8 fascinerande fakta om lån genom historien - historia

8 fascinerande fakta om lån genom historien - historia

8 fascinerande fakta om lån genom historien

Även om det kanske inte verkar vara det mest intressanta och överraskande ämnet att fördjupa sig i, är utlåningshistorien faktiskt mycket mer övertygande och komplex än du kanske inser.
Även om dagens konsumenter kan njuta av bekvämligheten med online -utlåning, har lånet av pengar inte alltid varit så enkelt.
Fortsätt läsa för att upptäcka de åtta mest fascinerande fakta om lån genom historien. Du kan bli förvånad över att ta reda på hur många viktiga framsteg i den mänskliga civilisationen inte skulle ha varit möjliga utan att använda kredit.

De allra första avlöningsdagslånen användes av bönder

Även om payday -lån är tillgängliga i överflöd online idag för att betala för oväntade nödsituationer och oförutsedda räkningar, med betrodda långivare som Cash Lady, Cash Into Pay, LendUP och Cashnet USA som erbjuder en livlina till dem som behöver en snabb och obestridlig tillströmning av kontanter, långt tillbaka i Mesopotamien år 2000 f.Kr., skulle bönderna låna frön för att betala tillbaka vid ett senare tillfälle när deras grödor började ge efter. De skulle sedan begära ett nytt förskott för nästa säsongs plantering, fortsätta cykeln med lån och återbetalning, bara för att låna igen.

Templen var de ursprungliga bankerna

År 1754 infördes de första räntorna när sumeriska tempel användes som banker och platser för tillbedjan. Det var vid denna tid som stora lån började växa fram, och med det kom skapandet av kredit och tanken på att ta ut ränta.
Silver började också bli mer efterfrågat, vilket ledde till att Hammurabi -koden utfärdades, en förordning som definierade silverpriset och räntesatsen som kunde tas ut på denna ädelmetall.

Utlåning förbjöds på medeltiden

Under denna tidsperiod styrde religionen, och både Bibeln och Koranen förbjöd utlåning. De enda människor som fick låna var judar, vilket ledde till att de senare förföljdes.

Begreppet "konkurs" betyder trasig bänk

Ordet konkurs härrör från både det italienska ordet för bänk, 'banca', och det latinska ordet 'trasigt'. I Italien fick judar inte äga mark och därför var de tvungna att låna ut pengar från bänkar. När en viss återförsäljare fick slut på pengar skulle deras bänk vara trasig, därav termen konkurs.

Den första sparbanken i USA öppnade 1816

Philadelphia Savings Fund Society öppnade först sina dörrar i december 1816 i syfte att ge den genomsnittliga amerikanska medborgaren möjlighet att spara och låna pengar. Detta var starten på mer vanliga utlåning som var tillgänglig för alla snarare än bara de rika.

1950 användes det första "kreditkortet"

En man vid namn Frank McNamara gjorde historia i år genom att betala för sin middag med ett kartongkort, idag känt som ett Diners Club Card. Det var bara åtta år senare som Bank of America utnyttjade fördelarna med detta sätt att låna ut pengar och lanserade BankAmericard, som den skickade ut till över 60 000 konsumenter över hela USA.

På 80 -talet tog utvecklingen av datorer utlåningen till en ny nivå

Precis som långivare började kämpa med det överflöd av pappersarbete och arkivering som behövdes för att hålla koll på kreditens ökande popularitet, räddade utvecklingen av datorer och elektronisk data dagen.
Plötsligt kunde konsumenterna fylla i låneansökningar online, vilket innebär att låntagare inte ens behövde lämna sitt eget hem för att bli godkända för kredit.

Alternativ utlåning lanserades 2006

Företagen behövde inte längre förlita sig på banklån, eftersom de istället kunde njuta av konkurrenskraftiga lån online där långivare aktivt tävlade mot varandra för att ge de bästa villkoren. Detta resulterade inte bara i bättre utlåningsräntor utan också en ökning av lånegodkännanden.
När det gäller utlåningens framtid, vem vet egentligen? Förutom att det är säkert att säga att trenden med onlineutlåning är här för att stanna och det är definitivt inget dåligt.


De Ekonomiska tider rapporterar [prenumeration krävs] att analytiker uppskattar att efterfrågan på förbränningsmotorn nådde sin topp 2018, flera år före schemat. "När du tittar på 2018 sedan sommaren går nybilsförsäljningen på alla de viktiga marknaderna ner", säger Axel Schmidt, global bilchef på Accenture. "Att sälja förbränningsmotorbilar till kunder - detta kommer inte att växa i framtiden."

Även om den totala bilförsäljningen ökar under 2019 eller 2020, förutspås elbilar växa tillräckligt snabbt för att minska andelen sålda förbränningsmotorer.

I november, General Motors (NYSE: GM) meddelade att man skulle eliminera 14 000 jobb och stänga fem nordamerikanska fabriker för att prioritera utvecklingen av elbilar och självkörande fordon.

Bildkälla: Getty Images.


Referenser

Barrameda, J. (2012). Bicol -martyrerna 1896 återbesökte. Bicol Mail. Hämtad 2 oktober 2015, från http://goo.gl/xCidXA

Cheng, J. (1960). Silvermynt begravda under havet. Quanen, sid. 3. Hämtad från http://goo.gl/M0CiIb

Davies, H. (1848). På grund av två arbeten av en dvärg, med några observationer om driften av kraniotomi, och om induktion av för tidigt arbete. The London Lancet: A Journal of British and Foreign Medical and Chemical Science, Criticism, Literature And News, 8, 31-32. Hämtad från https://goo.gl/90lEhL

Garvey, J. (2007). San Francisco under andra världskriget (s. 26). Arcadia Publishing.

Hubbell, J. The Great Manila Bay Silver Operation. Corregidor.org. Hämtad 2 oktober 2015, från http://goo.gl/ie3fnb

Labro, V. (2011). "Vita ryssar" återvänder till flyktingön. Inquirer.net. Hämtad 2 oktober 2015, från http://goo.gl/Ab78LZ

Limbird, J. (1836). J. Limbird. Spegeln av litteratur, nöje och undervisning, 28, 295. Hämtad från https://goo.gl/l29shw

Lodi News Sentinel ,. (1972). Bridge Collapse dödar katoliker, s. 13. Hämtad från https://goo.gl/JuLUwr

Milwaukee Journal. (1941). Heroes of the Philippines Honored By MacArthur, sid. 3. Hämtad från https://goo.gl/WgNdPx

Wheeler, M. (1913). Culion Leper Colony. American Journal Of Nursing, 13, 663-665. Hämtad från https://goo.gl/p7NYOH

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Från de brittiska kungligheterna till de kinesiska och pakistanska regeringens funktionärer har Indiens firande som en suverän demokratisk republik sett många betydande inbjudna under de senaste 71 åren

Efter att den brittiske premiärministern Boris Johnson nyligen meddelat att han inte kommer att resa till Indien som huvudgäst vid republikdagsparaden den 26 januari 2021, har Indien beslutat att inte bjuda in någon annan utländsk värdinna i hans ställe. Johnson avbröt resan den 5 januari, eftersom en ny mutant stam av coronaviruset uppstod i Storbritannien.

Detta för första gången sedan 1966 att Indien inte kommer att ha en global ledare som gäst, eftersom landet firar republikdagens funktion.


Firefly larver är köttätande rovdjur, och deras favoritmat är escargot. De flesta eldflygarter lever i fuktiga, markbundna miljöer, där de livnär sig på sniglar eller maskar i jorden. Några asiatiska arter använder gälar för att andas under vattnet, där de äter vattensniglar och andra blötdjur. Vissa arter är träd och deras larver jagar trädsniglar.

Vad vuxna eldflugor äter är i stort sett okänt. De flesta verkar inte mata alls, medan andra tros äta kvalster eller pollen. Vi vet att Photuris eldflugor äter andra eldflugor. Photuris honor njuter av att mumsa på hanar av andra släkten.

Dessa Photuris femmes fatales använd ett trick som kallas aggressiv efterlikning för att hitta måltider. När en manlig eldfluga av ett annat släkte blinkar sin ljussignal, svarar den kvinnliga Photuris eldflugan med hanens blixtmönster, vilket tyder på att hon är en mottaglig kompis av hans art. Hon fortsätter locka honom tills han är inom räckhåll. Sedan börjar hennes måltid.

Vuxna Photuris-eldflugor är också kleptoparasitiska och kan ses som matas på sidor som är inslagna av Photinus-eldflugor (ibland även en av sina egna slag) som hänger i en spindelnät. Episka strider kan inträffa mellan spindeln och eldflugan. Ibland kan eldflugan hålla undan spindeln tillräckligt länge för att konsumera det silkeslindade bytet, ibland skär spindeln nätet och hennes förluster, och ibland fångar spindeln eldflugan och bytet och har båda inslagna i siden.


Varianter av engelska

Från omkring 1600 resulterade den engelska koloniseringen av Nordamerika i skapandet av en distinkt amerikansk mängd engelska. Några engelska uttal och ord "frös" när de nådde Amerika. På vissa sätt liknar amerikansk engelska mer Shakespeares engelska än modern brittisk engelska. Vissa uttryck som britterna kallar "amerikanism" är i själva verket ursprungliga brittiska uttryck som bevarades i kolonierna medan de förlorades en tid i Storbritannien (t.ex. skräp för skräp, lån som ett verb istället för att låna ut, och falla för hösten ett annat exempel, ram-upp, återimporterades till Storbritannien genom Hollywood-gangsterfilmer). Spanska hade också inflytande på amerikansk engelska (och därefter brittisk engelska), med ord som kanjon, ranch, panik och vigilante vara exempel på spanska ord som kom in på engelska genom bosättningen av det amerikanska väst. Franska ord (genom Louisiana) och västafrikanska ord (genom slavhandel) påverkade också amerikansk engelska (och så, till viss del, brittisk engelska).

Idag är amerikansk engelska särskilt inflytelserik på grund av USA: s dominans av film, tv, populärmusik, handel och teknik (inklusive Internet). Men det finns många andra varianter av engelska runt om i världen, inklusive till exempel australiensisk engelska, Nya Zeeland engelska, kanadensisk engelska, sydafrikansk engelska, indisk engelska och karibisk engelska.

Den germanska språkfamiljen

Engelska är medlem i den germanska språkfamiljen. Germanic är en gren av den indoeuropeiska språkfamiljen.


5. Långivare kommer att göra en hård kreditkontroll när du ansöker

När du bläddrar igenom alla dessa fantastiska personliga lånealternativ kan du bli frestad att ansöka om dem alla. När allt kommer omkring, ju mer du ansöker om, desto bättre är dina chanser, eller hur?

Men detta kommer att få sina konsekvenser. Detta beror på att när du ansöker om ett personligt lån kommer långivarna att dra en hård kreditkontroll på dig. Det betyder att när de checkar in din kredithistorik kommer detta att sänka din kreditpoäng med lite.

Som du kan föreställa dig, om flera långivare måste göra detta, kan din kreditpoäng gå ner mycket. Så var selektiv i dina applikationer och gå bara med 1 eller 2 företag i stället för alla de du har ett litet intresse av.


Klimatförändringar: Hur vet vi det?

Denna graf, baserad på jämförelsen av atmosfäriska prover i iskärnor och nyare direktmätningar, visar att CO2 har ökat sedan den industriella revolutionen. (Kredit: Luthi, D., et al .. 2008 Etheridge, D.M., et al. 2010 Vostok ice core data/J.R. Petit et al. NOAA Mauna Loa CO2 rekord.) Läs mer om iskärnor (extern plats).

Jordens klimat har förändrats genom historien. Bara under de senaste 650 000 åren har det varit sju cykler av glacial framsteg och reträtt, med det abrupta slutet av den senaste istiden för cirka 11 700 år sedan som markerade början på den moderna klimattiden och mdash och den mänskliga civilisationen. De flesta av dessa klimatförändringar tillskrivs mycket små variationer i jordens och rsquos -bana som förändrar mängden solenergi som vår planet tar emot.

Den nuvarande uppvärmningstrenden är av särskild betydelse eftersom det mesta är mycket troligt (större än 95% sannolikhet) att vara ett resultat av mänsklig aktivitet sedan mitten av 1900-talet och fortskrida i en hastighet som aldrig har skådats under årtusenden. 1

Jordbana satelliter och andra tekniska framsteg har gjort det möjligt för forskare att se helheten och samla in många olika typer av information om vår planet och dess klimat i global skala. Denna mängd data som samlats in under många år avslöjar signalerna om ett förändrat klimat.

Koldioxidens och andra gasers värmefångande karaktär demonstrerades i mitten av 1800-talet. 2 Deras förmåga att påverka överföringen av infraröd energi genom atmosfären är den vetenskapliga grunden för många instrument som flygs av NASA. Det råder ingen tvekan om att ökade halter av växthusgaser måste få Jorden att värma som svar.

Iskärnor från Grönland, Antarktis och tropiska bergsglaciärer visar att klimatet på jorden och rsquos reagerar på förändringar i växthusgasnivåerna. Forntida bevis kan också hittas i trädringar, havssediment, korallrev och lager av sedimentära stenar. Detta uråldriga, eller paleoklimat, bevis visar att den nuvarande uppvärmningen sker ungefär tio gånger snabbare än den genomsnittliga uppvärmningen av isåldern. Koldioxid från mänsklig aktivitet ökar mer än 250 gånger snabbare än från naturliga källor efter den senaste istiden. 3

Beviset för snabba klimatförändringar är övertygande:


Innehåll

Mer stabila ekonomiska förbindelser åstadkoms med en förändring av de socioekonomiska förhållandena från ett beroende av jakt och insamling av livsmedel till jordbrukspraxis, under perioder som började någon gång efter 12 000 f.Kr., för ungefär 10 000 år sedan i Fertile Crescent, i norra Kina om För 9 500 år sedan, för cirka 5 500 år sedan i Mexiko och för cirka 4 500 år sedan i de östra delarna av USA. [4] [5] [6]

Penningredigering

Bankens historia är sammanflätad med penninghistorien. Forntida typer av pengar som kallas spannmålspengar och matboskapspengar användes från en tid på cirka 9000 f.Kr., som två av de tidigaste sakerna som kunde användas för byteshandel. [7] [8]

Anatolisk obsidian som råvara för stenåldersverktyg distribuerades från så tidigt som omkring 12 500 f.Kr. Förekomsten av en organiserad handel var aktuell under det nionde årtusendet (CauvinChataigner 1989). Inom Sardinien, som var platsen för en av de fyra huvudsakliga platserna för att köpa materiella fyndigheter från obsidian i Medelhavet, ersattes handel med obsidian under det tredje årtusendet med handel med koppar och silver. [9] [10] [11] [12] [13] [14]

Redigera bokföring

Objekt som används för journalföring, "bulla" och tokens, har återhämtats från utgrävningar i Mellanöstern, daterade till en period som började 8000 fvt och slutade 1500 fvt, som register över räkningen av jordbruksprodukter. Med början i slutet av fjärde årtusendenna använde man mnemoniska symboler av tempel- och palatsmedlemmar för att registrera produktlager. Typer av poster som redovisar handelsbyten betalningar gjordes först omkring 3200. En mycket tidig skrift på lertavlan kallades Koden för Hammurabi, hänvisar till regleringen av en bankverksamhet av olika slag inom civilisationen (Armstrong) i en epok som går från ca. 1700 f.Kr. var banken tillräckligt utvecklad för att motivera lagar som styr bankverksamhet. [nb 1] Senare under Achaemenid Empire (efter 646 f.Kr., [15] finns ytterligare bevis för bankpraxis i Mesopotamien. [16] [17] [18] [19] [20] [21] [22] [23]

Strukturell redigering

Vid det femte årtusendet f.Kr. bildades Sumers bosättningar, såsom Eridu, runt ett centralt tempel. Under det femte årtusendet började människor bygga och leva i städernas civilisation, vilket gav en struktur för byggandet av institutioner och anläggningar. Tell Brak och Uruk var två tidiga stadsboplatser. [19] [24] [25] [26] [27]

Asia Edit

Mesopotamien och Persien Redigera

Banking som en arkaisk verksamhet (eller kvasi-bank [28] [29]) antas ha börjat vid olika tidpunkter, under en period så tidigt som under senare delen av det fjärde årtusendet f.Kr., [30] till inom fjärde till tredje årtusenden före Kristus [31] [32]

Före regeringstiden för Sargon I i Akkad (2335–2280 f.Kr. [33]) var handeln begränsad till de inre gränserna för varje stadsstat i Babylon och templet som låg i centrum för ekonomisk verksamhet i handeln vid den tiden för medborgare utanför staden var förbjudet. [24] [34] [35]

I Babylonien 2000 f.Kr. var människor som deponerade guld skyldiga att betala belopp så mycket som en sextiondel av det totala deponerade. Både palats och tempel är kända för att ha tillhandahållit utlåning och utfärdande från den förmögenhet de innehade - palatsen i mindre utsträckning. Sådana lån innebar vanligtvis utfärdande av utsäde, med återbetalning från skörden. Dessa grundläggande sociala avtal dokumenterades i lertavlor, med ett avtal om ränteupptagning. Vanan att deponera och lagra rikedom i tempel fortsatte åtminstone fram till 209 f.Kr. [36] [37] [38] [39] [40] [41] [42] [43]

Cuneiform records of the house of Egibi of Babylonia beskriver familjens ekonomiska verksamhet daterad till att ha inträffat någon gång efter 1000 f.Kr. och slutade någon gång under Darius I: s regering, visar enligt en källa ett "utlåningshus" (Silver 2002), en familj som engagerar i "professionell bank." (Dandamaev et al 2004) och ekonomisk verksamhet som liknar modern inlåningsbank, även om en annan säger att familjens verksamhet bättre beskrivs som entreprenörskap snarare än bank (Wunsch 2007). Tillhandahållandet av kredit är tydligen också något Murashu -familjen deltog i (Moshenskyi 2008). [44] [45] [46] [47] [48] [49] [50] [51] [52] [53]

Mindre Asien Redigera

Från det fjärde årtusendet började tidigare jordbruksboplatser administrativa aktiviteter. [54] [55] [56] [57]

Templet Artemis i Efesos var Asiens största förvaringsinstitut. En gryta som var daterad till 600 f.Kr. hittades i utgrävningar av British Museum under året efter 1904. Under tiden när det första Mithridatiska kriget upphörde, upphävdes hela skulderegistret vid den tiden som rådde. Mark Anthony har registrerats ha stulit från insättningarna vid ett tillfälle. Templet fungerade som ett förråd för Aristoteles, Caesar, Dio Chrysostomus, Plautus, Plutarch, Strabo och Xenophon. [58] [59] [60] [61] [62] [63] [64]

Templet till Apollo i Didyma byggdes någon gång på 600 -talet. En stor summa guld deponerades i statskassan vid den tiden av kung Croesus. [65] [66]

Indien Redigera

I forntida Indien finns bevis på lån från den vediska perioden (början 1750 f.Kr.). Senare under Maurya -dynastin (321 till 185 f.Kr.) användes ett instrument som kallades adesha, vilket var en order från en bankir som ville att han skulle betala sedlarnas pengar till en tredje person, vilket motsvarar definitionen av en sedel utbyte som vi förstår det idag. Under den buddhistiska perioden användes dessa instrument avsevärt. Handlare i stora städer gav kreditbrev till varandra. [67] [68] [69]

Kina Edit

I det antika Kina, med början i Qin -dynastin (221 till 206 f.Kr.), utvecklades kinesisk valuta med införandet av standardiserade mynt som möjliggjorde lättare handel över Kina och ledde till utveckling av kreditbrev. Dessa brev utfärdades av handlare som agerade på ett sätt som vi idag skulle förstå som banker. [70]

Forntida Egypten Redigera

Vissa forskare föreslår att det egyptiska spannmålsbanksystemet blev så välutvecklat att det var jämförbart med stora moderna banker, både vad gäller antalet filialer och anställda, och när det gäller den totala transaktionsvolymen. Under de grekiska Ptolemiernas styre omvandlades kornmagasinen till ett nätverk av banker centrerade i Alexandria, där huvudkonton från alla egyptiska regionala spannmålsbanker spelades in. Detta blev platsen för en av de tidigaste kända statliga centralbankerna och kan ha nått sin topp med hjälp av grekiska bankirer. [71]

Enligt Muir (2009) fanns det två typer av banker som verkar inom Egypten: kungliga och privata. [72] Dokument som gjorts för att visa bankens skatt var kända som peptoken-records. [73]

Grekland Redigera

Trapezitica är den första källan som dokumenterar bank (de Soto - sid. 41). Demosthenes tal innehåller många referenser till kreditgivning (Millett s. 5). Xenophon krediteras för att ha gjort det första förslaget om att skapa en organisation som i modern definition kallas en aktiebank i På intäkter skriven cirka 353 fvt [8] [74] [75] [76]

Statsstaterna i Grekland efter de persiska krigen producerade en regering och kultur som var tillräckligt organiserad för att föda ett privat medborgarskap och därför ett embryoniskt kapitalistiskt samhälle, vilket möjliggjorde åtskillnad mellan förmögenhet från exklusivt statligt ägande till individens möjlighet att äga. [77] [78]

Enligt en källa (Dandamaev et al), var trapetsiter de första som handlade med pengar under 500-talet f.Kr., i motsats till tidigare handel som inträffade med former av förpengar. [79]

Specifikt fokus på fonder Redigera

De tidigaste förvaringsformerna som använts var de rudimentära sparbössorna (ΘΗΣΑΥΡΌΣ [80]) som gjordes liknande i form av byggandet av en bikupa och hittades till exempel i Mykene-gravarna 1550–1500 f.Kr. [81] [82] [83] [84] [85] [86] [87]

Privata och medborgerliga enheter inom det antika grekiska samhället, särskilt grekiska tempel, genomförde finansiella transaktioner. (Gilbart s. 3) Templen var platserna där skatter deponerades för förvaring. De tre templen tyckte att det viktigaste var templet för Artemis i Efesos och Hera -templet inom Samos och inom Delfi, templet för Apollo. Dessa bestod av insättningar, valutaväxling, validering av mynt och lån. [8] [75] [88] [89]

Den första skattkammaren till det apollonska templet byggdes före slutet av 800 -talet f.Kr. En skattkammare i templet byggdes av staden Siphnos under 600 -talet. [90] [91] [92]

Innan perserna förstördes under invasionen 480, byggde Athenska Akropolistemplet tillägnat Athena pengar Pericles byggde om ett förråd efteråt som fanns i Parthenon. [93]

Under Ptolemaios regeringstid ersatte statliga depåer tempel som plats för säkerhetsdepositioner. Det finns register som visar att detta inträffade i slutet av Ptolemaios I: s regering (305–284). [94] [95] [96] [97]

När behovet av nya byggnader för att hysa verksamhet ökade började byggandet av dessa platser inom städerna runt gårdarna på agora (marknader). [98]

Geografiskt fokus för bankverksamhet Redigera

Aten fick delianliga ligans skattkammare under 454. [99]

Under slutet av 3: e och 2: a århundradet f.Kr. blev Egeiska ön Delos ett framstående bankcenter. [100] Under det andra århundradet fanns det för vissa tre banker och ett tempelförråd inom staden. [101]

Trettiofem hellenistiska städer hade privata banker under 2000-talet (Roberts-s. 130). [101]

Av bosättningarna i den grekisk-romerska världen på 1: a århundradet e.Kr. var tre av uttalad rikedom och bankcentra: Aten, Korint och Patras. [102] [103] [104] [105] [106]

Lån Redigera

Många lån registreras i skrifter från den klassiska åldern, även om en mycket liten andel lämnades av banker. Tillhandahållande av dessa var sannolikt en förekomst av Aten, med lån som man vet har lämnats någon gång med en årlig ränta på 12%. Inom gränserna för Aten registreras banklån som att de helt och hållet har utfärdats vid elva tillfällen (Bogaert 1968). [74] [107] [108]

Banker gjorde ibland lån tillgängliga konfidentiellt, det vill säga de gav pengar utan att offentligt och öppet vara känt för att ha gjort det. Dessutom höll de också insättarnas namn konfidentiellt. Denna förmedling i sig var känd som dia tes trapazēs. [88]

Ett lån gjordes av ett tempel i Aten till staten under 433–427 fvt. [109]

Rom Redigera

Romersk bankverksamhet var en avgörande närvaro i templen. Till exempel inträffade myntning i templen, framför allt Juno Moneta -templet, men under imperiets tid upphörde offentliga insättningar gradvis att hållas i tempel, utan hölls i privata förråd. Ändå ärvde det romerska kejsardömet handelsmetoder från Grekland (Parker). [77] [94] [110]

Under 352 BCE en rudimentär offentlig bank (känd som dēmosía trápeza [111]) bildades, med antagandet av ett konsulärt direktiv för att bilda en kommission av mensarii att hantera skulder i de fattiga lägre klasserna. En annan källa visar banktjänster under 325 fvt då Plebeianerna, på grund av att de var i skuld, var tvungna att låna pengar, så nyutnämnda quinqueviri mensarii fick i uppdrag att tillhandahålla tjänster till dem som hade säkerhet att tillhandahålla, i utbyte mot pengar från statskassan. En annan källa (J. Andreau) har bankerna i det antika Rom som först öppnades i offentliga forum under perioden 318 till 310 fvt. [112] [113] [114]

I början av det antika Rom var insättningsbanker känd som argentarii och vid ett senare tillfälle (från 2000 -talet e.Kr. och framåt) som nummularii (Andreau 1999 s. 2) eller mensarii. Bankhusen var kända som Taberae Argentarioe och Mensoe Numularioe. De skulle ställa upp sina bås mitt på de inneslutna innergårdarna macella på en lång bänk som heter a bancu, [ citat behövs ] varifrån orden banco och Bank härleds. [115] Som en växlare, köpmannen på bancu investerade inte så mycket pengar utan bara konverterade utländsk valuta till det enda lagliga betalningsmedlet i Rom - kejsarmyntets. [75] [113] [114] [116]

Bankverksamheten inom det romerska samhället var känd som officium argentarii. Stadgar (125/126 CE) för imperiet beskrivna "brev från Caesar till Quietus"visa hyresmedel som ska samlas in från personer som använder mark som tillhör ett tempel och ges till tempelkassören, enligt beslut av Mettius Modestus, guvernör i Lycia och Pamphylia. En lag, receptum argentarii, tvingade en bank att betala sina kunder skulder med garanti. [117] [118] [119] [120]

Cassius Dio förespråkade inrättandet av en statsbank, finansierad genom försäljning av alla fastigheter som ägdes vid den tiden av staten. [121]

På 400 -talet existerade monopol i Bysans och i staden Olbia på Sardinien. [122] [123]

Det romerska imperiet formaliserade någon gång den administrativa aspekten av bank och införde större reglering av finansinstitut och finansiella metoder. Att debitera räntor på lån och betala ränta på insättningar blev mer utvecklade och konkurrenskraftiga. Utvecklingen av romerska banker begränsades dock av den romerska preferensen för kontanttransaktioner. Under den romerska kejsaren Gallienus 'regeringstid (260–268 e.Kr.) skedde en tillfällig nedbrytning av det romerska banksystemet efter att bankerna avvisade kopparflingor som hans mynt producerade. När kristendomen gick uppåt blev bankerna föremål för ytterligare restriktioner, eftersom räntan betraktades som omoralisk. Efter Roms fall upphörde bankerna tillfälligt i Europa och återupplivades inte förrän på korstågens tid. [ citat behövs ]

De flesta tidiga religiösa systemen i den gamla Mellanöstern och de sekulära koder som härrör från dem förbjöd inte ocker. Dessa samhällen betraktade livlös materia som levande, som växter, djur och människor, och kapabla att reproducera sig själv. Därför var det legitimt att ta ut ränta om du lånade ut "matpengar" eller monetära tokens av något slag. [124] Matpengar i form av oliver, dadlar, frön eller djur lånades ut redan c. 5000 f.Kr., om inte tidigare. Bland mesopotamierna, hettiterna, fenicierna och egyptierna var intresset lagligt och ofta fastställt av staten. [125]

Judendom Redigera

Toran och senare delar av den hebreiska bibeln kritiserar intresset, men tolkningar av det bibliska förbudet varierar. En vanlig uppfattning är att judar är förbjudna att ta ut ränta på lån till andra judar, men är skyldiga att ta ut ränta på transaktioner med icke-judar. Den hebreiska bibeln själv ger dock många exempel där denna bestämmelse undvikits.

5 Mosebok 23:19 Du får inte låna ut din bror på ränta: ränta på pengar, maträtter, ränta på allt som lånas ut på ränta. 5 Moseboken 23:20 Till en utlänning får du låna ut på ränta, men till din bror får du inte låna ut på ränta för att HERREN din Gud ska välsigna dig i allt du lägger din hand till, i det land dit du går för att ta det. [126]

I allmänhet sågs det som fördelaktigt att undvika skulder alls, att undvika att vara bunden till någon annan. Skuld skulle undvikas och inte användas för att finansiera konsumtion, utom när det var i behov. Men lagar mot ocker var bland många profeterna fördömde folket för att ha brutit. [128]

Det var tolkningen att räntor skulle kunna debiteras icke-israeliter som skulle användas på 1300-talet för judar som lever inom kristna samhällen i Europa för att motivera att låna ut pengar för vinst. Eftersom denna bekvämt sida stegade reglerna mot ocker i både judendom och kristendom, var kristna inte inblandade i utlåningen men var fortfarande fria att ta lånen.

Kristendomen Redigera

Ursprungligen förbjöds ränteavgiften, känd som ocker, av kristna kyrkor. Detta inkluderade att ta ut en avgift för användning av pengar, till exempel vid en byrå för förändring. Men med tiden blev debiteringen av räntor acceptabel på grund av pengarnas förändrade karaktär, termen 'ocker' kom att användas för räntor över den räntesats som lagen tillåter. [ citat behövs ] Begreppet "kristen finans" avser bank- och finansverksamhet som uppstod för flera århundraden sedan. Oavsett om Tempelriddernas verksamhet (1100 -talet), Mount of Piety (uppträdde 1462) eller den apostoliska kammaren kopplade direkt till Vatikanen, ett antal bankoperationer (penninglån, garanti osv.) Eller en finansiell karaktär (emission av värdepapper, investeringar) bevisas, trots förbud mot ocker och kyrkans misstro mot utbytesverksamhet (i motsats till produktionsverksamhet). [129]

Protestantismens framväxt på 1500 -talet försvagade Roms inflytande, och dess diktat mot ocker blev irrelevant på vissa områden. Det skulle frigöra utvecklingen av banker i norra Europa. I slutet av 1700 -talet började protestantiska handelsfamiljer i allt högre grad gå in i bankverksamhet, särskilt i handelsländer som Storbritannien (Barings), Tyskland (Schroders, Berenbergs) och Nederländerna (Hope & amp Co., Gülcher & amp Mulder ) Samtidigt utvidgade nya typer av finansiell verksamhet bankens omfattning långt bortom dess ursprung. En tankegång tillskriver kalvinismen att sätta scenen för den senare utvecklingen av kapitalismen i norra Europa. [130] I denna uppfattning representerade element i kalvinismen en revolt mot den medeltida fördömelsen av ocker och, implicit, av vinsten i allmänhet. Such a connection was advanced in influential works by R. H. Tawney (1880–1962) and by Max Weber (1864–1920). According to Weber Protestant work ethic was a force behind an unplanned and uncoordinated mass action that influenced the development of capitalism.

Rodney Stark propounds the theory that Christian rationality is the primary driver behind the success of capitalism and the Rise of the West. [131]

Islam Edit

The Quran strictly prohibits lending money on Interest. "O you who have believed, do not consume usury, doubled and multiplied, but fear Allah that you may be successful" (3:130) "and Allah has permitted trade and has forbidden interest" (2:275).

The Quran states that taking interest and making money through unethical means is not only prohibited for Muslims, but used to be prohibited in earlier communities as well. Two verses (Al Quran – 4:160–161) clearly states that "Because of the wrongdoing of the Jews We forbade them good things which were (before) made lawful unto them, and because of their much hindering from Allah's way, And of their taking usury when they were forbidden it, and of their devouring people's wealth by false pretenses, We have prepared for those of them who disbelieve a painful doom."

Riba is forbidden in Islamic economic jurisprudence (fiqh). Islamic jurists discuss two types of riba: an increase in capital with no services provided, which the Qur'an prohibits, and commodity exchanges in unequal quantities, which the Sunnah prohibits trade in promissory notes (e.g. fiat money and derivatives) is forbidden. [ citat behövs ]

Despite the prohibition of charging interest, during the 20th century a number of developments took place that would lead to an Islamic banking model where no interest is charged but banks would still operate for profit. This would be done through charging for loans in different ways such as through fees and using method of risk sharing and different ownership models such as leasing.

Banking, in the modern sense of the word, is traceable to medieval and early Renaissance Italy, to rich cities in the north such as Florence, Venice, and Genoa.

Emergence of merchant banks Edit

The original banks were "merchant banks" that Italian grain merchants invented in the Middle Ages. As Lombardy merchants and bankers grew in stature based on the strength of the Lombard plains cereal crops, many displaced Jews fleeing Spanish persecution were attracted to the trade. They brought with them ancient practices from the Middle and Far East silk routes. Originally intended to finance long trading journeys, they applied these methods to finance grain production and trading.

Jews could not hold land in Italy, so they entered the great trading piazzas and halls of Lombardy, alongside local traders, and set up their benches to trade in crops. They had one great advantage over the locals: Christians were strictly forbidden the sin of usury, defined as lending at interest (Islam makes similar condemnations of usury). The Jewish newcomers, on the other hand, could lend to farmers against crops in the field, a high-risk loan at what would have been considered usurious rates by the Church but the Jews were not subject to the Church's dictates. [ citat behövs ] In this way they could secure the grain-sale rights against the eventual harvest. They then began to advance payment against the future delivery of grain shipped to distant ports. In both cases they made their profit from the present discount against the future price. This two-handed trade was time-consuming and soon there arose a class of merchants who were trading grain debt instead of grain.

The Jewish trader performed both financing (credit) and underwriting (insurance) functions. Financing took the form of a crop loan at the beginning of the growing season, which allowed a farmer to cultivate (through seeding, growing, weeding, and harvesting) his annual crop. Underwriting in the form of a crop, or commodity, insurance guaranteed the delivery of the crop to its buyer, typically a merchant wholesaler. In addition, traders performed the merchant function by making arrangements to supply the buyer with the crop through alternative sources—grain stores or alternate markets, for instance—in the event of crop failure. He could also keep the farmer (or other commodity producer) in business during a drought or other crop failure, through the issuance of a crop (or commodity) insurance against the hazard of failure of his crop.

Merchant banking progressed from financing trade on one's own behalf to settling trades for others and then to holding deposits for settlement of "billette" or notes written by the people who were still brokering the actual grain. And so the merchant's "benches" (bank is derived from the Italian for bench, banca, as in a counter) in the great grain markets became centres for holding money against a bill (billette, a note, a letter of formal exchange, later a bill of exchange and later still a cheque).

These deposited funds were intended to be held for the settlement of grain trades, but often were used for the bench's own trades in the meantime. The term bankrupt is a corruption of the Italian banca rotta, or broken bench, which is what happened when someone lost his traders' deposits. The expression of "being broke" has a similar etymology.

Crusades Edit

In the 12th century, the need to transfer large sums of money to finance the Crusades stimulated the re-emergence of banking in western Europe. In 1162, Henry II of England levied a tax to support the crusades—the first of a series of taxes levied by Henry over the years with the same objective. The Templars and Hospitallers acted as Henry's bankers in the Holy Land. The Templars' far-flung, large land holdings across Europe also emerged in the 1100–1300 time frame as the beginning of Europe-wide banking, as their practice was to take in local currency, for which a demand note would be given that would be good at any of their castles across Europe, allowing movement of money without the usual risk of robbery while traveling.

Discounting of interest Edit

A sensible manner of discounting interest to the depositors against what could be earned by employing their money in the trade of the bench soon developed in short, selling an "interest" to them in a specific trade, thus overcoming the usury objection. Once again this merely developed what was an ancient method of financing long-distance transport of goods.

Medieval trade fairs, such as the one in Hamburg, contributed to the growth of banking [ when? ] in a curious way: moneychangers issued documents redeemable at other fairs, in exchange for hard currency. These documents could be cashed at another fair in a different country or at a future fair in the same location. If redeemable at a future date, they would often be discounted by an amount comparable to a rate of interest. Eventually, [ when? ] these documents evolved into bills of exchange, which could be redeemed at any office of the issuing banker. These bills made it possible to transfer large sums of money without the complications of hauling large chests of gold and hiring armed guards to protect the gold from thieves.

Foreign exchange contracts Edit

In 1156, in Genoa, occurred the earliest known foreign exchange contract. Two brothers borrowed 115 Genoese pounds and agreed to reimburse the bank's agents in Constantinople the sum of 460 bezants one month after their arrival in that city. [ citat behövs ] In the following century the use of such contracts grew rapidly, particularly since profits from time differences were seen as not infringing canon laws against usury.

Italian bankers Edit

The first bank was established in Venice with guarantee from the State in 1157. [75] [132] [133] According to Macardy this was due to the commercial agency of the Venetians, acting in the interest of the Crusaders of Pope Urban the Second. [134] [135] The reason is given elsewhere as due to costs of the expansion of the empire under Doge Vitale II Michiel, and to relieve the subsequent financial burden on the republic [75] "a forced loan" was made necessary. To this end the Chamber of Loans was created to manage the affairs of the forced loan and loans' repayment at four percent interest. [136] With changes in the enterprises of the Chamber, firstly by commencing the of use of discounting [137] exchanges and later by the receipt of deposits, [138] the functioning of the organisation developed into The Bank of Venice, with an initial capital of 5,000,000 ducats. [139] In any case, banking practice proper began in the mid-parts of the 12th century, [140] and continued until the bank was caused to cease to operate during the French invasion of 1797. The bank was the first national bank to have been established within the boundaries of Europe. [136]

There were banking failures from 1255 to 1262. [141]

In the middle of the 13th century, groups of Italian Christians, particularly the Cahorsins and Lombards, invented legal fictions to get around the ban on Christian usury [142] for example, one method of effecting a loan with interest was to offer money without interest, but also require that the loan be insured against possible loss or injury, and/or delays in repayment (see contractum trinius). [142] The Christians affecting these legal fictions became known as the pope's usurers, and reduced the importance of the Jews to European monarchs. [142] Later in the Middle Ages, a distinction evolved between things that were consumable (such as food and fuel) and those that were not, with usury permitted on loans that involved the latter. [142]

The most powerful banking families came from Florence, including the Acciaiuoli, Mozzi, [143] Bardi and Peruzzi families, which established branches in many other parts of Europe. [1] Probably the most famous Italian bank was the Medici bank, set up by Giovanni di Bicci de' Medici in 1397 [2] and continuing until 1494. [144] (Banca Monte dei Paschi di Siena S.p.A. (BMPS) Italy, is in fact the oldest banking organisation to have surviving banking-operations, or services).

It was the Italian bankers that would take their place and by 1327, Avignon had 43 branches of Italian banking houses. In 1347, Edward III of England defaulted on loans. Later there was the bankruptcy of the Bardi (1343 [143] ) and Peruzzi (1346 [143] ). The accompanying growth of Italian banking in France was the start of the Lombard moneychangers in Europe, who moved from city to city along the busy pilgrim routes important for trade. Key cities in this period were Cahors, the birthplace of Pope John XXII, and Figeac.

By the later Middle Ages, Christian Merchants who lent money with interest were without opposition, and the Jews lost their privileged position as money-lenders [142]

After 1400, political forces did in fact somewhat turn against the methods of the Italian free enterprise bankers, In 1401 King Martin I of Aragon had some of these bankers expelled. In 1403, Henry IV of England prohibited them from taking profits in any way in his kingdom. In 1409, Flanders imprisoned and then expelled Genoese bankers. In 1410, all Italian merchants were expelled from Paris. In 1407, the Bank of Saint George, [145] the first state-bank of deposit, [100] [146] was founded in Genoa and was to dominate business in the Mediterranean. [100]

Italien Redigera

Between 1527 and 1572 a number of important banking family groups arose, such as the Grimaldi, Spinola and Pallavicino families, who were especially influential and wealthy, the Doria, although perhaps less influential, and the Pinelli and the Lomellini. [147] [148]

Spain and the Ottoman Empire Edit

In 1401 the magistrates of Barcelona, then the capital of the Principality of Catalonia, established in the city the first replication of the Venetian model of exchange and deposit, Taula de canvi – the Table of Exchange, considered to be the first public bank of Europe. [139] [149] [150]

Halil Inalcik suggests that, in the 16th century, Marrano Jews (Doña Gracia from House of Mendes) fleeing from Iberia introduced the techniques of European capitalism, banking and even the mercantilist concept of state economy to the Ottoman Empire. [151] In the 16th century, the leading financiers in Istanbul were Greeks and Jews. Many of the Jewish financiers were Marranos who had fled from Iberia during the period leading up to the expulsion of Jews from Spain. Some of these families brought great fortunes with them. [152] The most notable of the Jewish banking families in the 16th-century Ottoman Empire was the Marrano banking house of Mendes, which moved to Istanbul in 1552, under the protection of Sultan Suleyman the Magnificent. When Alvaro Mendes arrived in Istanbul in 1588, he is reported to have brought with him 85,000 gold ducats. [153] The Mendès family soon acquired a dominating position in the state finances of the Ottoman Empire and in commerce with Europe. [154]

They thrived in Baghdad during the 18th and 19th centuries under Ottoman rule, performing critical commercial functions such as moneylending and banking. [155] Like the Armenians, the Jews could engage in necessary commercial activities, such as moneylending and banking, that were proscribed for Muslims under Islamic law.

Court Jew Edit

Court Jews were Jewish bankers or businessmen who lent money and handled the finances of some of the Christian European noble houses, primarily in the 17th and 18th centuries. [156] Court Jews were precursors to the modern financier or Secretary of the Treasury. [156] Their jobs included raising revenues by tax farming, negotiating loans, master of the mint, creating new sources for revenue, floating debentures, devising new taxes. and supplying the military. [156] [157] In addition, the Court Jew acted as personal bankers for nobility: he raised money to cover the noble's personal diplomacy and his extravagances. [157]

Court Jews were skilled administrators and businessmen who received privileges in return for their services. They were most commonly found in Germany, Holland, and Austria, but also in Denmark, England, Hungary, Italy, Poland, Lithuania, Portugal, and Spain. [158] [159] According to Dimont, virtually every duchy, principality, and palatinate in the Holy Roman Empire had a Court Jew. [156]

Germany Edit

In the southern German realm, two great banking families emerged in the 15th century, the Fuggers and the Welsers. They came to control much of the European economy and to dominate international high finance in the 16th century. [160] [161] [162] The Fuggers built the first German social housing area for the poor in Augsburg, the Fuggerei. It still exists, but not the original Fugger Bank which lasted from 1486 to 1647.

Dutch bankers played a central role in establishing banking in the Northern German city states. Berenberg Bank is the oldest bank in Germany and the world's second oldest, established in 1590 by Dutch brothers Hans and Paul Berenberg in Hamburg. The bank is still owned by the Berenberg dynasty. [163]

Holland Edit

In the 16th and 17th century, precious metals from the New World, Gold Coast, Japan and other locales were being imported into Europe, with corresponding price increases. Thanks to the free coinage, [ förtydligande behövs ] the Bank of Amsterdam, and the heightened trade and commerce, the Netherlands attracted even more coin and bullion to be deposited in their banks. The concepts of Fractional-reserve banking and payment systems were further developed and spread to England and elsewhere. [164]

England Edit

In the City of London there were no banking houses operating in a manner recognized as so today until the 17th century, [165] [166] although the London Royal Exchange was established in 1565.

By the end of the 16th century and during the 17th, the traditional banking functions of accepting deposits, moneylending, money changing, and transferring funds were combined with the issuance of bank debt that served as a substitute for gold and silver coins.

New banking practices promoted commercial and industrial growth by providing a safe and convenient means of payment and a money supply more responsive to commercial needs, as well as by "discounting" business debt. By the end of the 17th century, banking was also becoming important for the funding requirements of the combative European states. This would lead on to government regulations and the first central banks. The success of the new banking techniques and practices in Amsterdam and London helped spread the concepts and ideas elsewhere in Europe.

Goldsmiths of London Edit

Modern banking practice, including fractional reserve banking and the issue of banknotes, emerged in the 17th century. At the time, wealthy merchants began to store their gold with the goldsmiths of London, who possessed private vaults and charged a fee for their service. In exchange for each deposit of precious metal, the goldsmiths issued receipts certifying the quantity and purity of the metal they held as a bailee these receipts could not be assigned, only the original depositor could collect the stored goods.

Gradually the goldsmiths began to lend the money out on behalf of the depositor, which led to the development of modern banking practices promissory notes (which evolved into banknotes) were issued for money deposited as a loan to the goldsmith. [167]

These practices created a new kind of "money" that was actually debt, that is, goldsmiths' debt rather than silver or gold coin, a commodity that had been regulated and controlled by the monarchy. This development required the acceptance in trade of the goldsmiths' promissory notes, payable on demand. Acceptance in turn required a general belief that coin would be available and a fractional reserve normally served this purpose. Acceptance also required that the holders of debt be able to legally enforce an unconditional right to payment it required that the notes (as well as drafts) be negotiable instruments. The concept of negotiability had emerged in fits and starts in European money markets, but it was well developed by the 17th century. Nevertheless, an act of Parliament was required in the early 18th century (1704) to overrule court decisions holding that the goldsmiths' notes, despite the "customs of merchants", were not negotiable. [168]

The modern bank Edit

In 1695, the Bank of England became one of the first banks to issue banknotes, the first being the short-lived banknotes issued by Stockholms Banco in 1661. [169] [170] Initially, these were hand-written and issued on deposit or as a loan, and promised to pay the bearer the value of the note on demand in specie. By 1745, standardized printed notes ranging from £20 to £1,000 were being issued. Fully printed notes that didn't require the name of the payee and the cashier's signature first appeared in 1855. [171]

In the 18th century, services offered by banks increased. Clearing facilities, security investments, cheques and overdraft protections were introduced. Cheques had been used since the 1600s in England and banks settled payments by direct courier to the issuing bank. Around 1770, they began meeting in a central location, and by the 1800s a dedicated space was established, known as a bankers' clearing house. The method used by the London clearing house involved each bank paying cash to an inspector and then being paid cash by the inspector at the end of each day. The first overdraft facility was set up in 1728 by the Royal Bank of Scotland. [172]

The number of banks increased during the Industrial Revolution and the growing international trade, especially in London. At the same time, new types of financial activities broadened the scope of banking. The merchant-banking families dealt in everything from underwriting bonds to originating foreign loans. These new "merchant banks" facilitated trade growth, profiting from England's emerging dominance in seaborne shipping. Two immigrant families, Rothschild and Baring, established merchant banking firms in London in the late 18th century and came to dominate world banking in the next century.

A great impetus to country banking came in 1797 when, with England threatened by war, the Bank of England suspended cash payments. A handful of Frenchmen landed in Pembrokeshire, causing a panic. Shortly after this incident, Parliament authorised the Bank of England and country bankers to issue notes of low denomination.

Chinese banking Edit

During the Qing dynasty, the private nationwide financial system in China was first developed by the Shanxi merchants, with the creation of so-called "draft banks". The first draft bank Rishengchang was created around 1823 in Pingyao. Some large draft banks had branches in Russia, Mongolia and Japan to facilitate international trade. Throughout the 19th century, the central Shanxi region became the de facto financial centre of Qing China.

With the fall of the Qing dynasty, the financial centers gradually shifted to Shanghai, with western-style modern banks flourishing. Today, the financial centres in China today are Hong Kong, Beijing, Shanghai and Shenzhen.

Japanese banking Edit

In 1868, the Meiji government attempted to formulate a functioning banking system, which continued until some time during 1881. They emulated French models. The Imperial mint began using imported machines from Britain in the early years of the Meiji period. [173] [174]

Masayoshi Matsukata was a formative figure of a later banking initiative. [173]

Development of central banking Edit

The Bank of Amsterdam became a model for the functioning of a bank in the capacity of monetary exchange and started the development of central banks. [175] An early central bank was the Sveriges Riksbank, established in 1668, although this was short-lived. [176]

In England in the 1690s, public funds were in short supply and were needed to finance the ongoing conflict with France. The credit of William III's government was so low in London that it was impossible for it to borrow the £1,200,000 (at 8 per cent) that the government wanted. In order to induce subscription to the loan, the subscribers were to be incorporated by the name of the Governor and Company of the Bank of England. The bank was given exclusive possession of the government's balances, and was the only limited-liability corporation allowed to issue banknotes. [177] The lenders would give the government cash (bullion) and also issue notes against the government bonds, which can be lent again. The £1.2M was raised in 12 days half of this was used to rebuild the Navy. The establishment of the Bank of England, the model on which most modern central banks have been based on, was devised by Charles Montagu, 1st Earl of Halifax, in 1694, to the plan which had been proposed by William Paterson three years before, but had not been acted upon. [178] He proposed a loan of £1.2M to the government in return the subscribers would be incorporated as The Governor and Company of the Bank of England with long-term banking privileges including the issue of notes. The Royal Charter was granted on 27 July through the passage of the Tonnage Act 1694. [179]

Although the Bank was originally a private institution, by the end of the 18th century it was increasingly being regarded as a public authority with civic responsibility toward the upkeep of a healthy financial system. The currency crisis of 1797, caused by panicked depositors withdrawing from the Bank led to the government suspending convertibility of notes into specie payment. The bank was soon accused by the bullionists of causing the exchange rate to fall from over issuing banknotes, a charge which the Bank denied. Nevertheless, it was clear that the Bank was being treated as an organ of the state.

Henry Thornton, a merchant banker and monetary theorist has been described as the father of the modern central bank. An opponent of the real bills doctrine, he was a defender of the bullionist position and a significant figure in monetary theory, his process of monetary expansion anticipating the theories of Knut Wicksell regarding the "cumulative process which restates the Quantity Theory in a theoretically coherent form". As a response 1797 currency crisis, Thornton wrote in 1802 An Enquiry into the Nature and Effects of the Paper Credit of Great Britain, in which he argued that the increase in paper credit did not cause the crisis. The book also gives a detailed account of the British monetary system as well as a detailed examination of the ways in which the Bank of England should act to counteract fluctuations in the value of the pound. [180]

Until the mid-nineteenth century, commercial banks were able to issue their own banknotes, and notes issued by provincial banking companies were commonly in circulation. [181] Many consider the origins of the central bank to lie with the passage of the Bank Charter Act of 1844. [182] Under the 1844 Act, bullionism was institutionalized in Britain, [183] creating a ratio between the gold reserves held by the Bank of England and the notes that the Bank could issue. [184] The Act also placed strict curbs on the issuance of notes by the country banks. [184]

The Bank accepted the role of 'lender of last resort' in the 1870s after criticism of its lacklustre response to the Overend-Gurney crisis. The journalist Walter Bagehot wrote an influential work on the subject Lombard Street: A Description of the Money Market, in which he advocated for the Bank to officially become a lender of last resort during a credit crunch (sometimes referred to as "Bagehot's dictum").

Central banks were established in many European countries during the 19th century. The War of the Second Coalition led to the creation of the Banque de France in 1800, in an effort to improve the public financing of the war. The US Federal Reserve was created by the U.S. Congress through the passing of The Federal Reserve Act in 1913. Australia established its first central bank in 1920, Colombia in 1923, Mexico and Chile in 1925 and Canada and New Zealand in the aftermath of the Great Depression in 1934. By 1935, the only significant independent nation that did not possess a central bank was Brazil, which subsequently developed a precursor thereto in 1945 and the present central bank twenty years later. Having gained independence, African and Asian countries also established central banks or monetary union.

Rothschilds Edit

The Rothschild family pioneered international finance in the early 19th century. The family provided loans to the Bank of England and purchased government bonds in the stock markets. [185] Their wealth has been estimated to possibly be the most in modern history. [186] In 1804, Nathan Mayer Rothschild began to deal on the London stock exchange in financial instruments such as foreign bills and government securities. From 1809 Rothschild began to deal in gold bullion, and developed this as a cornerstone of his business. From 1811 on, in negotiation with Commissary-General John Charles Herries, he undertook to transfer money to pay Wellington's troops, on campaign in Portugal and Spain against Napoleon, and later to make subsidy payments to British allies when these organized new troops after Napoleon's disastrous Russian campaign. His four brothers helped co-ordinate activities across the continent, and the family developed a network of agents, shippers and couriers to transport gold—and information—across Europe. This private intelligence service enabled Nathan to receive in London the news of Wellington's victory at the Battle of Waterloo a full day ahead of the government's official messengers. [187]

The Rothschild family were instrumental in supporting railway systems across the world and in complex government financing for projects such as the Suez Canal. The family bought up a large proportion of the property in Mayfair, London. Major businesses directly founded by Rothschild family capital include Alliance Assurance (1824) (now Royal & SunAlliance) Chemin de Fer du Nord (1845) Rio Tinto Group (1873) Société Le Nickel (1880) (now Eramet) and Imétal (1962) (now Imerys). The Rothschilds financed the founding of De Beers, as well as Cecil Rhodes on his expeditions in Africa and the creation of the colony of Rhodesia. [188]

The Japanese government approached the London and Paris families for funding during the Russo-Japanese War. The London consortium's issue of Japanese war bonds would total £11.5 million (at 1907 currency rates). [189]

From 1919 to 2004 the Rothschilds' Bank in London played a role as place of the gold fixing.

Napoleonic wars and Paris Edit

Napoleon III had the goal of overtaking London to make Paris the premier financial center of the world, but the war in 1870 reduced the range of Parisian financial influence. [190] Paris had emerged as an international center of finance in the mid-19th century second only to London. [191] It had a strong national bank and numerous aggressive private banks that financed projects all across Europe and the expanding French Empire.

One key development was setting up one of the main branches of the Rothschild family. In 1812, James Mayer Rothschild arrived in Paris from Frankfurt, and set up the bank "De Rothschild Frères". [192] This bank funded Napoleon's return from Elba and became one of the leading banks in European finance. The Rothschild banking family of France funded France's major wars and colonial expansion. [193] The Banque de France, founded in 1796 helped resolve the financial crisis of 1848 and emerged as a powerful central bank. The Comptoir National d'Escompte de Paris (CNEP) was established during the financial crisis and the republican revolution of 1848. Its innovations included both private and public sources in funding large projects, and the creation of a network of local offices to reach a much larger pool of depositors.

Building societies Edit

Building societies were established as financial institutions owned by its members as a mutual organization. The origins of the building society as an institution lie in late-18th century Birmingham – a town which was undergoing rapid economic and physical expansion driven by a multiplicity of small metalworking firms, whose many highly skilled and prosperous owners readily invested in property. [194]

Many of the early building societies were based in taverns or coffeehouses, which had become the focus for a network of clubs and societies for co-operation and the exchange of ideas among Birmingham's highly active citizenry as part of the movement known as the Midlands Enlightenment. [195] The first building society to be established was Ketley's Building Society, founded by Richard Ketley, the landlord of the Golden Cross inn, in 1775. [196]

Members of Ketley's society paid a monthly subscription to a central pool of funds which was used to finance the building of houses for members, which in turn acted as collateral to attract further funding to the society, enabling further construction. [197] [198] The first outside the English Midlands was established in Leeds in 1785. [199]

Mutual savings bank Edit

Mutual savings banks also emerged at that time, as financial institutions chartered by government, without capital stock, and owned by its members who subscribe to a common fund. The institution most frequently identified as the first modern savings bank was the "Savings and Friendly Society" organized by the Reverend Henry Duncan in 1810, in Ruthwell, Scotland. Rev. Duncan established the small bank in order to encourage his working class congregation to develop thrift.

Another precursor to the modern savings bank originated in Germany, with Franz Hermann Schulze-Delitzsch and Friedrich Wilhelm Raiffeisen who developed cooperative banking models that led on to the credit union movement. The traditional banks had viewed poor and rural communities as unbankable because of very small, seasonal flows of cash and very limited human resources. In the history of credit unions the concepts of cooperative banking spread through northern Europe and onto the US at the turn of the 20th century under a wide range of different names.

Postal savings system Edit

To provide depositors who did not have access to banks a safe, convenient method to save money and to promote saving among the poor, the postal savings system was introduced in Great Britain in 1861. It was vigorously supported by William Ewart Gladstone, then Chancellor of the Exchequer, who saw it as a cheap way to finance the public debt. At the time, banks were mainly in the cities and largely catered to wealthy customers. Rural citizens and the poor had no choice but to keep their funds at home or on their persons. The original Post Office Savings Bank was limited to deposits of £30 a year with a maximum balance of £150. Interest was paid at the rate of two and one-half percent per year on whole pounds in the account.

Similar institutions were created in a number of different countries in Europe and North America. One example was in 1881 the Dutch government created the Rijkspostspaarbank (State post savings bank), a postal savings system to encourage workers to start saving. Four decades later they added the Postcheque and Girodienst services allowing working families to make payments via post offices in the Netherlands.

The first decade of the 20th century saw the Panic of 1907 in the US, which led to numerous runs on banks and became known as the bankers panic.

Great Depression Edit

During the Crash of 1929 preceding the Great Depression, margin requirements were only 10%. [200] Brokerage firms, in other words, would lend $9 for every $1 an investor had deposited. When the market fell, brokers called in these loans, which could not be paid back. Banks began to fail as debtors defaulted on debt and depositors attempted to withdraw their deposits en masse, triggering multiple bank runs. Government guarantees and Federal Reserve banking regulations to prevent such panics were ineffective or not used. Bank failures led to the loss of billions of dollars in assets. [201] Outstanding debts became heavier, because prices and incomes fell by 20–50% but the debts remained at the same dollar amount. After the panic of 1929, and during the first 10 months of 1930, 744 US banks failed. By April 1933, around $7 billion in deposits had been frozen in failed banks or those left unlicensed after the March Bank Holiday. [202]

Bank failures snowballed as desperate bankers called in loans that borrowers did not have time or money to repay. With future profits looking poor, capital investment and construction slowed or completely ceased. In the face of bad loans and worsening future prospects, the surviving banks became even more conservative in their lending. [201] Banks built up their capital reserves and made fewer loans, which intensified deflationary pressures. A vicious cycle developed and the downward spiral accelerated. In all, over 9,000 banks failed during the 1930s.

In response, many countries significantly increased financial regulation. The U.S. established the Securities and Exchange Commission in 1933, and passed the Glass–Steagall Act, which separated investment banking and commercial banking. This was to avoid more risky investment banking activities from ever again causing commercial bank failures.

World Bank and the development of payment technology Edit

During the post second world war period and with the introduction of the Bretton Woods system in 1944, two organizations were created: the International Monetary Fund (IMF) and the World Bank. [203] Encouraged by these institutions, commercial banks started to lend to sovereign states in the third world. This was at the same time as inflation started to rise in the west. The Gold standard was eventually abandoned in 1971 and a number of the banks were caught out and became bankrupt due to third world country debt defaults.

This was also a time of increasing use of technology in retail banking. In 1959, banks agreed on a standard for machine readable characters (MICR) that was patented in the United States for use with cheques, which led to the first automated reader-sorter machines. In the 1960s, the first Automated Teller Machines (ATM) or Cash machines were developed and first machines started to appear by the end of the decade. [204] Banks started to become heavy investors in computer technology to automate much of the manual processing, which began a shift by banks from large clerical staffs to new automated systems. By the 1970s the first payment systems started to develop that would lead to electronic payment systems for both international and domestic payments. The international SWIFT payment network was established in 1973 and domestic payment systems were developed around the world by banks working together with governments. [205]

Deregulation and globalization Edit

Global banking and capital market services proliferated during the 1980s after deregulation of financial markets in a number of countries. The 1986 'Big Bang' in London allowing banks to access capital markets in new ways, which led to significant changes to the way banks operated and accessed capital. It also started a trend where retail banks started to acquire investment banks and stock brokers creating universal banks that offered a wide range of banking services. [206] The trend also spread to the US after much of the Glass–Steagall Act was repealed in 1999 (during the Clinton Administration), this saw US retail banks embark on big rounds of mergers and acquisitions and also engage in investment banking activities. [207]

Financial services continued to grow through the 1980s and 1990s as a result of a great increase in demand from companies, governments, and financial institutions, but also because financial market conditions were buoyant and, on the whole, bullish. Interest rates in the United States declined from about 15% for two-year U.S. Treasury notes to about 5% during the 20-year period, and financial assets grew then at a rate approximately twice the rate of the world economy.

This period saw a significant internationalization of financial markets. The increase of U.S. Foreign investments from Japan not only provided the funds to corporations in the U.S., but also helped finance the federal government.

The dominance of U.S. financial markets was disappearing and there was an increasing interest in foreign stocks. The extraordinary growth of foreign financial markets results from both large increases in the pool of savings in foreign countries, such as Japan, and, especially, the deregulation of foreign financial markets, which enabled them to expand their activities. Thus, American corporations and banks started seeking investment opportunities abroad, prompting the development in the U.S. of mutual funds specializing in trading in foreign stock markets. [ citat behövs ]

Such growing internationalization and opportunity in financial services changed the competitive landscape, as now many banks would demonstrate a preference for the "universal banking" model prevalent in Europe. Universal banks are free to engage in all forms of financial services, make investments in client companies, and function as much as possible as a "one-stop" supplier of both retail and wholesale financial services. [208]

The early 2000s were marked by consolidation of existing banks and entrance into the market of other financial intermediaries: non-bank financial institution. Large corporate players were beginning to find their way into the financial service community, offering competition to established banks. The main services offered included insurance, pension, mutual, money market and hedge funds, loans and credits and securities. Indeed, by the end of 2001 the market capitalisation of the world's 15 largest financial services providers included four non-banks. [ citat behövs ]

The first decade of the 21st century saw the culmination of the technical innovation in banking over the previous 30 years and saw a major shift away from traditional banking to internet banking. Starting in 2015 developments such as open banking made it easier for third parties to access bank transaction data and introduced standard API and security models.

The process of financial innovation also advanced enormously in the first few decades of the 21st century, increasing the importance and profitability of nonbank finance. Such profitability priorly restricted to the non-banking industry, has prompted the Office of the Comptroller of the Currency (OCC) to encourage banks to explore other financial instruments, diversifying banks' business as well as improving banking economic health. Hence, as the distinct financial instruments are being explored and adopted by both the banking and non-banking industries, the distinction between different financial institutions is gradually vanishing. For example, in 2020, the OCC muddled the distinction between traditional banking and the cryptocurrency ecosystem when it published a number of interpretive letters clarifying national banks' ability to custody cryptocurrency and provide banking services to cryptocurrency companies, [209] as well as use blockchain innovations like stablecoins as settlement infrastructure. [210] In addition, in 2021, the OCC granted its first federal banking charter to a cryptocurrency firm, [211] further blurring the lines between traditional banks and different types of financial institutions.

2007–2008 financial crisis Edit

The financial crisis of 2007–2008 caused significant stress on banks around the world. The failure of a large number of major banks resulted in government bail-outs. The collapse and fire sale of Bear Stearns to JPMorgan Chase in March 2008 and the collapse of Lehman Brothers in September that same year led to a credit crunch and global banking crises. In response governments around the world bailed-out, nationalised or arranged fire sales for a large number of major banks. Starting with the Irish government on 29 September 2008, [212] governments around the world provided wholesale guarantees to underwriting banks to avoid panic of systemic failure to the whole banking system. These events spawned the term 'too big to fail' and resulted in a lot of discussion about the moral hazard of these actions.


The Samoa earthquake and tsunami took place in the Southern Pacific Ocean adjacent to the Kermadec-Tonga subduction zone. Several houses and roads were damaged during the incidents costing over $200 million in damages. Here is one of the more shocking 2009 facts about this earthquake. Almost 200 people were killed and around 150 injured, making this the highest number of casualties in the U.S. during the 21st century.

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The City of L.A declared this after Lee was given the National Medal of Arts award. Additionally, the City of Long Beach also declared this same day in honor of the Comic Book Artist.


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