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Financing Rhenish capitalism: ‘bank power’ and the business of crisis management in the 1960s and 1970s

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  • Ralf Ahrens

Abstract

The German tradition of Hausbanks financing industrial enterprises over long periods, often accompanied by equity participation and memberships on supervisory boards, is considered a core element of Rhenish capitalism. Reconsidering the discussion about ‘bank power’ that has often referred to this system of corporate finance, this article explores the opportunities and limits of influence encountered by German big banks vis-à-vis their customers from big industry. Five case studies focusing on the management of financial crises are presented to demonstrate that, in practice, banks could only obtain control in cases of emergency, sometimes even against their will and at high cost.

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  • Ralf Ahrens, 2019. "Financing Rhenish capitalism: ‘bank power’ and the business of crisis management in the 1960s and 1970s," Business History, Taylor & Francis Journals, vol. 61(5), pages 863-878, July.
    • Handle: RePEc:taf:bushst:v:61:y:2019:i:5:p:863-878
    DOI: 10.1080/00076791.2016.1259313
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