Der „Napoleon des deutschen Aktienmarktes“ Hermann D. Krages und die Netzwerke des „rheinischen Kapitalismus“: Die Geschichte einer scheiternden Karriere

Sattler Friederike

Jahrbuch für Wirtschaftsgeschichte / Economic History Yearbook, 2010, vol. 51, issue 2, 165-198

Abstract: Taking as an example the career of the medium-sized entrepreneur Hermann D. Krages, who was attracting wide public attention by spectacular stock market transactions in the West German coal and steel industry during the 1950s and soon became a predominantly yield oriented financial investor, this paper discusses, why an economically successful outsider like Krages was not able to establish himself as a respected member of the business elites’ networks within Rhenish Capitalism. For this purpose, the analysis focuses on a heavy conflict between Hermann Krages and Dresdner Bank AG between 1962 and 1966. As the article shows, Krages can be interpreted as an early, extremely stubborn and at the same time completely inopportune pioneer of shareholder value thinking. His initially so promising career finally failed, because his mentality and his business strategies, based on credit financed stockmarket speculations, did not at all correspond to the notion of steady and responsible business of the overwhelming majority of his contemporaries.

Keywords: Stock Market; Speculation; German Universal Banks; „Bankenmacht“; Rhenish Capitalism (search for similar items in EconPapers)
Date: 2010
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Persistent link: https://EconPapers.repec.org/RePEc:bpj:jbwige:v:51:y:2010:i:2:p:165-198:n:15

DOI: 10.1524/jbwg.2010.51.2.165

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