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20

Seems like the questioner was asking for a bit more than just an idea of conversion rates, so here is some background on how the pre-decimal currency worked. 4 farthings = one penny 2 halfpennies = one penny tuppence = colloquial two pence thruppence = colloquial three pence 240 pence in one pound 6 pence = sixpence (aka a Tanner), or half a shilling. ...


9

There are several reasons: One was historical - this was where Buttonwood Agreement was signed in 1792, starting what would later become the New York Stock & Exchange Board and eventually morphed into NYSE. One was geographical. New York was one of the main Atlantic sea ports in USA, thus ensuring connections to European and especially London banking. ...


8

According to this source by the Treaty of Bärwald: Richelieu, however, turned against the Habsburgs young Gustavus Adolphus of Sweden, paying him a subsidy of a million livres a year by the treaty of Bärwald of the 23rd of January 1631. Wikipedia states: The treaty obliged Sweden to maintain an army of 36,000 troops, and France to fund the Swedish ...


6

New York was a natural trade center for a few key reasons. Access to Upstate NY Upstate NY was very important place in commercial history. The settlement of New York was driven by access to beaver and other furs, and the Hudson River was the 16th century equivalent to an interstate highway, leading right to the port of New York City. Later, as fertile ...


5

Money's meaning changes over time; it is not a static category. For simplicities sake, lets assume that you learn how to use Lsd (£/s/d) figures, and work out a few of the more curious word name (tuppence). Even then, you won't know how much money was worth in that era unless you read a lot of social history. There are time values for money converters ...


5

Here is a relevant example concerning the Jewish minority in late 19th-century Vienna, as recorded by Peter Gay in Freud: A Life for Our Time: Many of the immigrants from the miserable villages to the east dressed and spoke and gestured in ways alien and disagreeable to the Viennese; they were too exotic to be familiar and not exotic enough to be ...


5

Is there any evidence for this statement? No. It is clearly falsifiable and falsified—see the experience of indigenous people in settler societies. (Think Canada, US, Australia, New Zealand, Argentina, Chile).


5

Specie Circular: The most direct and immediate effect of the Panic of 1837 was the repeal of the Specie Circular of 1836. The Specie Circular was a highly deflationary policy because it required that Western lands be purchased with specie that just wasn't available. Deflation exacerbates recessions: never good. In May 1838, the Senate repealed the Specie ...


4

The Panic of 1837 proved that the "cure was worse than the disease." Thus, it set the U.S. on the road to the passage of the 16th Amendment, and the establishment of the Federal Reserve some 76 years later, in 1913. The "disease" that Jackson fought was a centralized national bank along the lines of the Bank of England, advocated by banker Nicholas Biddle. ...


4

Balancing the Budget is very different from eliminating the National Debt. A Balanced Budget simply means that a country made a decrease, no matter how small, in the National Debt over the specified time period (usually a year). Given the horrendous expense of running Louis XIV's court, it is easy to see how the Budget might have improved simply in ...


4

This is a very good question with a very weird and convoluted answer. This is my first post, so I've only got two links - I've bolded terms you should google, and referred to interesting wiki articles by their title. First, banks and corporations did not fill the same functions as they do today - and the giant powerhouse financial institutions were ...


3

One unique characteristic of Hamilton's Bank of the U.S. (BUS) was that the government only had a 20 percent ownership of the bank, but the government had the right at all times for reports and status on the operation of the bank. Hamilton was concerned that government officials would be tempted to use the bank to give/gain favors politically...so he found ...


3

He pushed for a private and independent central bank, the First Bank of the United States. It was similar to the Bank of England, except he expected it to loan money to private institutions and businesses as well as perform its government duties. He also founded the Bank of New York, which was a private lending institution similar to modern commercial banks. ...


3

The huge debt inherited from his father, Charles V (Charles I of Spain), had to be renegotiated with bankers several times. Thus, a system of bonds was created in which bankers accepted to receive the interests only. The principal, however, was never returned and the interests kept on growing. This system of bonds was the first in history, by the way. The ...


3

From Wikipedia – In all the French spent 1.3 billion livres to support the Americans directly, in addition to the money it spent fighting Britain on land and sea outside the U.S. France's status as a great modern power was affirmed by the war, but it was detrimental to the country’s finances. Even though France's European territories were not ...


3

I think the best way to answer this question is to ask: Why did Philadelphia lose its position as the hub of American finance? Philadelphia had first mover's advantage over New York in terms of finance. Unfortunately for Philadelphia, national politics would erase Philly's advantage in the 1830s and 1840s, setting the stage for New York to begin to establish ...


3

I would add that Holland was the financial centre of the Earth in 17-18th centuries. NY, having the best specialists in finances simply couldn't fail.


2

The 1929 stock market crash (and the excesses, bordering on illegality that led to it) led to the creation of the Securities and Exchange Commission in 1934, following the onset of the Great Depression in the early 1930s. http://en.wikipedia.org/wiki/U.S._Securities_and_Exchange_Commission There were Congressional acts, those of 1933 and 1934 that changed ...


2

The Chinese minority in Indonesia is the first supporting example that comes to mind. However worldwide it is far more common for oppressed ethnic minorities to be relatively poor due to the legal and social barriers they have to deal with. I love Neal Stevenson's work (particularly the Baroque Cycle), but like many authors he's got his annoying quirks. In ...


2

The question is leading, so I will address a few parts separately and I apologize for the length: The Middle Ages is the period from 400-1400 AD. The occupation choices of Jews changed dramatically during this 1,000 year period, especially around the 7th century. The question also asks about the time period from 1300-1700 AD. During 1300-1700, only 5-10% of ...


1

Yale Professor Amy Chua makes this case for Russian Jews, Yugoslav Croats, Chinese in Southeast Asia and others, in this book http://en.wikipedia.org/wiki/World_on_Fire Note, however, that she is also the author of "Battle Hymn of the Tiger Mother."


1

Generally I would say "no". The exception of course being the Abrahamic religions Judaism, Christianity and Islam, which prohibits taking advantage of "brothers" (those with the same faith) by charging interest - this obvious opened up a nisce for minorities of other faiths. But it's not as clear cut, as - to take Europe - Jews didn't only lend money to ...


1

One important consequence of repeated Spanish bankruptcies was that the modern Netherlands won its war of independence from Spain. It may have (years later), led to the successful secession of Portugal in 1640 as well. In any event, they marked the decline of the Spanish empire, and its eventual withdrawal (in the 19th century) from the affairs of (central) ...


1

Since I was just looking up information in David Graeber's Debt: The First 5,000 Years in the context of another question, I can contribute a quote from that source that confirms part of what @fledermaus has already indicated: Charles V was continuously in debt, and when his son Philip II – his armies fighting on three different fronts – ...


1

One caveat to trying to do this would be that Rome didn't exactly operate a modern capitalist society. For example, all the excess grain harvested in North Africa (including the Nile valley) was simply put on ships and given out to the public in Rome.



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