Leseprobe
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The Economy of Promises
Bruce G. Carruthers
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Geisteswissenschaften, Kunst, Musik / Pädagogik
Beschreibung
A comprehensive and illuminating account of the history of credit in America—and how it continues to divide the haves from the have-nots
The Economy of Promises is a far-reaching study of credit in nineteenth- and twentieth-century America. Synthesizing and surveying economic and social history, Bruce Carruthers examines how issues of trust stitch together the modern U.S. economy. In the case of credit, that trust involves a commitment by debtors to repay money they have borrowed from lenders. Each promise poses a fundamental question: why does the lender trust the borrower?
The book tracks the dramatic shift from personal qualitative judgments to the impersonal quantitative measurements of credit scores and ratings, which make lending on a much greater scale possible. It discusses how lending is shaped by the shadow of failure, and the possibility that borrowers will break their promises and fail to repay their debts. It reveals how credit markets have been shaped by public policy, regulatory changes, and various political factors. And, crucially, it explains how credit interacts with economic inequality, contributing to vast and enduring racial and gender differences—which are only exacerbated by the widespread use of credit scores and ratings for “big data” and algorithmic decision-making.
Bringing to life the complicated and abstract terrain of human interaction we call the economy, The Economy of Promises is an important study of the tangle of indebtedness that, for better or worse, shapes and defines American lives.
Kundenbewertungen
Securitization, Debt, Market economy, Market value, Capital market, Competition (economics), Mortgage loan, National Bureau of Economic Research, Economic indicator, Customer, Economic interventionism, Investor, Finance, Discount window, Consumption (economics), Bond (finance), Economic policy, Mark-to-market accounting, Credit spread (options), Economic development, Financial innovation, Financial inclusion, Investment fund, Security (finance), Consumer economy, High-yield debt, Leverage (finance), Bond market, Bailout, Income, Interest rate, Cash flow, Money market account, Purchasing power, Public finance, Investment strategy, Economic nationalism, Financial intermediary, Debt limit, Debtor, Monetary policy, Economic forecasting, Consumer debt, Market liquidity, Creditor, Supply-side economics, Credit (finance), Credit risk, Profit (economics), Credit rating, Collateralized loan obligation, Institutional investor, Financialization, Financial capital, Asset, Economics, Debt Financing, Financial Performance, Economy, Economic bubble, Net capital rule, Structured finance, Capital adequacy ratio, Economic Life, Financial asset, Diversification (finance), Trade credit, Supply (economics), Investment, Financial technology