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Books > History > World history > From 1900
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The Building Society Promise - Access, Risk, and Efficiency 1880-1939 (Hardcover)
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The Building Society Promise - Access, Risk, and Efficiency 1880-1939 (Hardcover)
Series: Oxford Historical Monographs
Expected to ship within 10 - 15 working days
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The permanent building societies of England grew from humble
beginnings as a multitude of small and localized institutions in
the nineteenth century to become the dominant players in the house
mortgage market by the inter-war period. Throughout the nineteenth
and early-twentieth centuries, the movement cultivated an image of
being a champion of home ownership for the working classes, but
housing historians have questioned whether building societies
really lived up to this claim. This study fills a major gap in the
historiography of the movement by investigating the class profile
of building society members, and how the design of different
building societies affected their accessibility, efficiency, and
risk-taking practices between 1880 and 1939. These themes are
explored using case studies of several building societies from this
period and drawing upon extensive archival records. The Building
Society Promise shows that building societies did lend to
working-class households before the First and Second World Wars,
with some societies showing a greater commitment to working-class
home ownership than others. What ultimately affected the outreach
of individual societies was the quality of information they
possessed, which in turn was largely determined by the types of
agency networks they used to find and select borrowers. The
phenomenal growth of some of these institutions in the inter-war
period, however, and the ensuing competition which emerged between
them, brought about profound changes in their firm structure which
impaired their ability to reach out to lower-income households as
efficiently as before. The findings of this research are relevant
to both past and present debates about the optimal design of
financial institutions in overcoming social exclusion in credit
markets, and the deleterious effects that firm growth, market
competition, and managerial self-interest can have on their
performance and stability.
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