When governments issue bonds they usually have to provide plenty of disclosure to entice investors. These days this often includes information on the country’s environmental, social and governance standards — the now-infamous acronym ESG.
But what about in the mid-19th century, when many countries were autocracies and some were facing civil wars over questions such as whether to abolish slavery? As a logical matter, you’d think that investors would care about such matters.
Citation
Juan Flores & G. Mitu Gulati, Ür-ESG, Brazil and the Rothschilds, Financial Times (FT.com) (May 26, 2025).