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The Wealth of Nations Rediscovered: Integration and Expansion in American Financial Markets, 1780-1850 Book

The Wealth of Nations Rediscovered: Integration and Expansion in American Financial Markets, 1780-1850
The Wealth of Nations Rediscovered: Integration and Expansion in American Financial Markets, 1780-1850, This new study applies the economic theory of information asymmetry to our understandings of early U.S. financial development, expanding on recent scholarship of finance-led economic growth. The book's research is original, incorporating little-used archi, The Wealth of Nations Rediscovered: Integration and Expansion in American Financial Markets, 1780-1850 has a rating of 3 stars
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The Wealth of Nations Rediscovered: Integration and Expansion in American Financial Markets, 1780-1850, This new study applies the economic theory of information asymmetry to our understandings of early U.S. financial development, expanding on recent scholarship of finance-led economic growth. The book's research is original, incorporating little-used archi, The Wealth of Nations Rediscovered: Integration and Expansion in American Financial Markets, 1780-1850
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  • The Wealth of Nations Rediscovered: Integration and Expansion in American Financial Markets, 1780-1850
  • Written by author Robert E. Wright
  • Published by Cambridge University Press, October 2009
  • This new study applies the economic theory of information asymmetry to our understandings of early U.S. financial development, expanding on recent scholarship of finance-led economic growth. The book's research is original, incorporating little-used archi
  • This book portrays the financial sector as the driving force behind early America's economic transition.
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List of Tables
Acknowledgments
List of Abbreviations
1Introduction: The Wealth of Nations and National Wealth1
2The International and Colonial Background of America's Financial Revolution9
The First Financial Revolutions: Holland and Great Britain10
Colonial America: Courts and Experiments16
The First U.S. Information Revolution: From Periphery to Center18
3Banks, Securities Markets, and the Reduction of Asymmetric Information26
Adverse Selection28
Moral Hazard32
The Principal-Agent Problem37
4The Financial Sector and the Reduction of Lending-Related Costs and Risks43
Commercial Banking: Intermediation and Information Creation45
The Emergence of Secondary Securities Markets51
The National Bank and the Panic of 179275
5Evidence of Capital Market Integration, 1800-185082
Brief Descriptions of the Major Securities Markets82
Price Comparisons between Markets91
Price Movements and the Theory of Portfolio Choice94
Evidence of Efficiency: Bid-Ask Spreads97
Geographical Distribution of Stockholders: Maine and Beyond99
6Expansion of the Securities Services Sector, 1790-1850123
Brokers: Their Role and Numbers124
Initial Public Offerings130
Trading Volumes in the Secondary Securities Markets: The Case of Philadelphia135
Nonlisted Securities159
A Brief Sketch of the Expansion of the Securities Sector166
7The Freest of the Free: Regulation of the Financial Sector167
Securities Market Regulations167
Special Banking Regulations173
General Banking Regulations in New York: The Revised Statutes, the Safety Fund, and Free Banking175
8Finance-Directed Economic Development193
Financing Trade194
Financing Farming through Internal Improvements201
Financing Manufacturing204
9Conclusion212
References217
Index227


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The Wealth of Nations Rediscovered: Integration and Expansion in American Financial Markets, 1780-1850, This new study applies the economic theory of information asymmetry to our understandings of early U.S. financial development, expanding on recent scholarship of finance-led economic growth. The book's research is original, incorporating little-used archi, The Wealth of Nations Rediscovered: Integration and Expansion in American Financial Markets, 1780-1850

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The Wealth of Nations Rediscovered: Integration and Expansion in American Financial Markets, 1780-1850, This new study applies the economic theory of information asymmetry to our understandings of early U.S. financial development, expanding on recent scholarship of finance-led economic growth. The book's research is original, incorporating little-used archi, The Wealth of Nations Rediscovered: Integration and Expansion in American Financial Markets, 1780-1850

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The Wealth of Nations Rediscovered: Integration and Expansion in American Financial Markets, 1780-1850, This new study applies the economic theory of information asymmetry to our understandings of early U.S. financial development, expanding on recent scholarship of finance-led economic growth. The book's research is original, incorporating little-used archi, The Wealth of Nations Rediscovered: Integration and Expansion in American Financial Markets, 1780-1850

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