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dc.contributor.authorHyman, Louis
dc.date.accessioned2020-11-17T17:24:30Z
dc.date.available2020-11-17T17:24:30Z
dc.date.issued2012-01-01
dc.identifier.other2455068
dc.identifier.urihttps://hdl.handle.net/1813/75748
dc.description.abstract[Excerpt] In the 1920s, Americans, both borrowers and lenders, discovered new ways to finance consumer credit, and, of course, it was only the beginning. Debt was everywhere, and its ubiquity was made possible by changes in finance, manufacturing, and law that had occurred after the First World War. High interest on consumer loans had long been illegal in the U.S., but around World War I, progressive reformers, seeking to drive out loan sharks, pushed states across the country to raise the legal interest rate. Now able to lend money legally, at rates which could be profitable, new consumer finance industries sprung up overnight. The legal changes coincided with a new generation of cars and electrical appliances that were both expensive and mass produced. The installment credit allowed manufacturers to sell these new wonders at a volume, and consumers could afford them because of the easy monthly payments. What ultimately made all this lending possible was that lenders could now, for the first time, resell their debt.
dc.language.isoen_US
dc.rightsRequired Publisher Statement: Excerpted from Borrow by Louis Hyman. Copyright © 2012 by Louis Hyman. Excerpted by permission of Vintage Books, an imprint of the Knopf Doubleday Publishing Group, a division of Random House, Inc.
dc.subjectdebt
dc.subjectcredit
dc.subjectfinance
dc.subjectloans
dc.subjectborrowers
dc.subjectlenders
dc.subjectconsumers
dc.subjectmortgage
dc.titleIntroduction: Everything Old Is New Again
dc.typeunassigned
dc.description.legacydownloadsHyman_Introduction.pdf: 259 downloads, before Oct. 1, 2020.
local.authorAffiliationHyman, Louis: lrh62@cornell.edu Cornell University


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