A History of Banking in Antebellum America
Financial Markets and Economic Development in an Era of Nation-Building
Seiten
2000
Cambridge University Press (Verlag)
978-0-521-66999-3 (ISBN)
Cambridge University Press (Verlag)
978-0-521-66999-3 (ISBN)
Focusing on the credit generating function of American banks, this history demonstrates that banks aggressively promoted economic development rather than passively followed its course. Professor Bodenhorn uses unexploited data to reveal how banks promoted both industrialization and geographic capital mobility.
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.
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.
1. Introduction: historical setting and three views of banking; 2. Financial development and economic growth in Antebellum America; 3. Financing entrepreneurship: banks, merchants and manufacturers; 4. The integration of short-term capital markets in Antebellum America; 5. Banks, brokers, and capital mobility; 6. Conclusion: how banks mattered.
| Erscheint lt. Verlag | 13.2.2000 |
|---|---|
| Reihe/Serie | Studies in Macroeconomic History |
| Zusatzinfo | 33 Tables, unspecified; 12 Line drawings, unspecified |
| Verlagsort | Cambridge |
| Sprache | englisch |
| Maße | 153 x 229 mm |
| Gewicht | 395 g |
| Themenwelt | Geschichte ► Teilgebiete der Geschichte ► Wirtschaftsgeschichte |
| Wirtschaft ► Betriebswirtschaft / Management ► Finanzierung | |
| Betriebswirtschaft / Management ► Spezielle Betriebswirtschaftslehre ► Bankbetriebslehre | |
| ISBN-10 | 0-521-66999-5 / 0521669995 |
| ISBN-13 | 978-0-521-66999-3 / 9780521669993 |
| Zustand | Neuware |
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