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The 1772 73 British Credit Crisis
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Book Synopsis The 1772–73 British Credit Crisis by : Paul Kosmetatos
Download or read book The 1772–73 British Credit Crisis written by Paul Kosmetatos and published by Springer. This book was released on 2018-03-21 with total page 334 pages. Available in PDF, EPUB and Kindle. Book excerpt: Nowadays remembered mostly through Adam Smith’s references to the short-lived Ayr Bank in the Wealth of Nations, the 1772-3 financial crisis was an important historical episode in its own right, taking place during a pivotal period in the development of financial capitalism and coinciding with the start of the traditional industrialisation narrative. It was also one of the earliest purely financial crises occurring in peacetime, and its progress showed an impressive geographical reach, involving England, Scotland, the Netherlands and the North American colonies. This book uses a variety of previously unpublished archival sources to question the bubble narrative usually associated with this crisis, and to identify the mechanisms of financial contagion that allowed the failure of a small private bank in London to cause rapid and severe distress throughout the 18th century financial system. It re-examines the short and turbulent career of the Ayr Bank, and concludes that its failure was the result of cavalier liability management akin to that of Northern Rock in 2007, rather than the poor asset quality alleged in existing literature. It furthermore argues that the Bank of England’s prompt efforts to contain the crisis are evidence of a Lender of Last Resort in action, some thirty years before the classical formulation of the concept by Henry Thornton.
Book Synopsis Credit, Currency, and Capital by : Andrew McDiarmid
Download or read book Credit, Currency, and Capital written by Andrew McDiarmid and published by Taylor & Francis. This book was released on 2023-07-14 with total page 212 pages. Available in PDF, EPUB and Kindle. Book excerpt: The years 1690–1727 represented a period of significant change for Scotland. It was a time of grand colonial endeavours and financial innovation, punctuated by bouts of economic turmoil and constitutional and political uncertainty. The infamous Darien Scheme, the establishment of the Bank of Scotland and the Royal Bank of Scotland, the Anglo-Scots Union, the Hanoverian Succession, and the Jacobite rising of 1715, all occurred during this short time span. Therefore, it was not only a period that presented Scotland with opportunities but also a period in which the country ultimately lost its autonomy. It was also during these years, and against this unsettled backdrop, that the Scottish Financial Revolution commenced. The complexity of the Scottish situation during the late seventeenth and the early eighteen centuries has historically made the identification of a Scottish Financial Revolution difficult. This monograph, the first dedicated to the topic, addresses this problem and provides a model for identifying and understanding the revolution through the economic, political, and constitutional contexts of the period. Using examples of financial developments and innovation driven by Scotsmen in Scotland, Europe, and the colonies, this work defines the Scottish Financial Revolution as a series of developments which took place in Scotland when political circumstances allowed, but which also occurred outwith Scotland through the agency of members of the Scottish diaspora. This monograph is therefore the story of how Scotsmen at home and abroad contributed to financial debate and development between 1690 and 1727. Credit, Currency, and Capital: The Scottish Financial Revolution, 1690–1727 will appeal to students and scholars interested in the history of Economics and Finance. It will also be of interest to those studying the history of the Anglo-Scots Union and the complex relationship between Scotland and England.
Book Synopsis The Atlantic World by : D'Maris Coffman
Download or read book The Atlantic World written by D'Maris Coffman and published by Routledge. This book was released on 2014-12-05 with total page 727 pages. Available in PDF, EPUB and Kindle. Book excerpt: As the meeting point between Europe, colonial America, and Africa, the history of the Atlantic world is a constantly shifting arena, but one which has been a focus of huge and vibrant debate for many years. In over thirty chapters, all written by experts in the field, The Atlantic World takes up these debates and gathers together key, original scholarship to provide an authoritative survey of this increasingly popular area of world history. The book takes a thematic approach to topics including exploration, migration and cultural encounters. In the first chapters, scholars examine the interactions between groups which converged in the Atlantic world, such as slaves, European migrants and Native Americans. The volume then considers questions such as finance, money and commerce in the Atlantic world, as well as warfare, government and religion. The collection closes with chapters examining how ideas circulated across and around the Atlantic and beyond. It presents the Atlantic as a shared space in which commodities and ideas were exchanged and traded, and examines the impact that these exchanges had on both people and places. Including an introductory essay from the editors which defines the field, and lavishly illustrated with paintings, drawings and maps this accessible volume is invaluable reading for all students and scholars of this broad sweep of world history.
Download or read book Bills of Union written by Aaron Graham and published by Springer Nature. This book was released on 2021-03-12 with total page 147 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book brings together for the first time more than half a dozen proposals for an imperial paper currency in the mid-eighteenth century British Atlantic, to show how manage colonial currency and banking in the expanding empire. Existing studies have looked at the successes and failures of schemes in individual colonies. But some had grander ambitions, such as Benjamin Franklin, and offered proposals for ‘imperial’ or ‘continental’ paper currencies and monetary unions which would help knit together colonial territories throughout North America and even the Caribbean into a cohesive whole during a moment of imperial reform. This book brings together these proposals for the first time, including several never studied before, to show how thinkers and writers on empire, currency and finance drew on financial practices, precedents and principles from across the British Atlantic to present their own visions of monetary union and the future of empire. In doing so it makes an important and original contribution to the wider histories of monetary and financial thought and theory and the roots of American monetary policy, and the links between finance, empire, politics, reform and revolution. It will be of interest to academics working on the history of finance, banking and currency in the British Isles, North America and the Caribbean in the eighteenth century, as well as those working on the political economy of the British Empire, including mercantilism, trade, warfare and the politics of empire in the decades leading up to the American Revolution.
Book Synopsis Banking Law and Financial Regulation in Pakistan by : Muhammad Hassan Idrees
Download or read book Banking Law and Financial Regulation in Pakistan written by Muhammad Hassan Idrees and published by Taylor & Francis. This book was released on 2024-04-04 with total page 122 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book offers an analysis of the contemporary significance of the practice of Lender of Last Resort (LOLR) in Pakistan. Aiming to identify deficiencies in current financial system legislation, the book details the role of LOLR and its essential presence in establishing a resilient banking and financial system. Beginning with an assessment of the emergence of Central Banks as domestic financial regulators, the book draws from the principles of Walter Bagehot and Henry Thornton for LOLR rescue operations. Examining the International Monetary Fund’s (IMF) role as an international lender of last resort and scrutinising its rescue efforts, the book uses case studies of the Central Banks in the United Kingdom and the United States to suggest reforms for Pakistan’s system. It explores the causes of financial crises and evaluates the factors that have made LOLR an integral part of Central Banks’ responsibilities. It compares LOLR operations in the cases of AIG and Lehman Brothers in the United States and Northern Rock in the United Kingdom, comparing these two cases in Pakistan to pinpoint key gaps in the State Bank of Pakistan’s LOLR operations. Furthermore, it discusses the Basel Accord I, II, and III: the key international regulations for the banking sector. The book will be of interest to scholars and students in the field of financial and banking law.
Book Synopsis UK Business and Financial Cycles Since 1660 by : Nicholas Dimsdale
Download or read book UK Business and Financial Cycles Since 1660 written by Nicholas Dimsdale and published by Springer Nature. This book was released on 2019-11-02 with total page 242 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is the first of two volumes that aim to provide an up-to-date overview of the key data and techniques necessary for analysing the historical behaviour of business and financial cycles in the United Kingdom. Drawing on an extensive secondary literature and the considerable body of historical macroeconomic and financial time series data that exist for the United Kingdom, the two volumes will review the key features of historical recessions and recoveries over the course of three and a half centuries. Volume 1 provides an overview of UK business cycles since 1660. The first part of the book considers old and new theories of the business cycle, looking at the impulses that generate business cycles and the propagation mechanisms that determine their duration and amplitude. The second part of the book uses the latest historical estimates of GDP to look at different ways of measuring and estimating business cycle fluctuations within a simple univariate framework. Finally, the book provides a narrative of UK economic fluctuations since 1660 using a whole range of economic data to shed light on the main drivers of cyclical behaviour. It concludes by highlighting areas for future research especially with regard to the link between business and financial cycles, some of which will be explored in Volume 2.
Download or read book The Bubble Act written by Helen Paul and published by Springer Nature. This book was released on 2023-06-30 with total page 312 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book reassesses the actual effects of the Bubble Act, still popularly associated with the bursting of the South Sea Bubble. The book builds on the foundational work of Ron Harris to discuss the act’s effect on corporate governance, literary culture, colonial law, and the Industrial Revolution. The Bubble Act was deemed an empty letter within England itself as it was rarely used in legal proceedings. Several chapters consider whether this was the case outside England, from Scotland to the Americas, India, and Africa. Others assess the impact of the act, both on literary culture and in the history of economic thought. The act has been conceptualized as a brake on economic development or of little consequence. This edited collection offers a timely reassessment of the Bubble Act and its legacy.
Book Synopsis Gambling in Britain in the Long Eighteenth Century by : Bob Harris
Download or read book Gambling in Britain in the Long Eighteenth Century written by Bob Harris and published by Cambridge University Press. This book was released on 2022-03-17 with total page 331 pages. Available in PDF, EPUB and Kindle. Book excerpt: English society in the eighteenth century was allegedly marked by a 'gambling mania'. Drawing on a vast range of new empirical evidence, Bob Harris explores the growth and prevalence of gambling across Britain and investigates who gambled, on what, and why.
Book Synopsis Business Cycles and Depressions by : David Glasner
Download or read book Business Cycles and Depressions written by David Glasner and published by Routledge. This book was released on 2013-12-16 with total page 800 pages. Available in PDF, EPUB and Kindle. Book excerpt: First published in 1997. Routledge is an imprint of Taylor & Francis, an informa company.
Book Synopsis English Law, the Legal Profession, and Colonialism by : Cerian Griffiths
Download or read book English Law, the Legal Profession, and Colonialism written by Cerian Griffiths and published by Taylor & Francis. This book was released on 2023-10-18 with total page 272 pages. Available in PDF, EPUB and Kindle. Book excerpt: Modern legal history is increasingly interested in exploring the development of legal systems from novel and nuanced approaches. This edited collection harnesses the lesser-researched perspectives of the impact of global and imperial factors on the development of law. It is argued that to better understand these timely discussions, we must understand the process and significance of colonisation itself. The volume brings together experts in the field of law and history to explore the ways in which law and lawyers contributed to the expansion of the British Empire, and the ways in which the Empire influenced the Metropole. The book sheds new light on the role of the law and legal actors during the pivotal centuries that saw the establishment of the Empire. Exploring such topics as Atlantic relations, the impact of British jurists upon Indian law, and the development of the law settler colonies, this collection reveals some of the lesser-known intersections between law, history, and empire. The book will be of interest to students and researchers in legal history, comparative history, equity and trusts, contract law, the legal profession, slavery, and the British Empire.
Book Synopsis The Adam Smith Review, Volume 6 by : Fonna Forman-Barzilai
Download or read book The Adam Smith Review, Volume 6 written by Fonna Forman-Barzilai and published by Routledge. This book was released on 2012-08-06 with total page 408 pages. Available in PDF, EPUB and Kindle. Book excerpt: Adam Smith’s contribution to economics is well-recognized but in recent years scholars have been exploring anew the multidisciplinary nature of his works. The Adam Smith Review is a refereed annual review that provides a unique forum for interdisciplinary debate on all aspects of Adam Smith’s works, his place in history, and the significance of his writings to the modern world. It is aimed at facilitating debate between scholars working across the humanities and social sciences, thus emulating the reach of the Enlightenment world which Smith helped to shape. The sixth volume of the series contains contributions from specialists across a range of disciplines, including Vivienne Brown, Maria Alejandra Carrasco, Douglas J. Den Uyl, John Elster, Niall Ferguson, Samuel Fleischacker, Christel Fricke, Lisa Hill, Duncan Kelly, Karl Ove Moene, John O’Neill, Maria Pia Paganelli, Alessandro Roncaglia, Carola Freiin von Villiez, and Jonathan B. Wight. Topics examined include: Smith and the conditions of a moral society The fate of Anglo-American capitalism Smith and Shaftesbury
Download or read book Forging Nations written by David Blaazer and published by Oxford University Press. This book was released on 2023-06-06 with total page 346 pages. Available in PDF, EPUB and Kindle. Book excerpt: In Forging Nations, Blaazer studies the relationships between money, power, and nationality in England, Scotland, and Ireland from the first attempts to unify their currencies following the Union of the Crowns in 1603 to the aftermath of the Global Financial Crisis. Through successive crises spanning four centuries, Forging Nations examines critical struggles over monetary power between the state and its creditors, and within and between nations during the long, multifaceted process of creating the United Kingdom as a monetary as well as a political union. It shows how and why centuries of monetary dysfunction and conflict eventually gave way to the era of the sterling gold standard, when elite and popular beliefs about money converged around a set of almost unassailable monetary dogmas that transcended differences of nationality, party, and class. Sustained by a mixture of historical myths and imperial hubris, this consensus effortlessly reinforced the authority and served the interests of the monetary elite, even after its economic foundations had collapsed under the pressure of war and international competition. The book concludes by showing how the end of the UK's global hegemony and the prospect of Scottish independence have resuscitated historical differences between England, Ireland, and Scotland in attitudes to currency's role in defining national identity, while the Global Financial Crisis has revived forgotten debates over the nature of money and monetary power.
Book Synopsis Financial Market Bubbles and Crashes by : Harold L. Vogel
Download or read book Financial Market Bubbles and Crashes written by Harold L. Vogel and published by Springer Nature. This book was released on 2021-12-17 with total page 619 pages. Available in PDF, EPUB and Kindle. Book excerpt: Economists broadly define financial asset price bubbles as episodes in which prices rise with notable rapidity and depart from historically established asset valuation multiples and relationships. Financial economists have for decades attempted to study and interpret bubbles through the prisms of rational expectations, efficient markets, equilibrium, arbitrage, and capital asset pricing models, but they have not made much if any progress toward a consistent and reliable theory that explains how and why bubbles (and crashes) evolve and are defined, measured, and compared. This book develops a new and different approach that is based on the central notion that bubbles and crashes reflect urgent short-side rationing, which means that, as such extreme conditions unfold, considerations of quantities owned or not owned begin to displace considerations of price.
Book Synopsis How a Ledger Became a Central Bank by : Stephen Quinn
Download or read book How a Ledger Became a Central Bank written by Stephen Quinn and published by Cambridge University Press. This book was released on 2023-11-30 with total page 339 pages. Available in PDF, EPUB and Kindle. Book excerpt: A quantitative history of the Bank of Amsterdam, a dominant central bank for much of the seventeenth and eighteenth centuries. This book should interest monetary economists, scholars of central bank history, and historians of the Dutch Republic.
Book Synopsis The Rise of Empires by : Sangaralingam Ramesh
Download or read book The Rise of Empires written by Sangaralingam Ramesh and published by Springer. This book was released on 2018-11-11 with total page 328 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book describes and evaluates how institutional innovation and technological innovation have impacted on humanity from pre-historical times to modern times, and how societies have been transformed in history. The author interrogates the relationship between innovation and civilisation -– particularly the dynamic whereby innovation leads to empire-building -– and explores innovation efforts that stimulated economic and social synergies from the Babylonian Empire in 1900 BC up to the British Empire in the twentieth century. The author uses historical cross-cultural case studies to establish the factors which have given competitive advantages to societies and empires. This book will be of interest to researchers and students in political economy, economic history, economic growth and innovation economics.
Book Synopsis Planters, Merchants, and Slaves by : Trevor Burnard
Download or read book Planters, Merchants, and Slaves written by Trevor Burnard and published by University of Chicago Press. This book was released on 2019-02-22 with total page 368 pages. Available in PDF, EPUB and Kindle. Book excerpt: "As with any enterprise involving violence and lots of money, running a plantation in early British America was a serious and brutal enterprise. Beyond resources and weapons, a plantation required a significant force of cruel and rapacious men men who, as Trevor Burnard sees it, lacked any better options for making money. In the contentious Planters, Merchants, and Slaves, Burnard argues that white men did not choose to develop and maintain the plantation system out of virulent racism or sadism, but rather out of economic logic because to speak bluntly it worked. These economically successful and ethically monstrous plantations required racial divisions to exist, but their successes were always measured in gold, rather than skin or blood. Burnard argues that the best example of plantations functioning as intended is not those found in the fractious and poor North American colonies, but those in their booming and integrated commercial hub, Jamaica. Sure to be controversial, this book is a major intervention in the scholarship on slavery, economic development, and political power in early British America, mounting a powerful and original argument that boldly challenges historical orthodoxy."--
Book Synopsis The Founding of a Nation by : Merrill Jensen
Download or read book The Founding of a Nation written by Merrill Jensen and published by Hackett Publishing. This book was released on 2004-03-15 with total page 751 pages. Available in PDF, EPUB and Kindle. Book excerpt: "This wonderfully rich volume challenges those who claim that political history is arid, narrow, or worse, irrelevant to our own concerns. Jensen's study explores popular political mobilization on the eve of American independence. It reconstructs the complex decisions that slowly, often painfully transformed a colonial rebellion into a genuine revolution. Jensen's well-paced narrative never loses sight of the ordinary men and women who confronted the most powerful empire in the world." --T.H. Breen, William Smith Mason Professor of American History, Northwestern University
