The American Economy: Credit or Bust

Paper Summary:

This paper explores the aspect of credit in America's financial system and traces the path of credit from its origins. The author examines how the creation of credit in America's economy has been greatly compounded over time and, now hugely prevalent, credit is the defining aspect of the national financial system.

From the Paper:

"Today credit is more prevalent then ever before. Over three quarters of the American adult population have and use at least one credit card. However, along with this heavy reliance on credit comes a definite risk. Even as early as 1791 this threat was realized, the bank made a large impression on the economy within months of opening its doors in late 1791. Initially it flooded the market with its notes and credits, and then, in February 1792, it sharply reversed course and curtailed credit."

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