From Partisan Banking to Open Access

The Emergence of Free Banking in Early Nineteenth Century Massachusetts

  • Qian Lu

Part of the Palgrave Studies in Economic History book series (PEHS)

About this book


How did banking in early nineteenth-century Massachusetts evolve? Lu provides a compelling narrative about the connection between inclusive political systems and open access economies, hypothesizing that entry into banking was firstly made upon partisan grounds before later becoming open access/free entry. Lu investigates state level institutional change and studies the transition to open access from an economic perspective. What was the relationship between banking and political elites? Why were elites, who enjoyed privileges under dominant institutions, willing to dissolve these institutions and eliminate their privileges? The author provides new insights into American economic history, explaining how a society moves from limited access to one of openness.


Partisan banking Free banking Cliometrics Economic history Massachusetts American banking Political coalition Democratic republicans Elbridge Gerry State legislation Boston tax 19th century banking

Authors and affiliations

  • Qian Lu
    • 1
  1. 1.School of EconomicsCentral University of Finance and EconomicsBeijingChina

Bibliographic information

Industry Sectors
Finance, Business & Banking