In Debtor Nation: The History of America in Red Ink, Louis Hyman, Ph.D. ’07, reconstructs the history of personal debt in modern America. This is a fascinating, important, and at times ominous story. It begins around 1917, when personal indebtedness existed at the fringes of the economy, the province of struggling merchants and loan sharks, and ends in our own time, when personal debt has become a cornerstone of economic and capital-market activity, and the center of the recent financial crisis.
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