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In the wake of the financial crisis in 2008, historians have turned
with renewed urgency to understanding the economic dimension of
historical change. In this collection, nine scholars present
original research into the historical development of money and
credit during the nineteenth and twentieth centuries and explore
the social and cultural significance of financial phenomena from a
global perspective. Together with an introduction by the editors,
chapters emphasize themes of creditworthiness and access to credit,
the role of the state in the loan market, modernization,
colonialism, and global connections between markets. The first
section of the volume, "Creditworthiness and Credit Risks,"
examines microfinancial markets in South India and Sri Lanka,
Brazil, and the United States, in which access to credit depended
largely on reputation, while larger investors showed a strong
interest in policing economic behavior and encouraging thrift among
market participants. The second section, "The Loan Market and the
State," concerns attempts by national governments to regulate the
lending activities of merchants and banks for social ends, from the
liberal regime of nineteenth-century Switzerland to the far more
statist policies of post-revolutionary Mexico, and U.S. legislation
that strove to eliminate discrimination in lending. The third
section, "Money, Commercial Exchange, and Global Connections,"
focuses on colonial and semicolonial societies in the Philippines,
China, and Zimbabwe, where currency reform and the development of
organized financial markets engendered conflict over competing
models of economic development, often pitting the colony against
the metropole. This volume offers a cultural history by considering
money and credit as social relations, and explores how such
relations were constructed and articulated by contemporaries.
Chapters employ a variety of methodologies, including analyses of
popular literature and the viewpoints of experts and professionals,
investigations of policy measures and emerging social practices,
and interpretations of quantitative data.
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