By Naomi Lamoreaux, Kenneth Sokoloff

Even supposing technological swap is essential for monetary development, the interplay of
finance and technological innovation isn't studied. This pioneering quantity examines the methods in
which innovation is funded within the usa. In case reports and theoretical discussions,
leading economists and monetary historians research how inventors and technologically creative
entrepreneurs have raised cash for his or her initiatives at diversified phases of U.S. fiscal development,
beginning with the post-Civil struggle interval of the second one business Revolution. Their discussions
point to interesting insights approximately how the character of the know-how could impression its financing and,
conversely, how the provision of cash impacts technological advances.These reports convey that
over the lengthy background of yankee 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 organizations which could faucet the securities industry for
funds; they've got regarded to the government for examine and improvement investment; and they
have been financed by way of the enterprise capital undefined. The stories make it transparent that tools of
funding innovation--whether it truly is within the automobile or info technology--have important
implications for either the path of technological switch and the aggressive dynamism of the
economy.

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Additional resources for Financing Innovation in the United States, 1870 to Present

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Scotchmer, Suzanne. 2004. Innovation and Incentives. : MIT Press. Simonds, William Edgar. 1871. Practical Suggestions on the Sale of Patents. Hartford: Privately printed. Sloan, Alfred P. 1964. My Years with General Motors. : Doubleday. Sokoloff, Kenneth L. 1986. ’’ In Introduction 37 Stanley L. Engerman and Robert E. , Long-Term Factors in American Economic Growth (679–736). Chicago: University of Chicago Press. Sokoloff, Kenneth L. 1988. ’’ Journal of Economic History 48, 813– 850. , and B. Zorina Khan.

The emergence of intermediaries to facilitate these transactions in the market for technology encouraged a division of labor that enabled those with a talent for invention to specialize in what they did best. The amounts of capital required to develop new technologies increased dramatically during the Second Industrial Revolution, however, and pioneering inventors and innovators often had to be flexible to secure the backing they needed. Some, such as Thomson and Sperry, opted to migrate to cities where groups of investors offered infusions of capital.

1977. D. dissertation, New York University. Carlson, W. Bernard. 1991. Innovation as a Social Process: Elihu Thomson and the Rise of General Electric, 1870–1900. Cambridge: Cambridge University Press. Cooper, Carolyn C. 1991. Shaping Invention: Thomas Blanchard’s Machinery and Patent Management in Nineteenth-Century America. New York: Columbia University Press. Davis, Lance E. 1957. ’’ Explorations in Entrepreneurial History 9, 189–203. Davis, Lance E. 1958. ’’ Business History Review 32, 204–222.

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