Afact underappreciated about the rise of the United States in the world economy is that a modern, "world class" financial system—by the standards of the time—emerged virtually at the beginning of the nation's history and provided a solid underpinning for the country's subsequent growth and development. This paper explores the emergence of that financial system. It emphasizes the mutual support between the banking system, which has been well studied by financial historians, and securities markets, which have been relatively neglected. Distinctive features of the U.S. banking system depended on the existence of securities markets, and before long, distinctive features of U.S. money and securities markets depended on developments in the banking system.
BANKING SYSTEMS AND FINANCIAL SYSTEMS
The "Anglo-American" or "Anglo- Saxon" pattern of financial organization features a functional division of labor and a balance among three main, interrelated sectors: the banking system, the money market, and the securities market. This pattern is often contrasted with the "Continental European" or "German" pattern, in which banks dominate the financial system while the money and securities markets are relegated to minor, secondary roles. The advantages and disadvantages of each pattern of organization relative to the other are much studied and debated. Also discussed are the questions of whether today's globalization of finance (which is less unprecedented than many believe) will bring about a convergence of financial systems and, if so, in what direction. Financial historians have become interested in an additional question: why the two different patterns of financial organization emerged in history. Thus far, however, they have only scratched the surface in attempts to answer it.download
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