This article explores the link between the history of small-firm associations and the development of Dutch financial infrastructure geared toward small firms. In particular, it tests Verdier’s thesis about the origins of state banking using an in-depth case study of the Dutch small-firm movement. This article shows that Dutch small-firm associations did not simply became politically relevant and use their power to lobby for state banking, but rather used the topic of insufficient access to credit to rally support, mobilize members, and obtain subsidies from the government. During this associational process, they had to navigate local contexts and power structures that, in turn, also shaped the financial system. State banking was initially not demanded by small firms, but arose as the result of failed experiments with subsidized banking infrastructure and a changing position of the government on how to intervene in the economy.

本文探讨了小公司协会的历史与荷兰面向小公司的金融基础设施的发展之间的联系。特别是，它通过对荷兰小企业运动的深入案例研究来检验Verdier关于国家银行业起源的论点。本文显示，荷兰的小公司协会并不仅仅是在政治上变得相关，并利用其权力游说国家银行，而是利用信贷渠道不足来集会支持，动员会员并从政府获得补贴的话题。在此关联过程中，他们必须导航当地环境和权力结构，进而塑造金融体系。最初，小公司不需要州立银行，