Money and capital markets in postbellum America

摘要: Postbellum economic change in the United States required an efficient system by which capital could be transferred to areas where it was relatively scarce. In assessing structure that evolved meet this need, John James provides a new and convincing explanation of forces underlying integration separate local money markets form national market. To understand role financial during period, author examines institutions operations banking detail. contrast now-prevailing view among scholars, Professor finds quite adaptable responding institutional constraints, he focuses particular on correspondent system. The second part his book assesses performance market promoting period. Drawing more carefully derived set interest rates, tests competing hypotheses explain advances satisfactory alternative theory. He offers first modern analysis American period between Civil War establishment Federal Reserve System. so doing, adds our knowledge historic finance development.Originally published 1978.The Princeton Legacy Library uses latest print-on-demand technology again make available previously out-of-print books from distinguished backlist University Press. These paperback editions preserve original texts these important while presenting them durable editions. goal is vastly increase access rich scholarly heritage found thousands Press since its founding 1905.