The death blow to unlimited liability in Victorian Britain: The City of Glasgow failure

In 1878, one of Britain's largest banks, the City of Glasgow Bank, collapsed, leaving a huge deficit between its assets and liabilities. As this bank, similar to many other contemporary British banks, had unlimited liability, its failure was accompanied by the bankruptcy of the vast majority of its stockholders. It is generally believed that the collapse of this depository institution revealed the extent to which ownership in large joint-stock banks had been diffused to investors of very modest means. It is also believed that the failure resulted in bank shareholders dumping their shares unto the market. Our evidence, garnered from ownership records, trading data, and stock prices, offers no support for these widely held beliefs. © 2007 Elsevier Inc. All rights reserved.

Failure of Local Realism Revealed by Extremely-Coarse-Grained Measurements

We show that failure of local realism can be revealed to observers for whom only extremely-coarse-grained measurements are available. In our instances, Bell's inequality is violated even up to the maximum limit while both the local measurements and the initial local states under scrutiny approach the classical limit. Furthermore, we can observe failure of local realism when an inequality enforced by nonlocal realistic theories is satisfied. This suggests that locality alone may be violated while realism cannot be excluded for specific observables and states. Small-scale experimental demonstration of our examples may be possible in the foreseeable future.