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Pawn Shops Serve a Public Function
Mises Daily
Author: Glen Tenney
Online Publish Date:
Category: Entrepreneurship, Praxeology, Value and Exchange, Free Markets
In the typical unregulated pawn transaction in modern America, a money-hungry pawnbroker charges an annual interest rate of 300 percent on a fully-collateralized $80 loan. “Highway robbery,” we are told. “That’s taking unfair advantage of the already disadvantaged in the most egregious way possible!” And yet, day in and day out, for hundreds of
The Social Blessings of “Usury”
Mises Daily
Author: Glen Tenney
Online Publish Date:
In a front-page article in the Birmingham News of November 22, staff writer Russell Hubbard reported that the Alabama Supreme Court has ruled that the high interest rates charged by payday lenders in Alabama from 1998 through 2003 were “usurious” and therefore illegal. Though high-interest payday loans have been legal in Alabama since 2003 (albeit