A History of Banking in Antebellum America: Financial Markets and Economic Development in an Era of Nation-Building (Studies in Macroeconomic History)
(Part of the Studies in Macroeconomic History Series)
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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.
Format:Paperback
Language:English
ISBN:0521669995
ISBN13:9780521669993
Release Date:February 2000
Publisher:Cambridge University Press
Length:284 Pages
Weight:0.10 lbs.
Dimensions:0.7" x 6.0" x 9.0"
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