Funding Canada’s Nation-Building Railroad

           Projects of immediate national significance, even when privately owned, are infrequently left to their own management and their own devices. Acceptance of government regulation in exchange for subsidies or other concessions usually constitutes the manner in which such projects get off the ground, especially for those that attempt something never done before. Private entrepreneurship, critical

The Mounts of Piety

           Many understand that banking activity was stifled in Europe during the Late Middle Ages by religious prohibitions on usury, which then referred to lending at any interest rate at all. However, this view is somewhat anachronistic, at least when applied to the end of the Middle Ages. By the time history arrived at the era

How the Bank of Amsterdam Changed Money

           When central banks were created in the 17th century, they didn’t everywhere change the nature of money. Indeed, the Bank of England was founded not with any particular monetary objective in mind, but rather with a fiscal one. In Holland by contrast, the Bank of Amsterdam was established with a monetary raison d’etre. Almost immediately

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