As new forms of entrepreneurship arise, the need for a flexible adaptation of banks to the new business needs is imperative. This survey examines the interaction between banking, economic theory and management from an historical perspective as certain analogies have nowadays come to the foreground.
The turbulent era of 19th century can offer us a frame of analysis about the factors that define the reaction to change in the banking sector. The prism of this analysis is the birth of the managerial science. Furthermore, we examine the interrelationship of the banking practices and management as a development factor.
In order to avoid fallacies, a systematic review of the literature covering the chosen period is conducted. The comparison with challenges emerging from the intersection of management and banking in our modern era is done with special provision for differences in technology, structural complexity and institutional environment.
The results shed light on unknown aspects from the past that may strengthen a paradigm shift approach or a useful framework for the avoidance of possible future errors.