{"product_id":"the-economy-of-promises-trust-power-and-credit-in-america-paperback","title":"The Economy of Promises: Trust, Power, and Credit in America - Paperback","description":"\u003cp\u003eby \u003cb\u003eBruce G. Carruthers\u003c\/b\u003e (Author)\u003c\/p\u003e\u003cp\u003e\u003c\/p\u003e\u003cp\u003e\u003cb\u003eA comprehensive and illuminating account of the history of credit in America-and how it continues to divide the haves from the have-nots\u003c\/b\u003e \u003c\/p\u003e\u003cp\u003e\u003c\/p\u003e\u003ci\u003eThe Economy of Promises \u003c\/i\u003eis a far-reaching study of credit in nineteenth- and twentieth-century America. Synthesizing and surveying economic and social history, Bruce Carruthers examines how issues of trust stitch together the modern U.S. economy. In the case of credit, that trust involves a commitment by debtors to repay money they have borrowed from lenders. Each promise poses a fundamental question: why does the lender trust the borrower? \u003cp\u003e\u003c\/p\u003eThe book tracks the dramatic shift from personal qualitative judgments to the impersonal quantitative measurements of credit scores and ratings, which make lending on a much greater scale possible. It discusses how lending is shaped by the shadow of failure, and the possibility that borrowers will break their promises and fail to repay their debts. It reveals how credit markets have been shaped by public policy, regulatory changes, and various political factors. And, crucially, it explains how credit interacts with economic inequality, contributing to vast and enduring racial and gender differences-which are only exacerbated by the widespread use of credit scores and ratings for \"big data\" and algorithmic decision-making. \u003cp\u003e\u003c\/p\u003eBringing to life the complicated and abstract terrain of human interaction we call the economy, \u003ci\u003eThe Economy of Promises\u003c\/i\u003e is an important study of the tangle of indebtedness that, for better or worse, shapes and defines American lives.\u003ch3\u003eAuthor Biography\u003c\/h3\u003e\u003cp\u003e\u003c\/p\u003e\u003cp\u003e\u003cb\u003eBruce G. Carruthers\u003c\/b\u003e is the John D. MacArthur Professor of Sociology at Northwestern University. He is the author of \u003ci\u003eCity of Capital: Politics and Markets in the English Financial Revolution\u003c\/i\u003e (Princeton) and the coauthor of, among other books, \u003ci\u003eMoney and Credit: A Sociological Approach\u003c\/i\u003e and \u003ci\u003eBankrupt: Global Lawmaking and Systemic Financial Crisis\u003c\/i\u003e.\u003c\/p\u003e\u003cdiv\u003e\n\u003cstrong\u003eNumber of Pages:\u003c\/strong\u003e 408\u003c\/div\u003e\u003cdiv\u003e\n\u003cstrong\u003eDimensions:\u003c\/strong\u003e 0.91 x 9.21 x 6.14 IN\u003c\/div\u003e\u003cdiv\u003e\n\u003cstrong\u003ePublication Date:\u003c\/strong\u003e August 20, 2024\u003c\/div\u003e","brand":"Books by splitShops","offers":[{"title":"Default Title","offer_id":51752262402336,"sku":"9780691238098","price":51.21,"currency_code":"USD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0974\/9764\/5344\/files\/e7a84edff053b1c156ddf7c203f8566b.webp?v=1779991528","url":"https:\/\/ebocreations.com\/products\/the-economy-of-promises-trust-power-and-credit-in-america-paperback","provider":"The E-Book Oasis LLC","version":"1.0","type":"link"}