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1. Robert Maxwell’s Expectations Gap: Regulation and Reputation in the British Communications Industry, 1981-91

Author:
Charlie Harris
Publication Date:
02-2023
Content Type:
Case Study
Institution:
Oxford Centre for Global History
Abstract:
During Robert Maxwell’s turbulent lifetime, the world knew him as one of the most successful businessmen in Britain, presiding over a publishing and media empire in direct competition with that of Rupert Murdoch. In 1991, Robert Maxwell died – at which point the world discovered that he was, in fact, far beyond bankrupt. As banks called in their huge loans, accountants found that his empire boasted £2 billion in debt. When he drowned, various auditors and authorities were close to catching him in an enormous fraud. Maxwell had stolen around £460 million from his employees’ pension funds and committed extensive stock fraud in order to manipulate the share prices of his empire. Accusations of fraud and mismanagement dogged Maxwell’s career, but to little effect. Beginning with a single publishing house, he built a media empire. His rivalry with Rupert Murdoch – and perhaps his emotional state, which was notoriously volatile and competitive – drove him to expand at an unsustainable pace, which he supported with confidence trickery and enormous loans. His debts quickly outstripped his assets. Desperately scrambling to repay the loans, he turned to stock fraud and his employees’ pension funds. Still desperate for capital six months before his death, Maxwell floated his largest-ever venture – Mirror Group Newspapers – which successfully attracted £250 million in investment, despite the destitution of its parent company. Public autopsies concluded that the blame lay not just with Maxwell, but with advisers, regulators, and complicit financial institutions. Maxwell killed himself (though some still speculate he was murdered) shortly before a scheduled meeting that would have uncovered his fraud. Maxwell did not leave his family destitute, but they no longer had immediate access to the lifestyle to which they had become accustomed. His sons continued working in the City of London. His daughter, Ghislaine Maxwell, continued to circulate in high society. Her crimes are now better known than her father’s; she is famous for her work as Jeffrey Epstein’s right-hand woman, procuring victims (often under-age) for Epstein’s “prostitution ring” (something of a misnomer, as the term implies consent). Both scandals implicated some of the most powerful figures of their day, and in both cases, th
Topic:
Communications, History, Capitalism, Industry, and Robert Maxwell
Political Geography:
Britain and Europe

2. Enclosing the English Commons: Property, Productivity and the Making of Modern Capitalism

Author:
Charlie Harris
Publication Date:
11-2022
Content Type:
Case Study
Institution:
Oxford Centre for Global History
Abstract:
Legend has it that Alfred the Great awarded Oxford’s Port Meadow to the freemen of the city as a token of thanks for participating in the defence against Danish invaders. Historians dispute the account – but regardless, the Domesday Book indicates that the Oxford freemen have managed the meadow and used it as free pasture since the Saxon era. It still bears the evidence of thousands of years of community use, from Bronze Age burial mounds right up to regular horse racing in the 17th and 18th centuries. Port Meadow is one of Oxford’s few remaining “commons” – a parcel of land upon which local inhabitants retain their ancient common land rights. These include drawing water and fuel, rights of passage, fishing the River Thames and grazing animals. To this day, mingling amongst students and ramblers, horses and cattle roam freely. For millennia, most of England’s arable land fell under the category of “commons”; it was only a gradual process that created our modern arrangement of exclusive, unitary land ownership. This process was called enclosure. In a nutshell, enclosure was the legal mechanism which expropriated the commons (also known as common lands or waste lands) from England’s commoners, aggregated them and put them to new use. It revolutionised private property as a concept, largely introduced the concept of land as a commodity, and came to define the economic priorities of the last five hundred years. It catalysed the Industrial Revolution and English urbanisation. In terms of economic development, it was somewhat akin to the invention of the wheel, if rather more contentious.
Topic:
Economics, Capitalism, Enclosure, and Commons
Political Geography:
Europe and England

3. The “A1” Reputation of the Lloyd’s Register of Shipping

Author:
Charlie Harris and Christopher McKenna
Publication Date:
11-2019
Content Type:
Case Study
Institution:
Oxford Centre for Global History
Abstract:
For over two hundred years, Lloyd’s Register has surveyed and classified ships. Founded in 1760 in a coffeehouse on London’s busy Lombard Street, the company then known as the Society for the Registry of Shipping, surveyed and classified the seaworthiness of ships. For the first time, underwriters and merchants could gain an idea of the condition of the vessels they insured and chartered while ship builders and shipowners could demonstrate seaworthiness. Lloyd’s classified the best as “A1.” This term would become the Register’s greatest contribution to the popular lexicon and, ever since, the phrase “A1 at Lloyd’s” connotes the highest quality. As the Second Industrial Revolution took hold in the nineteenth century, new concerns about standardization arose and, with them, battles to decide what organisations had the authority to dictate standards. Victory was generally determined by some combination of reputation, expertise, luck, timing, state sanction, and the quality of the standard proposed. Lloyd’s Register was able to set the standard for how ships should be built. While the Register technically only classified how ships should be insured, this financial motive (tied to safety and reliability) was a fitting starting point from which to define how maritime safety could be codified and guaranteed.
Topic:
History, Capitalism, Trade, Insurance, and Shipping
Political Geography:
United Kingdom, Europe, and Global Focus

4. Berry Brothers & Rudd: Family, Reputation, and the Cultivation of the European Wine Trade

Author:
Douglas Ajram, Charlie Harris, and Christopher McKenna
Publication Date:
09-2018
Content Type:
Case Study
Institution:
Oxford Centre for Global History
Abstract:
There is no better testament to the longevity of Berry Bros. & Rudd than its rich history of, and great capacity for, reinvention. The family firm began life as a grocery store in 1698, founded by a woman now known only as the Widow Bourne. It is now Britain’s oldest wine and spirits merchant, and one of the nation’s ten oldest family-run businesses, boasting six Masters of Wine – the most of any company in the world – as well as two Royal Warrants, a mark of recognition for tradespeople that provide goods or services to the British royal family.
Topic:
Economics, International Trade and Finance, Political Economy, Food, and Capitalism
Political Geography:
Europe