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H. D. Macleod and the Origins of the Theory of Finance in Economic Development

H. D. Macleod and the Origins of the Theory of Finance in Economic Development History of Political Economy 35:3 (2003) before 1870.3 With few (but important) exceptions the period between 1870 and 1914 was no different. The modern literature on the relationship between financial development and economic growth and development is rooted in research conducted during the 1950s and 1960s. Much of this work was applied analysis done by policy advisers employed by international agencies (e.g., the study of the Colombian economy directed by Lauchlin Currie [1950]). Some research by academic economists specializing in problems of economic development touched on financial issues (e.g., Gerschenkron 1962), and Raymond Goldsmith’s collections of empirical data on financial variables (e.g., 1955, 1969) provided fodder for theorizing. However, the modern academic literature stems largely from the work of such monetary economists as Edward S. Shaw and his student John G. Gurley (e.g., Gurley and Shaw 1955; Shaw 1964). Shaw (1908–1994) was drawn to analyze the monetary problems of developing economies both by his personal approach to monetary theory and, later, by his dissatisfaction with the orthodox Keynesian and monetarist views that dominated the field.4 Having failed to obtain acceptance of his ideas as applied to the monetary systems of developed economies, Shaw turned to the analysis of http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png History of Political Economy Duke University Press

H. D. Macleod and the Origins of the Theory of Finance in Economic Development

History of Political Economy , Volume 35 (3) – Sep 1, 2003

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Publisher
Duke University Press
Copyright
Copyright 2003 by Duke University Press
ISSN
0018-2702
eISSN
1527-1919
DOI
10.1215/00182702-35-3-361
Publisher site
See Article on Publisher Site

Abstract

History of Political Economy 35:3 (2003) before 1870.3 With few (but important) exceptions the period between 1870 and 1914 was no different. The modern literature on the relationship between financial development and economic growth and development is rooted in research conducted during the 1950s and 1960s. Much of this work was applied analysis done by policy advisers employed by international agencies (e.g., the study of the Colombian economy directed by Lauchlin Currie [1950]). Some research by academic economists specializing in problems of economic development touched on financial issues (e.g., Gerschenkron 1962), and Raymond Goldsmith’s collections of empirical data on financial variables (e.g., 1955, 1969) provided fodder for theorizing. However, the modern academic literature stems largely from the work of such monetary economists as Edward S. Shaw and his student John G. Gurley (e.g., Gurley and Shaw 1955; Shaw 1964). Shaw (1908–1994) was drawn to analyze the monetary problems of developing economies both by his personal approach to monetary theory and, later, by his dissatisfaction with the orthodox Keynesian and monetarist views that dominated the field.4 Having failed to obtain acceptance of his ideas as applied to the monetary systems of developed economies, Shaw turned to the analysis of

Journal

History of Political EconomyDuke University Press

Published: Sep 1, 2003

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