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Synopsis
Much of what we consider modern economics is the work of British journalist and economist Walter Bagehot, one of the first editors of the influential newspaper The Economist and an early proponent of business cycles. Here, he develops his theory of central banking, much of which continues to impact financial thinking today. First published in 1873, this replica of the updated 1910 edition explores the history of London's Lombard Street, from how it came to be the traditional home of banks and moneylenders to how the value of money was determined by the institutions there. Joint stocks, private banking, and the regulation of the banking reserve: Bagehot's discussion of these fundamental economic issues makes this a vital resource for anyone wishing to understand financial history. WALTER BAGEHOT (1826-1877) also wrote The English Constitution (1867), Physics and Politics (1872), and The Postulates of English Political Economy (1885), among other works.
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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)
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- PublisherCosimo Classics
- Publication date2007
- ISBN 10 1602069530
- ISBN 13 9781602069534
- BindingHardcover
- Number of pages404
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Buch. Condition: Neu. nach der Bestellung gedruckt Neuware - Printed after ordering - Much of what we consider modern economics is the work of British journalist and economist Walter Bagehot, one of the first editors of the influential newspaper The Economist and an early proponent of business cycles. Here, he develops his theory of central banking, much of which continues to impact financial thinking today. First published in 1873, this replica of the updated 1910 edition explores the history of London's Lombard Street, from how it came to be the traditional home of banks and moneylenders to how the value of money was determined by the institutions there. Joint stocks, private banking, and the regulation of the banking reserve: Bagehot's discussion of these fundamental economic issues makes this a vital resource for anyone wishing to understand financial history. WALTER BAGEHOT (1826-1877) also wrote The English Constitution (1867), Physics and Politics (1872), and The Postulates of English Political Economy (1885), among other works. Seller Inventory # 9781602069534
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