Interest Rate Movement in the United States, 1888–1913

Gene Smiley

The Journal of Economic History, 1975, vol. 35, issue 3, 591-620

Abstract: As a nation becomes economically developed, the pace of development usually tends to vary between sectors and between regions of the nation. Industrialization usually involves more rapid growth and technological change in some industries than others. Often regional specialization accompanies industrialization, and, in fact, can become an important determinant in the industrialization process. With differential growth among industries, and increasing regional specialization, the performance of the factor markets in mobilizing and reallocating capital and labor among industries and regions becomes extremely important.

Date: 1975
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