The History of Consumer Credit: Doctrines and Practices

Lending on interest, write the authors, "was one of the first economic manifestations of life in society and an essential driving force in its development." But almost from the beginning, credit was also the subject of legislative, moral, philosophical and even theological debate that continues to influence attitudes today long after the debates have ended. Gelpi and Julien-Labruyére explore the development of consumer credit and attitudes toward it, especially in Europe, in part one of their book: "Credit from Ancient to Modern Times: Dogma versus Practice." In part two, "Consumer Credit in Contemporary Societies: Practice versus Dogma," they look at the "legitimation" of credit, beginning in the 19th century in the United States and spreading to Europe, and at the lingering controversy on the subject today.