A Simple Explanation of Modern Banking Customs By Humphrey Robinson This is an historical textAfter some years of work in a bank, it has been impressed daily upon the writer that, if the depositors were fully informed about the details of the conduct of banks, closer and more satisfactory relations would result. Hence this attempt to explain, in a simple and concise way, avoiding as much as possible the use of technical terms, certain things that every depositor should know. For ten years the writer was "in business." For an equal length of time he has been connected with a large city bank. He remembers his utter lack of comprehension of banks and their ways, and his consequent mistakes, perplexity, and embarrassment in dealing with them. Also the unfairness and prejudice with which he often judged them. Recalling all this, he believes that, without giving offense, he can state these facts.
Central banks in Great Britain and the United States arose early in the financial revolution. The Bank of England was created in 1694 while the first Banks of the United States appeared in 1791-1811 and 1816-36, and were followed by the Idependent Treasury, 1846-1914. These institutions, together with the Suffolk Bank and the New York Clearing House, exercised important central banking function before the creation of the Federal Reserve System in 1913. Significant monetary changes in the lives of these British and American institutions are examined within a framework that deals with the knowledge and behavior of central bankers and their interactions with economists and politicians. Central Bankers' behavior has shown considerable continuity in the influence of incentives and their interest in the stability of the financial markets. For example, the Federal Reserve's behavior during the Great Depression, the low inflation of the 1990s, and its resurgence the next decade follow from its structure and from government pressures rather than accidents of personnel.
Although no one disputes that employment relations worldwide have been greatly affected by globalisation, no clear consensus has emerged on the nature and significance of this impact. The seven contributions to this symposium pursue a comparative approach, suggesting that direct analysis of employment relations in distinct industries in two comparably-sized economies since the advent of globalisation leads to a more precise understanding of the interaction of globalisation and employment relations, and sets a pattern for other studies to follow.The economies studied in the symposium are Australia and Korea, and the industries are automobile (and auto parts) manufacturing and retail banking. In both countries, labour unions play a key role in the way in which employers and governments react to political and economic pressures.Among the particular topics discussed by the contributors are the following: effects of the 1997 financial crisis in Korea; the extent to which the automobile industry in one country (Korea) depends on parts and raw material from another country (Australia); cross-border cooperation between unions; the growing trend toward enterprise bargaining; conciliation and arbitration of industrial disputes; and the role of government-sponsored industrial relations commissions. The contributing authors are all industrial relations authorities in Australia or Korea. The in-depth analysis they offer in these very specific areas will be of value to labour lawyers and industrial relations scholars everywhere for the light it sheds on this crucial aspect of contemporary social and economic development.