Academic literature on the topic 'Capitalists and financiers – England – History'

This article argues that popular revolution was closely tied to the establishment of capitalism. Contrary to the revisionist George V. Taylor’s view that the Revolution had nothing to do with the advance of capitalism because financial and productive capital were divided from one another, this article contends that the Revolution played a critical role in tying them together. Prior to the Revolution financiers began to make limited investments in wholesale trade, manufacturing and mining. But during the revolutionary crisis the sans-culottes pushed the Jacobins to create a national money and to curb speculation in order to foster production and exchange and reduce unemployment. With speculative activity blocked by popular resistance and state interference, bankers and other capitalists increasingly turned to productive investments and forged a link between financial and productive capital which proved crucial to further capitalist accumulation.

Abstract This article presents a reinterpretation of John Locke's contribution to debates about the interest rate in the seventeenth century. It suggests that his argument that England should maintain the ‘natural’ rate, rather than impose a lower rate, was motivated by his theological, moral, and social conceptions of credit and its dependence on trust. In order to solve the endemic shortage of metal coin limiting the growth of monetary exchange in England, Locke stressed that the higher, ‘natural’ rate of interest would facilitate interpersonal borrowing and lending among neighbours, allowing currency to flow more freely around the country. By contrast, while he acknowledged that institutional creditors such as goldsmith-bankers could quicken the circulation of money by issuing debt instruments like bills of exchange, he saw institutional credit as a threat to the moral community. Not only did he question how people could rationally trust financiers without any epistemic apprehension of their personal probity, but he moreover doubted whether individuals accumulating so much money were likely to act trustworthily. Finally, using an otherwise unstudied dialogue about the Bank of England, this article argues Locke extended his criticisms about the threats posted by private banks to the country's nascent system of public credit.

Capitalist-style reforms were an important factor in the economic and social evolution of the Late Ottoman Empire. This research investigates how foreign governments and financiers, and especially Britain, influenced these various financial reforms implemented in the Ottoman Empire during the 19th century. The chief purpose of such reforms was to integrate the Empire into the capitalist world-economy by imposing, both directly and indirectly, the adoption of rules, institutions, attitudes and procedures amenable to exploitation on the part of foreign and also local capitalists. Drawing on primary sources, mainly from the United Kingdom’s National Archives, the article argues that foreign pressure for financial reforms was instrumental in the Empire’s economic subjection to the rules and norms that regulated the capitalist world-economy, most notably in the field of public finance, banking and the monetary sector. It takes a long-term view and largely adheres to the scholarly evolution of Antonio Gramsci’s theory of hegemony and world-systems theory and methodology developed by Fernand Braudel, Immanuel Wallerstein and Giovanni Arrighi, adopting a multidisciplinary and macro-scale perspective. Special attention is paid to the correlation between secondary and primary sources in support of empirical evidence. More broadly, this research contributes to the literature on the capitalist world-economy and brings a set of theoretical frameworks to bear on defining the role of financial reforms induced mainly by Britain in peripheral and semi-peripheral countries.

The compulsion to work has clearly become pathological in modern industrial societies. Millions of people are working long hours, devoting their lives to making or doing things that will not enrich their lives or make them happier but will add to the garbage and pollution that the earth is finding difficult to accommodate. They are so busy doing this that they have little time to spend with their family and friends, to develop other aspects of themselves, to participate in their communities as full citizens. Unless the work/consume treadmill is overcome there is little hope for the planet. The work ethic, and the corresponding respect accorded to those who accumulate wealth, are socially constructed but rapidly becoming dysfunctional for social and environmental welfare. Much has been written about the role of Protestant preachers in the rise of the work ethic but the continued reinforcement of a secular work ethic owes much to literature, particularly self-help books and children's literature of the nineteenth century, which promoted work as a route to success and a sign of good character. In the centuries following the Protestant reformation the emphasis on work as a religious calling was gradually superseded by a materialistic quest for social mobility and material success. This success-oriented work ethic encouraged ambition, hard work, self-reliance, and self-discipline and held out the promise that such effort would be materially rewarded. Through example and reiteration, the myth that any man, no matter what his origins, could become rich if he tried hard enough became firmly established. The self-made man owed his advancement to habits of industry, sobriety, moderation, self-discipline, and avoidance of debt (Beder). In early America the middle classes "controlled the major institutions of social influence" the schools, churches, factories, political offices and publishing companies and used them to propagate work values (Cherrington 32-3). Their children learned the value of hard work from their parents and this was reinforced by school teachers, classroom readers and popular books. Benjamin Franklin was one of the best-known early propagators of work values. Poor Richard and Franklin's autobiography sold millions of copies at the time and was translated into many languages for sale abroad. In his books he urged thrift, industry, pursuit of money and hard work. "Newspapers, books, interviews, speeches, and literature abounded with praise of the successful who had made it on their own" (Bernstein 141). Success was defined in terms of doing well in business and making lots of money. Owning one's own business was supposed to be a route to success that was open to all, as Abraham Lincoln explained in an 1861 speech to Congress: "The prudent, penniless beginner in the world, labors for wages awhile, saves a surplus with which to buy tools or land for himself, then labors on his own account for awhile, and at length hires another new beginner to help him. This is a just, and generous, and prosperous system; which opens the way to all gives hope to all, and consequent energy and progress, and improvement of conditions to all." (qtd. in Chinoy 4) The earliest textbooks published in America promoted work values as part of good character and the formula to success. These included the Peter Parley books first published by Samuel Goodrich during the 1820s and 30s (Peter Parley was a pseudonym). Goodrich wrote some 150 children's books beginning with Tales of Peter Parley about America. The Parley books covered geography, history, commerce and even mathematics. McGuffey's Eclectic Readers were the standard English textbooks in American schools from 1830s through to 1920s. They were first published in 1836 and became perhaps the most widely read children's books in the 19th century with 122 million copies of the six readers sold to an estimated four fifths of US school children (Cherrington 36). American children learned to read and write using these books, which also taught middle-class values including the work ethic and success through hard work: "Work, work, my boy, be not afraid; Look labor boldly in the face" (qtd. in Bernstein 161). They are again being promoted today by conservative groups in the US (see for example http://www.liberty-tree.org/ltn/mcguffeys-reader.html and http://www.aobs-store.com/reviews/mcguffey.htm). American story books also taught work values. Horatio Alger (1832-99) was one of the most prolific American writers. He wrote some 130 books that taught work values to young boys. Twenty million copies of Alger's books were sold with titles such as Strive and Succeed, Ragged Dick, Mark the Matchboy, Risen from the Ranks, Bound to Rise. They typically told of poor boys who became self-made men through their own efforts and perseverance. In the twentieth century children continued to learn at school about how various successful businessmen had started from humble origins. From the 1940s the American Schools and Colleges Association presented an annual "Horatio Alger Award" to businessmen whose "rise to success symbolizes the tradition of starting from scratch under our system of free competitive enterprise" (Chinoy 1) and there are still a range of Alger associations and awards current today (see for example http://www.ihot.com/~has/ and http://www.horatioalger.com/). Self-help books supplemented fiction in showing the way to success. Books at the turn of the 20th century with names such as The Conquest of Poverty, Pushing to the Front, Success under Difficulty, all preached the message of how any motivated, hard-working individual could overcome life's obstacles. Work as a route to success was also promoted in Britain in books, newspapers and official reports. Workers were urged to work hard towards success, to be independent and raise themselves above their lowly stations in life through saving, striving, and industriousness. Nineteenth century organisations such as the Bettering Society promoted thrift and self-improvement and criticised measures to aid the poor (Roach 69). Samuel Smiles was one of the foremost advocates of "the spirit of self-help". His 1859 book Self-Help argued: "In many walks of life drudgery and toil must be cheerfully endured as the necessary discipline of life... He who allows his application to falter, or shirks his work on frivolous pretexts, is on the sure road to ultimate failure... even men with the commonest brains and the most slender powers will accomplish much..." (qtd. in Ward 22-3) The myth of the self-made man was also evident in popular music hall songs in the 19th century, such as Work Boys Work by Harry Clifton (1824-1872): ...labour leads to wealth and will keep you in good health, so its best to be contented with your lot. Whilst it was true that some of the early English manufacturers started off as workers themselves, they tended to come from the middle classes and as time went by the opportunity for working people to become capitalists were reduced as the income gap between capitalists and workers broadened. In fact the much publicised gospel of improvement and self-help served only to obscure the very limited prospects and achievements of the self-made men within early and later Victorian society, and investigations of the steel and hosiery industries, for instance, have shown how little recruitment occurred from the ranks of the workers to those of the entrepreneurs. (Thomis 86) However, there were enough oft-repeated stories of individuals moving from poverty to wealth to keep alive, at least in the minds of the well-to-do, the idea that hard work could lead from rags-to-riches, despite this not being the case for the vast majority of people who were born in poverty and died in poverty after a life time of hard work (Furnham 198). In this way the affluent were able to feel comfortable about poverty in their midst, blaming it on individual weakness rather than societal failings. In Britain, as in America, the myth of the self-made man persisted in children's literature into the twentieth century. Academic Philip Cohen noted: When I was growing up in the early 1950s it was still possible to get given 'improving books' for one's birthday, consisting of biographies of self-made men, engineers, inventors, industrialists, entrepreneurs, philanthropists and the like. These men, and they were all men, had usually lived in the 'heroic' age of nineteenth-century capitalism and the books themselves were clearly prepared for the edification of the young. (Cohen 61) The contemporary reception by audiences of the texts discussed in this article is unknown. In particular, the degree to which children were able to resist the none too subtle moral lessons contained in their texts and stories is a question requiring empirical research that has yet to be carried out. However, it is evident that the promotion of the work ethic has been a successful enterprise and this article has shown that 19thcentury books played an active part in that. Although not everyone subscribes to the work ethic today, the myth of the self-made man remains a myth in most English speaking countries, even though the disparities between rich and poor are widening and it is becoming more and more difficult for the poor to become rich through talent, effort and opportunities. Despite the dysfunctionality of the work ethic it continues to be promoted and praised, accepted and acquiesced to. It is one of the least challenged aspects of industrial culture. Yet it is based on myths and fallacies which provide legitimacy for gross social inequalities. If we are to protect the planet and our social health we need to find new ways of judging and valuing each other which are not work and income dependent. References Beder, Sharon. Selling the Work Ethic: From puritan pulpit to corporate PR. London: Zed Books, 2000. Bernstein, Paul. American Work Values: Their Origin and Development. Albany, NY: State U of New York P, 1997. Cherrington, David J. The Work Ethic: Working Values and Values that Work. New York: AMACON, 1980. Chinoy, Ely. Automobile Workers and the American Dream. 2nd ed. Urbana and Chicago: U of Illinois P, 1992. Cohen, Philip. "Teaching Enterprise Culture: Individualism, Vocationalism and the New Right." The Social Effects of Free Market Policies: An International Text. Ed. Ian Taylor. New York: Harvester Wheatsheaf, 1990. 49-91. Furnham, Adrian. The Protestant Work Ethic: The Psychology of Work-Related Beliefs and Behaviours. London: Routledge, 1990. Roach, John. Social Reform in England 1780-1880. London: B T. Batsford, 1978. Thomis, Malcolm I. The Town Labourer and the Industrial Revolution. London: B.T.Batsford, 1974. Ward, J. T. The Age of Change 1770-1870. London: A&C Black, 1975. Links http://www.horatioalger.com/ http://www.aobs-store.com/reviews/mcguffey.htm http://www.ihot.com/~has/ http://www.liberty-tree.org/ltn/mcguffeys-reader.html Citation reference for this article MLA Style Beder, Sharon. "The Promotion of a Secular Work Ethic" M/C: A Journal of Media and Culture 4.5 (2001). [your date of access] < http://www.media-culture.org.au/0111/Beder.xml >. Chicago Style Beder, Sharon, "The Promotion of a Secular Work Ethic" M/C: A Journal of Media and Culture 4, no. 5 (2001), < http://www.media-culture.org.au/0111/Beder.xml > ([your date of access]). APA Style Beder, Sharon. (2001) The Promotion of a Secular Work Ethic. M/C: A Journal of Media and Culture 4(5). < http://www.media-culture.org.au/0111/Beder.xml > ([your date of access]).

Defence date: 15 November 2016
Examining Board: Professor Youssef Cassis, EUI/Supervisor; Professor Regina Grafe, EUI/ Second Reader; Professor Lynn Hunt, UCLA; Professor Allan Potofsky, Paris VII Diderot
This work aims to explore the interactions between finance and politics in the ‘Age of Revolution’. The analysis of the financial world concerns bankers and merchants active in the cities of Amsterdam, London and Paris. In particular, the focus is on three aspects: the social status, the economic power and the political influence of bankers during a period of high uncertainty. Through a study of press debates emerges the different situation of bankers in England and France: whereas in England bankers intervened actively in public debate and even offered their expertise at the service of the government, in France, suspicion and distrust marked the general attitude towards the world of banking and trading. During the period of the French Revolutionary Wars and the Napoleonic Empire, bankers faced growing uncertainty and higher risks in running their business. Notwithstanding these unfavourable conditions, bankers like Francis Baring and Henry Hope found a safe refuge in investing in the American securities market. In England, the 1797 credit crisis led some important banks like Charles Hoare & Co. and Coutts & Co. to restrain lending to their most important and eminent clients. In 1802, the short interlude between wars offered opportunities to launch risky business, such as diamond acquisitions, as Baring tried to acquire in Paris. The outbreak of new hostilities did not prevent Dutch bankers from maintaining their capital invested in French loans. The growing financial needs of states did not always bring bankers to have an upper hand with governments. In England, Thomas Coutts struggled to see his closest friends and relatives appointed to public offices. In France, the precarious autonomy of the Banque de France did not overcome the 1805 crisis that led Napoleon to intervene and change the charter of the bank, making it almost a branch of the administration. The monitoring activities of the government were not only a sign of the persisting distrust towards market actors: from the police reports on the Paris Stock Exchange emerged a better understanding of market trends and of its independency with respect to political events. The ever-shifting relations between finance and politics during the Age of Revolution led bankers to take risks in far-away markets, or they attempted to run business as before the outbreak of the Revolutionary Wars. Under the pressure of war, governments imposed new rules and constraints to bankers, but this tendency also caused an improvement in the understanding of the market and its inherent laws.

The pattern of American institution building through private funding began in metropolises of all sizes soon after the nation's founding. But by 1840, Manhattan's geographical location and great natural harbor had made it America's preeminent commercial and communications center and the undisputed capital of finance. Thus, as the largest and richest city in the United States, unsurprisingly, some of the most ambitious cultural institutions would rise there, and would lead the way in the creation of a distinctly American model of high culture. This dissertation describes New York City's cultural transformation between 1840 and 1940, and focuses on three of its enduring monuments, the New York Public Library, the Metropolitan Museum of Art, and the Metropolitan Opera. It seeks to demonstrate how trustees and financial supporters drove the foundational ideas, day-to-day operations, and self-conceptions of the organizations, even as their institutional agendas enhanced and galvanized the inherently boosterish spirit of the Empire City. Many board members were animated by the dual impulses of charity and obligation, and by their own lofty edifying ambitions for their philanthropies, their metropolis, and their country. Others also combined their cultural interests with more vain desires for social status. Although cohesive, often overlapping social groups founded and led most elite institutions, important moments of change in leadership in the twentieth century often were precipitated by the breakdown of a social order once restricted to Protestant white males. By the 1920s and 1930s, the old culture of exclusion--of Jews, of women, of ethnic minorities in general--was no longer an accepted assumption, nor was it necessarily good business. In general, institutions that embraced the notion of diversity and adapted to forces of historical change tended to thrive. Those that held fast to the paradigms of the past did not. Typically, when we consider the history and development of such major institutions, the focus often has been on the personalities and plans of the paid directors and curatorial programs. This study, however, redirects some of the attention towards those who created the institutions and hired and fired the leaders. While a common view is that membership on a board was coveted for social status, many persons who led these efforts had little abiding interest in Manhattan's social scene. Rather, they demanded more of their boards and expected their fellow-trustees to participate in more ways than financially. As the twentieth century beckoned, rising diversity in the population mirrored the emerging multiplicity in thought and culture; boards of trustees were hardly exempt from this progression. This dissertation also examines the subtle interplay of the multi-valenced definition of "public" along with the contrasting notion of "private." In the early 1800s, a public institution was not typically government funded, and more often functioned independent of the state, supported by private individuals. "Public," instead, meant for the people. Long before the income tax and charitable deductions for donations, there was a full range of voluntary organizations supported by private contributions in the United States. This dissertation argues that in a privatist spirit, New York elites seized a leadership role, both individually and collectively, to become cultural arbiters for the city and the nation.