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Victorian Pawnbrokers: Cancerous Worms of Ruin or the Poor Man’s Banker?

In: Taming the Fringe

Author

Listed:
  • Craig McMahon

    (Villanova University)

Abstract

Victorian pawnbrokers and policymakers found themselves balancing competing priorities concerning small-time capitalism and financial regulation. Pawnbrokers had long sought societal acceptance as respectable businesspeople, detractors suggested they preyed on the irrational and immoral passions of the ‘degenerate’ poor. Others considered that pawn credit provided security from insufficient and irregular wages and encouraged parliament to free them from heavy-handed regulation. With loan volumes approaching 230 million annually, much was at stake. Whether they liked the industry or not, Parliamentarians of all stripes recognized that the poor had few other borrowing options. Since lawmakers were uninterested in dealing with the root causes of poverty, or offer an alternative lending source, they eased certain regulatory burdens to help ensure a viable and profitable pawnbroking market.

Suggested Citation

  • Craig McMahon, 2021. "Victorian Pawnbrokers: Cancerous Worms of Ruin or the Poor Man’s Banker?," Palgrave Studies in the History of Finance, in: Taming the Fringe, chapter 0, pages 17-56, Palgrave Macmillan.
    • Handle: RePEc:pal:psitcp:978-3-030-70615-9_2
    DOI: 10.1007/978-3-030-70615-9_2
    as

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