Search results
Results From The WOW.Com Content Network
The history of banking began with the first prototype banks, that is, the merchants of the world, who gave grain loans to farmers and traders who carried goods between cities. This was around 2000 BCE in Assyria, India and Sumer.
A brief history of banking from ancient Greece, Rome, and Egypt to the modern-day United States and the emergence of digital banking.
Bank, an institution that deals in money and its substitutes and provides other money-related services. It derives a profit from the difference between the costs of attracting and servicing deposits and the income it receives through interest charged to borrowers.
In 1791, Congress chartered the First Bank of the United States. The bank, which was jointly owned by the federal government and private stockholders, was a nationwide commercial bank which served as the bank for the federal government and operated as a regular commercial bank acting in competition with state banks.
Modern banking as we know it today had its roots in the laissez-faire philosophy of British economist Adam Smith, who advocated for a much more free market approach to banking, being ruled more by the “invisible hand” of market forces.
The late 1800s and early 1900s were a period of significant transformation in the U.S. banking landscape. This period, marked by numerous banking crises and reforms, played a crucial role in shaping the modern banking system we know today.
The earliest example is the Bank of Sweden, founded in 1668 and today the world's oldest surviving bank. It is followed before the end of the century by the Bank of England, originally a Joint-stock company which begins its existence in 1694 by arranging a loan of £1,200,000 to the government.
The First Bank of the United States was established in 1791. Although it helped bring a degree of economic stability to the young nation, many feared that it gave undue powers to the federal...
Banking was already well established in the British Empire when Adam Smith came along in 1776 with his "invisible hand" theory. Empowered by his views of a self-regulated economy,...
This chapter provides a brief introduction to the history of banking, the origins of cash and gold, and the importance of the branch in banking, before investigating the drive for scale that has been a defining element of the industry over the last century.