FINANCIAL SYSTEMS AND ECONOMIC MODERNIZATION
探讨了金融体系在经济现代化中的因果作用，以美国和日本为例，分析金融革命的关键制度要素，并强调强有力领导者的重要性。
The most successful economies of modern, and perhaps earlier, economic history appear to have had “financial revolutions” that created innovative financial systems before they became leading economies. This suggests that good financial systems may have played a causal role in economic modernization. I identify the key institutional components of such financial systems. Using the United States and Japan as examples, I discuss how two financial revolutions occurred. Effective leadership on the part of strong-willed individuals was crucial in each case.