From Crisis to Crisis: The Transformation of Merchant Banking, 1914-1939

From Crisis to Crisis examines the impact of the harsh conditions of the interwar economy on the British merchant banks. The financial crises of 1914 and 1931 are assessed using primary sources. The competitive threats, including the rise of New York as a rival financial centre, are considered. It challenges alleged special treatment and provides fresh perspectives on the interwar rationalisation of industry.

During the late nineteenth century, Britain’s merchant banks had become pre-emine...