centuries – The emergence of modern banking [ edit ] The old town hall in Amsterdam where the Bank of Amsterdam was founded in 1609, painting by Pieter Saenredam Deuteronomy 23:19 Thou shalt not lend upon interest to thy brother: interest of money, interest of victuals, interest of any thing that is lent upon interest. The financial crisis of 2007–2008 caused significant stress on banks around the world. The failure of a large number of major banks resulted in government bail-outs. The collapse and fire sale of Bear Stearns to JPMorgan Chase in March 2008 and the collapse of Lehman Brothers in September that same year led to a credit crunch and global banking crises. In response governments around the world bailed-out, nationalised or arranged fire sales for a large number of major banks. Starting with the Irish government on 29 September 2008, [210] governments around the world provided wholesale guarantees to underwriting banks to avoid panic of systemic failure to the whole banking system. These events spawned the term ' too big to fail' and resulted in a lot of discussion about the moral hazard of these actions. William Smith – Dictionary of Greek and Roman geography, Volume 2 Walton & Maberly, 1857 Retrieved 14 July 2012 Stark, Rodney (2005). The Victory of Reason: How Christianity Led to Freedom, Capitalism, and Western Success. New York: Random House. ISBN 1-4000-6228-4.

Though they're still shaping international events and policies today, they're largely misunderstood. B Teissier (1 January 1984). Ancient Near Eastern Cylinder Seals from the Marcopoli Collection. University of California Press, 1984. ISBN 0520049276 . Retrieved 16 June 2012.F S Kleiner, H Gardner, C J Mamiya, Gardner's Art Through the Ages: A Global History, Enhanced Cengage Learning, 1 January 2010 ISBN 1439085781 Art Through The Ages: The Western Perspective ISBN 0495004782 Retrieved 15 June 2012 Seventy-one Bank of England staff lost their lives during World War One. Today, we honour those members of staff, along with those who died during World War Two, in the Bank’s entrance hall and with a statue in the garden court that was commissioned after the war. J E Harrison – Themis: A Study of the Social Origins of Greek Religion Cambridge University Press, 24 June 2010 ISBN 1108009492 Retrieved 16 June 2012 a b K Roberts (2011). The Origins of Business, Money, and Markets. Columbia University Press. ISBN 978-0231153263.

MA Dandamaev, VG Lukonin, PL Kohl – The Culture And Social Institutions Of Ancient Iran Cambridge University Press, 11 November 2004 Retrieved 10 July 2012 ISBN 0521611911 Modern banking institution in Ethiopia was first introduced by the reign of Emperor Menelik II in 1905, where the Bank of Abyssinia was formed by concession between British representative of the National Bank of Egypt. Since its formal establishment on 16 February 1906, it was under the management of National Bank of Egypt in accordance of concession agreed upon. [2] [3] In 1963, a new banking law allows split into the National and Commercial Bank of Ethiopia. The law included other commercial banks to operate, including foreign banks operated 51% owned by Ethiopians. The biggest of these was the Addis Ababa Bank, owned by 40% owned by British owned Grindlays Bank, and had 26 branches by 1975. There were also two commercial banks: the Banco did Roma and the Banco did Napoli, which had eight branches and one branch respectively in 1975. [4] Bagehot, Walter (5 November 2010). Lombard Street: A Description of the Money Market (1873). London: Henry S. King and Co. (etext by Project Gutenberg). Archived from the original on 9 May 2012 . Retrieved 24 January 2013. a b c J Braithwaite; P Drahos (February 2000). Global Business Regulation. Cambridge University Press, 1 February 2000. ISBN 0521784999 . Retrieved 14 June 2012. Hammurabi (1904). "Code of Hammurabi, King of Babylon" (PDF). Liberty Fund. Translated by Harper, Robert Francis (2nded.). Chicago: University of Chicago Press. p. 43 . Retrieved 20 June 2021. §122. If a man give ... it from the thief.

The rise to power

One key development was setting up one of the main branches of the Rothschild family. In 1812, James Mayer Rothschild arrived in Paris from Frankfurt, and set up the bank "De Rothschild Frères". [190] This bank funded Napoleon's return from Elba and became one of the leading banks in European finance. The Rothschild banking family of France funded France's major wars and colonial expansion. [191] The Banque de France, founded in 1796 helped resolve the financial crisis of 1848 and emerged as a powerful central bank. The Comptoir National d'Escompte de Paris (CNEP) was established during the financial crisis and the republican revolution of 1848. Its innovations included both private and public sources in funding large projects, and the creation of a network of local offices to reach a much larger pool of depositors. The Manumission of Slaves in Early Christianity By James Albert Harrill ISBN 3161469356 Retrieved 18 June 2012

Many of the early building societies were based in taverns or coffeehouses, which had become the focus for a network of clubs and societies for co-operation and the exchange of ideas among Birmingham's highly active citizenry as part of the movement known as the Midlands Enlightenment. [193] The first building society to be established was Ketley's Building Society, founded by Richard Ketley, the landlord of the Golden Cross inn, in 1775. [194] WI Davisson; JE Harper (1972). European Economic History. Appleton-Century-Crofts 1972 . Retrieved 10 July 2012. J Parkhurst – A Greek and English Lexicon to the New Testament: In which the Words and Phrases ... are Distinctly Explained, and the Meanings Assigned to Each Authorized by References to Passages of Scripture, and Frequently ... Confirmed by Citations from the Old Testament and from the Greek Writers. To this Work is Prefixed, a ... Greek Grammar ... J Davis 1898 – Retrieved 16 June 2012 Thomas Henry Dyer The history of modern Europe: from the fall of Constantinople in 1453 to the war in the Crimea in 1857, Volume 2 John Murray, 1861 Retrieved 14 May 2012 After 1400, political forces did in fact somewhat turn against the methods of the Italian free enterprise bankers. In 1401 King Martin I of Aragon had some of these bankers expelled. In 1403, Henry IV of England prohibited them from taking profits in any way in his kingdom. In 1409, Flanders imprisoned and then expelled Genoese bankers. In 1410, all Italian merchants were expelled from Paris. In 1407, the Bank of Saint George, [136] the first state-bank of deposit, [98] [137] was founded in Genoa and was to dominate business in the Mediterranean. [98] 15th–17th centuries – Expansion [ edit ] Italy [ edit ]The Quran states that taking interest and making money through unethical means was prohibited for Muslims and in other communities in earlier times as well: "Because of the wrongdoing of the Jews We forbade them good things which were (before) made lawful unto them, and because of their much hindering from Allah's way, And of their taking usury when they were forbidden it, and of their devouring people's wealth by false pretenses, We have prepared for those of them who disbelieve a painful doom." (Al Quran – 4:160–161) Deuteronomy 23:20 Unto a foreigner thou mayest lend upon interest; but unto thy brother thou shalt not lend upon interest; that the LORD thy God may bless thee in all that thou puttest thy hand unto, in the land whither thou goest in to possess it. [124] Christ drives the Usurers out of the Temple, a woodcut by Lucas Cranach the Elder in Passionary of Christ and Antichrist [125] The broadened responsibilities of central banks in the second half of the 20th century were accompanied by greater government interest in their policies; in a number of countries, institutional changes, in a variety of forms, were designed to limit the traditional independence of the central bank from the government. Central-bank independence, however, really rests much more on the degree of public confidence in the wisdom of the central bank’s actions and the objectivity of the bank’s leadership than on any legal provisions purporting to give it autonomy or to limit its freedom of action. The Republic of Venice, sometimes mistakenly credited with establishing a Bank of Venice in the 12th century, did not formally create a public bank until 1587. However in the 13th and 14th centuries its Grain Office did a banking business that included both deposits and lending. [131] The Republic's system of transferable public debt has also been identified as an important contribution to the development of banking. [132] Another precursor to the modern savings bank originated in Germany, with Franz Hermann Schulze-Delitzsch and Friedrich Wilhelm Raiffeisen who developed cooperative banking models that led on to the credit union movement. The traditional banks had viewed poor and rural communities as unbankable because of very small, seasonal flows of cash and very limited human resources. In the history of credit unions the concepts of cooperative banking spread through northern Europe and onto the US at the turn of the 20th century under a wide range of different names.