What is the Objective in Instalment Selling
Publication:
The Empire Club of Canada Addresses (Toronto, Canada), 13 Nov 1947, p. 103-116


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What is the Objective in Instalment Selling


The future of an expanding use of instalment credit to the world economic-social situation. A review of economic events in Canada and the United States since last February. Two approaches to this address: world conditions as they relate to consumer credit; consumer credit pictured against the greater background of world conditions. An approach that depends upon a knowledge of the consumer and where the consumer's interest lies. The difference in approach one of emphasis only. A vital relationship between the proper continued use and expansion of consumer credit and the national world situation in the era ahead. Thinking about ultimate ramifications, with illustrative example. Consumer credit not a cause of inflation. The Congress of the United States about to reconvene to consider aid for Europe and the anti-inflationary safeguards necessary to make it possible. Poorer people as economic pawns in government policy. The speaker's belief that government must be "of the people." Early government in the U.S. Apathy toward government. Who does and who does not favor aid for Europe. The infiltration of Communism into Canada and the United States. People listening to agitators and foreign ideologies when they are hungry or when they are dissatisfied. The development of comfort-giving, labor-saving and enjoyable products since 1900 in the Western world. The emergence of the middle class from guildsmen or craftsmen. Differences in today's society. A time when the hand that makes has the power not only to demand adequate wages, but the power to take—meaning the power to take the product itself and use it as and for its own. The economic system and government of today not providing good reason for the common man to believe that all or any of Western principles are sacred. An acquiescence to wealth but not a readiness to fight for it. Differing ideas of private ownership and private enterprise between the common man and the man of business. Consumer credit (the right of a man to utilize his good name to spread out over a period of income his purchases of the major products which he is making today) as the only effective device which those in private enterprise have developed for the ordinary individual to acquire the private property to which he thinks he is entitled, and for which he is willing to work. Instalment credit as a bulwark of private enterprise against communism. Dangers of making instalment credit too rigid.