MARC Record from marc_columbia

LEADER: 03538fam a2200469 a 4500
001 1716268
005 20220608220249.0
008 930818s1994 enkaf b 001 0 eng
010 $a 93032161
020 $z0512469964
020 $a0521460964
035 $a(OCoLC)28800376
035 $a(OCoLC)ocm28800376
035 $9ALC0685CU
035 $a(NNC)1716268
035 $a1716268
040 $aDLC$cDLC$dDLC$dOrLoB
043 $an-usn--
050 00 $aHG2601$b.L36 1994
082 00 $a332.1/753$220
100 1 $aLamoreaux, Naomi R.$0http://id.loc.gov/authorities/names/n84104009
245 10 $aInsider lending :$bbanks, personal connections, and economic development in industrial New England /$cNaomi R. Lamoreaux.
260 $aCambridge [England] ;$aNew York :$bCambridge University Press,$c1994.
300 $axiii, 170 pages, 10 unnumbered pages of plates :$billustrations ;$c28 cm.
336 $atext$btxt$2rdacontent
337 $aunmediated$bn$2rdamedia
490 1 $aNBER series on long-term factors in economic development
500 $a"NBER."
504 $aIncludes bibliographical references and index.
505 00 $g1.$tVehicles for accumulating capital --$g2.$tInsider lending and Jacksonian hostility toward banks --$g3.$tEngines of economic development --$g4.$tThe decline of insider lending and the problem of determining creditworthiness --$g5.$tProfessionalization and specialization --$g6.$tThe merger movement in banking.
520 $aBanks in early nineteenth-century New England functioned very differently from their modern counterparts. Most significantly, they lent a large proportion of their funds to members of their own boards of directors or to others with close personal connections to the boards. In Insider Lending, Naomi R. Lamoreaux explores the workings of this early nineteenth-century banking system - how and how well it functioned and the way it was regarded by contemporaries.
520 8 $aShe also traces the processes that transformed this banking system based on insider lending into a more impersonal and professional system by the end of the century. In the particular social, economic, and political context of early nineteenth-century New England, Lamoreaux argues, the benefits of insider lending outweighed its costs, and banks were instrumental in financing economic development. As the banking system grew more impersonal, however, banks came to play a more restricted role in economic life. At the root of this change were the new information problems banks faced when they conducted more and more of their business at arm's length.
520 8 $aDifficulties in obtaining information about the creditworthiness of borrowers and in conveying information to the public about their own soundness led them to concentrate on providing short-term loans to commercial borrowers and to forsake the important role they had played early on in financing economic development.
650 0 $aBanks and banking$zNew England$xHistory$y19th century.
650 0 $aCommercial loans$zNew England$xHistory$y19th century.
650 0 $aEconomic development projects$zNew England$xFinance$xHistory$y19th century.
650 0 $aAsset-backed financing$zNew England$xHistory$y19th century.
710 2 $aNational Bureau of Economic Research.$0http://id.loc.gov/authorities/names/n79139286
830 0 $aNBER series on long-term factors in economic development.
852 00 $boff,bus$hHG2601$i.L36 1994
852 00 $bbar$hHG2601$i.L36 1994
852 0 $bushi$hHG2601$i.L36 1994