By Naomi Lamoreaux, Kenneth Sokoloff
Even though technological swap is key for fiscal development, 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 reviews and theoretical discussions,
leading economists and financial historians learn how inventors and technologically creative
entrepreneurs have raised money for his or her initiatives at diverse phases of U.S. monetary development,
beginning with the post-Civil warfare 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 cash impacts technological advances.These reviews exhibit that
over the lengthy historical past of yank technological development, inventors and innovators have shown
considerable flexibility find how you can finance their paintings. they've got moved to towns to find
groups of neighborhood traders; they've got labored for big businesses which could faucet the securities marketplace for
funds; they've got seemed to the government for learn and improvement investment; and they
have been financed via the enterprise capital undefined. The experiences make it transparent that equipment 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
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Additional resources for Financing Innovation in the United States, 1870 to Present
Like Lerner, they ﬁnd that ﬁrms have an easier time raising capital when market conditions are hot. But like Nicholas, they show that investors are nonetheless quite discriminating in what they are willing to ﬁnance. Among the variables that increase the probability of going public in any given year are the quality of the ﬁrm’s science base (as gauged by the publication and patenting records of scientists associated with the company) and how many rounds of venture capital the ﬁrm had already obtained.
Hughes, Thomas Parke. 1983. Networks of Power: Electriﬁcation in Western Society, 1880–1930. Baltimore: Johns Hopkins University Press. Hughes, Thomas Parke. 1989. American Genesis: A Century of Invention and Technological Enthusiasm, 1870–1970. New York: Viking. Israel, Paul. 1998. Edison: A Life of Invention. New York: Wiley. , Frank Gollop, and Barbara Fraumeni. 1987. S. Economic Growth. : Harvard University Press. Kendrick, John W. 1961. Productivity Trends in the United States. : Princeton University Press.
American Genesis: A Century of Invention and Technological Enthusiasm, 1870–1970. New York: Viking. Israel, Paul. 1998. Edison: A Life of Invention. New York: Wiley. , Frank Gollop, and Barbara Fraumeni. 1987. S. Economic Growth. : Harvard University Press. Kendrick, John W. 1961. Productivity Trends in the United States. : Princeton University Press. Khan, B. Zorina. 1995. ’’ Journal of Economic History 55, 58–97. Khan, B. Zorina. 2005. The Democratization of Invention: Patents and Copyrights in American Economic Development, 1790–1920.
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