There is a proselytising feel to the credit-union movement. Believers talk of a "social mission": to serve communities, not the false gods of the stockmarket. Today, this creed is winning more converts than ever before. Globally, the number of people in credit unions has doubled since 2000, from108m to 217m. Savings are up by 130% in real terms. Credit unions first appeared in 19th century Germany. Like banks, they took deposits and made loans. But, crucially, they were owned by their members, who shared a "common bond", such as a profession or place of residence. Earnings were returned to members in the form of better interest rates.
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