The Bank of England and Lancashire Cotton

           While increased state involvement in industrial affairs in Europe is typically identified as a defining feature of economic reality in the years after the Second World War, this involvement was a continuation of economic policies pursued by pre-war governments. Further, it wasn’t only ministers and bureaucrats that increasingly organized industry, but central banks as well.

Cornelius Vander Starr

           Governments had to come to the rescue of many firms during the 2007-09 financial crisis and one of the largest rescues was that of American International Group (AIG). Unlike most of the other firms teetering on the brink, AIG was an insurance company and not a bank. It was also a particularly international firm; not

Crédit Foncier and the Renovation of Paris

           Expensive ventures often entail borrowing money and the banking system is one of the largest and most accessible lenders around. Their role in financing grand projects give banks the ability to make or break the dreams of developers, entrepreneurs, and even governments. Because the latter can approve, form, and regulate banks, governments are in the

The Foreign and Colonial Government Trust

           While the 17th and 18th centuries saw the development of new financial institutions, with banks, insurance companies, and exchanges sprouting up, especially in Britain, these inventions generally served the financial needs of relatively few. It was the 19th century when they began to serve even ordinary people, or at least the growing middle classes, in

Republic of Texas Bonds

           Governments are usually able to borrow on terms at least as favorable as any available to individuals or companies. So long as they are not too indebted, their ability to tax subjects is something creditors are quite often happy to lend against. In the 19th century, numerous countries began to issue longer-term debts in bond

Webster, Wallace, and Scottish Widows

           The 18th century was a formative one in the history of insurance. In Britain in particular, insurance was increasingly being sold by specialized firms, rather than by underwriters operating independently or in syndicates. In this way and others, over the course of the century, the industry developed to become more recognizable to modern eyes. In

Swiss Banks and Secrecy

           For a small country, Switzerland punches above its weight in banking. This has largely been attributed to bank secrecy rules that make Swiss banks particularly useful to some. Over the past century, the country’s banking sector has been associated with secrecy, accused of facilitating tax evasion and other crimes. While a professional standard in banking

The Charitable Corporation Scandal

           Britain’s ‘Financial Revolution’ is usually best known for its fiscal and market effects. However, it also coincided with changing opinions towards consumer credit. By the early 18th century, borrowing and lending was accepted as a fact of life that was best tolerated rather than regulated out of existence. One attempt at improving the terms upon

Crédit Lyonnais and Executive Life

           In 1995, the French government chose to rescue a bank at a cost of $35 billion which had secretly and illegally acquired another firm earlier that decade without regulators noticing. The bank falsified financial statements and had been drifting towards riskier activities for years. Making this story even more surprising was that all this illegal

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