Limited personal liability has long been thought to promote entrepreneurship by providing partial insurance through debt relief in the event of business failure. However, providing this insurance through debt relief makes borrowing more costly and tightens borrowing constraints. To examine the...

If stable and efficient banks are such a good idea, why are they so rare? -- The game of bank bargains -- Tools of conquest and survival : why states need banks -- Privileges with burdens : war, empire, and the monopoly structure of English banking -- Banks and democracy : Britain in the...

Frontmatter -- Contents -- Preface -- Section One. No Banks without States, and No States without Banks -- 1. If Stable and Efficient Banks Are Such a Good Idea, Why Are They So Rare? -- 2. The Game of Bank Bargains -- 3. Tools of Conquest and Survival Why States Need Banks -- 4. Privileges with...