The Wealth of Nations Rediscovered: Integration and Expansion in American Financial Markets, 1780–1850

by Robert E. Wright

Robert E. Wright portrays the development of a modern financial sector--including a central bank, a national monetary system, a network of financial intermediaries, and efficient capital markets--as the driving force behind America's economic transition from agricultural colony to industrial juggernaut. He applies the economic theory of information asymmetry to understandings of early U.S. financial development, expanding on recent scholarship of finance-led economic growth. The book builds upon many of Adam Smith's lesser-known insights into financial relationships.

Genres: Economics

256 pages, Paperback

First published January 1, 2002

About the author

Wright is the Nef Family Chair of Political Economy at Augustana College in Sioux Falls, S.D.

Reviews

[Roger · Rating 4 out of 5]

Wright’s analysis is filtered through the lens of Adam Smith and is couched in modern economic terms (Adverse Selection, Moral Hazard, etc.). Relatively biased, but still full of good information on antebellum financial markets in America. Pretty short and mostly general information