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American BondsHow Credit Markets Shaped a Nation$
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Sarah L. Quinn

Print publication date: 2019

Print ISBN-13: 9780691156750

Published to Princeton Scholarship Online: January 2020

DOI: 10.23943/princeton/9780691156750.001.0001

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Off-Budget and Decentralized

Off-Budget and Decentralized

(p.150) 8 Off-Budget and Decentralized
American Bonds

Sarah L. Quinn

Princeton University Press

This chapter outlines the growth of credit programs from the Second World War through the postwar era. This period saw a surge in wartime credit, the end of the Reconstruction Finance Corporation (RFC), and the emergence of government support for venture capital and school loans. As postwar credit programs moved capital and pioneered new ways of lending, they shaped how and where U.S. companies lent money. They also helped lift a generation of white families and systematically exclude African Americans. Discriminatory and decentralized, off-budget and complex, the credit programs were a key component of America's peculiar developmental state. Indeed, credit programs are not aberrations in the system. They are a core aspect of how the system works.

Keywords:   credit programs, Second World War, wartime credit, Reconstruction Finance Corporation, venture capital, school loans, postwar credit programs, lending, African Americans

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