Financial Elites And European Banking Historical Perspectives – Youssef Cassis (1)

Table 4.8 shows that in the first two benchmark years these individuals constituted a high proportion (60 per cent or more) of all BLs and accounted for nearly two-thirds of total IDs generated by BLs. These figures decreased after the collapse of the universal banks. Nonetheless, in 1960 still eleven BLs sat in at least one bank and one industrial firm and they accounted for nearly a half of the IDs generated by BLs. In 1972 the corresponding figures were nine BLs and 66 per cent of interlocks.43 This evidence seems to support Ferri and Trento’s claim that, despite the 1936 Banking Law forbidding universal banking, banks and industrial firms recreated their cooperative ties through the sharing of board members, espe- cially BLs, at least until the early 1970s.44 Moreover, the financial elite consti- tuted a large chunk of the corporate elite.

Links between banks and industry seem to have dramatically weakened only in 1983 as a consequence of the sharp decline of the Italian corporate network as a whole. Thus, the massive BL turnover between 1972 and 1983 seems to have been characterized by the advent of a new generation of BLs much less connected to both banks and industry, that is, by a dramatic weakening of the financial elite and a reduction of its overlap with the corporate elite.

However, in 2001, in the face of a further disentangling of the network, there was a resurgence of the ties between banks and industry Table 4.7. BLs by level of education University degree – Engineering – Law – Economics & Bus. Adm. – Agriculture – – – – – – – Mathematics – – – – – Chemistry – – – – – – – Philosophy – – – – – – – Physics – – – – – – – Statistics – – – – – – Diploma – Classical school – – – – Accountancy – – Normal school – – – – – Other or not indicated – Total 43 This result was principally due to the exceptional position of Massimo Spada, a financier strongly tied to the Vatican, who in 1972 generated 190 of the 727 IDs created by BLs (26 per cent of the total).

44 Ferri and Trento, ‘La dirigenza’. Financial Elites and European Banking generated by BLs and increase of the weight of the financial elite in the corporate elite. An analysis of the directionality of interlocks provides us some further insights about the structure of the financial elite.

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Oxford disclaims any responsibility for the materials contained in any third party website referenced in this work. Contents List of Figures vii List of Tables ix List of Contributors xi Introduction 1 Giuseppe Telesca 1. Financial Crises and the Public Discourse on Financial Elites: A Comparison between the Great Depression and the Great Recession 17 Youssef Cassis and Giuseppe Telesca 2. Reshaping Strategies: Merchants and Bankers at the Time of the French Revolution 40 Niccolò Valmori 3. Adjusting to Financial Instability in the Interwar Period: Italian Financial Elites, International Cooperation, and Domestic Regulation, 1919–1939 61 Giandomenico Piluso 4.

Financial Elites and the Italian Corporate Network, 1913–2001 92 Alberto Rinaldi and Michelangelo Vasta 5. French Bankers and the Transformation of the Financial System in the Second Half of the Twentieth Century 117 Laure Quennouëlle-Corre 6. Trust and Regulation in Corporate Capital Markets before 1914 134 Leslie Hannah 7. Financial Elites, Law, and Regulation: A Historical Perspective 158 T. T. Arvind, Joanna Gray, and Sarah Wilson 8. Central Bankers in Twelve Countries between 1950 and 2000: The Making of a Global Elite 182 Mikael Wendschlag 9.

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