Chapter

The Establishment of the Financial Network

C. H. Lee

in The Transformation of Scotland

Published by Edinburgh University Press

Published in print February 2005 | ISBN: 9780748614325
Published online March 2012 | e-ISBN: 9780748653348 | DOI: http://dx.doi.org/10.3366/edinburgh/9780748614325.003.0004
The Establishment of the Financial Network

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This chapter discusses the establishment of Scotland's financial services and their role in the growth of the Scottish economy, from the late seventeenth century to the eve of the First World War. No simple model can be constructed of the relationship between Scottish capital and investment, certainly by the railway boom of the 1840s, which saw the integration of capital markets throughout the UK and beyond into a single system. Moreover, Scottish financial institutions were often directed to investing overseas (with indirect effects on the Scottish economy in the form of cheaper imports of food and raw materials). Housing did not attract sufficient capital, but this was because most tenants were unable to pay rents for better accommodation. Scottish financial institutions became important actors in their own right, drawing in funds from outside Scotland as well as investing abroad, and generating white-collar employment.

Keywords: financial services; Scottish economy; economic development; capital; investment; financial institutions

Chapter.  10261 words.  Illustrated.

Subjects: Regional and Area Studies

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