Lombard Street: A Description of the Money Market - Softcover

Bagehot, Walter

Softcover

ISBN 10: 140210006X ISBN 13: 9781402100062

Publisher: Adamant Media Corporation, 2001

Synopsis

This Elibron Classics book is a reprint of a 1920 edition by John Murray, London.

About this title

Review

People panicked during a credit crunch or economic downturn on London's Lombard Street of the 1800s just as they do on Wall Street today. That's just one reason this reprint of a classic book by famed 19th-century economist Walter Bagehot offers lessons even now. First published in 1873, the book is a compilation of 11 essays that Bagehot wrote as the editor of The Economist and includes his advice to banks for dealing with financial crisis "we must keep a great store of ready money always available, and advance out of it very freely in periods of panic, and in times of incipient alarm. Any notion that money is not to be had, or that it may not be had at any price, only raises alarm to panic and enhances panic to madness."

With the U.S. savings-and-loans crisis and the Asian economic meltdown of the 1990s, Bagehot's words still ring as timely, even with dated references to British politics of the time. For example, he proposed allowing unstable banks to collapse and advocated for creating an independent finance professional to run the nation's central bank. Lombard Street, named after London's financial district and the birthplace of the money market, will be an eye-opener for students and others interested in the history and workings of financial systems. --Dan Ring, Amazon.com

Review

"...classic account of the money market...makes vivid reading" (Spectator Business, November 2008)

About this edition

• Publisher: Adamant Media Corporation
• Publication date: 2001
• ISBN 10: 140210006X
• ISBN 13: 9781402100062
• Binding: Paperback
• Number of pages: 254