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Insider Lending: Banks, Personal Connections, and Economic Development in Industrial New England (NBER Series on Long-Term Factors in Econo
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Today the term "insider lending" conveys an aura of abuse and corruption, of unethical, if not illegal, behavior. In early nineteenth century New England, however, insider lending was an integral aspect of the banking system. Not only was the practice an accepted fact of economic life, but, as Naomi R. Lamoreaux argues, it enabled banks (at least in this particular historical context) to play an important role in financing economic development. As the banking system evolved over the course of the century, however, lending practices became more impersonal and professional.
- Sales Rank: #2763106 in Books
- Brand: Brand: Cambridge University Press
- Published on: 1996-08-28
- Released on: 1997-01-16
- Original language: English
- Number of items: 1
- Dimensions: 8.98" h x .43" w x 5.98" l, .66 pounds
- Binding: Paperback
- 194 pages
- Used Book in Good Condition
Review
"...this is an excellent and important book. It is based on extensive analysis of individual bank records, diaries, correspondence, industry literature, public records, and reports; and it is very well written." James Borchert, The Historian
"Readers will gain insights into the evolution of financial institutions in the US but also into the hazards of judging past practices according to current values." E. L. Whalen, Choice
"...in this creative and well-crafted book, Naomi R. Lamoreaux shows that insider lending actually worked well....Insider Lending explores an important aspect of banking history that has been largely neglected. Not only will it be cited repeatedly, but it will generate further studies of insider lending in other times and places, and by other financial intermediaries. This book, I predict, will become a classic." Hugh Rockoff, Journal of American History
"This thin volume packs a powerful message....Because banking issues so often intersect with politics in this era, every scholar who delves into U.S. history during the nineteenth century should become familiar with the broad outline of Lamoreaux's revisionist thesis." Edwin Perkins, American Historical Review
"Lamoreaux effectively challenges modernization theorists and those who claimed kinship ties had lost their economic importance in the first half of the century. She also demonstrates that pre-Civil War banks did play a major role in economic development....this is an excellent and important book. It is based on extensive analysis of individual bank records, diaries, correspondence, industry literature, public records, and reports; and it is very well written. Lamoreaux establishes a tight argument that sheds important lights on changing bank practices and contributes significantly to several scholarly debates." James Borchert, The Historian
"Lamoreaux's book demonstrates that banking history does not have to be dull. Hers is a lively essay that should be read by all students of banking history or early industrialization." Journal of Interdisciplinary History
From the Back Cover
Banks in early nineteenth-century New England functioned very differently from their modern counterparts. Most significantly, they lent a large proportion of their funds to members of their own boards of directors or to others with close personal connections to the boards. In Insider Lending, Naomi R. Lamoreaux explores the workings of this early nineteenth-century banking system - how and how well it functioned and the way it was regarded by contemporaries. She also traces the processes that transformed this banking system based on insider lending into a more impersonal and professional system by the end of the century. In the particular social, economic, and political context of early nineteenth-century New England, Lamoreaux argues, the benefits of insider lending outweighed its costs, and banks were instrumental in financing economic development. As the banking system grew more impersonal, however, banks came to play a more restricted role in economic life. At the root of this change were the new information problems banks faced when they conducted more and more of their business at arm's length. Difficulties in obtaining information about the creditworthiness of borrowers and in conveying information to the public about their own soundness led them to concentrate on providing short-term loans to commercial borrowers and to forsake the important role they had played early on in financing economic development.
Most helpful customer reviews
1 of 1 people found the following review helpful.
Classic study
By Robert E. Wright
Built on a solid base of incontrovertible evidence and extremely clearly written, this book remains THE classic study of banking in eastern New England in the 19th century. The only word of caution is that the insider lending model Lamoreaux describes should not be taken as a model for all banking in the U.S. at the time. A series of studies on bank lending patterns in the Connecticut River Valley, New York, Pennsylvania, and elsewhere show that many banks in those areas engaged in "outsider lending," which of course is the model prevalent today.
0 of 3 people found the following review helpful.
I probably didn't read all the details - the book ...
By Diana R Dykstra
I probably didn't read all the details - the book is full of notes and highlights making it very difficult to read since it is a very technical subject.
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