The Un(credit)worthy Poor: Historical Perspectives on Policies to Expand Assets and Credit
Historical conditions that have permitted poor Americans to accumulate assets are examined. It is contended that informal social relations function as a significant obstacle for social policy that attempts to increase poor Americans' access to assets. The Reconstruction period is viewed as an example of an historical period that failed to establish relations between poor Americans, especially African Americans, & official institutions that would help poor Americans to grow financially. Conversely, the New Deal period is perceived as an historical period that significantly altered poor Americans' relationship with official institutions; specifically, it is claimed that New Deal policies permitted low-income families access to resources, credit used to purchase homes, & property ownership. In addition, three changes in American political & social attitudes during the late 19th & early 20th century that resulted in increased attention to poor Americans' lives are identified, eg, the formalization of American labor markets. Despite the benefits of New Deal policies, it is stated that US involvement in WWII made asset-based initiatives more efficacious for low-income families. It is concluded that informal social relations continue to hinder asset-based initiatives designed to help poor Americans achieve financial growth. 4 Tables, 4 Figures, 66 References. J. W. Parker