The Emergence of a Capital Market in Rural Massachusetts, 1730–1838

Winifred B. Rothenberg

The Journal of Economic History, 1985, vol. 45, issue 4, 781-808

Abstract: This study is part of a continuing effort to document and date the emergence of a market economy in rural Massachusetts. It uses a probate data base to test for evidence of increased portfolio liquidity, decreased transactions costs, and the appearance of developmental institutional change. A regional capital market, so critical for the industrialization of New England, is found to have emerged in the early 1780s.

Date: 1985
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