A most excellent method to illustrate the advantages of thrift’

Today a good article in the FT about the (troubled) mutual banking sector in Europe by Jane Croft and Patrick Jenkins.

The Reverend Henry Duncan did it in Scotland in 1810, Condy Raguet did it in Philadelphia in the US in 1816 and Franz Hermann Schulze-Delitzsch and Friedrich Wilhelm Raiffeisen did it in Germany between 1858 and 1862. All these men set up the first mutual banks in their homelands, as word spread about the attractions of a bank run for the benefit of its customers rather than the moneylenders who had previously controlled the loans market in many countries. Read more

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