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How to prevent banking monopoly

Webb, Sidney (1918) How to prevent banking monopoly. The Contemporary Review (114). pp. 24-34. ISSN 0010-7565‎

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Abstract

"The recent great bank amalgamations have sent a shudder of apprehension through the business, and even through the official world. Eight great Joint Stock banks now hold something like a thousand million pounds of deposits, being more than four-fifths of the total liquid capital of the country. And the end is not yet. Further great fusions are believed to under discussion. We are, it is said, within a measurable distance of there being — save for unimportant exceptions — only one bank, under one General Manager, probably a Scotsman, whose power over the nation's industry would be incalculable. Even in the crisis of the war the matter is receiving the attention of the Government. In the opinion of the present writer, the amalgamation of banks in this country, which has been going on continuously for a century, though at varying rates, and is being paralleled in other countries, notably in Germany and latterly in the Canadian Dominion, is an economically inevitable development at a certain stage of capitalist enterprise, and one which cannot effectively be prevented." - Introductory paragraphs.

Item Type: Article
Subjects: H Social Sciences > HG Finance
Date Deposited: 28 Sep 2011 15:53
Last Modified: 26 Nov 2015 19:13
URI: http://webbs.library.lse.ac.uk/id/eprint/202

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