The Sassoons

           Over the course of the 19th century, the world economy was shaped by an increasing dose of globalization. This was not a new trend. However, for the first time, the world economy was also subject to simultaneous liberalization. International trade had been very restricted up until the early 19th century, the preserve of state-backed official

Loans and Diplomacy in the 19th Century

           As leading commercial cities developed more active and sophisticated financial markets, some cities became centers for global finance. London and Paris became such cities in the 19th century, serving the financial needs not only of their own countries but even those of the continent and the world. Governments of other countries turned to these cities,

Herstatt Bank and Globalization

           In June 1974, Herstatt Bank, a relatively small German bank, was closed by regulators on account of large losses in the foreign exchange market and murky accounting statements. The potential knock-on effects seemed small. The bank was one that few outside the vicinity of Köln would have heard of. However, because of the manner in

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