National Prohibition act City of London Summarize text 4

National Prohibition act City of London Summarize text 4

National Prohibition act City of London Summarize text 4

 Summarize Written Text


 1. National Prohibition Act

In 1920, the Eighteenth Amendment to the United States Constitution was enacted, creating yet another serious setback to the American wine industry. The National Prohibition Act, also known as the Volstead Act, prohibited the manufacture, sale, transportation, importation, exportation, delivery, or possession of intoxicating liquors for beverage purposes, and nearly destroyed what had become a thriving national industry. In 1920  there were more than seven hundred wineries in California. By the end of Prohibition, there were 160.

If Prohibition had lasted only four or five years, its impact on the wine industry might have been negligible. But it continued for thirteen years, during which time grapes went underground literally and figuratively, becoming an important commodity in the criminal economy. One loophole in the Volstead Act allowed for the manufacture and sale of sacramental wines, medicinal wines for sale by pharmacists with a doctor’s prescription, and medicinal wine tonics (fortified wines) sold without a prescription. Perhaps more importantly, Prohibition allowed anyone to produce up to two hundred gallons of fruit juice or cider each year. The fruit juice, which was sometimes made into concentrate, was ideal for making wine. Some of this yield found its way to bootleggers throughout America who did just that. But not for long, because the government stepped in and banned the sale of grape juice, preventing illegal wine production. Vineyards stopped being planted, and the American wine industry ground to a halt.


In 1920, the Volstead Act came into effect and lasted for 13 years to prohibit the manufacture, sale, transportation, importation, exportation, delivery, or possession of intoxicating liquors and almost destroyed this industry through its loophole allowed for the production of some kinds of wine and fruit juice which later on was banned by the government.


 2. The City of London

Who would have thought back in 1698, as they downed their espressos, that the little band of stockbrokers from Jonathan’s Coffee House in Change Alley EC3 would be the founder-members of what would become the world’s mighty money capital?

Progress was not entirely smooth. The South Sea Bubble burst in 1720 and the coffee house exchanges burned down in 1748. As late as Big Bang in 1986, when bowler hats were finally hung up, you wouldn’t have bet the farm on London surpassing New York, Frankfurt and Tokyo as Mammon’s international nexus. Yet the 325,000 souls who operate in the UK capital’s financial hub have now overtaken their New York rivals in size of the managed (including offshore business); they hold 70% of the global secondary bond market and the City dominates the foreign exchange trading. And its institutions paid out £9 billion in bonuses in December. The Square Mile has now spread both eastwards from EC3 to Canary Wharf and westwards into Mayfair, where many of the private-equity ‘locusts’ and their hedge-fund pals now hand out. For foreigners in finance, London is the place to be. It has no Sarbanes-Oxley and no euro to hold it back, yet the fact that it still files so high is against the odds. London is one of the most expensive cities in the world to live in, transport systems groan and there’s an ever-present threat of terrorist attack. But, for the time being, the deals just keep on getting bigger.


London has surpassed its rivals and has dominated global financial markets to become the world’s mighty money capital due to its judicial and currency advantages even though the expansion progress was not smooth.

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