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Books > Social sciences > Sociology, social studies > Social institutions
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The Economy of Promises - Trust, Power, and Credit in America (Hardcover)
Loot Price: R784
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The Economy of Promises - Trust, Power, and Credit in America (Hardcover)
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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.
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