Jun 30, 2020
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Cruz Aliber
The most virtuous merchants tell you with the most candid air this word of the most unrestrained immorality: 'One gets out of a bad affair as one can".
Balzac as quoted in "Manias, Panics, and Crashes - a History of Financial Crises" Kindleberger / Aliber p 144
The line separating moral from immoral acts is now less fuzzy than it once was. One way that modernity is distinguished from backwardness is morality. In early stages of development, codes provided for honor and trust only within the family. Nepotism was efficient in these cir-cumstances since strangers virtually had a license to steal. In 1720 a firm could buy a man’s services but not his loyalty; to be a clerk was an invitation to start a new and competitive business at a time when embez- zlement and fraudulent conversion were not regarded as crimes.
"Manias, Panics, and Crashes - a History of Financial Crises" Kindleberger / Aliber