By Hans Bauer
In this quantity the authors supply a survey and an exam of the roots of Swiss banking so that it will clarify the outstanding luck of Switzerland's banks. opposite to the traditional knowledge, Swiss banking didn't originate with the exiled Hugenot bankers of Geneva. Centuries prior to Louis XIV, Basle had turn into a relevant banking centre even though it was once now not but a part of the Swiss Confederation. From ancient beginnings to modern comparative research, the publication deals an authoritative clarification and research of the luck of the Swiss banks.
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Extra resources for Swiss Banking: An Analytical History
Any economic system based upon such a pricing concept has little or no opportunity for economic growth, or, to invert the logic, it is only an economic system with no opportunity for growth which could tolerate such a pricing mechanism. Trading companies, that is, which saw the possibilities of additional profit through higher prices, not necessarily due to conditions of poor harvest, were in violation of the system. 5 One cannot but recognise in the just price the mediaeval counterpart of Adam Smith's 'natural price'.
This follows from the 36 The Mediaeval World of Banking and Currency fact that more money in circulation (due to a reduced content of precious metal) would be available for the purchase of a fixed amount of goods at constant goods prices. On the other hand, both the wages of workers and the prices of agricultural commodities to farmers were also stable. The extra money, in other words, was not available to these working classes; they did not share in the benefit of 'falling' prices. In a similar fashion the traders and merchants had every reason for complaint regarding the increased amount of the currency because they too experienced 'falling' real prices.
In effect, a redistribution of real wealth took place, with the disadvantaged traders and farmers objecting to the process. Thus, 'daily greater injury to the townspeople and the small farmers from the trivial and bad money' was heard continuously - a commonplace objection to the operation of Gresham's Law. From here it contracted with the leaders of the money-changers guild (Heinrich David and Andreas Bischoff) for the foundation of an open money exchange, to include members other than those of the guild.