by Ester Sahle (University of Bremen)
In the wake of the Libor scandal in 2012, Barclay’s bank suffered severe reputational damage. In response, its CEO promised a return to the bank’s Quaker roots. With this he referred to Barclay’s history as a Quaker-founded bank, and the proverbial Quaker honesty. The idea of the honest Quaker businessman is part of popular culture and historians have argued that honesty in business was an inherent trait of Quakerism from its beginnings.
The Society of Friends, learned opinion would have it, disowned culpable bankrupts. Thereby, it created an incentive for Friends to be honest in their conduct of business. The empirical basis for these claims however is curiously thin. The literature cites few actual instances of disownments for business-related offences from the seventeenth and eighteenth centuries. Most known cases stem from the nineteenth century, when this was indeed common practice. The story of Quaker…
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