This study examines the impact of British capital flows on the evolution of capital markets in four countries--Argentina, Australia, Canada, and the United States--over the years 1865 to 1914. In substantive chapters on each of the countries it offers parallel histories of the evolution of their financial infrastructures--commercial banks, nonbank intermediaries, primary security markets, formal secondary security markets, and the institutions that provide the international financial links connecting the frontier country with the British capital market.