. This book was released on 2017-07-25 with total page 393 pages. Available in PDF, EPUB and Kindle. Book excerpt: The first consumer credit bureaus appeared in the 1870s and quickly amassed huge archives of deeply personal information. Today, the three leading credit bureaus are among the most powerful institutions in modern life—yet we know almost nothing about them. Experian, Equifax, and TransUnion are multi-billion-dollar corporations that track our movements, spending behavior, and financial status. This data is used to predict our riskiness as borrowers and to judge our trustworthiness and value in a broad array of contexts, from insurance and marketing to employment and housing. In Creditworthy, the first comprehensive history of this crucial American institution, Josh Lauer explores the evolution of credit reporting from its nineteenth-century origins to the rise of the modern consumer data industry. By revealing the sophistication of early credit reporting networks, Creditworthy highlights the leading role that commercial surveillance has played—ahead of state surveillance systems—in monitoring the economic lives of Americans. Lauer charts how credit reporting grew from an industry that relied on personal knowledge of consumers to one that employs sophisticated algorithms to determine a person's trustworthiness. Ultimately, Lauer argues that by converting individual reputations into brief written reports—and, later, credit ratings and credit scores—credit bureaus did something more profound: they invented the modern concept of financial identity. Creditworthy reminds us that creditworthiness is never just about economic "facts." It is fundamentally concerned with—and determines—our social standing as an honest, reliable, profit-generating person.
Download or read book Cultures of Financialization written by M. Haiven and published by Springer. This book was released on 2014-10-10 with total page 301 pages. Available in PDF, EPUB and Kindle. Book excerpt: Drawing on a wide range of case studies, Cultures of Financialization argues that, in our age of crisis, the global economy is more invested than ever in culture and the imagination. We must take the idea of 'fictitious capital' seriously as a way to understand the power of finance, and what might be done to stop it.
Download or read book Financing the American Dream written by Lendol Glen Calder and published by . This book was released on 1999 with total page 408 pages. Available in PDF, EPUB and Kindle. Book excerpt: Content Description #Revision of author's thesis (doctoral)--University of Chicago, 1993.#Includes bibliographical references and index.
Download or read book Casualties of Credit written by Carl Wennerlind and published by Harvard University Press. This book was released on 2011-11-30 with total page 361 pages. Available in PDF, EPUB and Kindle. Book excerpt: Modern credit, developed during the financial revolution of 1620–1720, laid the foundation for England’s political, military, and economic dominance in the eighteenth century. Possessed of a generally circulating credit currency, a modern national debt, and sophisticated financial markets, England developed a fiscal–military state that instilled fear in its foes and facilitated the first industrial revolution. Yet a number of casualties followed in the wake of this new system of credit. Not only was it precarious and prone to accidents, but it depended on trust, public opinion, and ultimately violence. Carl Wennerlind reconstructs the intellectual context within which the financial revolution was conceived. He traces how the discourse on credit evolved and responded to the Glorious Revolution, the Scientific Revolution, the founding of the Bank of England, the Great Recoinage, armed conflicts with Louis XIV, the Whig–Tory party wars, the formation of the public sphere, and England’s expanded role in the slave trade. Debates about credit engaged some of London’s most prominent turn-of-the-century intellectuals, including Daniel Defoe, John Locke, Isaac Newton, Jonathan Swift and Christopher Wren. Wennerlind guides us through these conversations, toward an understanding of how contemporaries viewed the precariousness of credit and the role of violence—war, enslavement, and executions—in the safeguarding of trust.
Download or read book The Promise and Peril of Credit written by Francesca Trivellato and published by Princeton University Press. This book was released on 2021-06-08 with total page 424 pages. Available in PDF, EPUB and Kindle. Book excerpt: How an antisemitic legend gave voice to widespread fears surrounding the expansion of private credit in Western capitalism The Promise and Peril of Credit takes an incisive look at pivotal episodes in the West’s centuries-long struggle to define the place of private finance in the social and political order. It does so through the lens of a persistent legend about Jews and money that reflected the anxieties surrounding the rise of impersonal credit markets. By the close of the Middle Ages, new and sophisticated credit instruments made it easier for European merchants to move funds across the globe. Bills of exchange were by far the most arcane of these financial innovations. Intangible and written in a cryptic language, they fueled world trade but also lured naive investors into risky businesses. Francesca Trivellato recounts how the invention of these abstruse credit contracts was falsely attributed to Jews, and how this story gave voice to deep-seated fears about the unseen perils of the new paper economy. She locates the legend’s earliest version in a seventeenth-century handbook on maritime law and traces its legacy all the way to the work of the founders of modern social theory—from Marx to Weber and Sombart. Deftly weaving together economic, legal, social, cultural, and intellectual history, Trivellato vividly describes how Christian writers drew on the story to define and redefine what constituted the proper boundaries of credit in a modern world increasingly dominated by finance.
Download or read book Debtor Nation written by Louis Hyman and published by Princeton University Press. This book was released on 2011-01-03 with total page 391 pages. Available in PDF, EPUB and Kindle. Book excerpt: The story of personal debt in modern America 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.
Download or read book Genres of the Credit Economy written by Mary Poovey and published by University of Chicago Press. This book was released on 2008-04 with total page 523 pages. Available in PDF, EPUB and Kindle. Book excerpt: Banking, borrowing, investing, and even losing money - in other words, participating in the modern financial system - seem like routine activities of everyday life. This book looks at how this came to be the case by examining the history of financial instruments and representations of finance in 18th and 19th century Britain.
Download or read book American Bonds written by Sarah L. Quinn and published by Princeton University Press. This book was released on 2019-07-16 with total page 310 pages. Available in PDF, EPUB and Kindle. Book excerpt: How the American government has long used financial credit programs to create economic opportunities Federal housing finance policy and mortgage-backed securities have gained widespread attention in recent years because of the 2008 financial crisis, but issues of government credit have been part of American life since the nation’s founding. From the 1780s, when a watershed national land credit policy was established, to the postwar foundations of our current housing finance system, American Bonds examines the evolution of securitization and federal credit programs. Sarah Quinn shows that since the Westward expansion, the U.S. government has used financial markets to manage America’s complex social divides, and politicians and officials across the political spectrum have turned to land sales, home ownership, and credit to provide economic opportunity without the appearance of market intervention or direct wealth redistribution. Highly technical systems, securitization, and credit programs have been fundamental to how Americans determined what they could and should owe one another. Over time, government officials embraced credit as a political tool that allowed them to navigate an increasingly complex and fractured political system, affirming the government’s role as a consequential and creative market participant. Neither intermittent nor marginal, credit programs supported the growth of powerful industries, from railroads and farms to housing and finance; have been used for disaster relief, foreign policy, and military efforts; and were promoters of amortized mortgages, lending abroad, venture capital investment, and mortgage securitization. Illuminating America’s market-heavy social policies, American Bonds illustrates how political institutions became involved in the nation’s lending practices.
Download or read book Plastic Money written by Alya Guseva and published by Stanford University Press. This book was released on 2014-02-26 with total page 341 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the United States, we now take our ability to pay with plastic for granted. In other parts of the world, however, the establishment of a "credit-card economy" has not been easy. In countries without a history of economic stability, how can banks decide who should be given a credit card? How do markets convince people to use cards, make their transactions visible to authorities, assume the potential risk of fraud, and pay to use their own money? Why should merchants agree to pay extra if customers use cards instead of cash? In Plastic Money, Akos Rona-Tas and Alya Guseva tell the story of how banks overcame these and other quandaries as they constructed markets for credit cards in eight postcommunist countries. We know how markets work once they are built, but this book develops a unique framework for understanding how markets are engineered from the ground up—by selecting key players, ensuring cooperation, and providing conditions for the valuation of a product. Drawing on extensive interviews and fieldwork, the authors chronicle how banks overcame these hurdles and generated a desire for their new product in the midst of a transition from communism to capitalism.
Download or read book In Praise of Commercial Culture written by Tyler COWEN and published by Harvard University Press. This book was released on 2009-06-30 with total page 289 pages. Available in PDF, EPUB and Kindle. Book excerpt: Does a market economy encourage or discourage music, literature, and the visual arts? Do economic forces of supply and demand help or harm the pursuit of creativity? This book seeks to redress the current intellectual and popular balance and to encourage a more favorable attitude toward the commercialization of culture that we associate with modernity. Economist Tyler Cowen argues that the capitalist market economy is a vital but underappreciated institutional framework for supporting a plurality of co-existing artistic visions, providing a steady stream of new and satisfying creations, supporting both high and low culture, helping consumers and artists refine their tastes, and paying homage to the past by capturing, reproducing, and disseminating it. Contemporary culture, Cowen argues, is flourishing in its various manifestations, including the visual arts, literature, music, architecture, and the cinema. Successful high culture usually comes out of a healthy and prosperous popular culture. Shakespeare and Mozart were highly popular in their own time. Beethoven's later, less accessible music was made possible in part by his early popularity. Today, consumer demand ensures that archival blues recordings, a wide array of past and current symphonies, and this week's Top 40 hit sit side by side in the music megastore. High and low culture indeed complement each other. Cowen's philosophy of cultural optimism stands in opposition to the many varieties of cultural pessimism found among conservatives, neo-conservatives, the Frankfurt School, and some versions of the political correctness and multiculturalist movements, as well as historical figures, including Rousseau and Plato. He shows that even when contemporary culture is thriving, it appears degenerate, as evidenced by the widespread acceptance of pessimism. He ends by considering the reasons why cultural pessimism has such a powerful hold on intellectuals and opinion-makers.
Download or read book The Great Mirror of Folly written by William N. Goetzmann and published by . This book was released on 2013 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The world's first global stock market bubble suddenly burst in 1720, destroying the dreams and fortunes of speculators in London, Paris, and Amsterdam virtually overnight. Their folly and misfortune inspired the publication of an extraordinary Dutch collection of satirical prints, plays, poetry, commentary, and financial prospectuses entitled Het groote Tafereel de Dwaasheid (The Great Mirror of Folly), a unique and lavish record of the financial crisis and its cultural dimensions. The current book adopts the title. It is a book about the book, a wide-ranging interdisciplinary collaboration that uncovers the meaning and influence of the Tafereel and the profound, lasting, and multifaceted impact of the crash of 1720 on European cultures and financial markets.
Download or read book Money and Credit written by Bruce G. Carruthers and published by John Wiley & Sons. This book was released on 2013-05-03 with total page 284 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book offers a fresh and uniquely sociological perspective on money and credit. As basic economic institutions, money and credit are easy to overlook when they work well. When they malfunction, as they did in the new millennium’s global financial crisis, their importance becomes obvious and demands further investigation. Bruce Carruthers and Laura Ariovich examine the social dimensions of money and credit at both the individual and corporate levels, from the development of personal credit and a consumer society, to the role of government in the creation of money. In clear prose, they illustrate how the overall future of the economy is governed by the financial system and the flow of capital into, and out of, firms operating in particular industrial sectors, as well as the social meanings money itself acquires and the ways people distinguish between “dirty” and “clean” money. This accessible and engaging book will be essential reading for upper-level students of economic sociology, and those interested in how the bills, coins and plastic in our pockets shape the world we live in.
Download or read book Emerging Market Bank Lending and Credit Risk Control written by Leonard Onyiriuba and published by Academic Press. This book was released on 2015-08-03 with total page 739 pages. Available in PDF, EPUB and Kindle. Book excerpt: Using a framework of volatile markets Emerging Market Bank Lending and Credit Risk Control covers the theoretical and practical foundations of contemporary credit risk with implications for bank management. Drawing a direct connection between risk and its effects on credit analysis and decisions, the book discusses how credit risk should be correctly anticipated and its impact mitigated within framework of sound credit culture and process in line with the Basel Accords. This is the only practical book that specifically guides bankers through the analysis and management of the peculiar credit risks of counterparties in emerging economies. Each chapter features a one-page overview that introduces its subject and its outcomes. Chapters include summaries, review questions, references, and endnotes. - Emphasizes bank credit risk issues peculiar to emerging economies - Explains how to attain asset and portfolio quality through efficient lending and credit risk management in high risk-prone emerging economies - Presents a simple structure, devoid of complex models, for creating, assessing and managing credit and portfolio risks in emerging economies - Provides credit risk impact mitigation strategies in line with the Basel Accords
Download or read book Corporate Culture and Performance written by John P. Kotter and published by Simon and Schuster. This book was released on 2008-06-30 with total page 234 pages. Available in PDF, EPUB and Kindle. Book excerpt: Going far beyond previous empirical work, John Kotter and James Heskett provide the first comprehensive critical analysis of how the "culture" of a corporation powerfully influences its economic performance, for better or for worse. Through painstaking research at such firms as Hewlett-Packard, Xerox, ICI, Nissan, and First Chicago, as well as a quantitative study of the relationship between culture and performance in more than 200 companies, the authors describe how shared values and unwritten rules can profoundly enhance economic success or, conversely, lead to failure to adapt to changing markets and environments. With penetrating insight, Kotter and Heskett trace the roots of both healthy and unhealthy cultures, demonstrating how easily the latter emerge, especially in firms which have experienced much past success. Challenging the widely held belief that "strong" corporate cultures create excellent business performance, Kotter and Heskett show that while many shared values and institutionalized practices can promote good performances in some instances, those cultures can also be characterized by arrogance, inward focus, and bureaucracy -- features that undermine an organization's ability to adapt to change. They also show that even "contextually or strategically appropriate" cultures -- ones that fit a firm's strategy and business context -- will not promote excellent performance over long periods of time unless they facilitate the adoption of strategies and practices that continuously respond to changing markets and new competitive environments. Fundamental to the process of reversing unhealthy cultures and making them more adaptive, the authors assert, is effective leadership. At the heart of this groundbreaking book, Kotter and Heskett describe how executives in ten corporations established new visions, aligned and motivated their managers to provide leadership to serve their customers, employees, and stockholders, and thus created more externally focused and responsive cultures.
