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The Chinese Cornerstone of Modern Banking: The Canton Guaranty System and the Origins of Bank Deposit Insurance 1780-1933.

9789004276550

The Chinese Cornerstone of Modern Banking: The Canton Guaranty System and the Origins of Bank Deposit Insurance 1780-1933

Frederick Delano Grant, Jr.

BRILL

2014

360 pages

$167.00

Hardcover

Legal History Library; Volume 14. Studies in the History of Private Law; Volume 6

HG1662

A specialist in the business and legal history of China's maritime foreign trade, Grant examines a Chinese idea that came to New York State at a moment of banking and currency crisis in the early 19th century. A practice used by the Qing government to regulate monopolized business inspired the first American bank deposit insurance statute, the Safety Fund Act of 1829, he says, which in turn became the basis for national bank deposit insurance in the US beginning in 1933. The practice--considered an American innovation--has spread throughout the world but only slowly in Asia--so far in Taiwan but not yet in China. ([umlaut] Ringgold, Inc., Portland, OR)

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