The Rise of Financial Capitalism: International Capital Markets in the Age of Reason

Larry Neal

doi:10.1017/CBO9780511665127

This work establishes the existence of a sophisticated and smoothly functioning system of financial markets in the mercantile states of northwestern Europe throughout the 1700s. Based on computer analysis of thousands of price quotes from the financial press of the eighteenth century, the results should force both historians and economists to re-evaluate their understanding of the evolution of financial markets and their importance for the economic developments of that era.

‘Everything one would expect from the culmination of a 15-year research project by one of America’s leading economic historians of Europe.’

Source: The Journal of Economic History

‘In bringing capital market operations into new focus, Neal has brought new life to an old debate and has produced a book that deserves to be widely read and discussed.’

Source: The Times Higher Education Supplement

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Contents

Frontmatter
pp i-vi
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Contents
pp vii-viii
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Acknowledgments
pp ix-x
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1 - Historical background for the rise of financial capitalism: commercial revolution, rise of nation-states, and capital markets
pp 1-19
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2 - The development of an information network and the international capital market of London and Amsterdam
pp 20-43
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3 - The early capital markets of London and Amsterdam
pp 44-61
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4 - The Banque Royale and the South Sea Company: how the bubbles began
pp 62-88
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5 - The Bank of England and the South Sea Company: how the bubbles ended
pp 89-117
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6 - The English and Dutch East Indies companies: how the East was won
pp 118-140
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7 - The integration of the English and Dutch capital markets in peace and war
pp 141-165
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8 - The English and Dutch capital markets in panics
pp 166-179
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9 - The capital markets during revolutions, war, and peace
pp 180-200
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10 - A tale of two revolutions: international capital flows, 1792–1815
pp 201-222
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11 - The Amsterdam and London stock markets, 1800–25
pp 223-230
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Appendix - End-of-month share prices
pp 231-258
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Bibliography
pp 259-270
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Index
pp 271-278
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The Rise of Financial Capitalism

International Capital Markets in the Age of Reason

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Contents

Frontmatter
pp i-vi

Contents
pp vii-viii

Acknowledgments
pp ix-x

1 - Historical background for the rise of financial capitalism: commercial revolution, rise of nation-states, and capital markets
pp 1-19

2 - The development of an information network and the international capital market of London and Amsterdam
pp 20-43

3 - The early capital markets of London and Amsterdam
pp 44-61

4 - The Banque Royale and the South Sea Company: how the bubbles began
pp 62-88

5 - The Bank of England and the South Sea Company: how the bubbles ended
pp 89-117

6 - The English and Dutch East Indies companies: how the East was won
pp 118-140

7 - The integration of the English and Dutch capital markets in peace and war
pp 141-165

8 - The English and Dutch capital markets in panics
pp 166-179

9 - The capital markets during revolutions, war, and peace
pp 180-200

10 - A tale of two revolutions: international capital flows, 1792–1815
pp 201-222

11 - The Amsterdam and London stock markets, 1800–25
pp 223-230

Appendix - End-of-month share prices
pp 231-258

Bibliography
pp 259-270

Index
pp 271-278

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International Capital Markets in the Age of Reason

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