Dark Matter Credit


Book Description

How a vast network of shadow credit financed European growth long before the advent of banking Prevailing wisdom dictates that, without banks, countries would be mired in poverty. Yet somehow much of Europe managed to grow rich long before the diffusion of banks. Dark Matter Credit draws on centuries of cleverly collected loan data from France to reveal how credit abounded well before banks opened their doors. This incisive book shows how a vast system of shadow credit enabled nearly a third of French families to borrow in 1740, and by 1840 funded as much mortgage debt as the American banking system of the 1950s. Dark Matter Credit traces how this extensive private network outcompeted banks and thrived prior to World War I—not just in France but in Britain, Germany, and the United States—until killed off by government intervention after 1918. Overturning common assumptions about banks and economic growth, the book paints a revealing picture of an until-now hidden market of thousands of peer-to-peer loans made possible by a network of brokers who matched lenders with borrowers and certified the borrowers’ creditworthiness. A major work of scholarship, Dark Matter Credit challenges widespread misperceptions about French economic history, such as the notion that banks proliferated slowly, and the idea that financial innovation was hobbled by French law. By documenting how intermediaries in the shadow credit market devised effective financial instruments, this compelling book provides new insights into how countries can develop and thrive today.




Making Scientific Instruments in the Industrial Revolution


Book Description

At the start of the Industrial Revolution, it appeared that most scientific instruments were made and sold in London, but by the time of the Great Exhibition in 1851, a number of provincial firms had the self-confidence to exhibit their products in London to an international audience. How had this change come about, and why? This book looks at the four main, and two lesser, English centres known for instrument production outside the capital: Birmingham, Liverpool, Manchester and Sheffield, along with the older population centres in Bristol and York. Making wide use of new sources, Dr Morrison-Low, curator of history of science at the National Museums of Scotland, charts the growth of these centres and provides a characterisation of their products. New information is provided on aspects of the trade, especially marketing techniques, sources of materials, tools and customer relationships. From contemporary evidence, she argues that the principal output of the provincial trade (with some notable exceptions) must have been into the London marketplace, anonymously, and at the cheaper end of the market. She also discusses the structure and organization of the provincial trade, and looks at the impact of new technology imported from other closely-allied trades. By virtue of its approach and subject matter the book considers aspects of economic and business history, gender and the family, the history of science and technology, material culture, and patterns of migration. It contains a myriad of stories of families and firms, of entrepreneurs and customers, and of organizations and arms of government. In bringing together this wide range of interests, Dr Morrison-Low enables us to appreciate how central the making, selling and distribution of scientific instruments was for the Industrial Revolution.




The Coming of the Railway


Book Description

The first global history of the epic early days of the iron railway Railways, in simple wooden or stone form, have existed since prehistory. But from the 1750s onward the introduction of iron rails led to a dramatic technological evolution--one that would truly change the world. In this rich new history, David Gwyn tells the neglected story of the early iron railway from a global perspective. Driven by a combination of ruthless enterprise, brilliant experimenters, and international cooperation, railway construction began to expand across the world with astonishing rapidity. From Britain to Australia, Russia to America, railways would bind together cities, nations, and entire continents. Rail was a tool of industry and empire as well as, eventually, passenger transport, and developments in technology occurred at breakneck speed--even if the first locomotive in America could muster only 6 mph. The Coming of the Railway explores these fascinating developments, documenting the early railway's outsize social, political, and economic impact--carving out the shape of the global economy as we know it today.