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In CHEAP We Trust: The Story of a Misunderstood American Virtue
 
 
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In CHEAP We Trust: The Story of a Misunderstood American Virtue [Hardcover]

Lauren Weber (Author)
4.4 out of 5 stars  See all reviews (30 customer reviews)


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Book Description

0316030287 978-0316030281 September 7, 2009 1
Cheap.

Cheap suit. Cheap date. Cheap shot. It's a dirty word, an epithet laden with negative meanings. It is also the story of Lauren Weber's life. As a child, she resented her father for keeping the heat at 50 degrees through the frigid New England winters and rarely using his car's turn signals-to keep them from burning out. But as an adult, when she found herself walking 30 blocks to save $2 on subway fare, she realized she had turned into him.

In this lively treatise on the virtues of being cheap, Weber explores provocative questions about Americans' conflicted relationship with consumption and frugality. Why do we ridicule people who save money? Where's the boundary between thrift and miserliness? Is thrift a virtue or a vice during a recession? And was it common sense or obsessive-compulsive disorder that made her father ration the family's toilet paper?

In answering these questions, In Cheap We Trust offers a colorful ride through the history of frugality in the United States. Readers will learn the stories behind Ben Franklin and his famous maxims, Hetty Green (named "the world's greatest miser" by the Guinness Book of Records) and the stereotyping of Jewish and Chinese immigrants as cheap.

Weber also explores contemporary expressions and dilemmas of thrift. From Dumpster-diving to economist John Maynard Keynes's "Paradox of Thrift" to today's recession-driven enthusiasm for frugal living, In Cheap We Trust teases out the meanings of cheapness and examines the wisdom and pleasures of not spending every last penny.


Editorial Reviews

From Publishers Weekly

Guilt-free consumption has always been a cherished American value, but this book explores its flip side: a historical engagement with thriftiness, starting in the pre-revolutionary days with Benjamin Franklin, championed by reformers Booker T. Washington and Lydia Marie Child, taken to absurd lengths by the 19th-century miserly millionaire Hetty Green, espoused by economist John Maynard Keynes and married to environmental concerns by contemporary conservationists. Journalist Weber's treatise begins with recollecting her father's conservative habits and ramifies into a far-ranging examination of social programs, alternative movements and mainstream institutions including savings banks, home economics, industrial efficiency experts, freegans, economists and war departments, all of which promote some form of frugality. While failing to provide a satisfying distinction between cheapness and thrift, the author provides a rich canvas from which to consider American ambivalence about saving; she examines how thriftiness became a racist pejorative hurled at Jewish and Asian immigrants. While the rise of consumer culture and advertising undercut individual and social efforts to save, the author also finds structural reasons for our profligacy in growing financial illiteracy, wage stagnation and deregulated financial markets. (Sept.)
Copyright © Reed Business Information, a division of Reed Elsevier Inc. All rights reserved.

Review

"What's the fine line between thrift and stinginess, self-control and compulsion, purpose and obsession? Lauren Weber's fresh take on the quirky side of saving and spending couldn't be timelier."
(Sylvia Nasar, author of A Beautiful Mind )

"Never preachy or sanctimonious, In Cheap We Trust is one of the most fascinating and life-altering books I've read this year. Its insights are profound. If you want to lighten your footprint while deepening the quality of your life, you'll love this book." (John Robbins, author Diet For A New America, The Food Revolution, and The New Good Life )

"Consumers have been researched to death. It's about time the tightwads among us got the same kind of loving attention. In Cheap We Trust is immensely readable and highly illuminating - the perfect guide to the oncoming era of like-it-or-not thrift." (Jim Lardner, co-author of Up to Our Eyeballs: How Shady Lenders and Failed Economic Policies Are Drowning Americans in Debt )

"This book has a far better chance of making cheapness socially acceptable than Ben Franklin, Jack Benny, and my father combined." (Joel Stein, Time columnist )

Product Details

  • Hardcover: 320 pages
  • Publisher: Little, Brown and Company; 1 edition (September 7, 2009)
  • Language: English
  • ISBN-10: 0316030287
  • ISBN-13: 978-0316030281
  • Product Dimensions: 5.8 x 1.2 x 8.5 inches
  • Shipping Weight: 12 ounces
  • Average Customer Review: 4.4 out of 5 stars  See all reviews (30 customer reviews)
  • Amazon Best Sellers Rank: #743,833 in Books (See Top 100 in Books)

More About the Author

Lauren Weber was formerly a staff reporter at Reuters and Newsday. She has also written for the New York Times, Los Angeles Times, American Banker, and other publications.

Lauren grew up with a father who set the thermostat at 50 degrees during frigid New England winters and once tried to ration the family's toilet paper. She graduated from Wesleyan University and was a Knight-Bagehot journalism fellow at Columbia University's Graduate School of Business. She lives (cheaply) in New York City.

 

Customer Reviews

30 Reviews
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3 star:
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2 star:    (0)
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Average Customer Review
4.4 out of 5 stars (30 customer reviews)
 
 
 
 
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Most Helpful Customer Reviews

24 of 26 people found the following review helpful:
5.0 out of 5 stars Cheap is the New Black, September 11, 2009
This review is from: In CHEAP We Trust: The Story of a Misunderstood American Virtue (Hardcover)
Actually, Lauren Weber's words are "Cheap is the new green," and are her hopeful nod to ecology as the prompt that might finally make frugality sexy in America. Because, to date, nothing else has much tempered its persistent unpopularity and negative connotations with miserliness, self-denial and unworthiness.

To be clear, it's primarily frugality and thrift that Weber explores here (as in the economical use of resources ... living simply and mindfully, without waste), and cheapness (as in consuming inexpensively) to a lesser degree. In a journalist's voice, she writes about the history of thrift and spending from the Puritans and Quakers to Emerson and Thoreau; from wartime rationing to the expanded postwar industrial capacity that spurred consumerism; from the origin of savings banks, through the growth and decline of home economics, to the Depression and today's financial crisis.

She also explores economics, sociology and a number of competing tensions. For example, is it good citizenship to demonstrate personal responsibility through personal savings, or better to support the national (even global) economy by spending? If you do spend, should it be on "productive" (essential) goods with their long-term economic benefit and not on "consumptive" (luxury) goods? Do your personal savings on ultra-inexpensive imported goods outweigh their high political and environmental costs? And what about advertising, forced obsolescence, ego gratification and keeping up with the Joneses?

Readers with any level of interest in frugality will find themselves repeating the WWII mantra, "Use it up, wear it out, make it do or do without," and will see themselves described in this book -- somewhere along Weber's continuum from Dumpster-diving freegans to folks who simply believe that less is more.
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17 of 19 people found the following review helpful:
3.0 out of 5 stars Where is the differentiation between Cheap and Smart ?, May 1, 2010
This review is from: In CHEAP We Trust: The Story of a Misunderstood American Virtue (Hardcover)
While I did enjoy reading some of the historical background of the frugality movement, as well as the presentation of the "Freegan" movement. Overall I found the read quite a bit disjointed, among other things, when it does not differentiate between cheap and smart consumers.

For example, author's father was shouting anytime a light was left on, even though he did not know the cost of the electricity wasted. In many cases switching on and off a light, reduces the life of the bulb, which is wasteful, while saving a negligible amount of electricity. The author continues to brag how her father, despite his cheapness, paid for her expensive tuition at a private college. Again, that's not rational, considering that a state school in most cases provides the best value.

The author also could have touched on how modern technology allows for a more frugal living. For example such avenues like Amazon Marketplace and eBay allow the sale of non-needed goods in a much more efficient way than garage sales (by selling online I usually can recover at least 50% of the original cost of the items, and sometimes more than 100% !). Also, it now becomes more and more feasible to not own a car, even in a suburb with limited public transit, thanks to proliferation of eCommerce (I do more than 3/4 of shopping online, even ordering some of my groceries online from sites like Amazon Fresh. I not only save upwards to 75% of what I can get at local Mall, but also don't need to own a car to transport bulky goods)

I also wish the author talked more on planned obsolescence. I personally like shopping from stores that give a lifetime warranty on their products (like LLBean), even though it require extra hassle, than buying it from a local store. However the $50 backpack I've bought at LLBean endured a lot of weight and abuse, and its zippers never failed for many years of daily use. While those "cheap" ($10 on sale) backpacks I used to buy from drugstores, didn't last even a season of daily use ! So while both were made in China, one was made to last, and the other to not lost. Like that old story goes:

"An American businessman goes to Italy and ask the factory owner if a pair of shoes can be made for $70, "We should be able to", how about "$50", "No, we can't make shoes for $50" the Italian factory owner responds.

The same businessman goes to China and asks if a pair of shoes can be made for "$50", "Certainly", "How about "$30", "Sure", "How about "$10" the greedy businessman asks the Chinese factory owner. "OK. We can do that." Chinese factory owner responds. So the delighted businessman makes a large order for $10 shoes, hoping to make a steal on them. However when he gets the shipment and starts selling them, he quickly discovers that the sole of those shoes falls off only after a couple months of wear. He goes back to the Chinese factory owner and complaints about the shoes he sold him. The Chinese factory owner responds: "You asked for $10 shoes, and that's what you've got, shoes that are worth $10. So stop complaining !"

The moral of the story is that buying cheap, disposable things is often wasteful. Long time ago I've heard an adage, "We aren't wealthy to buy cheap things." And there is a lot to it. And while I don't like buying luxuries or status symbol items, I do strive to buy premium quality ones, especially for something where quality is important, like kitchenware or small appliances. (I do quite a bit of research on Consumer Reports and online, reading reviews and comparing prices, before buying) And in the end I am much better off monetarily and frustration-wise, buying smart, that buying cheap.

Finally when it comes to the simplicity movement, I am a bit confused what does it exactly mean. Personally I like to think that I practice simplicity by adhering to the rule: "Use it or Lose It (i.e. Sell/Donate/Throw)" for all my belongings. I also try to eliminate any redundancies for any merchandise I own, or services I am subscribed to. For example, I've dropped my landline, since cell phone + Skype makes it redundant. I've dropped TV cable, since Netflix + Hulu makes it redundant and offers a much better value. I've sold my GPS, amateur Camera & Ipod touch since my Droid makes those items redundant. I've dropped Starbucks because my premium coffeemaker makes it redundant. I can go on and on, but the fact remains, that the practice of simplicity can be easier achieved by embracing the technological progress, rather than avoiding it.
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16 of 18 people found the following review helpful:
5.0 out of 5 stars Frugal not cheap....., September 26, 2009
This review is from: In CHEAP We Trust: The Story of a Misunderstood American Virtue (Hardcover)
Cannot tell you how many books I have acquired on the issue of simple, frugal, cheap living over the years. Its a topic near and dear to my heart,since unlike many of my peers, I valued the wisdom my parents and grandparents had taught me about living well during the Great Depression and WW2, because they didn't waste anything and were wise in knowing the different between a need and a want.

What makes this book fun as well as informative is how the author shows how wasteful we have become as a society in the last forty years. She is also smart because she shares with the reader the difference between being wise and being foolish. Like not eating extreme out of date canned food, and learning the signs of food that shouldn't be saved or eaten. Like temperature sensitive foods, be it seafood that smells spoiled and probably is, which is needed info is you are into the freegan movement also called dumpster diving.

She also reminds the reader to think before they consume, which is the beginning of stopping waste. She reuses plastic bags, whereas I never buy them. Used to save the zip lock bags my flour tortillas came in but now I make my own tortillas. And the book is geared more for the city person.

Back in the 70's Amy Dacyczyn started teaching people about this type of living in her excellent Tightwad Gazette which is still available for purchase. As a rural homesteader I also want to recommend two magazines that are part of my home library. Backwoods Home and Back Home magazines have similar information as In CHEAP We Trust but geared toward saving money if you have animals and grow most of what you eat.

No doubt once the economy bounces back most people will resort to their old ways, which often includes looking down on people who live by the adage 'waste not want not,use it up, wear it out, find a need or do without. This has been my observation.But its refreshing to see a younger person who is sharing her frugal wisdom.
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I'd love this book, but I'm too cheap to pay this price for it 4 Nov 6, 2010
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