Enterprising America ─ Businesses, Banks, and Credit Markets in Historical Perspective

The rise of America from a colonial outpost to one of the world’s most sophisticated and productive economies was facilitated by the establishment of a variety of economic enterprises pursued within the framework of laws and institutions that set the rules for their organization and operation.

To better understand the historical processes central to American economic development,Enterprising America brings together contributors who address the economic behavior of American firms and financial institutionsand the associated legal institutions that shaped their behaviorthroughout the nineteenth and early twentieth centuries. Collectively, the contributions provide an account of the ways in which businesses, banks, and credit markets promoted America’s extraordinary economic growth. Among the topics that emerge are the rise of incorporation and its connection to factory production in manufacturing, the organization and operation of large cotton plantations in comparison with factories, the regulation and governance of banks, the transportation revolution’s influence on bank stability and survival, and the emergence of long-distance credit in the context of an economy that was growing rapidly and becoming increasingly integrated across space.

William J. Collins is the Terence E. Adderley Jr. Professor of Economics at Vanderbilt University and a research associate of the NBER.Robert A. Margo is professor of economics at Boston University and a research associate of the NBER.