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The Chinese Cornerstone of Modern Banking

The Canton Guaranty System and the Origins of Bank Deposit Insurance 1780-1933

Series:

Frederic Delano Grant, Jr.

Modern bank insurance is traced to its roots in The Chinese Cornerstone of Modern Banking: The Canton Guaranty System and the Origins of Bank Deposit Insurance 1780-1933. Frederic Delano Grant, Jr. provides new understandings of the Canton System, collective responsibility for debt at Canton, and the history of deposit insurance.

The Canton Guaranty System inspired radical reform in New York in 1829 – the ancestor of all modern deposit insurance. Yet it was never the success imagined, and soon failed. In the Opium War, the Chinese government as implicit guarantor was forced to pay its debts in full on 23 July 1843. The afflictions of the Chinese system, including moral hazard, too big to fail, and unenforced laws, remain familiar today.

The History and Theory of Legal Practice in China

Toward a Historical-Social Jurisprudence

Series:

Edited by Philip C.C. Huang and Kathryn Bernhardt

The History and Theory of Legal Practice in China: Toward a Historical-Social Jurisprudence goes beyond the either/or dichotomy of Chinese vs. Western law, tradition vs. modernity, and the substantive-practical vs. the formal. It does so by proceeding not from abstract legal texts but from the realities of legal practice. Whatever the declared intent of a law, it must in actual application adapt to social realities. It is the two dimensions of representation and practice, and law and society, that together make up the entirety of a legal system. The assembled articles by the editors and a new generation of Chinese scholars illustrate a new “historical-social jurisprudence,” and explore the possible conceptual underpinnings of a modern Chinese legal system that would both accommodate and integrate the unavoidable paradoxes of contemporary China.