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The Chinese Cornerstone of Modern Banking: The Canton Guaranty System and the Origins of Bank Deposit Insurance 1780-1933, by Frederic Delano Grant, Jr., details the evolution of modern deposit insurance from collective responsibility for debt enforced under the Canton System.
Modern bank insurance is traced to its roots in The Chinese Cornerstone of Modern Banking: The Canton Guaranty System and the Origins of Bank Deposit Insurance 1780-1933. Frederic Delano Grant, Jr. provides new understandings of the Canton System, collective responsibility for debt at Canton, and the history of deposit insurance. The Canton Guaranty System inspired radical reform in New York in 1829 – the ancestor of all modern deposit insurance. Yet it was never the success imagined, and soon failed. In the Opium War, the Chinese government as implicit guarantor was forced to pay its debts in full on 23 July 1843. The afflictions of the Chinese system, including moral hazard, too big to fail, and unenforced laws, remain familiar today.
“A fascinating, fast-paced history…full of remarkable characters and incredible stories” about the nineteenth-century American dynasties who battled for dominance of the tea and opium trades (Nathaniel Philbrick, National Book Award-winning author of In the Heart of the Sea). There was a time, back when the United States was young and the robber barons were just starting to come into their own, when fortunes were made and lost importing luxury goods from China. It was a secretive, glamorous, often brutal business—one where teas and silks and porcelain were purchased with profits from the opium trade. But the journey by sea to New York from Canton could take six agonizing months, and ...
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Habitual drug use in the United States is at least as old as the nation itself. Habit Forming traces the history of unregulated drug use and dependency before 1914, when the Harrison Narcotic Tax Act limited sales of opiates and cocaine under US law. Many Americans used opiates and other drugs medically and became addicted. Some tried Hasheesh Candy, injected morphine, or visited opium dens, but neither use nor addiction was linked to crime, due to the dearth of restrictive laws. After the Civil War, American presses published extensively about domestic addiction. Later in the nineteenth century, many used cocaine and heroin as medicine. As addiction became a major public health issue, comme...
An innovative new study of the Canton trade networks that helped to shape the modern world.
Merchant activity across Europe, America and China during the long eighteenth century is explored in this collection of essays. Using a unique data set from accounts and correspondence, contributors are able to show the fragmented nature of merchant activity and the importance of trust-based social and cultural networks.
The 1700s saw the rise of the China market and some notable changes to global consumption patterns. This book explores the economic and cultural transformations in East Asia through three key cities - Canton, a major trading city, Nagasaki, official port of Tokugawa Japan, and Batavia, link between the Indian Ocean and China seas.
A global history of the acquisition of progressively more potent means of altering ordinary waking consciousness, this book is the first to provide the big picture of the discovery, interchange, and exploitation of the planet's psychoactive resources, from tea and kola to opiates and amphetamines.
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