This 2001 study examines the impact of British capital flows on the evolution of capital markets in four countries.

1. Institutional invention and innovation: foreign capital transfers and the evolution of the domestic capital markets in four frontier countries: Argentina, Australia, Canada, and the United States of America, 1865-1914; 2. The United Kingdom; 3. International capital movements, domestic capital markets, and American economic growth, 1865-1914; 4. Domestic savings, international capital flows, and the evolution of domestic capital markets: the Canadian experience; 5. Domestic saving, international capital flows, and the evolution of domestic capital markets: the Australian experience; 6. Argentine savings, investment, and economic growth before World War I; 7. Lessons from the past: international financial flows and the evolution of capital markets, Britain and Argentina, Australia, Canada, and the United States before World War I; 8. Skipping ahead: the evolution of the world's finance markets 1914-90: a brief sketch; 9. Lessons from the past/bibliography.