In the spring of 1866, London’s money markets were shaken by the collapse of a single large and previously illustrious firm. The Panic of 1866 was one of the most severe in Victorian finance. However, it was also handled in a surprisingly effective manner by the Bank of England, then merely a private bank, albeit…
The form of the modern corporation dates back to the tail end of the Renaissance; the earliest date to the 16th century and look familiar in numerous respects. They raised money from investors and put it to use earning a profit as a new legally distinct entity, separate from any one proprietor. Quite soon after…
Just a few months after the American War of Independence finally came to a formal conclusion with the Treaty of Paris in 1783, a bank was founded that would live to today. The Bank of New York had humble origins, founded with under $500,000 in equity capital. However, it had an illustrious backer and a…
Life insurance and annuities have been around for centuries; in fact, basic burial insurance existed even in classical Rome. However, for the majority of this history, insurance contracts only existed as informal arrangements. Even in early modern Europe, though the lingo of modern insurance existed (there were underwriters at work, premiums paid, and indemnities claimed,…
