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Books > Business & Economics > Finance & accounting > Finance > Credit & credit institutions
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A History of Credit and Power in the Western World (Paperback, Revised Ed.)
Loot Price: R1,588
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A History of Credit and Power in the Western World (Paperback, Revised Ed.)
Expected to ship within 12 - 19 working days
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The end of the Cold War put the planet on a new track, abruptly
replacing the familiar world of bipolarity, red phones, and
intercontinental ballistic missiles with the strange new world of
the Internet, e-commerce, and Palm Pilots. The "New World Order"
was defined by a U.S.-led war against Iraq, bloody ethnic strife in
Bosnia and Rwanda, and religious turmoil in Central Asia. This
evolving global system, however, overlooked the powerful role of
credit, which functions as a critical building block for developing
greater national and individual wealth. This volume examines the
evolution of credit in the Western world and its relationship to
power. Spanning several centuries of human endeavor. it focuses on
Western Europe and the United States and also considers how the
Western system became the global credit system. Six major themes
run throughout: (1) the direct relationship between credit and
power; (2) different kinds of political power promote different
kinds of economic behavior; (3) various societal and cultural
groups were often more successful in mingling credit and political
power; (4) the Western credit system evolved in tandem with the
development of the nation-state; (5) historically, there has been a
pattern of financial crises; (6) credit spread from being the
privilege of the wealthy and powerful to being available to vast
numbers. MacDonald and Gastmann have broken history into five
periods, ranging from early pre-modern, defining the earliest
references to banking and credit as exemplified by the Code of
Hammurabi, circa 1726 BC, through the Roman Empire with its
creation of money and growing use of credit in trade, the barbarian
invasions of the 11th century which led to a breakdown in credit
networks in the West, through the establishment of the Italian
city-states, to the modern period which incorporates the rise of
credit in the Low Countries in the 1500s and extends through the
rise of London and New York as the major international credit hubs.
The final period is the global one which began in the early 1990s,
reflecting the linkages of almost all points of the map, and the
deepening democratization of credit in North America, Europe, and
parts of Asia. This highly accessible and well-written volume will
engage historians and economists alike.
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