For decades economists have assumed that poor countries can't support capital markets. This book puts the lie to that. Its wide-ranging exploration of twentieth-century financial institutions reveals that poor countries can't develop without capital markets. From currency management in Russia in 1918 to financial liberalization in modern-day New Zealand and Chile. The case studies of this wide-ranging exploration of financial institutions show that bridging the abyss between barter and a fully convertible currency is no less essential to economic prosperity today than it was eighty years ago. Sound and stable currencies have been easily eroded by government interventions; repressed, fragmented financial systems have been their corollary. Undoingthis damage and reestablishing the strength of a currency is far more difficult, as the recent experiences of Argentina and Chile can attest. As explained in this volume, capital markets were not always critical to development....

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