Summary of Brooke Harrington's Capital without Borders
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#1 The history of wealth management shows that the profession has evolved from amateurs to a profession that impacts contemporary global politics and finance. However, this study shows that professionals have not replaced social trusteeship with the pursuit of profit; rather, they coexist in uneasy tension with one another.
#2 The work of wealth managers is governed by an aristocratic code based on service, loyalty, and honor. They defend large concentrations of wealth from attack by outsiders.
#3 The practice of trusteeship, which is the transfer of title to an adult male friend or relative while the original landowner is still alive, was developed to solve the problems of land seizures and taxes. It was a method of applying two forms of ownership to a single property.
#4 The system of trusts, which was in place in England, America, and other common-law countries, allowed elites to preserve their wealth by transferring it into trust. This was done by evading the laws that threatened to dissipate dynastic wealth.
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Summary of Brooke Harrington's Capital without Borders - IRB Media
Insights on Brooke Harrington's Capital without Borders
Contents
Insights from Chapter 1
Insights from Chapter 2
Insights from Chapter 3
Insights from Chapter 4
Insights from Chapter 5
Insights from Chapter 6
Insights from Chapter 1
#1
The history of wealth management shows that the profession has evolved from amateurs to a profession that impacts contemporary global politics and finance. However, this study shows that professionals have not replaced social trusteeship with the pursuit of profit; rather, they coexist in uneasy tension with one another.
#2
The work of wealth managers is governed by an aristocratic code based on service, loyalty, and honor. They defend large concentrations of wealth from attack by outsiders.
#3
The practice of trusteeship, which is the transfer of title to an adult male friend or relative while the original landowner is still alive, was developed to solve the problems of land seizures and taxes. It was a method of applying two forms of ownership to a single property.
#4
The system of trusts, which was in place in England, America, and other common-law countries, allowed elites to preserve their wealth by transferring it into trust. This was done by evading the laws that threatened to dissipate dynastic wealth.
#5
The knightly ethic is still very much alive in contemporary wealth managers’ vision of themselves and their work. The norms of honor, selfless service, prudence, and loyalty, however, are often violated in practice.
#6
The laws governing fiduciary behavior have been important in the development of professional standards of conduct. Fiduciary duties are a general term describing a relationship between attorneys and clients, as well as between corporate officers and shareholders.
#7
The code of the medieval knight was described by Justice Benjamin Cardozo in 1928 as being stricter than the morals of the market place.
#8
The continued relevance of the trust for elites has perpetuated the need for trustees. However, as the impact of industrial capitalism changed the composition of wealth in the nineteenth century, a passive role was no longer tenable.
#9
During the nineteenth century, processes that had been under way in economic history since the Age of