Before 1815, there had been no global world power. Today in the 21st century we have become used to living with a single dominant power. We are so used to this fact that no one questions it. It is possible that ancient China might have decided to become such a power; she had the technical shipbuilding knowledge, but she showed no interest. A world power needed a superior military force, a vibrant economy to support its military might, a navy able to travel across the world, and some purpose that encompassed the world.

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'.