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Conclusion and General Discussion

In: A History of Banks

Author

Listed:
  • Mehmet Baha Karan

    (Hacettepe University)

  • Wim Westerman

    (University of Groningen)

  • Jacob Wijngaard

    (University of Groningen)

Abstract

The ‘Nixon shock’ of 1971 made an end to the post World War 2 U.S. dollar based monetary system, enabling banks to benefit from uncertainties with innovations going beyond obvious ones, and putting the system itself at risk. Citibank’s Charles Prince is the unfortunate person who said that one has got to get up as long as the music plays, but his bank was one that had to be quickly saved by the U.S. Fed when the Global Financial Crisis of 2008 and beyond spread around, following the investment bank Lehman Brothers collapse in 2008. Citibank was cut down, as were other National Champions, whereas also stricter controls and new market developments in e.g., central banking may make their roles less outspoken than before. In the power game between banks and rulers, the narrow corridor in which economic freedom flourishes, takes benefit from a liberal democracy providing guidance.

Suggested Citation

  • Mehmet Baha Karan & Wim Westerman & Jacob Wijngaard, 2024. "Conclusion and General Discussion," Contributions to Economics, in: A History of Banks, chapter 0, pages 329-363, Springer.
    • Handle: RePEc:spr:conchp:978-3-031-62297-7_11
    DOI: 10.1007/978-3-031-62297-7_11
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