The Coulisse and the Paris Bourse

           For the entirety of the 19th century, Paris had two stock exchanges. One was the official Paris Bourse, relatively well-regulated and selective in its listing of securities. The other was an unregulated market called the Coulisse. The Paris market was big enough for both exchanges and perhaps needed both of them, in contrast to the

Loyalty Loan

           During the First World War, governments were financially strained to an unprecedented degree by the costs of war. Across Europe, governments introduced new taxes, including income taxes, suspended the link between gold and paper money, and raised new loans by appealing directly to the patriotism of the public. While these drastic maneuvers in times of

Kipper und Wipper

           In early modern Europe, currency was far less standardized than it is today. There were several different metals with monetary significance: gold, silver, and copper. Countries usually struck coins from all of these metals and often combinations of them together. In addition to local coins, circulating in any given place would be foreign coins made

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