Book Details

Dark Matter Credit : The Development of Peer-to-Peer Lending and Banking in France
Dark Matter Credit traces how this extensive private network outcompeted banks and thrived prior to World War I—not just in France but in Britain, Germany, and the United States—until killed off by government intervention after 1918. Overturning common assumptions about banks and economic growth, the book paints a revealing picture of an until-now hidden market of thousands of peer-to-peer loans made possible by a network of brokers who matched lenders with borrowers and certified the borrowers’ creditworthiness.
A major work of scholarship, Dark Matter Credit challenges widespread misperceptions about French economic history, such as the notion that banks proliferated slowly, and the idea that financial innovation was hobbled by French law. By documenting how intermediaries in the shadow credit market devised effective financial instruments, this compelling book provides new insights into how countries can develop and thrive today.
Chapter 1.1740 and the Rules of the Game
Chapter 2.Spatial Variety versus Centralization: Change in Eighteen-Century Credit Markets
Chapter 3.The Revolution: Collapse, Reform, and Modeling the Space of Debt
Chapter 4.Networks of Knowledge
Chapter 5.The Brief but Significant Life of an Institutional Innovation
Chapter 6.The Diffusion pf Banks: Peer-to-Peer Credit Markets as Substitutes for Banks
Chapter 7.Banks and Notaries
Chapter 8.Prices Return
Chapter 9.Conclusion
Appendices
Notes
Bibliography

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