By Nicolas Jequier, Hu Yao-su, Yao-Su Hu, A.S. Bhalla
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Extra resources for Banking and the Promotion of Technological Development
In Germany, banks have been described as "a politico-economic agency for converting Germany into an industrial state"19, and as "a kind of leader of the economic entrepreneurial spirit of the natio". 20 One of the hallmarks of industrial banking is that banks ha,ve a mission and are destined to serve as instruments of national policy (but without necessarily being government-owned). This ability to identify with the wider, long-term national interest is still the pride of German bankers today. Lessons from History and from Contemporary Experiences 29 Another novel feature of the new generation of banks was their size, which resulted from their ability to take advantage of the joint stock form of organisation.
Although it is difficult to make broad generalisations, the fact is that privately-owned development banks tend be significantly smaller than their public sector counterparts, and finance a somewhat higher proportion of projects coming from entrepreneurs in the private sector. If the total number of development banks throughout the developing world is fairly large, it should be remembered that in most countries, their number can be counted on the fingers of one hand. Alongside these national development finance institutions, one finds a number of international development banks- the World Bank, the Asian Development Bank, the Inter-American Development Bank and the African Development Bank, to name the largest - which constitute the international, or regional, component of what might be called the world-wide development banking system.
First, industrial banking of those times concentrated on what were then large-scale enterprises and projects. Special credit institutions, by contrast, finance firms irrespective of size or else, like the Shako Chukin Bank in Japan or the Lastenausgleichsbank in the Federal Republic of Germany, concentrate on small and medium enterprises. Second, the Credit Mobilier and the German Grossbanken were very definitely private in ownership and inspiration, even though they usually had close connections to high circles.