Backwardness and the Role of Banking in Nineteenth-Century European Industrialization

David F. Good

The Journal of Economic History, 1973, vol. 33, issue 4, 845-850

Abstract: Alexander Gerschenkron's research on industrialization in Europe suggests that both the timing and character of growth may have conditioned the institutional structure of nineteenth-century industrializers. He argues that:…the more backward a country's economy, the greater was the part played by specialized institutional factors designed to increase the supply of capital to nascent industries and, in addition, to provide them with less decentralized and better informed entrepreneurial guidance; the more backward the country, the more pronounced was the coerciveness and comprehensiveness of those factors.

Date: 1973
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