There are three distinct eras in the development of financial systems. These are the pre-modern era up to the early 18th century, the modern era from the early 18th century to the mid 20th century and thereafter the contemporary era, an extension of modern banking and which may be subdivided into the Bretton Woods era 1945–1973 and the post-Bretton Woods or floating exchange rates era.


Foreign Direct Investment Banking Service Capital Movement International Banking Float Exchange Rate 
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  1. 1.
    Goldsmith, R., Premodern Financial Systems: A Historical Comparative Study, Cambridge University Press, Cambridge, 1987, p. 3.CrossRefGoogle Scholar

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© Aidan O’Connor 2005

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  • Aidan O’Connor

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