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It has been calculated that in the 1830s the expenses of

do for the country’s industry. Finally, they also contributed labor for the industry; the labor force in agriculture fell from 73% in 1870 to 63% in 1914, while the proportion in the industrial sector increased from less than 10 to almost 20% between the same dates.

The industrialization process in the nineteenth century was accompanied by a proliferation of the number and variety of banks and financial institutions needed to provide the financial services required by an ever-growing and more complex economic mechanism. Although all banking systems have certain common characteristics determined by the functions they perform, they differ in structure according to nationality, since the structure is mainly determined by the legislation and the particular historical evolution of each nation. Of all the possible forms of interaction between the financial sector and the other sectors of the economy that require its services, three generic cases can be isolated: first, one in which the financial sector plays a positive role, favorable to growth; second, that in which the financial sector is essentially neutral or simply permissive, and third, that in which inadequate finances restrict or hinder industrial and commercial development. The origins of the British banking systems have already been outlined in Chapter 7. (We must emphasize that the English system was distinct from the Scottish until the second half of the nineteenth century; the Irish system was also different, while the Welsh system was an appendage. of the English system.) At the beginning of the 19th century the Bank of England – in fact, the Bank of London – still had its monopoly of a bank stock company secured; the many small “rural banks” in the provinces were forced to use the limited form of organization, which made them prone to financial crises and panics. After a particularly serious crisis in late 1825, Parliament amended the law to allow other banks to adopt the form of joint stock companies while not issuing banknotes and, some years later, passed the Banking Act of 1844, which formed the structure of the bank. British banking until World War I and even later. With the Banking Act of 1844, the Bank of England changed its monopoly from a banking corporation to a monopoly on the issue of banknotes.

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