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)
“Our achievements speak for themselves. What we have to keep track of are our failures, discouragements, and doubts. We tend to forget the past difficulties, the many false starts, and the painful groping. We see our past achievements as the end result of a clean forward thrust, and our present difficulties as signs of decline and decay.”
—Eric Hoffer (1902–1983)
“Reckoned physiologically, everything ugly weakens and afflicts man. It recalls decay, danger, impotence; he actually suffers a loss of energy in its presence. The effect of the ugly can be measured with a dynamometer. Whenever man feels in any way depressed, he senses the proximity of something “ugly.” His feeling of power, his will to power, his courage, his pride—they decline with the ugly, they increase with the beautiful.”
—Friedrich Nietzsche (1844–1900)
“If we will admit time into our thoughts at all, the mythologies, those vestiges of ancient poems, wrecks of poems, so to speak, the world’s inheritance,... these are the materials and hints for a history of the rise and progress of the race; how, from the condition of ants, it arrived at the condition of men, and arts were gradually invented. Let a thousand surmises shed some light on this story.”
—Henry David Thoreau (1817–1862)
“The great dialectic in our time is not, as anciently and by some still supposed, between capital and labor; it is between economic enterprise and the state.”
—John Kenneth Galbraith (b. 1908)
“Who can measure the advantages that would result if the magnificent abilities of these women could be devoted to the needs of government, society and home, instead of being consumed in the struggle to obtain their birthright of individual freedom? Until this be gained we can never know, we can not even prophesy the capacity and power of women for the uplifting of humanity.”
—Susan B. Anthony (1820–1906)