Finance & History

How shall companies confront a difficult past? In the most transparent way. So say Mike Anson (Bank of England) and Michael Bennett (Sheffield University) in conversation with Carmen Hofmann (eabh). The topic of this episode is the collection of slavery compensation (1835 -43); after slavery was abolished within the British Empire in 1833. Part of a compromise that helped secure abolition was a compensation package for British slave owners for the loss of their ‘property’. The Bank of England administered the payment of slavery compensation on behalf of the British government. Listen to Mike & Michael showcase the Bank of England archive and shed new light on the matter. #FinanceandHistory #eabhPodcast

With Ghassan Moazzin (University of Hong Kong), Carmen Hofmann (eabh) talks about the integration of China into the world economy in the late 19th century. It's the time towards the end of the Imperial period in China. Did foreign actors impose Western capitalism or merely fill an ever growing institutional void and need for capital to finance reform and build critical infrastructure? Listen to Ghassan explain why the truth is likely to be found in the nuance of history. And what he thinks of China coming full circle with the Belt and Road Initiative...

Are real sector bailouts good public policy in crisis? In early 1932, President Hoover created the Reconstruction Finance Corporation during the depth of the Great Depression. The objective was to protect the credit structure and stimulate employment. The loans given were below market interest rates; hence qualified as bailouts. Gertjan argues that these bailouts benefited existing employees and bondholders, but did they meet the goal of keeping credit flows alive? In this episode, we discuss the new deal railroad assistance and its implications for today: Are real sector bailouts good public policy in crisis?  Gertjan Verdickt (KU Leuven) in conversation with Carmen Hofmann (eabh)

Founded in 1674, Bankhaus Metzler is one of the oldest continuously family owned financial businesses in the world. This longstanding independence gave the bank and its customers many opportunities to make money. The bank proved the soundness of its business during several difficult periods in history, like the German hyperinflation after the Great War. The following period of National socialist rule in Germany (1933-1945), was undoubtedly one of the more difficult chapters of the bank's history. Andrea Schneider Braunberger (GUG) wrote a book about the bank's business during that time. With uncensored access to newly available primary archival sources, she took a very close look. Here she talks to Carmen Hofmann (eabh) about the challenges and opportunities for businesses to confront a potentially difficult past. 

The Great Depression remains the largest financial crisis in American history. Bank of America is one of the largest banks in the United States. At the time, the Bank did something remarkably well in order to maneuver the turbulent waters of that great crisis. What was it and how did the bank do profitable business as much as foster economic and structural change in difficult economic circumstances? Sarah Quincy brings new archival evidence from California archives to the table to discuss credit, crisis and recovery. Sarah Quincy (Vanderbilt) in conversation with Carmen Hofmann (eabh).

Was there a world before inflation targeting?  Alain Naef (Banque de France) and Carmen Hofmann (eabh) talk about currencies and exchange rates. More precisely about how pound sterling was managed on a daily basis, how Black Wednesday (1992) ended active exchange rate management in Great Britain and why the story of sterling after 1945 is the story of the decline of the British empire.  #eabhPodcast

Broken promises?  This episode is about the world's growing dependence on debt financing and current challenges to the world economy. The promise once made that deeper and larger financial markets would make our economies more stable did not hold true. What happened instead? What is meant by the paradox of stabilisation policies and central bank safety nets? What can history teach us about risks and structural matters in the financial system? Do we need a re-assessment of the Great Financial Crisis? And if so,  should we look towards psychology for answers rather than maths?  Moritz Schularick (Bonn, Paris) & Carmen Hofmann (eabh)  discuss financial leverage, fragility, central banks' balance sheets and new economic thinking.

How to build an economy?  Come and follow Hugo Bänziger (eabh) & Pete Asch (NYSE) to the creation of the modern US American economy and their views on the historical roots of the country's current dynamic economy. Together they discuss the creation of the US bond market, the role of Hamilton, the significance of the Buttonwood Agreement and the role of equity. More than helping build a modern state, the New York Stock Exchange was the driving force behind New York becoming a powerful financial center. How did that happen? Was it all keeping the early lead? Peter Ash shares insights from his archive, and more than that why he thinks the company's vault holds one of the keys to its future success.

How do the Swedes do it? Here comes a straightforward conversation between Anders Sjöman (Stockholm) and Carmen Hofmann (eabh) about the Centre for Business History in Stockholm. The organisation preserves Swedish business history since 1974 and has made a profitable business out of helping companies preserve their history and share their heritage. Why should we put money into preserving archives and exploiting history? How to turn historical material into a strategic asset for business development? Listen to Anders’ fascinating answers to these questions.

Is it advisable to combine colonial warfare with trade? Private interests with state interests for business?  A talk about early modern risk management, the birth of corporate finance and corporate governance during the Dutch Golden Age.  In this conversation, Joost Jonker (Utrecht) and Gabriella Massaglia (eabh) discuss the world's first corporation with modern features such as permanent capital, entity shielding, separation of ownership and management, freely transferable shares and modern liability.