'Business Strategist and Monetary Heretic' (V. Barnett)
STOLL, Oswald.
The People’s Credit.
First edition. Sir Oswald Stoll, the Australian-born British theatre impresario and manager whose holdings at one time included the Hackney Empire and the London Coliseum, was a philanthropist as well as a businessman. Committed to the help of servicemen returning from the First World War, disabled after active service, Stoll set up what was originally called the War Seal Foundation in 1917, funded by the sale of selling ‘war seal’, a stamp used to seal letters. The success of the war seal sale led eventually to the creation, in Fulham, London, of the War Seal Mansions, around 140 apartments for seriously wounded ex-servicemen and their families, provided with a medical centre, a chemist, a workshop and a gymnasium. This development earned Stoll his knighthood, and was renamed in his honour as the Sir Oswald Stoll Foundation Stoll. Stoll’s books on economics and finance were seen as heretical by contemporaries. They, and particularly The People’s Credit, nevertheless championed an understanding of the public, rather than the banks, as the stakeholders who should be in control of financial transactions, and the beneficiaries of the deriving profits.
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