Recommended by: WiseSuit Staff

The name Rothschild is synonymous with banking and wealth.  

Enduring inaccuracies have helped to maintain mystery around some of the most important circumstances of the Rothschild dynasty, so this book is an important part of removing some of this mystery and clarifying the situation. 

A very short read, made up of only 177 pages, Herbert Kaplan works to correct a number of these inaccuracies by exploring the importance of Rothschild's financing as a key factor in how the British would be able to defeat France's army and their leader at the time, Napoleon. 

Until the public can explore the truth behind the dynasty and this particular situation, it is very difficult to create a clear picture of capitalism as a whole. Without understanding the success of such an economic movement, it is difficult to use this information moving forward to improve and evolve economics and capitalism. 

When Nathan Mayer Rothschild created this fortune, it was unheard of at the time because the immense success and total wealth that was accumulated had never before been harnessed by one man. It is also important to note that Nathan Mayer Rothschild's estimated wealth which had been created over time was not added to the wealth he had as a result of marrying Hannah Cohen, the daughter of one of the most successful diamond merchants in Amsterdam. 

He notoriously kept his wealth in the family and, in fact, many of his descendants are billionaires today. 

The career of Nathan Mayer Rothschild really took off in the year 1809. Rothschild's purchase and sale of consol was very important to the overall success of the man and his father, and Kaplan is able to provide proof of this happening in the form of a document confirming this purchase. 

Also explored in Nathan Mayer Rothschild & the Creation of a Dynasty is the niche in international trade that Nathan Mayer Rothschild managed to create for himself. A number of risks were present in the manner through which the merchant operated the transport of bullion and specie to the new Continent, but "Nathan Rothschild understood this market mechanism quite well and exploited it to the fullest. He never simply accepted quotes from dealers, brokers and bankers, but bargained and bullied his way through every transaction." 

From a humble situation grew one of the most shrewd and influential banking empires of the last few generations, which remained influential and important throughout the continent of Europe for more than one hundred years. 

Prior to the writing of this book, many people were aware of the impressive situation Nathan Mayer Rothschild created for himself, but not necessarily how he had managed to accomplish this. With Kaplan's help, the creation of the dynasty is explored in depth and in an understandable manner. 

While many people may have considered the lengthy work of Niall Ferguson's The House of Rothschild to be the last review and commentary to be made on the Rothschild dynasty, Kaplan manages to bring new and exciting material to his book which shines a great deal of light on the subject and, most conveniently, in relatively few pages.

If you're working in finance today, you owe a lot to Rothschild and his creativity. A great read!

Reviews:

"The volume will be valuable not only for [Kaplan's] fellow Rothschild scholars but for anyone with an interest in the financial history of the Napoleonic period of in the development of nineteenth-century financial institutions." - The Journal of Economic History

"Any history of the Rothschild family must venture into the perilous territory of myth... Wary of such errors and myths, Kaplan has set out to present a new version of the story that conforms to the actual evidence. By focusing his study narrowly and conducting diligent research, Kaplan succeeds in correcting some of the most glaring errors of his predecessors, producing a convincing answer to this fascinating problem. Kaplan's version of the story of Nathan Rothschild's rise is argued with clarity and concision." - Journal of Modern History

About the Author:

A professor of history at Indiana University, Herbert Kaplan has written a number of books on a variety of subjects and has received much acclaim for these works.

Categories:  Leadership ,  Biography,  Corporate Finance,  Personal Finance