FINANCIAL SYSTEMS AND ECONOMIC MODERNIZATION

Richard Eugene Sylla

179 citations0/0 files storedThe Journal of Economic History

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Historical Economic and Social Studies Monetary Policy and Economic Impact Economic Theory and Institutions

Abstract

The most successful economies of modern, and perhaps earlier, economic history appear to have had “financial revolutions” that created innovative financial systems before they became leading economies. This suggests that good financial systems may have played a causal role in economic modernization. I identify the key institutional components of such financial systems. Using the United States and Japan as examples, I discuss how two financial revolutions occurred. Effective leadership on the part of strong-willed individuals was crucial in each case.

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References

2001The world economy: a millennial perspective 1988The Embarrassment of Riches: An Interpretation of Dutch Culture in the Golden Age.1981Why Isn't the Whole World Developed?2004Financial structure and economic growth : a cross-country comparison of banks, markets, and development 1998:The First Modern Economy: Success, Failure, and Perseverance of the Dutch Economy, 1500-1815 1967The Financial Revolution in England. A Study in the Development of Public Credit, 1688-1756.1992The Rise of Financial Capitalism: International Capital Markets in the Age of Reason.1973The American Commonwealth

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