By Nicolas Jequier, Hu Yao-su, Yao-Su Hu, A.S. Bhalla
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Extra resources for Banking and the Promotion of Technological Development
Assessment of performance and instruments of action How effective have special credit institutions been in performing their mission? Have they fulfilled their objectives? The major differences between the institutions themselves, and between the economic and political context of the countries in which they operate, make it very difficult to provide a definite answer, let alone a proof (epistemologically, it is not clear what would constitute a valid proot). One can nevertheless make a number of observations which should be taken into account when trying to form a judgement about their performance.
The "Big Three" of today were founded at the beginning of the 1870s: the Deutsche Bank and the Commerzbank in 1870, and the Dresdner Bank in 1872. The new German banks that were created to promote and assist industrial development came to be called Kreditbanken, Grossbanken, mixed banks or universal banks. Thus one could say that industrial banking originated in Belgium and France, and attained its complete form of development in Germany. Industrial banking on the European continent had a number of novel features compared to English deposit banking and to the "old banking" of private bankers and merchant bankers.
15 In its country of origin, the Credit Mobilier went into hibernation and gradually gave way to a kind of banking orthodoxy which had much in common with the English model. In Germany, however, «it is principally the Credit Mobilier ... that has influenced the public mind to such an extent that German banks, almost without exception ... »16 The first of the new German banks, the Bank fur Handel und Industrie in Darmstadt (the Darmstadter Bank), was founded in 1853 with the financial and managerial assistance of the Credit Mobilier.