John Jacob Astor

           America’s Gilded Age fortunes are infamous, but much less well known to the average person in America are its early tycoons. Like those of the late 19th century, those of the earlier part of that century benefited from opportunities obvious only in hindsight along with employing at least some questionable practices. John Jacob Astor possessed

Biddle, Jackson, and the Bank War

           In spite of, if not because of, their importance, banks are not usually popular. They are frequently the target of zealous reformers. Yet, bold policies rushed into enthusiastically should be the most worrisome. Campaigning against any institution in the name of progress should bring into question what exactly will replace it. Left unaddressed or poorly

Seashell Money in America

              Today, coins and banknotes are the most common physical manifestations of money, but money does not need to take these common forms. Anything could be money, or at least exhibit some of the qualities of money, even seemingly common items anyone could produce. Consider that cowrie shells were used as money in Africa and Asia

New York Produce Exchange

             Agricultural commodities have been traded between places for millennia before modern commodity exchanges were founded. However, these exchanges brought many of the services required by merchants and traders under a single roof. In the 19th century, exchanges became larger, partly the result of improved communications and transportation infrastructure. Two American commodities exchanges formed in the

America’s Regional Exchanges

           Stock exchanges are physical testaments to financial development. Their buildings are often prominent within their home cities. They evidence commercial success, perhaps even heralding more forthcoming success. They help fund growing industries and the firms within them, the purveyors of future riches.            Just the same though, new industries have also helped form new stock exchanges,

Republic of Texas Bonds

           Governments are usually able to borrow on terms at least as favorable as any available to individuals or companies. So long as they are not too indebted, their ability to tax subjects is something creditors are quite often happy to lend against. In the 19th century, numerous countries began to issue longer-term debts in bond

Ford’s 1919 Management Buyout

           Leveraged buyouts, the acquisition of companies where the purchase price is paid primarily by borrowing, became increasingly common in the 1980s. Very often, existing management teams are invited to participate in a leveraged buyout by the acquirer. Occasionally, it is the management team themselves who initiate the transaction and in this variation the arrangement is

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