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The paper outlines how this article researches the paradigm shift from consumer spending to consumer credit between the 1920s and the 1930s. The paper explains the history of credit, the development of the credit card and the availability of mass credit, and looks at how the authors address the history of accounting practices that rose up with the changes in credit practices.
From the Paper:"This article goes back in time in order to research the paradigm shift from consumer spending to consumer credit between the 1920's and the 1930's. The authors claim that much of this was due in part to the change of focus of the individual as a producer to the individual as a consumer. There was also to be a shift from the local knowledge of credit from individuals where it had resided for centuries, to institutions that now became the nameless and faceless banks and other lending agencies. "The advent of mass credit facilities during the early decades of the twentieth century prompted department stores to abandon traditional cash only trading." (Jeaclea & Walsh 738)
"While the industrial revolution certainly changed the world economy from agriculture to manufacturing as the predominant sector, there was a shift in the twentieth century that changed the focus from industry to banking and financial products. This became a trend that meant that financing consumption was now a more lucrative business than traditional goods-producing industries. With this new mentality, the finance industry would search for more and more ways to introduce new products and services to its consumers. In many ways this also required a change in perspective from the traditional "Puritan Ethic" of the American psyche."
Sample of Sources Used:
- A History of Credit Cards. (2008). CreditCard.com. Retrieved on October29, 2009 from http://www.creditcards.com/history-of-credit-cards.php
- Jeaclea, Ingrid & Walshb, Eamonn J. From moral evaluation to rationalization: accounting and the shifting technologies of credit. Accounting, Organizations and Society 27 (2002) 737-761
Cite this Article Review:
Accounting and the History of Consumer Credit (2012, May 30) Retrieved May 21, 2013, from http://www.academon.com/article-review/accounting-and-the-history-of-consumer-credit-151243/
"Accounting and the History of Consumer Credit" 30 May 2012. Web. 21 May. 2013. <http://www.academon.com/article-review/accounting-and-the-history-of-consumer-credit-151243/>