American Democracy And Power On Economic Developments (Essay Sample)

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Historical background
In the book These United States, Gilmore and Sugrue bring the idea of the powerful history of making and unmaking of America democracy and global power. It was during the winter season when Franklin Roosevelt in his chat mentioned: "I do not look upon these United States as the finished product; we are still in the making"(Gilmore and Sugrue, 3). The primary concern was measuring the achievements and the shortcoming of the democracy. The main theme of the book is achieving an American freedom. The two authors bring the main events which were taking place in the history of American. Some of the main events include war, prosperity and depression, leadership and arrogant power and rise and decline of broad middle class. The history has been noted to start and end in a period which was concentrated with wealth. Also, the immigration, politics and racial division have been examined. The long history of the economic and political division has been discussed in depth.
Borrow, the American way of debt is a book written by Louis Hyman. The book explains how personal credits created the American middle class and then almost bankrupted the nation. Two main characters in the book are Jane and Dick who meet for a relationship, Dick had been employed and decided to approach a bank to get a mortgage to help them secure a home. "Dick went to the local bank to find out if they could get a mortgage." (Louis Hyman, 2). The bank officer gave them interest and principle mortgage being the best from the amortized mortgage.
Dick was one of the individuals who used the loan from banks to build houses and start-up business since it was rewarding. "Developers couldn't buy houses fast enough without the use of a mortgage." (Louis Hyman, 2). The people had shifted personal debt to national debt since the nation was experiencing large volumes of debts.
Gilmore and Sugrue have surveyed the role of debt in the US economy change between the end of World War II and early 2000s in the book These United States. After the World War II, American was in the making process, and debt played a major role in its economy. The debt resulted from the exchange of goods and services with other nations like Britain. Also, there had taken debts of other countries to support the growth of the economy. During this period America was experiencing great depression, since the other countries spend much of their money in wars. The authors noted that the unemployment's levels were high to 25%. It resulted from a low number of males who were killed during the World War II. The debt was increased by funding education and improves transportation. The reduction in employment opportunities helped to reduce the debts to manageable levels. Also, the factories started to producing goods which supported the American Economy instead of depending on debts
Louis Hyman explains the ways consumers were using the debt change; most investors had fled to mortgage markets, and the American housing industry was separate. It had resulted from the credit crisis. "A third of American families had qualified for relief during the great depression." (Louis Hyman, 3).
Ways, the consumer, used debt change in a period after World War II and just before 2000. During this period the consumer of products took advantage of the growth which was taking place in America. There were several varieties to choose and had access to them. The America In making facilitated the increases in household income and wealth.
In connection to this, the trends drove the demand for extra products. On the other hand, the firms responded with innovation which would have enhanced production of more goods to meet the market demands. The national economic level had gone higher from the debt management which helped the consumers to adopt new methods of consumptions. The saving cultures were developed since the individuals were able to earn more than what he or she spends. Individuals were busy depositing the money into bank accounts through the use of cards. For individual developments, American used what they saved to start and run business in the country. The products which were produced by factories enable them to carry out business easily.
The other way consumer used debt change was borrowing the money from other financial institutions with the aim of personal developments and upgrading the standard of living." The borrowing culture was restricted to be internal to sustain the nations in controlling the debts". (Louis Hyman, 98).
Louis Hyman examines two great changes which took place in the debt of the nation. One of them was that the financial institutions shifted to buying and selling of mortgage loans to investors and other financial institutions. In connection to this, the usury law from the US governments prohibited the use of interests on debts, and it becomes illegal."High interest on the consumer's loans had been illegal in the U.S" (Louis Hyman, 4). The second notable change that occurred was the customers were purchasing things on credit of paying cash. In case of buying of credit, an agreement arrived when to pay, but the initial price of the commodities remained the same. "No bank would lend the skinny guy money to finance his customers."(Louis Hyman, 41) the economic depression and the usury laws were driving factors to the changes in debt.
Glenda Elizabeth Gilmore and Thomas J. Sugrue in the Nation in the making have examined the changes which took place after Second World War and the reason for why they happened. One of the changes was the factories stopped producing weapons which were used during the war. The shift in making the goods which helped citizens in growth and developments played a significant role in the developments of America. The factory products helped the individuals in making self-enterprises to boost their lives. "The industrial powers enable the citizens to access co...