Thunderbolt from a Clear Sky

Brian O’Sullivan ()
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Brian O’Sullivan: King’s College London

Chapter Chapter 3 in From Crisis to Crisis, 2018, pp 81-107 from Palgrave Macmillan

Abstract: Abstract This chapter deals with the outbreak of war in 1914, which exposed the poor quality and high geographical concentration of the acceptance business of some firms. The inconsistent and, in some cases, inequitable treatment of firms of foreign origin by the City establishment is examined. The organisational frailty of many merchant banks was also exposed at this time with many firms still operating as family-controlled partnerships often within narrow ethnic groups. The war thereby hastened the failure or slow decline of a number of these merchant banking firms.

Keywords: Moratorium; 1914 financial crisis; First world war; Family-controlled business; City establishment; Accepting houses committee (search for similar items in EconPapers)
Date: 2018
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Persistent link: https://EconPapers.repec.org/RePEc:pal:psitcp:978-3-319-96698-4_3

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DOI: 10.1007/978-3-319-96698-4_3

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