New Books In Middle Eastern Studies

Firms and entrepreneurs were key drivers of the globalisation of the late nineteenth and early twentieth centuries. This thesis investigates commodity networks, foreign banking and business networks, as three manifestations of the first global economy, in Egypt. The country was integrated into the world economy by exporting cotton, importing foreign capital, and hosting a large foreign community. The thesis shows that the Egyptian cotton network was sophisticated as market participants were spatially dispersed. The network was instrumentally coordinated by foreign banks that provided the crucial functions of intermediating the flows of cotton, finance, and information. Departing from the literature that portrays foreign banks in developing countries as manifestations of imperialism and exploitation of host countries, the thesis demonstrates that the history of these banks in Egypt does not conform to this rhetoric. The case of the Ionian Bank reveals that foreign banks in Egypt were businesses that sought pro