A brilliant paper by David Chambers (University of Cambridge) and Rui Esteves (University of Oxford).
We have quite a few papers on so called first era of globalization (1870-1913). Most of them deal with scale of flows, how UK was a capital exporter and US capital importer, easy flow of capital etc.
But this paper talks about this phase of fin glob from a different perspective. How about those financial firms which actively traded in this first era of globalization? This paper throws light on one such financial firm which apparently was the first emerging market investor.
The Foreign and Colonial Investment Trust (FCIT) is the oldest surviving closed end fund in the world today and was established fully half a century before similar funds appeared in the US of the 1920s. Its early success was related to its identification of a missing market, namely, the provision of a wholesale diversified investment…
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Utopia, you are standing in it! 
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