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1688 .



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1790-

:



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69
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225
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: 18481873 .

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293
294
296
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302
304
306
308
309
312
313
314
316
317
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326
326
331
332
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339
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.
,
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. 1870 . (0,8% , 22,4%).
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, 1870 . 170 .
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, , ,
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. , , 1924 . 5,5% .
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48

. , 1910 .
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20 , 24%
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, , 18701913 . 1,81%
; 1,63% ; 1,45% ; 1,25% ;
1,01% ; 0,88% .
, ,
.

XVII .,
. 1638 1639 . ,
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, .

71

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. . . 3. . 22. / . .
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49

0,824 1850 .
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, . .

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, 78.

,

, . ( , , 10%) 2
( 5%)79.
1900 .
14%, 1950 . 26%80,
,
74

Bonney R. The Apogee and Fall of French Rentier Regyme / R. Bonney // Paying for
the liberal state: the rise of public finance in nineteenth-century Europe [Ed. Cardoso J.,
Lains P. ]. Cambridge: Cambridge University Press, 2010. P. 97.
75
: . .
. 3 . . 2. .: - -. , 1959 / . .
. . 568.
76
. / . . :
- -, 1983. . 39.
77
. . . . . / . . : - . -, 1991. . 368.
78
. / . . http://lib.ru/INPROZ/ZOLYA/zola18_1.txt.
79
- . . , 18701918 / . . . .: - - , 1963. . 566.
80
. . / . . . .: - , 1959. . 343.

50

.
, , 1913
5,53% .

, , , . . 81.
. 1860 82.
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. , . ,
83.

, , . . ,
, 84.

1904 .: , ,
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, 85. , , -86 .
81

. . .
/ . . . .: , 1948. . 253.
82
. . :
/ . . . .: , 1995. . 84.
83
. 24. 8. .: - . , 1904. .
168.
84
. : / . . .: .
, 1988. . 171, 173.
85
. . : / . . .
.: . . . . , 1904. . 28. 548 .
86
. 1895. . 239. . 2. . 308

51

,
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, 89.
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. 1882 . 1600
, 889 92,
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1897 .,
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. 1897 .). ( ) . 87
. . / . . . .: . .
1907. . 65.
88
. -. 1907.
16. 79. . 115.
89
. 1896. . 7. . 448.
90
. 1894. . 14. . 79. . 133.
91
- . . : ;
; / . . -.
.: , 1997. . 321.
92
. . (18611900) / . .
. .: , 1974. . 69.
93
. . :
/ . . . .: - , 2002. . 65.

52

( 1897 . 1 264 900 )


45 503 . (3,6% )94; ( 1 038 600
.) 26 148 (0,3% )95; ( 403 800
.) 6543 (0,2%)96; ( 247 700 .) 19 448
(7,8%)97; ( 174 000 .) 5610 (3,2%)98.
, , 1913 1 99, 0,58%
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, 100, , , .
.
, , , , , 1840 . , ,
, 94

1897 . / . [
.] . . . .-. . 2. [-]: , 1903.
. 206.
95
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,
1905. . 185.
96
1897 . / . [
.] . . . XLVII. . [-]:
, 1904. .
132133.
97
1897 . / . [
.] . . . XVI. . [-]: , 1904.
. 171.
98
1897 . / . [
.] . . . XLVI. . [-]:
,
1905. . 181.
99
Michie R. The London Stock Exchange / R. Michie. Oxford: Oxford University Press,
2004. . 4.
100
. . : 20- / . . . .: , 1996. . 148149.

53

, ,
( )
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, , . . ,
100-150
102.

18 , 90-100 103.

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.

101

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102
46 1913 .
103
. . , : /
. . . .: - . -, 1967. 134 . , .
. , , .
104
. . / . . .: , 1988. . 1721.

54


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57

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, XVIII
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, ,
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, ( . . , / . . .: , 2013. . 108).
107
Casson M. A. Entrepreneurship in Britain, 18301900 / M. Casson, A. Godley // The
invention of enterprise: entrepreneurship from ancient Mesopotamia to modern times / Ed.
by David S. Landes, Joel Mokyr, and William J. Baumol. Princeton (New Jersey):
Princeton University Press, 2010. P. 214.

58

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108.
108

Landes D. S. The Unboud Prometeus. Technical Change and Industrial Development


in Western Europe from 1750 to the Present / D. S. Landes. Cambridge: Cambridge
University Press, 1969 P. 336.

59

,
,
,
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, 109.
. I .,
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, Lipton,
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VII I .
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109

1870 .
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89,8%, 19091911 . 75,5%, 117,%.
91,7%
153,6% 127,6% 193,2%
(Berend I. An Economic History of Nineteenth Century Europe. Diversity and
Industrialization / I. Berend. Cambridge: Cambridge University Press, 2013. . 194).
110
-, : (Lamb C. The Africa House: The True Story of an English Gentleman
and His African Dream / C. Lamb. New York: Harper Perennial, 2005. 432 p.).

60


, .
1688 . , . ,
.
, XVIII , (city banks), ,
(country banks), .
.
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banks) XVII ., , ,
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61


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. 1775 . 100, 1800
. 370, 1815 . 800.
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Lloyd`s coffee-house. , , ( ) ,
, 1750 1760 .,
111.
111
1810 . ( ) 28 , 1850 . 80 . , 1850 . 13 000 .
, ,
( ) (Mokyr J. The Enlightened Economy. An
Economic History of Britain 17001850 / J. Mokyr. New Haven: Yale University Press,
2009. P. 228229, 231).

62

( 1774 .
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Gambling Act), 1800 .
10 ( 1850 . 150 ).
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65

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114

. / . . .: , 1991.
http://www.belousenko.com/wr_Zweig.htm.

66

(18001848)


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,
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XVIII ,
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115

(Empire of the Seas), XVIII XIX


Imperium pelagi, 1730 . (Young E. Imperium Pelagi a Naval
Lyrick: Written in Imitation of Pindar's Spirit. Occasion'd by His Majesty's Return, Sept.
1729 and the Succeeding Peace / E. Young. L.: BiblioBazaar, 2010 72 p.).
116
Raynal A. A Philosophical and Political History of the Settlements and Trade of the
European s in the East and West Indies / A. Raynal. Vol. 6. London: T. Cadell, 1783.
P. 412.

68

, . , , .


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, ( ), .
118
. / . // : .: , 1990. . 44271. . .:
. :
/ . . .: . , 2010.
. 395398

70


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121

Defoe D. The True-Born Englishman / D. Defoe.


http://www.luminarium.org/editions/trueborn.htm.
122
:

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. . 1. http://evartist.narod.ru/text4/51.htm#_01).
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statutory company.
,

125

Macleod C. The 1690s Patents Boom Invention of Stock Jobbing / C. Macleod //


Economic History Review. 1986. November. Vol. 39. . 4. . 549571.

77

126. ,

, (
) 127.
,
(Muscovy Company),
1553 . 1917 ; 1688 .
128.
Muscovy Company Mystery
Company of Merchant Adventurers for the Discovery of Regions,
Dominions, Islands, and Places unknown 129, ,
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Chancellor), (Sebastian Cabot)
(Hugh Willoughby), 126
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127

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128
Asher G. M. Henry Hudson, the Navigator: The Original Documents in Which His
Career Is Recorded. London: Cosimo Inc., 2009 P. 255.
129
(adventurers) ,
undertakers,
. entrepreneur VIII , .

78

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130

.: .
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79

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.
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81

. Hudson Bay
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,
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V , , . , VIII .
,
( Prince Wales Bubble).
1710 . . , . ,
133

Bagehot W. Lombard Street: A Description of the Money Market / W. Bagehot.


London, 1873 (Reprint New York: Scribner, 2005, 2008). P. 37.

82

5%.
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Company.
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South Sea Company.


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1720 . 190 , , Royal Exchange London Assurnce.
140

Balen M. The King, the Crook and the Gambler. The True Story of the South Sea
Bubble and the Greatest Financial Scandal in History / M. Balen. New York: Harper
Collins, 2002. . 112.

90

, 1025 (
25 ).
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Company ( 23 200 ), Milllion Bank ( 100 400 ).


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91

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.
, ,
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141.
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, Royal
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. .
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.
,

,
.

,
.
1720 .,
.
141

Swift J. he Bubble / J. Swift.


http://www.buyandhold.com/bh/en/education/history/2004/swift.html.

92

Bubble Act . , 15
,
. 50 . 1000 , 10%,
.
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.
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. , , ,
.
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Company, .
900 (
100 ). ,
. ,
.
640 .

1000 .
.
,
, .
142

Harris R. The Bubble Act: Its Passage and its effect on Business Organizations // R.
Harris// Journal of Economic History. 1994. September. Vol. 54. 3. P. 622.

93

( 400 3,75 ,
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I .
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98

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144

, , 1688 .
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(1695 . 1371 , 1698 . 2477).
East India Company 1698 . 1158, Royal African Company
737, Hudsn`s Bay Company 14 (Parkinson J. War, Peace and he Rise of the
London Stock Market / J. Parkinson // The Political Economy of Empire in the Early
Modern World / Ed. S. A. Reinert, P. Roge. L.: Palgrave Macmillan, 2013. P. 131
132).
145
, , 29 1696 . East Indian Company, 54 100 . 13
, Protestant Mercury, .
, 58 . , 21

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, , - ,
, Exchange Alley. (cofee houses) ,

,
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. ,
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, -
.
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, .
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(Pasqua Rosee), , ;
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. (Miles`s cofee-house), 1859 .
New Palace Yard (Westminster) Rota club147.
, Flying Post 67 .
146
, , . , , (Anthony Shirley).
147
, The Commonwealth of Oceana, , . Rota club

100


Cocoa Tree Ozinda`s, St. James.

: - (
), ,
.
Royal Exchange
,
New
England Coffeehouse, Georgia Coffehouse, New York Coffeehouse
,
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, Jamaica Wine House
, .
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, , ;
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, .

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.

101

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. 10%,
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,

148

. / . . .:
, 2007. . 852854. , 1688
, ,
VIII .

102

Garraway`s, arine, Batsons,


(Edward Lloyd), .
Jonathan's Coffee House ( 1680 ) Exchange Alley. , . 1698
The Course of the Exchange and other thing , .
(John Castaing),
. 1707 1697 ., ,
, South Sea Company 1720 .

Jonathan`s Coffee House.

, 1762 150
Jonathan's Coffee
House, . Sweeting's Alley
Royal Exchange , The Stock Exchange.

.
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Exchange149.
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149

1996 Jonathan`s Cyber Cafe.

103

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. . (48% )151.

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150

(demutualization),
, , , (, , )
. , (, ),
, . .
151
Hancock D. Citizens of the world. London merchants and the integration of the British
Atlantic Community, 17351788 / D. Hancock. Cambridge: Cambridge University
Press, 1997. P. 258259.
152

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104

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107

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157

Spieser P. Histoire de la finance: Le temps, le calcul, et les promesses / P. Spieser, L.


Belze. P.: Vuibert, 2005. . 257.

108

1690
The Mine Adventures .), , ,

,

. VIII

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, .
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158

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en nom collectif ( ), en
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,

116

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550 75 .
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170
Murphy A. John Law: Economic Theorist and Policy-Maker / A. Murphy. Oxford:
Clarendon Press, 1997. . 201.

117

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171

,
100 . 4 , 28 2 , 24 . 4 . 9000 , 2 10
025 . 1720 . 12 500
(Neal L. The rise of financial capitalism. International capital markets in the Age of Reason /
L. Neal. Cambridge: Cambridge University Press, 1990. P. 74).

118

(rentes). ,
300 . 500
172.
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300 .
.

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173
, 1719 . 159 , 25 1719 . 240 ,
240 ., 29 2729 . 360
., 6 1720 . 200 . , , . 1719 . 30 . ,
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P. 101).

119

174.

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174

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- . 25 1720 . 100 .
180 . , . . 180 100 ( 1719 . 194 ),
(Hamilton E. John Law of Lauriston: Banker,
Gamester, Merchant, Chief / E. Hamilton // American Economic Review. 1967. Vol.
57. 2. P. 273276.)
175
. . // . . / . . . .: -, 2002. . 495.

120

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126

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. 24 1867 .
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.

127

Caisse d`Escompte,
Nouvelle Compagnie des Indes,
, , ,
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,
,
Pont-auxChanges . ,
, Quincampoix,
, .

courratiers ( currere , ), V , 1304 .,
. 1530 ., ,
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.
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Compagnie des Indes, 10 1795 .
, . ,
.
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-

128

, (Passage de l`Opera).
1849 . , des
Italiens183.
, ,
.
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, ( - -).
60 agents de change,
, , 420 . ,
, .


, ,
184.
,
1848 .185, , 2 1805 . 17
1825. , 1840 , , . 1840- (60 1845 .)186.
, . .
, ,
183

// . 1874. 8. . 126.

1668 ., .
185
18491870 ., , 18711913 ., .
186
2 1805 ., 3 1810 ., 2 1815 ., 9
1820 ., 17 1825 ., 21 1830 ., 20 1835 ., 41 1840 ., 60 1845 . (Arbulu P. La
Bourse de Paris au XIXe sicle: efficience et performance d'un march financier mergent
/ P. Arbulu. Paris: ditions Connaissances et Savoirs, 2007. . 31, 37).
184

129

,
. , ,
,
,
, 187.
, V .
, , haute banque .

,
, (51 1721 . 70 1780 .) 188.

V 39,4 . (
17,5 .). VV . ,
-
.

17891799 .
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26 . 85% .

. ,
,
, . , ,
. , ,
187

. . / . . . .:
. . . , 1912. . 86.
188
Cassis Y. Capitals of Capital. A History of International Financial Centres, 17802005
/ Y. Cassis. Cambridge: Cambridge University Press, 2006. . 2425, 2930.

130


. ,
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.

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131

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.
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.
, 12 . . 192 24 1799

, .
30
189

. . / . . //
. .: , 1998. . 362.
190
. / . // . 2 . . 1. .: , 1990. .
688689.
191

, .
192
- (17561841), 17991814 . (Gaudin,
Martin-Michel-Charles (17561841) ministre des Finances, duc de Gate.
http://www.napoleon.org/fr/salle_lecture/biographies/files/gaudin_ministrefinances.asp).

132

( 30 000 1000 ), 20 1800 . 14 1803 .


,
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; 50 ,
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60 (6 000
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193.
193

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. (Laffitte). , ,
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133

, ,
, 706
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.
, , . 194, 23 1793 . , 1801 .
, (Code de Commerce) 1807
. , . , , , ,

. , , ,

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, , 1809 ( 1815
.). , . .

, .

,
(canaux du Midi) 380 . , 180 d'Orlans
du Loing 1800 . , des salines de l'Est 388 .
(Branda P. Le prix de la gloire: Napolon et l'argent / P. Branda. Paris: Fayard, 2007.
. 383, 394395).
194

/
.
.

http://lib.ru/INPROZ/FLOBER/lexicon.txt_with-big-pictures.html.

134

. .

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http://lib.ru/INPROZ/TEKKEREJ/fairy.txt.

135

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714 1802 . (24,62 ),
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1816 . (1147,94 ). , 1805 . 51 , 1810
,
62,7 . 16,65 1805 . 3,48 . 1811
. 3,79 15,05, 19,23
27,26198.

197

, .
198
Branda P. Le prix de la gloire: Napolon et l'argent / P. Branda. Paris: Fayard, 2007.
. 462, 464, 468.

136

181011
. , . .
, 199. ,
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200.

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1806 . , , (17701846)
.
, . 87 .
200
. . . 11 /. . .
http://lib.ru/TARLE/napoleon/part11.html.
201
. . / . . //
. .: , 1998. . 362.

137

,
.

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, , . , . , .
,
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.
1815 .,
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,

.

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, . 1814 .
4 , 13 1820, 32 1825 38
1830 202.
,
.

202
. . / . . . .: , 1997. . 61.

138


VI .
, .

, , , . . .
( 1832 .)
,
203.
VIII . .
.,
, , ,
, .

, . , . 204,
The Wealth of Nations205,
.
, . , .
203

. . / . . //
. .: , 1998. . 332.
204
1820 . . , .
205
. / . . .:
, 2007. 960 .

139

. . , ,
, .
- .
.
, . ,
. ,
, .
,
1836 .,
.
1840- , . Glynn, Halifax, Mills & Co, ,
( ) .
1840- , , (,
Foster & Braithwaite , 4200 1839 . 50650 1845 .).
, ,
( , , 51 ). 1830- 1840- (
1844 1845 .,
, 919
). . , , Mendelssohn & Co.

140

,
Credit Mobilier, , . Credit Financier and Mobilier of England, The
International Land Company, International Financial Society, General
Credit & Finance Company, European Bank
, , , , ,
206.
1825 . , 207.
1825 .
, 1830-
,
. ,
1844 ., ,
,
(, ). , , , 1840 90
140208. ,
N. M. Rotschild & Sons, Baring Brothers, J. S.
Morgan & Co,
, , .
. , .

,

206

1866 .,
Overend, Gurney & Company.
207
, ,
. (.
http://dic.academic.ru/dic.nsf/econ_dict/10850).
208
Anderson B. L. Another Victorian Capital Market: A Study of Banking and Bank
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141

,
.
, . ,

.
( 18501860- ).
- ( ,
1800 .; - , 1816 ., , 1860 .), .
, (
) . haute banque
parisienne, , ,
Jaques de Rotschild, ( ) , .
1800 . , (
) ,
1848 .
. 1862 . (Pereire) Credit Mobilier
.
, .
,
1807 ,
, .

142

, , 1688 ., . (Bubble
Act) 1720 ., ,
. ,
, . 1844 .
(Companies Act),
( )
. , 1862 .
.
V . ,
- . V ., ,
. : 1)
(societes en nom collectif), ; 2) (societes en
comandite), ( ) ,
,
( ); 3) (societes en participation anonyme),
joint-stock companies , (-

143

,
).
,
, . . 209.
.
1825 . Bubble Act ( 1720 )
, . 1834 . (Trading Companies Act), 1837 . (Chartered Companies Act), 1844
. (Joint Stock Companies),
. ,
-
.
1867 .,
,
210, .
,
,
, .

209

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Carolina Press, 1979. P. 5, 18, P. 22.
210
1869
., 1870 ., 1873 , 1883 ., - 1906
, , 1917 .

144



1816 . (Caisse des Depots et Consignations), . ,
,

. 1817 . 300 .

.


(rentes)211, , ,

.

., , , .


.

, .
(rentes), 1817 .
,

, .
, . ( 38 206 ) 1817 . 5 8,41% .
.
211

VII .

145

1822 .
.

. , , 18201830-
. - , ,
, , 212. ,

1817 . .
, (
, ) . 1820-
, , ,
1830 .
213. ,
, .
1815 . ,
. ,
.
212
,
. , , ( , )
.
213
Palmade G. P. French Capitalism in the Nineteenth Century / G. Palmade, G. Holmes.
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146

,

, ,
, . ,
, .





. , ,
. ,

, 1817 .
1815 . , 1819 . .
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.,
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,
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147


. ( , , ) .

(Walter Boyd) 23
1792 ., (Henry Hope) 1794 ., (Du Pont)
1799 ., 1799 .

Boyd, Ker & Cie, , , (
). . 1793 . Boyd. Benfield & Co.
( ), - , 1793
.
. 1794 . . .
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.

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52,5 . .
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214.
, , 1762 .,
, , ,
,

, .

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(
) 20 000 ,
, (Hannah Cohen)
-
, Goldsmids Salomons, .
1811 . , ( ) , , . (
, , , , ) , 214

.: Geisst C. Beggar Thy Neighbor. A History of Usury and


Debt / C. Geisst. Philadelphia: University of Pennsylvania Press, 2013. . 131. Hidy
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37.

149

.
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. : ,
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1808 .
, .

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. ,
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.

215

. / . . http://lib.ru/POEZIQ/BAJRON/donjuan.txt.

150

1814 .
,
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, .
. 1814 . 1 200 ,
, .
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. ,
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1814 .
. 1815 .

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,
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216

, . , , ,
. , . .: . . / . . .: , 2004. 303 .

151

.
.



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60 .

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217

Heine H. Ludwig Borne em Denkschnft / H. Heine // Samthche Schriften. Vol 4.


Munich, 1971. S. 28.
218
Heine H. Ludwig Borne em Denkschnft / H. Heine // Samthche Schriften. Vol 4.
Munich, 1971. S. 28.

154


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15%. 1797 1814 . 100%.


219. 1809 .
219

Wilkie A. D. The Risk Premium on Ordinary Share / A. D. Wilkie // British Actuarial


Journal. 1994. 1, part 2. . 254.
, 1797 1810 . . ,
.
, 10 25 1784 .
70% ( ,
,
50%). (The Paper Pound of 17971821. Contains a Reprint of the Bullion

157

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, 1620%. 1808
. 1809 .
50%
.
. 29 1809 . Morning
Cronicle
38-
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, Alliance Insurance Company.
(
) , .
, 1816 . ,
.
1815 .
, .
,
Committee Report / Ed. E. Cannan. 1919/ (reprint General Books LLC, 2010). P.
XLIV.
220
(Ricardo D. The high price of bullion, a
proof of the depreciation of bank notes / D. Ricardo. L.: Harding & Wright, 1810.
56 p.).
221
C , ,
, .

158

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Baines E. History of the Cotton Manufacture in Great Britain / E. Baines. London: R.


Fisher and P. Jackson, 1835. 544 p. P. 350.

160

, .
, 1793
1816 ., (
) 1573
.
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1814 . 1215 18171825 .
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,

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76 , 18241825 . 37 , 21,3 225.

. ( 5%
1816 . 3,8% 1822 . 3,3% 1924 .), ( 5%). -

225

. . . 3 . .
1. / . . . .: - -. -, 1959. . 328329.

161

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. , ,
. 227.
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, 1822 . 5% 4%.
, . ,
3 , .
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28 , .
1817 .
5% 5 ( 72%
).
, ,
. , , , .
226
. Neal L. The
Financial Crisis of 1825 and the Restructuring of theBritish Financial System / L. Neal //
Federal Reserve Bank of St. Louise. Review. 1998. MayJune. P. 55, 56 (Figure 1).
http://research.stlouisfed.org/publications/review/98/05/9805ln.pdf. 1784 . 215% , 1815 222%, 1821 268% (Ferguson N. Cash Nexus. Money and
Power in the Modern World, 18002000 / N. Ferguson. New York: Basic Books, 2001.
. 124).
227
. / . . http://bookz.ru/authors/golsuorsidjon/saga8.html.

162


,
18201823 . , , , (17831830), ,
( , , ). (1811), (1812), (1818), (1821). , Times,
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The Times. 1825. 27 August (. : . . . 3 . . 1. / . . . .: - -. -, 1959. . 329).

163

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229.

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84% , 229
. - / . // . . / .,
. . 12. , 135. http://fb2.booksgid.com/content/22/karl-marks-sobraniesochineniy-tom-12/135.html.

164

. , ,
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. 1822 .
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. , 72 88%.
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, 1823 . (Foreign Funds Market), -

165

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.

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230

Michie R. The Global Securities Market. A History / R. Michie. Oxford: Oxford


University Press, 2006. . 67.

166

1815 1830 . 76 . 1824


1825 . ( 56%) 37
231.
(, ,
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1822 1825 . 3,2 6,4 .
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, .

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. 10% ,
,
, . , United
231

Jenks L. H. The Migration of British Capital to 1875 / L. H. Jenks. New York:


Knopf, 1927. P. 329. http://www.questia.com/library/book/the-migration-of-britishcapital-to-1875-by-leland-hamilton-jenks.jsp

167

Mexico 40 25% (10 40)


1825 ., , 115155 ;
Real del Monte, 70 ,
1350 .

, . ,

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,
, . 1 ,
10 . 100 50
. 5
100 , , 5
50 , 10- ( ).
,

. , . ,
232.
, , , , , , , , , , 232

The Parliamentary Debates from the Year 1803 to the Present Time [Ed. T, Hansard].
L.: T. Hansard & Pater Noster Press, 1826. Vol. XII (28. 02. 1825, 16. 03. 1825). P.
718, 1049; Vol. XVI. (5. 12. 1826). P. 244, 277.

168

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, VIII , ,
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234
. /
. . http://lib.meta.ua/book/8126/.
235
,
1820- ( .
/ . . http://www.foxdesign.ru/aphorism/book/b_zap393.html).
236
Lewis W. A. Growth and Fluctuations, 18701913 / W. A. Lewis London: Allen &
Unwin, 1978. . 177.

169

18241825 .,
1825 .237
, 1825 . (17701830) Bubble
Act, ,
1825 .
1820-
, , .
. Alliance Fire and
Insurance Company, ,
,
,
(Metropolitan Bath
Company) . . , .
,
, 1840- .238.
, . . American Colonial Steam Navigation Company, Colombian Pearl Fishery Association.
18241825 . 264
. 1825 .,
, 70 .

237

. Anderson R. Bagehot on the Financial Crises of 1825and 2008 / R.


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238
1824 1825 . 48 22 (Times. 1825. 30 Sept.).

170

624
372 . 239 (
10
15%), ,
,
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.
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) 1825 . 32 .
, 25,3 . .
(James Morrison, 17891857),
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.
. --, -
.
,
. (
), , ,
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Brothers ( ), Morryson, Cryder &
Co, 240.
239

Kindleberger C. A Financial History of Western Europe / C. Kindleberger. London:


Routledge, 1984. . 199; . . ,
/ . , . . : , 2010. . 229.
240
. (18171909),
. ( 12 ). 1863 ., -

171



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(Poyais). 1822 ., , .
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, , Morrison, Dillon &
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600 . . , 1870- Mercantile Bank of River Plate ( 1872
.), , .
1880 . , 1881 .
, River Plate Trust, Loan & Agency Co, Mercantile Bank of River Plate. 1895 .
20 0,5 (Dakers C. A
Genius for Money. Business, Art and the Morrisons / C. Dakers. New Haven: Yale
University Press, 2011. . 212, 214215).

172

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.

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150 , 100
. , , ,
, , ,
241. , , , 1822
,
.
,
, ,
, . , 6%
200 . 30
. 15%,
. 23 1822 ., 241

Sinclair D. Sir Gregor Macgreror and the Land that Never Was: The Extraordinary
Story of the Most Audacious Fraud in History / D. Sinclair. Cambridge, MA: Da Capo
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173

, .
, . , ,
.

. , , ,
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.
. , , ,
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, , 500 . 1823
200 , ,
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.
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.
1845 . ,
.

.
1823
, 1824 .

174

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.
18221825 20 ,
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25,3 .
, ,
. ,
242.

, .

, 550 . 1819 . . . 890 . , . . 162% 243.
,
, .
. .
. , 242

78%,
30% . , -, . - 1824 . (Fodor G. The Boom that Never Was? Latin American
Loans in London 18221825 / G. Fodor // University of Trento, Italia. Department of
Economics Working Papers. 205. econpapers.repec.org/paper/trnutwpde/0205.htm.).
243
Dawson F. G. The First Latin American Debt Crisis: The City of London and the
182225 Loan Bubble. New Haven: Yale University Press, 1990. . 2628.

175

, ,, . 1815 1859 . 14 43 ,
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.

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176

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1825 . ( ) .
. , 1818 1852 . , , , 1,8 9,5
, 1825 . ,
, . 1899 .
41 .
245
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646684.

177

,

. 18261829 , , ,
,
,
.
,
, , ,

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.
,
.
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. 1882 .
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246.
246

, 1826 . , B. A.
Goldshmidt, 350 . , 400 . (Fodor G. The Boom that Never Was? Latin American Loans in London 18221825 /

178

1820-
, 1820- ,
, ,
V . ,
, ,
, .
,
Anglo-Mexican Company, 38
1824 158 1825.
, . , ,
.
, .
,
. ,
, . .
. , Vivian Grey (1828), , , ,

. - , , 1859 .
( ), .

G. Fodor // University of Trento, Italia. Department of Economics Working Papers.


205. econpapers.repec.org/paper/trnutwpde/0205.htm).

179


1825 . ,
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.
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180

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247. (
1826 .),
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.
, 1824 . 1825
. , .
, , . (5
Peter Pole & Co, 6 Williams & Co, Everett, Walker & Co, Sikes, Snaith & Co ).
,
, (Pole, Thornton & Co). (Henry Thornton, 17601815),
, 1815 -, 25
, 40 000 (
, 400
). - 400 . , . 247

The Parliamentary Debates from the Year 1803 to the Present Time [Ed. T. Hansard].
L.: T. Hansard, 1826. Vol. XIV (21. 02. 1826). P. 644.

181

,
,
. -248. 73 770 , Wentworth,
Chaloner & Rishworth,
Pole, Thornton &Co.
1825 . , ,
, 249. - ,
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250. .
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13,9 1824 . 10,7
1,2 1825
. .
,
.
, , , .
( ) ,
.
,
.
1825 . Real
del Monte,
, 1550 200
( 400 ). 248

The Panic of 1825 // The Week. 2008. April 14.


http://theweek.com/article/index/95385/the-panic-of-1825
249
, , 1 .
.
( , )
, , ,
.
250
Annual Register or a View of the History, Politics, and Literature of the year 1825. L:
Baldwin and Cradock. P. 122123.

182

80%.
14 .
80 , 142,
224. 1 1825 . 1 1826 .
3 549 ( 1345
)251.

16%,
15%, . , ,
... 252.
,
. 253. .

254.
1825 .
V , ,
. ,
,
, . 1788 . ( ), , , . 1819 . . , , .
1820- 251

The Parliamentary Debates from the Year 1803 to the Present Time [Ed. T. Hansard].
L.: T. Hansard, 1829. Vol. XI (1. 05. 1829). P. 972.
252
Times. 1926. 26 January.
253
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http://lib.aldebaran.ru/author/dikkens_charlz/dikkens_charlz_zhizn_i_priklyucheniya_nik
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254
. / . .
http://lib.ru/INPROZ/TEKKEREJ/fairy.txt.

183

, 1825 .
.

, (
) , . 1825 . , ,

, . , , , , . ,
, ,
, .
. ,
, . 1825 .
, , , .
1825 . ,
. , VIII . 1825
. ,
: , ,
. , ,
. , .
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, 1828 , -

184

, . ,

.
,
,
. , , ,
.

. , ,
, .
1826 . ( ), , . Real del Monte 115
( 400 70),
Bolvar Mining Association, , , 28 1. 1828 . , Foreign Funds Market,
, 1829 . ,

18241825 ., .
Foreign Funds Market
, single
securities market, ( ) , , .
18251826 .,
, 1832 ., ,

,
. 12,8 . . 1820 .
26,5 . . 1830 200 . 1840 .255. 1820
255

Hobson C. K. The Export of Capital / C. K. Hobson. New York: Garland, 1983. .


110111.

185

1830- , .
1825 .
1825 . ,
( ) ,
, , .
.

256.
1824 . 1825
. 257.

258.
,
. ,
, , , .

, 1820- . , (256

. 18151816 . . ( 28 1824 . 43
1825 .).
257
, ,
, ,
. 1825 .,
. , 34 ,
.
258
718 1823
1223 1825 . (Vialles P. La Consommation et les crises economiques /
Vialles P. Paris: V. Giard & E. Brire,1903. P. 260). 1815 1828 . 271 , 170
18221827 . ( . . . 3 . . 1. / . . . .: - -. -, 1959. .
345).

186

, ), . .
1826 . ,
. .
, ; 1825 . ( )
1826 .
.
1820-
( ),
259.
18241825 .
260.
22%, 12%.
1826 . ,
, ,
261.
( ,
) , , ,
( )
, . 259

1829 1825 . 60 120 . , 20


. 81 . (Guetter F. Statistical Tables Relating to the Economic Growth of
the United States / F. Guetter, A. McKinley. Philadelphia: McKinley Pub. Co., 1924.
P. 25, 29).
260
( ) 11,6 1823 . 18,6 1825 .
,
.
( 9,3 ), . - 1826 .
300 (Times. 1826. March 4).
261
Clark V. History of Manufactures in the United States / V. Clark. 2 vols. Vol 1. N.
Y. McGraw-Hill Book Company, 1929. P. 566.

187

.
. 1826 .262
, 1825 .
...
50

, .
. 1826 . . . 1200
20,

1826 . 263.
1826 .
; ,
. , ,
.
,
.
.
, 1820- ,
;
. 262

Times. 1826. Febr. 25.


, ,
,
,

(Venturini K. Chronik des XIX Jahrhunderts, Das Jahr 1826 / K.
Venturini. Leipzig: J. F. Hammerich, 1828. . : . . . 3 . . 1. / . . . .: -. -, 1959. . 348349).
263

188

, ,
.
18261928 . 18291830 .
1826 . . . 1828 .
, . 1829 . , .
1833 . ,
18361837 .

, , 70% . .
30%, 18251836 .
.


,
(, 1828 .
).
, ,
-
. , 1829 . , .
, ,
. ,
264.
18281830 .
264

Smart W. Economic Annals of the Nineteenth Century. 2 Vols. Vol. 2. 19211830 / W.


Smart. N.Y.: Macmillan, 1917. P. 466, 472.

189

. , , ,
, , 265. 1829
1830 . , (
).
. ,
, .
1830
.266 ,
-, , 1830 .
267.
18341836 . 1837 .
18341836 .
1834 . . ( ), , .
,
268.
18241825 ., 18341836 .
. ,
, , .
, 1826 . ,
265

Parliamentary debates. Vol. XXII (8. II. 1930). P. 235.


1830 . . 1830 .
. -, , .
267
Archives Parlementaires. Vol. LXIX (13. VIII. 1821). P. 190191.
268
18341836 . 71%,
89%, 35%.
266

190

. 1831 . 61
472 ; 1836 . 10 40 .
.
.
2050%,
100% .
, 269.

,
1830- .
, .
,
, 270.
, . , 1825
271.
1836 , , , , ( 1930-
10 , 1836 48).
,
, .
,
,
,
;
269

Parliamentary Debates. Vol. XXXIII (12. 05. 1836). P. 849, 852.


, ,
, 15 ,
(Annual Register. 1837. P. 183).
271
Parliamentary Debates. Vol. XXXII (11. 03. 1836). P. 203.

270

191


, 272.
,
1841 . 273.
1836 .
, ,
, .
, .
18351836 .,
300
135 (
15 ).
(88 ) 70 274.
(
,
) 1830- .
,
,

275.

272
. : - . . / .
. -. .: , , 1997.
. 110.
273
Mackay C. Extraordinary Popular Delusions And The Madness Of Crowds (1852) / C.
Mackay. N. Y.: Page & C, 1960. 656 .
274
Joint Stock Companies. First Report from the Committee. 1844. P. 342345.
275
, 1830- , 1830 1838
. 733 . . 2,5 18301831 .
6,1 18321833 ., 7,1 18341835 . 36,4 18361837 . 1837
. 8,5 (Porter G. R. The Progress of the Nation in Its
Various Social and Economic Relations from the Beginning of the Nineteenth Century /
G. R. Porter. London: John Murray 1851 P. 327).

192


1835 . 1833
1834 .
. ,
, ( 100%).
, , .
1835 . ,
. , 1835 .
1836 . , , . , ,
, .

,
. -
8
1836 . 5,3 .
, 4%
5%,
, . ,
, . 1836 . , 276.
, . Agricultural and
Commercial Bank of Ireland (50 ), Northern and Central
Bank of England (38 ) .,
.
276

1836 .
1837 . 3040% (Bauniatian M. Geschichte der handelskrisen in
England im zusammenhang mit der entwicklung des englischen wirtschaftslebens / M.
Bauniatian. Munchen: E. Reinhardt, 1908. S. 294).

193

1837 . 929 1836 1668


1837 . ( 79%). , 1837 . 3,8 . 277.

,
1837 ., ( 1825 .)
,
1837 . . ,
1837 . 1825 .
, 1825 .
( ,

), , 1830-
,
278.
1830-
, .
. ,
.

277

53,4 1836 . 42,1 1827 . 12,4 4,7 , . .


2,5 13,7
11,7 , 8,3 7,0 , 9,0 7,0 .
278
. . -, 1825
1827 ., . ,
1825 . , 1836 - , 1837 .
(- . .
. , / . . . .: - . . , 1914. . 6263).

194

1837 . .
50 .
. , ,

279. ( 1836 1837 .
24%; 25%). .
,
280.
1837 . 1825 .
, . 1837 . 20%, 1825 . 31%.
1837 . ,
1843 .281.

, , .
1838 . 1839 . 75% , 9,6 2,4
. 6%, , 2 .
18411842 . , - . 1841 1842 . 27%,
11%, 25%, 279.
1844 .,
.

279

Annual Register. 1837. June. P. 5556/


1836 .
23 , 1838 . 2 .
281

1836 1842 .
600 . (Parliamentary Debates. Vol. LXIII (2. 06. 1842). P. 123).

280

195

1837 .
1830- ,
, . , ,
, , , , ,
1830- .
1830-
, .
, 1836 .,
, 282. , ( 1828 1835 . 58 400).
,
. 18231834 . 176 125 , 18351837 .
610 541 . 18361837 .
65 .
, 1828 . 388 . , , . ,
.

,
( 10%). ,
, , , .
. ,
282

Archives Parlementaires. 1836. T. C. 1. P. 84.

196

( )
150 1832 . 445 1835
. 760 1836 .283

, 284, 1837 . .
, , .
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.

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,
. 1838 .
, Banque Nationale de
283

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284
33%, 60%;
30% 71% ; 12% 35%.
50% 53% ( . . . 3 . . 1. / .
. . .: - -. -, 1959. . 405).

197

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286
, , ,
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287
. - / . , . // . . 10. http://coollib.com/b/4710/read#t92.

198



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(Bank of North America)290, 1791 . - (Bank of New York) .
288

, , , .
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289
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, , ., Bank of the Manhattan Company, J. P. Morgan Chase. (Aaron Burr)
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201

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-, , , ,
.
. 291
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1819 .
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, 1841 .
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82,3 . . ,
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292. , ,

, . 291

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.
- 1792 .
24 ,
- , (buttonwood )
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.
, - - (New York Insurance Company).

, -
. 1787 .
. , , , . , 1799 . .

.
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The New York Stock Exchange Board.
( 1815 . 23
, 1830 31), . - 1830 ., (, ) ,
. 1848 . -
New York Stock Exchange
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1819
1819 .
,
18151818 .

203

1815 . 208
246, . 46 68
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- 1816 . ).
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. 1816 .
Second Bank of the United States.
1817 .,
.
, 1818 .
41 293. , , ,
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. , ,
. , ,

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, . Second Bank of the United States
, .
18191821 .,

, .
1825 , , 1826 22%, 12%294. .

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204

1830-
1830- 295, .
,
.
( 1829
1837 .) 200

1830- 296.

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. , , , , 1830 1836 .
295

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94%, 81%, 137%,
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296
. . / . . . .:
, 1927. . 165.

205

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297.
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, 1,25 ,
, 25
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. 1830 1837 . 330 788, 2,5
. , , , 298.
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.
297

18231832 . 1,3
, 1833 . 3,9 , 1934 . 4,7
, 1835 . 12,6 , 1836 . 20,1 .
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298
18361837 . 235
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206

, , ,
, .
1837 .
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66%, 299.

1836 ., - . ,
.
.
,
. : ,
.

1836 . , 1816 . ( 1823 . , 299

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207

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,
.
3 1836 ,
1832 . , .

30 ( 30%
, )
Second Bank of the United States .
, .
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, ,
.
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, ,
10 , 3 300.
, ,
. , 3036%.
, , . 1837 .
, . , , .
300

Roberts A. America`s First Great Depression. Economic Crisis and Political Disorder
After the Panic of 1837 / A. Roberts. Ithaca: Cornell University Press, 2012. . 38.

208

, , . ,
,
.
1837 . .

, 1837 , ,
,
. ,
.
90% (
), , . ,
1837 ., 1840 6 301. ,
. , 1837 .
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20 25 , 35
, 1020 ,
50 .
,
, ,
, ,
302.
1837 ( 1837
1841 .) , ,
, , 301

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209

. ,
;
; ; ,
303.
1840-
. 1838 . , ,
1839 . , . 18371841 . , 1
.
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. .
, .
, .

(Baring Brothers),
. , , , -
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. : . / : :
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146. , 1830-

, , , , .
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210

).
304.
1840-
. 1830 . , (226)
, (206),
305.
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,
. I
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,
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, -
-
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. 1,35
( 1846 . ).
304

, 1841 . -
( 1933 . Dun and
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305
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306
, 18361846 . 30,4 40,7 , (
47%), 1,1 4,8 ( 336%); 1219
2032 ( 67%), 247 813 ( 229%)

211

.
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, 307.
, 1847 . ,
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.

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212



. 39
,
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( ), 1840- .
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213

,
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, V V ( Gesellschaft
des Zeynnhandels ).
1726 .
Uglaer Woll und Tuchsocieta.
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, , .

V V .
. , , , , 308. ( ,
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) ,

214

, ,
, 1825 . 58 . ,
1871 .,
.
.
, , 1802 .
1830- (
, ).
, , ,
Mendelssohn & Co, .
1825 19361837 .
,
1825 .,

1826 .
, 1200
20,
1826 .
1830- . ,
. 1834 . ,
.
, 310. 1837 .
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, V ) ( . . // . . 3 . . 2. / . . .: , 2005. . 225226, 236).
310
1830 1837 . 50%, 21%, 19%. , . ,

215

, - .
, , , . : ,
, ,
311. ,
1836 1842 ., ,
4,5 6,3
( 38%)312
, (1837, 1840, 1842 .)
.
1836 .,
4% 5%. 1837 . 8%,
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314.

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314

, .
, ,
.
, ( ).
, ,
4% , -

216

, ,
. , .
1837 . , .
, 1840- . C 1837 1848 .
5000 (
1628 ).
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4080%315.

,
, .
,
. ,
, 1840- .

, 34
.
1850- . ,
1840- ,
. - 1940- ,
. 18411842 .

, .
315
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10%, 7%, 7%,


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1804 . ,
1848 , 1867 .,
.
, ,
, .
, ,

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316.
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.) ,

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, -

316

- , . , , ,
, , , , , ,
; , , . , ; ,
, , ( . . / . . .: ,
1991. . 2526. http://www.belousenko.com/wr_Zweig.htm).

218

(17171780, 1740 1780 .)317. , ,


. (
1809 1847 .),
, .

V .
,
. , 318.

, .
( , 18301848
.) 7% , 7% , 5% 319. ,
.
,
.
(
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1840- 320.
1824 .
.
317

. , ,
, (Mises, L von. Die
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,
.
,
.
319
. - / . . .: , 2003. . 227.
320
( .

219

, 1825 . . ,
. , . ,
. . 321.


, , . ,
, .

V .
- , .
V .
,
.
1848 ( ). 1820 (Fris), 1826 .,
. , , -, .
1841 ,
. ,

,
23 .
321
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220

.
, .
Geld-Anstalt,
, .
322,
.
, ,
.
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(Oesterreichische
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322

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,
, , ,

221

280 1762 .
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.
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( 5
). , , , . , , - , 510 .

1 1762 . 12 ().
1771 . ; 500 1000 . 1784 ., 1796 .
1800 1806 .324.
26,7 1793 . 91,8
1798 . 1807 . 500
1810 . 942 . 325.
, ( 1799 100 -

, . - .
324
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92 , 1810 15 )326.
, 4/5327.

,
. 1782 , 20 .
1785 . 7
, 20 .
328.

, . 103
, .
17941809 ., , , 150
. . , , , . 37,5% , 35%. ( 399 1791 . 680 1802 .329).
. , ,
(
). , , , ,
,

326

Oesterreichische Nationalbank. 18161818. Zeit der Grndung und des Provisoriums.


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330.
. 15
1811 . ,
( 1060 ), 20% .
100 500 100
800, 331.
1811 ,
,
.
( 5
1) 1816 . (Oesterreichische Nationalbank),
(, ).

, 332,
1805 1809 .,
( ,
1 ).

, 1771 .
, 1771 , 330

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331
. / . . ., 1918.
. 47. www.readoz.com/publication/read?i=1044088#page2.
332
1840- .

224

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.
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.
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,
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.

225

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1840- , , 1850- 1860- . . , , :
. -
333.

, ,
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.
, , ,
334.
333
. / . // .
. . . 21. https://www.marxists.org/russkij/marx/cw/t21.pdf.
334
18431845 . , 1820- ,
1830- , 1840- . 1845 1846 .
, ,

, , ,
(200350% ). 1844 , ,
16
, ,
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, 9 . 56 . , , 21 ,
. ,
,
1845 .
1847 . 2,4%.

226

.
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, , .
, , .
, 335.

1840- , . 1830- , 1837
. . 18251840 . 1300 ,
18411848 . 6900 .

. ,
.
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, , Great Western, ,
. ,
,
. ,
335

,
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,
, , , , . , .

227

1825 . Stockton & Darlington.


1820- , ,
.
,
.
,
, .

. 1831 .
Liverpool & Manchester Railway.
, . , , , . , .
1840- ,
, ,

, , . .336. .
,
, . , ,
,
. 337
336
18331837 . 23 . (Goldsmith R. W.
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, 338.
,
1815 1860 . 75% ,
, . , ,
,
.
339.

.
, , 1844 .
(Joint Stock Companies) 340.
. 1831 .
Liverpool & Manchester 10% ,
. , , .
, 50% , . 10%

338

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V ., 1830- ,
. 1825 .
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340
1849 66%
.
( .),
, , .

229

.
, .
, .
. , . 1836 . 57
,
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,
, ,
. ,
, , .
, , , .
,
, ,
,
341.
, Liverpool &
Manchester Railway , , 1837 . , 1825 .,
. , , . , , 1837 .
.
.
341

Parliamentary Debates. Vol. XXXI (12. 02. 1836). P. 356358.

230

2000 , .
1842 . , . ,
.
1840- , ,
. .
,
, 342.
,
, , ,
. 1840 .
, ,
Railway Times. 1845 ., ,
18 , ,
Railway Express, Railway Globe, Railway standard .
Economist 1845 . , . , ,
, .
, .
1843 . 343. . , 1844 1847 .

342

. ? (1856) / . // 30 . 28.
. .: . - , 1960.
http://lib.misto.kiev.ua/INPROZ/DIKKENS/d28.txt.
343
1837 ., 1847 .
47%, 67%, 23%,
13% 59% .

231

100 , , ,
10 344.
,
, , 1845 ., , 560 . ,
550 .
345. .
, , . 1825 1875 .
630 , , 346.
,
, 89%, ( 1844 .
,
3,25%).
, , 2234
1843 2690 1845 .
, 1836 1847 . 67%,
226%347.
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1836 1848 . 251 8203 , 2302
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232

1840- - ,
. ,
, , .
18451846 ,
, , . 1840-
,
, .
, ,
, , .
, ,
, .
10% . , .
( ,
, , ), . ,
, , 348. 1844 .
Eisenbahnnetze der Erde / G. Sturmer. Bromberg: H. Heyfelder, 1872. S. 5859, 90,
137138, 211). ,
. ( ) 18391847 . 42%
(Dieterici K. Handbuch der Statistik des preussischen Staates/ K. Dieterici. Berlin:
Mittner und Gohn. 1861. S. 450).
348
1827 1835 .
, 1836 . 29, 1845 120, 1846 272;
1847 170 ; ,
, 40 . 1844 .,
66, -

233

.
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).
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. , 1844 . , 21 . .

234

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, . , ,
.

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.
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.
. 349

10%
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1848 . 14% (8+6%); London & North Western: 1845 . 0, 1946 . 20%
(10+10%), 1847 . 17% (9+8%), 1848 . 14% (7+7%); London & South Western
17% (8%+9%), 18% (9+9%), 18% (9+9%), 8% (8+0%); Great Western
16% (8%+8%), 16% (8+8%), 15% (8+7%), 13% (7+6%); Midland 13% (6%+7%),
14,38% (7,38+7%), 14% (7+7%), 13% (7+6%); Southern Eastern 10,25% (5%+5,25%),
11,5% (5,25+6,25%), 12,5% (6,25+6,25%), 11% (6,25+4,75%) (Lewin H. Railway Mania
and its Aftermath: 18451852 (being a sequel to Early British railways) / H. Lewin.
New York: A. M. Kelley, 1968. P. 365).

235

. 18431845
, 1846 . -
.
1846 .
350. , ,
.
,
.
1845 .
- , ,
, ,
. ,
,
.
1845 . ,
,
,
.

(
1112 1428),
350 700 ,
48 351.
, 350
Times. 1846. 16 Dec. ,
. .
, (Times. 1947. 5 Jan).
351
Smith A. The Bubble of the Age: Or, The Fallacies of Railway Investment, Railway
Accounts, and Railway Dividends / A. Smith. L.: Sherwood, Gilbert and Piper, 1848
. 20; Lewin H. Railway Mania and its Aftermath: 18451852 (being a sequel to Early
British railways) / H. Lewin. New York: A. M. Kelley, 1968. P. 116.

236

500 ( 600 ), 1845 . ( 550 ). , .


1845 . , 3040%. .
. , ,
.
. 1845
, 352.
1845 ., 2,5 3%,
.
,
1846 . ( 40 ).
,
, , . 1846 .
60 .
, 1845 .
1846 .
,
. ,
, 1846 .
, 1845 .353.

352

Railway Speculations // Times. 1845 27 Oct.


1846 . ( 270) ,
, . 1846 .
5000 , 1847 . 1415 , 1848
373 , 1849 16 , 1850 7 .
353

237

,
. ,
,
354.
1846 .
,
.
1847 . 60% , 1846 .
, .
1846 .
1846 . (
30 ).
,
. 13,6
1846 . 9,2 1847 .
( 2,4% 1845 . 3%, 4%)
1847 . 5%.
. 2 ,
10 24 1847 ., 15%
( 4,5 ).
8%, 1213% .
1847 . ,
1825 .,
355. .

354

1 1843 . 2234 , 1845 . 2690 , 1846 .


2412 , 1847 . 2195 , 1848 . 1936 .
355
Tooke T. A History of Prices and of the State of the Circulation from 1792 to 1856 //
T. Tooke, T. Gregory, W. Newmarch. 6 vols. Vol. IV. L.: P. S. King and Son, 1928.
. 303, 306, 445.

238

1847
1847 .
, .
1847 .
, .
.
, 13 , , . , 356.
.
, 25 1847 .
8%. 15%.357 ,
.

150 , , . , , 10%,
88%.
358.
356

, 20 10 . Royal Bank of Liverpool, Liverpool Banking Co, North and


South Whales Bank, Newcastle Union Joint Stock Bank .
2325 , (Evans D. M.
Commercial Crisis, 184748 / D. Morier Evans. London: Letts, Son & Steer, 1848. P.
75).
357
. . (18211938 .) / . . . .:
- , 1939. . 124.
358
205 1847 . 187
1847 ., 3% 91,5 85,5 . 1 1846 . 1 1850 . London and North Western 215 109, Great Western

239


,
. ,
. ,
, , 359.
,
360.


(George Hudson, 18001871).
, ,
York & North Midland Railway
, . 1827
30 000 , .
. , , ,
- , 1842 .
York & North Midland Railway. ,
.

195 58, South Western 150 61, Midland 150 45, York and North
Midland 210 34 .
359
Times. 1847. 30 Oct.
360
, . 606 1846 .
803 1847 ., 1182 1848 . 905
1849 . 626 1850 . , , 270 1846 . 34 1849 .; ,
, 132 4 . , , , 188 . 36
. .

240

, ,
, . 1844 . , 30% ( 1000 ) .
,
.
, , . ,
, , .
,
. ,
,
, . 1844 1847 .

10% , ,
. , 1848 . 205 .
515 . , .. .

, .
,
, .
,
1844 ., 20% . 1844 ., (
),
2,5 ,
, .
1845 .
, 1848 ,
.
,
. , , , ,
-

241

, . 1849 . .
, , (
), ( 1 ) . , 600 . .
, .
1865 .,
. 1871 .,
200 .
361. Joint Stock Companies Act
(1844) Companies Clauses Consolidation Act (1845)
,
,
. . 1840-
, Deloitte & Co.,
Cooper Brothers & Co., Price, Waterhouse & Co., W. D. Peat & Co.
,
,
361
, XI
(Domesday Book, 1086 ), .
, ( audio ). 1720 . South Sea Company.
, (Jacob Sawbridge) Turner & Co.
, , (George Caswell)
. (Charles
Snell) , Turner &Co,
.

242

, .

18431847
., ,
18471848 . 1849 . (Railway Abandonment Act),
. , 70%
, ,

, .
,
,
, , ,
, 1849 .
.
362.
1852 . , ,

363 ,
. ,
, 362

1844 . , 25%
( 910 , 1844
1856 ., 219 ). ,
.
363
Times. 1847. 2 Dec.

243

.
25%, 6 ,
.
.
9,2 ,
30
364.
18441850 .
9792 , 1856 .
5597 (57%). 1850 . 85% ,
70%. 2% 810% ;
.
,

.
1840- 1847 .
1830-
,
(
), . 1838 . 1039
1 , 1,5
365.
, , . , , , , 18431846 . , 1847 .
, 1840- , 1842 . 364

Economist. 1848 8 Jan. P. 34.


. . / . . . : , 1878 ( .: , 2000). . 100.
365

244

,
,
.
, , , , , . , 366.

,
, 1846 . 5000 ,
1848 . 1628 .
. , 1848 .
2,5 ,
.
,
.
,

, 80 .
.
.

.

, . , .
, , ,

366

. 1848 1850 . // . , . .
. 2- . . 7. www.informaxinc.ru/lib/marx/07.html.

245

, 1844 1847 .
1,8 749 1329 .
, , . ,
.
,
.
,
.
25 30 300 . , . 1847 . (
Du Nord 400 000 )
.
, . . , 90% ,
367.
1847 . 30% 18331845 . ,

200 , , 300 ,
. 4%, 78%,
. .
. , -
.
, , .
,
, 367

, , , ( , ),
. ,
.

246

368.

, . ,
,
, 1847 . , .
1847 . - . ,
, .
- .
, Banque de
France 1846 . 1847 . 252 78
. ,
25 , ,
50
.
1847 . .
Caisse du
Commerce et de lIndustrie ,
. 5000.
, 24 1848
. . - . , 1847 . , ( ), , ,
, 1848 .
, .

. ,
368

. / . .
.: - ,1908. . 44.

247


,
, ,
369.
, , .
, . , ,
. ,

, .
,
. 50%.


. 1838 ., , , ,
1851 .
,
, .

1846 .
. ,

. 370.
369

Times. 1848. 27 June


Times. 1946. 4 Dec. 1846 .
,
,
(Times. 1946. 4 Dec.).

370

248

1847 . 1520%,
25% .
, 1846 . , ,
.
, ,
, 371.
18451846 . 1847 . . 1848
. , 1848 .
, , . , , , 1848 . , .
1848 . .
, , , , .

. , ,
, .

, 372.
,
, .

, , . , , . 1847 .
371

Times. 1946. 4 Dec.


Preussisches Handelsarchiv Wochenschrift fr Handel, Gewerbe und VerkehrsAnstalten. Berlin: W. Besser, 1849. S. 36.
372

249

, .

, 1847 .,
, , , , , , , ,
, , , , , , , . , , , , -, ,
.
.
1840- , ,
373. 1822 ., Sciete Generale de Belgique 1835 1838 31
100 . . Banque de
Belgique ( 1835 .) 24 54 . 374.
,
1840- , . 1847 ., .
,
1840-
. 1840- ,
.
373
1830 . ( 1814 . , 1814 1830 . ). , ( , , )

.
374
Cameron R. A Concise Economic History of the World: From Paleolithic Times to the
Present / R. Cameron, L. Neal. Oxford: Oxford University Press, 2002. P. 229231.

250

, (
fancies) , . 1847 . , .
Erie Railroad ,
, 375. , - ,
, 1847 .
1848 , , , , , 1847 ,
, .
1847 .
1847 . (
1825 . 1837 .) ,
. 1825 . ,
.

, . .
1837 ., , .
1847 .
, ,

, . , ( , 375
, . 1860- , , , (
) , ,
.

251

) , . 1847 .
,
. . ,
. ,
, . , ,

. :
, 376.


, . , .
, , . , , ,
.
, . , , ,
,
.

.
. .
, 377.
376

. // .,
. . . 7. . 250251. http://www.informaxinc.ru/lib/marx/07.html.
377

38 1830 . 260 1841 ., .

252

,


. , , ,
.

, , , . ,
. , , -, .
, , , 378. , ,
. ,
,
.

.
,
, .
,
, ,
379.
1830- , , -

378

30 000 1816 . 850


000 1830 . .
1828 . 28 , 1840
. 112 (Banner S. Anglo-American Securities Regulation:
Cultural and olitical Roots, 16901860 / S. Banner. Cambridge: Cambridge University
Press, 2002. P. 194, 254255).
379

253

.
,
.,
. ,

(, , -, .),

, - , .
1820- ( , ),
.
, ,
1840- .
. , ,
. , ,
, , 1865 . 2000 . , , , .
.


380. ,
.

380

1861 .
, 100 1000 10% (2 .
20,1 .). 1000
0,25% (50 . ).
45 ( .
/ . . .: - , 2011. . 150151).

254

, 381.

.
.,
.
( 1840- , 1880- )
. . .

10 (1825, 1837, 1847 .)
(18251826; 18371838; 18461847 .)
. , , , .

381

, 1841 ., ,
44 . , 1861 67 ., 1871 119 . (
, . 151).

255


(18481873 .)


1873 . ,
. , ,
, citoyen du monde
, .

, ,

, .
- , 1860
382. ,

( ),
, , .
1880 .
, , 6,8
.
, ,
382
, 1848 . III
. , ,
.
30% 15%, .

256

,
. ,
. , .

1850-
1850-
,
,
.
, .
6% , , .
; 1860- . 1950- , 1857 , 383. , 1850- , ,
. 384. ,
383

1850 1860 .
38,6 . 108 . , 15,1 .
53,9 . ; 23,5 . 51,9 . .
66,6% , 92,1% , 97,5% , 117,3%
; 62,7; 39,9; 144,3 152,4%
( . . /
. . . .: . - , 1954. . 103, 106).
384
1847 1857 . 52%, 156%, 123%, 52%; 83% ,
10% , 130% , 68% , 21% .

257

,
1840- 13% 1850-

.
, .
1851 . ( 14 ), 1855 . (24
. ), 1862 . (29 . ), 1867 .
(50 . )385.
1857 .
1857 ., ,
, , , . ,
,
. 386. ,

, 36 387.
1857 . 700 103% , 85% , 98% , 113%
, 15% .
12,6 1847 . 38,2 1853 . (Porter G.
R. The Progress of the Nation in Its Various Social and Economic Relations from the
Beginning of the Nineteenth Century / G. R. Porter. London: John Murray 1851. 360,
363. Statistical abstract for the United Kingdom in each of the last fifteen years, from
1853 to 1867. L.: Great Britain Parliament. House of Commons, 1868. P. 54).
385
Carandini G. Racconti della civita capitalista. Dalla Venezia del 1200 al mondo del
1939 / Carandini G. Roma: Laterza, 2012. . 348349.
386
Evans D. M. Commercial Crisis, 184748 / D. Morier Evans. London: Letts, Son &
Steer, 1848. . 38.
387
; , , , . ., , , , ... , (
. 1858. 19. 3 .).

258

. , , ,
, . 1857 . ,
... ...
388.
18571858 . , , . 1857 . . , . ...
.
; ,
,
... ;
, ;
, 389.
1857 .,
, .
1825 . ,
, , 1857 .
. 1857 . ,
, .

, ... , ,
, ...
-

388

Preussisches Handels-Archiv. 1858. 2 Halfte. S. 167171.


;
; , , ,
; , , ,
.
(Die Verkehrskrisis des Jahres 1857 //
Preussische Jahrbucher. 1858. I. S. 97).
389

259

,
, 390.
, . ( 1850- )
. 1850- ,
Credit Mobilier, . , ,
( , )
.
1860-
1860 .
. ,
, .
,
.
1860- ,
, ,
1850- 391. ,
. (
, )
, ( 200 1847 .

390

, . 1858, . . 221222.
75 .
, 22,4 . ; 7,6; 8,2;
6,7; 3,9.
391

260

315 1857 . 502 1867 .)392. , , 1,5 1855


. 3,4 393. , .
1838 1848 .
4,0 29,6 . , 1849 1858 . 89,1 . 394. 1857 .
600 (16 ),
70% ( 10 ).
1840- ,
.

, ,
,
. 1860-
,
.
, 1860- ,
1840- .

. ,
, .
... ,
395.
392

Commerce and Industry: Tables of statistics for the British Empire from 1815. Edited
by William Page. L.: Constable and Co., Ltd., 1919. P. 170.
393
ubner O. Jahrbuch fur Volkswirtschaft und Statistik / O. ubner. Leipzig: H.
Hubner Verlag, 1857. S. 84.
394
( 3,0 . 1938 . 10,2
. 1848 . 43,0 . 1858 . (
, 1840-
(Sturmer G. Geschichte der Eisenbahnen: Entwickelung und jetzige
Gestaltung smmtlicher Eisenbahnnetze der Erde / G. Sturmer. Bromberg: H. Heyfelder,
1872. S. 59, 90, 125, 149, 211).
395
The Economist. 1866. 1 Sept. P. 1027.

261


Credit Mobilier Bank fur Handel und Industrie , . Credit Mobilier,

-, , , .

.
1850- ,
, ,
. , , , , - .
, - , . , , ;
. 300 ,
1850- , .


.
,
,
. 1850-
, .
1850- 1860-
,
,
.

262

, , , Credit Mobilier.
, , , , .
,
, .
18 43 .
18511857 . 824
1416, 445 684 ;

, 9 29; 8 . -
Banque de France , 1,8 5,6
396.
,
. ., ,
,
.
... -
... 397.
,
,
. ,
. . ,
.

396

Rosenberg H. Die Weltwirtschaftskrisis von 18571859 / H. Rosenberg. Stuttgart


Berlin: W. Kohlhammer, 1934. S. 90, 9395; Guetter F. Statistical Tables Relating to
the Economic Growth of the United States / F. Guetter, A. McKinley. Philadelphia:
McKinley Pub. Co., 1924. . 27.
397
The Times. 1866. 14 May.

263

,
, .
, . 1854 . 23 . , 1857 .
100 . . 10 . 900 . 398.
, , 100 , 400 . 399.
, ,

400.
.
,
. ...

... ,
,
, , , , , 401.

. ( ,
).
, . I ; .
398

Evans D. M. The History of the Commercial Crisis 1857 1858 and the Stock
Exchange Panic of 1859 / D. M. Evans. L.: Groombridge, 1859. P. 7374.
399
Revue Contemporaine. 1858. 2 serie, T II. P. 555.
400
The Times. 1858. 15 Jan.
401
The Times. 1866. 14 May.

264

.

.
.
.
402, . .
. , , .
, .
, , ! , , , , , , 403.

18501860-
(, 1870 )
,
. . 1850- 1860-
,
.
( ) , , .
402
I . ( 3% 2,75% 1899 .
2,5% 1903 .; , ,
4,5% 3,7% 1903 .) (Homer S. A. A History of Interest Rates / S.
Homer, A. Sylla. New Brunswick: Rutgers University Press, 1996. P. 192).
403
. .
http://www.aai.ee/~vladislav/poesia/index1.html?http://www.aai.ee/~vladislav/poesia/rus/
copies/poets/Blok_Kov.html.

265

, , 404. , , . 1855 . 14 . , 80 . 1851 . - , 1858 . . 1860-


-405.

.

, . , .
,
. ,
(, ,
, 8 1865 ., 30% 18 ).
, . 1844 . The Economist, , ,
. 1850-

La Semaine Financiere. 404

Standage T. The Victorian Internet: The Remarcable Story of the Telegraph and the
Nineteenth Century`s On-Line Pioneers / T. Standage. N.Y.: Walker and Co, 1998.
P.VIII.
405

(51,2%), (15,15%) (Wenzlhuemer R.
Connecting the Nineteenth-Century World: The Telegraph and Globalization / R.
Wenzlhuemer. Cambridge: Cambridge University Press, 2013. . 262).

266


,
. 1873 . -
L`Economiste Francais.
, . 1856 .
Manuel des Fonds publics et des societes par
actions, , .
( 1883 .
). 1863 . The Economist
Investors Monthly
Manual.
, ,
.

, ( , .)
.
, , (, , ), , , , , . ,
, ,
,
.

267


(18371901)
. , 406.
,

, . , ,
,
407.
, ,
.
- .

18501870-
,
I .
,
. 1846 . ,
1853 . ; 10% 408. 1850-
406

. . . 1 (19111914). www.onisland.net/History/Churchill/WorldCrisis/WWC_book_1.htm.
407
, : ! :
; . ?
-, , . ( . / . . . 3. http://ilibrary.ru/text/475/p.1/index.html).
408
1846 .
, 1852 . . 1852 .

268


18571860 . 20% ,
18471857 . 40%409.

,
410, , .
, 1848 1873 . . 2,5% (
I . 1,52%).
1,2% ,
3,5%411.
,
( 1848 .) ,

, ,
.
. ,
, .
412.

(20% 1850 ., 25% 1825 .).
( , , , ).

, 1860 .
, .
409
Mulhall M. The Dictionary of Statistics / M. Mulhall. L.: Routledge, 1909. P. 369.
410
I
, , 1869 .
. , ( 113 29 ), ( . / . . .: , 2010. . 198, 201).
411
Bairoch P. Europes Gross National Product: 18001975 / P. Bairoch // Journal of
European Economic History. 1976. 5. . 288.
412
. . . 4. . 4 / . . : , 2012. . 8384.

269

, , -, ,
, .
, .
.
, (
,
, ),
,
.
413. ,
1840- , 18501857 .
( ). ,
1840- 1850-

40% . , .
, , 18511856
., 414.
, .
, ,
413

18311856 . 10,4% ( 18001830 .


10,3% ). 0,9% ( .
1,1%), 2,2% ( 18001830 . 1,7%).
1860- 7,2%
, 0,9% , 4,5% (Lee C. H. The British economy
since 1700: a macroeconomic perspective / C. H. Lee. London: CUP Archive, 1986. P.
51).
414
. / . . .: , 1928.
. 119120.

270

. ( )
.

( ),
I .

,
,
, , .


.
, -.

415.
,
, . ,
1851 .416, . . ,
, , , .
, , .

. 415

. . . 1 (19111914). www.onisland.net/History/Churchill/WorldCrisis/WWC_book_1.htm.
416
Ferguson N. The House of Rotschild. Vol. 2 / N. Ferguson. N. Y.: Penguin Books,
2000. P. 65.

271

,
1820- , .
, , ,
. ,
. , , . .
,
, . ,
, ,
( ) ,
, 417.

, . 18481849 .
, , , ,
.
18711872 . -
- 18701871 . 1871
., .
120 (
13 ).
,

; ,
, 418. -

417

King W. History of the London Discount Market / W. King. L.: George Routledge &
sons, 1936. P. 264.
418
. . 1859 // . .
: 15 . .: ,
1949. . 6: . 155187.

272

419

420.

1855 . 409 1186 ,
421.
, . ,
. (Joint Stock Banks)422.
(Merchant Banks)423.
Baring Brothers. (Colonial
Banks)424. (Private Banks)425
Glyn, Mills, Currie & Co.
(Discont House)426.

, .
419

. 1833. 13. . 517.


. 1856. . 5. . 181.
1853 . Charter Bank , , ; 1862 . Standard Bank of British South Africa; 1865 . Hong
Kong Shanghai Bank .
422
Barclay &Co, Capital and Counties Bank, Lloyds Bank, London and County Banking
Company, London and Provincial Bank, London and South Western Bank, London and
Westminster Bank, London City and Midland Bank, London County and Westminster
Bank, London Joint Stock Bank, National Provincial Bank of England, Union of London
and Smiths Bank.
423
Baring Brothers & Co, Brown, Shipley & Co, Erlanger & Co, Fleming & Co, Hambro
& Son, Kleinwort, Sons & Co, Morgan, Grenfell & Co, N. M. Rotschilds & Sons, J.
Henry Schroder & Co .
424
Anglo-Egyptian Bank, Anglo-South American Bank, Bank of Australasia, Chartered
Bank of India, Australia and China, Hongkong and Shanghai Banking Corporation,
London and Brazilian Bank, London and River Plate Bank, London Bank of Australia,
Mercantile Bank of India, National Bank of Egypt, National Bank of India, Standard Bank
of South Africa, Union Bank of Australia.
425
Cocks, Biddulp & Co, Coutts & Co, Cox & Co,
Glyn, Mills, Currie & Co, C. Hoare & Co, Holt & Co, Martins Bank Limited .
426
Alexander & Co Limited, Allen, Harvey & Ross, Brightwen & Co, R. Cunliffe & Co,
Hohlet & Co, Kind and Foa, White and Shaxcson.
420
421

273


. (Clearing Banks) . () . (merchant banks) ,
.
1870 ,
,
, ,
427,
. ,
( ) ,
. ,
428.
( ),
, .

, 1826 1833 .,
.
,
429.
427

Bagehot W. Lombard Street: A Description of the Money Market / W. Bagehot.


London: E. P. Dutton, 1910. P. 269.
428
1810 . 780 , 1825
1826 . 554, 1844 . 273, 1884 . 172, 1904 . 35 (Cassis Y. City Bankers,
18901914 / Y. Cassis. Cambridge: Cambridge University Press, 1994. . 16).
429
1891 . , .
Glynn, Mills, Currie & Co ( 1,5 , 14,043
), Barclay, Ransom & Co (1,0 7,969 ), Coutts &Co (1,0
6,365 ). London and
Westminster Bank (4,445 26,123 ), London Joint Stock Bank (2,963
11,359 ), Union Bank of London (2,555 14,338 ). 18911914 .
. London and Midland Bank
8,125 1891 . 125,732 1914 ., Lloyds Bank 23,295
117,657 ; Barclay & Co 31,715 61,880 . ( 3000 ) Barclay & Co 70%. -

274

, , . , ,
(accepting houses).
, 430.
1850-
1847 . . .
,
. , , . ; 431.
18481849 .


, . ,
?
,

.


. 19011904 ., Lloyds Bank
26,3% , Union of London and Smiths Bank 25,4%, London Joint Stock
Bank 16,9%, Midland Bank 15,8%, National Provincial Bank 10% (Cassis Y.
City Bankers, 18901914 / Y. Cassis. Cambridge: Cambridge University Press, 1994.
. 20, 47, 70).
430
1914 .
Kleinwort, Sons & Co ( 4,431 , 13,6
), J. Henry Schroder & Co (3,0 11,6 ), Baring Brothers
& Co (1,125 6,6 ) .
431
. 1848 1850 . / . .
https://www.marxists.org/russkij/marx/1850/class_struggles_france/04.htm.

275

1848 . 1851 .
.
, , ,
, . ,
, ,
.
.
1848 .
,
, .
;
, 432. 1849 . , 433.
1848 .
,
. 1850 . . , .
434.
, ,
.

432
. // . , . . . . .
7. . 454. http://www.informaxinc.ru/lib/marx/07.html.
433
, 1840
1850 . 45% ( 10 14,5 ), 1850 1860 . 85%
( 14,5 26,8 ) (Scherzer K. Das Wirtschaftliche Leben der Volker / K.
Scherzer. Leipzig: A. Drr, 1885. S. 638).
434
815% 1847 . 2,53% 1848 . 1,752,5%
1849 . ( . . (18211938 .) / . . .
.: - , 1939. . 509).

276


435 1855 .
,
National Debt Office , , 30 . , . ,
, .
1855 .
, , 436.
.
1846 . 200 1848 . 20 ,
437. , .

,
. ,
. , , .
435

(William Ewart Gladstone; 18091898) 18521868 .


, - 18681874 ., 18801885
., 1886 ., 18921894 .
436
1885 , 30- 1855 ., .
, , , 1855 ,

, . National
Debt Office, ,
, , , . , ,
, ( . 185518611870 // , . 1899. 37. . 386).
437
.

277

1850- , , ,
.
18471857 . 300
350 ( 125 )438.

,
, . ,
, 1830-
1840- .
1851 1854 .
1850- ,

. , . 1853 994 , 1850- 4409, 3084 ,
18561857 .
1850- ,
, 1857 ., 1851 . 18541855 .
, 27%,
59%. 1854 . , ,
. 438
,
, , , ( 18471857 . 1,7 ,
800900 . . 1847 1857 .
1,3 3,9 (Commerce and
Industry: Tables of statistics for the British Empire from 1815. Edited by William Page.
L.: Constable and Co., Ltd., 1919. P. 137, 170).

278

, , .
,
,
1853 .,
, , 1854 . .
, .
, 1856 .
20 . . 1855 .
,
1856 . ,
.
1847 . 79% , 6% 7% . ,
1856 .
. ,
. , .
, , . . 1856 . , . ,
( ).
,
. , , , .

,
. , .

279

1857 .
, 1857
, , , .
-,
1857 . 18571858 . . . , ,
. ,
. , .
-
439.
,
. . , , , , . (Liverpool Borough Bank , Western Bank
of Scotland , City of Glasgow Bank, Northumberland and
Durham District Bank .).

, ,
.
8 9 5,5 10%. 10% ,

. 11,2
18 6,7 11 , ( 1847 .) , .
.
, Borough
439
., . / . , . . [2 .]. .
29. library.rksmb.org/text/kmfe-pss-t29.pdf.

280

Bank . 9 Western
Bank of Scotland, . , ,
; , , . , , .
, . 12
8 .
,
, ,
13 :
, 1949
, 440,
441.
, (
Royal British Bank, ). , , 250300 , 80 . ,
1857 .
, 1847 .
1857 .
, . ,
...
, 442.
440

., . / . , . . [2 .]. .
29. library.rksmb.org/text/kmfe-pss-t29.pdf.
441
, 1858 , ,
. 1859 . . , 18571858
. ,
, ,
, .
442
, ... , , . ,
, , -

281

1860-
1857 ., 1858 .
. . ;
. , , , 443.
, 1860
.
1857 . .
1850-
(Company Act 1862 .)
. ( 1856 1868 .) 6994 ,
5321 . ,
,
.
20% .
18651867 .
1859 . 1866 .
534 .
,
( 1860 . 145 , 1876 . 252
). 30% ,
, , ,

. ,
,
(New York Daily Tribune. 1857. 15 Dec.).
443
. // ., . . 2- . . XI.
. II. . 114.

282

, .
, 75 18151830 . 120165
18301854 . 260 18601867 .
1866 . 444, .
, (, ) 646
1851 . 814 1864 . 961
1867 .445
. , 1830- 1850-
, 1860 .
, .
, . 18601869 . ,
,
(60,0 ), (47,2 ),
(27,2 ), , ( 34,7
), (17,5 ), (21,4 )446.
1866 .
, 1866 . ,
. ,
1864 .,
. 1864 .
3%
9%. , 444

, .
, ... , , - (The Economist.
1867. 14 Sept. P. 10371038).
445
Stamp J. British Incomes and Property / J. Stamp. London: King, 1927. P. 427.
446
Jenks L. The Migration of British Capital to 1875 / L. Jenks. N. Y.: A. A. Knopf,
1927. P. 421423.

283

, ,
. .
, .
3% 1865 . 4,5%
, 7% , 8% 1866 .
, ,
10%, , , 12, 15 20%... ...
447.
, . 11 1866 . Overend and C, .

, 10 .

. , , . .
,
, , Overend and C448.
Overend and C
.

.
.
11 , ... ... ... , -, ...
. ...
447
448

The Times. 1866. 14 May.


The Times. 1866. 30 April.

284

,
. Overend and C
449.
, ,
,

. 130
, , , 1
, , 450.
, , ,
. 10%,

(
31,7 44,3 ).
, ,
1868 .
1866 .
. 1857 . , 1866 .
... Overend and
C, 1866 ., , . 1866 . , 451. 1866 .
, 1857 . . 1857 . ,
1866 .
.

449

The Times. 1866. 11 May.


The Times. 1866. 24 May.
451
- . . . , / . . -. .: -
. . , 1914. . 128.
450

285

1860-
, , 1,2
1853 . 1,7 1863, 2,3 1872 .
7 1903 . ( 7,5 )452. ,
,
, 245,8
1850 . 1176 1900 .
,
. 1853 . 194 (70% ),
16% , (70% ).
1873 .,
70% , 630
(60% 1850 .),
374 .
, Glyn Mills,
.

.
, , ( 1900 .)
44%
.
1870- , 1873 , . 18601866 . 33 , 18671876 . 60 452

Michie R. The Global Securities Market. A History / R. Michie. Oxford: Oxford


University Press, 2006. P. 84; Cassis Y. Capitals of Capital. A History of International
Financial Centres, 17802005 / Y. Cassis. Cambridge: Cambridge University Press,
2006. . 62.

286

; .
1866 1876 .
0,5 . ,
, 3 ,
5060 ,
.
, 18661875 . 110 ,
120 .

( )

, .

,

.
, ,
, . ,
, ,


,

, .
(
)
,
.


III ( 18481852 . ,
18521870 . )
,
I.

287

.
, ,
. ,
, ,
.
,
. , , . ... . ,
. ( ,
) ,
,
453.
1850-
1840- , 1850- . ,
1850- 40% .
1840-
1,860 ( 5,900 ), 1850-
3000 ( 10 000), 1870- 20 000 (
25 000)454.

(,
, ),
453

.
, . .
454
Hau M. Entrepreneurship in France / Hau M. // The invention of enterprise:
entrepreneurship from ancient Mesopotamia to modern times [d. by D. S. Landes].
Princeton (New Jersey): Princeton University Press, 2010. P. 305.

288

, .

. .
.


, 51 1846 . 1848
1851 . 70%
( 1840- 30%). , 1850 ., 10%.
22 . 1 1847 . 25 .
1853 . 30 1855 ., . , ,
1852 . 1869 . 1
7 .

1,53 .
( ) 18501857 . 4,5 ;
2,7 (
, 1855 1856 . 1025 ). ( )
1,6 200300 455. 1850- ,
, .
,
, , , 456. 455

Lvy-Leboyer M. Histoire economique et sociale de la France depuis 1848 / M. LvyLeboyer. Paris: Cours de Droit, Institut d'etudes politiques, 19511952. P. 177; Vialles
P. La Consommation et les crises conomiques, thse pour le doctorat, par Pierre Vialles /
P. Vialles. Paris: V. Giard et E. Brire, 1903. P. 307308.
456
(, ), 500 (Wirth M.
Geschichte der Handelkrisen / M. Wirth. Berlin: Ayer Publishing, 1890. . 319320).

289

,
,
, , 1850-
.
1850- Credit
Mobilier

1850- . , - , 1848 , ,
. , ,
1848 . .
, 18491851 . 70% ,
( )


. .
.
1850- 1852 . (Credit Agricole)
(Credit Foncier)457,
III Credit Mobilier,
. ;
.
Credit Mobilier,
, 18 1852 . 457
.: Szajkowski Z. Jews and the French
Revolutions of 1789, 1830 and 1848 / Z. Szajkowski. Jersey City, NJ: KTAV Publishing
House, Inc., 1970. . 925.

290

458. Credit Mobilier 60


120 .
99
, 10 .
( 1850-
400 459).
Credit Mobilier
,
.
, ,
,
, ,
. 1850-
(Nord, Est, PLM, Quest, Midi, Paris-Orlean), ( , ).
,
, , , .
,
, 1870-
. . .
, , ,
460.
. 458

,
- ( .
. / . .
., 1912. . 263).
459
. . .
/ . . . .:
. (. ), 1898. . 82.
460
. . / . . . .: , 1878 (. .: , 2000). . 101.

291

, Credit Mobilier ( 1855 . 44%). 1852 1855 .


; 461.
. ,
,

. , 1856 1857 ., 700 , 226
1858 . 4,4 (
13 2 , 27
- 0,9 , 54 0,3 462.
( ),
, , . , ,
463.
Credit Mobilier
1850- ,
, (
, )
, ,
, .

, Credit Mobilier
.
Credit Mobilier 1867 .

461

Ormesson W. La grande crise mondiale de 1857 / W. Ormesson. Paris: Maurice


d'Hartoy, 1933. P. 109.
462
Block M. Statistique de la France comparee avec les autres etats de l`Europe / M.
Block. 2 vols. Vol. II. Paris: Amyot, 1860. . 250.
463
. / . . http://lib.ru/INPROZ/ZOLYA/money.txt.

292

1857 .

1857 , , ,
. (
, ) 1856 .
, ,

1857 Credit Mobilier, ,
60% . .
1857 . ,
,
1856 ., 1857 . 18561858 .
12 , ,
. 1857 . 1856 .
( Credit Moblier 2,8 ,
2 Darmstadter Kreditbank),
1,5 .
1857 .
10%464.
1857 .
, , .
,
. 30
40%, 16%465.
, .

464

Rosenberg H. Die Weltwirtschaftskrisis von 18571859 / H. Rosenberg. Stuttgart


Berlin: W. Kohlhammer, 1934. S. 130131.
465
Journal des Economistes. 1858. . 18. . 214.

293

1860- 1867 .
, , 1860-

466. 108 1861 . 269 1865 .
225 1866 . , , .
. 1858 ,

(Compagnie Universelle du Canal Maritime de Suez).
, . , 1869 ., .
, ,
, , ,
. . ,
, , , , ,
, , ,
,
, , , , ,
, . ,
,
. , .
,
...
466

The Awakening of Europe // The Economist. 1860. 866. March 31. . 335
336.

294

,
, , - .
,
467.
1860-
, , . Credit Mobilier , , , , ,
. , , , 468.
1860- ,
1857 . , -
1860-
.
1867 . , 1866 .
,
1857 .; . , - .
,
, , ,
, . , Credit Mobilier,
. , Credit Mobilier, 1867 . 591
. 877 1966
. 134 1867 ., .
.
467

. / . . http://lib.ru/INPROZ/ZOLYA/money.txt.
. / . .
.: . - , 1908. . 102.
468

295


18501870- .
469.
, , ,
,
470.
, , , ,
, , . , ,
, ,

471.

agents de
change, . ( I . 70),

.

472,
469
. 1837.
. 3. . 159.
470
. 1869. . 4. . 7. . 161, 164
471
, :
, : , ,
, , , ,
, ( . / . .
http://lib.ru/INPROZ/ZOLYA/money.txt).
472
, I
(, 1861 . 28 ).

296


( 40%).
. .
. , 1872 .
3% 140
, - (
) 73% 53%.
, , ,
73% 6% 473.
, , 1847 . 60 (
1845 .) 54 1850 . (55)
1855 ., , 72 1860 ., 76
1865 . 1870- 140 1870 . 1850 . 24
( 8 , 3
, 2 ), 1870 . 36 (11 , 6 , 1 ). ( ) 18511870 . 25 474.

. ,
, ,
[] , . . ,
, . ,

473

The Advantages and Disadvantages of French Securities // The Economist. 1872.


1507. July 13. . 861862.
474
Arbulu P. La Bourse de Paris au XIX sicle: efficience et performance d'un march
financier mergent / P. Arbulu. Paris: ditions Connaissances et Savoirs, 2007. P. 31, 37.

297


.
, , , . , ,
: , , , .
, . ,
,
.
(, , ),
,

. : , , , , . , , , , ;
, , . , . , .
,
, . , ,
,
.
, , .
,

298

,
.
,

. ,
. , ,
.
, ,
.
, ,
. , (
), , , .
,
.
, , .
.
! ,
. . , . , ,
475. ,
( . .).

, , . 1850 . , , 9,1 ( 1899 .
9,5 86,9 ). 1850-
, 2,5
(27%) 27 (31%). 1851 1900 . 475

. / . . http://lib.ru/INPROZ/ZOLYA/money.txt.

299

( ) 75% 48%;
12% 33%.
1869 . 1
( 1,7 1863 . 2,3
1872 .),
. ( ) , (
). .
:
I .


, I .
, ,
. I .
, , . ,
,
,
, . , ; . ,
, .
I . . , , . ,

300

, , , .
1840-
I ,
. , I . ,
, , .
(
4 1790 . 40 1870 .) , , . ,
,
(. frontier) , ,
, - ,
.
, , .

.

, ,
.
( )
,
. ,

? ,

?
-
: ,
! , ! -

301

! ,
476.

, .
,
.
(National Banking Act) 1864 .,
.
, . .

,
, .
I . , , .
, . , .
1850-
1850-
, ( 18501860 .
23,3 31,5 ). , 1850- .

1848 . ,
. , 476

. ( ) / . , . .
lib.ru/INPROZ/MARKTWAIN/gildage.txt.

302

,
.

1850 500800 .
80% , ,
150 . , ,
, , 477.

1850 1860 . 1019 1886 478.
1850- , ,
,
.
. ,
,
( ). ,
,
. .

479.
, , 480.
477

Reibnitz . von. Amerikas internationale Kapitalwanderungen / . von. Reibnitz.


Berlin: Gruyter, 1926. S. 22, 23.
478
Statistical Abstract of the United States. Washington: US Government Printing
Office, 1935. P. 715.
479
,
.

,
. (The Economist.
1854. March 11).
480
1854 . 39 .
, 20 ., 10 ., 6 . .
, , -

303

1857 .
1857 . ,
,
, (
)481.
-
.
,
. , , ,
, ,
,
.
, , , . 1857 .
- . , 482
.

.
, , 24 1857 . - Ohio Life Insurance and Trust Company. ,
,
.
, ,
, 8 . (Tooke T. A History of Prices and of the State of the Circulation
from 1792 to 1856 // T. Tooke, T. Gregory, W. Newmarch. 6 vols. Vol. V. L.: P.S.
King and Son, 1928. P. 356, 380).
481
.: Commercial and Money Affairs. Sales at the Stock Exchange Stock
Exchange Lloyds // The New York Times. 1857. July 23.
482
Times. 1858. 1 Jan.

304

. , .
, , . , 26 1857 ., , , 175. 150
. , 100% .
.
. , - ,
. , ... ,
. ,
483.
- 13 .
, , -, 12
.
-,
. 18 - ,
32. -. ,
( 1857 . 5 ).

2050%,
1856 . 78 484.
,
,
. , 5060% (
- 84%).
. 1856 ., , 483

Times. 1857. 9 Oct.


Schaffle E. F. Gesammelte Aufsatze 2 Bd. Bd 1. / E. F. Schaffle. Tbingen: Laupp,
1885. S. 25.
484

305

1857 ., . 1856 1857 . , 2030%.


.
1857 1858 .
, . 1857 .
- ;
1858 .
16%, 20%.

18611865 .

.
,

, 15 100 .
,
. ,
.

485.

. ,
,
,
.
,

.
,
. ,
485

Glanz R. The Rothschild Legend in America / R. Glanz // Jewish Social Studies.


1957. 19. P. 328.

306

, 80%
.
20 1
7%,
,
.

, .

. 1863 . 1864 .
486.
,
,
.
4 , 6,25 27,25 .
( 1860 . 1862 . 40
),
,
.
, . .

,
,
. ,

. ,
,
3 .
1862 . ,
,
. ,
-
, .
. ,
,
, , ,
486

Weidenmier M. The Market For Confederate Cotton Bonds / M. Weidenmier //


Explorations in Economic History. 2000. 37. . 7697; Weidenmier M. Turning
Points in the U. S. Civil War: Views from the Grayback Market / M. Weidenmier //
Southern Economic Journal. 2002. Vol. 68. 4. . 875890.

307

.

.
1860-
18611865 . ( ) . ;
,
. 487.
, I ., 1860-
,
. -, . -
, , , - .
-, -
. ,
, U. S. Steel,
1000 ,
, .
XIX . ,
; 1860-
488.
487

1880- .
488
The Increasing Activity of Government Securities // The New York Times. 1866.
August 11.

308


1860- ,
1865 . ,

.
.
, ,
,
. , ,
,
, , . -
, .

, ,
,
. 1860- , 489.
,
,
25% , 20% , , , . , ,
, .
,
10% . ,
, .
,
489

American Topics: American Securities // The New York Times. 1865. October 10.

309

, . ,
,
.

. , . ,
, , , ;
.
, , .
, , . . ,
, -
490.
, ,
,
. , 1870- .
1860 . 30 000 491, 1,2 490

,
, .
: , ,

, ( . ( ) / . , . . lib.ru/INPROZ/MARKTWAIN/gildage.txt).
491
, ,
, , (Fogel R. Railroads and American Economic Growth: Essays in

310

.
Winslow, Lanier and Company, Kuhn,
Loeb and Company, George Peabody and Company ( J. . Morgan and Company) .
. 318 1850 .
11,5 1900 .; 50% - 492.
, ; . 18631873 . ( )
1,3 . 2 , 18651873 .
, .

. ,
.
,
,
493. , 1873 .

Econometric History / R. Fogel. Baltimore: John Hopkins Univ. Press, 1964. . 100;
Fogel R. W. The reinterpretation of American economic history / R. W. Fogel, S. L.
Engerman. New York: Harper & Row, 1971. 494 p.).
492
Lerner W. Historical Statistics of the United States. Colonial Times to 1970 / W.
Lerner. Washington: United States Dept. of Commerce, 2003. P. 968.
493
Rise of United States Securities at Frankfurt Success of the New Treasury
Arrangement // The New York Times. 1871. August 15. Great Activity in Government
Securities // The New York Times. 1866. April 25. Our Securities Abroad // The New
York Times. 1866. August 28.

311


,
, -. -,
, , , , .
.
1860- ,
, Erie Railroad. 18661868 .,
. ,
( 1877 .
100 ). ,

,
. ,
-,
6 .
,
. 1868 . , ,
Erie Railroad, 10
,
Erie Railroad. ,
, . , , Erie
.

. 1860-
, ,
, .
, .

312

.
(
15 ), , .
24 1869 . , . ,
4 , 1,5 .
, , , .
( 1872
. Union
Pacific), 1880-
. Union Pacific, 20

. , , , , . .
Union Pacific ,
, 1872 . - Sun , .
1866 . 1867
1866 .
(
), 1865 . .
, ,
, , , 494.

494

New York Daily Tribune. 1865. 23 Oct., 19 Dec.

313

1866 .
.
, 1866 . 38 .
- 1866 . 68%,
1867 . 10%. ( 530 1865 . 1505 1866 . 2780 1867 .)
1867 . . 1857
. ... .
, 495.
, .
...
... 496.

,
1860-
( ,
)
( ).

, .

.
1860-
, , ,
, , . , 1866 . Delware, Lackawanna and Western Rail Road Company
495
496

The Economist. 1867. 27 April. P. 470.


New York Daily Tribune. 1868. 3 Jan.

314

- ,
497. New York
Central and Hudson River Railroad
18701880- .

Fraudulent Transaction Act (1857 .),
;
Punishment of Frauds Act (1857 .) Larceny Act (1861 .),
.
, 1860 . Sunshine Laws, .

(Wall
Street Journal, Barron's .)
American Railroad Journal, Railroad Gazette Railway World.
, , .
1867 . - ,
. .
- , , (4,6 . 1870- 40% ),
.

,
- . . (R. G. Dun),
1841 .
. 1859
R. G. Dun and Company,
. 1849
497

King T. A. More Than a Numbers Game. A brief History of Accounting / T. A. King.


Hobolen (New Jersey): John Wiley & Sons, Inc., 2006. . 15.

315

(John Bradstreet).
,

. Barrow, Wade,
Gutrie & Company ,
, New York, Ontario and Western
Railway Company
498. 1886 .
-,
.



1860- 1870- , , . , 1871 .
.
. , . 1870 , , ,
, , , ,
,
, ,
, 499.
498

1933 ., Dun & Bradstreet .


499

: , , , , , , - , . ,

316

, .
, .

1840- 1848 ., , 1871 .
, . ,
, -.
, .

500.

. ,
,
, ,
.

1840- , . 501.

, ( . . / . . .: , 1991. http://www.belousenko.com
/wr_Zweig.htm).
500
1830 1840 . 16%
, 1851 1870 . 38%.
,
( 1838 ,
).
501
1873 , 1879 .
.

317

1840- (1845), (1849),


(1853), . 1850-
, 22,5 .
1850- . Credit Mobilier
Bank fur Handel und Industrie.
. , , ,
, , .
, ,
, ,
. , ,
, , 502.
, 18531857 .
, 1500 , 600 , 420 , 90 , 390 503.
1856 150 .
,
.
1857 . ,

. :
-

502

Journal des Economistes. 1856. 15. X. . 59, 6667.


Sartorius von Waltershausen J. Deutsche Wirtschaftsgeschichte 18151914 /
J. Sartorius von Waltershausen. Berlin, 1920. S. 184185.
503

318


504.
1857 .
18561857 .
, , . 1857 .
,
. ,
.
, ,
, , .
- , . , , ,
.
-. , 1583 ., ,
. . ,
. 505.
504

. . / . . . : , 1878 (. .: , 2000). . 103.


505
,
.

, . 1820 1860 .
, , . 1860 .
330 . IX . 5,5%
, 5,3%.
4,5% (Ferguson N. Paper & Iron. Hamburg Business and
German Politics in the Era of Inflation, 18971927 / N. Ferguson. L.: Cambridge
University Press, 1995. . 3233).

319

1857 . , 506 - 18541857 .


. 162 1855 . 400
, 507. , , . , , -, , 1857 .
1856 . 40 ,
; , - 34 300 . c
508.

17 1857 ., .
. 2324 1857 . :
.
. . ,
,
, 509.
.
, 510.
1857 . 12%.

506

Journal des economistes. 1858. II. P. 245253.


Rosenberg H. Die Weltwirtschaftskrisis von 18571859 / H. Rosenberg. Stuttgart
Berlin: W. Kohlhammer, 1934. S. 129.
508
Preussisches Handels-Archiv. I Halfte. Berlin, 1858. S. 301.
509
Ormesson W. La grande crise mondiale de 1857 / W. Ormesson. Paris: Maurice
d'Hartoy, 1933. . 8589.
510
Times. 1857. 3 Dec.
507

320

1860-

.
,
. 1864 .

, ,
, ?
, : , 511.
1860 , , 426 512. 1851 1870 . (
1860 .) 1,7 ( 1 ),
1835 1873 . 5,6 . : -
373 18561860 . 580
1865 .
1860- 1850- ,
. 1860- ( ),
, , , 513.
511
// . 1874. 38. . 214.
: Germany is a nation of misery,
who believe in the hoarding of money rather than the profitable investment of it ( , , (Mayhew H. German Life and
Manners as Seen in Saxony at the Present Day / H. Mayhew. London: W.H. Allen &
Co., 1864. Vol. 2. . 593).
512
140 , 54 , 44 , 39 , 30 119 .
513
, .
,
, . -

321

,
(
),
, 514. ,
.
,
- .
, ,
, , idee fixe
515. ,
, ,

, .

,
516.
, , .
, (
// . 1874. 38. . 214).
514
18501860- 6 19,5
. , 20 . 88 1950- 500
1870- (Cassis Y. Capitals of Capital. A History of International Financial Centres, 1780
2005 / Y. Cassis. Cambridge: Cambridge University Press, 2006. . 55).
515
//
. 1876. 4. . 53.
516
, , ,
,
.

322

517. 1850- 1960-


, . I .
, , , .


, , ( ) .
, ,
-
.
, (
) . ,
.

,
.
,
,
,
- .


, ,
517

, 1856 . - 1868 .,
, .

323

. . (
), ( 1871 ., )
.
1833 . , 1820- Berlin Kassenverein Pommersche
Privatbank . 1833 .
,
. 1835 .
, 1838 .
.
1850- ,
, , .

. ,
,
.

,
,
518.
518
. . /
. . ., .: . .-. -, 1931. . 127.
1873 . , 1873 .
.
, .
, ,
. ,
(
). , . , ,
, , ,

324


. ,

, (
I ).
, Disconto-Gezellshaft, 1851 . , 1853 .
Darmstadter Bank,
.
, 1857 . .
( 1850 .), ( 1857 .), ( 1874
.), .


. 1848 . , 1849 . .
.

( 1855 .), ( 1868 .),
( 1872 .).
1854 ., 1856 . . ,
,
, . 1892 . (Gesetz betreffend die Gesellschaften mit
beschrankter Hauftung, GmbHG), , . , 1986 .519
.

.
519
A Global History of Accounting. Financial Reporting and Public Policy: Europe / Ed.
by G. J. Previts, P. Walton, P. Wolnizer. London: Emerald; University of Sydney, 2010.
. 61.

325


I . ,
1848 1866 . 82
, ,
1857 . 100 . -
Seligmann & Co Seligman &
Stettheimer, 6%
500 . ,
.

, ,
. , . 1870 . 325 (95 , 115 , 55 .).
1871 .
520.

- 19 1870 .,
, 28 1871 . . .
5,57 . 520

. 1897. . 13. . 212.

326

( , ),
. , .
-
, ,
.
,
.
, 521.
, . , ,
.
,
, . 27 1870 . .
, , ,
.
, 521

, , . ,
, , . , , , , ,
,
, , , ( // . 1874. 38. . 215).

327

522.
18711873 .
( . Grnder ). 1870- (
, 1820- , 1850- )523. . , .
, .


. 5% (
3,87,6%, 5,4%). 524.
522

. , .
,
( )
,
- ( // . 1874. 38. .
215).
523
1790 1867 . 225 (
2 ), 1867 1870 . 54 (
18 ), 1870 .
1870 34 , 1871 . 259 , 1872 . 504
. 1870 1874 . 857
( . / . .
.: - , 1877. . 356).
524

( 1870 1874 .): 12,31% ;
8,36% ; 5,87% ; 6,44%
. , ,
.

, -

328

. 1870 . 31
400 ,
107 706
( Deutsche Bank, Dresdner Bank, ommerzbank .).
10
1870 . Deutsche Bank, , ,
.
, . 5 , 2
, . , ,
1872 ., 1873
. .525
1867 .
9,5% ( ) 4,7% ( ).

. ( )
,
. , 1878 . 52% (
65% ) ; 1883 . 66%
(88% ); 1887 . 59% (80% ). ,
. , Credit Mobilier 13% 1854 ., 47% 1855 ., 24%
1856 ., 1857 ., , .
Credit Mobilier ( 500 ) 1856 . 1995,7
., 1870 . 87,5% . 2,4% 1854 .,
10,67% 1855 ., 15% 1856 ., 5% 1857 ., 5,25% 1858 ., 4% 1858 .
1856 . 170%, 1859 . 42% .
Creditanstalt 205% 1856 . 42% 1859 . ( .
. .
/ . . . .: .
, 1898. . 7980).
525
Klubmann U. Das Kaiserreich. Deutschkand unter preubischer Herrschaft Von
Bismarck bis Wilhelm II / U. Klubmann, J. Mohr. Munchen: Deutsche Verlags-Anstalt,
2014. S. 135137.

329

526. , , , 1870-
9% 1850- 17%
1870- 527.

528,
, . ,
18711872 . 780
.
,
.
, .
, ,
,

.


.
, , ,
, . ,
.
, ,
, ,
526

// 29 ,
. 1870. 29. . 323.
527
Silke P. Die Grnderkrise von 1873 und ihre Auswirkungen / P. Silke. Munchen:
GRIN Verlag, 2008. S. 78.
528
1871 . 296 2,4 , 72% , 11% . 1871 1873 . 928
2,78 , 107 740 (Gmmel R. Entstehung und
Entwicklung der Effektenbrse im 19 Jahrhundert bis 1914 / R. Gmmel // Deutsche
Brsengeschichte / Rainer Gmmel, Friedrich-Wilhelm Henning, Karl Heinrich Kaufhold,
Bernd Rudolph, Rolf Walter. Frankfurt am Main: Fritz Knapp Verlag, 1992. S. 153
154).

330

. .

, ,
,
. , . , ,
,
. , , -,
, ,
, (
).
1873 ., ,
. , , , .

, .
.
- ,
. , -,
. .
,
250 .
(
43%). , 320 . , 250 . , 70 .

331

.
. ,
, ,
. ,
20 .


(
- ) 529. , .

. . ,
530. ,
, ,
531. , ,
,
. 529

, ,
, ( , ), , 5 100 . . , , ,
. , , (
). .
530
,
1888 Assurance financiere 2,85 .
531
Journal des Economistes. 1856. 15. X. . 59, 6667.

332

815 ,
532.
,
.
(
100), (
, 9 , ).

.

.
,
, , , ,
1873 .
7 1873 . 533. 532

. . .
/ . . . .:
. , 1898. . 121122, 133.
533
, ,
, . , ,
( , , ).
(, ) ,
. , .
,
,
. ,
( -) , ( ,
) , .
, . .: Borchart J. Der europische
Eisenbahnknig Bethel Henry Strousberg / Borchart J. Munich: C.H. Beck, 1991. 352
s.; Hunt R. The Amazing Dr. Strousberg / R. Hunt. London, Richard Hunt Publishing,
2009. 196 p.

333

( , )
. , .
, , , ,
- .

. 7,5% 254 ,
, 1872 . . 534.
, , (2,5 ) . 1870 ., , ,
4 .
, 2,5 .
, ,
, 1 1871 . . -:
, ,

535.
1871 . C ,
534
,
, , . , 1870 . . .
535
. . / . . .: , 1985. . 9192.

334

, , 15 ,
. 1875 . - 2
, (
7 ),
. , 1882 .
.
,

536. ,
, Deutsche Bank. ,
,
.

.
1875 . 5,5 537.
536

1872 . , 1873 .
9,6 , 1874 .
( 1874 . 26 65,36 , 1875 . 28 54,0
, 1876 . 37 48,42 , 1877 . 43 66,65
, 1878 . 37 84,08 , 1879 . 47 69
. , . 203 , 1871 ., 1873 .
30 (14,7%). 478 , 1872 ., 138 (28,9%); 162,
1873 ., 67 (41,4%); 30, 1874 ., 14 (46,7%) ( . . .
/ . . . .: . (. ), 1898. . 141
142, 184).
537
1883 ., ,
, Deutsche Bank
Northern Pacific Railroad.
,
(Klubmann U. Das Kaiserreich. Deutschkand unter preubischer Herrschaft Von Bismarck
bis Wilhelm II / U. Klubmann, J. Mohr. Munchen: Deutsche Verlags-Anstalt, 2014. S.
138).

335


1875 . , [1875] , , .

, ,
,
538.
, 1873 ., , 900 , 2,8 .
: 18481873 .

1848 , , . , ,
,
, , ,
, 539. , Wiener Tagblatt Lemberger
Zeitung, , . ,
- 540.
538

, 7 1875 . ( ) // . 1875. 5. . 86.


. . / . . .: ,
1991. . 30. http://www.belousenko.com/wr_Zweig.htm.
540
,
- .

539

336

, , , , , . ,
, ,
.
1848 .
1848 ., , 1861 . .

,
, .
,
.
- .
.

, , , . , .
, ,
( . / . . http://www.erlib.com).
, - ( . . -),
.
. ,
,
( . / . . http://www.ereading.link/book.php?book=40125).

337

( , ), .
18501857 .,
1857 . 1867 1873 ., ( ,
), 1873 .
-

- ,
. , , ( ). 1850- ,
. ,
.
18401850- ,
541 Pest Magyar
Kereskedelmi Bank (1841), Niedersterreichische EscompteGesellschaft (1853) Banca Commerciale Triestine (1853).
Credit-Anstalt
( sterreichische Credit-Anstalt fur Handel
und Gewerbe), 1855 . . , , , .
, ,
redit-nstalt.
541


Erste Osterreichische Sparkasse 1819 ., (, Bohmische Sparkasse ). , , (Albrecht C. The Decision to Establish Savings Banks in
Bohemia, 18251870 / C. Albrecht // Economic Development in the Habsburg Monarchy
and in the Successor States. Essays. Edited by John Komlos. New York: Columbia
University Press, 1990. P. 7677).

338

, ,

,
. , , 1863 . AngloAustrian bank . ,
, .
1857 .
5 1859
Arnstein und Eskeles ,
Credit Mobilier 30
. Arnstein und Eskeles ,
, ,
. 80- , , , ,
,
, ,

542.

1857 . . ,
, 1820- , 1830-
. 542

. / . // .,
. . 2 . . 13. . 353.

339

Mahrische Escompte-Bank (1862),


Bohmische Escompte Bank (1863), Zivnobanka (1863).
, Zivnobanka , ,
. , ,
1871 . 543.
-
( , , )
, ,
- ,
Landesbanken . redit-nstalt
40% ,
, 50% , , 10% .
,
, 544.
- ( ) ,
.
redit-nstalt 500 ,
. , , .

1580 545 ,
546.
543

Rudolph R. L. Banking and Industrialization in Austria-Hungary: The Role of Banks in


the Industrialization of the Czech Crownlands, 18731914 / R. L. Rudolph. Cambridge:
Cambridge University Press, 2008. . 6972.
544
Wurm S. The Development of Austrian Financial Institutions in Central, Eastern and
South-Eastern Europe / S. Wurm. Comparative European Economic History Studies
Working Paper Series Number 31. November 2006. Vienna: University of Applied
Sciences f Vienna, 2006. . 26. http://www.econbiz.de/archiv1/2009/97031_
development_financial_institutions.pdf.
545
, . -

340

1860 1870-
, - ( ,
Erlanger). , Kredit-nstalt547.
, ,
1873 .
-
1860-
1860- , 1867 . - , .
,
7% ( ,
3,3% 4,7%).
,
. 1863 1864 .,
, , ,
18651866 . ( , ), 1866 .
, . . , .
546
. . .
/ . . . .: .
(. ), 1898. . 121122.
547
,
, ( 1854 . 2617 1852 ), -
18531856 . , . 1873 .,
9600 , 90% .

341

1867 .
.
1873 .,
, ,
. ,
. ,
,
- . - (Kaiserlich und Koeniglich, - ) , . , ,

1873 . -,
, ,
, .
,
,
, .
, .
,

.
1860- 1870-


( 26 1852 ,
1862 1906 .). 1857
100 . 1853 1857 . -

342

, 548
350 ,
250 100
. ,
1857 .

18561857 .,
1869 141
( 1868 . 5) 517 .
1869 .
982 ,
470 549. 550. ,
, 4,5%
5%; .
1859 . .
1860- -
. 1860-
, - , 548
, ,
Galizische Landstndische Credit-Anstalt, 1841 . 1863
. Magyar Fldhitelintzet, Allgemeine sterreichische Boden-Credit-Anstalt ( 1863 .).
549
, 1868 . 21 , 30 , 1869 .
99 , 135 ,
100 .
1868 . 1869 . 84 326,8 .
550
1869 28 (23 387,6 ; 15
1869 . - 1869 . 59 132,2 40 1869
( 1868 . 6 ). 1869 28 (23 387,6 ; 15 1869 ). -
1869 . 59 132,2
40 1869 ( 1868 . 6 ).

343

,
. , . ( , , ,
)
, .
, , 1870 . 20 (
Kassenferain 1 ),
, redit-nstalt, 40 .
, (Maklerbanken),
, (Baubanken).

,

,
, , .
1860- ,
1860- ,
,
, 551.

, , 1850-

,
42 1854 . 96 1867 . 154 1873 . 1869 .
43,7 .
, - .
68 38
98,8 .

551

. . / . . . : , 1878 (. .: , 2000). . 105.

344

1871 . - 376 1,9 ( 6 , 1271 ). 1873 . 900 2,4 ( 200 ,


2200 ).
11 , ,
,

. ,
, 552.
1871 . - 544,6 (2 33 ; 5 14 ; 30 115,2 ; 34
305,2 ; 36 77,2
). 1872 . 1108 ( 40 ; 7
14,8 ; 87 420,95 ; 35 251,11 ; 131 381,14)553.

, 3% , 2,5%554.

; ,
; , .
18691870- , - , , ,
552

// ,
. 1899. 45. . 486.
553
. / . . .: , 1877. . 355.
554
. . - / . . //
. / . . . . . .: , 1998. . 349.

345

11 20 .
1870 . ( 1870 .)
, ,
555.
1870 , . 32 , 1869 , 11

1870 ., . 58 .
1871 . ,
, ; .

, . .
, . . , 556.
1870-
. , .
1870 -

555

100 . 16 ,
10,5; , , .
( . - / . . .: , 2003. .
307).
556

, , , ( .
/ . . .: - , 1877. . 367).

346

, 557.
1872 ., ,
.
.
, .
,
.

-
V 1873 .558
, 20 ,
.
15 , 7
700 . , 9 1873
, ,
.

- , . , - , ;
. , . redit-nstalt. , . ( ), 557

. . , . / . . . .: . . . , 1879. . 125.
558
( 1851 1862 .) (1855
1867 .).

347

1 1873 .
. , , ,
- 5 1873 . redit-nstalt.
. ,
? . ,
,
559.
, 276 75,
145 65, 313 142, 273 95, 258 52 . . 300
. 1873 105,1 , 135,8 .
112 262
; 1250. .
.
40 3000
, 6 (52 ), 18 (64,6 )560. 1873 . ( 160 )
6,2%, 10,5 .
, 190 , , 162 , -

559
. , -
, , ,
( . / . .
http://lib.aldebaran.ru/author/gashek_yaroslav/gashek_yaroslav_finansovyi_krizis/).
560
131
1872 102 1873 ., 75 1884 . 53 1879 . 69 1873 . 28 1874 . 14 1879 . 1880
( ) (A
History of Banking in all the Leading Nations. Vols 14. Vol. 4. Germany, AustriaHungary, Netherlands, Scandinavian Nations, Japan, China. New York: The Journal of
Commerce and Commercial Bulletin, 1896. . 131132.

348

42%561. , - . ,
1880- , .
, -
. -,

(

). , 1875 . 2,1 .
1874 .
, 1873 . , , 1874
.. ,
, , 1873 .

,
.
, .
, , ,
. ,
, ,
.
, 1871 , -

561

//
, . 1901. 47. . 359.

349

, 562.
, ,

,
. , , , . ,
563.

,
, ,
564.
-
,


, .
- ,
.

562

1873 // . 1875. 15.


. 322.
563
, , // . 1875. 21.
. 463.
564
, , . ,
,
, (, , // . 1875. 24. . 517).

350

1873 .

1873 , ,
. 1860-
, ,
. ,
- ,
. , ,
. ,
. - 1873 .
, .
.

1873 .
1869 . 1860- . , .
( 1869 1870 . 43,7 ). , 565.
1870-
, 565

68 1869 38 97,8 . 1870 . 37


193,03 . 1871 . 261
1108 . ( 40 . ,
14,8 , 87 420,96
., 35 251,11 ., 131
381,14 . ( .
/ . . .: - , 1877. . 354355).

351

.
1873 ,
.
566.
18701873 . 528
, 2,5 ,

. , 7 1857 90 . 2 452 , 8%
, 567.
1870 . ,
,
. 1870-
, , , .
,
, , , , .

, ,

, .
1872
, , .
, 566

. 10 // . 1876.
2. . 16.
567
Neuwirth J. Bankacte Und Bankstreit In Oesterreich-Ungarn, 18621873 (1873) / J.
Neuwirth. Wien: Kessinger Publishing's (Photocopy Edition), 2010. S. 1819, 6667.

352

. ,
,
,
, . ,
568.
, , ,
.
9 , .
1873 ,
.
, 569. 24
570. 8 9
. , ,
; , .
,
, , . .
571. , 8 ,
150 , 120 572.
300 .
, 573.
568

. 10 // . 1876.
3. . 33.
569
. . , . / . . . .: . . . , 1879. . V.
570
Schaffle E. F. Gesammelte Aufsatze / E. F. Schaffle. Tbingen: Laupp, 1885.
S.109.
571
. / . . .: , 1877. . 403.
572
Silke P. Die Grnderkrise von 1873 und ihre Auswirkungen / P. Silke. Munchen:
GRIN Verlag, 2008. S. 9.
573
Vienna`s Fair // The New York Times. 1873. May 25. Vienna // The New York
Times. 1873. May 28.

353

31 28 1873 : 74%, 58%, 49%, (


) 20%.
. 22 , 17
. 18
1873 .
76 . 9,5%,
574.

1874 ., . 1872 . 141 , 1873 .
153, 1874 . 216. 51% 1872 . 41% 1873 . , , , , 4
1874 .575.
1874
, ,
1873 , -
.
, . - , , - ,
. , Parasitbanken.

, 574
:
(4,9 938,9 )
105,9 . ; (
213,3 .) 135,8 . ; (3,3
510,9 .) 366,7 .
575
1 30 1871 . 48 , 1872 . 44
1873 . 43; 1874 . 73 70%
( . : / . . .: ,
1994. http://www.gumer.info/bibliotek_Buks/Sociolog/Durkgeim/index.php).

354

, , , 576.
1876 . 28,9 ,
4%
577.


.
1873 . , . 1873 .

Wiener Kreditanstalt,
.
,
, ,
.

.
, 18
400 . , , , 578.
, , , ,
. , ,
.
, . !
. , , , 576

, 30 1874 . // . 1874. 50. . 502.


577
Germany and Austria / The Economist. 1876. Dec. 9. P. 1433.
578
Wirth M. Geschichte der Handelkrisen / M. Wirth. Berlin: Ayer Publishing, 1890.
S. 539, 569.

355

, , !
579. . , -- 1870-
22 , 1874 .
32 45% 580.
,
95
, 18711873 ., 1875 40 581.

18711873
,
, ,
700 .
,
,
1500 , , ,
582.

:
583 , . ,
, .
, 584.
,


14 1875 . 579

. / . . www.erlib.com/_//15/.
. : / . . .: ,
1994. http://www.gumer.info/bibliotek_Buks/Sociolog/Durkgeim/index.php.
581
Oechelhaeuser W. Die wirtschaftliche Krisis / W. Oechelhaeuser. Berlin: J. Springer,
1876, S. 40.
582
. . , . / . . . .: . . . , 1879. . V.
583
Oechelhaeuser W. Die wirtschaftliche Krisis / W. Oechelhaeuser. Berlin: J. Springer,
1876. S. 51.
584
Labor Crisis in Germany // The New York Times. 1874. August 25.
580

356

585. 1875
586. , ,
, 587.


1872 . 1860 1870-
,
.
1873 . 18701872 .
,
10 000 .
1871 ., 1872 .
; 39%
.
- (
4,7% 9,8% 1871 ) . 6%
1872 ., 910%.
,
1873 . , .
585
, (
),
.
586
The Aspirations of Germany // The New York Times. 1875. December 8.
587
4% 1877 . 251 ,
4% 18771878 . 1159 , 4% 1875
1878 . 30 92 , 4% 1875 1879 . 15 38
, 3% 1876 342 ,
4% 1881 . 166 . , ,
,
(Flandreau M. Old sins: Exchange Clauses and European Foreign Lending in 19th Century
/ M. Flandreau, N. Sussmann. 2002. . 15. http://www.iadb.org/res/publications/
pubfiles/pubS-154.pdf).

357


.
1873 . ,
.
( 100 .), ,
. ,
. .
, , .
1873 18 20 ,
588.
1873 Jay Cooke and Company, ,
.
, , (Northern Pacific Railroad).
1873 . Jay Cooke and Company, ,
300 . ,
100 , .
Jay Cooke and Company
588

.: Mixon S. The Crisis of 1873: Perspectives from Multiple Asset


Classes / S. Mixon. 2007. http://papers.ssrn.com/sol3/papers.cfm?abstract_id=761964.

358

, , . , ( New York Warehouse and Security Company).


, Jay Cooke and Company.
Jay Cooke & Co, , Fick &
Hatch, 20 National
Trust. , Fourth
National ( 17 ), National Bank of
Commonwealth ( 1,7 ) .
30 .

. 10 ,
, 5000 , 57 589.
6,5% 12,5% , 17%
,
72% .
,
.
1873 . 101 ( 37 , ). 59%
, 16% , 11% , 7%
, 4% , 4% .
1873 . 8,8%; 19,8%590.
40 ,
. 1877 591. 589

The Financial Crisis // The New York Times. 1873. September 24. Financial
Systems // The New York Times. 1873. November 22. Lee J. New York and the Panic
of 1873 / J. Lee // The New York Times. 2008. October 14.
http://cityroom.blogs.nytimes.com/2008/10/14/learning-lessons-from-the-panic-of-1873/.
590
Wicker E. Banking Panics of the Gilded Age / E. Wicker. Cambridge: Cambridge
University Press, 2000. . 18, 2627.
591
60 1872 .
36 1877 .; 117 1872 . 51 1877 .;

359

50% ,
.
14%, - 18731874 . . 30% 1870 . . 225 ,
592.


, . 1873 , , .
,
10% 1866 .
1,7% 1868 ., . . , , , .
1873 . , ,
3,5% 7%, 4%, 4,1 . 1872 . 8,9 . 1877 . 1877 .
40%, 2,5 . 1878 .
, . 18731878
. 47 . , 1,2 .
( 1866 1872 . 19,7 .
0,53 .) ( . .
. 3 . . 2 / . . . .: - -. -, 1960.
. 66).
592
1879 . . , 1880 1882 ., 28 240
, 1884
, , 1873 .

360

9%,
( 10%, :
1857 1866 .).
1873 . 12%.
, ,
1873 , 593.

, , 1872 ., , , .
1878 , 18711873 .;
.

123 1873 . 89 1878 .
1873 .,
1885 . , , , (1313) 1879 .,
, 1873 , .
1873 ,
1870-

, ,
. , .


,
. 1870- ,
, 593

Money Market // The Times. 1873. 11 November; Money Market and City
Intelligence // The Times. 1873. 21 November.

361

, ,
.

1873
7%
,
.
594. ,
1874 . , 595.

, ,
1879 . .

, , ,
.
600 .
,
596.
1873 70 , 30 , 21 , 20 , 594

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( 61,562,3 ), (40,1441,0 .), (98,299,5), (60,460,5 .). (15 , 107 ).
,
1874 . Bank of France (38803930 .), Comptoir d`Escompte
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362

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599. ,
597

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. . .: , 2014. 560 . http://books.google.com.
599
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Century / M. Flandreau, N. Sussmann. 2002. . 910, 22, 27. http://www.iadb.org/
res/publications/pubfiles/pubS-154.pdf).
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369


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. . / . . . .: . . , 1880. . 24.

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, , ,
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. 4546.
634
. . / . . . , 1917. . 186.
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. 832833).

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640
. 31 // . 1874. 35. . 158.

378

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379

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,
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, .
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, ,
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, , 1870- .
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, , . 1860
.
, - .

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. . . XIX . 1914 . / . . . .: , 1998. . 26.
646
.: . . , / . .
. ., 1917. 153 .; . . // . , / . . . .: . , 1902. . 110, 114, 125, 137.
647
10 , 1860 1870 ., 156 ( 60 , 1799 1860 . 166 ). , 1870 .
3 . ( 1,55
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380

I . .
, . ,

. 1890 1912 . 578% (
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,
,
. ,
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.

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33 ) , 67% ( 2 )
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.
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,
. 650. VIII 75%
648

// . 1913. 42. . 6.
, .
.
649

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650. VIII 75% ,


.

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, )
. , (han) (hansatsu) . . hansatsu kinsatsu
ginsatsu . ,
,

651.
, 1759
, , .
,
, .
kinsatsu. 1869 . .
,
,
,
(furisashi gami), , (otegata),
.
650

. / . // ., .
. 2 . . 13. . 7.
651
Matsukata M. Report on the Adoption of the Gold Standard in Japan / M. Matsukata.
Tokyo: Government Press, 1899. P. 12; Shinjo H. History of the Yen: 100 years of
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382

, .
, , ( ), V 652. , .
,
.
XVIXVII , , 653.
Junin
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, (
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, , ,
. ,
. ,
, , ,
.

, , , ,
.
. ,
652

(kabunakama), , .
653
// , . 1898.
21. . 492.

383

,
,
, 654.

1853 ,

. , ,
, ( , 15). .
1867 .
(Mitsuhito).
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. ,
, 655. 1889
,
, . 1869 . ,
(1 1,5 ), .
wakon
yosai , , ,
.
,
,
654

Marshall B. K. Capitalism and Nationalism in pre-war Japan: The Ideology of the


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Eiichi S. The autobiography of Shibusawa Eiichi: from peasant to entrepreneur / Eiichi
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384

, , .

.

,
, , , .
, , . .
, . , ,
, ,
.

(
16 ) . 2400 23

2% 656.


. 1878 . , . . Keizai Zasshi, 1882 .
Kezai Zaku ,
,
.
656

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385

, ,
,
. (, )
, ,
,
657.
18721873 . , . , . ,
, , .

.
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,
,
, . , ,
, . ,
657
. . XXI . .: , 2004. . 2223.
http://www.selishchev.com/china-book.files/china-books.html.
.: . /
. . .: , 2007. . 171172.
658
. . (. 3. ) / .
, . . .: , 2000. . 115.

386

, (
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.
. ,
.
, 1870 .
, ,
( , , ).
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.
,
, , , , . 1885 .
1012% , 1890- 30%.
.
, shokusan kogyo, , .
,
. 1871 .
,
, .
,
. 1870
, 51 , 52 ,
, , 75 . 1900 . 3,6 . (2,8 .
, 0,8 . )659.

659
// , . 1901. 9. .
504505.

387

, , , , , , . .
660,
,
,

. . 1214% . ,
, ,

.
- (zaibatsu )661.

Mitsui, Konoike, Sumitomo, Mitsubishi, 660

,
, .


, . 1892 . 1320 ,
. 2,5 , 175,1 . ,
. , .
661
, , , ; 70%
.
,
. , , , ,
, ,
, .

388

.
(
Mitsui), 662.
1881 .
, ,
663.

(), , , () .,
( 1930-

).
1880- . 1868 1911 . 15,5 . 485,5 .; 10,7
572,0 . .

, .
1869 .
(Tsusoshi), , ,
(kawase kaisha)
, , , , , 662

, ( , ) , , .
,
. .
663
,
2,4 , 1887 . 12,6 . .
, ,
, , . , ,
,
245 1880 . 5 1890 .

389

, . , kaisha, .
(,
). , . ,
.
.
, 1870 . , ,
( 1860 . , ). 1872 . .
( 1876 .).
National Banking Acts of 1863 .,
664.
(kokuritso ginko), , . . 665.
60% 6%
kinsatsu, 40% 666.

( Daiichi Ginko,
. ) (3,45 ) 2,07 664


.
,
correspondent banking.
665
Roberts J. Mitsui: Three Centuries of Japanese Business / J. Roberts. N. Y.:
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666
Shibusawa E. The Development of Banking / E. Shibusawa/ Fifty Years of New Japan
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390

.
60% .
,
1876
.
1876 , , . , , 30 190 667 ( 1880 . 76% ).
,

.
1870- 153 , -. , 1881 .668

18781881 .
( 1877 .) , . (Nippon Ginko), 10 1882 . , . ,
, .
, , ,
667

Hoshi T. Corporate Financing and Governance in Japan: The Road to the Future / T.
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1880 . ,
, 1896 . , ; 1899 . , ; 1900 . ,
.

391

. ,
,
.
1897 . 1523 305 ( 1098 211 ; 215 19,2 , 63 13,3
.)669. 1914
2144, 644. 775 , 2 .
9,19,9%

48 , 166
12%.
20 670.
1893 . Savings Bank Act ( ) ,
1900- .
, ,
, ,
.
,
, , .
1900 , ,

(Hypotec Bank of Japan), (Industrial Bank of Japan),
(Hokkaido Colonial Bank) (Bank of

669

// , . 1898.
21. . 423.
670
// . 1913. 3 (.). .
135.

392

Taiwan). .



,
.
, .
, 671.
, ,
, ,
, 4,8
1871 . 40,7 1873 ., 371,7 1895 ., 994,1 1904
. 2217,7 1906 .672
(
) 23 1870 1 9% 13
( 1873
7%.). .
. 1870
(0,063) ,
(0,026)673. Schroeder & Co.

(Horatio Nelson Lay).
120 . (12% ),
90 . (9% ), 30 . . 671

. . ( ).
. .: - . . , 1910. . 19.
672
Bchel H. Die Finanzen Japans / H. Bchel. Essen: Bdeker, 1908. S. 856.
673
Mauro P. Emerging markets and Financial Globalisaton / P. Mauro, N. Sussman, Y.
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, , 674.
1870 1902 . (5 9 5%), 1904 1905 . - (
6 4,5%), 1905 1910 . , -, (4
4,54%). .
.

, , . 5%
40 . , ,
, ,
,

97%, 100%.
1870 . 1914 . 17
.

1870 . (9%) 1873 . (7%).
54%. , 60 (12- 13- 1910 .) (14- 1914 .).
30 (9- 1905 .) 1,5 (14- 15-
1913 .) 1 ( 1870 .). , , . ( Yokogama Specie Bank, Parr`s Bank,
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5 18-
1915 . (5,75% 1 3 ), 19-
1924 . (6,5% 30 30,8 ), 20- 1924 . (6% -

394


1899 . ,
, , . . 6% 26 . , 1899 .
(6%, 92 .
), (6%,
315 . )676. , - .
. 1899 1912 .
13 , , (3 ).
1926 . ( ), 1927 . (), . , , London Group677. , 1906 1913 .
12
, - (South Manchuria Railway)678.
35 25 ), 21- 1930 . (5,5% 35 14,6
) 22- 1930 . (5,5% 35 12,5 ).

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Suzuki T. Japanese Government Loan Issues on the London Capital Market, 1870
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(1902, 1907, 1909, 1912),
(1906, 1912), (1909, 1912), (1903, 1909), (1909),
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5%, , 78 (, 1903) 8 (,
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) 6 ( - , 1911 .). ,
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1870- . ,
, , , , . 1873
, 1870 ., , .
1876 ., 400 000
(5% )
190 . (chitsuroku)
. 1876 ,
, (public)
(kinroku).
. , 174 679,
40% 1876
.680
(39,9%), (44,1%),
(16%)681.
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. .
( -

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), , .

1872 . , ( , Amagasaki,
Kurashiki, Kanebo , .).
,
. .
1884 .
1298 ( 1000
), 1893 . 4133, 1898 . 7044, 1900 . 8589.
. ,
1878 . 1887 . (
1893 .), , ,
30 000 . 1886 . 46 1897 .
. , (, 1890-,
)
( ) .
1867 . , . , ,
, .
,
300 (
Misuho Financial Group, ).

397

682.
Kyushu Tetsudo,
1888 . 11 , 7,5
. 50
5 , 1888 .
38% . , 683.


(
200 ) ( 150 ). 1914 .
, 1920 . 1930-
( 12 1965 .)
( 5 1965 .).
, , 684. , , . 1890 . 15% , 1900 . 16%, 1910 . 17%.
, , 1920 .
(20%) , , 1940 . (25%).

82,5%
682

. / . .:
, 2002. 248 .
683
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2,7% 1902 . 14,0% 1907 . 19,3% 1908 .; 2,6% 1912 .;
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398


, 7,8% , ( 9%) . , , .



, .
,
, .
685 ,
,
.
,
,
. .
- . , , , , ,
, .
,
,
685

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399

,
( ) ,
.
I . ( 6065%
).
( 9% )686.
,
. , ,
.

686

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400

Belle poque:


( 18501870- ), .
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688.

687

. . / . . .: ,
1991. 377 . http://www.belousenko.com/wr_Zweig.htm.
688
. , / . // . 2 . . 1.
.: , 1990. . 447448.

401

, ,
,
18751914 ., , .

, .
,
1880- 689. Belle poque
18901914 . , , , ,
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, , ,
.

:
,
, ,
,
; ,
,
.

Barings, Brown Shipley, Hambros, Kleinworts, Lazards, Morgan
Grenfell, Rotschilds, Schroeders .
689

1879 . , 1892 . ,
.

402

.
,

, ,
, . .,
, .
1870 . 7% , 1900
1914 . 20%.
, 1930 . 8%, 1945 . 5%,
1960 . 6% 1980 . 25% ( 1990 . 49%
2000 . 92%). 1913 .
( ) 32% .
40
30% , 4%
,

690.

, , , ,
,
, 691.

, 57 . ,
N. M. Rothschild & Sons .
, , ,
, , , , , , ( ,
, ).
,
, , -

690

. 2
. . 2. 1870 . .: - , 2013. . 2223.
691
Atlantic Ports and the First Globalization, 18501930 / Ed. by M. S. Bosa. N. Y.:
Palgrave Macmillan, 2014. . VIIVIII, 16.

403

692. ,
, 693.
(Colonial
Loans Act, 1899) (Colonial
Stock Act, 1900), ,
.
:
, ,
, , . , .
, .
,
,
, -
(London and North-Eastern Railway).
1914 .
, ,
, .
. 1870 . ( 1985 .) 82 , 90 ; 1913 .
184 472 . , , 1870 . (2610
) (2247 ),
1913 . (4024 4854
)694. 1880 . , 1905 .
.
692

Lowenfeld H. Investment practically considered / H. Lowenfeld. London: The


Financial review of reviews, 1909; Lowenfeld H. The Investment of Trust Funds is the
Safest and Most Productive / H. Lowenfeld. London, 1911 (reprint Nabu Press, 2012).
693
Keynes J. M. The Economic Consequences of Peace / Keynes J. M. Los Angeles:
ndo-European Publishing, 2010. . 6.
694
Maddison A. Dynamic Forces in the Capitalist Development / A. Maddison. Oxford:
Oxford University Press, 1991. 67, 199.

404

. .
1913 . 13% ,
. .
,
(42% ), . .
,
. , ,

, , ,
.
,
.
,
( ). , , , (20%
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, . ,
.

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405

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300400 ., , 695. .
1496 696. 697.
695

, , ; , . , , .
696
1887 . 5,5%
; 7% 1894 . 41 (
Hongkong and Shanghai Banking
Corporation). 6% 75 1895 .
Jardine, Matheson & Co; 6% 50 Arnold, Carberg & Co;
6% 3 Hongkong and Shanghai Banking Corporation;
4%, 1895 . 400 ,

406


, ,
. , ,
, , , .
, . , , , ,
698. I
, 1895
1900 . 10 . ,
- ,
- -
699. . -

. 1896
5 4,5%, -
( // , . 1899. 30.
. 140).
697
, 1913 .
, . , , , , , 60 , ,
24 , , 5% 89,5 100 80%,
185 . , , 26 .
( . . // . . // . 1913.
19. . 35).
698
.-. . . 13 / .-. // , , 1901. 18. . 257.
699
, ,
;
, ,
10% .
, , ( .-. . . 45 / .-. //
, , 1901. 19. . 303305).

407

700, ,
701.
,
. , ; ,
700


; , , .
, ;
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.
, , . ,
( .-. . . 4
5 / .-. // , , 1901. 19. .
305). ,
- 1894
. 850 ,
, 19041905 . .
, .
, .
, ,
.
,
. 1913 . , , ,
( . . // . .
// . 1913. 19. . 35).
701
1913 ,
Banque Industrielle de Chine. 45 , 90 . 500 . , , 5%
, 6% . .
, ,
, (
// . 1913. 11 . 910).

408

. - . .
(
.) ,
. , ,
,
- . , , , .
- , ,
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409

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, -

, . - 44% ,
1883 . . -,
,
. , . , ,
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,
150
43 ; .
1890 .,
1907 ., 1914 . .
,
. 3 1913 . , 1919 . 4,5
.
,
1920- .
, . 18701913 .
6% ,
: 1881
1915 . 32 ,
, 1914 . 9,5 702.

702

Capie F. Disintegration of the International Economy Between the Wars / F. Capie //


The Great Depression of the 1930s. Lessons for Today [Ed. by N. Crafts, P. Fearon].
Oxford: Oxford University Press, 2013. P. 140.

410

, 1913
. 46,33 (1 2008 .)703,
2008 . (1,7
UNCTAD)704,

, .
IX XX . , . , , . ,
, .,
, , .

. . , . 1910 . 14%
, 2003 . 12%705.
., ,
. (
) 706.

? ,
,
,
?
,
703

US Inflation Calculator. www.usinflationcalculator.com.


2009 . 39% 1 .
http://news.finance.ua/ru/~/1/0/all/2010/01/20/184571.
705
Chiswick B. International Migration and the Integration of Labor Markets / B.
Chiswick, T. Hatton // Globalization in Historical Perspective [Ed. M. Bordo]. Chicago:
University of Chicago Press, 2007. P. 65120.
706
, 1920-
. 19011915 .
, 1,3 , 19161920 . 0,4 , 1920- 0,6 ( 67 ). 1930- , ,
130140 . ( . : ,
. 19141980 / . . .: , 1999. . 49).
704

411


, ,

707.

, -
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,
,
,
, .
1914 , ,
. ,
. ,
. , , , ,
. ,

. 8,5 8 ,
,
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.
, 1920- ,
1918 ., ,

707
1870- . , , , . 1879 .
; 1880 1892 .,
1888 1892 .; 1878 1887 .
, - .

412

708,
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, , , , , (
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, . , ,
, . ,
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. ,
. .
. , .
,
1914 ! . ,
, 709.
. , , : , .

708

Fisher I. The Need for Health Insurance / I. Fisher // American Labor Legislation
Review. 1917. 7. P. 10.
709
Keynes J. M. The Economic Consequences of Peace / Keynes J. M. Los Angeles,
ndo-European Publishing, 2010. . 6.

413

, 710.
1914 . ( 30 10 ) , - , 60 45 .
, .
, (
, ).

.
. . , 711. 710

. . . 1 (19111914) / . . www.onisland.net/History/Churchill/WorldCrisis/WWC_book_1.htm.
711
, . , ,
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, , .
. , , . ,
.
. ,
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.
.
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, .
, . , ,

( . / . .
.: , 2006. . 203205).

414

,
1930-
, . , - .
, .
- 1944 .
.
. U
, 1930- 712. ,
20072009 ., .


,
.
(, , , , , ) 712

. , , . . 19201930-
( nk of
International Settlement, BIS, ), 1930-
. ,
, . . ,
1930- .
, 1929 . ,
, -. ,
, , , , , .

415

.

,
, .
(
, ), .
1890- , 1990- , ,
.

,
, ;
; ;
, ( ).
, , .
( .) . , .
. ,
, .

.


, , .

416

,
.
. , , ( ).
,
1890- .

. 1.

5,3

4,3

14,0

23,6

17,8

41,4

1,9

4,8

12,5

19,2

-0,7

18,5

4,2

0,6

3,2

8,0

3,1

11,1

(%)

(%)

(%)

(%)

(%)

(%)

1

, 19121914 .713

713

( %
) 18501860 . (6,5%),
(5,5%), (3,0%), (1,0%), (0,5%) . 18751885 . (9,2%),
(6,5%), (4,0%), (2,7%), (2,7%). 1912
1914 . (14,0%),
(12,5%), (8,3%), (5,1%), (4,7%)
(3,2%). , 19271930 .
(19,4%), (15,7%), (7,9%),
(6,8%), (3,0%), (2,7%) ( : Goldsmith R.W. Comparative
National Balance Sheets: A Study of Twenty Countries, 16881978 / R.W. Goldsmith.
Chicago: University Of Chicago Press, 1985. . 198, 204, 213, 221, 227, 253, 273, 286,
291).
, . , ,
. .

417

7,8

5,5

5,1

18,4

7,6

26,0

6,9

2,2

8,3

17,4

25,1

3,3

0,3

8,8

12,4

-3,3

9,1

4,5

1,1

7,5

13,1

8,5

21,6

3,4

0,2

4,7

8,3

-2,5

5,8

2,2

0,2

2,1

4,5

-2,5

2,0

1912 . 100 , : 64%; 19%; ( ) 10%, 7%.


280 1912 . 1912 . 51%
, 29% , 10%
, 4% , 3% 714.
1900
1909 . 5,4% ( 3%)
.
19101919 .
3,7%, 7,9%715.
(100% 1890 .,
714

, 2010 . , ( ) 25%, 24,6%; 18,3%;


9,9%. , . 11843,5
2010 . 2010 . 42% 100 , 12,9% , 10,3% , 5,4% , 1,8% , 1,2%
(Michie R. The Stock Market and the Corporate Economy: a Historical Overview / R.
Michie // Handbook of Research on Stock Market Globalization / Ed. by G. Potrais.
Cheltenham (UK): Edward Elgar, 2012. P. 3132).
715
19902000 .
5,4%, 5,8%.
: 13,0% 19201929 . ( 5,5%), 17,1% 19501959 . ( , -0,4%),
13,5% 19801989 . ( 6,6%). (19301939 .) , 1,7%,
5,3%. 19401949 ., , 1,0%, -4,8% (Dimson E.

418

(100% 1890 ., 1890 .), 126,6% 1873 ., 87,1% 1879 ., 87,0% 1885 ., 96,7% 1892 ., 111,6%
1895 ., 150,0% 1900 ., 136,3 1905 ., 138,1% 1910 ., 142,5%
1913 .716
, .
,

, 150175 (28,533,4
1913 .).
,
.

. .,

,
.
-
.
, 717, ,
1890- .
1897 ., .
, , ,
,
, -
, , .
( ,
)
- . ,
Triumph of the Optimists: 101 Years of Global Investment Returns / E. Dimson, P.
Marsch, M. Stanton. Princeton, MA: Princeton University Press, 2002. P. 313).
716
Mitchell B. R. British Historical Statistics / B. R. Mitchell. Cambridge: Cambridge
University, 1988. . 688.
717
18731897 .

419

. ,
.
1890- .
-

. 1890- -.
,
.
, ,
, . , , , .
. . , ,
718.

, 719 1890- ,
, NYSE
,
( ,
.). ,

718


, ( , 4% 5 6% ) (Neal L. / Why Did Finance Capitalism and
the Second Industrial Revolution Arise in the 1890s? / Neal L., Davis L. // Financing
Innovation in the United States, from 1870 to the Present / Ed. by N. Lamoreaux, K.
Sokoloff. Cambridge, Massachusetts: The MIT Press, 2009. P. 137138).
719
1910 . 68,5% -
NYSE; 21,2% - , 10,3%
, . -
90,6% NYSE,
- 1,5%, 7,9%.

420

,
. , , , .
, , .
, , , .
.
(Investment Trusts,
. trust ) . 720, ,
. .
, ,
( 500 1000 , ),
, ,
.
.
, . ,
. , .
720
10 . ;
.

421


XVIII ( Eendfragt Maakt Magt,
1774), (Societe Generale des
Pay-Bas pour favoriser l`industrie Nationale, 1822). 1868 . Foreign and Colonial Government Trust,

( Foreign and Colonial Government
Trust ).
,
.
, 1873 . Scottish
American Investment Trust,
. Scottish American, 1888 . , ,
.
1886 . 29 , 1890 . 101;
5 50 721. , 1880- (
, ). , 1890 . 29%, 101 50
.
,

( 1862 . ).
, 1900 .
ompany Act ,
.
, () -

721

Bankers`s Magazine. 1893. 56. P. 165173.

422

722,
.
6% ( 4%).
( 10% ),
.
.
Railway Share Trust Company, 1873 . 2 200 . 1
, 1 . , 6%.
200 200 1 . Railway Debenture Trust Company, , ,
, 1650%.

200 3500 ;
723.

. . ,
724.
, ,
,
1907 . ,
.
722

5% 1805 . 4,5% 1815 ., 3,1% 1850 ., 3,2 1875 ., 2,5% 1896 .


(Mitchell B. R. British Historical Statistics / B. R. Mitchell. Cambridge: Cambridge
University, 1988. . 678).
723
Trustees, Executors and Securities Insurance 1889 . 8400%, Commercial Union Brewery
Investment Corporation 1899 .
4600% (Hutson E. The Evolution of the Managed Funds Industry: Investment Trusts in
Nineteenth-century Britain / E. Hutson // Handbook of Research on Stocl Market
Globalization. Cheltenham: Edward Elgar, 2012. P. 142143).
724
Bankers`s Magazine. 1893. 56. P. 165173.

423

1890 .,
. ,
, - ,
,
725.
, ,
, , .
,
,
. 1880- The Economist ,
, , 67%.
, 726.

, 18301840- 727. 725

1920- . 40 1921 . 77 1929 . ( 591


1927 1929 .). 1926 1929 . 1 7 (Bullock H. The Story of Investment Companies / H. Bullock. N. Y.: Columbia
University Press, 1959. P. 30, 212).
726
The Economist. 1989. 6 Apr. P. 433434; 1890. 9 Aug. P. 1017.
727
,
58% . 1840- 10%,
12% . 12%
18601870 ., 1415%.
70%
, 30%
, . -

424

( , , 1825
1890 .), . , ,
,
,
.


1825 .,

.
1870- , 1873 ,
728. . , ,
. I .
3,68 ; 18211830 . 31,38
, 18511860 . 57,99 . ( I . 7%
, 18%). 1850 1913 .
, . , . .
. 3%,
5%. ( , 5% ) (Berend
I. An Economic History of Nineteenth Century Europe. Diversity and Industrialization / I.
Berend. Cambridge: Cambridge University Press, 2013. . 303).
728
, , 18721873 .,
, .
12
1872 ., 10,9 1873 . 4,2 1874 . 4,234 1873 . 1,59 1874 .
[1874] ,
[1875]
, , (, , // . 1875.
11. . 217).

425



(, , ) ( 75%
),
, .
1914 30
, 450 . 10 , 50 . ,
, ,
1913 . 1999 .
1913 . 11,9%
( 1970- )729. ,
, ,
1913 . ( 1,09; 0,99; 0,78;
0,44; 0,39)730, 1990- .
,
,
. ,
, , , .
( 66% 25%
1870 . 5% 1900 .)731,
729


, .
730
,
1913 ., 1999 .,
3,23; 2,25; 2,03; 1,77;
1,52; 1,22; - 1,20; 1,17;
1,13 (Rajan R., Zingales L. The great reversals: the politics of financial
development in the twentieth century / R. Rajan, L. Zingales // Journal of Financial
Economics. 2003. Vol. 69. . 15).
731
Smith M. A History of the global stock market. From Ancient Rome to Silicon Valley /
. Smith. Chicago: University of Chicago Press, 2004. . 87.

426

, , , 732 .

I 60 ,
, 35
, 1215 , 10
(, .). , , - .
( , ) , , .

. 26%
, 24% (
, ), 20% , 16% , 9% , 5% ( )733.

1880 . 1913 .
44 . ( 2).
2
-
(1913 .)734

18,3
8,7

42
20

732
, , .: Davis L. E. Evolving financial markets and international capital flows: Britain, the
Americas, and Australia, 18651914 / L. E. Davis, R. E. Gallman. Cambridge:
Cambridge University Press, 2001. . 753838.
733
Kenwood A. G. The Growth of the International Economy, 18201860 / A. G.
Kenwood, L. Allen. London: Allen and Unwin, 1971. P. 43.
734
Cassis Y. Capitals of Capital. A History of International Financial Centres, 17802005
/ Y. Cassis. Cambridge: Cambridge University Press, 2006. . 78.

427

5,6
5,5
3,5
2,4

13
12
8
5

12,0
10,5
8,5
6,0
4,7
2,3

27
24
19
14
11
5

, , , , . (43% , 1913 . 46 ;
20%, 13% 1314%)735.
. 1820 . 64% , 1914 . 5%,
(, , .). 1850 . 93% , 1914 . 33% , 27% , 40% . ,
(29%
, 15% , 23% )736.
735

Kuznets S. Modern Economic Growth: Rate, Structure, and Spread / S. Kuznets.


Yale: Yale Univ Press, 1966. . 324. 18701913 .
40% , 25%, 10%.
7% 1870 .
20% 1913 . (40% , 15% ).
12% 10% .
736
Berend I. An Economic History of Nineteenth Century Europe. Diversity and
Industrialization / I. Berend. Cambridge: Cambridge University Press, 2013. . 305.
1910 .,
(8,8 .), , (6,9 ),

428


1900 . ( 34,01 .737)
( 3).
3
-
( 1900 .)738
.

( 51%, ,
41%, 8%)

14,25

60

( 66%, 23%,
11%)

11,4

31

( 51%, 29%,
20%)

8,36

23

10,88

32


( 66%, 51%,
8%)

(0,9 ). (5,4 ),
, (2,0 ), (0,9 ). (4,2 )
(2,4 ), , (1,7 ) (Morawski W.
Historia Finansow Wspolczesnego Swiata Od 1900 Roky / W. Morawski. Warszawa:
Difin, 2008. S. 13).
737
1913 . 1 = 0,19 . (
1913 . .: . . / . . . : , 1925. . 13).
738
: . . , :
/ . . . .: - . -, 1967. . 6162.
, -, . , , ( . . / . . . .: . - . -, 1957. . 180).
( . / . . .: - -, 1956. . 160).

429

( 51%, 29%,
23%)

12,24

36

, , (
20%, 11%)

10,88

32

41%,

,

, . , , ,
.

,

,
; . , ; , (, ),
.
, , ,
. 1870 . ( ) 39% ( ), , 1913 . 64%739.
. , (, , , , ) ,
.
739

Smith M. A History of the global stock market. From Ancient Rome to Silicon Valley /
. Smith. Chicago: University of Chicago Press, 2004. . 103.

430

1875
1913 .
( )

, , , -.
,
1913 , 1929
.

( 4).
4
(1912 .)740
( )

150

56,25

28,85

140

52,50

26,92

115

43,13

22,12

110

41,25

21,16

35

13,25

6,73

26

9,75

5,00

16

6,0

3,08

850

318,75

163,46

20
24% , 21% , 18% , 16%
, 5% , 4% -, 2% ,
2% , 8% ( 5).

,
741.
740

(Michie R. The London Stock Exchange / R. Michie.


Oxford: Oxford University Press, 2004. . 4).
741
3,0
1875 . ( 1,4 ) 4,1 1905 .

431

1913 . 16,4% (
41%, 26%, 19%, 11%,
6%, 2%)742.
5

(1910 .)


743

744

24

4,8

42,5

10,6

18

3,6

39,3

9,17

21

4,2

76,1

5,52

16

3,2

60,5

5,28

0,8

52,8

1,5

0,4

35,6

1,1

0,4

50,4

0,79

1,0

171,0

0,58

1,6

( )
(60%)
(40%). 1880-
,
( 1883 1893 .
2,2 . ,
, 0,5 (46%
) 1875 . 1,9 (64% ) 1905 . (Mauro P. Emerging markets and
Financial Globalisaton / P. Mauro, N. Sussman, Y. Yafeh. Oxford: Oxford Univ. Press,
2006. . 4, 1214).
742
Michie R. The Global Securities Market. A History / R. Michie. Oxford: Oxford
University Press, 2006. . Table 5.1.
743
Michie R. The London Stock Exchange / R. Michie. Oxford: Oxford University
Press, 2004. . 4.
744
, , , , .:
. . . 3 . . 2 / . . . .: - -. , 1959. . 559, 568, 619, 667,
724.

432

472
1,1 )745.

, (14%
).
12,5%, 5,1%, 3,2%, 2,1%746.
,
, ,
,
.
. ,
, ,
.
747.

1882 .
1873 .
67 . , . ,
,
.
,
. 1880 . 745

Smith M. A History of the global stock market. From Ancient Rome to Silicon Valley /
. Smith. Chicago: University of Chicago Press, 2004. . 86.
746
Michie R. The Global Securities Market. A History / R. Michie. Oxford: Oxford
University Press, 2006. . 84, 120, 126, Table 5.1.
747
, , , 1860 1900 .
8 , 1913 . 14,5 .
( ) 1860 1900 . 2,7 , 1913 . 8,2
(Berend I. An Economic History of Nineteenth Century Europe. Diversity and
Industrialization / I. Berend. Cambridge: Cambridge University Press, 2013. . 390).

433

, 18791880 .
, ,
, , 748.
,
,
, ,
749,
. , .
1870-
,
, .
, 1881 .
1870- . 1880
. .
,
, 1873 1886 .,
1880- . , 18791880 .
, 1882 .
750. , , , 1870- 1880- ,
( ) .

748

Commercial History and Review of 1880 // The Economist Supplement, 12 March


1881. . 1.
749
. 1848 1850 . . 4. / . //
., . . . VIII. . 238.
750
1870-, ( )
182 . 18761885 . ( 151 . ) 18661875 .
37,3 1867
1868 . 65,3 1875 ., 74,9 18761877 . 100,5 1884 .
9,1 18661868 . 10,8 18721873 ., 14,2
1879 ., 16,6 1883 .

434

1880-
751. 752. 1880- ,
1,7 , ( 1,5 )753. , 1880- ,
,
, ( )
754 , ,
, .
, , 1880- , ,
, .
18791880 ., 1882 .
, ,
, 1873 1890 .
1870- , . , , 755.
, 1890 .
18721873 . .
751

1845 . 16 . ,
1880- 500 . .
100 .
100 . 1840 . 7,6 1886 .
752
18601887 . 126 652 . ,
1,5 , 0,2 (Neumann-Spallart F. Ubersichten der Weltwirtschaft,
Jahrgang 18851889 / F. Neumann-Spallart. Berlin: Verlag fur Sprach-und
Handelswissenschaft, 1896. S. 636637, 651, 686, 703).
753
.
, .
754
, 1866 . 1877
. 33,3%, 1877 . 1883 . 16,8%, . . .
755
Depression of Trade and Industry. Final Report of the Royal Commission appointed to
inquire into the Depression of Trade and Industry. London, 1886. . XVI.

435

1880- , 18721873 . , 1872 . -, - 7,2


, 1881 .
4,2 .
1880-
, 1870- 756.
1880- , 1870-, ,
( ) , 1870- .

1870- ,
, .
, 1882 . , 1873 .
, 1873 . , 1878 .
1882 ., - ,
1874 . 1886 .
1882 .
, , , 1882 , . .
.
, .
756
179 18701872 . 62 18801882 .
, 1873 .
,
. , ,
.

436

, ,
1882 . .
1870- 1880- , ,
1880- .

, . 1880-
1873 .
, , 1882 . , . - 1882 ., 1883 .
;
1885 . , , , , , , , , .,
757.
1880-
, 1882 .,
1887 .
,
. ,
758. .
1880- , .
, ... , , , 757

LEconomiste Francais. 1884. 20. IX. P. 355; Economist. 1882. 21. 1. P. 76;
1885. 2. V. . 540; Deutsches Handels-Archiv. 1885. Teil I. S. 89, 350, 358,
364, 416; 1886. Teil I. S. 133, 284, 413; 1886. Teil II. S. 3, 202, 629, 674, 714.
758
Commercial History and Review of 1888 // Economist Supplement, 1889. . 22.

437

, ... 759.
, 760. 18821893 .
, ,
800 ; 5
(200 ). 5 ( 250
)761. , 762.
1890- 1882 1892 . 366 531 ,
2,3 4,6 . , , , 18851889 . 2,5%,

.
18881890 .
. 8137
834 763. 4176 , 775 .
759

LEconomiste Francais. 1886. 6. XI. . 558. , -


,
.
11 ...
. , . , ,
, (Wirth M. Geschichte der
Handelkrisen / M. Wirth. Berlin: Ayer Publishing, 1890. S. 680).
760
, 75 18701873
., 18771879 . 22 , 50 1880
1882 ., 56 18831887 103 18881890 . ( .
/ . . .: , 1928. . 190).
761
Borsen-Enquete-Commission. Statistische Anlagen. Berlin, 1883. S. 210.
762
1890 . ( )
500 ( 1880 . 200 ) (Dane R. The measurement of
American wealth: A study of the monetary measures of the total wealth, income,
expenditures, profits, losses, debts and savings of American producers, consumers and
institutions, from 1860 to 1933 / R. Dane. N.Y.: Harper, 1933. . 10, 11).
763
18631856 . 2821 583 ; 18721874 .
3591 385 ; 18801882 . 4515 634 .

438

; .

. 1889 . 8 ( 1872
. 5,2 , 1881 . 3 ). . ( 1886 1890 . 1 .).
- . 75% 25% ... ... - .
. , 764.
1889 .,
. .
, , 765.

, .
.
4 . 18821889
764

, ,
,
(Economist. 1889. 12.1. . 3839).
765
, ., . , , , , . ,
(Commercial History and Review of 1889 // Economist Supplement. 1890. . 3).

439

. 300
841 766. , ,
,
.
, , 65
767.
1890 .
18871888 ., , , 1890 .
, 1893 . 1889 . , ,
. 1890 , ,
1890 . .

,
.
1890 .,
, ,
.
, ,
. ,
766
1889 . 132 465 . (
18801892 . 11 . ,
30 . .
767
. 841 , 18821889 .,
500 , ,
. , . .

440

Baring Brothers.
,
.
,
.
, 768.
1890 ., ,
- -
. .
,
.
1890 .
18,6 ( 22,5 ), 3% 6%. ,
, 769. 3 1,5 770.
1891 ., .
1890 1893 . 30 .
54 . 354 1888 . 97
1893 .

. 1890 .
, 2
25%, 45%771. 768

30 , 1888
1890 ., . ,
1888 . 28
(Economist. 1890. 12.VII. . 891; Raffalovich . La crise de Londre en novembre
1890 / . Raffalovich // Journal des Economistes. T. IV. P. 324).
769
Economist. 1890. 15. XI. . 1440, 1441.
770

,
, , ( . . -
(19001901 .) / . . . 2 . . 1. .: .
.. , 1904. . 76).
771
Commercial and Financial Chronicle. 1891. 3. 1. . 13.

441

.
,
,
, .
, 15
.
, , , 1890 . , .
-, .
, -
. , ,
. , 1893 . , 772.
1890 . -.
, , 773. 1890 .
, ,
. 1890 .
, .

772

, , , .
, . , . ...
(Economist.
1892. 19. III. . 381; 1893. 28. I. . 99).
773
Vills P. La consommation et les crises economiques / P. Vills. Paris: Giard et
Brire, 1903. P. 345.
,
(Raffalovich A. Les crises commerciales et financieres depuis 1889. Paris: Guillaumin,
1900. . 51).

442

1890-
1890 . , ,
180 . , ,
.
, , , .

.
, , .
1893 .
, 1895 .
, . 1894 .
; 1895 .,
. .
, . ,

774.

(
),
.
,
, ( ), . 774

Iron Age // Economist. 1896. 2. 1. . 2526.

443

, ,
, , . , ,
775.
1895 . ,
, .
1897 .,
. , 1898 .,
776.
1890-
, ,
,
.
1980- ,

. , ,
. . 777.

, , ,
, , . 18921902 . , ,

775
1900 . // , .
1901. 7. . 365372.
776
Commercial History and Review of 1898 // Economist Supplement. 1899. . 1.
777
56,8 1883 . 62,9 1891 . 79,2 1900 .
0,76 1891 . 1,82 1900 . (Wagemann E. Struktur
und Rhythmus der Weltwirtschaft - Grundlagen einer weltwirtschaftlichen
Konjunkturlehre / Wagemann E. Berlin: R. Hobbing, 1931. S. 389).

444


3040 .
,
1880- . ,
1890- , , ,
.
.
, 45 18711875 . 60 18961900
.778 (
28,2 , -
6 ).
.
, , . ,
18971899 .
7 . 1899 . 516 ,
450 .
- 60% , 850 ,
400 .
, , .
779,
. ,
778

31 1876
1880 .; 22,3 18811885 .; 40,4 18861890 .; 40,4 1891
1895 .
779

12,1 . 18861890 . 14,8 . 18911895 . 25,1 18961900 . 1150 .
1027, 634, 1389; 1100, 578, 1998 . 2301, 2917, 5029; 2100, 2425, 6031 ( . .
(18211938 .) / . . . .: - , 1939. .
543, 703, 762, 801).

445

. 1899 . ; . , , .

, . ,
,
, , .
,
780.
, I (18551916): ,
, , ,
,
!781.
1900 .
,
,
: - , ,
, , , -

780
1900 . // , .
1901. 7. . 365372.
781
, ,
, , , , ,
( . / . . http://lib.ru/POEZIQ/WERHARN/
verhaeren1_1.txt).

446

. 1899 . 782.
1899 .
, 1890-
.
.
. - , .
,
-,
783.
1900 784.
1900 . 1,5 ,
30%. 75 1899 . 56
1900 .
782


,
7%, .

, . ,
1899 1900 . , 12%, , 2,3% ( 1900 . // , . 1901. 7. . 366).
783
- . 1899. 17 . 1899 . 11,1% ( 1988 . 2,4%), 6% ( 1898 . 4%),
7%. , (Loeb E. Die Berliner Grossbanken
in den Jahren 1896 bis 1902 / E. Loeb // Die Storungen im dt. Wirtschaftsleben wahrend
dj. 1900 ff. Bd. 6. Leipzig, 1903. S. 294).
784
,
,
,
. 3,81% 1890
. 1,62% 1894 .,
4,40% 1900 . 3,50% 1890 . 0,92%
1895 ., 3,64% 1900 . (
1900 . // , . 1901. 7. . 365
372).

447

1900 . 1890- , : , 785.


1900 . 786, , ... 787.
, , 392 , . , . ,
,
788.
, 1900
,

,
, ,
. , ,
, , , , ,
789.

785

, ,
1900 : , , . , ,
, 1899
1900 . 182 . ( 1900 . // , . 1901. 7. . 366).
786

Pommeranbank-Gruppe (Pommersche Hypotheken-Aktienbank), Berlin und Meklenburg
Strelitzsche Hypothekenbank, Dresdner Kreditanstalt und Leipziger Bank.
787
Helfferih K. Der deutsche Geldmarkt 1895 bis 1902 und Der Kurzfristige Kredit. Die
Kreditbanken und Die Krisis (Vereins fr Socialpolitik. Vol. 110) / K. Helfferih.
Berlin, 1903. S. 7577.
788
Commercial History and Review of 1900 // Economist Supplement. P. 1.
789
1900 . // , .
1901. 7. . 367.

448

, : 1524 ,
2967 . 9
253,5 ( , 3001200 ). 790.
.
, , , ,
. -
(, , , .),
.
; . , , .
, , 791. , . 1900 .
, ,
1900 . ( 1901 .
2,8 , 1898 .); 5%,
11%792.
790
1899 1900 .
11,2 11,8 ,
. ,
22,1% 1899 .
40,4% 1900 ., ,
, 1900 . , 59,56% , 72,34% 1899 .
,
, ( 1900 . // , . 1901. 7. . 369).
791
LEconomiste Francais. 1902. 9. XI. P. 637638.
792
(18941895 .) 350 , 1890- .
,
1900 . 1898 1899 . -

449

1900
18951896 . , ,
793. 1900 . ,
,
( U. S. Steel).
, ,
.
19051907 .
. , ,
. , , , .
1900 . 1903 . 1901 . ,
.
, -,
, ,
,
794.
, 1900 . , , .
( 46%, 27%) (
18481935 . [. . ], . 13. . .: , 1937. . 269278).
793
1900 . // , .
1901. 7. . 365.
794
,
,

, , . , , .

450

1904 . ,
, 1904 . , 1905
795.
, 1903 ...
- 796. 1902 . ,
797. 1904 .
,
, 1904 .
1903 . ,
.
1900 . 1907 .
.
415 , 861 , 767 . ,
, 798.
. 799, .
( // , . 1901.
27. . 43).
795
Commercial History and Review of 1904 // The Economist Supplement. London,
1905. P. 1.
796
Calwer R. Das Wirtschaftsjahr jahresbericht iiber den wirtschaftsund arbeitsmarkt / R.
Calwer. Jena, 1904. Teil II. S. 1.
797
, ,
, , ;
, , , , (Commercial
History and Review of 1904 // The Economist Supplement. London, 1905. P. 1).
798
1909 . 2
(500 , 700 ) (Dunn R. American Foreign
Investment / R. Dunn. New York: B.W. Huebsch and the Viking Press, 1926. P. 2).
799
13,5 1883 . 18,5
1900 . 27,0 1907 . 1,4%
18821891 ., 2,6% 18911900 ., 5,2% 19001907 . 1% 18901900 ., 5,6% 19001907 .;
4,7% 3,9%; 3,3% 5,8%; 1,1% 3,8%.

451

800.
801. ,
( 19031907 .
; ). , 1900 .802
60,0
18961900 . 93,5 19031907 .
( 56%).
803. , . . , , 7075% ; , 57%.

,
.
1907 .
1907 .
,
804. , ,
.
800
18861890 . 12,1 . , 1896
1900 . 25,1 ., 19031907 . 22,4 . 1,0 .,
1,5 ., 0,8 .; 2,3 ., 5,0 ., 2,4 . .
801
,
19021906 . 7 12%, 6
11%, 11 17% . .
802
519
1889 ., 683 1900 . 727 1907 . ( 32% 1893
1900 . 7% 19001907 .). 923 , 1683
, 1834 ( 82% 9% ). 4198 ,
6631 9032 ( 58% 36%). 2894 , 6525 ,
11 347 ( 126% 74%).
803

80% ( 15,3 27,6 ), 115% ( 10,5
22,6 ). -
( ) 38% ( 6,0 8,3 ), 24% ( 28,2 35,0 ).
804
, , CIIIA . -

452

, , ,
805. 1907 .
, , .
,
806.
1907 . ,
,
. 500
300 , .
6% ,
,
. ,
- ( 45% ). , , , .
1906 .
4% 1905 . 6% 1906 ., 6% 7%,
5,8% 6,3%. (
610%).
1906 . Union Pacific 1899 .
Amalgamated Copper Company 153 ... 1904 .
13,1 , 1907 . 25,8
. ,
, , , , , , (Noyes A. D. Forty
years of American finance / A. D. Noyes. N. Y.: G. P. Putnam's Sons, 1909 (reprint:
Ayer Publishing, 1980). P. 315316, 318319).
805
, (,
, ), . ,
(Feiler A. Das Ende der Hochkonjunktur. Rckblicke auf das Wirtfhaftsjahr 1907 / A.
Feiler. Frankfurt /.: Neuer Frankfurter Verlag, 1908. S. 45).
806
Commercial History and Review of 1907 // The Economist Supplement. February
1908. P. 1.

453

, 6 10%,
35 . ,
, 130 ,
-
284 .
, , . , -
. . ,
36 . ,
6% , ,
. ,
, . 1907 . 13
20%, 2 807.
, 1907 . ,
1
. ,
, 610% 808. ,

, ,
.
1907 . 809.

807

Reibnitz . Die New Yorker Fondborse (Stock Exchange), ihre Geschichte,


Verfassung und wirtschaftliche Bedeutung / . Reibnitz. Jena: G. Fischer, 1912. S. 70,
96.
808
Calwer R. Das Wirtschaftsjahr 1907 / R. Calwer. Jena, 1907. Teil I. S. 250.
809
, , ... , - , ,
...
.
, -

454

1907 .
. 20 11% , .
, 20 20 12%. -
.
1907 . , . , United Copper Company, , 14 16
60 10 810. -
. 6%
130%. 34%, 40%. 70
, 1907 .
3128 , 1522
. , , .
; ; ;
,
-811.
.
,
812. 500 .

... . ,
(Esslen J. Konjunktur und Geldmarkt, 19021908 / J. Esslen. Stuttgart: J.G. Cotta,
1909. S. 2729).
810
Hasenkamp . Die wirtschaftliche Krisis des Jahres 1907 in den Vereinigten Staaten
von Amerika / . Hasenkamp. Jena: G. Fischer, 1908. S. 1314.
811
Sprague . History of Crisis under the National Banking System / . Sprague.
Washington: Government Printing Office, 1910. P. 259.
812
Andrew . Substitutes for Cash in the Panic of 1907 / . Andrew // h Quarterly
Journal of Economics. 1908, August. Vol. 22. P. 497498.

455

, ,
. . .
34%813. .
, 1
814,
600 815. . ,
... , ,
, ,
, 4 816.
817, , 24
, 35 . , , ,
( 10 50%).
1873 .
, 22 -... , ,
,
-

813

Commercial History and Review of 1907 // The Economist Supplement. 1908,


February. P. 7.
814
237,1 1913 .
815
142,3 .
816
Schumacher . Die Ursachen der Geldkrisis / . Schumacher. Dresden, Zahn &
Jaensch. 1908. S. 5759.
817
19071908 . 312 356 , 31
610 , 27,4 . 420 (Statistical Abstract of the
United States. Washington: US Government Printing Office, 1912. P. 327).

456

818.
,

. , 819.
1907 .
. 1907 .
, 820,
17 , 1856
., .
. ,
, , ,
. ...
,
... ,
, ,
821.

1908 ., .

1909 .

818

Commercial History and Review of 1907 // Economist Supplement, 1908. P. 7.


- 106 (85
). 19 7
27%. 30 6
4,5 7%.
- 5 6%, 5,5 7,5%. 1908 .,
4%.
820
1906 . -
, 1907 . , ...

. .
1907 . ,

(Volkswirtschaftliche Chronik fur das Jahr 1907. Jena: G. Fischer, 1908. S. 20).
821
Commercial History and Review of 1907 // Economist Supplement, 1908. P. 7.
819

457

1913 .
1913 . ,
1914 .
822.
1907 . ,
. .
[1908] ! .
; , , , . ; .
, , .
, 823.

.
,
, . , , .

1907 .
. . ( 1909
.), (1910 .) (1911 .).

, 822
19081910 . , -
, .
823
Feiler . Die Konjunktur-Periode 19071913 in Deutschland / . Feiler. Jena: G.
Fischer, 1914. S. 28.

458

824. , , , , ,
.
,
.
18901900 . 2,8%, 1900
1907 . 4,8%, 19071913 . 2,4%825.
,
, (
19081912 .) 104 ( 19031907 . 71 ).

( 28 19031907 . 37 1908
1912 .).
826.
827.
19101913 . .
1913 . 3% ,
1907 . ( 0,6%, -
7% ). 1912 . -
131 ( 1906 . 284 , 1909 . 215
)828

.

1913 ., . ,
824

, 1907 . 133
, 1909 . 103 1910 . (136 ), 171 1911
., 186 1912 ., 198 1913 . (Cairncross . . m and Foreign Investment
18701913 / . . Cairncross. mbridge: Cambridge University Press, 1953. P. 180).
825
5,1%,
4,5%, 2,5%. 2,1%, 1,1%, 0,9%.
, . 1896
1897 . 1913 . 18%, 11%,
37%, 38%.
826
19091913 . 1171 (1552 19031907 ., 1998 18961900 .
843 (612 19031907 ., 1341 18961900 .).
827
18931900 . 108,4%; 19001907 . 74%, 1907
1913 . 34%. 58, 36 33%. 19071913 . 24%,
17%, , .
828
. . . 3 . . 3
/ . . . .: , 1964. . 211, 218.

459

829.
1913 . - ,
1907 .,
, 1900 . 1907 .
1912 . -,
,
. -. ,
, -
; ;
;
830.
10 24
, -
3040 ,
.
1912 . .

...
831. , , , ,
1913 .832
829
,
.
830
Feiler . Die Konjunktur-Periode 19071913 in Deutschland / . Feiler. Jena: G.
Fischer, 1914. S. 132.
831
, , ... ,
19071908 , , : ? (Volkswirtschaftliche Chronik fur das Jahr 1912. Jena: G.
Fischer, 1913. S. 628630, 650).
832
4,6% 1911 . 6,0% 1912
., 1913 . 4,8% ( 1873 1907 .).
4,0% ( -

460

19111912 .
, .
- 1912 . 1913 . 18%. 131
1912 . 83 1913 . 38
1914 .
1,5 , 3,8 833.
2254 1912 . 1646 1913 . 459 1912 .
228 1913 . 106 1914 .
,
108 1912 . 74 1913 .
1913 . 37%,

.
50%. 834.
, 1913 . .
, 1912 . , . 835.
, 1912 . 1913 .
.
1876 .). 1913 . 5,9%,
, 1907 .
833
- . 1914. 7 . . 1.
834
15,5 . 1912 . 16,0 . 1913 . 18,3 . 1914 . , 1900 1907 .
835
, , , , .
,
. ,
,
; (
, . 1913. 21. . 374).

461

,
, ,
.
, . 1913 . ,
, , .

1913 ., . 1912 .
,
, 1913 .
1914 ., . , ,

836. , , ,
.
1913 ., , , ( , ) - . 1914 .
,
.
:

.
, .
,
,
. ,
,
.

836

h Economist. 30. V. 1914. P. 1335.

462

, .
( - )
,

.

,
, ,
. , ,
,
,
.
Pax Britannica (
), , , ,
, .


.
.

,
, ,
.
,
,
I 837.
( ),
, - , ,
.
837
I 18 , 1853
1920 . 9,7 4,3 , 2,4 , 1,7 , 0,7 . 1880-
(1,1 ); 1900 1910 . (0,3 ); 1910 (0,8 0,4 ) (Cain P. / Economics
and Empire / P. Cain // The Oxford History of the British Empire / ed. Porter A. 5 vols.
Vol. 3. Oxford: Oxford University Press, 1999. P. 47).

463

, 838.
, ,
, , ( )
. .
, ,
,
.

I . ,
839.
, ,
840, I
, , , . -

838
( ) , , ,
-, - .
839
1880 . 820 ,
(Rich P. J. Elixir of Empire: The English Public Schools, Ritualism,
Freemasonry and Imperialism / P. J. Rich. London: Regency, 1989. P. 82100;
Harland-Jacobs J. L. Builders of Empire: Freemasonry and British Imperialism, 1717
1929 / J. L. Harland-Jacobs. Chapel Hills: University of North Carolina Press, 2007.
P. 208, 244).
840
.: Clark P. British Clubs and Societies, 15801800: The Origins of an
Association World / P. Clark. Oxford: Oxford University Press, 2000. P. 388429,
452453. Daunton M. J. Financial Elites and British Society / M. J. Daunton // Finance
and Financiers in European History, 18801960 / Ed. by Youssef Cassis. Cambridge:
Cambridge University Press, 1992. P. 121146.

464

, .

. ?
I ,
841.
- 18701871 .
, , , . 1873
.
842.
. .
,
( , ) .
,
, , .
, ,
. , , .

841

. 6 // . 1874. 14. . 265.


, ,

.
( ), .
842

465

,
.
843 , . , ,
, , 844.
,
, ,
.

,
,
, . ,
,
,
845.
, ,
, ,
. , : , .
.
,
,
843

VII 1901 1910 . ,


.
844
. // . 1875.
3. . 61.
845
Keynes J. M. The Economic Consequences of Peace / Keynes J. M. Los Angeles,
ndo-European Publishing, 2010. P. 5.

466

846. ,
, , ,
,
, 847. . , ,
, .
,
,
, . ( , , ), . , 848. ,

Belgravia, Mayfair, Knightsbridge.
846

,

. ,
.
1935 . 500 ., 6% . . 1866 . 170 . , 93 . (35%). , , 1901 . 332 .
27 . (8%), 1981 . 299,2 .
4,7 . (2%). 1866 . 7,4% , 1901 . 5,5%;
1981 . 4,6% (Michie R. The City of London. Continuity and Change, 18501990 / R.
Michie. L.: Macmillan, 1992. . 14).
847
, , 30%
1881 . 18% 1911 . ( 9% 1964 .),
38%, 27% 17%; - 8%, 9% 47%.
(Michie R. The City of London. Continuity and Change, 18501990 / R.
Michie. L.: Macmillan, 1992. . 17, 30).
848

, , ,
.

467


, ( ), . London Stock Exchange (
1983 . 6,561 , 1914 .
11,263 ), Baltic Mercantile and Shipping Exchange
( ), London Metal
Exchage ( , ), . ,
,
, , , , .

. - ( ,
), .
,
, .
, , I .
( ),
( ). , ,
849.
.

( ) . , 849

1891 . 700
2000 , .

468

.
.

I . , 850.
( ) ,
,

.

1870- ,
.
, I

.
851 ,
, ( ) .
,

,
. .
850

, , 1920- ,

,
.
851

40 . 1871 . (0,3% ) 70 . 1881 . (0,5%), 110 .
1891 . (0,7%), 150 . 1901 . (0,8%), 230 . 1911 . (1,1%) (Cottrell P. L. The
Domestic Commercial Banks and the City of London, 18701939 / P. L. Cottrell //
Finance and Financiers in European History, 18801960 / Ed. by Youssef Cassis.
Cambridge: Cambridge University Press, 1992. P. 3962).

469

, ,
852,
. 1902 . , . . , , ,

. ,
XXI
, I ,
.
12% , 38%
, 32% 853. , , , ,
, .
, ,
, . 854.
,
,
. . 852

. / . . .: , 2010. . 245.
DeLong J. B. Slouching Toward Utopia? 20th Century Economic History / J. B.
DeLong. http://econ161.berkeley.edu/TCEH/Slouch_Finance9.html.
854
Hobson J. A. Imperialism. A study. / J. A. Hobson. London: Ann Arbor, 1968. P.
151, 313314.
853

470

, , ,
, ,
( .).


855,
, .

, ,
,
9% ( 1913 .
, .)856.
,

,
.

,
.
,
, 1851 . 189,4 , 1875 . 892,5 ,
855

1870 1914 . 1555 2743


2% .
37 60 ( 1% ). 1,84%
18701880 .; 1,10% 18801890 .; 2,82% 18901900 .; 1,57% 19001910 .
3,30% 19101914 ., 18801890 .
19001910 . (Davis L. E. Evolving financial markets and international capital flows:
Britain, the Americas, and Australia, 18651914 / L. E. Davis, R. E. Gallman.
Cambridge: Cambridge University Press, 2001. P. 5658. Table 2.2.1, 2.2.2).
856
, . , +7,2 . 2002 .
+249,9 2006 . ( , 2006 . +174 .), 2,45% (10 210 . 2006 .,
). 1980- ,
, 5% (Bernanke B.
Global Imbalances: Recent Developments and Prospects. At the Bundesbank Lecture
(September 11, 2007 Berlin, Germany) / B. Bernanke. . 1317.
http://www.federalreserve.gov/newsevents/speech/bernanke20070911a.htm).

471

1900 . 2371,1 , 1913 . 4109,9


20 857. 34%,
17%, 14%, 13%, 11%858.
(20,5%), (10,1%), (8,6%),
(8,3%), (7,8%), (6,4%), (4,2%),
(3,4%)859.
,
(
6).
.

( , 10% , 1780
1860 .). ( % )
V .
,
. (5% ).
857

Imlah A. Economic Elements of the Pax Britannica: Studies in British Foreign Trade in
the Nineteenth Century / A. Imlah. Cambridge (MA): Harvard University Press, 1958.
P. 7075, Table 4. Edelstein M. Foreign Investment, Accumulation and Empire, 1860
1914 / M. Edelstein // Cambridge Economic History of Modern Britain [ed. R. Floud, P.
Johnson]. 3 vols. Vol. 2. Economic Maturity, 18601939. Cambridge: Cambridge
University Press, 2004. P. 191196.
858
Simon M. The pattern of new British portfolio foreign investment, 18651914 / M.
Simon // Hall A. R. (ed.) The Export of Capital from Britain, 18701914. London:
Oxford University Press, 1968. P. 1544.
859
Magee G. B. Empire and Globalisation. Networks of People, Goods and Capital in the
British World, 18501914 / G. B. Magee, A. S. Thompson. Cambridge: Cambridge
University Press, 2010. . 173. ( .)
94,4 18651879 . 1221,9 19001914 .; 192,4 554,8; 245,5 1492,8; 2038,3 1953,3 (
).
1865 1914 . 10 910
. 18651879 . (79,29%),
(9,55%), (7,48%) (3,67%), 19001914 . 37,40% ( ,
). 26,58%,
23,40%, 10,62% (Davis L. E. Evolving financial markets and international
capital flows: Britain, the Americas, and Australia, 18651914 / L. E. Davis, R. E.
Gallman. Cambridge: Cambridge University Press, 2001. . 27. Table 1.4.1).

472

6

,
860
1873
1882 .

1882
1889 .

1889
1899 .

1899
1907 .

1907
1913 .

1,9

2,2

1,6

1,2

1,6

, %

2,3

1,9

2,3

1,6

1,0


,
%

+2,3

+31,9

-8,0

+12

+80,8

, %

7
,
, 17611913 ( %
)861

17611780

6,9

0,8

1,5

17811800

10,4

1,2

2,0

18001830

10,3

1,7

1,1

18311860

10,4

2,2

0,9

18611873

7,2

4,5

0,9

18731913

8,5

5,0

0,9

860

Cain P. J. Financial Capitalism and Imperialism in Late Victorian and Edwardian


England / P. J. Cain // Money, Finance and Empire, 17901960 [ed. by A. N. Porter, R. F.
Holland]. London: Routledge, 1985. P. 21.
861
: Lee C. H. The British economy since 1700: a macroeconomic perspective
/ C. H. Lee. London: CUP Archive, 1986. P. 51.

473

2
6 1840- , 1520 1850- , 3540
1860- , 55 1870-, 90
1875 1884 . 7085 , .
19001904 . 130 ,
145 19051909 .; 175 19101914 .862

. 1890- .
1895 . 1897 .. , 1890- , , 863.

, 864.
862

Davis L. E. The Export of British Finance, 19651914 / L. E. Davis, R. A. Huttenback


// Money, Finance and Empire, 17901960 [ed. by A. N. Porter, R. F. Holland]. London:
Routledge, 1985. P. 35.
12,330,2% 18501859 .; 21,532,2% 1860
1869 .; 38,016,2% 18701879 .; 32,246,5% 18801889 .; 35,320,7%
18901899 .; 11,243,7% 19001909 .; 53,3% 19101913 . (ORourke K.
Globalization and History. The Evolution of a Nineteenth Century Atlantic Economy / K.
ORourke, J. Williamson. Cambridge: MIT Press, 1999. . 209).
863
1899 . 88,118
(2200 ), 1895 . 52,1 .
22 ( , ); 21,2 ; 5,92 ( ); 5,3 ; 2,7 ; 1,3 ( . // , . 1899. 31. . 183).
864
1893 . (49,4%),
(21,1%),
(18,4%), (4%), (3,5%),
(2,9%), , ,

474

1865 1914 . 34 192


865. ,
( 8).
8
, 866
1863
1215,2
(100%)

1883
3634,3
(100%)

1913
9547,0
(100%)


, %

76,0

52,0

34,8

, %

18,5

40,6

43,4

,

, %

1,1

2,8

6,4


,
18,5% 1853 . 32,0% 1873 ., 49,4% 1893 .
43,4% 1913 .
5,7% 21,4%,
(21,1% 21,3% 1913 .).
70,2% 37,8%, 18,4% 13,5%.
1,1% 5,0%, 4,0% 6,4%. 1,8% 1,4% 3,5% 9,6% .
, ,

, (0,7%) (Michie R. The London Stock Exchange. 1-st edition / R.


Michie. Oxford: Oxford University Press, 1999. P. 89).
865
Davis L. E. A. The Export of British Finance, 19651914 / L. E. Davis, R. A.
Huttenback // Money, Finance and Empire, 17901960 [ed. by A. N. Porter, R. F.
Holland]. London: Routledge, 1985. P. 48.
866
Michie R. The London and New York Stock Exchanges, 18501914 / R. Michie. L.:
Allen and Unwin, 1987. P. 52, Table 2.3.

475

( 0,6% 0,4% 0,7%


1,2%)867.

, -, ;
, , ,
868. ,
35% 1873 . 50%
1893 . 1914 .
869.

, ( ),
, , I .
,
, .
,
.
, , ,
. 1870- ,
.
867

1890- ( kaffir shares,


), .
868
Bagehot W. Lombard Street: A Description of the Money Market / W. Bagehot.
London, 1873 (Reprint. London: BiblioLife, 2008). P. 9.
869
Davis L. Micro rules and macro outcomes: the impact of micro structures on the
efficiency of security exchanges, London, New York and Paris, 18001914 / L. Davis, L.
Neal // American Economic Review. 1998. Vol. 88. 2. . 4045.

476


,
, ,
, , , 870.
.
, , ,
, , .
( ), , ,
, , . , ,
871.

, ,

(The
Times, Daily News, Morning Post, The Standard, Pall Mall Gazette)
(The Economist, The Empire
Review, Colonial Quarterly, Money, Railway Times, Standard of
Empire, Statist .)
( )
250 . 1870 . ( 1,5% , 31,256 .) 1 1913 . ( 3,5%
46,649
870

1908 , 29% , (Cottrell P. L. The Domestic


Commercial Banks and the City of London, 18701939 / P. L. Cottrell // Finance and
Financiers in European History, 18801960 / Ed. by Youssef Cassis. Cambridge:
Cambridge University Press, 1992. P. 51).
871
,
,
.

477

.)872. 1870 .
, ,
1913 . , .


.
, . I . .
873
,
, , . .
, ( -

872

Davis L. E. Evolving financial markets and international capital flows: Britain, the
Americas, and Australia, 18651914 / L. E. Davis, R. E. Gallman. Cambridge:
Cambridge University Press, 2001. . 153.
873

,
. V , .
, , . .
.
1666 ., 13 . . , ,
, -,
.
1774 . . 79 , 15 . , .
,
, .

478

.
).
1870 1914 . , , 250 .
7% 1880 . 30% 1914 .874 1880 .
155,1 5
, 7,1
, 4,4 . 1914 . 551,0
6,1; 44,4; 44,8 875.

(Post Office Savings Bank), 17 1861 . , 876.

1873 . 1880- , . 80-
874

Standard Life Insurance


Company Colonial Standard Life, , , ,
, , , , (Hall A. R. The London Capital
Market and Australia, 18701914. Canberra: Australian National University, 1963. P.
51, 54. .: Magee G. B. Empire and Globalisation. Networks of People,
Goods and Capital in the British World, 18501914 / G. B. Magee, A. S. Thompson.
Cambridge: Cambridge University Press, 2010. . 226229).
875
Davis L. E. Evolving financial markets and international capital flows: Britain, the
Americas, and Australia, 18651914 / L. E. Davis, R. E. Gallman. Cambridge:
Cambridge University Press, 2001. . 138139, Table 2.3.9.
876
, ,
, (
11
1778 ., ). (
1881 .), , . .
7 (18% 39 ) ( .
185518611870 // , . 1899. 37.
. 387).

479

, 70- .
: , , 1882 . 877; 1884 . , 1873 .,
.
878.

. ,

. , ,
, , .
- ,
.
1873 .
, , , 1880- . , , ,
879.
1880- , 26
, , , .
18781885 .
100 .

880,
.
877

(18241904) , Union gnrale, 1882 . .


878
- . . . , / . . -. .: -
. . , 1914. . 149.
879
Depression of Trade and Industry. Final Report of the Royal Commission appointed to
inquire into the Depression of Trade and Industry. London, 1886. . XVI.
880
,
... (Commercial History and Review of 1883 // Economist Supplement. 1884.
. 2627).

480

1880- 881. ,

, ,
, , , 882.

, 1870- .
, ,
, 883.
.
,
. ,

,
,

, 884.
,
, 885.
881

Depression of Trade and Industry. Final Report of the Royal Commission appointed to
inquire into the Depression of Trade and Industry. London, 1886. . 1.
882
1888 . 365 52
. . 79 6 . .
;
, , (Economist. 1889. 12. I. . 38). , ,
(Commercial History and Review of
1890 // Economist Supplement. . 21).
883
Economist. 1889. 12. I. . 38.
884
Noyes A. Forty Years of American Financial History / A. Noyes. N.Y.: Putnam,
1898. P. 157.
885
1870 1890 . , , , , . , . , , 1882 1889 . 1 . 1881 . , , . ,
, ,
, .

481

( 1884 1889 .
50%). ,
, ,
, .
1889 . . ,
, (
6%). ,
. , , .
1890 ,
,
, , ,
.
1870 1890 . 1,8 3,4 . , , . 1880- . , , . , 1880 1890 ., 50 ( )
78 , ,
, .
, 30 ,
. , , 5 1885 . 23,2 1889 . (Marichal C. A century
of Debt Crises in Latin America: From Independence to the Great Depression, 18201930
/ C. Marichal. Princeton: Princeton University Press, 1989. P. 131). , , . 1880-
.
, . 1870 1890 . 732 9000 . ,
.
, . 1889
270 . , 1890 . (Ford A. G.
Argentina and the Baring Crisis of 1890 / A. G. Ford // Oxford Economic Papers. 1956.
8. . 127160).

482



, .
,
.
,
,
,
. ,
,

, 886.

(Baring Brothers & Co)887,
.
30
( 1888 .
28 )888. 1880-
42 .
, 1888 1889 .
28 .
,
Virtus in arduis (
).
1890 .
-
886

, ,
1887 . 1888 ., -, , . 1889 . . , ,
(23,2 ) 1889 ., 17,7 1890 .
5,8 1891 . (Stone I. The Global Export of Capital from Great Britain.
18651914: A Statistical Review / I. Stone. N. Y.: Palgrave Macmillan, 1999. P. 66
67, 378380).
887
1890 .
, 1763 .

. .
,
(
).
888
Economist. 1890. VII. 12. P. 891.

483

889.
, 1890 .
- ,

. .
1890 .,
.
,
,
22,5 18,6
, 3 6%.
,
.


( )
.
,

, , ,

.
, ,
890. ,
,
889
. ,
,
. 26 1890 . Juarez
Celman - Carlos Pellegrini, .
, , (Ziegler P. The Sixth Great Power:
Barings, 17621929 / P. Ziegler. L.: Harper Collins Publishers Limited, 1988. P. 243).
890
,
, 27 78 . 5 (Western Railway of Santa Fe
1 , 18871889 .; Curamalan Land Company 0,5 , 1888 .; Buenos
Aires Water Supply and Drainage Company 3,5 , 1888 .; 6,5 ) (Orbell J. Baring Brothers
& Co., Limited: A History to 1939 / J. Orbell. L.: Baring Brothers & Company, 1995.
P. 51).

484

.
,
, 11 15 1890 .
, ,
.
, 89
. (
, 3
1,5 )891.

(
) Baring
Brothers & Co.


892.

- ,
,
,
. , Baring Brothers & Co
,

. ,
,

,
, . ,

, . Baring
891

.
, 14 , , , , . .
892
17 . 1 , Glynn, Mills Corrie & Co, , N.
M. Rotschild & Sons 500 . .
100250 . . (National
Provincial Bank, London & County Bank, London and Westminster bank) 750
. (Clapham J. The Bank of England. A History. 2 vols. V. 2. 1797
1914 / J. Clapham. Cambridge: CUP Archive, 1958. P. 333).

485

Brothers , .
, ,
- .
. Baring Brothers , ,
, Lehman Brothers 2007
2008 . Baring Brothers
, ,

, .
1890 . , (25
) Baring Brothers
,
.
Baring Brothers
National Provincial 45 , London and County
Banking Company (43 ), London and Westminster Bank
(32 ). N. M. Rotschild
Sons & C , ,
.

Rotschild Freres Credit Lyonnais.
,
Baring Brothers893.

,

. 1890 .,
,

. 1890 .
,
,
.

, ?
, 893

Cassis Y. Crises and Opportunities. The Shaping of Modern Finances / Y. Cassis.


Oxford: Oxford University Press, 2013. P. 169170.

486

894. 895,
. 1891 . , ,
1890 .
. 1890 , ,
70% 896. ,
, Lloyd Bank Midland Bank, , , 1884 1891 .897
1890 . . . . , , .
,
.
18891891 . 2,5 . -

894
, 1892 . C. de Murrietta & C,
(Chapman S. The Rise of
Merchant Banking / S. Chapman. L.: Taylor & Francis, 1984. P. 80).
895
1891 . (
) 18.
18621889 . 7 , 18901902
. 11 (Sykes J. The Amalgamation Movement in English Banking, 18251924 /
J. Sykes. L.: P. S. King & Son Ltd, 1926. P. 97).
896
1890 1910 . 26,5%
43%, 38% 64,7% (Capie F. Concentration in British
Banking, 18701920 / F. Capie, G. Rodrick-Bali // Business History. 1982. Vol. 24.
. 3. P. 287).
897
1890 1914 . Lloyd Bank 33 , Midland Bank 26,
. (Cassis Y. City
Bankers, 18901914 / Y. Cassis. Cambridge: Cambridge University Press, 1994. P.
4652).

487

,
898.
1890 .
, 1893 . 1890 . : , , .
, 1880- , 899.

123 1889 . 32 1893 . 1894
. ,
1900 .900
1891 . ,
18901893 .
34 54 .
1892 , 901. 902.
, ,
. - ,
, . ,
( , , , ), . , 898

, 1890 . ,
, (Commercial
History and Review of 1890 // Economist Supplement. 1891. . 1).
899
- . . . , / . . -. .: -
. . , 1914. . 156.
900
Stone I. The Global Export of Capital From Great Britain, 18651914: A Statistical
Survey / I. Stone. L.: Palgrave Macmillan, 1999. P. 378380.
901
Money Plentiful in London // The New York Times. 1892. January 24.
902
1890
,
, , , ,
.

488

Liberator Building Society


. (Jabez Balfour), 1892 .
, .
1893 , 903.

,
,
.

. , ,
. , ,
904.
, ,
, 1890-
,
.
1850- .
, ,
. 1894 . 903

The Acute Stage of the Financial Crisis Has Passed // The New York Times. 1893.
May 22.
904
56,8 1883 . 62,9
1891 . 79,2 1900 . (
0,76% 1891 . 1,82% 1900 .). . 1890-
, 22,3 18811885 . 40,4 1886
1890 . 60,9 18961900 .
(12,3 , 22,9 28,2 )
( . . . 3 . . 2. /
. . . .: - -. -, 1960. . 420421, 424,
433).

489

(11 ),
(23 ), (22 ), (21),
(9), ,
(British South Africa, De Beers, Rio Tinto .)905.
, , 1840- .
, ,
,
906.
,
,
.
, 907.
1890- 1900 . -
1900 . 1890 . ,
1900 . , -
905

The Stock Markets // The Economist. 1894. December 22. P. 15821584.


14 772 18911895 . 25 087 18961900
., 634 1389, 2917 5029. , . ( ) 1894 1900 .
3,1 6,2 ., 3,3 6,5 , 0,8
1,4 ( 526 686 ) ( . .
. 3 . . 2 / . . . .: - -. -, 1960.
. 434435).
907

4%, 40%, 41%, 91%. ( 40%,
, 1,6 3,2 ), (,
).
1890- ( 1899 .
27 . , ) (The New Survey of London Life and
Labour. Forty Years of Change. Vol. I. London, 1930. P. 156).
906

490


. , 1900 . , 908.
, 1900 19011904 .,
. ,
.
, , 909.
,
1904 . 910.
911.
1904 . ,
1907 ., (
908

- . . . , / . . -. .: -
. . , 1914. C. 165.
- 18991902 . , ,
. , , ,
.

,
(Commercial History and Review of 1902 // Economist Supplement. 1903. P. 1).
909
Commercial History and Review of 1900 // Economist Supplement. 1901. . 23.
910
( 100% 1890
.) 152,0 1899 . 128,6 1904 . ( 15%, 5
). 310
1896 . 92 1904 . ( 70%, 8 ).
51,0
26,1 ( 49%, 2 ). 9,3 . 1899 . 12,1 . 1904 ., 5 ( . . . 3 . . 2 / . . . .: - . -, 1960. . 482).
911
,
2,5%. 1900
3%,
( // ,
. 1900. 44. . 201).

491

) 912. . 1904 1906 . 11 ,


90 . .
1907
4050%.
,

.

,
,
, , ,
.

,
.

- ,
,
.
1907
500 ., 300 .
- 913.
(

1906 . 3,3 6%, 4,6 7%,
- 5,3 6,3%), 1907 ,
.

1906 ., .
, 1906 .
912

1890
1900 . 0,3 . , 19001907 . 0,3 . . 0,8
1,0; 0,6 0,7; 5,8 8,3 . (
. . . 3 . . 3 / . . . .: , 1964. . 44).
913
Noyes A. D. Forty years of American finance / A. D. Noyes. N. Y.: G. P. Putnam's
Sons, 1909 (reprint. Ayer Publishing, 1980). P. 355356.

492

,
. 1907
.
1907 . 7%, . 1873
,
. 1907 . (711%)
(12%).

38%. ,
. 7%
, 4% , 6% 7,5% 914. . 1907 ( 1908 .) ,
1900 .915
1907 .
.
, 1907 . ,
1900 ., . . -,
. .
1910-
916.
914

European banks raise their rates // The New York Times. 1907. November 11.
30 . ,
. , , , . , (Great Brtain.
Inspection of Factories and Workshops. Report of the Chief Inspector 1908. London,
1909. . 103).
916
,
, .
, ,
, . , . 90%
, (
915

493

18731914 . 8,5% ( 1856


1873 . 7,2%), 0,9% ( 18561873 .
0,9%), 5% ( 18561873 . 4,5%)917.
1909 . (
) 182,86 . 3,84 ,
20,15 ,
22,07 , 4,9
.
6,59 , 10,63 .
0,4 , ( ) 11,24 ,
43,11 . 4,05
.
(
2,82 , 0,218 )918.
919.
1913 .,
... . , ... ... 1908 .
, , ). ,
( 1879 .
), , .
917
Lee C. H. The British economy since 1700: a macroeconomic perspective / C. H. Lee.
London: CUP Archive, 1986. P. 51.
918
Capital Application in 1909 // The Economist. 1910. January 1. P. 56.

2,53,5% (
1909 . 5 ; 1912 . 10),
(21, 1912 . 25), (28, 1912 . 21),
(23, 1912 . 30), (17, 1912 . 20),
,
(46 , 1912 .) (12),
(28, 1912 . 24),
(19) (The Stock Markets // The Economist. 1910. January 1. P. 4344; The Stock
Markets // The Economist. 1912. July 6. P. 3637).
919
96% 1890 . 106,5% 1895 . 112,5% 1897 ., 1900 . 100% (99% 1900
., 89% 1905 ., 81% 1910 ., 73% 1913 .) ( 1889 .
1913 . // . 1913. 24. . 12).

494


10,4, 5%920.
1913 . , . ,
, - 921.
- .
,
. ,

.
-


-,
,
. -
, , ,
, , .
, 922.
1880- 600 . .
, .

, .
920

Commercial History and Review of 1913 // Economist Supplement. February 1914.


P. 413464.
921
, . 1915. 13. . 592.
922
. . /. . http://www.knigitxt.
com/preview/moya_gizn_v_txt_formate_8984.html.

495



. ,
freedom, , liberty.
. , , ,
, , , .
923.
, , , , ,
924.
1889 (Gospel of Wealth) , .
( ), ,
, : . : ,
, , , , , , , ,
925. I
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. I .
923
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, ...
, , , ,
, ( .
// . 1913. 1. . 27).
924
, ,
1000 ,
1015 , .
925
: . . www.aforismo.ru/authors/206/6/.

496

1800 1910 . 4%
( 1,3% ).
- ,
. ,
,
,
- .
926.
.
,
(
1870 .).

, ,
. 7 ( 70% ),
.
60 ., .
( , ),
927. 926

.
(c 1897 1908 .
634,5 1638,5 ; 50
886,3 ). . .
1897 1905 . ( 1,5
.), 1906 1907 19011913 . ,
,
(Davis L. E. Evolving financial markets and international
capital flows: Britain, the Americas, and Australia, 18651914 / L. E. Davis, R. E.
Gallman. Cambridge: Cambridge University Press, 2001. . 234; Davis L. E.
International Capital Markets and American Economic Growth, 18201914 / L. E. Davis,
L., R. J. Cull. Cambridge: Cambridge University Press, 2002. P. 8).
927
1902 . , , ,
. -

497

,
. ,
: , .
IX
-, , .
, ,
;
.
,
.
.
, , , . , , (US Steel Corporation) (General Electric Company)
.
. ,
, , .
, , .
, , - 928.
, Carnegie Steel
Company, Illinois Steel Company. 1901
United States Steel Corporation, . US Steel 1,4 ., 250 . . Fine Cotton Spinners and Doublers 30 .
, Imperial Tobacco 17,5 . ,
, .
928
.
,
. , ,

498

, , .
, , , , , , ,
, , ., 929.
1890 . ( ), ,
. ,
- . , Standard Oil .
.
( , ),
I
.

, , 33
. 1890 . 7 1903 .
. ,
, ,
- ,
,
( . / . . royallib.ru/book/sinkler_epton/deltsi.html).
929
,
.
, ,
,
, . , . , ,
,
,
(
// . 1903. 34. . 1. . 6).

499

. . , . , ,
.
, 930.
, .

,
. ,

, , , , .
, , , ;
931.

(National banks), ; (State banks),
; (Saving banks),
(Trust Companies) 932.

.
( -), .
930

. / . . royallib.ru/book/sinkler_epton/deltsi.htmlB.
, .

,
50 , 7% .
932
(23 093 1912 .)
(12 166), (7145), (1759), (1089) (934) (
. // . 1913. 1. .
2728).
931

500

- - (J.
P. Morgan & Co., Kidder Peabody & Co., Lee Higginson & Co.) - (Kuhn, Loeb & Co., Speyer & Co., J. & W. Seligman
& Co.). -,
,
, , .
, Brown Brothers, Kuhn, Loeb and Company, Seligmans
. .


, .
( Equitable
Life, Mutual Life, New York Life, .) -
. .
. ,
933. ,
,
.
403 . 1875 1,7 1900 ., .
, ,
934,
933

, ,
.

90%, ,
. 80% .
, .
.
, -,

( . / . .
royallib.ru/book/sinkler_epton/deltsi.html).
934
trust ( ) trust company ( ) . -

501

.

.
, , , 935.

( ,
, ). . . 1897 1907
. - 244%
396,7 . 1364 ,
97% ( 915,2 . 1800 .), 82% ( 297 . 541 )936.
(
), .
,
. , ,
. .
Bankers Trust, Guaranty Trust
Company of New York, Manufacturers Trust . Knickerbocker Trust Company, 1884 . , . . .
, ,

() .
935
New York Life ,
-. Equitable Life Mercantile Trust Company, Mutual
Life New York Guarantee and Indemnity Company, Guarantly Trust Company Mutual Life.
936
Moen J. The Bank Panic of 1907: The Role of Trust Companies / J. Moen, E. Talmann
// Journal of Economic History. 1992. Vol. 52. 3. P. 612, 616.

502

1907 . ,
Knickerbocker Trust
( ) The Trust Company of America Linkoln Trust. Trust
Company of America (100 ) , Knickerbocker Trust, ( , National
City Bank, 1907 . 231,5 )937.


.
I . , ., (
,
),
. 1887 . Interstate Commerce Act, 1906 . Hepburn Act 1910
Mann-Elkins Act.
, 1865
. Commercial and
Financial Chronicle, 1889 . Wall Street Journal,
,
.
, American Railroad Journal, Poor`s Manual of
Railroad Securities ( , Standard & Poor) .

937

Cassis Y. Crises and Opportunities. The Shaping of Modern Finances / Y. Cassis.


Oxford: Oxford University Press, 2013. P. 16.

503

-
- (New York Stock Exchange) I 1840- .
1878 . . 1912 .
45% ,
, 69% 91% 938.

( 1890- ). , ,
. 1898 .
60% ( 1914 .
40%).
, 1913 . 11,2 .,
7,2 . ,


. ,
Western Union Company, Edison
General Electric .
- . ,
, , ,
- ( 1879 1914 . 1100
). , , , . ,
7500 I
79 500 1914 .
938

Michie R. The London and New York Stock Exchanges, 18501914 / R. Michie. L.:
Allen and Unwin, 1987. . 168170. 1880 .
644 ., 6,66 ; 1900 . 787 11,72 ; 1909 . 1327 21,138. 1909 . 1053
426 (Davis L. E. Evolving financial markets and international
capital flows: Britain, the Americas, and Australia, 18651914 / L. E. Davis, R. E.
Gallman. Cambridge: Cambridge University Press, 2001. . 316317. Table 3.5.d1).

504

- ,
. , , 1900 . ( .
) 10 , - 939. 1905 . - 75 .
1900 1913 . 250 1 ( ,
,
, )940.

- ( 20 1914 .,
11 , 5 , , )941.
,
, 1914 . 2,65 . 1913 .
: 46% ,
25% (), 20% , 6%
.

1873 .
1870- 1880- 939

Burk K. Morgan Grenfell 18381988. The Biography of a Merchant Bank / Burk K.


Oxford: Oxford University Press, 1989. . 111123.
940
Carosso V. Investment Banking in America. A History / Carosso V. Cambridge,
Mass.: Harvard University Press, 1970. . 8082.
941
Wilkins M. The History of Foreign Investment in the United States to 1914 (Harvard
Studies in Business History) / M. Wilkins. Harvard: Harvard University Press, 1989.
. 453469.

505

942. 1880- , . , , .

-
,
. , , ,
-. ,
! ,
. .
,
, , .
,
, 943.
. ,
,

.
- ?
. ,
944.
942
1879 1883 . 63,9 . (
18691873 . 45,1 . ) (Commercial History and Review of 1882.
Economist. Supplement, 1883. . 32).
943
, , ;
,
, - . ,
, , ,
.
, .
. ,
! ( . / . .
royallib.ru/book/sinkler_epton/deltsi.html).
944
, , ,
.
, ,
. ,
,
.
,
. , , -

506

(
) -
(, , )
.

,

,
945.
. , .

, . , ( ) ,
. 1881
.
. 1881 .
, , .
, ? .
.
,
,
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945
, , (
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.
, .
.
, ,
,
, , , .
,
, .

, ,
; , ,
,
( . / . .
royallib.ru/book/sinkler_epton/deltsi.html).

507

. 1881 . , .
, , ,
.
5,5% 1880 .
3,5% 6,25% 1881 . 1881 . 1882 . , 30 946.

.
, , , ...
947. 18821883 .,
, .
, , (
1878 .). ,
1884 .
1884 .
, .
1884 ., , , 18801883 .
35 429 ,
. 500
946

,
. ,
.
1882 .,

, .
947
Commercial History and Review of 1882. Economist Supplement. 1883. . 1011.

508

,
948.
,
4% ,
1884 . 163%. - .
,
. 11 .
226 . 18821884 .,
.

949. 516 . ,
,
950.
. , , ,
951. 1884 . 1885 .
, 952.
1885 .,
948
Economist. 1884. 7. VI. . 689. . , 1881 1884 .
Central Pacific 100 30; Union Pacific 130 28; New York
Central 151 37; Northern Pacific 88 37 (LEconomiste Franais. 1884. 13.
IX. . 317).
949
1882 . 18,6 . , 1885 .
4,8 . .
. 1880, 1881
1882 . , 1884 .
- 250 .
(Depression of Trade and Industry. Second Report of the Royal Commision appointed to
inquire into the Depression of Trade and Industry. London, 1886. Appendix, Part II.
. 372).
950
Report on Indistrial Depression. United States Bureau of Labor. Washington, 1886.
. 242243.
951
Economist. 1884. 6. XII. . 1483.
952
LEconomiste Francais. 1886. 20. XI. . 628.

509

953.
. ,
, 954.
, 955. , 956. . , , .

953
18851892 . 190 . ,
75,4 . . 1885 . 4,8 . , 1886 . 14 ., 1887 . 21 . (Partington J. Railroad Purchasing
and the Business Cycle / J. Partington. Washington: Brookings Institution, 1929. .
68, 79). , 1887 . , - ,
. , (Economist. 1888. 21. I. . 73).
954

,
.
,
.
955
, , . ,
.
956
, 1833 ., ,
4 (Western Railroad), ;
(Cleveland E. Railroad
Promotion and Capitalization in the United States / E. Cleveland, F. Powell. N.Y.:
Longmans, Green an Co, 1909. P. 217). , .
, ,
. , .

510

, .

New York and Oswego Midland. 5,7
,
, . . , Nortwestern Railroad
Company .
,
. ,
, .

, 957. 1880-
,
. 958.
, , , 1880- . 1887
. , 1890 . 2,5 .
,
.
,
1880- . , 957
489 . 1885 . 1655 . 1887
. ( 404 . 1303 . ; 1036 1246 . ).

.
958
, ,
, 1880- , .
.

511

. 1890 . 25%,
45%. 1890 .,
, . 1890 1891 . 42%
32% ,
.
, , , .
,
.
8,9 .,
2,5 . . 185% 959.
,
, , .
5% 7,5% . 15
960. ,
.
3 . ,

1891 . .
1893 .
1890 . . 14 1890 .
959
Commercial and Financial Chronicle. 1890. VIII. 2. P. 15. 1890 . . 2
8,9 . 23 2,5 ...
. , 2 , 6,5
, 2 .
. , 20% ,
25% , 21 0,5% 6%,
186% (Commercial and Financial Chronicle. 1890.
2.VIII. . 15).
960
- 400 ,
. 9
424 851 , ..
. 860 , 930, 1500 (Commercial and Financial Chronicle.
1891. . 10. P. 2, 10, 64).

512

,
4,5
961. , ,
.
, 500 .
120 . 1893 . 90
.
, ,
. 14%
1890 . 150%
1890 .,
.
Standard & Poor 27%
1893 . , .
20 Philadelphia
Railway Company 40 .
125 . . 960 . , 1,6 . ,
.
,
National Cordage Company. 23 , 1893 1,8 .

,
, ,
.
300 . , ,
, . ,
, 12
18%. 600 961
, Sherman Act 8 1890 . (Sherman Act
http://www.law.cornell.edu/uscode/html/uscode15/usc_sec_15_00000001----000-.html).

513

8%. 600 , .
, ,
, . , 962. 7538 1890 . 11
174 1893 ., , 74,
29 . ,

1892 .963
.
, . , 964.
1894 . 12,3%, 1897 . 12,4%, 10% 1899 .965
1890-
, (
1894 . 1400 I ).
1893
1897 ., 1893

.
1890-
. , ,
, ,
. 1890-
(
10
962

Economist. 1894. I. 6. P. 15.


American railway securities unfavorably affected by the strikes // The New York
Times. 1892. August 22.
964
Want Old Rate Restored // Boston Daily. 1894. 10 Febr. P. 10.
965
Rommer C. Spurious Volatility in Historical Unemployment Data / C. Rommer //
Journal of Political Economy. 1896. Vol. 94. 1. . 137.
963

514

). 1890- 30%
, 1880- ; 43%
.
1899 .
1064 ., 620 ( 1895 .
300 .).
258,5 ( 239,712 ;
18,821), 966.
, ,
, 1899 ,
1890- , , 967.
1900 .
( , ) ,
75 . 1899 . 56 1900 .

1901 . 75 , 1671
966
213,910 .,
130,118 , 17,098 , 0,7 . ,
, 442,826 .
American
Steel & Wire, Continental Tobacco, American Tin Plate . , , . . . (
. // ,
. 1899. 31. . 183).
. ,
, .
, , , ( // , .
1899. 33. . 257).
967
//
, . 1899. 33. . 254.

515


2,9 .
,
, 968.
1901 . -
, (
50%). . , ,
-
Northern Pacific.
150 ,

. , , .
(110 . 5 , 205 9 , 1000
9 ), , , 9 .

, 1901 . , ,
969.
19001901
.
, 1904 .

968

, 1901 ,
150
, (Moody J. The truth about the trusts: a
description and analysis of the American trust movement / J. Moody. New York:
Greenwood Press, 1904 (Reprint. 1968). P. 453475).
969
, 19011902 . , ,
1,8 , , ,
2,5 .

516

1907 .
1907 . 970. .
1907 . (, ),
, .
,
. ,
, .
.
, . , 971.
1907 1906 ., - 5,3 6,3%. 1906 . 10% , . 1906 .
,
Union Pacific ( 19041907 .) ,
.
970

(), 1907 . 38% ( 1873 . 27%, 1882 . 13%, 1893 . 27%, 1903 .
8%).
971

, ,
. ,
. , ,
- , . ,
. , , , . , , , . . , - , ,
-, ( .
/ . . royallib.ru/book/sinkler_epton/deltsi.htmlB).

517

6 10%,
35 , 130 .
,
. , 1906 . -
284 23 ., . , ,
, .
,

972.
,
, 1907 .
(
7,3% ), 6,58% 973.
1906 .,
1907 ., , .
1907 . , 974.
1907 . (
, ), ,
17 1906 . ( 350 .), ,
.

Knickerbocker Trust Company , 1857 .


Ohio Life Insurance & Trust Company.
972

Reibnitz K. von. Die New Yorker Fondsbrse (Stock Exchange): ihre Geschichte,
Verfassung und wirtschaftliche Bedeutung / K. von Reibnitz. Fischer, 1912. . 96.
Bruner R. F. The Panic of 1907. Lessons Learned from the Market`s Petrfect Storm /
R. F. Bruner, S. D. Carr. New Jewrsey: John Whiley & Sons, 2007. . 7.
974
, ,
.
973

518


.
, ,
1907
975. 1907 , 1907 .
20072009 . ( ,
).

. , , ,
. ,
13 , 20%,
2 . .
,
, United
Copper Company, , - ,
, . .
-. .
Amalgamated Copper Company 75 ., 1898 .
. Standard Oil,

.
United Copper Company, 39
60 . . , , ,
, .
. . . , 14 16
United Copper Company 60 10 . , ,
.

975

Not a credit crisis // The New York Times. 1907. March 17.

519

Knickerbocker Trust
Company

22 Knickerbocker Trust Company, . . ,
,
34- -, -.
Knickerbocker Trust Company 18 000
65 . ,
, . ,
, United Copper
Company .
976.
,
(
, )
, . 1907
16 000 ( 2008 . 8400)
. -,
,
- 125130%, 150%,

. 3
4%. - 2324 , . 34%, 40%.
3128

976
Knickerbocker Trust Company , 26 1908 . (The banking crisis. The Knickerbocker Trust
Company will resume business // The New York Times. 1908. March 08.
http://query.nytimes.com/search/query?srchst=p.) , . 1912 . Columbia
Trust Company, Columbia-Knickerbocker Trust Company,
Irving Trust Corporation 1923 .

520

. 1522
.
1907 . ( Heinz Group). 1907 . ,
. ,
- .
1907 . ,
, .
1907 . , , . ,
Knickerbocker Trust. Knickerbocker Trust,
, Trust Company of America (22 )
Lincoln Trust Company (23 ).
, 24
-
60%.
Moore & Shley.

, ,
. . 1907 : ,
. , 1907 . , , .
,
1907
977.
, 977

. / . . .: , 2010. C. 162.

521

, 978

. , , ,
.
, - 979.
1907
() , - , .
1907 , ,


980.
, . ,
100 . (
2 .)981.

1912 .
, (Charles Tyson
Yerkes), -
,
982. ,
978
: . : , , .
. , ( .
/ . . .: , 2010. . 194, 196).
979
. / . . .: , 2010. . 155, 173.
, . , : . , , ( . . 158).
980
Amendt A. Beg Women for Millions. Hetty Green / A. Amendt // The Wahington
Times Magazine. 1907. December 8. P. 5. http://pdfcast.org/download/hettygreen.pdf; -. http://www.rb.ru/inform/60347.html; . . http://st.elitetrader.ru/blog/exclusive/29.html;
981
: Slack Ch. Hetty: The Genius and Madness of America's First
Female Tycoon / Ch. Slack. N. Y.: HarperCollins, 2005. 288 p.
982
, ,

522


,
983.

... , , , . , ,
, , ,
,
, .
, . ,
, ,
, , 90%. ,
, .
- . ,
,
, - , , . 6% ,
, , , , ,
. , . 90%,
. , ,
, , , , ,
. , , , ( . / .
. http://royallib.ru/book/drayzer_teodor/finansist.html).
983
, ,
- ,
.
,
. ,
,
, ,
.
.
, , ,
,
; ,

, , ( ).

523

, .
,
,
(
200 . )
.

.


,
.

.
,
, .
, 300
500 ,
,
(
), ,
.
,
, .
,
60 .
,
,
.
,
,
984.

984

,

( . / . . http://royallib.ru/book/
drayzer_teodor/finansist.html).

524


1907 . - ,
. 19071908 . 312
.
.

(George Cortelyou) -
, National City Bank
, First National Bank.
25 ,
25 ,
Trust Company of America
Lincoln Trust Company. 10 , , - 985.
, . , 25 .
- . -
. , , 24 .
,
25, 10
. -
. , .
985

30 - ,
Tennessee Coal, Iron and Railroad Company US Steel
Corpration, . Tennessee Coal, Iron and Railroad Company
US Steel Corpration
Moore & Shley, 30 - Tennessee Coal. ,
,

, .

525


,
. , 986.
1907 . .
. . ,
. ,

1907 (
)
,

,
987.
.
;
, ,

, .
,
, ,
,

986

Corey L. The House of Morgan. Social Biography of the Masters of Money. N.Y.:
AMS Press, 1930. (Reprint. 1969.) P. 339345.
987
,
Tennessee Coal, Iron and Railroad Corporation
(TCI), , .
,

(
).
, .

70% .
, ,
.
, ,
. Knickerbocker Trust ,
, .
- ,
, .
, ,
.

526

. 988.

, , 1907 227 . ,
50 . 100 ., 150 .
40 . 1907 ,
, 989, (
, , , )990. , , ,
, , .
, , , , 991.
1907 . . , - - 1906
., - ,
988



. ,
. ,
.
,
. , ,
, ( . / . .
royallib.ru/book/sinkler_epton/deltsi.html).
989
Money Crisis due to Hoarding-Hill // The New York Times. 1857. November 11.
Banks to release millions to-day. Money crisis over // The New York Times. 1907.
November 25. Money Crisis due to Hoarding-Hill // The New York Times. 1857.
November 11.
990
Beaulieu L. A Analysis of Phases of the American Crisis / Beaulieu L. // The New
York Times. 1908. January 5.
991
Sprague O. The American Crisis of 1907 / O. Sprague // Economic Journal. 1908.
Vol. 18. 71. . 354355.

527


( ,
).
,
,
.

, ,
992
1907 . ,
, . 40%, 21%, 35%.
47% , 2,8 8%.

, , ,
, . ,
,
; .
,
1907 . 6%, 7% ( 1873 .)
1908 . , 8 9%,
, .
,
993. ,

992
1907 . 37%, 11% (Moen J. The Bank Panic of 1907: The Role of Trust
Companies / J. Moen, E. Talmann // Journal of Economic History. 1992. Vol. 52.
3. P. 616620).
993
Sayers R. S. The Bank of England 18911944 / R. S. Sayers. Cambridge: Cambridge
University Press, 1976 . 5860.

528

8%.
.
, -, ,
. ,
()994.
19071908 . 1907 .,

. 1909 . , . , ,
324 1908 . 611 1909 .995
19101911 . ,
1907 . 1910 . 3,4% 5,4%.
98 1909 . 77 1911 .

,

994
1913 . Federal
Reserve System, .
,

( , ).
995
, . 0,5%. 1909 .
0,75%, 1%.
41 1909 . 94 .
- -
, ...
,
(Revue economique internationale. 1910.
Vol. I. 2. . 410411).

529

,
.
: Belle poque


, . . , , ,
.
, :
I Comptoir d`Escompte 1860 Credit Lyonnais Societe Generale. I . Credit
Lyonnais , 1913 .
. , , Banque de Paris et
des Pays-Bas (Paribas)996.
, 1863 .
Imperial Ottoman Bank Banque de l`IndoChine
.
,
,
-.
997
, .
996

, , , 277 1902
. 716 1912 ., 19001913 .
52 156 (Cassis Y. Capitals of Capital. A History of International
Financial Centres, 17802005 / Y. Cassis. Cambridge: Cambridge University Press,
2006. P. 104).
997
, (Henry Davillier,
18131882), (Alphonse Mallet, 18191906),

530

(haute banque) I .

Rothschild Freres, Hottinguer, Mallet, Vernes, Mirabaud, de Neuflize,
Heine, Demachy Seilliere. (Rothschild Freres), 50 ( Mallet Freres 7,1 ).
, 18741904 ., 500600 998.

.
. (parquet), , (coulisse), .
( ). 1870-
.
1892 ., ,
, , , ,
. 1898 .,

,
. , 999.
1890, 1900, 1907 . , (Alphonse de Rotschild (18271905), (Rodolphe Hottinguer, 1835
1920).
998
Ferguson N. The World's Banker. A History of the House of Rothschild / N. Ferguson.
London: Weidenfeld & Nicolson, 1998. . 1039.
999
.: Straus A. Auf, Ab, Auf: Der Finanzplatz Paris im 20. Jahrhundert / A
Straus // Europas Finanzzentren. Geschichte und Bedeutung im 20. Jahrhundert [Ed.
Christoph Maria Merki]. Frankfurt / New York: Campus Verlag, 2005. S. 8396.

531

. 1873
, ,
.
1875 .
,
1000. 1875
1001. 1875 .,

1002. ,
1003.
1000

[]

, 1873 ., 1850-, Credit
Mobilier, .
, , ,
,
, , (, , //
. 1875. 9. . 170).
1001
, , 5% (100
42 98%).
. ( ) , II.

- 18701871 .
( . // . 1875. 2. . 26).
1002
, 42,5 9337 ,
, - (5 ), 848
. . , 1850-
, 1870- , ,
, , , , , [] 20 5 (, ,
// . 1875. 9. . 170).
1003
, , , ,

532

, , , , -
,
. , 1875 .
-
1004 .
1875
, 1874 ,

1005.
1880- ,
1870- , 1878 1885 . 8,0 . ( 5,8; 3,6; 2,9). 1878
, , , ,
, . , , , . . ,
.
, ,
, . , . , , ,
(, , //
. 1875. 9. . 170).
1004
, 1 1875 . // . 1875. 22. . 487.
1005
, , // . 1875. 24.
. 517. ,
. , . ,
, ,
(, , Credit Mobilier) (, , // . 1875. 11. . 217).

533

1885 . 3,5 ( 1884 ., 0,8 ). , 1006. ,


, 175 1875 . 246 1880 .
,
1880- , ,
. 1880-
,
1870- ,
3 1007. 1870-
, . ;
. , , 1008,
, ,
, 1870-
.
, , ,
. Credit Mobilier ,
1870- , ,
. 1857 1876 . 300 ,
1880 . 965, 1881 . 1169, 1882 . 952 .
18801881 .
10,4 . . -

1006
18811882 . 1150 , 1879 1884 . 800 (LEconomiste Francais. 1884. 2.
II. P. 126; Economist. 1885. 5. XII. P. 1478.
1007
LEconomiste Francis. 1879. 23. VIII. . 217.
1008
LEconomiste Francais. 1879. 22. . P. 347.

534

. ;
1009.

1882 ., .
, 1882 .
,
1010. , .
.
Union Generale, Credit Mobilier,

-. (1824
1904), , 1870- . Union Generale
, . ,


.
. 1881 . 3000 500
( 125 , ).
236
- ;
. , , .
18761881 . Banque de France , , 4 ,
1009

LEconomiste Francais. 1882. 14. I. P. 46.


. , 1897 ., 1874 1876 .
2%; 1882 .
7% ,
. . ( . :
/ . . .: , 1994. http://www.gumer.info/bibliotek_Buks/
Sociolog/Durkgeim/index.php).

1010

535

3 . , Banque de France

, 1011.
1881 . Union Generale
( ). . ,
, ,
1012.
,
Banque de Lyon et de la Loire,
Union Generale. Banque de Lyon et de la Loire
4050%, .
. Union Generale,
3 . , 26
875 ,
. Union Generale
.

Union Generale . 3000 ,
.
1882 . Union
Generale; 1882 .
28 1013. ,
, .
, 1014.
1011

Wirth M. Geschichte der Handelkrisen / M. Wirth. Berlin: Ayer Publishing, 1890.


S. 627.
1012
Commercial History and Review of 1881 // Economist Supplement, 1882. . 1.
1013
, , : La
Banque de Lyon et de la Loire, Le Gredit de France, le Credit de Paris, la Banque
Nationale, la Societe nouvelle de banque et de credit, le Credit provincial, Banque de
Bretagne, la Banque du commerce et de Pindustrie, le Comptoir financier et industriel, la
Banque Bouvier freres, la Banque industrielle du Nord, la Banque du Nord, la Societe
frangaise financire (LEconomiste Francais. 1884. 20. IX. P. 345346).
1014
LEconomiste Francais. 1881. 3. XI. P. 287; 1882. 22. IV. P. 485.

536

. , , , , ,
.
1882 . , .
, , ,
.
1169 1881 . 365 1889 ., 18811887 . 30%1015.
1882 . . 1883 . , 1884 . ,
. , , .
. , ,
1016. 1885 . . 1884 , 1885 .
. 1886 . 1017.
,
,
.
; ,
, ,
1015

1880- 1882
1889 . 63,7 . ( 18721879 . 44,6 .). Banque de
France, 1881 . 1,4 , 1887 . 0,6
(LEconomiste Francais. 1882. 16. XII. P. 761, 778; 1883. 10. XI.
P. 577).
1016
. / . .
.: . - , 1908. . 155.
1017
LEconomiste Francais. 1885. 4. IV. P. 435.

537

1018, .
1885 .
, ,
, 298 .
1886 . , ,
. 1889 ., ,
,
. Societe des
Metaux, ,
.
, , .

Comptoir National d`Escompte.
, , 1019.
1890 ( , , 350 ),
- ,
, .
, , 298 1885 . 260 1890 . 202 1895 . 1020.

1890- , 1894 .
. 4,5% 3,5% 6789
: 890 . .
1018
1019
1020

LEconomiste Francais. 1883. 29. IX. P. 392.


L`Economiste Francais. 1889. III. 9. P. 312; 1889. 4. V. . 551.
LEconomiste Francais. 1894. 27. I. P. 112; 1894. 31. III. P. 398.

538

, 3% , 15% , ,
3,5% 104105%,
4,5% . ,
, . ,
,
, , 1021.

, .
, 60% ( 14% , 10%), 61% ,
, , , , 1022.
1900 . , 1890 . ,

.

7 20%
.
, .
1900 .,
, , , , :
, , 1900 .
1023.
, , 1021

// .
1894. 2165. 23 . . 1.
1022
1914 (Michie R. The Global Securities Market. A History / R.
Michie. Oxford: Oxford University Press, 2006. . 146).
1023
L`Economiste Francais. 1901. . 5. P. 461.

539

, , 1900 .
,
. 1900
. 1901 .,
289 , 885 , 177 ,
459 . 1810 1024.
1900 . ,
.
() 18991901 .,
, 1900 .
, 18991902 .,
.
, -. ,
,
1900 . 1025.
, 1900 . , .
, , 257 1900
. 279 1905 .1026
1024
// , . 1901. 27. . 43.
1025
,
, 28 5 1900 ., 3% 99,97
99,47; 3,5% 101,90 101,70; - 3,5% 469 461; 5% 474 461; 5% 93,90
91,20; 6% 338,5 330; 3% 23,85 22,55; 5% 476 472. ,
- .
60
, -

. , , ,
( 1900 . // . 1900. 4184. 3
. . 2).
1026
Arbulu P. La Bourse de Paris au XIXe sicle: efficience et performance d'un march
financier mergent / P. Arbulu. Paris: ditions Connaissances et Savoirs, 2007. . 31.

540

. 1880 1913 . 60 116


, 2,8 (41,8
).
2%,
4%
1896 . 9,2% 1913 ., (23,7%). 44,7% 1848 . 31,1 1911 ., 17,6% 1848 . 51,4% 1911 ., 1027.
1907
, 1900 .,
, , .
1907 .
,
.

.
, ,

,
.
.
,
. 1908 . . , , ,
... , 1028.
1907 . , , , 1027

Gueslin A. Banks and State in France / A. Gueslin // Finance and Financiers in


European History, 18801960 / Ed. by Youssef Cassis. Cambridge: Cambridge
University Press, 1992. P. 6869, 73.
1028
Esslen J. Konjunktur und Gldmarkt / J. Esslen. Stuttgart: J .G. Cotta, 1909. S. 34
(320 s.).

541

1029. ,
,
( 19081909 . 41% ,
1907 ., 1911 . .
1908 . 1907 . 1,5 1030.
1913 .
. ,
, 279 1905 ., 348 1910 . 6,2
( 11,3 , - 5,3 , 5,3 ).
. 1913 , , 40 . .

1913
. . (, ,
) 1913 . 1912 . 21%.
.
, , - 1913 .
. , ,
,
; ,
, 1031.

. 1913
. ( 14%). 1913 ... 1913 . , ;
1029

France Feels Sure our crisis is over // The New York Times. 1907. November 11.
L`Economiste Francais. 1909. 18. IX. . 429.
1031
The Economist. 1913. 5. VII. . 20; 1913. 25. . . 894895; 1913. 22. XI.
. 1133; 1914. 16. V. . 1129; 1914. 23. V. . 1183.
1030

542

,
; ;
, 1032. ,
, .

1033. 26 1840- , 15
1850-, 30 1860- .
. 1914 . 50
( 10 .)1034.
, , , ,
.
1012% (1692,0 ). (2569,0
), (1935,6 ) (1664,8 )1035.

(67,4% 18521881 .
29% ,
) I .,
1032

Revue deconomie politique. 1914. P. 222223.



2021,6% 18501859 .; 24,825,9% 18601869 .; 29,018,7%
18701879 .; -1,111,3% 18801889 .; 10,023,0% 18901899 .; 16,122,0%
19001909 .; 12,5% 19101913 . (ORourke K. Globalization and History. The
Evolution of a Nineteenth Century Atlantic Economy / K. ORourke, J. Williamson.
Cambridge: MIT Press, 1999. . 209).
1034
Cameron R. A Concise Economic History of the World: From Paleolithic Times to the
Present / R. Cameron, L. Neal. Oxford: Oxford University Press, 2002. . 302.
1035
Marseille J. The Phases of French Colonial Imperialism: Towards a New Periodization
/ J. Marseille // Money, Finance and Empire, 17901960 [ed. by A. N. Porter, R. F.
Holland]. London: Routledge, 1985. P. 127129.

1033

543


, .
1913 . : 55% , 12% ,
12% , 9% , 4% , 8% .

, , , , 1036.

,
, ,
(, , .).
1037, ,
, . .


, 40
. . ,
, 1765 . .
1036

1882 . 1900 1913 . 4 , 25% .


1015 (Spieser P. Histoire de
la finance: Le temps, le calcul, et les promesses / P. Spieser, L. Belze. P.: Vuibert, 2005.
. 357).
1037
- 1894 .
; 1914 . 25% . 1917 .
,
.

544

, , , .
1840-
1038.
.
1039.
1884 .
,
. ,
. , .
, - , . , ( ) . , , , , , .

, Bank fur Handel und Industrie , Schaafhausen Bank Verein . 1038

Mendelssohn & Co S. Bleichroder, ( ), Berliner


Handels-Gesellschaft Disconto-Gesellschaft. 1859 . 30
.
1039
1867 . 9,5% (
) 4,7% ( ) ( //
29 , . 1870.
29. . 323).

545

- 1873 .
, . .
, (Disconto Gesellschaft, Deutsche Bank .)
.
1900 .,
.
1870-

1873 , ,
,
.
1875 ., ,
1873 ., , , . ,
, ,
1040. 1880- ,
, ,
(
) ; (18221904) , (
), 1041.
1870- . ,
1870- , ,
. 1040

, 1 1875 . // . 1875. 22. . 487.


1041
Towin A. Lettres De Russie / A. Towin // LEconiomiste Francais. 1880. 24
Janvier. P. 102104.

546

. c 1878 1884 . 5 . ( , ),
1,6 . , 1880-
,
1042.
, 90% . 1870 ,
,

. ,
, , . ,
,

.
, 1880- ,
. 1882
1884 . .
, , . .
1883 .
, 8,5
, 1872 . , , 1880-
2530% , 1872 .

1042

1873 . 1114 . , 412


. . 1883 . 387 . .,
1530 . (Die Industrie. 1893. 10. S. 145).

547

1880-
1887 .,
(- ) .
,
1043.
1880- ,
( 18861890 . 1 .
1100 ). 1880- . 1885
. 1889 . 60%
. , ,
. 18871889 .
534 ,
.
, , , , , , .
40 1044.
1890 . . , , , ,
. ...
, , .
,
1045.
1043

, 1894 ., , ( , ) , . .
1044
Economist. 1889. XI. 30. P. 1341.
1045
Economist. 1890. II. 22. . 243244.

548

, ,
... 1046.
1890 ., . , 1047.
,
1048.
.
,
.

,
.,
,
. , ,

1049.
1873 . 1897 . 345, 1902 . 300 (220 80
). . . 1879 . 1046

Economist. 1890. . 11. P. 276; 1890. . 8. . 305.


Berlin banking failures // The New York Times. 1891. November 15.
, Bochumer Gusstahl und Dortmunder Union
1890 . 3641% , , 1891 . 5760% .
,
30%, 1,5 . 18901891 .
15 .
1049
. . /
. [4- .]. .: , 1924. . 369370.
1047
1048

549

, ,
, ,
1050.
,
, Siemens AEG . Siemens Deutsche Bank, AEG Bank fur elektrische Unternehmungen . . ( , )
, . ( )
Deutsche Bank, Dresdner Bank, DiscontoGesellschaft, Darmstadter Bank,
1913 . 12%
. , .
,
, 1897 1899 ., 7
, 1899 . 516 . 5060%
, 861 .
1890-
1890-
, (
1050
// .
1904. . 2. . 47.

550

), ,
.
, ,
. 18961900 . 1,5 . 1998 .

2894 1893 .
6525 1900 . ( 126%).
1893 1900 .
17,75 , 8 , 1,5
. ,
, . 1874 1894 . 2570 3 .
1890- , 1895 1900 . 1541 2,75 . , . 1899
., 1900 . 1899 . , 1872 .1051.

,
.
, , .
, ,
,
.
,
. , , 1051
. // , . 1899. 28. . 64. 182 , 1899 .,
(32) (22).

551

,
, , , , . .. ( 7% ), , 3% . ,
18951900 .
300 . 1900 .
611 .
, 1052.
1896 . ( , , 1 1896 ., 1 1897 .)
,
1 (
, 0,5 ).

,
, .
.
, .

1053.
1900 .

1900 . , ,

1052

. - / .
// , . 1901. 49. . 447.
1053
// , . 1898. 8. . 444.

552


, 1054.
, 19001901 .
,
, 18961900 .
, . 1896 .
,
, . 1890 ,
[1901] , [ ] , 1055.

- . Pommeranbank-Gruppe (Pommersche HypotekenAktienbank) Berlin und Meklenburg Strelitzsche Hypotekenbank,
Dresdner Kreditanstalt und Leipziger Bank.
,
. .
, 392 .

.
20
1056.

. 1901 .,


1054

. - / .
// , . 1901. 49. . 447.
1055
// . 1901. 302. . 2. .
56.
1056
Economist. 1900. VI. 16. P. 852.

553

, 1057.
1900-
1900 . . 19031907 . 800 1554
.
6526 1900 . 11 347 1907 . ( 74%)1058.
,
19051907 . 9,1 ( 3,3 ; 3,9 ; 1,9 ).
, ,
21%,
(69%) (77%)1059.

, . 66%
. 1900 . 12%, 9%; ( , , .) 2%1060.
, 1907 .
1907 .,
. ,

1057
// . 1901. 302. . 2. .
56.
1058
. . (18211938 .) / . . . .:
- , 1939. . 695, 755.
1059
. / . . .: , 1928.
. 188, 206.
1060
Gmmel R. Entstehung und Entwicklung der Effektenbrse im 19 Jahrhundert bis
1914 / R. Gmmel // Deutsche Brsengeschichte / Rainer Gmmel, Friedrich-Wilhelm
Henning, Karl Heinrich Kaufhold, Bernd Rudolph, Rolf Walter. Frankfurt am Main:
Fritz Knapp Verlag, 1992. S. 135210.

554

, 11,4% 10,5
1906 . 9,3 1907 .1061
(
Haller, Soehle & C).
1 , ,
610%.
1907 . ,
, 1900
., , .
1900 . 1%, 1907 . 67%. 1907 . 1908 . 17%, 1910 , .
.
1900 . 8%, 1907 .
36% ( 1906 1907 . 63%
, 15% , 16% ).
, 1913
. 1906 .1062
,
. (5,3 1913 .)
- (5,3 ),
(6,2 )
(11,2 ). , 412
, 1913 ., 192
. , 1896 . (Borsengezetz), . , .
.
, 1912 . 5369 -

1061
1062

Volkswirtschaftliche Chronik fur das Jahr 1907. Jena: G. Fischer, 1908. S. 48.
Germany`s financial crisis // The New York Times. 1908. September 23.

555

16 666 1063. ,
1907 1912 ., 134 ( 3%), 16%,
1789 14 880 .
,
1064.

1912 ,

, - 1065.
1913 , . , . , ,
, ,
1063

, 4712
14 880 , . , 1309 ,
2253 , 645 , 426 , ( ) 1787 , ( ) 5585 . (14,8%);
(12,67%); , (11,22%); (9,04%). (21,98%); (15,48%); ,
(10,91%); (8,86%) (
19111912 // . 1913. 3940. . 1516).
1064
19111912 // .
1913. 3940. . 1516.
1065
, - .
,
, ,
. ,
, ,
, . ,
, , , ( // . 1912. 17. . 13).

556

1909 .
, .
, 1913 ...

, 1914
1066, , 1067.
.
, ...
1068.
,
1907 ., .
19131914 .
. , ,
,
1069.

.
, ,
1890- , , , (
). Deutsche-Asiatische
Bank, Deutsche Bank 1889 .
. Deutsche-Asiatische Bank
,
. .
. 1900 ., , 1066

Die Konjunktur. 1913. 24. XII. S. 193196; 1915. 4. I. S. 82.


Revue economique internationale. 1914. Vol. 1. N. 1. P. 144.
1068
Economist. 1913. 20. XII. P. 1354.
1069
Feiler . Die Konjunktur-Periode 19071913 in Deutschland / . Feiler. Jena: G.
Fischer, 1914. S.1, 140.
1067

557

, . , , .
,
,
1900- , , ,
1070.

. 1886 . Deutsche Bank
Deutsche Uberseeische Bank,
.
, - ,

.
, ,
Deutsche Bank, Disconto-Gesellschaft.
, 1914 . ( 6 .), 1071. , ( 1906 .),
26 ( 16 ),
1,2 1072. 1913 .
: 53% ,
16% , 16% , 9%
, 6% 1073.
. , , .
(
1070

Banking Institutions in Germany // Economist. 1903. VIII. 22. P. 14691470.



1,43,4% 18601869 .; 7,313,1% 18701879 .; 7,3
19,3% 18801889 .; 12,611,5% 18901899 .; 9,07,6% 19001909 .; 7,3%
19101913 . (ORourke K. Globalization and History. The Evolution of a Nineteenth
Century Atlantic Economy / K. ORourke, J. Williamson. Cambridge: MIT Press, 1999.
. 209).
1072
. . /
. [4- .]. .: , 1924. . 383.
1073
Cassis Y. Capitals of Capital. A History of International Financial Centres, 17802005
/ Y. Cassis. Cambridge: Cambridge University Press, 2006. P. 79.

1071

558

) .
. ,
, , ,

1074.
-:


- , 1867 1918 . .
-, , 1075
, .
, ( ) .

, ,
. .
,
- .
,
,
, ,
1074
.
,
, ,
( //
. 1898. 3657. 16 . . 1).
1075
XVIXVII 1918 .

559

; , ; ; ;
. .
, ,
, , ,
, .
I -
, , ,
, ,
, ,
. , , ,
,
1076. , , -
, -
,
.

1873 . 1880 . . , ,
18731888 . 1883 .;
18881895 . 1895 . 1891
1893 ., 18951896 .1077
1076
, ,
, , , , , , , .
, , . , , (Twain M. Stirring Times in
Austria / M. Twain // Harpers New Monthly Magazine. 1983, March. P. 533).
1077
0,5% 1830
1860- 1,0% 18601913 . ( 0,2% 1,1%;
1,2% 1,4%; 1,3% 1,2%; 1,6% 1,0%). ( ) 2,2% 1851

560

, - , , ( 5,5 ). -
,
1078.
1880- -
1079,
56% 75% 1080.

1081.
, .
,
-, 1873 ., -, ,

. 1873 .
.
1865 .; 4,09% 1865 1885 .; 3,42% 1885 1911 . (Good D. Modern Economic
Growth in the Habsburg Monarchy / D. Good // Economic Development in the Habsburg
Monarchy and in the Successor States. Essays. Edited by John Komlos. New York:
Columbia University Press, 1990. P. 201).
1078
-
4,9% 18801890 .;
3,4% 18901900 .; 2,8% 19001913 . ( 19031907
. 6,3%).
1079
, - .
1080
1904 1907 . .
1081
(Staats Bahn), 18% [] .
,
. , , .
, , ( // . 1900. 312. . 3.
. 3).

561


( ), 1899 .
-
1873 . ,
-
1907 ( ), .
- 1910 . ( )
2,3% ( 63%
29% , 20% , 16%
). , 5%1082, .
19041912 .
, 1873
. (
1900
1913 )1083.
-,
,

(Universalbanken, Societe
Generale, 1830- ),
,
(Kontokorrentkredit) ,
.
- .

, 1873 . 1082

//
, . 1901. 47. . 359360.
1083
1896 34
, 1905 . 92 . , Sporobanka, 1913
, , , , . 2970,0 1880 . 16 432,9
1912 . 45% 1880 . 48% 1895 . ,
1895 ., 42% 55% 1912 .

562

, ,
. , , . , .
( )
. - 1084.
, 1856 1873 .
1377 2941, 1557 1895 . 1037
1900 . , , , .
,
-
.
1085.
1084

1912 ., 48%, 55%, 5,6%,


0,7% (Wurm S. The Development of Austrian Financial Institutions in Central, Eastern
and South-Eastern Europe / S. Wurm. Comparative European Economic History Studies
Working Paper Series Number 31. November 2006. Vienna: University of Applied
Sciences f Vienna, 2006. . 28. http://www.econbiz.de/archiv1/2009/97031_
development_financial_institutions.pdf).
1085
, ,

.
,
. 1900 ., ,

. , ,
,
, ,

563


1900 . ,
. , ,
.
, . , , . , . ,
. , - .
, , ,
1086.
, 1913 . , -
- .
, ,
-. , ,
, , - 1087.
, (-
// , . 1900. 43. . 187).
// , . 1901. 27. . 43.
1087
, -

125 -, 7%. 4,5% 12 24 - , 97%. -
125 , .
, -
, . 1912
658 , 340 ,
119 ., 58,2%
1086

564

1913
910 12% ,
. , -
. - , 1913 .
300 , ,
. ,

. ,
,
1088. , 1913
. ( - 4%, 3,5%,
1520%). , , .

- .
.
, .
, , , .
70% 1911 ( . / . // . 1913. 45. .
1215).
1088
, 540 131
, 47
( 70% ), 324
. , ( . / . // .
1913. 45. . 1215).

565

1873 . , ( , Creditnstalt Anglo-Osterreichische bank). 1880-


, , 1089.
1900 . - , . ,
.
-
( 70% , 35%). , ,
- ,
6% 1090.
-

, 1091.
-
-
, 1873 , , .
- 1
1092, . 1089
- 1880-, 1884 .,
, 2 ,
.
1090
. - / . . .: , 2003. . 309.
1091
, ( ) 1880 . 8,8 , 1914 . 133
19 .
1092
Komlos J. Financial Innovations and the Demand for Money in Austria-Hungary,
18671913 / J. Komlos // Economic Development in the Habsburg Monarchy and in the

566

. , , , .
, ( ) 6,35 ,
.
(
),
, 9,8 0,4
1913 .
. -
85% .
.
75% .
, -, ,
. - , 1093.
-
1901 . 19 600 ( 1912 . 24 900 ).
1901 . 35% ( 1912 .
24%). . 15% (
75% ), 0,8% (20% ), 0,5% (
12%). , Successor States. Essays. Edited by John Komlos. New York: Columbia University
Press, 1990. P. 115121.
1093
- Darmstadt Bank 1863 .
- 6
5 , 1867 . -.
Disconto-Gesellschaft 5%
- ( . . -
XIX XX . / . . . .: , 1970. . 60, 65).

567

-
1094.
, . .
. , , ,
. , .
, ,
, , .
, 1095.
.
-
, ( 13% ). , 1914 .
sterreichische Kontrollbank fr Industrie und Handel ,
.
- 1890 . Deutsche
Bank Wiener Bankverein Bank fr
Orientalische Eisenbahnen,
,
, . -
, ,
.
,
, .
1094

Rudolph R. L. Banking and Industrialization in Austria-Hungary: The Role of Banks


in the Industrialization of the Czech Crownlands, 18731914 / R. L. Rudolph.
Cambridge: Cambridge University Press, 2008. . 174175, 178179.
1095
.: . .
/ . . . London: Xlibris, 2014. . 194
203. books.google.com.

568

- 1096.
1830- 1097. 2 1860 . ,
1894 1906 .1098 40 ( 207, 38, 26)1099.
1096

(20,1% 1897 .) . 7,7 . 55,5 1880 . 101


1913 ., 1906
, ( 1913 . . 1. .: . . . , 1914.
. , 82).
1097
1836 . , , ,
. 1845 .

( )
. 1865 .
( . . ( XIX ) / . .
. http://vestnik.stavsu.ru/59-2008/06.pdf. . 47).
1098
, , . . 1. .: . , 1902. . 95.
1880- , , , ( ), (16%
-) ( .
/ . . .: . . . , 1887. . 202).
1099
. .
/ . . .: ,
1997. . 50. , , ( , 1890- ) (
. .: . . . , 1914. . 324
325). . I ,
, ( ). 1899 .

569



,
, ( ) , ,
, .
, 1917 . 1860- , , (
), 1100. , ,
.

,
, , ,
(, , ,
, ),
,
.

,
,
,
. ( )

( . 2 .
.: . , 1905. . 1. . 147; . 2. . 563).
1100
,
, , . 1860- , , ( .
. / . . .:
, 2012. . 156).

570

1101, , ,
, .

,

I . , .
, ,
.

, 1,7 ,
(. ), ( , ), . , , ,
, , .
, ,
,
,
, . , ,
, 1101

66% 1850 . 25% 1870 . 5% 1900 .


(Smith M. A History of the global stock market. From Ancient Rome to Silicon
Valley / . Smith. Chicago: University of Chicago Press, 2004. . 87). , ,
(14% ). 12,5%, 5,1%, 3,2%, 2,1%
(Michie R. The Global Securities Market. A History / R. Michie. Oxford: Oxford
University Press, 2006. . 84, 120, 126. Table 5.1).

571

.
,
, , .
,
-
, .

,
, 1102.
I
.
, ,
1103, 1880
. 1914 . ,
, 1315 . (6,87,7 )1104, ,
- .
( ) 1913 .
20 266 . (118,5 . )1105.

62,31%,
43,4%, 18,8%.
1913 . 1102

Nonn C. Bismarck. Ein Preube und sein Jahrhundert / C. Nonn. Munchen: C. H.


Beck Verlag, 2015. S. 336337.
1103
Gregory . Russian National Income, 18851913 / Gregory . N. Y.: Cambridge
University Press, 2004. P. 192.
1104
. . 18991912 . ( ) / . . // ,
. 1914. . 1. 3. . 607.
1105
. (
.): / . . .: (), 2003. . 237. . .
. 243. .: Gregory . Russian National Income, 18851913 / Gregory .
N. Y.: Cambridge University Press, 2004. P. 57, 59, 66.

572

, (17%) (16%),
(39%),
(39%), (44%), (49%), (74%), (76%), (78%), (109%)1106.

(
, , , , , , .).
,
, . .
, 1107.
,
(1312 1913 .)

.
1913 .
295 , 79, 71,
66, 35, 71108.
, 1908

1106

Rajan R. The great reversals: the politics of financial development in the twentieth
century / R. Rajan, L. Zingales // Journal of Financial Economics. 2003. Vol. 69. .
15. Table 3.
1107
(consols), , , , ,
.
1108
. .
( ) / . . // .
. 2001. .: - , 2002. 36. www.hist.msu.ru/Banks/
papers/lizunov1.

573

1912 . 119 . 292


.1109
(, .)
, . (
1917 ) (
, )
( ),
,
.
,
, (, , , ), -,
, .
(32,6 ), 20
, 24%,
21%, 18%, 16%,
5%1110.
,
, .

, , 1860- .
, , , - .
I , . . ( , - ),
1109

. / . . .: ,
2008. . 181. . 13.
1110
Michie R. The London Stock Exchange / R. Michie. Oxford: Oxford University
Press, 2004. P. 4.

574

. ,
, , .

1111, . . , 1892 1903 .
1112. , , . - ,

. , , ,
1113.
.

1873 . ( 1875 .)
1880-
. 1890- . , , ,
1111

18701913 . 3,4%
( 20,5%; 7,8%); 25,1% (
, ); 7,7% ( 15,7%; -
12,8%) ( . 2 . . 2. 1870 / . . . . .: - - , 2013. . 25).
1112
.: . . . : , 2014. . 8791. https://books.google.com.
1113
. . / . .
// . 1915. 1 . 49. . 4.

575


1114. , 18941895 .
1893 . .

1894 . 1895 .
. ,
.
1895 ., , , ,
.
,
1115.
, , . 1116.

, .
, .
, ,
1114
. . , / . . . ., 1892.
. 151152.
1115
. . . ( , , 1897) / . . .
.: . , 1897. . 20.
1116
,
90- , , ,
(- . .
: - / . . -.
2 . . 1. ., 1907. . 349.

576

, , ,
,

1117.

1895 . , , , , .
, ,
, , 1118,
, .

5% 43,5% . , .
1850- ,
.
,
,
, , 1147 ., 1/3
1119
.
1895 .

, 1895 . 1120. 1117
. . . ( , , 1897) / . . .
.: . , 1897. . 15.
1118
. 1899 . // . 1900. 3. . 5.
1119
. . .- . , .- / . .
. .: . , 1903. . 146.
1120
. . 1894 1914 . /
. . // . ., . . -

577

( ) 1121.

,
. , ,
; , , .
, 1895 . .
,
1895 .
(
350 , 820,
1400, 2500)1122,
.
, 1896 . . , 18951898 . . 3% , 3,5%
98% ,
1123. ,
,
,
1124.
1897 . . , -

.: / . . , . . . .:
, 2010. . 248.
1121
, 5000 .
5200 . 1889 . 13 600 . 1895 .,
4800 .
1122
. . / . . // . 1898. . 3. . 54.
1123
. . (18931902) / . . . .: , 1902. . 236.
1124
. . :
, .-, , , , . / . . . .: . . , 1896. . IV.

578

1125,
, .
. 1895 1899
. 864
1090 .1126
, . 100 .
1898 . 758 .,
1000 . 1897 .
5850 .1127,
.
1899
1892 . , 1899 .
36 (
1912 .).
.

, .
, .
,


1128.

.
1890 .
1125
1898 . 129,2%; 1900 .
170,8%; 1904 . 156,1%; 1910 . 120,5%; 1914 . 101,8% ( . / . . , . . , . . , . . . .: -, 2004. . 52).
1126
. . -
(19001901 .) / . . . 2 . . 2. .: . . . , 1904. .
26.
1127
. . -
(17031917 .) / . . . .: - - , 2004. . 282283.
1128
. . .
/ . . . .: , 1948. . 85.

579


1,5 ., 1900 . 3 ., 14,5 . 40%
18901900 .
. 1890-


,
.
1890- , , .

, 1129, , .
1894 1899 .
, , 1130. ,
1131.
1129
1889 1894 . ( ) 1150 . ( . .
18991901 . // . . // . 1902. . 3. .
2021). 1896 1898 . ( , .) 1896 . 126 ., 1897 . 114
., 1898 . 148 .; 388 .,
. , 500 .
( // . 1899. 309. . 1. .
45).
1130
1 1895 1535 ., 1 1899 . 2120 . 1876 1894 . 58 ., 47,5
.; 85,5 . 18711894 . 129 . ( . . 18991901 . // . . // . 1902. . 3. . 20
21).
1131
,
.
, . , ( . . 2 // . 1899. 311. . 1. . 56).

580

.
1899 . ,
.
. , , (
) (18971899)1132.
23 1899 ., .
2098 .,
, 1014 .
611
. 403 .
1133.
,

1900 . , , , , . ,
1134. . ,
1135.
, 1900 1902 . 1132

. . 18991901 . // . . // . 1902. . 3. . 7.
1133
. . / . . . .: . . - -, 1909. . 150.
1134
, , 4,5%
. , 91
92 [ ], 90.
, -
( // . 1900. 4580. 7 .
. 1).
1135
// . 1900. 4580. 7 . . 1.

581

2 280 ., .
,
.
170 ., .
, ,
- 1136.
,
,
1898
,
1137.
,
. . , .
,
1138.
1902 . . ,
.
- 19041905 .
19051907 . 1907 .
1136

// . 1899. 309. . 1. . 45.


. . 1894 1914 . /
. . // . ., . . .: / . . , . . . .:
, 2010. . 249. , , ,
,
. ,
,
, ,
.
(. . [ . .]. . / [. . ]. .: . . . , 1907. .
118).
1138
. . 18991901 . // . . // . 1902. . 3. . 41.
1137

582

.
1907 . ,
67%.
95%1139.
,
. . . ; , ,
. , , ,
. -
, .
.
,
,
.
. 1914 . 1997 3376,8 .1140 383 ( 21%) ( ,
500 . .)1141.
1139

// . 1913. 28. 14 . . 5.
. 1915 . .: - , 1916. XII. . . 6465;
. . / . . // .
1913 . - . ., 1995. http://lostempire.ru/index.php?option=com_content&task=view&id=208&Itemid=9.
1141
, , 1908 1913 . 937
2587,4 ., 1914 1916 . 570 1103,3 .
( . . / . . // : . .: .- -, 2000. .
105, 7). 1912 . 5001000 . (428 ), 250500
. (352), 10002000 . (296). 22 510 . ., 2 1020 .
. 2 2030 . .
1140

583

. ,

1142. : , ,
,
, 1143. , (
).

1912 .
.
, 1903 . 83
, 1908 . 119, 1912 . 262.
( 329
1908 . 597 1912 .)
( 304 904). , , 1144.

1912 . 1912 . 100250 . (526 ), 5001000 . (384 ), 250500 (236 ), 100 . (210 ) ( 1913 . [. . . ]. .: , 1913. . 280).
1142
1909 1913 . : 2475,4
., - 1378,4 ., 847,2
., 456,2 , 226,4 ., 175,0 . 19121913
., 19091913 . (2709 .)
19011908 . (868,6 .) ( . 1914. 6 ).
1143
, ,
, , ,
, , ,
, , . .
( // . 1911. 12. . 360).
1144
. // . 1913. 2. 13 .
.7.

584

, , . , .
.
, ,
, 1145.
1913 .
700 (
800).
( )
9,4 ., 1315 .
(150 ), (140),
(115), (110), - (26 ), (18), (16)1146.
. , ,
1147. (
4%). 1914 .
( ),
,
.
.

, , , -

1145

// . 1913. 1. . 1011.
. 19141915 / . . .
. . , . . . . [ .], 1915. . 13.
1147
- , , .
1146

585

1148.
19091913 . , , , . , ,
, , , ,
1149.
.

1148

, 1914 , . 2,5 , .
. . . . 4,5% 81
Credit National, Association des Banquiers de Province, Banque du Nord, Credit
Algerien;
( // . 1914. 2. . 23).
1149
. . .
/ . . .: , 2009. . 235.

586

:
(19141939)


, 1920-
1930- , Pax Britannica.
, , .

,
1150.
, , , ,
, 1151
. ,
1152,
,
, 1153.
,
. 1909 . Europe`s Optical Illusion , . , ,
1150

Gooch J. P. The Lessons of 19141918 / J. P. Gooch // Current History. 1934,


August. P. 513514, 516, 520.
1151
Croce B. On Liberty / B. Croce // Foreign Affairs. 1932, October. P. 12.
1152
. . .
/ . . .: , 1998. . 128, 628.
1153
. / . . : , 1938.
lib.ru/RUSSLIT/IWANOWG/raspad.txt. ( )
,
.

587

1154.
, 1913 .

. ,
. . .
, ,
20 ,
, 70%
. 9 , 5 .

, , , IX
.
1155,
,
1990- ,
.

1154

Angell N. Europe`s Optical Illusion / N. Angell. London: Simpkin, Marshall,


Hamilton, Kent, 1910 126 p. (reprint: London: Nabu Press, 2010). 90- XIX ,
, , ,

, 1914 , , ,
, ,
- , , , ( . . , / . . . ., 1898. . 4. . 6).
1155
, ,
.
, 1913 . 40% , 28%
1938 .

588

1914 .
...
. ,
, ,

1156. , ,
28 1914 .
.
,
. ,
,
, .
: ,
.
1914 . , , . , , .
, . ,
,
.
28 1914 . ( 11 1918 .),
.
. 27 , , , , ,
. , , .
, , ,
, ,

1156
. . 4 . . 4 / . . : , 2012. . 413.

589

. , ,
,
,
, ,
, .
, ,
. (
2008 .)
, .
1914 . , , , . ., . 1914 ., , : 1920- , , , 1930- 1157.
, ,
, , 1158.
,
, . .
:
; . , 1157

,
1910- . , ,
, , , . , . 22 , , , .
, 28 , - ,
. 28 1914 . ,
,
.
1158
Kynaston D. The City of London. 2 vols. Vol. 2. Golden Years. 18901914 / D.
Kynaston. London: Chatto and Windus, 1995. P. 610.

590

, , . , ,
- .
1914 . .
, 1914 .
.
11,3 ,
- 1159. 1914 . , - 1866 . 20072008 .,

.
, . ., ,
.
, , 24
31 ,
,
. , 1 6 , , . , (
), 7 . ,
, 8 .
.
, .
, ( ). 1891 1910 . 68% . ,
18951898 . . :
1159

Cassis Y. Capitals of Capital. A History of International Financial Centres, 17802005


/ Y. Cassis. Cambridge: Cambridge University Press, 2006. P. 98.

591

, .

, 1160.
20- 30 1914 . 75,8 69,0 .
,
; , 1821 . 70 1161.
,
Bankers` Magazine 387
20 30 , 5,6%,
1907 . 1162.
, (
Rio Tinto Copper .)1163.

: 1914 . , ( ) . , The Economist, 1164.

1160

Shut the Stock Exchange // Financial News. 1914. 29 July.


, : Great Eastern c 48,0 42,0 ; London & South Western
113,0 105,0; Great Western 115,0 108,0; Great Northern 85,5 82,0;
London & North Western () 128,5 121,0.
: Brazilian Traction 76,8 57,0; Rio Tinto
Copper 67,8 52,0; Canadian Pacific 192,0 164,0 (Roberts R.
Saving the City. The Great Financial Crisis of 1914 / R. Roberts. Oxford: Oxford
University Press, 2013. . 13. Table 1).
1162
Stock Exchange Values // Financial Times. 1914. 27 August.
1163
, , ,
6,4%. 5,1%, 5,9% ( 8%,
).
:
2,8%,
0,8 0,5% (Roberts R. Saving the City. The
Great Financial Crisis of 1914 / R. Roberts. Oxford: Oxford University Press, 2013. .
1213).
1164
Financial Situation at Home at Abroad // The Economist. 1914. 1 August.
1161

592

1914 . , . ,
. -
, , ,
. ,
1165. , , .
. , 60 20
. , ,
250
. , .
,
31 1914 . ( 4 1915 .).
1166,
The Globe , 31 1914 .
10:15 ,
40 5 ( 11 ). Daily Mirror,
1167.
.
Throghmorton Street
, 1168.
,
1165
1914 .
81 ( ). , , 1020% ( ). , ,
(The Loan Positions of the Stock Exchange // The Economist.
1914. 19 October).
1166
Animated Scenes at the Stock Exchanges // The Globe. 1914. 31 July.
1167
No Panic // Daily Mirror. 1914. 1 August.
1168
The Scenes in the City // Manchester Guardian. 1914. 1 August.

593

. 1169. ,
1170.

, 1914 . : 23%, 13,2%, 9,3%, 8,8%. ,
, 1920 . 46%1171. ,
,
-, 1172.
, 23 29 , . 1169

Scenes in The Street // Evening News. 1914. 31 July.


City Gossip // Daily Graphic. 1914. 1 August.
. / . . .: , 2010. . 323.
1172
(discount market).
, . , .

(discont house). (Barings, Brown Chipley, Gibbs, Hambros, Huts,
Morgan Grenfell, Rotschilds, Schroders). ,
.
,
.
, , 350 .
500 , 75%
(A Black Account // Financial Times. 1914. 28 July; Markets and the
Crisis: Selling Centralised on London // Financial Times. 1914. 29 July).
70
, 60 , . . , .
, ,
(Markets and the Crisis: Consols
Comparatively Steady // Financial Times. 1914. 29 July). 34 ,
, . , ( , ).
(, , ) , , . .
1170
1171

594

120
.
, 20 .
. , .


, .
,
. 3- 7 , 6 . (treasury notes).
, 29 1 30 10%,
6%, 5%1173. 13 , 4 ( ), .
1914 .
( ) 59 . ( ,
), . 1914 . , , ,
, , ,
.
,
, ,
1173

Roberts R. Scroders: Merchant & Bankers / R. Roberts. London: Macmillan, 1992.


P. 153154.

595

: ,
, , ,
. ,
,
,
.
.
, 28 , , , , , 29
; 30 . 25 27 , 3
. 31 1914 .
, -, ,
-1174, -
31 .

, . , ,
.
1920- .
, , 625 (25 ).
, (250 ), , . , .
27 , Parquet,
, . ,
Coulisse, The Economist,
1175.
1174

Noble H. G. S. The New York Stock Exchange in the Crisis of 1914 / H. G. S. Noble.
N. Y.: The Country life press, 1915. P. 9, 1213, 30, 33.
1175
France War Panic and the Bourse-Close of the Coulisse // The Economist. 1914.
1 August. ,
4,1 (165 ),
(French War Finances
// The Economist. 1917. 4 August).
, 1 1914 .

596

.
30 , 31 . , ,
, , ;
30 , 2 200 .
16 () 1176. - ,
1177.
1914 .
,
.
, . :
( , , ) ,
,
. , ,
.
, , , 5
.
1176
. , , . : , (
. . / . . // -
. . -, ,
- . : , 1916. . 1. . 37).
1177
, . 30 -
: 6%, 10%.
, , , ,
- , -
. , ,
31 , .
, , .

597

. 1920 . 30%
11,5% 1913 .1178 , , . 1920 . 169% , 155% 33% 1179.
1914
. .
,
:
125 ; 50 80 (
Schroders) . - Russian General
Oil Corporation,
, .

, 1914 ., 1920
1921 ., , , , , , . , ,
,
. ,
, , 1920- 1930-.
1914 .
.

, .
1178

Michie R. The London Stock Exchange / R. Michie. Oxford: Oxford University


Press, 2004. P. 184.
1179
Obstfeld M. Sovereign Risk, Credibility and the Gold Standard: 18701913 versus
19251931 / M. Obstfeld, A. Taylor // Economic Journal. 2003. 13. . 241275.

598


.
: , ,
,
.
,
-.
, , 1930-
. 1920-
, 1913 ., ,
1929 1937 .,
, .


,
1913 ., ( , ) 41,4% ,
26,0% , 18,5% , 11,0% , 5,8% , 2,0% 1180.

, , .
, , .
1181

1180

Michie R. The Global Securities Market. A History / R. Michie. Oxford: Oxford


University Press, 2006. . 126.
1181
4,9 92,8 ; 0,7
7,5 ; 33 151,1 ; , , 1,2 -

599

, ,
, .
, , , .
, , . 1919 .
655 ,
400
.
.

, ( ),
. 1914 1917 .
2 . , , ,
, .


. 1914 .
, , .
, ,
-.
.
, 1182. -

25,5 (Scott I. O. Government Securities Market / I. O. Scott. N. Y.:


McGraw-Hill, 1965. P. 1113).
1182
, , . ; 1922 .

600

(16 ) 12
, 5 , 4
. 17 11 ( 3 2,5 )1183. ,
: 10 7% ,
20 12% 20 12% .
39% 4%. ,
. , , .


,
.
, , . . , , .
, ,

, .
1924 . 1930 .,
1,2 , 1913 ., 315 , 133 ,
3,3 , 2,3 .
1183
Kindleberger C. The World in Depression, 19291939 / C. Kindleberger. Berkeley:
University of California Press, 1986. . 24.
-
, . ,
, , , ,
.
, ,
.

601

, , , .
( ),
. , 1929 ., , , , , . , 1931 .1184

1185.
,
().
.

, . ,

1184

1928 . ( ) 75,2%
, 1929 . 86,3%, 1930 . 81,5%, 1931 . 104,5%.
, 1931 .
, 45,9% .
89,9 1928 1929 .
82,9 1930 ., 58,1 1931 ., 56,4 1932 . (Ritschl A. Reparations,
Deficit and Debt Default: The Great Depression in Germany // The Great Depression of
the 1930s. Lessons for Today [Ed. by N. Crafts, P. Fearon]. Oxford: Oxford University
Press, 2013. P. 116).
1185
,
, ,
, .
, .

602

, , 1186.

, 1187.
1922 . ,
- .
,
1932 . ,
, , .


1188.

,
1186

,
. ( , ), ., 1865 .
1866 . 1867 . . L`Empire c`est la Pax ( ) , ,
, .
.
1187

(, )
, . ,
.
1920 . 35%, 64%, 62%, 71%, 96% (Palyi
. The Twilight of Gold, 19141936: Myths and Realities / . Palyi. Chicago: H.
Regnery Company, 1972. . 118119).
1188
,
4,86 .
,
,
(3,203,50 ) (Robbins L. The Great
Depression / L. Robbins. New York: Macmillan, 1934 (Transaction Publishers, 2009).
. 7787).

603

. , ,
-.
,
1920- 1930- . ,
,
,
19291931 . . , , 1920-
1189.

1189

, ( ,
) , ,
, . , ,
,
.
, .
,
(Chernow R.
House of Morgan: An American Banking Dynasty and the Rise of the Modern Finance /
R. Chernow. N. Y.: Atlantic Monthly Press, 1990. . 244246). 1924 . ,
. 1,5% ,
, .
, 4,35 4,78 , 1925 . , ,
. , 1925 . , , . 1920-
, ,
. 20 1925 .,
, , 1931 .

604

, ,
, ,
1928 . (
), . 19281931 .

, 30 , . 1931 . ,
24 ,
. 19311936 . , , , . , , , .



, 1920-.
, , ( ). 1929 . , ,
. ,
,

.

,
, 1913 . 5 . 1923 . 6 ,

605

50% ,
25%.

( 2
, 0,8 ). : 4,5 6 , , . (, )
-
.

1920- , 1929
., , , ,
. 1927 .
( ) 47,4% , 28,0% , 19,8% ,
14,5% , 4,6% 0,6% 1190.
1929 ., ,

.
, 1929 .
1190

Michie R. The Global Securities Market. A History / R. Michie. Oxford: Oxford


University Press, 2006. . 174.
, . . ,

. . , , , []
1% , . , ,
( . 1930 / . . ..: , 1930. .
11, 28).

606

4,5 5,5%,
; , 7,5%,
8%. ,

, , .
1929 .
1191.
, . 1929 1933 .
:
25%, ,
30% , 25%
.
40%, . .
1931 . (
, , , , , , , , , , , ). . (, , ,
, , ).
, , . , 1929 .,
.
1931 . .
,
, ,
, 1192. -

1191

. 1930 / . .
..: , 1930. . 11.
1192
1932 . 83%
1929 . (100%), 73%, 76,5%.
30% 7% 1929 .

607

50%, 50%.
40%1193. . 1931 . Creditanstalt, 250 ,
Danatbank.
,
. , . ,

.
. , , ,
, 1931 .1194
,
( ,
) . , 1931 .
, 1195.
,
, , , .
, -

1932 . : 60,2%
1929 . (100%), 30,8%, 38,5%.
1193
, , -
25%. 26%, 21,8%, 15,4%, , , 10,2% (Temin P.
Lessons from the Great Depression / The Lionel Robbins Lectures for 1989 / P. Temin.
Cambridge, MA: The MIT Press, 1991. . 3).
1194
Keynes J. M. An Economic Analysis of Unemployement (Harris Lectures, 1931) / J.
M. Keynes // The collected writings of John Maynard Keynes. Vol 13. L.: Macmillan,
1973 P. 349351.
1195
Toynbee A. Survey of international affairs, 1931 / A. Toynbee. Oxford: Oxford
University Press, 1932. P. I.

608

1196. , , , - , 1197.
1932 .,
:
, . . ,
, 1920- 1930-
,
( ) .
1930- ,
, ,
. ,
,
, 1198. , ,
(, , ,
). , , 1931 ., ,
, 1934 . (,
.).
1196

Schuker S. The End of French Predominance in Europe: The Financial Crisis of 1924
and the Adoption of the Dawes Plan / S. Schuker. Chapel Hill, NC: University of North
Carolina Press, 1976. P. 291.
1197
Hassall C. Edward Marsh, Patron of the Arts, a Biography by Christopher Hassall / C.
Hassal. N. Y. Longmans, 1959. P. 570.
1198
1935 . 1929 .,
106,6% 1929 . 1935 . 63,1%,
88,6% (100% 1936 ., 105% 1937 ., 10%
1938 .). 1936 . 68% 1929 .,
99,6%. : 110,8% 1936 ., 123,2% 1837 ., 135,0% 1938 .; 80,3% 1936 ., 80,7% 1937 ., 89,6% 1938
. (Crafts N. Depression and Recovery in the 1930s: An Overview / N. Crafts, P. Fearon //
The Great Depression of the 1930s. Lessons for Today [Ed. by N. Crafts, P. Fearon].
Oxford: Oxford University Press, 2013. P. 3).

609

1929 . 19301933 .
, , ,
, , .
, , , , .
, -
, , 6,5
, 12 107.
1930- .
. , .
1930- ,
.
,
1944 .

:


, , ,
, 1199. , ,
.
, , ,
. .

1199

. / . . royallib.ru/book/doktorou_edgar/
regtaym.html.

610

, . 1900 1913 . 250


1,5 1200. 1920- , ,
, , -
. - , 1201.
, , . .
,
. - ,
,
, - 79
76, 7%. ,
,
, .
( , 1914
., 500 ). ,
1200

: 1900 1910 .
, 10,78 22,4 . , ,
1,7 3,8 . , 4,4 1900 . ( 6% ) 7,4 1910 . ( 8%) (Burk K. Money and Power: the shift from
Great Britain to the United States / K. Burk // Finance and Financiers in European
History, 18801960 / Ed. by Youssef Cassis. Cambridge: Cambridge University Press,
1992. P. 360).
1201
, 1920-
- . 1924 .
969 ( 134 ),
1927 . 1337 (139 ), 1929 . 671
(94 ) (Burk K. Money and Power: the shift from Great Britain to the United States /
K. Burk // Finance and Financiers in European History, 18801960 / Ed. by Youssef
Cassis. Cambridge: Cambridge University Press, 1992. P. 364).

611

( 4,86 ) ,
.
1914 . , .
1914 . .
,
. 50%,
20%, , 1920 . 6% , 50% .
, 2 , , 2 4
.
: ,
, . ,
, , .
, .
, , . , ,
30%, 5%. 200 , . , , , ,
. (Federal Reserve
System), 1914 . ,
1202.
1202

17,4 1899 . 40 1914 . ( ,


). 1918 . 50%, 60 , 1929 . 103,1 . -

612

(Liberty Loans),
. 4
, 9,4 , 18,4
22,8 1203. 1917 . 350 . , 1919 . 11 . , ( ) ,
. 1919 . Liberty Loans
1204. ,
, - -

1899 . 1929 . 4,7 30,6 (Baskin J.


B. A History of Corporate Finance / J. B. Baskin, P. J. Miranti. Cambridge: Cambridge
University Press, 1997. . 167; Ahamed L. Lords of finance. 1929, the Great
Depression, and the bankers who broke the world / L. Ahamed. L.: Windmill Books
Random House, 2010. . 95, 100).
1203
Liberty Loans ,

. , , -, . , Guaranty
Trust Comany of New York. ,
100
, . .
.
1204
Glass C. An Adventure in Constructive Finance / C. Glass. N. Y: Doubleday, 1927.
P. 116.

613

,
.
, . , ( 1919 . 10 ) ( . bookmaker ), 1205.

, ,
, ,
. ,
( , ,
). .
( )
( 20 .
) 1914 . 80%, 1921
. 47%. (15 .
): 1917 . 9,5%, 1921 . 23%.

1206.

, ,
, ,
. , , 1920- , ,
1205

(
), .
, , ,
. , ,
( , ), .
1206
Smith M. A History of the global stock market. From Ancient Rome to Silicon Valley
/ . Smith. Chicago: University of Chicago Press, 2004. . 110111.

614

, ,
1929 .


, . 6,7%,
9,7%, 9,4%, 27,6%.
, , 44,1%,
80,7%, 21,1%, 111,8%. 1920 .
24,9% 16,1%. 9,8%1207.
, ,

, .
. 1917 . 3,5%,
1918 . 4%, 1919 .1208 . 1920 .
( 1920 . 1921 .
56%) 2,5 . 1921 . .
1921 . 4,5% 1920-
(Roaring Twenties ,
), 1209,
1207

Common Stock Price Movements in Selected Nations, 19181929 // New York


Times. 1921. January 1.
1208
,
1919 . . 4% 4,75%
. ,
, , . ( .
. 18871960 / . , . .
.: , 2007. . 218, 220221).
1209
, , ( 1919 . ).

615


.
,
, : , - .
, ,
. . , . ,
,
, .
-, ,



, .
.
,
1210.
, ? 1 1920 ., 1922 . , . ,
1920- , , ,
1 (19241925 .). ,
.
, ,
100 . .
1,2 . , , , 1920- , ,

( ) , . . (Roose K. Was the Great Gatsby Broke? / K. Roose.
http://nymag.com/daily/intelligencer/2013/05/was-the-great-gatsby-broke.html).
1210
.
, , . , . , , . , .
,
, , -

616


, ;
- , . C 1923 1929 . 12,6%
763 859 . , :
6 , 2
.

, 1950 1211.
1920- . (American
Individualism1212) (The Theory of the
Leisure Class1213)
(18571929), .
. 70% , .
, ,
5% 90%
, 1500
(0,48 44- ).
.

, ( . / .
. royallib.ru/book/doktorou_edgar/regtaym.html).
1211

25% ,
, 200 ( 80 , ).
1926 . 45 . , 200 .
. , ,
(Il y a 500 000 Etrangers a Paris // Le Journal. 1925. February 2).
1212
Hoover H. American Individualism / H. Hoover. N. Y.: Doubleday, Page &
Company, 1922. 72 p.
1213
Veblen T. The theory of the leisure class: an economic study of institutions / T.
Veblen. N. Y.: B.W. Huebsch, 1912. 404 p.

617

1920- 60% 80% , 1925 1929 . 1,3 3


.
,
., 1990- ,
1920-.
,
, , .

,
. , ,
, , . , ,

, 1930-
.
1920-
,
, ,
, 1214. ,
,
1913 .
15 , , ,
. 1913 . 39% ( 109% , 78%, 44%, 49%, 18%)1215.
:
1214

Sobel R. Panic on Wall Street: A History of America's Financial Disasters / R. Sobel.


N. Y.: Beard Books, 1999. P. 223.
1215
Rajan R. The great reversals: the politics of financial development in the twentieth
century / R. Rajan, L. Zingales // Journal of Financial Economics. 2003. Vol. 69.
Table 3.15. http://www.seyan.info/files/the%20great%20reversals.pdf.

618

- 50100, 1920 . 72. ,


1922 . 7 5%
. 1920-, 67 1921 . 150 1925 ., 1913 1925 . .
1920-
, 11
, .
., ,

, .
1920- ,
,
, . , 1921 . General Electric
12 100 (12%), American
Tobacco 12%, Bethelem Steel 5%, International Harvester 5%,
Standard Oil of New Jersey 5%. ,
, (, General Electric 109,5 143,75 )1216.
.
,
1217.
, . 1908 ., - First National Bank First Security Company.
, 1216

Range and Dividends for Selected Common Stocks // New York Times. 1921.
December 31.
1217
Sobel R. The Great Bull Market. Wall Street in the 1920s / Sobel R. N. Y.: W. W.
Norton, 1968. . 33.

619

.
(Controller of the Currency)
, . First National Bank
,
(financial supermarket).
1914 . , ,
(,
1916 . National City Bank - Halsey and Company).
,
- ,
.
. , , 1218. , , , ,
, .

. ,
, , , . . 1920-
, 1920-
( 75%).
1920- National City Bank
50 .
, 1218

Pratt S. The Work of Wall Street / Pratt S., Crowell J. N.Y.: D. Appleton &
Company, 1920. P. 216.

620

, .
,
, . National City Bank
, 1219. National
City Bank National City Company (
), 1920-

12
.
, National City
Bank , , 11 . .
, , -
- 2 . . ,
, .
,
. , , National City Company, , .

, . () , , ,
.
, I .,
.
, 1925 . 1219

Cleveland H. Citibank. 18121970 / H. Cleveland., T. Huertas. Cambridge, Mass.:


Harvard University Press, 1985. P. 136139.

621

. ,
- ,
.
, , -.

, 1920- .

,
1220.
- , .
1221.
, - , ,
,
,
, ,

1222.
, ,
1220

,
. (Geisst C. Visionary capitalism: financial markets and the
American dream in the twentieth century / C. Geisst. N. Y.: Praeger, 1990. 191 p.)
1221
Veblen T. The theory of the leisure class: an economic study of institutions / T.
Veblen. N. Y.: B.W. Huebsch, 1912 ( 1899 .).
1222
, , . . .
-
, , ,
, .
. -
25 . ; 500 ( . / . .
http://librs.net/index.php?id=123965).

622

, 1920- 1223.

, , .

, 1919
1920 ., ,
, 1921 . 4,5%,

. 1922 . 47% ( 9% 1922 . 18% 1929
.).
( 30% 1926 .)1224.

1920- ,
, , General Motors, General Electric, Radio Corporation of America
1225.
,
, ,
100 1923 ., 1929 . 1353
. 1920 . 10 . General
Electric , 1929 . 1,5 .
, - , Pratt & Whitney, Northrop Aircraft,
Sikorsky Aviation1226.
(, , )
1927 . . 1223

Smiley G. Rethinking the Great Depression / G. Smiley. Chicago: Ivan R. Dee,


2002. . 10.
1224
Fuller R. L. Phantoms of Fear. The Banking Panic of 1933 / R. L. Fuller. Jefferson
(North Carolina) and London: McFarland & Co Inc. Publishers, 2012. . 13.
1225
Radio Corporation of
America ( ) 1921 . 2,1 ; 1922
. 6,25; 1923 . 4,75; 1924 . 67; 1925 . 77; 1926 . 62; 1927 . 101;
1928 . 420; 1929 . 114,75 . 19271928 . 1929 . 1929 26 (Sobel R. The Great Bull Market.
Wall Street in the 1920s / Sobel R. N. Y.: W. W. Norton, 1968. . 39).
1226
Parker S. The Great Crash. How the Stock Market Crash of 1929 Plunged the World
into Depression / S. Parker. L.: Piatkus, 2008. P. 16.

623

( 12 ,
). ,
, ,
.


,
, ,
,
! ,
, ,
, ,
, ; ,
, , ,
, ; , :
1227.
1920- 1924 .,
.
1925 . 25
1925 . 106 , 134
, 1925 . 181 .
1926 1927 .
.
, 1920-
, , . 1924 . ,
2003 .1228
,
, ,
.
1227

. / . . http://librs.net/index.php?id
=123965.
1228
Smith E. L. Common Stocks as Long Term Investments / Smith E. L. N. Y.:
Kessinger Publishing, 2003. 136 p.

624

. , . ,
. .
.

,
.


,
. , ,
, ,
.
, .
,
1229.
1920- ( 1925 . ). , (Silent Cal), , ( ) - .

, -,
- General Motors, General Electric, Radio
Corporation of America (RCA), Eastman Kodak .
,

1920- .
, , 405
1910 . 9,4 1929 .1230,
- (New York
Stock Exchange, NYSE) 159 1909 . 1,1
1929 . ( , 2,83,4 ).
1229

. / . . http://librs.net/index.php?id
=123965.
1230
Spieser P. Histoire de la finance: Le temps, le calcul, et les promesses / P. Spieser, L.
Belze. P.: Vuibert, 2005. . 353.

625

1920-
General Motors, 1908 . , . 1920 .
General Motors ,
250 , 30 ( 200 ). 1925 . ,
800 . (25% ) 110 . General
Motors 1920 1925 . 400%, 25 100
. , General Motors, General
Electric, Radio Corporation of America, Eastman Kodak ., , .
1 1231, , - ,
0,5 1925 . 0,757 1928 . 1,127
1929 ., 15
1913 . 34 1925 . 64 1929 . , ,
, 1232.


1920-
( 19201930 .
42%,
13%). ,
( 1921 1929 .)
. ,
,
. -
1231

Ahamed L. Lords of finance. 1929, the Great Depression, and the bankers who broke
the world / L. Ahamed. L.: Windmill Books. Random House, 2010. . 272273.
1232
Parrish M. Anxious Decades. America in Prosperity and Depression, 19201941 / M.
Parrish. N. Y.: W. W. Norton, 1992. . 227228.

626

26%,
( 19%),

2 1233.

,
,
1920- 1924 . ,
.
,
,
, - .
1926 1929 .
9,5 11,4%.

, . 80% . ( 25%
, ).
1
1920- 9,2 1929 . , , . 1929 . 6,5
.

1920-
,
. , , .
1233
, (
: 6 . / . . . . . . 4. .: , 2008. . 32).

627

.
, . , - , 4%, 1234. (
), . ,
, , , .
( -, ).

1920-
.
, ,
, .
,
1929 .,
.

( 4,86 )
1925 . ,
( ), , ( ) , .
.
.
1234

.: .
/ . . .: , 2012. . 228248.

628

1925
, , .
1927 . (
), ( ) ( ).
1925 .
. , ,
. , ,
,
. , - ( ) 4% 3,5%.

, , ,
,
.
,
, , ,
1929 .
, 1925 1928 . 200%. 1927 . - 200, ( , ) 3,3 1927 . 4,4
1928 .1235 9,2 1929 .1236 1235

Hoover H. Memoirs: The great depression, 19291941 / H. Hoover. P. 11.


Fuller R. L. Phantoms of Fear. The Banking Panic of 1933 / R. L. Fuller. Jefferson
(North Carolina) and London: McFarland & Co Inc. Publishers, 2012. . 14.
, , Electric Bond and Share
(157,6 ), Bethlehem Steel 157,5 ; Standard Oil of New Jersey 97,8
; Tri-Continental 62,2 ; Chrysler 60,2 ; Cities Service 41,9 ;
Anaconda Copper 32,5 ; American & Foreign Power 30,3 ; General Motors
25,0 (Lundberg F. America's 60 Families / F. Lundberg. N. Y.: Vanguard Press, 1937.
. 221). 4430 ( 1830 ) 1927 . 6440 ( 3885 ) 1928 . 8525 ( 6640
1236

629

, .
3,5%, , , 12% ,
.

,
, ,

,
.

. 3,5%,
, 12%.

Standard Oil of New Jersey.
, , ,
.
Standard Oil of New Jersey 69 ,
Electric Bond Share 100 .
(, Cities Service) , 1237.
,
, .
, 3,5%
,
1928 .

, . , , 1837 ., ) 1928 . (Sobel R. The Great Bull Market. Wall Street in the
1920s / Sobel R. N. Y.: W. W. Norton, 1968. . 117).
1237
Stock Exchange Practices. Hearings before the Committee on Banking and Currency
Pursuant to Senate Resolution 84 and S.Res. 56 and S.Res. 97: 19321934. Washington,
DC, 1934. P. 16. http://fraser.stlouisfed.org/publications/sensep/.

630

, , , . , ,
1238. ,
, 1929 .,
1927 . - : ,
, .
, ,
( ) 11 20, , , ( 1929 .
32). ,
General Motors, 1925 1927 . 2,5 ( 250 ), 4 .
1927 . 2 ,
9
.

1920- , 3,5%, ,
( 1926 .
10%,
2%).
,
( 1925 .),
, . , ,
,
,
.
,
,
(
General Electric
1238

Chandler L. V. Benjamin Strong: Central Banker / L. V. Chandler. Washington, DC:


Brookings Institute, 1958. . 428.

631

40% ).

(American Depositary
Receipts, ADRs),
1239.
19281929 .
,
, .

1928 . . ,
3,5% , 4%,
4,5% 5%. ( . )
, 1927 . ,
,
1929 . 1930- 1240.
1928 . , , ,
1241. 1239

(. depositary receipt) ,

. , , -.
. 1927 . J. P. Morgan Selfridges Retail Ltd. ( , ADS).
1240
1925 1929 . 183,9
. 206,7 ., 60,8 68 .
, 67 1921
. 100 19231925 ., 1928 . 110, 1929 . 126
.
1241
, ( .
), . 1900 . 0,5% , 1903 . 1%, 1908 1922 .
0,52,5% 19281929 . 6,5% .

632

, , . ,
(
) ,
1242.
1920-
1243,

.
1929 . -
300 3801244. 100%
( 19281929 . 10% )1245.
1970 .
0,51,0% , 1980- 0,51,5%, 1990-
1,5% (OSullivan M. Funding new Industries: A Historical Perspective on the
Financial Role of the U.S. Stock Market in the Twentieth Century / M. OSullivan //
Financing Innovation in the United States, from 1870 to the Present / Ed. by N.
Lamoreaux, K. Sokoloff. Cambridge, Massachusetts: The MIT Press, 2009. P. 168).
.: .
/ . . .: , 2012. . 249260.
1242
1890- ,
.
1890- ,
1929 .
1243
, ,
50 1904 . 367 1909 ., 1936 1919 ., 2742
1929 .
0,4% 1904 . 4,4% 1929 . (OSullivan M. Funding new
Industries: A Historical Perspective on the Financial Role of the U.S. Stock Market in the
Twentieth Century / M. OSullivan // Financing Innovation in the United States, from
1870 to the Present / Ed. by N. Lamoreaux, K. Sokoloff. Cambridge, Massachusetts:
The MIT Press, 2009. P. 164, 175).
1244
- 1918 . 89,07
( ), 1919 . 119,62; 1920 .
109,88; 1921 . 81,50; 1922 . 103,43. 1929 .
. 1923 . 105,38; 1924 . 120,51; 1925 . 159,30; 1926 .
166,64; 1927 . 202,40; 1928 . 300,00; 1929 . 381,17. 1929
. 294,07 1930 . 194,36 1931 . (The Dow Jones
Investors Handbook / Ed. Maurice L. Farrell. N. Y.: Dow Jones Books, 1966. P. 50
51).
1245
Radio corporation of America
(RCA), 12 18 .

633

- 237,3 1923 . 282,1 1924 ., 452,2 1925 ., 449,1


1926 ., 576,9 1927 ., 920,6 1928 ., 1124,9 1929
.
23 ,
;
30% .
. , ,
1246.
, , , .
,
-
, .
,
1247. 700 1925
. 1600 1929 .,
,
.

, , General
Motors. GM ,
.
, ,
, 4
(
1920- ).
, 1929 . 50 ,
100 , .
,
RCA 85 420 ( ), Du Pont 310 525, Montgomery Ward
117 440, Wright Aeronautic 69 289 .
1246
McMullen F. D. Army of Woman, who Watch the Ticker, Queen Nefertiti / F. D.
McMullen // The New York Times. 1929. March 31. P. 139.
1247
Wamsley W. F. The Magnet of Dancing Stock Prices / W. F. Wamsley // The New
York Times. 1929. March 24. P. 87.

634

.
: ,
, . , ,
. ;
, , ,
, , . ( ) , .

. -
(Curb Exchange, )
I . , , . .
.

1908 . - (New York Curb Market Agency).
(Emanuel S. Mendels)
(Carl H. Pforzheimer).
, , -
(New York Stick Exchange, NYSE).
(Standard Oil,
Du Pont, Otis Elevator .)
- . 1920- New York Curb Exchange ,
. 1953 . New York Curb Exchange
American Stock Exchange (AMEX)
.
. ,
, 4 1928 . :
.
, , -

635

. ,
, 1248. , , , .
7 1928 .

- 4895 . , 16
6642 . ,
1925 . , , 1249.

,
. ,
8 1929 . ( International Acceptance Bank), , , , ,
. ,
. , , , , 1250.
,
,
, .
,
, , ,

.
1928 . -

1248

Hoover H. The Memoirs of Herbert Hoover: The Great Depression, 19291941 / H.


Hoover. New York: Macmillan, 1952. . 16.
1249
Hoover H. The Memoirs of Herbert Hoover: The Great Depression, 19291941 / H.
Hoover. New York: Macmillan, 1952. P. 5, 14.
1250
Warburg Assails Federal Reserve // The New York Times. 1929. March 8. P. 40.

636

1251.
,
, ,
.
,
. , ,
.

Poor`s
Standard Statistics Company ( Standard & Poor),
.

,
.
, , 12 ,
, , . , , .
, 1929 . .
1929 . , .

, . ,
, . ,
250 ,

1251
Schumpeter J. A. The Instability of Capitalism / J. A. Schumpeter // Economic
Journal. 1928. Vol. 38. P. 361386.

637

30 1252.
,
, 1929 . , . , 1929 .
( ), 1 548 707 , 1 371 920 (89%) . 1,29% (120 1929 .). , 1,5 600 .
, 950 . , , , 1253. ,
1929 . 1% 1254.
,
, :
,
.,
, . 1929 ., , ,
,

1252

Allen F. L. Only yesterday: an informal history of the 1920's / F. L. Allen. New


York: Harper, 1931. P. 237.
1253
. . 1929 / . . . : ,
2009. . 109110.
1254
3%. ,
,
. , ( . .
/ . . .: - , , 2012.
. 43). , , ,

(Everybody Ought to be Rich), 1929 . Ladies Home Journal.

638

50 .1255,
.
, 1% ,
. , (
) , . ,
, 1920- , . ( ) .
, , , .
1928 . 5%,
( 1928 .) ,
,
. ,
, 1929 . , , .
. ,
.

7%, . 1929 . 7 .
, ,
20%. , 7%, .
1015% ,
.
1929 . 4,5
5,5%, , . 25 1255

Stock Exchange Practices. Hearings before the Committee on Banking and Currency
Pursuant to Senate Resolution 84 and S.Res. 56 and S.Res. 97: 19321934. Washington,
DC, 1934. P. 910. http://fraser.stlouisfed.org/publications/sensep/.

639

Wright Aero, American Railways Express,


Commercial Solvents 1012 .
,
.
, , , , ,
, . 26
, National City Bank, , , ,
, 25 .
1256.
, .
- 4
. , /, : Alleghany
Corporation 108, Goldman Sachs Trading Corporation 129,
Columbia Gramophone 129, Cities Services 165, National City
Bank 1201257.

1920-

, .
,
. 1920- ,
,
, .

1256

Lawrence J. S. Wall Street and Washington / J. S. Lawrence. Princeton: Princeton


University Press, 1929. P. 3.
1257
Wigmore B. The Crash and Its Aftermath: A history of Securities Markets in the
United States, 19291933 / B. Wigmore. Westport, Conn.: Greenwood Press, 1985. P.
28.

640

( Bank of Morgan,
City Bank, First National Bank ).
,
, 25%
, .
,
,
, .
,
.
, , ,
, .
1920- , ,
.
- .
, ,

() .
, ,
(
)
. , ,
.
. , ., 1258.

1920- Anaconda Copper
Company Radio Corporation of America.
Anaconda Copper National City Company (
1258

Lefevre E. Reminiscences of a Stock Operator (1923) / E. Lefevre. N. Y.: John


Wiley & Sons, 2012. P. 233.

641

Anaconda Copper).
- . .
, , Anaconda Copper , , . , .
, .
RCA ,
, , .
,
.

. , , , General Motors (1 ),
Crysler (0,5 ), (0,4 ), (1 ) (
). 12 . , 81
92 , 100 .
5 , , 1259.
1920-

1920- (
.), . . . 1259

Gordon T. The Day the Bubble Burst: a social history of the Wall Street crash of 1929
/ T. Gordon, M. Morgan-Witts. N. Y.: Penguin Books, 1980. P. 122.

642

.
.
,
I ., , . , 1929 .
,
.

, .
, ,
, . 1920-
, , .
1927 . 160 , 3001260.
,
.
(Charles Ponzi, 1882
1949), 1920 . .
Old Colony
Foreign Exchange Company.
1261,
1260

Investment Trusts and Investment Companies. Part 1. Report of the Securities and
Exchange Commission. Washington, 1939. P. 36. http://www.jstor.org/pss/1117833.
1261
(nternational reply coupon)
, .
.

643

,
. 10 , 90 , 50% . , International Postal Union.
, , , . 1 ,
. , ,
1920 .
. 7 ,
4 , ; 25
1920 . , . , 15 ,
200 .
, ,
, ,
1262.

.

. 1920-
, .
, 1920-
( , ), ,
, . , 1262

1934 . ,
.
--, 1949 .

644

,
.

. 1929 .,
,
. , , , . - , ,
,
. , , 1929 .
1927 . Lazard Freres General
American Investors Company c
, ,
. Lazard
Freres Lehman Brothers. 15 1929 .
The Second General American Investors Company.
1929 ., 5 ,
33 .
1928 . 186 ,
1929 .
.
265, 400
1927 . 3 1929 .
1929 .
8 , 1927 .
10 . , , ,
, , , 1263.
1263

Investment Trusts and Investment Companies. Part 3. Washington, 1939. Chapter


1. P. 34; Chapter 2. P. 37. http://www.jstor.org/pss/1117833.

645

, ,
. , .

.
1920-
.
United Corporation, , Alleghany
Company.
1927 . , .
, ,
,
1920-. , ,
. .
, ,
, .

, ,
, , . , .
1920- , , . (

J. P. Morgan Goldman Sachs), .

646


1929 .,
. ,
-, , - .
,
.
1929 .
, , . , General Motors, ,
RCA, General Electric, Montgomery Ward .
( 10%) , 400 .
7 , 1929
. 9,2
10% ( 8,6 )1264.
, 1929 .
, - ., .
. - . , ,
. , ,
, ,

.
1264

Kindleberger C. The World in Depression, 19291939 / C. Kindleberger. Berkeley:


University of California Press, 1986. . 100; Fuller R. L. Phantoms of Fear. The
Banking Panic of 1933 / R. L. Fuller. Jefferson (North Carolina) and London:
McFarland & Co Inc. Publishers, 2012. . 14.

647

, ,
.
- 8 1929 . 5
6%,
10%, .
;
, ,
.


, 2,2
, , , ,
.
,
.
. , 3
4 438 910. 5
. , (18751967), . , ,
. , ,
,
, - 6080 ,
, .
,
1265.
, - 3
381, 826 , -

1265

Babson predicts crash in stocks // The New York Times. 1929. September 6.
P.12.

648

, 19
, 30% 20%.
, - , . , , 1266. , , , . ,
.
, , , , .
(18621945), -
, ,
1267.

3040%,
, , . 1929 . ,
,
. (126 ), 117 .

,
1927 . , ,
- .

19 1929 .
. , , .
,
1266

Fisher View is Opposite, Declares No Big Recession in Market Is Due, Because


inventions Are Adding to Wealth // The New York Times. 1929. September 6. P. 12;
Angly E. Oh, Yeah? / E. Angly. New York: Viking, 1931. P. 37. .
. 36, 38.
1267
Financial Markets: Last Week Reactions in Stocks and the Talk of the Future Crash //
The New York Times. September 9, 1929.

649

70 ,
,
. , ,
, , .
, . 15
,
1268.
19 J. P. Morgan, ,

18 , , , , . The future
appears brilliant , .
,
( , ) .
, , This document is fairly amazing 1269.
, 19 , . , . . 23
, 2,6 , .

1268

Fisher Sees Stocks Permanently High // The New York Times. 1929. October 16.
Lamont E. M. The ambassador from Wall Street: the story of Thomas W. Lamont, J.
P. Morgan's chief executive: a biography / E. M. Lamont. N. Y.: Madison Books, 1994.
P. 266268.
1269

650

1929 .
24 1929
., 12 ,
. ,
-
. , , , . 1270. ,
, -
.
Bank of Morgan, Chase National Bank,
First National Bank,
Bankers Trust Company Guaranty Trust Company of New York.

130 , ,
, . ,
- NYSE,
US Steel,
. , US
Steel, AT&T, Anaconda Copper Company, General Electric,
New York Central Railroad
.

. 28
9 . -
40 ,
14 . RCA ( 30%) US Steel
( 15%).
Cities Services,
40%.
14 . ,
,
. - 1270

Financiers Ease Tension // The New York Times. 1929. October 29.

651

, . 29
16 , 80 . . - ,
1271.
,
.
, Chase National Bank,
,
,
. , 5000 , 4
( ). ,

.

Anaconda
Copper Company, , (
, .), . ,
, . , , ,
. , , Anaconda Copper Company .


.
, . ,
. ,
,
.
1271

Crowd See Market History Made // The New York Times. 1929. October 30.

652

- , 65
; 200 , ( ) ,
.
- 1929 .
, 150 , 200 .
, ,
- ,
, . , ,
10 .
6 4,5%.
, , .
1929 .,
.
.
, , (
), , 25%
2 1272.

, . , ,
.
,
1929 . , ,
. 1925 . 100 .
12,1%; 1929 . 14,0%; 1930 .
1272

Josephson M. The Money Lords: The Great Finance Capitalists, 19251950 / M.


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15,7%; 1931 . 16,8%; 1932 . 17,4%; 1933 . 15,9%.


1929 ., 1932 ., 1273. ,
. -

1 .
1929 . ( 1869
.) .
50 , .
, , , - . 1929 .
, , . - . ,
6 4,5% 1930 .
2% 1930 .
. 218 ,

1274.
, 1929 . 1873 1907 ., ,
, 1930-
, .
,
- ,
. ,
- ,
1273

.: . . 1929 / . . .
: , 2009. . 173175.
1274
Anderson B. M. Economics and the Public Welfare / B. M. Anderson. N. Y.: Laissez
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654

.
1931 ., .
1929 . . - , , . 1923
.1275 1920- ,
, - ,
, ,
,
.

, .
, 1929 .
. , , ,
.
1929 . , , .
,
,
.
, ,
,
. 1929 .
. 1920- . - , -

1275

Mitchell W. C. Business Cycles and Unemployment: Report and Recommendations of


a Committee of the President's Conference on Unemployment, Including an Investigation
Made Under the Auspices of the National Bureau of Economic Research / W. C. Mitchell.
New York: McGraw-Hill, 1923. P. 6.

655


.
,
, ,
, , .
,

. ,
.
, 1929 . .
, , ( ),
, .
,
1920- ,
1929 ., , 40%
, 1928 .

(, , ). 1929 . , 1930-
, , ,
1276.
1929 . ,
1929 . , , , ,
. ,
. 1929 1933 .
, 1276

Parrish M. Anxious Decades. America in Prosperity and Depression, 19201941 / M.


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656

. 1929 . 1930- , .
. , ,
1277.
, 1929 . , ,
,
, ,
, , , .
- , , 1929 .
1930- (
), (
20072009 . 2010- ).
,
,
,
. 1929 .
,
, , , , , .
,
, . , 1277

,
. , , , , . , . . . ,
. 1929 1933 . . 3,2 24,9%; ( .
: : / . , . . .: , 2011. . 129130).

657

, .

, ,
, ,
.
, , . -
,
1278.

1930 .
. -
1929 . 100 , . ,
. , , , 1930 .
. .
,

. 1928 ., . , , , ,
1929 . .
1929 . . ,
, . ,
.
, ,
,
, . - .
1278
. . / . . .: -
, , 2012. . 44.

658

, , ,
.
, 1929 . 1930-
. ,
,
-.
1930 . - (The Smoot-Hawley Tariff Act), ,
1279. , .
,
.
- .
, - .
, , .
, , ,
, , , ,
, . 20 , ,
. 61% (
5,4 2,1 ); 66% ( 4,4 1929 . 1,5
1933 .)1280.
1279
- .: . / . . .: , 2012. . 347349.
1280
Brown W. B. International Economics In the Age of Globalization / W. B. Brown, J.
S. Hogendorn Toronto: University of Toronto Press, 2000. P. 246.
( 7 1929 . 2,5
1932 .) ( 5,9 2,0 ) (Crafts N. Depression and Recovery in
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659


, I .,
Belle Epoque. , , ( ),
, (
) ,
, ,
.
,
.
1929 .
5%, 5%. 1929 .
3% (1,5 ), 1930 . 6% (3
). ( 25%, 50%). 1931 .,
20%,
50% 50%, 40%, 8 (15% ).
19301931 .
1929 . 1931 . . 1930 .
(Bank of the United States),
. ,
, -. ,

. 1930 . , ,
60 , Lessons for Today [Ed. by N. Crafts, P. Fearon]. Oxford: Oxford University Press,
2013. P. 13).

660

(
,
)1281. Bank of the United States ,
1282.
Lazard
Freres, 1929 .,
1931 .,
. 11
Creditanstalt, Lazard
Freres Lazard Brothers,
Creditanstalt.
Lazard Brothers 40 . ,
( 3 ),
, 4 .
, Lazard Brothers 1283.
1281
, , ,
, . , , , ,
. 1929 .
, .
- , ,
,
. - 30 - , . , , . -
, 300 . 400 .
, .
1282
1930 . .: Wicker E. The Banking Panics of the
Great Depression / E. Wicker. Cambridge: Cambridge University Press, 1996. . 24
38.
1283
, 1931 .
Lazard Brothers.
, .
, ,
.
, Lazard Brothers
, .
, . -

661

; 1284. , (
1931 1932 .)
20% ( 43 36 ). 1932 . , . 24 970 1929 . 12 207 1933 ., ,
, 8707 5606 (
27,5%)1285.
1933 ., . ,
, 1930- .
,
. 1932 . :
25%, 50%, 75% 1929 .,
10 ( 20% ).
- 41,
(General Motors 72 1929 . 2 ; RCA 101 2)1286.
, Lazard Brothers. , , Lazard Brothers.

Lazard Brothers, .
5,85 ,
Lazard Brothers,
Lazard . Lazard
Brothers 3 . Lazard Freres et Cie Lazard. , . Lazard Freres
, ,
, , , , ( . / . . .:
Companion Group, 2009. . 4647, 51).
1284
1931 . .: Wicker E. The Banking
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1996. . 6278.
1285
Smiley G. Rethinking the Great Depression / G. Smiley. Chicago: Ivan R. Dee,
2002. . 29, 6970.
1286
Lefevre E. When It is Safe to Invest? / E. Lefevre // Saturday Evening Post. 1932.
August 6.

662


(The National Credit Corporation). 1931 .
1287, ,


. , ,
. 2% .
, 13 The National Credit Corporation ,
(American Bankers Association), Investment bankers
Association. ,
: , ,

, -.
1931 . ,
.
1932 .
(Reconstruction finance corporation, RFC)
0,5 . , , 2 ,
,
.
,
. Reconstruction
Finance Corporation , , 1287

(Eugene Isaac Meyer, 18751959) 1930 .,


, , . , .
Lazard Freres, ,
Lazard, , , (Pusey
M. Eugene Meyer / M. Pusey. N. Y.: Alfred A. Knopf, 1974. P. 117125).

663

(War Finance Corporation),


1918 ., 1288.
,
,
1,5 , . . (0,5 ). .
, 1930- .
.
6%,
.
. RFC
,
. RFC 238 , 160 . ,
, 342 1932 .
119 45 . , RFC . 1933 .
1
, , 1289.
RFC
. , RFC
90 ( 500 , 1288
, RFC
, .
500 3 . , . 1919
. ( 1 ) (Kaufman B. Efficiency and
Expansion: Foreign Trade Organization in the Wilson administration / B. Kaufman.
Westport (Conn.): Greenwood Press, 1974. P. 231232).
1289
Mitchener K. Blood and Treasure: Exiting the Great Depression and Lessons for
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664

) (Central Republic Bank of Chicago), RFC . . ,


, , , .
(
, ,
, Alleghany Corporation). .



. , ,
. .
, ,
, . ,
, , ,
,
, , .

. (
20% ) .
,
,
.
,
, . - - , .
, , . ,

665

, , ( .),
. ,
,
, - . ,

, , ,
, , .

, , ,
, . 1932 .,
,
.
,
, Guardian Trust Company.
, ,
;
. 1932 .
1933 . 16%
( 760 )1290.
.
, ,
.
,
1291. - 50 30
1290

. . 18871960 / . , . . .: , 2007. . 327.


1291
1933 . .: Wicker E. The Banking Panics of the
Great Depression / E. Wicker. Cambridge: Cambridge University Press, 1996. . 108
138.

666

1930 1933 .
( 12% , 10 , 13 ).

( 14 207,
4897, ). . ,

( 28 ); 5
1933 . 6 10
, .
12
, ,
, . , ,
. ,
, ,
, , ,
, ,
, ,
, ,
.
. , , , , ,
. , , , , , 1292.
1292

, : - ,
,
.
, , 3 , , . . ,

667

, , , , 13 , , . 15 . 1,5 ( 2 ).

,
.
,
.
, ( , . . 3,5 )
.
7 1933 . :
,
, , , . . ,
. ,
, ,
, 1293.
, . ,
, .
, , ,
( . / . . , 2013. http://www.e-reading.ws
/book.php?book=90802).
1293
,
,
. ,
, . , , , , 1933 .
, ,

668



1929 . .

, 1970- .
American Individualism1294, 1922
. 1920- , .
, ,
-. 1930-, ,
, , ,
, ,
, .
- ,

, . -,
, ,
. , , ,
, ,
1295.

, ,
, . , , . ,
,
. ,
,
, , ( . / . . , 2013. http://www.e-reading.ws/book.php?book
=90802).
1294
Hoover H. American Individualism / H. Hoover. N. Y.: Doubleday, Page &
Company, 1922. 72 p.
1295
Gilbert C. Mirrors of Wall Street / C. Gilbert. N. Y.: Putnam, 1933. P. 268.

669

,
, , , . , , ,
, .
, , , . ,
,
, .
: , , ,
1296.

. ,
1933 . (Banking Act GlassSteagall Act)1297, 1933 . (Securities
Act1298), 1934 . (Securities and
Exchange Act1299).
, 1929 . .
1933 .
, (37-
) . 18 1933 .
,
(
. ), , . 1296
. : . . - / . . . .: - , 2001. . 228229.
1297
Glass-Steagall Act. http://en.wikipedia.org/wiki/Glass-Steagall_Act.
1298
Securities Act Of 1933. http://www.sec.gov/about/laws/sa33.pdf.
1299
Securities Exchange Act Of 1934. http://www.sec.gov/about/laws/sea34.pdf.

670

:

. , , 50%. 1933 . 40% . 1937 . 100%, 40%.


1933 .
1929 . ,
-,
. , , . 1932 .,

- ,
.
,
, 1933 . ,

. , ,
Chase National Bank,
, , 4
. , National City Bank, 2,4 (
5% ).
, . .
, 1929 1931 .,
1300.

(18591938), 1300

Kennedy S. The Banking Crisis of 1933 / S. Kennedy. Kentucky: University Press


of Kentucky, 1973. P. 126.

671

- , 20 . , . , 10% . ,
. 1929 . , .
, , .
:
, .
, 1929 . 170
; 1301. ,
Halsey, Stuart and Company, , . ,
, , . 1932
. , . ,
, ,
, 1934 .
. , ,
: ,
1930- .
. , , ,
,
,
1929 . ,
, - , . , ,
. ,
1301

McDonald F. Insull: The Rise and Fall of a Billionaire Utility Tycoon / F. McDonald.
Chicago: University of Chicago Press, 1962. . 316.

672

60 (
) , ,
,
. ,
,
,

. , 1920- (United Corporation, Alleghany Corporation,
Standard Brands) 20 ,
35 1302.
,
, , .
,
,
,
.
, .
, ,
, .

1929 ., .

,
, . ,
. , , 10% ,
. , ,
1302

Pecora F. Wall Street Under Oath: The Story of Our Modern Money Changers / F.
Pecora. N. Y.: Simon and Schuster, 1939. . 13.

673

, ,
, , , ,
. ,
, , , 10
100 , . ,
, , , . ,
1920- ,
Chase National Bank National City Bank of New York.
, , , , , . , , 1920- , (Louis
Brandeis, 18561941), ,

.
, (
), , ,
. ,
, .
1933 .
.
,
.
, .
1933 .,
1934 . . 1933 . - -

674

. - , , , 1920- .
1933 . ,
21
, , .
(Federal Trade
Commission).
, .

.
, .
. ,
,
,
. (
)
, . ,
,
, , .
1934 .
, - .
(Securities and Exchange Commission, SEC). , , .
,
(Committee on
Stock Exchange Practice) .

675

, , .
,
, , .
,
( , 1920- ) . .
,
1934 .
(SEC).
1934 . , , ,
.
, SEC. . SEC ( ) . , SEC
,
.
,
, .


. , 1938 .
, - . 1930-
, , , ,

676

, ,
,

,
.
1934 .
SEC
,

.
,
; ,
;
.
SEC , ,
. ,
, , . , , ,
-.
, 1933 .
, Libby Owen Fords.
, ,
,
, .
, , SEC - , SEC, . SEC , .
SEC .

677

, . , . , 1934 . , ,

, , .
1303. ,
1936 . .
, .
1934 .
, , - .
1933 . National City Bank National City
Compny, 1929 ., ,
1934 . . 1935
., . , , ,
SEC.
1930- .
,
, .
, -
1304.
SEC
, , 1935 . 1303

Hoover H. The Challenge to Liberty / H. Hoover. N.Y.: Charles Scribner's sons,


1934. 212 p.
1304
Truman H. Memoirs / H. Truman. 2 vols. V. 2. Years of Trial and Hope. N. Y.:
Doubleday, 1956. P. 45.

678

- , . , , ,
,
. ,
, , . , .
, Edward B. Smith and
Company Charles D.
Barney, Smith Barney and Company. .
, ,

.
1934 . 440 ; ( ) .
, , ,
, . , ,
, . ,
.
, , , ,
, ; ,
1305.
1305

Douglas W. Democracy and Finance. The Addresses and Public Statements of W.O.
Douglas as Member and Chairman of the Securities and Exchange Commission / W.
Douglas. New Haven, Conn.: Yale University Press, 1940. P. 8.

679

. 1936 .
, (Investment Bankers Conference), . 20% . , , SEC , , . 1937 .
( , ), (National Association of Securities Dealers,
NASD), .
,
. .
, , ,
- .
( 2500 ) -
, , , 3000 . ,
, - .
, . NASD .

6 . ,
. , , ,
, 1306.
1306

,
, , 1920-
RCA, . 1937 . SEC

680

1935 . 1938 .

, 19341935 .
. , 1934 1936 .
15 ,
SEC
.
1934 . ,

, .
,
, .
, J. P. Morgan
and Company, Morgan Stanley and Company,
.
, ,

, .

, 1934 .
. , Bellanca Aircraft Corporation, , . ,
, , Bellanca
RCA. , , ,
,
1920-, . - ,
,
(SEC Expels Meehan on Rigging Charge; First Action of Its Kind Taken by
Federal Agency Under Securities Act of 1934 // The New York Times. 1937. 3
August).

681

,
. 1937 . 1929 ., 25% 14%.
, 1937 . ,
- 25%, 20%.

,
,
,
, 1920- 50%.
227
1929 . 43 1938 .1307

, , . 1937 .
, , , , . , , , ,
.
- , 1
. , , , ,
.
SEC - .
,
, .
( )
, ,
.
,
1307

Carosso V. Investment banking in America: A History / V. Carosso. Cambridge,


Mass.: Harvard University Press, 1970. . 397.

682

, , , . ,
1929 .

-. ,
, . ,

,
,
.
1938 .
(, US Steel, AT&T,
) 1938 .
(Temporary National Economic Committee,
TNEC), , , , . . TNEC
,
. TNEC . ,
,
. 1938
1940 .

. , 1937 . ,
1938 . .
, , ,
. ,
. -

683



(TNEC).

1308.
, Morgan Stanley
J. P. Morgan and Company. 1309.
1930- ,
, - , - , . 19371938 .
,
- . .
1930- , 1920-. 1308


-: Morgan Stanley and Company, First
Boston Corporation, Kuhn, Loeb and Company, Dillon Read, Smith Barney and
Company, Blyth and Company. 1934 1939 .
57% . 14 21% ,
12% .

; 14
,
,
.
1309
, Blyth and Company 1920-
National City Company. . ,
,
, . TNEC , , . (Metropolitan Life
Insurance Company, Prudential Insurance Company .) 50%
, 16
85% (Lynch D. The Concentration of Economic Power / D. Lynch.
N.Y.: Columbia University Press, 1946. P. 118).

684

, .
, SEC, , .
, ,
. ,
, .
,
19411945 . .

, . 500 ,
Kidder,
Peabody and Company. 1945 .
45 1941 .
260 1945 .1310
1311. , 1929 .
1954 .
:


,

1310

U.S. Department of Commerce. Historical Statistics of the United States: Colonial


Times to 1957. Washington, DC: U.S. Department of Commerce, 1961. P. 720.
1311
15 1940 . 36,2 1941 . (
141,3%), 98,9 1942 . ( 173,2%) 147,8 1943 . (
49,4%) . 14,6% 1940 .
9,9% 1941 ., 4,7% 1942 . 1,9% 1943 .

685

. .

, ,
,
1312.
,
, 1914 .

Norddeutsche Handelsbank , .
, (500
) 25 .
,
,
1914 1922 . ( 13 ).
(Gelsenkirchen 181 1374 ;
Muhlheimer 155 1990 ), (Schwelmer Eisenwerk 135 2800 ;
Deutsche Waffen 331 1605 ).
.
1918 . ,
100 . ,
, . , 9 . , 11 1918 . . , - .


.

, ,
1312

Schacht H. My first seventy-six years / H. Schacht. L.: Allan Wingate, 1955. P.


129.

686

. 132 1313 ( 30
4,2 ). , - .
( 18 1919 .
21 1920 .). ,
- 18701871
. 5 , .
,
, . (60 ) (40 ). , ,
.

, , 100 ( , 1912 12 ). , . ,
55 , 1012 (
) 24 .
, (5
) 1 1921 .,
. 1920 . , , 33
. 1919 1921 .
2 5 . 1922 .
1313

Guinnane T. W. German Debt in the Twentieth Century / T. W. Guinnane // The


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687

,
12,5 (
), 600800 .
, , .

- , , .
.
, .
47 , 10%
.
, (
), - ( ), . ,
, 30% ( 5%).
. , 1914 1918 . ( , ,
), . , ,
, , Das Geld1314.
,
, , 1920 . 400%, 10 1913 . , , . .
1314

Helfferich K. Das Geld / K. Helfferich. Berlin: C. L. Hirschfeld, 1903. 590 s.

688

: 1914 . 4,2 1
, 1920 . 65, 1922 . 7000.
,
1923 . - ,
90% 50% . 1,5 . 1922 . 1 , 1923 . 17 . 1923 . 1 30
.
.
, ,
-. ,
. ,
, , .
, , ;
,
-, ,
, . .
. , , , : , , , .
,
, , ,
.
, , 1315. . 1315

, , , ,
, ; ,
. , , ,
, , , . -

689

.
, , -
, 1316.
1923 . 140 ,
. , . ,
( Deutsche Bank 114 6,5 ; Siemens und
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1921 .1317
1920-
, , , .
, , 1318, .
1319. ( . . / . . .: , 1991. http://www.belousenko.com/wr_Zweig.htm).
1316
. . / . . .
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Fergusson A. When Money Dies. The Nightmare of Deficit Spending, Devaluation
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1318
Twain M. The Chicago of Europe: And Other Tales of Foreign Travel / M. Twain.
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.
,
, ,
.
, -

690

(19191933)
, . 1920-
, , ,
, , , , . , , 1320.
.
,
,
, , , , ,
1321.

1923
. ,
1918 . (Nationalbank), .
,


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,
. , , ( .
. / . . .: , 1991.
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Shirer W. The Rise and Fall of the Third Reich: A History of Nazi Germany/ W.
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, .
, , .

,
. 1 ( , 1,5 ), 1920-
150 , , . . , ,
. 2,4 (600 ).
15 1923 .,
. 20
4,2 1 , 1 1 .
(4,2 1 ) ,
. , 1924 . .

.
Niderlandische Bank , .
. ,
, .
, .

692

(Golddiskontbank) ,

2550 .
. ,
, .


. , , , , .
. 1924 .,

, . , 9 1924 . , , , ,
.
,
( )
,
,
. 200 ,
,
.
250
, , , , 600 .
12 810 .

693

,

.
( ), ,


.
.
, , J.
P. Morgan & C
,
, , , , .
, , National City
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.
, (
),
General Electric Radio Corporation of America (RCA).
. , , ,
.
,
, 1322.
( )
, .
, ,
, , 1323.
,
, .
1322

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694

-. , ,
1920- .
, 1924 . , 1925 . .
1920-
. 6%, 50%,
75%, (12 )
20%1324. , ; ,
1925 1927 . 1,5 .
0,5 , .
1926 . 200
( 1,5% , 14 ). ,
.
,
,
. : ,
, , .
1324

( 1920 . , , ; 1925 . ).
, 1929 . 1913 .
8%. 70% , 4
60 .

695

, , .
.
(
1922 .), 1922 1927 . 1,5 6 1325.
, , 12 1927 .

25%, 13 , , 10%, 20%.
, , , , . 7
( 50% ) 60% (
11 12 ).
, ,
, .
, , ,
,
.
.
4,2
,

, .
,
1920-, .
1924 1928 . 600
, 3 (
2 , 1 ).
1325

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7%. 1928 .,
, 20%
,
. ,
.

. ,
, -,
1917 .1326


1929 .
, ,
,
, 625
. , ,
,

( ). ,
. , .
1929 . .
,
37 525 , 21
400 . , ,
( , ,
), .
(
1326

McNeil W. American Money and the Weimar Republic: Economics and Politics on
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697

200 ),
100 . 7,5%,
,
2 .
.
,


. 1,5
, 0,5
200300 .
,
.
,
, .
,
. 36
500 , 22 375 .
, (Bank of International Settlements, BIS),
,
1327.
, , , , - 1328.
1931 . 4,7 (25% ), 2 ( 2 ).
,
1327

James H. The End of Globalization. Lesson from the Great Depression / H. James.
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1328
Schacht H. My First Seventy-six Years: Autobiography / H. Schacht. London:
Wingate, 1955. P. 247; Kopper C. Hjalmar Schacht: Aufstieg und Fall von Hitlers
mchtigstem Bankier / C. Kopper. Munich-Berlin: Hanser, 2006. P. 157.

698

. . , 1928 . , ,
. 7 1930 .
, , , . , , , , , , , 1930- .
1930 . ,
-

(Nationalsozialistische
Deutsche
Arbeiterpartei, NSDAP). :
380 (
),
5% ( 1930 . - 2%,
3%).
, .
, 20% , , , .

200 100 ( 1% ). 1931 . 2 4% (
1929 . 1 ), 600 2,5% .
, 1930 .
, 20 , .
.
, 16 3
, 6 ,
0,5
. ,

699

1329. ,
, ,
, 1330. , 1931 ., ,
, 1331.
Creditanstalt
1931 . Creditanstalt, . 1855 . , , ,
Guaranty Trust Company of New York, M. M.
Warburg and C1332. 1931 . 250 (50% ) 8
1930 . 20
.
15 , Bank of
International Settlements (BIS) 15
.
1,5
, ,
, . (75 ) .
Creditanstalt , 1929 .

1329

Schacht Blames reparations for World Slump: Holds Moratorium for Germany
Inevitable // The New York Times. 1930. Nov. 22.
1330
Schacht Here, Seems warning in Fascism // The New York Times. 1930. Oct. 3.
1331
Fromm B. Blood and Banquets: A Berlin Social Diary / B. Fromm. N. Y.: Harper &
Brothers, 1942. P. 29.
1332
,
(Ferguson N.
Paper & Iron. Hamburg Business and German Politics in the Era of Inflation, 18971927 /
N. Ferguson. L.: Cambridge University Press, 1995. . 4347). 1920- 1930- Ferguson N. High Financier. The Lives and Time of
Siegmund Warburg / N. Ferguson. N. Y.: Penguin Press, 2010. . 1217, 2850.

700

Bodencreditanstalt.
,
, ( )
.
1931 . Creditanstalt 150 ,
15 .
( 50 ), ,
50 , ,
20%.

,
. .
, , 15 , . Creditanstalt

(40 110 )1333. , , , .
: 19301933 .

, 1930 . , .
16 ,

.

, ,
.
1333

Schubert A. The Credit-Anstalt Crisis of 1931 / A. Schubert. L.: Cambridge


University Press, 1991. P. 3144.

701

(
3,5 ),
1334.
( 350 ). 20
. ,
245
,
385 .
22 25%,
.
, 8
Danatbank, , -
. 10 1
. ,
Danatbank,
. . . ,
, .
, , ,
.
13 , ; 9
,
6 ( 3,5 ).
500 , 250 . , .
10
300 ,
( ,
. .),
1334

Lamont E. M. The ambassador from Wall Street: the story of Thomas W. Lamont, J.
P. Morgans chief executive: a biography / E. M. Lamont. N. Y.: Madison Books, 1994.
P. 295296.

702

, , . , - ,

, , , 1335.
.
, ,
, ,
, 3,5 , 1
. - (
, ) ,
.

. (The End of Reparations)1336,
, , . ,
- ,
, , 1337. .
, , , - .
13 1931 . Danatbank 240 (40% ).
( ), ( ,
, , ).
1931 .

( Creditanstalt Danatbank),
1335

Bennet E. Germany And The Diplomacy Of The Financial Crisis, 1931 / E. Bennet.
Cambridge (Massachusetts): Harvard University Press, 1962. P. 236.
1336
Schacht H. The end of reparations / H. Schacht. N. Y.: J. Cape & H. Smith, 1931.
248 p.
1337
Schacht Arraigns Capitalist Greed // The New York Times. 1931. July 11.

703

, , .
, ,
,
.
.
, 15%. 1932 .
20% 6 30% .
,
.
, , , 1338. ,
, .
, . 1931 .
-,
.
, ,
,
, 1339.
1930- ( , - 1873 ., )1340. , ,
1338

Berliners Calm in Money Crisis // The New York Times. 1931. July 17.
Hitler Unites Ranks of the Old Germany to War on Bruning // The New York Times.
1931. October 12.
1340
Ferguson N. High Financier. The Lives and Time of Siegmund Warburg / N.
Ferguson. N. Y.: Penguin Press, 2010. P. 1213.
1339

704

,
.

, Weltpolitik
. , ? , , . Geldaristokratie
, .
,
, .
Mittelstand (
), .
.
, . , (
)
.
. 1920-
Disconto Gesellschaft ; Deutsche Bank ; Deutsche Bank ; -
,
Dresdner Bank DeutschSudamerikanische Bank.
,
, .

. ,
.
, 1920-

705

, ,
, , . , ,
. 1930- , , - ,
1341.
1920- . , , ,
. ,
, ( 1895 ., 37% , , ).
, , . . 1913 ., , 500
27%
(50% , 14% , 9%
). 1200 , 1933 . 700. , , 1907 .,
4078 ( - ,
.). , 93 700, 40 500.
( , , , ) 42 500 , 7200
1342.
1341

Daunton M. J. Finance and Politics: Comments / M. J. Daunton // Finance and


Financiers in European History, 18801960 / Ed. by Youssef Cassis. Cambridge:
Cambridge University Press, 1992. P. 284285.
1342
Augustine D. L. The Banker in German Society / D. L. Augustine // Finance and
Financiers in European History, 18801960 / Ed. by Youssef Cassis. Cambridge:
Cambridge University Press, 1992. P. 162163.

706

1932 .
. . , ,
. 4

32 , 12 . , 1931 .
( ),
.
.
1932 .
. , , 1933 .
.
-
. ,
,
1343.
1933 . . ,
, . 1934 . . , , ,
. .
,
, , 6 1932 .
1,5 1936 .
100% ( ). , 1343

.: Hof P. Kurswechsel an der Brse Kapitalmarktpolitik unter Hitler


und Mussolini. Wertpapierhandel im deutschen Nationalsozialismus (19331945) und im
italienischen Faschismus (19221945) / P. Hof. Mnchen: Martin Meidenbauer
Verlagsbuchhandlung, 2008. S. 4150, 102111.

707

, ,
. ,
,
, 1930-
, 1344.
- ( 1933 . , 1936 . , 1940 . ).
,
, ,

990 .

.
.
1934 .
.
( ), . 1934 .
( 666 ), (247 ), (151), (132), (113),
(96), (94).
- (Metallurgische Forschungsgesellschaft, MEFO)
, . 1934 . ,
(21 1935 . ). 1344
1930- . . -
,
,
. ,
1937 . , 1939 .
, .

708

, , .
,
,
MEFO. 1938 . 12 ( 1939 .
19 ),
. MEFO , ,
.
,
, ,
. MEFO
, . , 1942 . , ,
.
1 1938 . MEFO :
. MEFO
, 1345.
MEFO, .
1934 . . 1913
1345

19341939 . 60 ( 101,5 ).
62,2 , 41,5 , 20 ; 20
. .
, MEFO 1
. - ,
. MEFO , ( . 8 . . 2.
.: , 1988. . 250260).

709

. 2351 ( 416 ),
1924 . 588 ( 148). 1927
. 4279
( 1438 ,
1920- 1930- ). 1932 ., 974 ( 150, 1924 .). 1933 .,
, 1545
( 91
). 1934 . (
) : 1934 . 1015 (
143 ), 1935 . 2811 (156 ), 1936 . 3990 (395
), 1937 . 4628 (333 ). , ,
4,5% . 1935 .
500 ; 1936 .
487 525 ; 1937 . 625,
700, 750 ; 1938 . 1250, 1425, 1374,
1500 . , , , 19351936 . , 1937 .

- , 1346.
. -
1347, .

1346

Hof P. Kurswechsel an der Brse Kapitalmarktpolitik unter Hitler und Mussolini.


Wertpapierhandel im deutschen Nationalsozialismus (19331945) und im italienischen
Faschismus (19221945) / P. Hof. Mnchen: Martin Meidenbauer
Verlagsbuchhandlung, 2008. S. 133, 254.
1347
Deutsche Bank , ,
.
, .

710

: Pax Britannica


, fin de
siecle ( ) ,
,
.
: 1914 . 4 .
31 1914 .
,
.
, , 29 1
1914 . 130 50 . 1

10%.
,
. , 1923 .
83% Barclays, Midland, Westminster, Lloyds, National
Provincial.
,
. . ,
, 1348. , , .
1914 .
1348

Ferguson N. The Pity of War / N. Ferguson. L.: Penguin Press, 1998. P. 319; Bell
C. Old Friends. Personal Recollections / C. Bell. N. Y.: Harcourt Brace, 1957. P. 45.

711

, 1917 . , .
,
, : 70% , . , , 0,7 8 (38,4
1913 .).

43 , 11
( ); 9
43 , 27 , ,
, . 7 , .
,
1349.
, ,
, , , , ( , , 10%
).

,
( ).
,
, , . -

1349

Ahamed L. Lords of finance. 1929, the Great Depression, and the bankers who broke
the world / L. Ahamed. L.: Windmill Books Random House, 2010. P. 77.

712

,
1350.
.
,
.
19141919 .
550 . 250 . 300 . 10% 4 , , . 10%
45%,
, . ,
, , . 1924 .
355 1351.
,
, ,
, . , , , 1929 . 1930- .
, ,
, ,
. 1871 . 0,3% , 1881 . 0,5%,
1891 . 0,7%, 1901 . 0,8%, 1911 . 1,1%,
1921 . 1,8%, 1931 . 2,2%. 1350

1929 ., , 25% 1913 ., 14 11%.


1351
Cottrell P. L. The Domestic Commercial Banks and the City of London, 18701939 /
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Cassis. Cambridge: Cambridge University Press, 1992. P. 4041.

713

1871 . 47,4%; 1881


. 56,2%; 1891 . 67,3%; 1901 . 80,8%; 1911 . 93,8%;
1921 . 93,7%; 1931 . 102,3%1352. ,
, .



. (
) .
1913 .
5 ,
800 . , 1920 .
12 (800 ).
,
, .

, ( , ),
, ( ) .
,
.
, .
, ,
, .
1352

Feinstein C. National Income, Expenditure and Output of the United Kingdom, 1855
1965 / C. Feinstein. Cambridge: Cambridge University Press, 1972. Table 8, 53, 59,
60.

714


,
1797 . .
10 22 , . 18151821 .
,
,
. 1920 . - 7%.
1920 . ,
1922 . 50%,
3,2 4,3 ,
(4,86) , .

( , ) 2 . 1920- , ,
,
.
, ( ) , ,
,
.
,
.
1920-
1920- , , , , . , Kit Kat Club . . , ( ,
) . , 10%

715

,
1920- 1913 . 1,25 , 1
, 10%.
1925 . .
, (4,68 )
( 12%)
.
19201921 .,
,

.
,
, .

1920- 1929 .
100,5%
1913 . . 14% 1913 . 10% 1929
.

(Clarence Charles Hatry, 18881965)
, - ,
,
,
.
, , . .
, ,

716

1929 . . , , , 1929 .
40 United Steel Limited.

,
;
1920- . 1 .
, ,
, ,
, ,
.
, ,
, 70
. , ,
- . ,
, , 1929
.
1929 .

,
, , ,
. ,
, - , , -1353.
, .
-
1353

Keynes J. M. A British View to the Wall Street slump / J. M. Keynes // New York
Evening Post. 1929. October 25.

717

, , , 1354.
, . , 26 1929 .
7%
, -.
- ,
[ ] 1355.
1929 . 32% ( 44%, 50%). , ,
1929 ., ,
, , . 1929 .

16% , (40%),
(138% )
(75%)1356.
( 14 11%), , .

1929 .
3,5% 2,5% (4,5% 2,5%
).

( ),
. 1929 .
, 100
800 . ,

,
1354

London Disturbed by Continued Fall // The New York Times. 1929. October 30.
Keynes J. M. A British View to the Wall Street slump / J. M. Keynes // New York
Evening Post. 1929. October 25.
1356
Rajan R. The great reversals: the politics of financial development in the twentieth
century / R. Rajan, L. Zingales // Journal of Financial Economics. 2003. Vol. 69.
Table 3. http://www.seyan.info/files/the%20great%20reversals.pdf.
1355

718

1,2 ; 1357.

1930- ,
1931 . , , ; . ,
.
-
, . 13 1931 .
(Macmillan Report)
. 1920- ( 500 ),
( -
)
.

, .
, , .
, ,
2 .
, 3 .
, 500 , .
. ,
1357

Ahamed L. Lords of finance. 1929, the Great Depression, and the bankers who broke
the world / L. Ahamed. L.: Windmill Books Random House, 2010. P. 344.

719

, .
.
250 , 2,5% 4,25%1358.
31 1931 .
(May Committee) . ,
600 (2,5% , 24 ).
(
) ,

500 , 20%
, 100
.
2,5 , 20%. ( - .
. ) ,
. , , . ,
650 ,
-. 250 , -, . ,
,
.

J. P. Morgan, . , 28
200 200 , , 1358

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720

, . , , , , ,
3%,
68%, 1359.
, ,
.
, , .
,
, . 1930- , ,
, ,
,
.
. , , 1931 . 25
, 17
80 1360. 21 1931 .
.
30% ,

.
, - ,
, . 1912 . (33,5%)
, , 1932 . 10% .

,
, 1359

Howe Q. World diary: 19291934 / Q. Howe. N. Y.: R. M. McBride & company,


1934. P. 115.
1360
Jones T. A Diary with Letters, 19311950. Oxford: Oxford University Press,
London, 1954. P. 3233.

721

. ,
, .

4,86 3,75 ( 1931 .
3,5 ),
, , 1361. ,
.
25 , , , ., 1362.
,
, -
750
. ,
,
: (200 ), (130
), (100 ), (77 ).
,


, 350
.
125
, 1363.

1361

Bonn M. Wandering Scholar / M. Bonn. N. Y.: The John Day Co., 1948. P. 318
319.
1362
Gld and Exchange Shifted fast in 1931 // The New York Times. 1931. Dec. 31.
1363
Boyle A. Montagu Norman / A. Boyle. London: Cassel, 1967. P. 276.

722


: , ( 2%),
. - , (cheap
money policy, ).
: 5,26% 1929 . 1,67 1932 .,
0,66% 1933 . 0,590,58% 19351937 .
1932 .
(British Commonwealth of Nations) , , . .
1929 .,
, , . 1931 . ,
, (
-) The Abnormal
Importations (Customs Duties) Act 20 , 1932 .
.
1931 . ,
, , ,
.
,

, . 1932
.
, , ,
,

723

(
40% ).
,
.
1930-

- (,
Royal Dutch Shell, BBC .).
1930- , ,
1844 .
1930-
,
. 1938 . 17% 1913 . (
43%, 49%).
138% 1929 . 114% 1938 . (
75 56%, 44 35%)1364.
1920-


. Belle
Epoque , ,
, .
1880 1913 .
60 116 ,
2%.
.
1364

Rajan R. The great reversals: the politics of financial development in the twentieth
century / R. Rajan, L. Zingales // Journal of Financial Economics. 2003. Vol. 69.
Table 3. http://www.seyan.info/files/the%20great%20reversals.pdf.

724

4% 1896 . 9,2%
1913 . , (3,7%
). 1913 . (116 )
(41,8 )
277,5%. 1966 .
(167 ) 1913 .
41,9% (398,5 )1365.

. , 1847 1911 . 44,7
31,1%; 21,5 4,9%;
16,6 51,4%. , . ( ). 1880 1895 . 53,3
63%.
49%. 1910- ,

, .
8,8%
18901895 . 14,1% 19101914 .
1913 . 1929 1937
., (
) 41,8 1913 . 334 1929 .
304 1937 .
116 1913 . 374 1929 . 377
1937 ., 277,5%
1913 . 111,9% 1929 . 124,0% 1937 .1366

1365

Gueslin A. Banks and State in France / A. Gueslin //


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1366
Gueslin A. Banks and State in France / A. Gueslin //
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Finance and Financiers in


Cambridge: Cambridge
Finance and Financiers in
Cambridge: Cambridge

725


,
.
, ,
. 40%.

, . ,
.

, .
, , . (Credit Lyonnais Sciete General) 1932 . 1500
.
, . 1914 . 76%
, 19241929 . 53%.
1920- , .
.

800 ,
, (500 ).
350%,
, , .
500 .
,
, ,
.
, ,
300 (57
1913 .; ,

726

38,4 ).
, , ,
, .
1924 .
. 4
,
, ,
, . , 1918 1923 . ( 1
) .

,
. , 1922 . , 500 , 1923 . 150 1367.
, 5
15, 1924 . 20 . 8 1924 . , 27 , 1368. , ,

. - ,
, 13
. . . ,
, ,
1367

Shirer W. L. The Collapse of the Third Republic / W. L. Shirer. N. Y. Simon &


Shuster, 1969. P. 161.
1368
Schuker S. The End of French Predominance in Europe: The Financial Crisis of 1924
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727

, ,
,
1369.
1924 . Lazard Freres
,
. .
, .
Lazard Freres (.
,
).
, (
) 126 61 .
13 1924 . ,
J. P. Morgan
. , ( )
,
, .
1920-
,
1920-
. (Credit
Lyonnais, Socit Gnrale, Crdit Industriel et Commercial, Comptoir
d'escompte, Crdit Commercial de France)
60% .
1920- ( 3213
) (6932 ),
925 ,
58 .
,
, ,
1369

Keynes J. M. Tract on monetary Reform / J. M. Keynes // Collected Writings. Vol.


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728

.
, , , .
, ,
, 1370.
- ( 19121913 ., 19131920 .
), , , 50 , 35
. , , , .
,
, , ,
, .
, 1922 . . 30. ,
,
, , , , .
,
. ,
. , , , , XIX .
, ,
, 1920 1940 .
.
, . ,
, ,
1370

Huddlestone S. Personalities and the Politics in France / S. Huddlestone // Atlantic


Monthly. 1925. January. P. 117.

729


.
, .
,
,
,
.
(
Chemin de Fer du Nord , ), . 1926 .
,
25 .
,
, . , -, , (
), 500 .
25 ,

. , 1920- ,
,
.
1927 . ( , ),
.
, ,
700 . 1371.

,
, 50% . 1920- , .
1371

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730

1928 . , 9% . , 20% . 1920-


1913 . 40% (
).
, ,
, 1929 .
, , . 1930 .,
30%, 40%.
1929 . 1,2
; .
1927 1932 . , 7 27% . ,
.
1930- , .
,
. - 1920- , ,
1933 . 1372. 1937 .
, 1938 .
(1 = 179 ). 7% 1913 . 4%
1937 .

1372

, .
,
(40% ).

731


Oustric Bank
1930 . 1934 . (Serge Alexandre Stavisky, 18861934),
, , 8 1934 . (Crdit municipal)
, . ( ) 235
,
. .
,
. , , 30
1934 . ,
6 1934 . 1930-
.
. , - 1931 1932
.
, : , . , . : 1373.
1934 . , ,
, ,
1374.

1373

. , , / . . 3 . . 2. .: , 2005.
. 19.
1374
200 , , 1800 . ,
200
. (),
. , 1936 ., ,
, .

732

1930-
( 14% 1911 . 40% 1936 .)

1936 . .

, 1375, , 1929
1933 . ,
., .
, ,
20072009 . (Great Recession),
.
, , 1873 ., 1376,
1930- , - , , 1930- . ,
, .
,
,
.
1930- , ( - ) , 1929 . . ?
. -

1375

Bernanke B. The Macroeconomics of the Great Depression // Essays on the Great


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1376
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733

,
1377.

1930-
1378, Belle Epoque Pax Britannica
. , , 1960- 1970- , .
, .
, -, ,
,
1379.
,

, .
,
1930- .
, .
, -
(
) , ,

1377

. : / . . .: ,
2011. . 9394.
1378
1930- . 1931
. ( Creditanstalt Danatbank), ,
- , . , , , ( . : , . 19141980
/ . . .: , 1999. . 277).
1379
. 1930 / . .
.: , 1930. . 1.

734

1380. ,
, , 19291931 .1381 1929 . 45 , , ,
.
.
, , , , , 1382.
, ( 2007
2009 ., ),
-
, , , (financial fragility).
, , , , 1383.
1930- , ,
,

1380

. . 18871960 / . , . . .: , 2007. . 332339.


1381
.: Temin P. Did Monetary Forces Cause the Great Depression? / P.
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1382
. 1930 / . .
.: , 1930. . 6.
1383
Minsky H. A Theory of Systemic Fragility / H. Minsky // Financial Crises: Institutes
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1384. 1929 . 1930- ,



.
,
( 2006 .), ,
(monetary shock), 1929 ., 1930- ,
.
, , 1385.
1929 . 2007
2009 ., 1930-
2010-, .
1929 . ,
20072009 . ,
, .

1929 ., 20072009 . . 20072009 .
( ), , . 1929 .
,

.
,
. ( -

1384

McElvaine R. S. The Great Depression America, 19291941 / R. S. McElvaine.


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1385
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736

),
.
, 1930- .
, ,
,
.
1928 ., 1929 . -, 1930 . , ,
1931 .

,
1929 . ,
,

.
,
1930- ,
,
.
,
( 19291931 .
, ,
20%). , , ,
,
.

. 1929 .

, . 19311933 . ,
,
40%. 1931
. - (, ) ,
.

737

.
1928 ., , ,
,
- .
, ,
,
, . ,
, .
,

, , , , . , , 1944 . -
,
. , , ,
.

,

,
,
,
. ,
,
1386.

,
,
1386

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738

, . ., ,

, .

,
,
.

,
(
), . ,
.
.
,

.
,
.


1387.

1929
. 1388,
, . :
19291931 . ,
1389.
, . , ,
, ,
, ,
,
.
1938 .,
,
1387
. : /
. . .: , 2014. . 119120, 165166.
1388
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, ,
,
1930- . 1930- ,
. , Pax Britannica.
.,
, 350400 , , . .
1944 . - ,
.
1930-
,

., , ,
.
.
,
, , .
1942
.
,
, . , ,
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