Prometheus Shackled - Temin, Peter (Gray Professor Emeritus of Economics, Gray Professor Emeritus of Economics, MIT) a Voth, Hans-Joachim (ICREA Research Professor, ICREA Research Professor, Economics Department, Universitat Pompeu Fabra, Barcelona)

Using new archival data from goldsmith banks, Temin and Voth document how government regulation and wartime financing stifled the growth of private credit markets during the Industrial Revolution. They show how, after a turbulent start, banks adapted and found a way to grow, but how the economy at large lost out.