Spendthrift
Encyclopedia
A spendthrift is someone who spends money prodigiously and who is extravagant and recklessly wasteful, often to a point where the spending climbs well beyond his or her means. The origin of the word is someone who is able to spend money acquired by the thrift
of predecessors or ancestor
s.
Historical examples of spendthrifts include George IV, Ludwig II, and Marie Antoinette
. The term is often used by the press as an adjective
applied to government
s who are thought to be wasting public money. William Hogarth
's A Rake's Progress
displays in graphical form the downwardly spiralling fortunes of a wealthy but spendthrift son and heir who loses his money, and who as a consequence is imprisoned in the Fleet Prison
and ultimately Bedlam
.
. However, during the 19th and 20th centuries, a few jurisdictions, such as the U.S. state
s of Oregon
and Massachusetts
, experimented with law
s under which the family of such a person could have him legally declared a "spendthrift" by a court
of law. In turn, such persons were considered to lack the legal capacity to enter into binding contract
s. Even though such laws made life harder for creditor
s (who now had the burden of ensuring that any prospective debtor had not been judicially declared a spendthrift), they were thought to be justified by the public policy
of keeping a spendthrift's family from ending up in the poorhouse
or on welfare.
Such laws have since been abolished —in some countries— in favor of modern bankruptcy
, which is more favorable to creditors.
Frugality
Frugality is the quality of being frugal, sparing, thrifty, prudent or economical in the use of consumable resources such as food, time or money, and avoiding waste, lavishness or extravagance....
of predecessors or ancestor
Ancestor
An ancestor is a parent or the parent of an ancestor ....
s.
Historical examples of spendthrifts include George IV, Ludwig II, and Marie Antoinette
Marie Antoinette
Marie Antoinette ; 2 November 1755 – 16 October 1793) was an Archduchess of Austria and the Queen of France and of Navarre. She was the fifteenth and penultimate child of Holy Roman Empress Maria Theresa and Holy Roman Emperor Francis I....
. The term is often used by the press as an adjective
Adjective
In grammar, an adjective is a 'describing' word; the main syntactic role of which is to qualify a noun or noun phrase, giving more information about the object signified....
applied to government
Government
Government refers to the legislators, administrators, and arbitrators in the administrative bureaucracy who control a state at a given time, and to the system of government by which they are organized...
s who are thought to be wasting public money. William Hogarth
William Hogarth
William Hogarth was an English painter, printmaker, pictorial satirist, social critic and editorial cartoonist who has been credited with pioneering western sequential art. His work ranged from realistic portraiture to comic strip-like series of pictures called "modern moral subjects"...
's A Rake's Progress
A Rake's Progress
A Rake's Progress is a series of eight paintings by 18th century English artist William Hogarth. The canvases were produced in 1732–33 then engraved and published in print form in 1735...
displays in graphical form the downwardly spiralling fortunes of a wealthy but spendthrift son and heir who loses his money, and who as a consequence is imprisoned in the Fleet Prison
Fleet Prison
Fleet Prison was a notorious London prison by the side of the Fleet River in London. The prison was built in 1197 and was in use until 1844. It was demolished in 1846.- History :...
and ultimately Bedlam
Bedlam
Bedlam may refer to:* Bethlem Royal Hospital, London hospital first to specialise in the mentally ill and origin of the word "bedlam" describing chaos or madness-Places:* Bedlam, North Yorkshire, a village in England...
.
Legal issues
The modern legal remedy for spendthrifts is usually bankruptcyBankruptcy
Bankruptcy is a legal status of an insolvent person or an organisation, that is, one that cannot repay the debts owed to creditors. In most jurisdictions bankruptcy is imposed by a court order, often initiated by the debtor....
. However, during the 19th and 20th centuries, a few jurisdictions, such as the U.S. state
U.S. state
A U.S. state is any one of the 50 federated states of the United States of America that share sovereignty with the federal government. Because of this shared sovereignty, an American is a citizen both of the federal entity and of his or her state of domicile. Four states use the official title of...
s of Oregon
Oregon
Oregon is a state in the Pacific Northwest region of the United States. It is located on the Pacific coast, with Washington to the north, California to the south, Nevada on the southeast and Idaho to the east. The Columbia and Snake rivers delineate much of Oregon's northern and eastern...
and Massachusetts
Massachusetts
The Commonwealth of Massachusetts is a state in the New England region of the northeastern United States of America. It is bordered by Rhode Island and Connecticut to the south, New York to the west, and Vermont and New Hampshire to the north; at its east lies the Atlantic Ocean. As of the 2010...
, experimented with law
Law
Law is a system of rules and guidelines which are enforced through social institutions to govern behavior, wherever possible. It shapes politics, economics and society in numerous ways and serves as a social mediator of relations between people. Contract law regulates everything from buying a bus...
s under which the family of such a person could have him legally declared a "spendthrift" by a court
Court
A court is a form of tribunal, often a governmental institution, with the authority to adjudicate legal disputes between parties and carry out the administration of justice in civil, criminal, and administrative matters in accordance with the rule of law...
of law. In turn, such persons were considered to lack the legal capacity to enter into binding contract
Contract
A contract is an agreement entered into by two parties or more with the intention of creating a legal obligation, which may have elements in writing. Contracts can be made orally. The remedy for breach of contract can be "damages" or compensation of money. In equity, the remedy can be specific...
s. Even though such laws made life harder for creditor
Creditor
A creditor is a party that has a claim to the services of a second party. It is a person or institution to whom money is owed. The first party, in general, has provided some property or service to the second party under the assumption that the second party will return an equivalent property or...
s (who now had the burden of ensuring that any prospective debtor had not been judicially declared a spendthrift), they were thought to be justified by the public policy
Public policy
Public policy as government action is generally the principled guide to action taken by the administrative or executive branches of the state with regard to a class of issues in a manner consistent with law and institutional customs. In general, the foundation is the pertinent national and...
of keeping a spendthrift's family from ending up in the poorhouse
Poorhouse
A poorhouse or workhouse was a government-run facility in the past for the support and housing of dependent or needy persons, typically run by a local government entity such as a county or municipality....
or on welfare.
Such laws have since been abolished —in some countries— in favor of modern bankruptcy
Bankruptcy
Bankruptcy is a legal status of an insolvent person or an organisation, that is, one that cannot repay the debts owed to creditors. In most jurisdictions bankruptcy is imposed by a court order, often initiated by the debtor....
, which is more favorable to creditors.
External links
- how thrift applied to spend can end up being someone who is not thrifty (from http://www.worldwidewords.org)
- A Rakes Progress