After discussing the failed late-nineteenth century attempts to form a “Pan-American” or “International American” banking institution to support the United States’ growing foreign commercial presence, this chapter recounts the history of the International Banking Corporation. Founded in 1902 by lawyer and industrialist Thomas H. Hubbard and often described as the United States’ first international bank, the International Banking Corporation was organized to serve as an adjunct to the US colonial presence in Panama, the Philippines, and China. The banks activities thus straddled the division between commercial and colonial or governmental activities. The chapter demonstrates how its unique legal organization allowed it to skirt regulatory restrictions on US foreign banking, while its overseas employees, rogue bankers, served as the foot-soldiers for its imperial expansion while suturing together the tattered legal geography of internal finance – and the relationship between finance capitalism and racial capitalism.
Chicago Scholarship Online requires a subscription or purchase to access the full text of books within the service. Public users can however freely search the site and view the abstracts and keywords for each book and chapter.
If you think you should have access to this title, please contact your librarian.
To troubleshoot, please check our FAQs, and if you can't find the answer there, please contact us.