Book notes: Saving the City: The Great Financial Crisis of 1914

Saving the City by Richard Roberts

Richard Roberts, Saving the City: The Great Financial Crisis of 1914, Oxford University Press, 2013, 320 pages

Just a century ago much of the world was at peace. There was a sound financial system centred on the City of London whose stock market at the time was twice the size of its counterparts in New York and Paris combined. Trade was financed by bills issued in London and exchange rate risk was ‘eliminated’ by the gold standard. The assassination of Austrian archduke Franz Ferdinand on June

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