This paper examines the relative merits of bank-based versus market-based financial systems in promoting long-run economic growth. It finds that neither system is particularly effective at promoting growth, and that financial structure is not a particularly useful way to distinguish financial systems. Instead, the paper finds that overall financial development is strongly linked with economic growth. The results are consistent with the financial services view, which emphasizes the role of financial services in promoting growth, and the law and finance view, which emphasizes the role of legal systems in determining financial development. The paper also finds that financial structure is not significantly related to economic growth, and that the legal system plays a crucial role in determining the level of growth-promoting financial services. The paper concludes that cross-country comparisons do not suggest that distinguishing between bank-based and market-based systems is analytically useful for understanding the process of economic growth.This paper examines the relative merits of bank-based versus market-based financial systems in promoting long-run economic growth. It finds that neither system is particularly effective at promoting growth, and that financial structure is not a particularly useful way to distinguish financial systems. Instead, the paper finds that overall financial development is strongly linked with economic growth. The results are consistent with the financial services view, which emphasizes the role of financial services in promoting growth, and the law and finance view, which emphasizes the role of legal systems in determining financial development. The paper also finds that financial structure is not significantly related to economic growth, and that the legal system plays a crucial role in determining the level of growth-promoting financial services. The paper concludes that cross-country comparisons do not suggest that distinguishing between bank-based and market-based systems is analytically useful for understanding the process of economic growth.