Amongst the serried ranks of capitalists who drove European industrialisation in the nineteenth century, the Rothschilds were amongst the most dynamic and the most successful. Establishing businesses in Germany, Britain, France, Austria, and Italy the family soon became leading financiers, bankrolling a host of private and government businesses ventures. In so doing they played a major role in fuelling economic and industrial development across Europe, providing capital for major projects, particularly in the mining and railway sectors. Nowhere was this more apparent than in Spain, where for more than a century the House of Rothschild was one of the primary motors of Spanish economic development. Yet, despite the undoubted importance of the Rothschild's role, questions still remain regarding the actual impact of these financial activities and the effect they had on financial sectors, companies and Spanish markets. It is to such questions that this book turns its attention, utilising a host of archive sources in Britain, France and Spain to fully analyse the investments and financial activities carried out by the Rothschild House in Spain during the nineteenth and early twentieth centuries. In so doing the book tackles a variety of interrelated issues: Firstly, fixing the period when the main capital entries sprung from the initiatives taken by the Rothschild family, how consequential they really were, and the sectors they affected. Secondly, quantifying the importance of these investments and financial activities and the weight they had on financial sectors, companies and Spanish markets, as well as in foreign investment in each period. Thirdly, outlining the steps followed and means used by the Rothschild House in order to achieve the success in each of their businesses. Finally, analysing the consequences of this phenomenon in the actual growth of Spanish contemporary economy, both in a general and in a partial scale. By exploring these crucial questions, not only do we learn much more about the working of one of the leading financial institutions and the development of the Spanish economy, but a greater understanding of the broader impact of international finance and the flow of capital in the nineteenth century is achieved.
A bright spring day was fading into evening. High overhead in the clear heavens small rosy clouds seemed hardly to move across the sky but to be sinking into its depths of blue. In a handsome house in one of the outlying streets of the government town of O-- (it was in the year 1842) two women were sitting at an open window; one was about fifty, the other an old lady of seventy.
A House Dividing compares Virginia and Pennsylvania to answer a crucial question of American history: how did slavery undermine the development of the southern economy? Extensive archival research reveals that in the first decades of the nineteenth century, local residents in each state financed transportation improvements to raise land values and spur commercial growth. In the 1830s, however, Philadelphia capitalists began financing Pennsylvania's railroad network, eventually building integrated systems that reached deep within the Midwest. Virginia's railroads, still dependent upon local investment and funds from the state government, remained a collection of local lines without western connections. The lack of a great city that could provide capital and traffic for large-scale railroads was the Achilles' heel of Virginia's slave economy. The chains of slavery, Virginians learned to their dismay, also shackled the invisible hand of the market.
The laws reach but a very little way. Constitute government how you please, infinitely the greater part of it must depend upon the exercise of powers, which are left at large to the prudence and uprightness of ministers of state. Even all the use and potency of the laws depends upon them. Without them your commonwealth is no better than a scheme upon paper; and not a living, active, effective organization.-BURKE.
There was a deal of bustle and a twittering like an eager flock of sparrows in the big kitchen of the old Corner House, which stood facing Main Street in Milton, but with its long side and rear yard and garden running far back on Willow Street. The four Kenway girls had the room all to themselves at this early hour on Saturday morning, for Mrs. MacCall and Aunt Sarah Maltby had not yet come downstairs, while Linda, the maid, had deserted the kitchen and pantry altogether for the time being. Ruth, the eldest and most sedate of the sisters, was filling sandwiches at the dresser-and such a variety as there was of them! Chicken, with mayonnaise and a lettuce leaf; pink ham cut thin and decorated with little golden dabs of mustard; peanut butter sandwiches; nut and cheese sandwiches, the filling nestling in a salad leaf, too; tuna fish, with narrow slices of red, red Spanish peppers decorating it; and of course sardines, carefully split and laid between soda crackers. What picnic lunch would be complete without sardines?