Insider Lending: Banks, Personal Connections, and Economic Development in Industrial New England

ISBN-13: 9780521566247 / Angielski / Miękka / 1996 / 194 str.

Naomi Lamoreaux

Opis

Today the term "insider lending" conveys an aura of abuse and corruption, of unethical, if not illegal, behavior. In early nineteenth century New England, however, insider lending was an integral aspect of the banking system. Not only was the practice an accepted fact of economic life, but, as Naomi R. Lamoreaux argues, it enabled banks (at least in this particular historical context) to play an important role in financing economic development. As the banking system evolved over the course of the century, however, lending practices became more impersonal and professional.

Recenzje

'This is an important book which explores the evolution of bank lending strategies during the industrialisation of New England.' Mary B. Rose, Business History

Spis treści

Acknowledgements; Introduction; 1. Vehicles for accumulating capital; 2. Insider lending and Jacksonian hostility towards banks; 3. Engines of economic development; 4. The decline of insider lending and the problem of determining creditworthiness; 5. Professionalization and specialization; 6. The merger movement in banking; Conclusion.