Review of Finance and Modernization: A Transnational and Transcontinental Perspective for the Nineteenth and Twentieth Centuries

Geoffrey Wood recently reviewed Finance and Modernization: A Transnational and Transcontinental Perspective for the Nineteenth and Twentieth Centuries for H-Soz-u-Cult, and you can read the full review on their website.

This is a fascinating book… it contains much of interest to monetary and banking historians and will stimulate much further research; and it contains invaluable lessons for contemporary central bankers.

Finance and Modernization

Finance and Modernization is edited by Gerald D Feldman and Peter Hertner. The volume is based on papers given at the 2005 conference of the European Association for Banking and Financial History in Vienna, hosted by the Bank Austria Creditanstalt, successor institution to the Österreichische Creditanstalt.

The contributions centre on a set of historical developments and problems typified by the long history of the Österreichische Creditanstalt and its successor organizations, and open the way to compare and contrast experiences throughout Central and Western Europe and also on other continents.

The structure of this volume reflects the changing role and nature of banks as economies become industrialized and modernized. Although banks adapt to the needs of an industrializing economy, at the same time, industrialization influences the manner in which banking systems grow and the structures which they adopt.

Beginning with studies of the Austrian banks, their development and their crises, the volume then moves on to look at case studies of important aspects of financial activity – German stock markets, railroad investment, and information networks. This is followed by a section on country studies of banking modernization in Sweden, the Netherlands and Greece. Finally, the collection concludes with two chapters, one on banking in China and the other on banking in India, certainly both of intrinsic interest and of importance in an era of globalization. Professor Teichova, one of the great scholars in the field, concludes with reflections on the individual contributions and the general problems addressed in this book.

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