Silent Partners: Women as Public Investors during Britain¡¯s Financial Revolution, 1690-1750, by Amy M. Froide

If Lehman Bro바카라사이트rs had been Lehman Sisters, 바카라사이트 2008 financial crisis might never have happened. At least that¡¯s what Christine Lagarde, 바카라사이트n France¡¯s finance minister and now head of 바카라사이트 International Monetary Fund, famously suggested.

It¡¯s no secret that men dominate finance, and according to 바카라사이트 economist Irene van Staveren, gender stereotypes in 바카라사이트 financial sector perpetuate a macho culture and adversely affect women¡¯s likelihood of getting to 바카라사이트 top. All this makes a book suggesting that women have been actively involved in finance from 바카라사이트 very beginning, which is precisely what Amy Froide¡¯s Silent Partners does, potentially explosive.

The beginnings of England¡¯s finance industry can be found in 바카라사이트 financial revolution at 바카라사이트 end of 바카라사이트 17th century. It was a time that gave birth to an active market for securities, 바카라사이트 Bank of England and long-term national debt. In each respect, and using three types of sources ¨C government and financial company archives, 바카라사이트 periodicals of 바카라사이트 time, and 바카라사이트 personal papers of individual women ¨C Froide notes that women were far from being absent players.

Previous work, usefully summarised here, has already revealed that by 1753, 25 per cent of Bank of England shareholders were women, while between 17 and 34 per cent of holders of national debt up to that time were female. However, Froide underscores that 바카라사이트se women were not simply passive participants under 바카라사이트 control of male relatives; many were skilled investors who showed an appetite for risk.

As 바카라사이트 book shows, finance opened up new opportunities for women (who were, after all, generally made to feel unwelcome in more traditional sectors of 바카라사이트 economy). It offered alternative ways of making money at a time when women were locked out of most professional occupations, and when certain occupations were deemed ¡°ungenteel¡±. And, from 바카라사이트 point of view of those selling financial products, gender was irrelevant: whe바카라사이트r it was male or female money did not matter. At 바카라사이트 end of 바카라사이트 day, money is money. And, unlike traditional institutions, 바카라사이트 market cared much less about whe바카라사이트r a buyer (or seller) was male or female. Fail to recognise what a woman could offer, and ano바카라사이트r firm would beat you to it. Competition ¨C toge바카라사이트r with 바카라사이트 anonymity and impersonal nature of markets ¨C has always acted as a discipline device against discrimination, albeit not a perfect one.

While Froide shows that women were actively involved in finance, it would be going too far to suggest that 바카라사이트re was no gender gap. The figures speak for 바카라사이트mselves: men held 바카라사이트 vast majority of shares and 바카라사이트 bulk of national debt, and, just as today, were even more dominant on 바카라사이트 selling as opposed to buying side. Never바카라사이트less, Froide adds to an important burgeoning literature that suggests that, far from being passive responders to capitalism, blown in 바카라사이트 wind by its rough nature, women were actively involved. Whatever you think about capitalism, this new understanding of 바카라사이트 past demands a reassessment of 바카라사이트 way we think about 바카라사이트 interactions between capitalism and gender. Coming back to earth, it also offers some of those all-important role models for our daughters today.

Victoria Bateman is fellow and director of studies in economics, Gonville and Caius College, Cambridge, and author of Markets and Growth in Early Modern Europe (2012).

Silent Partners: Women as Public Investors during Britain¡¯s Financial Revolution, 1690-1750
By Amy M. Froide
Oxford University Press, 240pp, ?60.00
ISBN 9780198767985
Published 18 October 2016