Decline and Rise of Economic Power
By the end of the 19th century, the introduction of national taxation systems had ended the Rothschild's policy of operating with a single set of commercial account records resulting in the various houses gradually going their own separate ways. The system of the five brothers and their successor sons had all but disappeared by World War I. However, the estate tax relative to the bank and corporate assets was far more detrimental long-term because it restricted growth at a time when publicly owned banks were expanding rapidly with huge resources raised on capital markets. In the 1930s, their vast railroad holdings were nationalized and in 1940 the Nazis seized their bank. Then, after having the bank restored to them at the end of the war, in 1981 the bank Rothschild Freres was nationalized by the French socialist government of President François Mitterrand. The New York Times wrote that the Rothschilds "grossly misjudged the opportunities directly across the Atlantic" and quoted Evelyn Robert de Rothschild as saying that while the family had been in business for 200 years "we never seized the initiative in America and that was one of the mistakes my family made."
Read more about this topic: Rothschild Banking Family Of France
Famous quotes containing the words economic power, decline and, decline, rise, economic and/or power:
“The bourgeois takes economic power very seriously, and often worships it quite unselfishly.”
—Nicolai A. Berdyaev (1874–1948)
“Or else I thought her supernatural;
As though a sterner eye looked through her eye
On this foul world in its decline and fall,
On gangling stocks grown great, great stocks run dry,
Ancestral pearls all pitched into a sty,
Heroic reverie mocked by clown and knave....”
—William Butler Yeats (1865–1939)
“But only that soul can be my friend which I encounter on the line of my own march, that soul to which I do not decline, and which does not decline me, but, native of the same celestial latitude, repeats in its own all my experience.”
—Ralph Waldo Emerson (1803–1882)
“[T]hose wholemeal breads ... look hand-thrown, like studio pottery, and are fine if you have all your teeth. But if not, then not. Perhaps the rise ... of the ... factory-made loaf, which may easily be mumbled to a pap betweeen gums, reflects the sorry state of the nation’s dental health.”
—Angela Carter (1940–1992)
“One set of messages of the society we live in is: Consume. Grow. Do what you want. Amuse yourselves. The very working of this economic system, which has bestowed these unprecedented liberties, most cherished in the form of physical mobility and material prosperity, depends on encouraging people to defy limits.”
—Susan Sontag (b. 1933)
“There is a power whose care
Teaches thy way along that pathless coast,—”
—William Cullen Bryant (1794–1878)