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End of the Golden Age

In: From Crisis to Crisis

Author

Listed:
  • Brian O’Sullivan

    (King’s College London)

Abstract

The outbreak of war in 1914 is often represented as the end of a golden age for the merchant banks, whereas it is argued in this chapter that the golden age was by 1914 already severely tarnished. The outbreak of war acted as a catalyst that exposed existing weaknesses already embedded in the merchant banking sector especially as a result of increasing competition from joint-stock banksJoint-stock banks , both domestic and foreign. The high-risk strategies adopted by the market leaders, BaringsBarings and RothschildsRothschilds , which in the case of the former firm almost resulting in its failure in 1890, is considered. The response of the merchant banks to new opportunities both domestic and in the emerging markets is examined. A detailed analysis of securities issuance immediately before the outbreak of war together with a declining market share in acceptance finance is used to highlight the deteriorating position of the merchant banks before the outbreak of war in 1914.

Suggested Citation

  • Brian O’Sullivan, 2018. "End of the Golden Age," Palgrave Studies in the History of Finance, in: From Crisis to Crisis, chapter 0, pages 41-79, Palgrave Macmillan.
    • Handle: RePEc:pal:psitcp:978-3-319-96698-4_2
    DOI: 10.1007/978-3-319-96698-4_2
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