From the Publisher
“In his magisterial sociology and history of credit, the grease of the modern economy, Bruce Carruthers recounts how early dry goods merchants and, later, investment banks displayed their own trustworthiness and judged that of others. A tour de force in the analysis of trust, and of promises kept and broken.”—Frank Dobbin, author of Inventing Equal Opportunity“What does it mean to make a promise? With this deceptively simple question, Bruce Carruthers invites us into the vast and beguiling world of credit, showing how the nature of the promises we make, keep, and sometimes break has been transformed as credit decisions, which were once based on personal relationships, have evolved and now depend on increasingly quantified forms of knowledge. Meticulously researched and lucidly written, The Economy of Promises is the definitive account of our credit-based economy.”—Greta R. Krippner, University of Michigan“Bruce Carruthers has given us a masterpiece in The Economy of Promises, an analysis of how credit markets developed over the centuries, how lenders evaluate the trustworthiness of borrowers, and what happens when borrowers renege on their promises to repay. This is a fascinating story of the one of the principal pillars of any capitalist economy.”—John L. Campbell, coauthor of What Capitalism Needs: Forgotten Lessons of Great Economists“The Economy of Promises deftly guides readers through the major innovations and institutions that make U.S. credit markets tick, from the ratings that determine who gets a loan to the bankruptcy rules that decide which loans can be forgiven. With revealing examples and crystal-clear analysis, Carruthers conveys the breadth of social work that goes into making lending possible. This insight-packed tour of credit in America will appeal to experts and newcomers alike.”—Sarah L. Quinn, author of American Bonds: How Credit Markets Shaped a Nation
