Republic of Debtors: Bankruptcy in the Age of American Independence

In introducing his new book, Bruce H. Mann writes, "Debt was an inescapable fact of life in early America" crossing over regional, class, and occupational lines. Using original letters, diaries, and documents, Mann traces the fascinating transition from the perception of bankruptcy as a moral fault to an economic failure and loss. As the economy and commerce flourished in early America, there was the need to allow failure and not make imprisonment the immediate consequence of poor business choices. Mann, a professor of law and history at the University of Pennsylvania, offers an intriguing glimpse into the world of debtors and creditors in early America that set the stage for the Bankruptcy Act of 1800.