In the wake of the 2008 financial crisis, international observers praised the stability of Canada's banks. When financial institutions in the United States and the United Kingdom collapsed, Canada did not experience any bank failures. The World Economic Forum's Global Competitiveness Report rated Canada's banking system as the most sound in the world. Historically, bank failures have been quite rare in Canada. Some authors argue that the stabilizing features of Canada's financial system were established in the first five years after the creation of the Canadian nation-state in 1867. This paper will examine the making of the Canadian banking law in 1871, an event widely regarded as a crucial turning point in Canadian financial history.

The Bryant & May company is well known for its operations in Britain. Historians have paid less attention to the actions of the company overseas. The opening of a new Australian subsidiary factory in 1909 marked an early venture in multinational manufacturing within the British Empire. This article uses business records and newspapers from both the British and Australian archives to examine the day-to-day operations of this multinational, with a particular focus on the human dimension of the interactions between London and Melbourne. The Bryant & May case study reveals the evolving, sometimes tense, relationship between the “home” and “subsidiary” branches in the context of British imperialism and Australian federation in the years preceding World War I. Business, personal, and imperial relationships intertwined. While business historians have developed theoretical frameworks to understand why companies embark on multinational operations, work remains to be done on the longer-term operations of companies in particular political, social, and cultural contexts. We examine the building of the Empire Works match factory in Melbourne, the nature of transnational management, labor relations, and key production challenges up to the Interstate Commission of 1914. We reveal how Melbourne managers, sometimes against the inclinations of the London directors, were prepared to drive a hard bargain with local politicians and workers. Bryant & May successfully, and sometimes controversially, gained competitive advantage as a “local” company with access to preferential tariffs. This placed the firm in an ideal position to prosper when international trade was disrupted during World War I.

This article traces the history of foreign direct investment in China’s electricity industry from 1882 to 1952 through the conflict between colonialism and nationalism. China’s electrification started with foreign direct investment in colonial enclaves: settlements, annexed territories, and leaseholds. Foreign direct investment contributed the majority of China’s power supply, but the penetration to China’s hinterland had faced the hurdle of nationalism on the part of both the Chinese government and the business community. Exceptions in Taiwan and Manchuria were related to Japanese colonialism, which peaked during the Sino-Japanese War (1937–1945). After World War II, domestication was implemented by the Chinese government. This article provides a new perspective on multinationals by delineating between inward and expatriate foreign direct investment in the Chinese context.

Spain emerged from the Civil War (1936-1939) with formidable economic problems. They were caused by military destruction, by foreign condemnation, and especially by the establishment of an autarkic system, in which the victorious Francoist side followed the political and economic path of other European fascist regimes. Despite legal restrictions, many foreign companies continued to seek out and exploit both new and old relationships in Spain, usually in association with the state-owned holding Instituto Nacional de Industria (INI). This foreign support was a major factor in ending Spain’s international isolation, increasing confidence in the Spanish economy, and removing obstacles for later growth. The purpose of this article is to analyze the collaboration between French firms and INI in the early Franco era (1940s and 1950s), identifying the main enterprises, agreements, and results. We assert that foreign assistance to Spain was present during the autarky period and highlight the continuity of the collaboration between Spain and France in those difficult years. Therefore, we defend multinationals' flexibility in adapting themselves to a hostile environment, particularly across political and economic networks with local partners.

The current literature on international joint ventures pays considerable attention to why joint ventures are established or why they are dissolved, but we lack studies that give insight into their dynamic development. The aim of this article is to investigate the evolution of an international joint venture over time. We confront some of the theoretical insights developed during the last decades with the dramatic history of the aluminum producer Det Norske Nitridaktieselskap (DNN). The company was established shortly beforeWorld War I and was finally disbanded over seventy years later. For most of this time, DNN was an international joint venture with shifting ownership configurations. This gives us the possibility not only to discuss the motivation for why the company was established or why it was dissolved, but also to study the mid-life of the company. What was DNN's role within the general corporate strategies of the owners? Did this role change over time?

During the late nineteenth century, sales of life insurance products in Australia increased at a rapid rate. An investigation of the way in which life insurance products were targeted to the consumers provides insights not only into the marketing approaches, but also the changing nature of the mutual organization. This article uses a “stages” approach to analyze the evolution of the marketing message. The experience of Australian mutual insurers suggests that marketing strategies, as with other types of organizational skills, evolve in response to both the prevailing business environment and the ability of the firm to acquire and implement new knowledge and ways of conducting business.

The familiar neighborhood paper boy was a product of the Depression, born of the need to boost revenues and improve readership. Operating funds for newspapers swiftly declined in the wake of the 1929 stock market crash. Circulation managers responded with one of the few resources at their command—inexpensive juvenile labor. Drawing on connections linking men and boys in the marketplace, circulation heads fashioned a gendered managerial philosophy that was distinctive to their industry. This approach, here termed masculine guidance, revitalized daily news delivery and transformed the relationship between middle-class childhood and paid work in the United States.

After World War II, the United States moved into what historians are now recognizing as a full-blown consumer society. Consumer society carried with it vast cultural changes, including shifts in fundamental values. Not least important were shifts in the practices of thrift, as seen in how Americans regarded personal savings and debt. Traditionally seen as opposites, those two economic behaviors became intertwined in the 1950s, as Americans continued to save, not to accumulate wealth but to spend and often even as they took on consumer debt. Thus, the 1950s were a tipping point between industrial capitalism and consumer capitalism.

As China underwent industrialization during the Republican period, how did companies deal with the problems of expansion, competition, and relationship with the state? Using the concept of network capitalism, this article demythologizes the “enigma” of Chinese network by analyzing the experience of the Jiuda Salt Industries, Ltd. Fan Xudong, the company’s founder, deftly managed his network portfolio for information and other resources. Kith and kin as shareholders, interlocking directorates, and cross-shareholding, as well as hierarchical management and cartels, were utilized to raise capital and manage local markets. Market, hierarchy, and network thus constitute three complementary organization principles in explaining Jiuda’s success.

On January 8, 2008, executives at MacDonald, Dettwiler and Associates (MDA), a systems engineering firm centered in Vancouver, British Columbia, triggered a political firestorm by announcing that, subject to regulatory approval by the governments of Canada and the United States, shareholders had approved the sale of the firm's space business to Alliant Techsystems (ATK), an aerospace company and manufacturer of land mines, cluster bombs, and missiles headquartered in Minneapolis, Minnesota. Daniel Friedmann, MDA's chief executive since 1995, argued the sale would “allow the company to focus management and financial resources exclusively on its rapidly growing information products business,” particularly the firm's property-information systems for those “involved in real estate-related transactions such as the buying, selling, conveyancing, mortgage financing, and insurance of properties.”

Government intervention in the economy is often justified by the need to correct market failures. This study analyzes one case, the investments of Finnish forest industries, in which, in the late 1960s and early 1970s, both policy makers and the trade association representing the sector reasoned that intervention was particularly necessary because otherwise, the only substantial natural resource in the small country would be overexploited. In the long run, however, the growth of forest resources turned out to be higher, and the demand for wood lower, than expected. Furthermore, the most influential industrialists managed to “capture” the regulatory system and make it a component of their network of cartels and other restrictive practices. Regulatory capture is usually seen as a something that should be avoided, but in this case, it helped the Finnish forest industries to transform themselves from a supplier of bulk goods into the world’s leading exporter of high-end paper grades. Recent decline in demand has, however, raised doubts about the wisdom of this strategy.

The formation of the Shanghai Women’s Commercial and Savings Bank (1924–1955) uncovers the legacy of an institution founded by a group of elite women. Although the women’s bank had limited capital and a small business scope, it reflected the contributions of enterprising women to the financial field when Chinese women’s roles were evolving and feminist rhetoric appealed to women’s economic independence. This article brings the achievements of such Chinese women to the forefront, as key figures in the development and direction of the Shanghai Women’s Bank. By exploring the anxieties and endeavors of the Shanghai Women’s Bank and shifting the focus to the female figures involved in shaping the bank, this article argues that they, alongside their elite social network, contributed to the bank’s longevity and portrayal in the media landscape. Although emphasizing gender in its initial creation, the bank ultimately pursued similar business strategies to other banks with both men and women working behind-the-scenes to uphold the institution. Moreover, this article contributes to a more inclusive history of women and finance in order to illuminate the endeavors of Chinese women in Shanghai banking amongst its global counterparts.

Bankruptcy is a precise legal process defining, ex ante, the rules for allocation of assets when debtors fail to repay their legally constituted debts. Ultimately, these rules determine willingness to lend and to borrow, and thus economic growth. In 1706, Parliament in England passed a bankruptcy statute that allowed, for the first time, bankrupts to exit the state of bankruptcy prior to full repayment of all debts. This represented a fundamental change in English bankruptcy rules: creditors could now choose to discharge a bankrupt. Obviously, bankrupts benefitted from such a discharge, but creditors could also benefit from greater asset revelation. We document that discharge was quickly adopted, and estimate that many bankrupts received a second chance in business.

The diversity of paths to industrialization is illustrated by the example of the cabinet- and furniture-manufacturing industry in Ontario, Canada. Complex and unpredictable demand combined with smaller markets and lower incomes than those in the United States and the relative abundance of wood to limit mechanization and the size of enterprise in the Canadian industry. Small and unpowered workshops remained competitive throughout the nineteenth and into the twentieth century, creating a distinctive industrial experience that reflects the unique interaction of local demand and supply.

This article analyzes the goals and strategies of a medium-size machine-building enterprise located in Chemnitz, the “Saxon Manchester,” during the Nazi period. The Wanderer-Werke AG produced a broad range of goods, from machine tools to business machines, during the years before World War II. It pursued an essentially conservative strategy, adhering to its established product line and not embarking on armament production until required to do so. This policy, however, did not prevent the firm from acting on strategic opportunities offered by Nazi occupation policy, as in 1940 when it sought to establish “cooperation” with the French punch-card producer Compagnie des Machines Bull. The article considers the extent to which enterprises like Wanderer—medium-sized companies with products of some value to the war effort—could pursue autonomous strategies within the framework of the National Socialist regime.

The history of advertising’s global expansion has generally focused on the activities and experiences of American-based agencies. Within these conventional narratives, the “center” of advertising lies in New York. Deemed “peripheral,” markets such as Singapore scarcely feature. However, the transnational agencies operating in Singapore in the 1950s and 1960s challenge this narrative. By examining these agencies’ activities during this period, this article reveals that Singapore’s advertising industry has long been connected to global networks spanning Europe, Australia, Asia, and North America. Such connections not only offer an insight into the development of Singapore’s advertising industry, but they also cast broader questions about the degree to which historical interpretations of the growth of the global advertising industry have been informed by American perspectives.