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The concept of lines of credit existed for a long time before credit cards, but were largely limited to businesses. They allow a factory for example to keep bu
by digi_owl 10y ago
The concept of lines of credit existed for a long time before credit cards, but were largely limited to businesses.
They allow a factory for example to keep buying inputs while their outputs are being shipped to customers etc.
Credit cards, and their effect on the overall economy is a different beast however. Especially as they have to a large extent replaced the push for higher wages.
- gpvos 10y ago> they have to a large extent replaced the push for higher wages. A fascinating claim. I can see how that would work, but haven't heard of it before. Is this commonly accepted knowledge in the US, or do you have a source?
- digi_owl 10y agoI suspect i picked it up from one of Steve Keen's presentations or articles/blogs, but i can't find a direct reference for you at this moment.