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Evolution Of Credit Union Philosophy, Matthew Wilburn King

Matthew Wilburn King PhD

This paper explores the history and evolution of credit union philosophy. The evolution of credit union philosophy spans nearly 150 years. It’s a story that begins in the middle of 19th century Europe as it was emerging from a long history of feudal relations and tyrannical rule that created “the miserable economic conditions of the period and the realization that people would have to take action themselves if their lives were to improve.”1 The democratic ideals that were so eloquently articulated by classical liberal philosophers such as John Locke and Thomas Hobbes began to be increasingly institutionalized during this time.