Abstract
On re-reading the article Decline of the Investment Banker which I contributed to volume 1, number 1 of the Antioch Review (Spring 1941), I can see that I took for granted a considerable knowledge on the part of the reader of the financial history of the United States in the late nineteenth and early twentieth centuries. That was perhaps justified at the time, but I doubt that it would be today. The Great Depression was still fresh in the minds of all readers of the Review's first issue, and the financial upheavals of the period had been personally experienced by many of them. Forty-one years later, however, what happened before the Second World War must seem, especially to younger people, like ancient history, of little general interest or relevance. An updated commentary on the subject of that earlier article therefore calls for an historical introduction.This article can also be found at the Monthly Review website, where most recent articles are published in full.Click here to purchase a PDF version of this article at the Monthly Review website.
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