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From Crisis to Crisis: The Transformation of Merchant Banking, 1914–1939

Autor Brian O'Sullivan
en Limba Engleză Paperback – 11 ian 2020
From Crisis to Crisis examines the impact of the harsh conditions of the interwar economy on the British merchant banks.  The financial crises of 1914 and 1931 are assessed using primary sources. The competitive threats, including the rise of New York as a rival financial centre, are considered. It challenges alleged special treatment and provides fresh perspectives on the interwar rationalisation of industry. 
During the late nineteenth century, Britain’s merchant banks had become pre-eminent in a world of fixed exchange rates, free trade and the unfettered mobility of international capital. This world was increasingly challenged in the interwar period, being replaced by floating exchange rates, trade protectionism and restrictions on capital movements.
This book fills a gap in the historiography of British banking by recovering the histories of long-forgotten merchant banks rather than focusing on the better-known firms. Using a wide range of archival resources, it traces the strategic transformation by some merchant banks from higher-risk, capital intensive activities to lower-risk, advisory services. 
Brian O’Sullivan has been jointly awarded the 2019 BAC Wadsworth Prize for From Crisis to Crisis: The Transformation of Merchant Banking 1914-1939.It was judged by the Business Archives Council (BAC) to have made an outstanding contribution to the study of British business history. Brian shared the prize with Professor Priya Satia of Stanford University in California.


 
               
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Specificații

ISBN-13: 9783030405106
ISBN-10: 3030405109
Dimensiuni: 155 x 235 mm
Greutate: 0.51 kg
Ediția:1st ed. 2018
Editura: Springer
Colecția Palgrave Macmillan
Locul publicării:Cham, Switzerland

Cuprins

Chapter 1. Introduction.- Chapter 2. End of the Golden Age.- Chapter 3. Thunderbolt from a Clear Sky.- Chapter 4. Favourable Treatment.- Chapter 5. Traditional Preserves.- Chapter 6. Unsound Practices.- Chapter 7. Road to Crisis.- Chapter 8. Domestic Finance.- Chapter 9. Insular Capitalism.- Chapter 10. Mercantile Roots.- Chapter 11. Endgame.- Chapter 12. Conclusion.



Notă biografică

Brian O’Sullivan is a Visiting Research Fellow at King’s College, London, UK. He completed his PhD in 2015 at Birkbeck College, London, UK. He has spent most of his career in the asset management industry, including time with two merchant banks: Guinness Mahon and Schroders. He is currently Chief Operating Officer of Thomas Miller Investment. Previously he was a Senior Vice President at State Street Bank. He is a Fellow of the Institute of Chartered Accountants.

Textul de pe ultima copertă

From Crisis to Crisis examines the impact of the harsh conditions of the interwar economy on the British merchant banks.  The financial crises of 1914 and 1931 are assessed using primary sources. The competitive threats, including the rise of New York as a rival financial centre, are considered. It challenges alleged special treatment and provides fresh perspectives on the interwar rationalisation of industry. 

During the late nineteenth century, Britain’s merchant banks had become pre-eminent in a world of fixed exchange rates, free trade and the unfettered mobility of international capital. This world was increasingly challenged in the interwar period, being replaced by floating exchange rates, trade protectionism and restrictions on capital movements.
This book fills a gap in the historiography of British banking by recovering the histories of long-forgotten merchant banks rather than focusing on the better-known firms. Using a wide range of archival resources, it traces the strategic transformation by some merchant banks from higher-risk, capital intensive activities to lower-risk, advisory services. 

Caracteristici

Awarded the 2019 BAC Wadsworth Prize having made an outstanding contribution to the study of British business history

Fills a gap in the historiography of the evolution of the British banking system

Aims to uncover why so many merchant banks failed in the interwar period and what the survivors learned from the misfortune of their less successful competitors

Identifies almost 100 merchant banking firms during this period