Borrow by Louis Hyman
The American Way of Debt (Vintage Original)

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Synopsis

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
 

About Louis Hyman

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Louis Hyman attended Columbia University, where he received a BA in history and mathematics. A former Fulbright scholar and a consultant at McKinsey & Co., he received his PhD in American history in 2007 from Harvard University. He is currently an assistant professor in Cornell University's School of Industrial and Labor Relations, where he teaches history.
 
Published January 24, 2012 by Vintage. 306 pages
Genres: Business & Economics, History. Non-fiction

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Kirkus Reviews

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Confirmed free-marketeers will balk at portions of his analysis, thinking he’s gone too easy, for example, on Fannie Mae and Freddie Mac, and hold his big-picture solutions—new federal agencies to evaluate businesses the same way the FHA created standards for homes and to coordinate the secondary...

Jan 17 2012 | Read Full Review of Borrow: The American Way of D...

Publishers Weekly

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Credit is both a ticket to good times and an economic cancer in this savvy history of consumer debt.

Oct 24 2011 | Read Full Review of Borrow: The American Way of D...

PopMatters

An old-fashioned tax on financial transactions, or even Ronald Reagan’s proposal to end special tax treatment for home purchases by stopping the mortgage tax break, would discourage finance for finance’s sake.

Mar 06 2012 | Read Full Review of Borrow: The American Way of D...

The Kenyon Review

1) It happens with some regularity: somewhere I'll read someone pontificating about some aspect of modern poetry and, in doing so, will note that poetry comes from an oral tradition.

| Read Full Review of Borrow: The American Way of D...

The Kenyon Review

1) It happens with some regularity: somewhere I’ll read someone pontificating about some aspect of modern poetry and, in doing so, will note that poetry comes from an oral tradition.

Feb 08 2012 | Read Full Review of Borrow: The American Way of D...

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