Yoga how to do inversions for But this general expansion of credit over the past years did not come without consequences. As credit became more ubiquitous and essential and was offered, at least to businesses, in ever larger amounts, the relationship between creditor and debtor became increasingly attenuated and impersonal. Most societies responded to this problem by imposing strict penalties on those who failed to pay their debts, including imprisonment, which persisted in the United States until the late nineteenth century.
But imprisonment for legitimately acquired debt came to seem increasingly outmoded as the recognition grew that a modern capitalist economy required risk-taking, and those who took those risks should not be punished for it when they failed, for fear that this might discourage innovative economic activity. A more forward-looking answer to the problem of assuring people’s ability and likelihood to repay was the development of credit rating agencies in the nineteenth century, set up to determine the credit-worthiness of individuals and businesses and provide the information to creditors that might not have been personally familiar with the individual or business seeking credit.
Another problem with the expansion of credit was the potential for speculation, which could feed asset bubbles and busts, as those seeking to make quick fortunes used borrowed money to make their speculative investments. Many of the most spectacular episodes of speculation in the early capitalist era, including the Tulipmania in early seventeenth-century Holland, and the Mississippi and South Seas bubbles of early eighteenth-century France and Britain, respectively, were sustained by rapidly expanded credit, often provided by those selling the asset being speculated in. Yoga how to do inversions photos, Yoga how to do inversions 2016.
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