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Today, states’ ability to borrow private capital depends on stringent evaluations of their creditworthiness. While many presume that this has long been the case, Quentin Bruneau argues that it is a surprisingly recent phenomenon—the outcome of a pivotal shift in the social composition of financial markets.Investigating the financiers involved in lending capital to sovereigns over the past two centuries, Bruneau identifies profound changes in their identities, goals, and forms of knowledge. He shows how an old world made up of merchant banking families pursuing both profit and status gradually gave way to a new one dominated by large companies, such as joint stock banks and credit rating agencies, exclusively pursuing profit. Lacking the web of personal ties to sovereigns across the world that their established rivals possessed, these financial institutions began relying on a different form of knowledge created to describe and compare states through quantifiable data: statistics. Over the course of this epochal shift, which only came to an end a few decades ago, financial markets thus reconceptualized states. Instead of a set of individuals to be known in person, they became numbers on a page. Raising new questions about the history of sovereign lending, this book illuminates the nature of the relationship between states and financial markets today—and suggests that it may be on the cusp of another major transformation.

Debts, Public --- Finance, Public --- Merchant banks --- History.

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"Die aus Rechnungsbüchern und Korrespondenzen bestehende Buchführung is der wichtigste Quellenbestand für unternehmerisches Handeln in der orindustriellen Wirtschaftsgeschichte. Mit der Darstellung der Kooperation zwischen den Augsburger Handels- und Bankgesellschaften von Anton Welser und Konrad Vöhlin, dann Anton Welser und schliesslich Bartholomäus Welser auf der einen sowie den Florentiner Kaufmannbankiers um die Salviati auf der anderen Seite dokumentiert Heinrich Lang zwei der bedeutendsten Unternehmenskomplexe des 16. Jahrhunderts. Er veranschaulicht die ökonomische Verflechtung zwischen Süddeutschland und Italien über den Messestandort Lyon und leuchtet so die Konstituierung der europäischen Märkte aus. In den Unterlagen der toskanischen Handelshäuser Lanfredini, Naldini und Salviati werden die Praktiken des Güter- und Leistungstransfers, von Investitionen und Refinanzierung im europäischen bzw. transmiditerranen Waren- und Wechselhandel sowie in den Herrscherfinanzen über den Zeitraum von 1507 bis 1554 sichtbar. Überdies zeigen die Dokumente die Formierung und den Transfer ökonomischen Wissens im Kreis europaweit agierender Kaufmannbankiers."

Commerce --- Merchant banks --- Commerce --- Banques commerciales --- History. --- History --- Histoire. --- Histoire --- Welser family. --- Salviati family. --- Salviati (Famille) --- Salviati family. --- Welser family. --- Welser-Gesellschaft --- Welser-Gesellschaft --- Welser-Gesellschaft. --- Finance --- History. --- History. --- 1500-1599 --- Germany --- Florence (Italy) --- Germany. --- Italy --- Commerce --- History --- Commerce --- History