By Jesper Blomberg, Hans Kjellberg, Karin Winroth (auth.)
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Extra resources for Marketing Shares, Sharing Markets: Experts in Investment Banking
This would become a major problem for the French state, since such trust was very much absent between the monarch and the wealthy merchants. Also the church, and especially the Catholic Church, was a major regulator of ﬁnance since it had banned the use of ﬁnancial loans with interest. When merchant classes, Protestants and democrats promoted their various interests, they did so with the help of growing economic power, thus also promoting a more inﬂuential ﬁnancial sector. During the late 28 Marketing Shares, Sharing Markets seventeenth and early eighteenth century, the English state became increasingly dependent on the new social class and on a growing ﬁnancial sector.
The new Dutch-British alliance shifted the centre for trade and ﬁnance from Amsterdam to London. The Bank of England was formed in 1694 and made the British state much more dependent on the rising merchant class and the idea of property rights, and less dependent on wars and the divine right of kings and noblemen (Pincus, 2009). A Brief History of Investment Banking 27 The Bank of England was important for the development of investment banking due to its ability to issue promissory notes to ﬁnance the English national debt.
The bankers had been successful in similar schemes before, but this time they misinterpreted the market and the scheme failed. It created several bank runs (with the banks directly involved in the scheme going bankrupt), caused major increases in interest rates (making the brokerage houses unable to ﬁnance their trading) and sent the stock market plummeting (Tallman and Moen, 1990; Bruner and Carr, 2007). The whole American bank system was on the verge of collapse. The US banker JP Morgan was instrumental in avoiding this, by amassing capital from John D.
Marketing Shares, Sharing Markets: Experts in Investment Banking by Jesper Blomberg, Hans Kjellberg, Karin Winroth (auth.)