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Narrative Analysis - Report

Key Focus

Lewis Tappan established the Mercantile Agency in 1841, selling information about business customers to New York City suppliers who extended trade credit

Ratings, scores, and numerical indicators undergird the modern US credit economy. With little regulatory oversight, they depend on a pervasive informational infrastructure that gathers, collates, and stores vast quantities of information about debtors, operating on a scale that Lewis Tappan could not have imagined

No momentum supporting factor found

Challenge supporting factors

(credit,trade,provide)

(credit,trade,new_york_city)

Work-in-progress supporting factors

(credit,information,undergird)

(information,undergird)

(credit,information,trade)

(credit,information,tappan)

(credit,trade,tappan)

(information,trade,tappan)

(credit,economy,regulatory)

(credit,information,regulatory)

(information,regulatory)

(credit,information,provide)

(information,provide)

(credit,information,operating)

(credit,information,numerical)

(credit,economy,trust,twitter)

(credit,economy,twitter)

Time Period	Challenge	Momentum	WIP
Report	0.67	0.00	99.34

High Level Abstraction (HLA) combined

High Level Abstraction (HLA)	Report
(1) (credit,information,undergird)	100.00
(2) (information,undergird)	99.54
(3) (credit,information,trade)	97.93
(4) (credit,information,tappan)	96.32
(5) (credit,trade,tappan)	95.17
(6) (information,trade,tappan)	94.71
(7) (credit,economy,regulatory)	92.87
(8) (credit,information,regulatory)	90.80
(9) (information,regulatory)	89.43
(10) (credit,information,provide)	88.74
(11) (information,provide)	87.13
(12) (credit,information,operating)	86.67
(13) (credit,information,numerical)	85.06
(14) (credit,economy,trust,twitter)	80.92
(15) (credit,economy,twitter)	77.70
(16) (credit,trust,twitter)	77.24
(17) (credit,economy,society)	75.17
(18) (credit,economy,trust,society)	71.95
(19) (credit,trust,society)	71.03
(20) (credit,economy,posturing)	69.66
(21) (credit,economy,trust,posturing)	66.44
(22) (credit,trust,posturing)	64.83
(23) (credit,economy,political)	63.91
(24) (credit,economy,trust,political)	60.69
(25) (credit,trust,political)	58.62
(26) (credit,economy,trust,individuals)	57.93
(27) (credit,trust,individuals)	55.40
(28) (credit,economy,trust,imperfections)	54.94
(29) (credit,trust,imperfections)	52.18
(30) (credit,economy,trust,hyperbolic)	51.95
(31) (credit,trust,hyperbolic)	48.97
(32) (credit,economy,undergird)	45.98
(33) (credit,trade,short-term)	45.75
(34) (credit,trade,provide)	45.52
(35) (credit,trade,possible)	45.29
(36) (credit,trade,nineteenth)	45.06
(37) (credit,trade,new_york_city)	44.60
(38) (credit,tappan,subscribers)	44.37
(39) (credit,tappan,new_york_city)	44.14
(40) (information,trade,new_york_city)	43.68
(41) (credit,tappan,mercantile_agency)	43.45
(42) (information,trade,mercantile_agency)	43.22
(43) (credit,subscribers,demand)	42.99
(44) (credit,tappan,demand)	42.30
(45) (credit,tappan,bradstreet)	42.07
(46) (credit,access,management)	39.77
(47) (credit,insurance,access,management)	37.70
(48) (credit,insurance,management)	35.63
(49) (credit,subscribers,management)	34.94
(50) (credit,subscribers,insurance)	34.25
(51) (credit,subscribers,information)	33.10
(52) (credit,insurance,access,categorization)	32.18
(53) (credit,insurance,categorization)	30.80
(54) (credit,subscribers,categorization)	29.43
(55) (credit,subscribers,businesses)	28.97
(56) (credit,access,subscribers)	26.21
(57) (credit,insurance,access,subscribers)	24.14
(58) (credit,access,opportunities)	20.46
(59) (credit,insurance,access,opportunities)	18.62
(60) (credit,insurance,opportunities)	16.55
(61) (credit,access,housing)	15.40
(62) (credit,insurance,access,housing)	12.41
(63) (credit,insurance,housing)	10.57
(64) (credit,insurance,access,employment)	10.11
(65) (credit,insurance,employment)	7.59
(66) (credit,access,fico)	6.90
(67) (credit,access,employment)	4.83
(68) (information,trade,short-term)	1.84
(69) (information,tappan)	1.61
(70) (information,short-term)	1.15
(71) (information,secret)	0.69
(72) (trust,loaned)	0.46
(73) (trust,future)	0.23

Supporting narratives:

Please refer to knowledge diagram for a complete set of supporting narratives.

challenge - Back to HLA

Lewis Tappan established the Mercantile Agency in 1841, selling information about business customers to New York City suppliers who extended trade credit. The idea was to provide useful information about potential customers so that suppliers could know who was most likely to pay their bills
High Level Abstractions:

(credit,trade,provide)
(credit,trade,new_york_city)
Inferred entity relationships (1)
(credit,new_york_city,tappan) [inferred]

WIP - Back to HLA

Ratings, scores, and numerical indicators undergird the modern US credit economy. With little regulatory oversight, they depend on a pervasive informational infrastructure that gathers, collates, and stores vast quantities of information about debtors, operating on a scale that Lewis Tappan could not have imagined
High Level Abstractions:

(information,regulatory)
(credit,information,undergird)
(credit,information,regulatory)
(credit,information,numerical)
(credit,economy,regulatory)
(information,undergird)
Inferred entity relationships (22)
(credit,economy,society) [inferred]
(credit,economy,undergird) [inferred]
(credit,information,trade) [inferred]
(credit,economy,political,trust) [inferred]
(credit,economy,hyperbolic,trust) [inferred]
(credit,information,provide) [inferred]
(credit,economy,posturing,trust) [inferred]
(information,regulatory) [inferred]
(credit,information,numerical) [inferred]
(credit,economy,trust,twitter) [inferred]
(credit,economy,twitter) [inferred]
(credit,economy,imperfections,trust) [inferred]
(credit,information,regulatory) [inferred]
(credit,economy,political) [inferred]
(credit,economy,society,trust) [inferred]
(credit,information,operating) [inferred]
(credit,economy,posturing) [inferred]
(credit,information,tappan) [inferred]
(credit,economy,individuals,trust) [inferred]
(credit,information,subscribers) [inferred]
(credit,information,undergird) [inferred]
(information,undergird) [inferred]

WIP - Back to HLA

Lewis Tappan established the Mercantile Agency in 1841, selling information about business customers to New York City suppliers who extended trade credit.
High Level Abstractions:

(information,trade,new_york_city)
(credit,tappan,new_york_city)
(credit,information,trade)
Inferred entity relationships (8)
(credit,information,provide) [inferred]
(credit,information,subscribers) [inferred]
(credit,information,regulatory) [inferred]
(credit,information,numerical) [inferred]
(credit,information,operating) [inferred]
(credit,new_york_city,trade) [inferred]
(credit,information,undergird) [inferred]
(credit,information,tappan) [inferred]

WIP - Back to HLA

Lewis Tappan established the Mercantile Agency in 1841, selling information about business customers to New York City suppliers who extended trade credit
High Level Abstractions:

(credit,information,tappan)
(information,trade,tappan)
(credit,tappan,mercantile_agency)
(information,trade,mercantile_agency)
(credit,trade,tappan)
Inferred entity relationships (9)
(information,tappan) [inferred]
(credit,information,regulatory) [inferred]
(credit,information,trade) [inferred]
(credit,information,operating) [inferred]
(credit,information,provide) [inferred]
(credit,information,subscribers) [inferred]
(credit,information,numerical) [inferred]
(information,tappan,trade) [inferred]
(credit,information,undergird) [inferred]

WIP - Back to HLA

The idea was to provide useful information about potential customers so that suppliers could know who was most likely to pay their bills
High Level Abstractions:

(information,provide)
(credit,information,provide)
Inferred entity relationships (8)
(information,provide) [inferred]
(credit,information,subscribers) [inferred]
(credit,information,regulatory) [inferred]
(credit,information,trade) [inferred]
(credit,information,numerical) [inferred]
(credit,information,operating) [inferred]
(credit,information,undergird) [inferred]
(credit,information,tappan) [inferred]

WIP - Back to HLA

With little regulatory oversight, they depend on a pervasive informational infrastructure that gathers, collates, and stores vast quantities of information about debtors, operating on a scale that Lewis Tappan could not have imagined.
High Level Abstractions:

(credit,information,operating)
Inferred entity relationships (7)
(credit,information,provide) [inferred]
(credit,information,subscribers) [inferred]
(credit,information,regulatory) [inferred]
(credit,information,trade) [inferred]
(credit,information,numerical) [inferred]
(credit,information,undergird) [inferred]
(credit,information,tappan) [inferred]

WIP - Back to HLA

And yet, we should recognize that beneath the political contention, Twitter rages, hyperbolic rhetoric and angry posturing, a big part of American society routinely finds many individuals and organizations to be very trustworthy
High Level Abstractions:

(credit,trust,society)
(credit,economy,trust,hyperbolic)
(credit,economy,trust,posturing)
(credit,trust,twitter)
(credit,economy,trust,twitter)
(credit,economy,posturing)
(credit,trust,posturing)
(credit,trust,political)
(credit,economy,political)
(credit,economy,society)
(credit,economy,trust,society)
(credit,economy,trust,political)
(credit,economy,twitter)
(credit,trust,hyperbolic)
Inferred entity relationships (13)
(credit,economy,society) [inferred]
(credit,economy,undergird) [inferred]
(credit,economy,political,trust) [inferred]
(credit,economy,hyperbolic,trust) [inferred]
(credit,economy,posturing,trust) [inferred]
(credit,economy,regulatory) [inferred]
(credit,economy,trust,twitter) [inferred]
(credit,economy,twitter) [inferred]
(credit,economy,imperfections,trust) [inferred]
(credit,economy,political) [inferred]
(credit,economy,society,trust) [inferred]
(credit,economy,posturing) [inferred]
(credit,economy,individuals,trust) [inferred]

WIP - Back to HLA

And yet, we should recognize that beneath the political contention, Twitter rages, hyperbolic rhetoric and angry posturing, a big part of American society routinely finds many individuals and organizations to be very trustworthy. Despite serious imperfections, the economy depends critically on the credit system and on the systematic ability of lenders to answer the question: whom to trust
High Level Abstractions:

(credit,economy,trust,imperfections)
(credit,trust,imperfections)
(credit,trust,individuals)
(credit,economy,trust,individuals)
Inferred entity relationships (13)
(credit,economy,imperfections,trust) [inferred]
(credit,economy,society) [inferred]
(credit,economy,undergird) [inferred]
(credit,economy,political) [inferred]
(credit,economy,society,trust) [inferred]
(credit,economy,political,trust) [inferred]
(credit,economy,posturing) [inferred]
(credit,economy,hyperbolic,trust) [inferred]
(credit,economy,individuals,trust) [inferred]
(credit,economy,posturing,trust) [inferred]
(credit,economy,regulatory) [inferred]
(credit,economy,trust,twitter) [inferred]
(credit,economy,twitter) [inferred]

WIP - Back to HLA

. Ratings, scores, and numerical indicators undergird the modern US credit economy. With little regulatory oversight, they depend on a pervasive informational infrastructure that gathers, collates, and stores vast quantities of information about debtors, operating on a scale that Lewis Tappan could not have imagined
High Level Abstractions:

(credit,economy,undergird)
Inferred entity relationships (12)
(credit,economy,imperfections,trust) [inferred]
(credit,economy,society) [inferred]
(credit,economy,political) [inferred]
(credit,economy,society,trust) [inferred]
(credit,economy,political,trust) [inferred]
(credit,economy,posturing) [inferred]
(credit,economy,hyperbolic,trust) [inferred]
(credit,economy,individuals,trust) [inferred]
(credit,economy,posturing,trust) [inferred]
(credit,economy,regulatory) [inferred]
(credit,economy,trust,twitter) [inferred]
(credit,economy,twitter) [inferred]

WIP - Back to HLA

But starting in the middle of the nineteenth century, a new system developed that made it possible to lend to strangers, to deal with people in parts of the country outside the reach of personal networks or acquaintanceship, and to extend credit on a much greater scale. This new system emerged first in short-term trade credit (from suppliers to their business customers), but it created a template that eventually spread around the world
High Level Abstractions:

(credit,trade,short-term)

WIP - Back to HLA

But starting in the middle of the nineteenth century, a new system developed that made it possible to lend to strangers, to deal with people in parts of the country outside the reach of personal networks or acquaintanceship, and to extend credit on a much greater scale
High Level Abstractions:

(credit,trade,possible)
(credit,trade,nineteenth)

WIP - Back to HLA

Nonetheless, it was turned into credit reports and scores that Tappan sold to his subscribers. Such was the demand for systematic credit information that rival rating agencies, like Bradstreet's, soon appeared, and Tappan's own firm grew in size and scope (eventually becoming R.G
High Level Abstractions:

(credit,subscribers,demand)
(credit,tappan,subscribers)
(credit,tappan,demand)
(credit,subscribers,information)
Inferred entity relationships (9)
(credit,demand,tappan) [inferred]
(credit,information,regulatory) [inferred]
(credit,information,trade) [inferred]
(credit,information,operating) [inferred]
(credit,information,tappan) [inferred]
(credit,demand,subscribers) [inferred]
(credit,information,provide) [inferred]
(credit,information,numerical) [inferred]
(credit,information,undergird) [inferred]

WIP - Back to HLA

Such was the demand for systematic credit information that rival rating agencies, like Bradstreet's, soon appeared, and Tappan's own firm grew in size and scope (eventually becoming R.G
High Level Abstractions:

(credit,tappan,bradstreet)
Inferred entity relationships (1)
(credit,tappan,trade) [inferred]

WIP - Back to HLA

Dun's customers could look up a firm and find a precise categorization of its "pecuniary strength" or "general credit." Subscribers included anyone selling to business customers, but also banks, insurance companies, and others concerned with what we today call "risk management." And those whose businesses were rated knew that the ratings mattered and that their access to credit depended on those ratings
High Level Abstractions:

(credit,insurance,management)
(credit,insurance,access,categorization)
(credit,insurance,categorization)
(credit,subscribers,management)
(credit,subscribers,categorization)
(credit,access,management)
(credit,access,subscribers)
(credit,subscribers,businesses)
(credit,insurance,access,management)
(credit,subscribers,insurance)
(credit,insurance,access,subscribers)
Inferred entity relationships (18)
(access,credit,insurance,opportunities) [inferred]
(access,credit,management) [inferred]
(access,credit,housing,insurance) [inferred]
(categorization,credit,insurance) [inferred]
(credit,subscribers,tappan) [inferred]
(credit,insurance,opportunities) [inferred]
(access,credit,fico) [inferred]
(access,credit,employment) [inferred]
(access,credit,subscribers) [inferred]
(access,credit,housing) [inferred]
(categorization,credit,subscribers) [inferred]
(credit,management,subscribers) [inferred]
(access,credit,employment,insurance) [inferred]
(access,credit,insurance,management) [inferred]
(credit,insurance,subscribers) [inferred]
(access,credit,opportunities) [inferred]
(access,credit,insurance,subscribers) [inferred]
(credit,insurance,management) [inferred]

WIP - Back to HLA

These are now ubiquitous and routinely govern access to credit, employment, insurance, housing, and other opportunities (including online dating).
High Level Abstractions:

(credit,access,opportunities)
(credit,access,housing)
(credit,insurance,housing)
(credit,insurance,access,opportunities)
(credit,insurance,opportunities)
(credit,insurance,access,housing)
Inferred entity relationships (15)
(access,credit,insurance,opportunities) [inferred]
(credit,housing,insurance) [inferred]
(access,credit,management) [inferred]
(access,credit,employment,insurance) [inferred]
(access,credit,housing,insurance) [inferred]
(access,credit,insurance,management) [inferred]
(credit,insurance,subscribers) [inferred]
(access,credit,opportunities) [inferred]
(credit,insurance,opportunities) [inferred]
(access,credit,fico) [inferred]
(access,credit,employment) [inferred]
(access,credit,subscribers) [inferred]
(access,credit,insurance,subscribers) [inferred]
(credit,insurance,management) [inferred]
(access,credit,housing) [inferred]

WIP - Back to HLA

These are now ubiquitous and routinely govern access to credit, employment, insurance, housing, and other opportunities (including online dating)
High Level Abstractions:

(credit,insurance,access,employment)
(credit,insurance,employment)
Inferred entity relationships (11)
(access,credit,insurance,opportunities) [inferred]
(access,credit,management) [inferred]
(access,credit,housing,insurance) [inferred]
(access,credit,insurance,management) [inferred]
(credit,employment,insurance) [inferred]
(access,credit,opportunities) [inferred]
(access,credit,fico) [inferred]
(access,credit,employment) [inferred]
(access,credit,subscribers) [inferred]
(access,credit,insurance,subscribers) [inferred]
(access,credit,housing) [inferred]

WIP - Back to HLA

developed the FICO score, which summarizes the creditworthiness of an individual consumer in a single number
High Level Abstractions:

(credit,access,fico)
Inferred entity relationships (10)
(access,credit,insurance,management) [inferred]
(access,credit,insurance,opportunities) [inferred]
(access,credit,opportunities) [inferred]
(access,credit,management) [inferred]
(access,credit,employment) [inferred]
(access,credit,subscribers) [inferred]
(access,credit,insurance,subscribers) [inferred]
(access,credit,employment,insurance) [inferred]
(access,credit,housing,insurance) [inferred]
(access,credit,housing) [inferred]

WIP - Back to HLA

developed the FICO score, which summarizes the creditworthiness of an individual consumer in a single number. These are now ubiquitous and routinely govern access to credit, employment, insurance, housing, and other opportunities (including online dating)
High Level Abstractions:

(credit,access,employment)
Inferred entity relationships (11)
(access,credit,insurance,opportunities) [inferred]
(access,credit,management) [inferred]
(access,credit,employment,insurance) [inferred]
(access,credit,housing,insurance) [inferred]
(access,credit,insurance,management) [inferred]
(credit,employment,insurance) [inferred]
(access,credit,opportunities) [inferred]
(access,credit,fico) [inferred]
(access,credit,subscribers) [inferred]
(access,credit,insurance,subscribers) [inferred]
(access,credit,housing) [inferred]

WIP - Back to HLA

This new system emerged first in short-term trade credit (from suppliers to their business customers), but it created a template that eventually spread around the world
High Level Abstractions:

(information,trade,short-term)
Inferred entity relationships (1)
(information,short-term) [inferred]

WIP - Back to HLA

This new system emerged first in short-term trade credit (from suppliers to their business customers), but it created a template that eventually spread around the world.. . Lewis Tappan established the Mercantile Agency in 1841, selling information about business customers to New York City suppliers who extended trade credit
High Level Abstractions:

(information,tappan)
Inferred entity relationships (1)
(information,tappan,trade) [inferred]

WIP - Back to HLA

This new system emerged first in short-term trade credit (from suppliers to their business customers), but it created a template that eventually spread around the world.
High Level Abstractions:

(information,short-term)
Inferred entity relationships (1)
(information,short-term,trade) [inferred]

WIP - Back to HLA

Tappan created a national network of secret correspondents (often attorneys) to supply confidential information about local businesses: who were they, what did they sell, how were they doing, and so on
High Level Abstractions:

(information,secret)

WIP - Back to HLA

Early in the nineteenth century, people mostly used their social networks, personal connections, and assessments of character to decide whom to trust. They loaned money to their family, friends, neighbors, and business acquaintances
High Level Abstractions:

(trust,loaned)

WIP - Back to HLA

And the extension of credit involves a decision by a lender to trust a borrower. Lenders offer money in exchange for a promise to repay in the future.
High Level Abstractions:

(trust,future)

Semantics Relevance

An introduction to The Economy of Promise - Trust in a distrustful world