Before the twentieth century, personal debt resided on the fringes of the American economy, the province of small-time criminals and struggling merchants. By the end of the century, however, the most profitable corporations and banks in the country lent money to millions of American debtors. How did this happen? The first book to follow the history of personal debt in modern America, "Debtor Nation" traces the evolution of debt over the course of the twentieth century, following its transformation from fringe to mainstream--thanks to federal policy, financial innovation, and retail competition.

How did banks begin making personal loans to consumers during the Great Depression? Why did the government invent mortgage-backed securities? Why was all consumer credit, not just mortgages, tax deductible until 1986? Who invented the credit card? Examining the intersection of government and business in everyday life, Louis Hyman takes the reader behind the scenes of the institutions that made modern lending possible: the halls of Congress, the boardrooms of multinationals, and the back rooms of loan sharks. America's newfound indebtedness resulted not from a culture in decline, but from changes in the larger structure of American capitalism that were created, in part, by the choices of the powerful--choices that made lending money to facilitate consumption more profitable than lending to invest in expanded production.

From the origins of car financing to the creation of subprime lending, "Debtor Nation" presents a nuanced history of consumer credit practices in the United States and shows how little loans became big business.

From the vantage point of the United States or Western Europe, the 1970s was a time of troubles: economic "stagflation," political scandal, and global turmoil. Yet from an international perspective it was a seminal decade, one that brought the reintegration of the world after the great divisions of the mid-twentieth century. It was the 1970s that introduced the world to the phenomenon of "globalization," as networks of interdependence bound peoples and societies in new and original ways.

The 1970s saw the breakdown of the postwar economic order and the advent of floating currencies and free capital movements. Non-state actors rose to prominence while the authority of the superpowers diminished. Transnational issues such as environmental protection, population control, and human rights attracted unprecedented attention. The decade transformed international politics, ending the era of bipolarity and launching two great revolutions that would have repercussions in the twenty-first century: the Iranian theocratic revolution and the Chinese market revolution.

"The Shock of the Global" examines the large-scale structural upheaval of the 1970s by transcending the standard frameworks of national borders and superpower relations. It reveals for the first time an international system in the throes of enduring transformations.

Consuming with a conscience is one of the fastest growing forms of political participation worldwide. Every day we make decisions about how to spend our money and, for the socially conscious, these decisions matter. Political consumers "buy green" for the environment or they "buy pink" to combat breast cancer. They boycott Taco Bell to support migrant workers or Burger King to save the rainforest. But can we overcome the limitations of consumer identity, the conservative pull of consumer choice, co-optation by corporate marketers, and other pitfalls of consumer activism in order to marshal the possibilities of consumer power? Can we, quite literally, shop for change? Shopping for Change brings together the historical and contemporary perspectives of academics and activists to show readers what has been possible for consumer activists in the past and what might be possible for today's consumer activists.Contributors Kyle Asquith, University of Windsor; Dawson Barrett, Del Mar College; Lawrence Black, University of York; Madeline Brambilla, Northeastern University; Joshua Carreiro, Springfield Technical Community College, Springfield, MA; H. Louise Davis, Miami University; Jeffrey Demsky, San Bernardino Valley College; Tracey Deutsch, University of Minnesota-Twin Cities; Mara Einstein, Queens College, CUNY; Bart Elmore, University of Alabama; Sarah Elvins, University of Manitoba; Daniel Faber, Northeastern University; Julie Guard, University of Manitoba; Louis Hyman, ILR School, Cornell University; Meredith Katz, Virginia Commonwealth University; Randall Kaufman, Miami Dade College-Homestead Campus; Larry Kirsh, IMR Health Economics, Portland, OR; Katrina Lacher, University of Central Oklahoma; Bettina Liverant, University of Calgary; Amy Lubitow, Portland State University; Robert N. Mayer, University of Utah; Michelle McDonald, Stockton University; Wendy Wiedenhoft Murphy, John Carroll University; Mark W. Robbins, Del Mar College; Jessica Stewart, Cornell University;Joseph Tohill, York University and Ryerson University; Allison Ward, Queen's University and McMaster University; Philip Wight, Brandeis University

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