Mobilizing Money Ho the World's Richest Nations Financed Industrial Groth [Hardcover]

Examines the origins of modern corporate finance systems during the rapid industrialization period leading up to World War I.This book examines the origins of modern corporate finance systems during the rapid industrialization period leading up to World War I. The study leads to three sets of conclusions. First, modern financial systems are rooted in the past, are idiosyncratic to specific countries, and are highly path-dependent. Second, financial institutions and markets do not create economic growth without significant first steps in industrial development and supporting institutions. Third, and most important from the modern policy standpoint, there is no one-size-fits-all solution to financial system design and industrial development.This book examines the origins of modern corporate finance systems during the rapid industrialization period leading up to World War I. The study leads to three sets of conclusions. First, modern financial systems are rooted in the past, are idiosyncratic to specific countries, and are highly path-dependent. Second, financial institutions and markets do not create economic growth without significant first steps in industrial development and supporting institutions. Third, and most important from the modern policy standpoint, there is no one-size-fits-all solution to financial system design and industrial development.This book examines the origins of modern corporate finance systems during the rapid industrialization period leading up to World War I. The study leads to three sets of conclusions. First, modern financial systems are rooted in the past, are idiosyncratic to specific countries, and are highly path-dependent. Therefore, to understand current financial institutions, we must take stock of the forces at play in the near and distant past: political and regulatory intervention, natural resource endowments, educational institutions, and social and religious beliefs. Second, financial institutions and markets do not create lC#