Quote Originally Posted by someguy View Post
While this two is something to consider, I know your assumption to be incorrect regrading "credit make the middle class possible". I have built three successful businesses without ever borrowing a dime.
Well, we could break out the notion of credit a bit. Businesses are often funded with bonds and stocks. Bonds are debt taken on by the company, a form of credit. Stocks are equity investments, but if a world does not have a particularly sophisticated economy, might still be handled under the umbrella of credit, as they involve someone with wealth giving over that wealth to someone with certain expectations of performance.

In a sophisticated economy, your equity investors may be out of luck if your business goes bust. In an unsophisticated economy, they may break your knees and sell your daughter into slavery. That looks more like credit to me.

Either way, that middle class, generally having little accumulated wealth, depends on those who have the wealth to free some of it up.