Free Banking: The Scottish Experienceas a Model for Emerging Economies
World Bank Policy research working paperNo. 1536 (1995)
In the beginning of the eighteenth centuryScotland was much poorer than England. Bythe mid-eighteenth century the
NP percapita in Scotland was roughly half of that inEngland. By the mid-nineteenth century,however, Scotland's
P per capita nearlyequaled that of England.