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Palgrave Studies in the History of Finance

Taming the Fringe

The Regulation and Development of the British Payday Lending and Pawnbroking Markets since 1870

Authors: McMahon, Craig

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  • Offers the first extended study of the payday lending and pawnbroking markets in Britain, and the only one to examine over 160 years of financial results and market data
  • Analyses the motivation, content and outcome of critical regulatory episodes that have shaped fringe banking
  • Adds to our knowledge of fringe banking and the evolving role of financial regulation to protect the working poor
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eBook $109.00
price for USA in USD
  • ISBN 978-3-030-70615-9
  • Digitally watermarked, DRM-free
  • Included format: EPUB, PDF
  • ebooks can be used on all reading devices
  • Immediate eBook download after purchase
Hardcover $139.99
price for USA in USD
  • ISBN 978-3-030-70614-2
  • Free shipping for individuals worldwide
  • Institutional customers should get in touch with their account manager
  • Covid-19 shipping restrictions
  • Usually ready to be dispatched within 3 to 5 business days, if in stock
About this book

Taming the Fringe analyses the regulation and evolution of two credit products that were, and remain, vital to the working poor. Policymakers have struggled with pawnbroking and moneylending because they raise broader issues pertaining to poverty, capitalism and financial regulation. The values of easily accessible credit and financial independence compete with society’s desire to protect people from predatory loans. Policymakers have pondered whether regulation can lower costs without reducing access for those most in need of small cash loans. Can government policy protect borrowers while also providing sufficient profit for lenders? The many attempts at doing so reveal the difficulty of safeguarding the needs of people who have experienced financial trouble before seeking a loan.

Taming the Fringe is the first extended study of the payday lending and pawnbroking markets in Britain, and the only one to examine over 160 years of financial results and market data. This work explains why small-value lenders have generated such passionate debate, even being described as the devil incarnate. It adds to our knowledge of fringe banking and the evolving role of financial regulation to protect the working poor. Since 1870, pawnbrokers and moneylenders have actively shaped regulation – a viewpoint the existing literature does not address adequately. This work contributes to the scholarly and policy dialogue on financial inclusion, working-class poverty and the development and legitimacy of fringe lending.

This book analyses the motivation, content and outcome of critical regulatory episodes that have shaped fringe banking. While historians have written volumes about consumer credit, few have analysed why elite policymakers have sought to protect the working poor from some credit markets. This work demonstrates that, across time, conflicting views on poverty and liberal economic theory have, to varying degrees, influenced how the government has protected the working poor, and will be of interest to financial and economic historians.

About the authors

Craig McMahon is an Assistant Professor of Economic History at Villanova University, USA and is an affiliate of the Centre for Financial History, Darwin College, UK. He received his PhD from the University of Cambridge, UK. Craig has over 20 years of experience in the capital markets, international consultancy and non-profit management. He teaches courses on the development and regulation of banking markets, American economic development, global political economy and globalization.

Table of contents (7 chapters)

Table of contents (7 chapters)

Buy this book

eBook $109.00
price for USA in USD
  • ISBN 978-3-030-70615-9
  • Digitally watermarked, DRM-free
  • Included format: EPUB, PDF
  • ebooks can be used on all reading devices
  • Immediate eBook download after purchase
Hardcover $139.99
price for USA in USD
  • ISBN 978-3-030-70614-2
  • Free shipping for individuals worldwide
  • Institutional customers should get in touch with their account manager
  • Covid-19 shipping restrictions
  • Usually ready to be dispatched within 3 to 5 business days, if in stock
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Bibliographic Information

Bibliographic Information
Book Title
Taming the Fringe
Book Subtitle
The Regulation and Development of the British Payday Lending and Pawnbroking Markets since 1870
Authors
Series Title
Palgrave Studies in the History of Finance
Copyright
2021
Publisher
Palgrave Macmillan
Copyright Holder
The Editor(s) (if applicable) and The Author(s), under exclusive license to Springer Nature Switzerland AG
eBook ISBN
978-3-030-70615-9
DOI
10.1007/978-3-030-70615-9
Hardcover ISBN
978-3-030-70614-2
Series ISSN
2662-5164
Edition Number
1
Number of Pages
XIV, 234
Number of Illustrations
2 b/w illustrations, 4 illustrations in colour
Topics