Father of Venture Capital

           Venture capital is probably regarded as a relatively modern asset class, spurred by the billions of dollars raised for private investments in already valuable firms and the valuations conferred on growing firms in initial public offerings. However, venture capital investing, even early-stage venture investing, has been around since as long as risky new projects have

Experiments in Military Currency

           Technical advances brought about changes in military planning during the Second World War, but measuring the impact of new technologies and tactics was not the only preoccupation of the planners. Even monetary questions had to be confronted. During the war, armies had to be supplied with locally sourced materials wherever they were. This need, along

Bank Restriction Act in Caricature

           The 18th century was a formative one in finance, especially in Britain. The innovations of the ‘Financial Revolution’ and the accompanying respect for the importance of sound credit had resulted in an increasing ‘financialization’ of the economy. Though still scarce, credit was becoming more accessible, most of all for the increasingly indebted British state. When

Napoleon’s Bank

           The French Revolution was the culmination of a century of financial mismanagement. The political disorders only brought about further economic trouble though, and monetary mayhem as well. However, the Revolution did create opportunities in French finance as it eliminated barriers to the establishment of new banking firms. One of those formed in the wake of

‘Equitas’, Insurance’s Bad Bank

           Lloyd’s of London, one of the oldest continuously operating financial institutions around, faced profound troubles just thirty years ago, financial challenges that threatened to discredit or destroy it. The eyes of its regulators, customers, and thousands of member underwriters were on Lloyd’s. In recent years, banking firms in distress have created ‘bad banks’ to separate

The Sword Blade Bank

           Establishing a corporation used to be a rare feat, not as simple as filing a form. Indeed, incorporation and the legal benefits it provided to financial and non-financial firms were closely guarded rights, the product of charters rarely conferred. So, if a corporation’s business model was on the way out and its value dwindling; it

Fishguard and the Gold Standard

           In its first century in operation, the Bank of England carried out a wide array of functions, many of which it had a legal or practical monopoly over. One of these was ensuring its banknotes, the most common in the country, were adequately backed by reserves, the most important of which was gold. However, in

Forsaken Somali Shilling

           Fiat currencies supposedly receive their value from the dictates of the issuing government. Citizens must pay their taxes in official currency and even the acceptance of a certain money in private transactions may be mandated by the state. Accordingly, the exact value of fiat currencies is usually linked to the health of the issuer. If

The Original Bourse at Bruges

           According to the most common accounts, the first stock exchange was established in Amsterdam following the initial public offering of the Dutch East India Company in 1602. However, Amsterdam was not the first city to earn the distinction of being a financial center. It was, after all, hardly the first time traders gathered in a

The Presbyterian Ministers’ Fund

         Colonial America was not awash in corporate entities of any kind; no country was. However, one of the oldest corporations in America, one even older than the Unites States itself, was also among the first life insurance firms in the world. The establishment of the Presbyterian Ministers’ Fund is a significant event in the history