Jump to ContentJump to Main Navigation
Financing Innovation in the United States, 1870 to the Present$
Users without a subscription are not able to see the full content.

Naomi R Lamoreaux and Kenneth L Sokoloff

Print publication date: 2007

Print ISBN-13: 9780262122894

Published to MIT Press Scholarship Online: August 2013

DOI: 10.7551/mitpress/9780262122894.001.0001

Show Summary Details
Page of

PRINTED FROM MIT PRESS SCHOLARSHIP ONLINE (www.mitpress.universitypressscholarship.com). (c) Copyright The MIT Press, 2018. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in MITSO for personal use.date: 17 October 2019

Why Did Finance Capitalism and the Second Industrial Revolution Arise in the 1890s?

Why Did Finance Capitalism and the Second Industrial Revolution Arise in the 1890s?

Chapter:
(p.129) 3 Why Did Finance Capitalism and the Second Industrial Revolution Arise in the 1890s?
Source:
Financing Innovation in the United States, 1870 to the Present
Author(s):

Larry Neal

Lance E. Davis

Publisher:
The MIT Press
DOI:10.7551/mitpress/9780262122894.003.0004

This chapter suggests that it is possible to make a study using distinct natural experiments on institutional arrangements of finance on the deflationary decade of the 1890s and the subsequent gold inflation decade of the 1900s. These natural experiments refer to the changes in regulations of the financial intermediaries and financial markets, and the innovative responses that were performed by the intermediaries on the market. Through this study, it is suggested then that innovators are given the task of overcoming technical difficulties that come with developing a system that effectively introduces new technology within the existing economy. This is based on a military analogy developed by Thomas Parke Hughes. The chapter explores and examines what financial implications the complementarity of proprietary and generic technical knowledge carry.

Keywords:   deflationary decade, gold inflation decade, natural experiments, financial intermediaries, Thomas Parke Hughes, proprietary, generic technical knowledge

MIT Press Scholarship Online requires a subscription or purchase to access the full text of books within the service. Public users can however freely search the site and view the abstracts and keywords for each book and chapter.

Please, subscribe or login to access full text content.

If you think you should have access to this title, please contact your librarian.

To troubleshoot, please check our FAQs, and if you can't find the answer there, please contact us.