Financing Innovation in the United States, 1870 to Present

Financing Innovation in the United States, 1870 to Present

Naomi Lamoreaux, Kenneth Sokoloff


even if technological swap is key for monetary progress, the interplay of
finance and technological innovation is never studied. This pioneering quantity examines the methods in
which innovation is funded within the usa. In case experiences and theoretical discussions,
leading economists and monetary historians learn how inventors and technologically creative
entrepreneurs have raised money for his or her initiatives at assorted levels of U.S. monetary development,
beginning with the post-Civil battle interval of the second one business Revolution. Their discussions
point to interesting insights approximately how the character of the know-how might impact its financing and,
conversely, how the provision of money impacts technological advances.These experiences exhibit that
over the lengthy heritage of yankee technological development, inventors and innovators have shown
considerable flexibility to find how one can finance their paintings. they've got moved to towns to find
groups of neighborhood traders; they've got labored for giant organisations which may faucet the securities marketplace for
funds; they've got regarded to the government for learn and improvement investment; and they
have been financed through the enterprise capital undefined. The stories make it transparent that tools of
funding innovation--whether it truly is within the automobile or details technology--have important
implications for either the path of technological swap and the aggressive dynamism of the
economy.

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