Europe's Advantage: Banks and Small Firms in Britain, France, Germany, and Italy since 1918 PDF
Preview Europe's Advantage: Banks and Small Firms in Britain, France, Germany, and Italy since 1918
EUROPE’S ADVANTAGE This page intentionally left blank E U R O P E ’ S A D V A N T A G E Banks and Small Firms in Britain, France, Germany, and Italy since 1918 FRANCESCA CARNEVALI 1 3 GreatClarendonStreet,Oxfordox26dp OxfordUniversityPressisadepartmentoftheUniversityofOxford. ItfurtherstheUniversity’sobjectiveofexcellenceinresearch,scholarship, andeducationbypublishingworldwidein Oxford NewYork Auckland CapeTown DaresSalaam HongKong Karachi KualaLumpur Madrid Melbourne MexicoCity Nairobi NewDelhi Shanghai Taipei Toronto Withofficesin Argentina Austria Brazil Chile CzechRepublic France Greece Guatemala Hungary Italy Japan Poland Portugal Singapore SouthKorea Switzerland Thailand Turkey Ukraine Vietnam OxfordisaregisteredtrademarkofOxfordUniversityPress intheUKandincertainothercountries PublishedintheUnitedStates byOxfordUniversityPressInc.,NewYork (cid:1)OxfordUniversityPress2005 Themoralrightsoftheauthorshavebeenasserted DatabaserightOxfordUniversityPress(maker) Firstpublished2005 Allrightsreserved.Nopartofthispublicationmaybereproduced, storedinaretrievalsystem,ortransmitted,inanyformorbyanymeans, withoutthepriorpermissioninwritingofOxfordUniversityPress, orasexpresslypermittedbylaw,orundertermsagreedwiththeappropriate reprographicsrightsorganization.Enquiriesconcerningreproduction outsidethescopeoftheaboveshouldbesenttotheRightsDepartment, OxfordUniversityPress,attheaddressabove Youmustnotcirculatethisbookinanyotherbindingorcover andyoumustimposethesameconditiononanyacquirer BritishLibraryCataloguinginPublicationData Dataavailable LibraryofCongressCataloginginPublicationData Dataavailable TypesetbySPIPublisherServices,Pondicherry,India PrintedinGreatBritain onacid-freepaperby Biddles,KingsLynn,Norfolk ISBN0-19-925739-6 978-0-19-925739-3 1 3 5 7 9 10 8 6 4 2 To Ann Fuller and Luciano Carnevali, with love and gratitude ACKNOWLEDGEMENTS Thisworkhasbeenalongtimeinthemakingandhasbenefitedfromthe help of many people. Margaret Ackrill, Forrest Capie, Michael Collins, PhilCottrell,NickCrafts,LeslieHannah,LucyNewton,PatrickO’Brian, Duncan Ross, Giulio Sapelli, Katherine Watson, and Adam Tooze pro- vided much of the early inspiration. Jessie Campbell at Barclays Bank ArchivesandEdwinGreenatHSBChelpedenormouslywiththeprimary research.JonathanZeitlinmadethisprojectpossiblebybelievinginitand providingmewithafreshperspective.OvertheyearsSueBowden,Peter Cain,GiuseppeConti,GerdHardach,MichelLescure,PeterScott,andJim Tomlinson have helped me with valuable advice and insights, while David Musson and Matthew Derbyshire at OUP have given me more thanjustexcellenteditorialsupport.Friendsandcolleagueshavelistened to the details of comparative banking with endless patience and good humour.ForalltheirhelpIparticularlywishtothankJohnBourne,John Breuily, Paolo Di Martino, Tony Gandy, Simon Kitson, Sabine Lee, Scott Lucas, Noelle Plack, Anna Spadavecchia, and Chris Wickham. Monica Borg, Rosemary Clarke, Clara Covini, Danielle Fuller, Elaine Fulton, DeborahJewison,HelenLaville,andGordonLynchgavemethesupport to finish this book during the last difficult months. I cannot thank them enough.AndrewPriestlivedwiththisbookforalmostaslongasIdidand gave me endless encouragement and practical help. Finally, I wish to dedicatethisbooktomyparents,whoselovemadeitpossible. CONTENTS ListofArchivesandAbbreviations viii ListofTables x 1. Introduction 1 PARTI. BRITAIN,GERMANY,FRANCE, ANDITALYBEFORE1939 13 2. BankingCartelsandIndustrialConcentrationinBritain 15 3. LocalSystemsofProductioninGermany 30 4. SmallFirmsandtheSynthe`seRe´publicaine 49 5. Italy’sAlternativeModelofIndustrialization 66 PARTII. SMALLFIRMSANDBANKSAFTER1945 83 6. TheDemiseofSmallFirmsinBritain 85 7. CreditRationinginBritainafter1945 109 8. GermanyandtheLimitsofOrganizedCapitalism 132 9. ThePermanenceofSmallFirmsinFrance 152 10. SmallFirmsandMadeinItaly 170 11. Conclusion 196 Bibliography 205 Index 223 LIST OF ARCHIVES, ABBREVIATIONS, AND PARLIAMENTARY PAPERS ABCC AssociationofBritishChambersofCommerce ABI AssociazioneBancariaItaliana ACMA AnonimaCostruzioniMacchineAutomatiche BBA BarclaysBankArchives BDI BundderIndustriellen BEA BankofEnglandArchives BIDC BankersIndustrialDevelopmentCompany CARIPLO CassadiRisparmiodelleProvincieLombarde CGA CreditGuaranteeAssociation CGPME Confe´de´rationGe´neraledesPetitesetMoyennesEnterprises CIC Cre´ditIndustrieletCommercial CIT ChambersofCraftIndustriesandTrade CNC ConseilNationalduCre´dit CNPF ConseilNationalduPatronatFranc¸ais DC DemocraziaCristiana DGKasse DeutscheGenossenschaftskasse DQP DiversifiedQualityProduction DSGV DeutscherSparkassenundGiroverband EAG EconomistAdvisoryGroup EEC EuropeanEconomicCommunity EIA EngineeringIndustriesAssociation EMS EuropeanMonetarySystem ERM ExchangeRateMechanism FBI FederationofBritishIndustry FRG FederalRepublicofGermany GET Grouped’E´tudedelaTannerie HBOS HalifaxandBankofScotland ICFC IndustrialandCommercialFinanceCorporation ICS IstitutidiCreditoSpeciale IMI IstitutoperlaMobillizzazioneIndustriale IRC IndustrialReorganizationCorporation KWG Reichskreitwesengesetz LAMAS Large-scaleMechanicalAutomationSystems LCB LocalClearingBank MBA MidlandBankArchives NA NationalArchives NUM NationalUnionofManufacturers ListofArchives,Abbreviations,andParliamentaryPapers ix PCI PartitoComunistaItaliano PP ParliamentaryPapers RPM ResalePriceMaintenance SARA SpecialAreasReconstructionAssociation SCM Socie´te´sdeCautionMutuelle TFR TanneriesFranc¸aisesRe´unies VDG VereinDeutscherWerkzeugmaschinenfabrikene.V. PP1918,CommitteeonBankAmalgamations,Cmd.9052(ColwynCom- mittee) PP 1931, Committee on Finance and Industry, Cmd. 3897 (Macmillan Committee) PP 1959, Committee on the Working of the Monetary System, Cmd. 827 (RadcliffeCommittee) PP1971,CommitteeofEnquiryonSmallFirms,Cmd.4811(BoltonCom- mittee)
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