A New Look at the Evolution of the Financial System

Abstract

It is now nearly seven years since I wrote a paper dealing with the evolution of the financial system. At that time this subject to a large extent was on the margins of mainstream economics. This was so despite the fact that important basic breakthroughs have been made and a number of fundamental building blocks appeared in the preceding 30 years as well as in the inter-war years and before. It would be remiss of me not to mention here such names as Schumpeter, Wicksell, Gurley and Shaw, Goldsmith, Cameron, Gerschenkon and Patrick, whose studies analytical, historical and empirical have served as point of departure for students of finance in the last ten years or so.

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