Credit and Debt in Eighteenth-Century England: An Economic History of Debtors' Prisons

In the 18th century, debtors prisons were used to punish people who couldn't pay their debts, even though it didn't make sense. This system continued into the 19th century, even as Britain became more industrialized and sophisticated. The book "Credit and Debt" shows how traders used debtors prisons to enforce contracts and stabilize the economy during a time of market growth. It will be of interest to scholars and researchers in economic history and early modern British history.

Format: Paperback / softback
Length: 266 pages
Publication date: 29 April 2022
Publisher: Taylor & Francis Ltd

Throughout the eighteenth century, an astonishing number of men and women found themselves incarcerated solely because they failed to fulfill their financial obligations. This seemingly illogical system, which separated debtors from their places of employment, continued to hold sway among creditors even as Britain experienced industrialization, market expansion, and the growing sophistication of commerce. Surprisingly, the debtors' prisons proved remarkably effective in extracting payments from those who owed money.

The lack of sufficient early modern currency created a situation where almost every exchange relied on credit, based on personal reputation rather than defined collateral. This made the lives of traders inherently precarious, as they struggled to extract payments based on mere promises. In such a context, debtors' prisons emerged as a tool for enforcing contracts and providing defined consequences to those who failed to meet their financial obligations.

This book, Credit and Debt, offers a groundbreaking exploration of the fundamental role of debt imprisonment in the early modern economy. It sheds light on how traders utilized existing institutions to mitigate the instability inherent in commerce during a period of unprecedented market growth. By examining the interplay between credit, debt, and imprisonment, this book provides a fresh perspective on the complex dynamics of early modern society.

Scholars and researchers in economic history and early modern British history will find this book of immense interest. It offers valuable insights into the economic, social, and political factors that shaped the early modern world, and it contributes to our understanding of the complex relationship between credit, debt, and power in the past.

Weight: 490g
Dimension: 234 x 156 (mm)
ISBN-13: 9780367514297