The Emergence of a Capital Market in Rural Massachusetts, 1730–1838
- 3 March 1985
- journal article
- research article
- Published by Cambridge University Press (CUP) in The Journal of Economic History
- Vol. 45 (4) , 781-808
- https://doi.org/10.1017/s0022050700035099
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.Keywords
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