Europe's Advantage

Abstract

Abstract This book focuses on the relationship between banks and small firms in a comparative historical perspective. By comparing the rise of small firms in France, Germany, and Italy and their decline Britain, this book analyses how the structure of the countries’ banking systems has affected the growth of small firms. This analysis is placed in the historical context of the political economy of these four countries to show how banking and industrial structures developed over the century as a consequence of the state’s need to mediate between different social and economic groups. This approach shows why British banking became so concentrated and the negative impact this had on the supply of finance to small firms. The experiences of France, Germany, and Italy show alternative structures and policy responses towards small firms.

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