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

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

by Robert E. Wright
     
 

ISBN-10: 0521812372

ISBN-13: 9780521812375

Pub. Date: 12/01/2002

Publisher: Cambridge University Press

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…  See more details below

Overview

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.

Product Details

ISBN-13:
9780521812375
Publisher:
Cambridge University Press
Publication date:
12/01/2002
Edition description:
2002 First Edition
Pages:
240
Product dimensions:
5.98(w) x 8.98(h) x 0.79(d)

Table of Contents

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.

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