Chapter 4: The evolution of mutual building societies
History is messy. The story of cooperative banks is one of continual expansion and change, and it is only complicated by the name change from cooperative bank to credit union half way through. It would be good if we could integrate the history of building societies into this wider history, but there is very little point of contact between them, hence the need for a separate chapter. On the other hand, both cooperative banks and building societies and – where they are strong, credit unions – have evolved into broader banking activities that include mortgage lending for property, so that now the consumer is faced with a variety of customer-owned banks that all offer the same range of services. In order to understand their history we have to make these distinctions, but looking to the future they will be less and less relevant. Before we begin to discuss the provision of mortgage lending it is worth pausing to reflect on why it is needed. In the past (and also the present in low-income countries), people built their own homes using materials that were to hand: stone, thatch, slate, wood and mud.
You are not authenticated to view the full text of this chapter or article.
Elgaronline requires a subscription or purchase to access the full text of books or journals. Please login through your library system or with your personal username and password on the homepage.
Non-subscribers can freely search the site, view abstracts/ extracts and download selected front matter and introductory chapters for personal use.
Your library may not have purchased all subject areas. If you are authenticated and think you should have access to this title, please contact your librarian.