In one sense, each growing economy in Europe adapted its own banking to its particular needs. Britain, the leading 19th century nation in Europe, developed its private banking structure for the needs of colonial trade: long-term capital investment opportunities abroad. Germany, on the other hand, developed its banking structure with the purpose of 'catching up'.

Money was to become the lifeblood of the industrialised world. This lifeblood would require a heart to pump the money around. An understanding of money, finance and banking is at the very centre of understanding our capitalist world to this day. In the 19th century, the monetary system was the servant of industry, but over time the monetary system became the master of industry. This blog focuses on money, markets, and banking in the 19th century.