Evolving Financial Markets and International Capital Flows

The book explores how British capital shaped the capital markets of Argentina, Australia, Canada, and the United States from 1870 to 1914.

The book Evolving Financial Markets and International Capital Flows delves into the significant influence of British capital on the development of capital markets in four key countries: Argentina, Australia, Canada, and the United States, spanning the years from 1870 to 1914. Through a comparative analysis, it highlights the unique experiences of these frontier nations, offering valuable historical context that sheds light on contemporary economic challenges faced in Asia and Latin America. By examining the intricate relationships between British capital and the financial infrastructures of these countries, the book uncovers the dynamics that shaped their economic landscapes.

In-depth chapters dedicated to each country provide a parallel narrative of their financial evolution, focusing on essential components such as commercial banks, non-bank intermediaries, primary and secondary security markets, and the institutions that facilitated international financial connections with the British capital market. This comprehensive approach not only presents a quantitative history of capital market development during the late 19th century but also establishes a framework for understanding institutional invention and innovation.

Moreover, Evolving Financial Markets and International Capital Flows offers insights into historical lessons that can inform modern policy discussions. By exploring the past, the book encourages readers to reflect on the implications of capital flows and financial market evolution, making it a vital resource for those interested in economic history and contemporary financial issues.