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Infrastructure Finance and Industrial Takeoff in England

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  • ALEX TREW

Abstract

That financial matters did not constrain industrial takeoff in the UK is generally accepted in the historical literature; in contrast, contemporary empirical analyses have found evidence that financial development can be a causal determinant of economic growth. We look to reconcile these findings by concentrating on a particular aspect of industrializing UK where inefficiencies in finance could have had bite: the finance of physical infrastructures. We document the historical record and develop the importance of spatial disaggregation and spillovers in both technological and financial development. We develop a simple model that captures the nature of infrastructure finance within a theory of endogenous growth where financial costs are endogenous. We argue that the conception of the finance-growth nexus as a largely static, aggregative phenomenon misses out a good deal of complexity and we relate that complexity to a number of implications for regulation of both financial systems and the emergence of infrastructures. Copyright (c) 2010 The Ohio State University.

Suggested Citation

  • Alex Trew, 2010. "Infrastructure Finance and Industrial Takeoff in England," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 42(6), pages 985-1010, September.
    • Handle: RePEc:mcb:jmoncb:v:42:y:2010:i:6:p:985-1010
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    Cited by:

    1. Beck, T.H.L., 2011. "The Role of Finance in Economic Development : Benefits, Risks, and Politics," Discussion Paper 2011-141, Tilburg University, Center for Economic Research.
    2. Geoffrey M. Hodgson, 2025. "W. Walker Hanlon: The laissez-faire experiment—why Britain embraced and then abandoned small government, 1800–1914," Business Economics, Palgrave Macmillan;National Association for Business Economics, vol. 60(1), pages 46-48, January.
    3. Alex Trew, 2014. "Spatial Takeoff in the First Industrial Revolution," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 17(4), pages 707-725, October.
    4. Hugh Goldsmith, 2014. "The Long-Run Evolution of Infrastructure Services," CESifo Working Paper Series 5073, CESifo.
    5. Alex Trew, 2016. "Endogenous Infrastructure Development and Spatial Takeoff," CDMA Working Paper Series 201601, Centre for Dynamic Macroeconomic Analysis, revised 17 Jan 2019.
    6. Dan Bogart, 2012. "Profiting from Public Works: Financial Returns to Infrastructure and Investment Strategies during Britain's Industrial Revolution," Working Papers 121304, University of California-Irvine, Department of Economics.
    7. Aghdam, Ali Nassiri & Behdarvand, Shahin & Sheshdeh, Mohammad Ghasemi, 2023. "The effect of credit composition on entrepreneurship," Latin American Journal of Central Banking (previously Monetaria), Elsevier, vol. 4(4).
    8. Dan Bogart, 2013. "The Transportation Revolution in Industrializing Britain: A Survey," Working Papers 121306, University of California-Irvine, Department of Economics.

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