Wealth, Investment, and Global Finance: International Financial Centres, 1870–1930

Youssef Cassis

in Men, Women, and Money

Published in print April 2011 | ISBN: 9780199593767
Published online September 2011 | e-ISBN: 9780191728815 | DOI:
Wealth, Investment, and Global Finance: International Financial Centres, 1870–1930

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International financial centres are of key importance for the activities which are the theme of this book. Centres are based on the grouping of a number of financial services which provide intermediation between a surplus and deficit of capital. The chapter deals primarily with London, the world financial centre 1870–1914, and with New York, which was its rival in the 1920s. It identifies a number of factors of crucial importance for the development of international centres, including political stability, the availability of satisfactory financial information and appropriate, adequately regulated institutions. The economic power of the host country and the impact of war are also significant for centres’ status. The chapter suggests that financial centres were implicated in imperialism both for countries at the imperial centre, which benefited from investment, and those at the periphery whose borrowing has been argued to have subjected them to informal domination.

Keywords: financial services; London; New York; financial centres; international banking; stock exchange; foreign investment; capital exports; nineteenth century; twentieth century

Chapter.  8117 words. 

Subjects: Business History

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