A Fine Failure
Relationship Lending, Moses Taylor, and the Joliet Iron & Steel Company, 1869–1888
Bibliographic Data
| ID | 9622194 |
|---|---|
| Authors | Mary O’sullivan (0000-0002-7429-836X, corresponding author), Mary O'Sullivan |
| Year | 2014 |
| Volume | 88 |
| Issue | 4 |
| Pages | 647-679 |
| Publication date | 2014-01-01 |
| Peer Reviewed | Yes |
| Open Access | Yes |
| Type | ARTICLE |
| Venue | The Business History Review (JOURNAL) |
| Journal identifiers | ISSN: 0007-6805 • E-ISSN: 2044-768X |
| Publisher | Cambridge University Press (CUP) (PUBLISHER) |
| DOI | 10.1017/s0007680514000701 |
| OpenAlex | W2120058776 |
| Language | EN |
| Citations received | 1 |
| References cited | 27 |
In this study of lending in the emergence of a modern steel industry in the United States, I analyze the evolving interaction between borrowers and lenders in historical context. I show how “relationship lending” (that is, credit allocation in which personal contacts play a major role) can go wrong, despite good intentions at the outset, and that institutional conditions exert an important influence on how lenders and borrowers negotiate conflicts. Particularly important in the case of Moses Taylor and Joliet Iron & Steel Company were the uncertain jurisdictions and political maneuvering that stemmed from structural peculiarities of the U.S. legal system, peculiarities that belie claims of its efficacy for protecting creditor interests. Although this failure of relationship lending might seem to imply negative consequences for economic development, I show that, at least in this case, the opposite interpretation is more compelling
Business · Context (archaeology · Creditor · Debt · Economics · Interpretation (philosophy · Law and economics · Negotiation · Political science · Politics · Banking stability, regulation, efficiency · Corporate Finance and Governance · Finance · History · Housing Market and Economics · Law
Non-Contractual Relations in Business
Insider Lending
Tunneling
American Sugar Kingdom
Navigating Failure
Law and Finance
Related Lending and Economic Performance
Iron and Steel in Nineteenth-Century America
Did banks cause the German industrialization
The Capital Markets and Industrial Concentration
Commercial Associations and the Creation of a National Economy
The Old Cuba Trade
Non-Contractual Relations in Business
| Unique citing works | 1 |
|---|---|
| Citations per year | 0.11 |
| Citation span | 2017 - 2017 (1) |
| Citation velocity | historical |
| Highly cited | No |
| Citation types | Neutral: 1 |