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Provincial Aspects of the Financial Revolution of the Eighteenth Century

Provincial Aspects of the Financial Revolution of the Eighteenth Century PROVINCIAL ASPECTS OF THE FINANCIAL REVOLUTION OF THE EIGHTEENTH CENTURY by B. L. ANDERSON HE role of the entrepreneur in the process of economic growth is constantly being refurbished in the literature of economic history, the importance of T the quality of his response to market and technological conditions is given increasing emphasis, and there is general agreement that, as W. A. Lewis puts it, 'the distinctive feature of growth is entrepreneurship'.' There is a danger, however, in accepting the easy rider that business profit rates are a realistic reflection of the pace of growth and the course of economic development. This is particularly true of the eighteenth century when a very high proportion of the national wealth must have been held in the form ofland and mortgages, and when rents were the major component of the national inc~me.~ In that situation it is probably more important to know what the condition of the capital market was, what the asset-preferences of the saving sections of the community were, and how both changed over time. This field of investigation is a neglected one largely, it would appear, because almost all the work done on the Industrial Revolution in Britain has http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Business History Taylor & Francis

Provincial Aspects of the Financial Revolution of the Eighteenth Century

Business History , Volume 11 (1): 12 – Jan 1, 1969

Provincial Aspects of the Financial Revolution of the Eighteenth Century

Business History , Volume 11 (1): 12 – Jan 1, 1969

Abstract

PROVINCIAL ASPECTS OF THE FINANCIAL REVOLUTION OF THE EIGHTEENTH CENTURY by B. L. ANDERSON HE role of the entrepreneur in the process of economic growth is constantly being refurbished in the literature of economic history, the importance of T the quality of his response to market and technological conditions is given increasing emphasis, and there is general agreement that, as W. A. Lewis puts it, 'the distinctive feature of growth is entrepreneurship'.' There is a danger, however, in accepting the easy rider that business profit rates are a realistic reflection of the pace of growth and the course of economic development. This is particularly true of the eighteenth century when a very high proportion of the national wealth must have been held in the form ofland and mortgages, and when rents were the major component of the national inc~me.~ In that situation it is probably more important to know what the condition of the capital market was, what the asset-preferences of the saving sections of the community were, and how both changed over time. This field of investigation is a neglected one largely, it would appear, because almost all the work done on the Industrial Revolution in Britain has

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Publisher
Taylor & Francis
Copyright
Copyright Taylor & Francis Group, LLC
ISSN
1743-7938
eISSN
0007-6791
DOI
10.1080/00076796900000003
Publisher site
See Article on Publisher Site

Abstract

PROVINCIAL ASPECTS OF THE FINANCIAL REVOLUTION OF THE EIGHTEENTH CENTURY by B. L. ANDERSON HE role of the entrepreneur in the process of economic growth is constantly being refurbished in the literature of economic history, the importance of T the quality of his response to market and technological conditions is given increasing emphasis, and there is general agreement that, as W. A. Lewis puts it, 'the distinctive feature of growth is entrepreneurship'.' There is a danger, however, in accepting the easy rider that business profit rates are a realistic reflection of the pace of growth and the course of economic development. This is particularly true of the eighteenth century when a very high proportion of the national wealth must have been held in the form ofland and mortgages, and when rents were the major component of the national inc~me.~ In that situation it is probably more important to know what the condition of the capital market was, what the asset-preferences of the saving sections of the community were, and how both changed over time. This field of investigation is a neglected one largely, it would appear, because almost all the work done on the Industrial Revolution in Britain has

Journal

Business HistoryTaylor & Francis

Published: Jan 1, 1969

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