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The Origins of Commercial Banking in America, 1750-1800 (Hardcover, Annotated Ed)
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The Origins of Commercial Banking in America, 1750-1800 (Hardcover, Annotated Ed)
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The nature of America's early economy has been hotly contested for
several decades. Historians have often focused on the question of
when America became "capitalist," while economists have tried to
determine when American economic growth sped up. In The Origins of
Commercial Banking in America, Robert E. Wright argues that the
ultimate causes of American economic development and transformation
into a modern society can be reduced to the causes of American
banking. In the first full analysis of the origins of American
commercial banking since Bray Hammond's monumental study forty-five
years ago, Wright skillfully examines the political and economic
forces that contributed to the origins and rise of banks in cities
such as Philadelphia, New York, and Boston, as well as in smaller
towns servicing rural America. Wright expertly assesses the impact
of the war for independence, Superintendent of Finance Robert
Morris' policies under the Confederation, the economic and
political effects of the postwar depression of 1784-86, the
attempts of the Constitutional Convention of 1787 to address the
country's economic problems, and Secretary of the Treasury
Alexander Hamilton's financial program under the new Constitution.
Wright looks at both the macro and micro sides of issues how state
and national governments addressed problems and chartered (and
sometimes unchartered banks) as well as how private individuals
tried to cope with the need to obtain capital and the effects on
them of early bankruptcy laws. He describes the varied and
sometimes arcane financial and commercial instruments that existed
both before and after the establishment of banks, and how they
fostered economic development. We are introduced to an emerging
capitalist system struggling to provide capital needed by America's
voracious economy. The Origins of Commercial Banking in America is
essential reading for anyone interested in the political and
economic origins of the early republic."
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