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Last edited by Open Library Bot
December 5, 2010 | History

Financing invention during the second industrial revolution 1 edition

Financing invention during the second industrial revolution
Naomi R. Lamoreaux

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Financing invention during the second industrial revolution
Cleveland, Ohio, 1870-1920
Naomi R. Lamoreaux, Margaret Levenstein, Kenneth L. Sokoloff.

Published 2004 by National Bureau of Economic Research in Cambridge, MA .
Written in English.

About the Book

"For those who think of Cleveland as a decaying rustbelt city, it may seem difficult to believe that this northern Ohio port was once a hotbed of high-tech startups, much like Silicon Valley today. During the late nineteenth and early twentieth centuries, Cleveland played a leading role in the development of a number of second-industrial-revolution industries, including electric light and power, steel, petroleum, chemicals, and automobiles. In an era when production and inventive activity were both increasingly capital-intensive, technologically creative individuals and firms required greater and greater amounts of funds to succeed. This paper explores how the city's leading inventors and technologically innovative firms obtained financing, and finds that formal institutions, such as banks and securities markets, played only a very limited role. Instead, most funding came from local investors who took long-term stakes in start-ups formed to exploit promising technological discoveries, often assuming managerial positions in these enterprises as well. Business people who were interested in investing in cutting-edge ventures needed help in deciding which inventors and ideas were most likely to yield economic returns, and we show how enterprises such as the Brush Electric Company served multiple functions for the inventors who flocked to work there. Not only did they provide forums for the exchange of ideas, but by assessing each other's discoveries, the members of these technological communities conveyed information to local businessmen about which inventions were most worthy of support"--National Bureau of Economic Research web site.

Edition Notes

Includes bibliographical references.
Title from PDF file as viewed on 1/13/2005.
Also available in print.
System requirements: Adobe Acrobat Reader.
Mode of access: World Wide Web.

Series
NBER working paper series ;, working paper 10923, Working paper series (National Bureau of Economic Research : Online) ;, working paper no. 10923.

Classifications

Library of Congress
HB1

The Physical Object

Format
Electronic resource

ID Numbers

Open Library
OL3476350M
LC Control Number
2005615821

History Created December 10, 2009 · 2 revisions Download catalog record: RDF / JSON

December 5, 2010 Edited by Open Library Bot Added subjects from MARC records.
December 10, 2009 Created by WorkBot add works page