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Financial Systems And Economic Modernization

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  • Sylla, Richard

Abstract

The most successful economies of modern, and perhaps earlier, economic history appear to have had “financial revolutions†that created innovative financial systems before they became leading economies. This suggests that good financial systems may have played a causal role in economic modernization. I identify the key institutional components of such financial systems. Using the United States and Japan as examples, I discuss how two financial revolutions occurred. Effective leadership on the part of strong-willed individuals was crucial in each case.

Suggested Citation

  • Sylla, Richard, 2002. "Financial Systems And Economic Modernization," The Journal of Economic History, Cambridge University Press, vol. 62(2), pages 277-292, June.
    • Handle: RePEc:cup:jechis:v:62:y:2002:i:02:p:277-292_00
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