The Wealth of Nations Rediscovered: Integration and Expansion in American Financial Markets, 1780-1850

In The Wealth of Nations Rediscovered, Robert E. Wright portrays the development of a modern financial sector - with a central bank, a national monetary system, and efficient capital markets - as the driving force behind America’s economic transition from agricultural colony to industrial juggernaut. This new study applies the economic theory of information asymmetry to our understandings of early US financial development, expanding on recent scholarship of finance-led economic growth. The book’s research is original, incorporating little-used archival material and new data on early US securities prices, trading volumes, and stockholder patterns. The topics covered - securities trading, market liquidity, intermediation, banking reform, emerging market success, and foreign investment - are relevant to discussions in today’s business community. Drawing from and building upon Adam Smith’s lesser-known insights into financial relationships, The Wealth of Nations Rediscovered positions itself on the cusp of emerging paradigm shifts in history and economics.