Socio-Economic Significance of the Pawnbroking Business in Singapore
In: Asian journal of social science, Volume 29, Issue 3, p. 551-565
ISSN: 2212-3857
AbstractThis paper examines the socio-economic role of pawnshops in Singapore. It suggests that pawnshops are a barometer of socio-economic changes in Singapore. The changing style and operation of pawnshops is explored, as is the changing varieties of the items pledged. The research shows that pawnshops have adopted a new image and continue to have a significant role in modern Singapore. This paper also suggests that pawnshops serve cash-strapped individuals, who ironically are not necessarily poor. Through data collected on redemptions and pledges, it is found that a high redemption rate both in number and amount reflects a period of economic growth; the reverse is true when the redemption rate falls.