Switzerland - The Land of the Rich & Home of the Bank?: Banking In Switzerland

Switzerland, despite lacking natural resources and easy trade access, boasts a high GDP per capita. Unlike resource-rich Norway, Switzerland's wealth stems from its banking system, known for secrecy and neutrality. This reputation dates back to 1713 when Geneva's Great Council protected financial privacy, appealing to European royals. Switzerland's neutrality and banking secrecy have become national cornerstones, akin to the USA's Second Amendment. These principles have significantly influenced the country's prosperity and global standing.

Which of the following is NOT a challenge that Switzerland faced in becoming a wealthy nation?

• Competitive labor market

• Access to the ocean

• Lack of natural resources

• Unified language

What historical event contributed to the mystique of Swiss banks?

• The founding of the Swiss National Bank

• The establishment of the European Union

• The Great Council of Geneva's 1713 decision

• The signing of the Treaty of Versailles

Why did European royals prefer Swiss banks in the 18th century?

• They offered higher interest rates

• They were not Protestant

• They had better security systems

• They were closer to royal residences

How has Switzerland's neutrality benefited its economy?

• By fostering a stable environment for banking and industry

• By allowing it to expand its empire

• By reducing its reliance on foreign aid

• By making it a hub for international trade

What is a similarity between Switzerland's banking secrecy and the USA's Second Amendment?

• Both are deeply ingrained in national identity

• Both are recent developments

• Both are related to financial policies

• Both are universally accepted