The Wealth of Nations Rediscovered: Integration and Expansion in American Financial Markets, 1780–1850

ISBN-13: 9780521812375 / Angielski / Twarda / 2002 / 256 str.

Robert E. Wright (University of Virginia)

Opis

Robert E. Wright portrays the development of a modern financial sector--including a central bank, a national monetary system, a network of financial intermediaries, and efficient capital markets--as the driving force behind America's economic transition from agricultural colony to industrial juggernaut. He applies the economic theory of information asymmetry to understandings of early U.S. financial development, expanding on recent scholarship of finance-led economic growth. The book builds upon many of Adam Smith's lesser-known insights into financial relationships.

Recenzje

Review of the hardback: 'Throughout the book, he uses common sense and simple language, making the work comprehensible to any historian. Historians of finance, of the antebellum USA and of economic growth will definitely benefit from reading it.' History

Spis treści

1. Introduction: The Wealth of Nations and national wealth; 2. The international and colonial background of America's financial revolution; 3. Banks, securities markets, and the reduction of asymmetric information; 4. The financial sector and the reduction of lending-related costs and risks; 5. Evidence of capital market integration, 1800–50; 6. Expansion of the securities services sector, 1790–1850; 7. The freest of the free: regulation of the financial sector; 8. Finance-directed economic movement; 9. Conclusion: the wealth of nations rediscovered.