51 2007 1 19 E. R. A.Seligman1927 2 19 20 1920 3 4 1 3C 1 1 50
52 1940 1 5 6 7 2 1 2 2 8 1 9 2 1901 Singer 1895 10 11 20 1920 12 3 13 1 2
53 3 1934 1 8 14 977 9285 40 15 1920 30 2 1 1 16 1 1960 2 2 1 1 1800 2 3 4 5 6 7 1 1900 2 3 4 5 6 7
54 1 2 17 2 19 McCormick 1807 The firm of Cowperthwait & Sons 18 19 20 General MotorsGM1919 General Motors Acceptance CorporationGMAC 19 GMAC GM GM GM GMACtime payment plan The Economics of Instulment Selling1927 Seligman Seligman 20 1908 Model T GM 20 23 364 4000 6 1 75 90 21
55 22 23 1 1903 9 2 2 1 2500 4000 2 500 2000 1500 5 6 24 20 25 3 26 2 1918 12 1 5 400 2 12 40005000 27 1923 1 10 20 W. C. Durant 7 2500 28 15 10
56 5 10 30 29 1 24 2 30 30 1923 9 1 GM 31 1920 1 KD 1925 2 27 1 GM GM GM 1920 2 1 2 13 90 32 GM 1932 70 2 33 1 2 2 1 34 35
57 36 1927 7080 37 27 38 1 2 39 2 40 1 200300 34 20 2 10 2000 4000 3 41 GM 1930 42 GM 27 8 General Motors Acceptance CorporationGMAC 286 20 43 1 2 10 5 2 10
58 3 4 5 6 44 GM 2 GM 1 4
59 45 46 1961 7 GM 1929 1 20 47 31 GM 800 1200 48 1934 GM 4 8 7 3 GM 4 8 8 420 1 3500 1522 78 7 245 10 15 871 25 650 49 GM field man 50 51 1950 1930 7080 52 53 1936 80 13 20 GM 54 5 1935 GM G1 200 2900
60 55 2 GM 56 1936 10 10 31 GM GM 12 57 1937 9 58 1949 3 GHQ J. M. Dodge 1 360 48 12 GHQ 9 49 50 1 40 GHQ 3 1949 10 2 59 1 GHQ 1947 6 300 49 2 2 49 79 10515 3 095 28
61 9 10 20 1 49 10 1 50 3 31 2 GHQ 3 50 1949 10 5699 4258 9 1300 3 10 4 4 2 206 9 3 3000 2 300194910 25 GHQ 49 11 50 3 60 9 8 5 9 61 1949 62 30 20 6 4 1949 50 3 63 1
62 4 64 65 1949 67 49 206 50 293 49 49 13 1 66 1 49 7 3 49 7 49 10 2000 1 8671 20 11 30 2 1826 67 5 2 1949 12 23 1 49 12 2 68 300 1949 12 20 1 8820 50
63 4 69 1 2 2 3 4 4 70 1 71 72 1949 8 50 5 51 6 51 10 52 5 53 7 73 50 2 3 74 1 2 3
64 1 75 76 77 1 1946 46 7 8 10 3 78 1 2 3 4 5 79 1 2 3 4 5 GHQ
65 80 1950 1 81 2 1949 50 1 14 6 5 8 5 20 303 6 82 1950 4 8000 83 15 5000 10 3 84 1 2 1950 85 1950 6 23 8 20 1 2 2 3 36 1 23
66 86 1950 4 GMAC 1 2 3 87 1 4 2 3 6 8 3 2 5 500 250300 4 1982 7 32 3 1949 88 1 50 2 50 3 2 1950 4 89 1 1951
67 1960 20 19 1960 GM 2 2 1 1 90 1
68 18 1950 1 2007 38 2 pp124 2 E. R.A.Seligman1927, The EconomicofInstalmentSelling, N.Y.,pp1454 3 2007 23 2007 4 21 4 5 1958 5 p14 6 10 5 p29 7 1956 9 102 p30 8 30 30 p1 9 1984 pp34 10 1956p4 11 30 p1 12 1963p287 13 1958 7 p25 14 1967 p128 15 1967p128 16 1966pp1516 17 1984p31 18 Beckman,T.N. & R.Bartels1946, Credits and Collections in Theory and practice, p88 19 1986p107 20 1986p108 21 2004p132 22 Maxcy, G & A. Silberston1959, THE MOTOR INDUS- TORY,GeorgeAllen&UnwinLtd., 1965pp4243 23 1986pp106107 24 2004p130 25 1914 26 1953 pp174175 27 1926 2004p131 28 2004p132 29 2004pp132133 30 2004p133 31 GM 1910 14 GM 27 78 1981 1 pp190191 32 1981p185 33 1988 30 p6 34 1977 p277 35 1998 191870p16 36 2000 230 p143 37 1955p30 38 2000p143 39 1915 10 W. P. Smith & Co.
69 15 1976 3p225 40 1955p31 41 1998p20 42 M.Y.Yoshino1971, The Japanese Marketing System, MIT Press,1976 p241 43 2004p1331984 3 p138 44 2000p144 45 1955p37 46 1942p411 47 1968 5 p59 48 1955p32 49 2000p143 50 1955p33 51 1951 6 52 4 61 7 12 52 1970 p47 53 1998p21 54 2000pp143144 55 1970p39 56 1980 30 pp2122 57 1970p48 58 2003 p128 48 56 1980p22 59 1980p25 60 1971 70 pp145146 61 1951p101 62 1972 35 pp2829 63 1951p101 64 198321 50 p82 65 30 1974 30 p66 66 30 1974p67 67 1983pp8283 68 1980pp2526 69 1980p26 70 1980pp2627 71 30 pp12 72 Yoshino19711976p240 73 30 p2 74 1974 p168 75 1974p169 76 1950 49 1 3000 50 100 3 1
70 10 http : //rrxoe.com/2007/07/1_4.html#more 2007.9.10.accessed 77 1974pp169170 78 1980p28 79 1980p28 80 1980p29 81 1980pp6970 82 1980p70 83 1980p28 84 196970 p129 85 1988 30 pp1920 86 1980pp7172 87 1986p109 88 30 p140 89 1951p101 90 1969p129