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The links between institutions and economic evolution, especially between financial institutions and industrial innovation, are poorly understood. Having Schumpeter's theory of economic evolution as a starting point, Thomas Marmefelt gives an outline of an institutional-evolutionary theory of institutional change, innovation, and financial systems. Schumpeterian banker-entrepreneur interaction, institutional change, and economic evolution are brought together in a theory based on learning-by-financing within bank-industry networks, such as Japanese keiretsu groups or Swedish ownership spheres. Thomas Marmefelt sets out to answer three questions: How does learning-by-financing within bank-industry networks influence quality upgrading of the economic process? How do bank-industry networks evolve through evolutionary selection as bankers and entrepreneurs interact? What conditions are crucial for the evolutionary viability of the universal bank as network bank in a securitized economy? Thomas Marmefelt develops a set of models in order to outline a theoretical explanation why the bank-industry network around a universal bank is viable as an institutional form for industrial banking in a securitized economy, using endogenous growth theory and evolutionary game theory.