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9780691182179

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If banks are a necessary requisite of a high income, modern economy, then how did 'under-banked' France grow wealthy enough to challenge Britain for global mastery during the eighteenth and nineteenth centuries? Read this fascinating book about peer-to-peer lending and learn the answer. --Stephen H. Haber, Stanford University, coauthor of Fragile by Design This important book definitively establishes not just that informal financial institutions were just as important as the formal ones in the emergence of the modern French economy, but that they interacted in critical ways. It has profound implications for how we think about economic development. --James A. Robinson, University of Chicago, coauthor of Why Nations Fail This pathbreaking book will revolutionize how economists and historians think about banking, early modern France, and the connections between financial development and economic growth. Those who believe peer-to-peer lending is a twenty-first-century novelty enabled by Big Data and the Internet will be forced to think anew. --Barry Eichengreen, University of California, Berkeley, coauthor of How Global Currencies Work

Highly recommended for anyone interested in economic history, regardless of their disciplinary backgrounds and areas of specialization. ---Francesca Trivellato, EH.Net Deeply researched, lean, and stimulating. . . . I was left with a reflection that is rare upon finishing an academic monograph: wishing it were longer. ---Paul Cheney, Journal of Modern History

If banks are a necessary requisite of a high income, modern economy, then how did `under-banked' France grow wealthy enough to challenge Britain for global mastery during the eighteenth and nineteenth centuries? Read this fascinating book about peer-to-peer lending and learn the answer. -Stephen H. Haber, Stanford University, coauthor of Fragile by Design This important book definitively establishes not just that informal financial institutions were just as important as the formal ones in the emergence of the modern French economy, but that they interacted in critical ways. It has profound implications for how we think about economic development. -James A. Robinson, University of Chicago, coauthor of Why Nations Fail This pathbreaking book will revolutionize how economists and historians think about banking, early modern France, and the connections between financial development and economic growth. Those who believe peer-to-peer lending is a twenty-first-century novelty enabled by Big Data and the Internet will be forced to think anew. -Barry Eichengreen, University of California, Berkeley, coauthor of How Global Currencies Work

Author Information

Philip T. Hoffman is the Rea A. and Lela G. Axline Professor of Business Economics and History at the California Institute of Technology. Gilles Postel-Vinay is professor emeritus at the Paris School of Economics. Jean-Laurent Rosenthal is the Rea A. and Lela G. Axline Professor of Business Economics and the Ronald and Maxine Linde Leadership Chair in the Division of the Humanities and Social Sciences at the California Institute of Technology.

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