In this paper, the authors explore the politics of financial development as conceptualized in the 20th century. The article posits that the development of the financial sector is quite dynamic and keeps on changing with the prevailing business environment. There is evidence of tandem growth between the financial sector and the economic development of any given country, because the two are conjoined at the hip. Taking a historical view, and borrowing from the previous working paper entitled, “The Politics of Financial Development”, the authors review the state of development of financial market from 1913, when by most measures, most countries had developed a financial system. The aim of this study was to develop a interest group theory of financial development and apply this theory to historical financial development in the 20th century.