Borrow: The American Way of Debt

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...