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Principles of Money and Banking; A Series of Selected Materials, with Explanatory Introductions

Principles of Money and Banking; A Series of Selected Materials, with Explanatory Introductions


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About the Book

This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1916 Excerpt: ... 6. It promotes economy and efficiency of operation by establishing co-operation. Acceptances are advantageous to the purchaser (1) in eliminating open accounts; (2) in closing the transaction at the time of purchase; (3) in providing payment coincident with purchase; (4) in facilitating adjustments and settlements. C. Financial Concentration and Control 231. OUR FINANCIAL OLIGARCHY' By LOUIS D. BRANDEIS The dominant element in our financial oligarchy is the investment banker. Associated banks, trust companies, and life insurance companies are his tools. Controlled railroads, public-service and industrial corporations are his subjects. Though properly but middlemen, these bankers bestride as masters America's business world, so that practically no large enterprise can be undertaken successfully without their participation or approval. These bankers are, of course, able men possessed of large fortunes; but the most potent factor in their control of business is not the possession of extraordinary ability or huge wealth. The key to their power is combination--concentration, intensive and comprehensive--advancing on three distinct lines: First: There is the obvious consolidation of banks and trust companies; the less obvious affiliations--through stock holdings, voting trusts, and interlocking directorates--of banking institutions which are not legally connected; and the joint transactions, gentlemen's agreements, and "banking ethics" which eliminate competition among the investment bankers. Second: There is the consolidation of railroads into huge systems, the large combinations of public-service corporations and the formation of industrial trusts, which, by making businesses so "big" that local, independent banking concerns cannot alone supply the necessary f...


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Product Details
  • ISBN-13: 9781150086618
  • Publisher: General Books
  • Publisher Imprint: General Books
  • Height: 246 mm
  • No of Pages: 308
  • Spine Width: 16 mm
  • Width: 189 mm
  • ISBN-10: 1150086610
  • Publisher Date: 01 Feb 2012
  • Binding: Paperback
  • Language: English
  • Returnable: N
  • Weight: 553 gr


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Principles of Money and Banking; A Series of Selected Materials, with Explanatory Introductions
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