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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 only one reason this reprint of the 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 crises: "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."
In terms of the U.S. savings-and-loan crisis and the Asian economic meltdown of the 1990s, Bagehot's words still ring as timely, even with the dated references to British politics of the time. For example, he proposed allowing unstable banks to collapse and advocated 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 --This text refers to the Paperback edition.
"...classic account of the money market...makes vivid reading" (Spectator Business, November 2008) --This text refers to the Paperback edition.See all Editorial Reviews
Content: 4 Starts
Copy Editing: 2 Stars.
This edition badly needs copy editor. Buy a different edition. Read more
Historical and fundamental points on the development of banking in general and the domination of England's banking in particular are set forth in typically archaic and wordy prose. Read morePublished on December 3, 2011 by Bookworm
Brand new book, exactly as described. Super fast shipping. Would buy from this seller again. Thanks!Published on February 27, 2009 by Methuen gal
The great Victorian book about what we now call central banking really needs to introduction. It is every bit as brilliant and relevant as it was when written, a century and a half... Read morePublished on November 22, 2008 by Tzvika Barenholz