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Books > History > History of specific subjects > Economic history
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Insider Lending - Banks, Personal Connections, and Economic Development in Industrial New England (Paperback, Revised)
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Insider Lending - Banks, Personal Connections, and Economic Development in Industrial New England (Paperback, Revised)
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The term insider lending conveys an aura of abuse and corruption,
of unethical, if not illegal, behaviour. In early
nineteenth-century New England, however, insider lending was an
integral aspect of the banking system. Not only was the practice an
accepted fact of economic life, but, as Naomi R. Lamoreaux argues,
it enabled banks (at least in this particular historical context)
to play an important role in financing economic development. As the
banking system evolved over the course of the century, however,
lending practices became more impersonal and professional.
Ironically, the information problems banks faced when they began to
conduct more and more of their business at arm's length forced them
to concentrate on providing short-term loans to commercial
borrowers and to give up financing economic development. This book
was first published in 1994.
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