1 (1)

2007 7 2008
2008 9 15

1986 1

finance

1986 8 28

2 (2)

5
5

1987

3 (3)

2001

1987

20
20
3%

4 (4)

1000
5%5%

2001
2001

2002 6 12
1991 2001

5 (5)

6 (6)

2005
2004 120 150
18 30
90 90
30 5%
4832 6

60 60
60 20 10
150
7 (7)


20 70

60

90
90
90

90

120

30

8 (8)

1600
1250
6200 1600 1030
400
19 20 19

1842 1848 1500

1895

1776 7 4 1787

Continental Congress

1776 1787

1763
1773
Boston
Tea Parties1775 (Lexington)
1775 6 15

9 (9)
1776 3 17
7 4
100
3
8 27

1775 1780 37

1775

1780

250
?
9
1781 9
1783 9

1783

1783

10%

1790 1 33 .
1788

6% 1791 1
1801 3%

1790 10
Bank of the United
States

10 (10)

230 400

 Richard Pipes Property and Freedom

1986 2001

11 (1)

219
GDP 1980 GDP 22%
GDP 0.22
2003 GDP 1.9
GDP 2

 2006 GDP
140% 7 GDP 50%
GDP

2% 3%

200
150

12 (2)

 2007

28 1978 1990

1990
1998

13 (3)
1978

GDP

GDP
1800 95%

2800

1900 24 2006
GDP 2% GDP 80%2006
13000 1900
28 1978 16%
2004 40%1978 GDP 41.3% 2002
14.5%

14 (4)

1978

80 1990

90

A 17
1.5 11
28

28

53 6.6
46.4
46.4 46.4 A
3.8 2.8

15 (5)

80

2 GDP 1%

1998

1998

2004
6150

1998
1997
190 2006 2.2
2.2
2.2

2.2 GDP 11% 13

GDP 100%

2 GDP 1% 3.5 GDP

30%

1978
1978

1978
1978

16 (1)

17 (2)

GDP

12

2006 2 2007 5 2.5 5 25%

2.5
2.5


2.5

18 (3)

19 (4)

1999 2003

2004 2005

Sequoia


1752
2.5% 5%1752 1832
18

18 20

20 (5)

21 (1)

1600
1250 6200 1600 1030
400
19 20 19

1776 7 4
1787

1607
18
1754
1760 1763

1760 22
1763

1764

1765
1767
Townshend Acts

22 (2)

1770 3 5
5 Boston Massacre

1773 12
340

Boston Tea Party

1774

Continental Congress

1775 4 19

6 19

1775 6
1776 3 17

1776 7 4 100
3

8 27

23 (3)

1776 1788

1775
1780 37

1775 6 3 600

1776 10 3 4% 500

Continental Loan Office

1776 11
4% 3

1780

250
?
1781 9
1781 9 Yorktown
1783 9 3

1775 1780

24 (4)


1783

1788 6000

1788

10%

1781
Superintendent of Finance?Robert Morris
9

200
1782 7 29
200
50
1784
11
25 (5)
1783 1788

1790 1 33
100% 1788

6% 1791 1 1801
3%

1790 10
Bank of the United
States

1804 53%

62%

1791
1803

17
1642
1642 1649 1649
1660

120

26 (6)

 1660 1680
1685

1688

(Bill
of Rights)

1693

14 17
14 16
18

27 (7)

28 (1)

A 200
A 400
A+H

A
20%
73 7 5

A 200 2%
6%

2004 2005

150

29 (2)
1978 100

19
1911 1930
1966
1978 8090

1872 1950 78

1950 1980 78
1990

100 50

A A

20

2005 ? MBA
12

3
MBA 3 2005 6
2
17
30 (3)

28

25 30 5.5% 1800

6
4 3 20

19

19
20

1780 19

31 (4)

1850

20
1855 65 150
500

1855 I.M. Singer


1856 I.M. Singer Edward Clark

Lendol Caldor,Financing the American Dream:

a cultural history of consumer credit1999 Princeton University Press 164
5 3 5
1876 26

1850 2%
1880 11%
4.7% Lendol
Caldor, Financing the American Dream: a cultural history of consumer credit1999
Princeton University Press 167
1880 1920
100

32 (5)

1899 1909 1559 1719

Lendol Caldor, Financing the American Dream: a cultural history of consumer credit

185 800
1908 Model T 850

1913 L.F. Weaver

1917 1922 1925

1700 Lendol Caldor, Financing the American Dream: a cultural history of
consumer credit 192
1916 Edward Rumely

1919

1921 56% 1926

1920

1910 5 1929 70
Lendol Caldor, Financing the American Dream: a cultural history of consumer credit
201 1930 70%85%75%65%
75%
.

33 (6)

19

19

1926


1926

1927
E.R.A. Seligman

The Economics of Installment Selling

Seligman 1927

19

100

 34 (1)

35 (2)

1978
80
1981
121
9%

1986 82 3.9% 1
138 54% 1988 134 5.7%
1989 408
80

1989-1991
1245 GDP 1990

3.8% 1991 9.2%

1994 575 11%
1175
1997-1998
1998 3311 1999 3715 1998
1744 15%
7%
2004 29631 28803 828
GDP 21.6% 60% 70%
2003 3000 14%

45 GDP 29% 36%

GDP 50% 58%
1982 2004 25%

36 (3)

2 17091850

1781 7000 1789

6000 1850 800
1853 1863 19
9


3 1838
500
1000 3 500
1847 380 1893 760

1896 1292 1899

1300 1903 3000
1911
37 (4)

1896

1982 18
2003 2916 GDP 1982 0.33%
2.5% 2.9

James Macdonald A Free Nation Deep in Debt: The Financial Roots of

Democracy
2003 1600
400

1300 9
6000

1902 4700 1903 44.7%
10492 1903 3000 28.6%
2000

18.6% 1999 2003 13.5% 18.6%

1697
3 1710 4

GDP 3000 6.5

1880 27.8
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32.8 3000 1903 0.9%
1998 GDP 2002 3%2003 2.5%
38 (5)
32.8 6.5 1903 20%
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1650 1.3 1715 2

80%
GDP 70% GDP 170%

5
5 20

16 400 1567
135
39 (6)

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2021974 1628
113
9 3 165
680

520 1638

,
280

3050

10

40 (7)

1853
1000 500 114 90
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1853 1861 826
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3 4 5 6 7.5

900

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16
1600
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4100 2500 3000 1628
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100
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5
100
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41 (8)
2600

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---

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forced loans

1262

1470 36
1903 44.7%

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2030
1516

42 (9)

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1425
10

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6000 1640
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99 32
1140 32
6.84% 8%
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36 5%

19
1870 1880 2.4

1990 1868 4
4800 1869 9 750
1871 10 680

1897
1914
19121926 27 6.12
1949 50
1982 1949

20
43 (10)
30

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18%

20%
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1934 8% 15%

1600

1715 6.3% 1717 4% 1688

1694

1000

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1978
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20

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20

2005 3183
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1840 8% 9

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600 120 480
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4.8% 6
5%
6
5
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1926
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1940

46 (13)

1990

GDP 21%

GDP 20%
GDP 20%


GDP

2006 27
16.4% 16.4%
4%
20 1994

2005

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3040

1997-98

9 2
GDP 170% GDP 120%
GDP 70%
1990 1930-40 20

47 (14)

1617
1650 1.6
0.6 3% 5% 16 10%
17 18

1688

20

48 (1)

1213

1937
16 504
5 17 507 18 411
19 407 20 35 101

49 (2)

100%

50 (3)

2500

51 (4)

2500

20 30

84 1998

52 (5)

2005
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12%
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 55%
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53 (6)

80

 54 (7)

1901

1901 1919

55 (1)

1854
154
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mortgage loans

human
capital
28 30

 10
200
200

56 (2)
200
200
100
5000 10 50000
10
28

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2300 27600 50000
1700

10

1000

20

57 (3)

58 (4)

GDP

59 (5)

60 (6)

GDP

510
20 10 20

10 20