A History of Banking in Antebellum America: Financial Markets and Economic Development in an Era of Nation-Building

Forside
Cambridge University Press, 13. feb. 2000 - 260 sider
Previous banking histories have focused on the money supply function of early American banks and its connection to the recurrent boom-bust cycle of the antebellum era. This history focuses on the credit generating function of American banks It demonstrates that banks aggressively promoted development rather than passively followed its course. Using previously unexploited data, Professor Bodenhorn shows that banks helped to advance the development of incipient industrialization. Additionally, he shows that banks formed long-distance relationships that promoted geographic capital mobility, thereby assuring that short-term capital was directed in socially desirable directions, that is, where it was most in demand. He then traces those institutional and legal developments that allowed for this capital mobility. The result was that America was served by an efficient system of financial intermediaries by the mid-nineteenth century. -- Publisher description.
 

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Innhold

Introduction Historical Setting and Three Views of Banking
1
Financial Development and Economic Growth in Antebellum America
28
Financing Entrepreneurship Banks Merchants and Manufacturers
84
The Integration of ShortTerm Capital Markets in Antebellum America
119
Banks Brokers and Capital Mobility
165
How Banks Mattered
213
A Postbellum Reprise
227
Calculating StateLevel Real Income
236
Bibliography
239
Index
257
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