Summary of Pawnonomics

A Tale of The Historical, Cultural, and Economic Significance of the Pawnbroking Industry

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Pawnonomics book summary
Pawnbrokers assume big risks and still make better loan deals than banks – plus lots more you don’t know about pawning.

Rating

7 Overall

6 Applicability

8 Innovation

6 Style

Recommendation

Throughout history, people have maligned pawnbrokers. The popular image of a pawnbroker is that of a heartless loan shark. According to 30-year pawnbroker and author Steve Krupnik, society has condemned pawnbrokers unfairly for thousands of years, when in fact they provide a vital service, particularly to the poor, as “lenders of last resort.” In his colorful, impassioned – and perhaps not entirely objective – book, Krupnik debunks the criticism leveled at his beloved yet much belittled industry and offers a spirited defense. getAbstract welcomes this iconoclastic, unusual report on an ancient but little-explored facet of economic history and commercial activity, and recommends it to industry insiders, curious outsiders and anyone who might consider pawning an old guitar or Granny’s tea set for a quick, helpful, few-questions-asked infusion of cash.

In this summary, you will learn

  • How pawnbroking works
  • What its history is
  • Why pawnbroking has a bad reputation
  • How pawnbroking compares to mainstream credit lending, from the consumer’s point of view
 

Summary

The History of “The Second Oldest Profession”
Pawnbroking – the securitization of short-term loans with collateral – has been with humankind since the ancient days of civilization. In Mesopotamia, the Bronze-Age Sumerians (4000 to 1200 B.C.) recorded “collateralized lending transactions...
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About the Author

Steve Krupnik, a pawnbroker for three decades, is the founder and past president of the Indiana Pawnbrokers Association and a past board member of the National Pawnbrokers Association. He received that organization’s 1999 “Pawnbroker of the Year” award.


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