This scoping paper addresses the role of financial institutions in empowering the British Industrial Revolution. Prominent economic historians have argued that investment was largely funded out of savings or profits, or by borrowing from family or friends: hence financial institutions played a minor role. But this claim sits uneasily with later evidence from other countries that effective financial institutions have mattered a great deal for economic development. How can this mismatch be explained? Despite numerous technological innovations, from 1760 to 1820 industrial growth was surprisingly low. Could the underdevelopment of financial institutions have held back growth? There is relatively little data to help evaluate this hypothesis. More research is required on the historical development of institutions that enabled finance to be raised. This would include the use of property as collateral. This paper sketches the evolution of British financial institutions before 1820 and makes suggestions for further empirical research. Research in this direction should enhance our understanding of the British Industrial Revolution and of the preconditions of economic development in other countries.

中文翻译：

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金融机构和英国工业革命：金融不发达是否阻碍了增长？

这份范围界定文件探讨了金融机构在增强英国工业革命能力方面的作用。著名的经济历史学家认为，投资的资金主要来自储蓄或利润，或者来自家人或朋友的借款：因此金融机构的作用很小。但这一说法与其他国家后来的证据相矛盾，即有效的金融机构对经济发展非常重要。如何解释这种不匹配？尽管有许多技术创新，但从 1760 年到 1820 年，工业增长出人意料地低。金融机构的不发达会阻碍增长吗？帮助评估这一假设的数据相对较少。需要对能够筹集资金的机构的历史发展进行更多研究。这将包括使用财产作为抵押品。本文概述了 1820 年之前英国金融机构的演变，并为进一步的实证研究提出了建议。这个方向的研究应该可以加深我们对英国工业革命和其他国家经济发展前提的理解。