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English
Description
In the popular mind, the Great Recession was caused by misguided investment banking practices, a burst real estate bubble, and plummeting housing values. All of this is accurate, yet it fails to highlight another underlying, insidious cause of the economic collapse-consumer credit and debt. In the years running up to the recession, consumers were encouraged by the government to spend their money for the good of the economy. The value of saving was...
Author
Language
English
Description
"One of Choice's Outstanding Academic Titles for 1999" Lendol Calder is Assistant Professor of History at Augustana College, Rock Island, Illinois.
Once there was a golden age of American thrift, when citizens lived sensibly within their means and worked hard to stay out of debt. The growing availability of credit in this century, however, has brought those days to an end--undermining traditional moral virtues such as prudence, diligence, and the...
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