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Prometheus ShackledGoldsmith Banks and England's Financial Revolution after 1700$
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Peter Temin and Hans-Joachim Voth

Print publication date: 2013

Print ISBN-13: 9780199944279

Published to Oxford Scholarship Online: January 2013

DOI: 10.1093/acprof:oso/9780199944279.001.0001

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Goldsmith Banks

Goldsmith Banks

(p.39) 3 Goldsmith Banks
Prometheus Shackled

Peter Temin

Hans-Joachim Voth

Oxford University Press

How did goldsmiths become bankers? And what did it take to build a flourishing business? This chapter charts the fortunes of 17C predecessors to the goldsmith banks of the 18C. Goldsmith banking after 1800 was a dynamic industry, with many entrants and exits. The chapter analyses how some banks turned initial chaos into the basis for solid growth. They had to learn how to lend, and to price their loans. The banks’ profitability is assessed.

Keywords:   goldsmith banking, Stop of the Exchequer, lending rules, interest rates, profitability, return on equity

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