During the 19th century, the world’s most powerful nations industrialised. Industrialisation was a historically unique process. Industrialisation involved the creation of  ‘infrastructure’, communication through roads, railways, and canals; the building of massive factories, producing a huge volume of goods, and most of society living close together in urban housing side by side. None of this had ever occurred before in all the world’s history. Britain was out in front in the 19th century as she led the way with industrialisation, however, the USA caught up, and Germany too by the end of the century from a slow start. All three societies came to Industrialisation through their unique histories, so there were many differences.

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'.