Abstract
Prior to World War I, Palestine was an underdeveloped province of the Turkish Empire, with barely an elementary commercial banking system, let alone an organized long-term capital market. Only thirty years later, however, the new State of Israel was able to confront the economic challenge of statehood with the institutional framework of a formal domestic capital market already in place. This article analyzes the salient economic and social forces which led to the emergence of a viable domestic security market in Palestine during the later years of the British Mandate.
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