Hidden Trains

Andrew Duguid

Chapter 2 in On the Brink, 2014, pp 31-66 from Palgrave Macmillan

Abstract: Abstract It is easy to be pre-occupied by what confronts you. In 1982, a big train was in full view. Scandals showed the difficulty of running the increasingly large and complex Lloyd’s market. Until recently, traders were kept honest by a sense of honour and fear of disapproval in a tight community with shared values. This formula still worked for most. But when greed got the better of a few, the system proved inadequate to control them. To protect its growing membership and the market’s reputation from those who would not play by the rules, Lloyd’s needed a modern constitution, giving full authority to set and enforce standards. Under the old rules, it was exceedingly cumbersome to expel someone and had happened only once.

Keywords: Insurance Cover; Internal Revenue Service; Central Fund; Capital Appreciation; Unlimited Liability (search for similar items in EconPapers)
Date: 2014
References: Add references at CitEc
Citations:

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-137-29930-7_2

Ordering information: This item can be ordered from
http://www.palgrave.com/9781137299307

DOI: 10.1057/9781137299307_2

Access Statistics for this chapter

More chapters in Palgrave Macmillan Books from Palgrave Macmillan
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().