Catalogue

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Capitalism in a mature economy : financial institutions, capital exports and British industry, 1870-1939 /
edited by J. J. Van Helten and Y. Cassis.
imprint
London : Gower, 1990.
description
xi, 226 p. : ill.
ISBN
1852783184 :
format(s)
Book
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A Look Inside
Full Text Reviews
Appeared in Choice on 1991-03:
Around 1880 the pace of British economic growth began declining. It has never recovered its previous robustness. This perplexing phenomenon has evoked many explanatory hypotheses. Contributors to this volume examine allegations that British banking and financial institutions failed on several fronts to provide adequate capital for industry during the period 1870 to 1939. Nine chapters by different authors are featured. Not all are helpful. To illustrate, the appearance of company promoters around 1870 suggests a response to a new, unmet need of industry; however, according to John Armstrong the promoters did not serve industry well. Why then did a superior institution, emerging from Britain's financial sector, not displace them? The capacity of Britain's financial system to generate new institutions answering new industrial needs is central to an evaluation of its performance. Armstrong never gets to it. Nor, in general, does the volume overall, which is a major shortcoming. Interesting descriptive material gives the book some usefulness. Extensive footnoting includes a disquieting number of references to unpublished manuscripts. Acceptable, but less than highest priority, for upper-division and graduate collections. -J. C. Murdock, emeritus, University of Missouri--Columbia
Reviews
This item was reviewed in:
Choice, March 1991
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Summaries
Main Description
This important, well edited. . . . collection of essays focuses primarily on the contentious relationship between finance and industry, revealing the jury to be still out on the thorny question of the City's culpability. David Kynaston, The Financial Times An extremely useful and informative volume. Michael Collins, University of Leeds, UK Capitalism in a Mature Economy charts the development of the City as the undisputed financial centre of the world in the late nineteenth and the early twentieth centuries, reflecting Britain s dominant position in the world economy. The book focuses on four inter-related themes: the development and operations of English capital markets including the stock exchange and the clearing and merchant banks, the financing of British industry, the role of financiers and company promoters, and the financing of British overseas capital investment and trade.
Unpaid Annotation
"This important, well edited.... collection of essays focuses primarily on the contentious relationship between finance and industry, revealing the jury to be still out on the thorny question of the City" culpability. David Kynaston, The Financial Times "An extremely useful and informative volume. Michael Collins, University of Leeds, UKCapitalism in a Mature Economy charts the development of the City as the undisputed financial centre of the world in the late nineteenth and the early twentieth centuries, reflecting Britain's dominant position in the world economy. The book focuses on four inter-related themes: the development and operations of English capital markets including the stock exchange and the clearing and merchant banks, the financing of British industry, the role of financiers and company promoters, and the financing of British overseas capital investment and trade.

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