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Lombard Street: A Description of the Money Market Paperback – October 21, 2009
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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 an alternate Paperback edition.
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But what are those characteristics? Bagehot, then editor of The Economist, writes that credit centers on trust: "Credit means that a certain confidence is given, a certain trust reposed." And, banks always have on-demand liabilities that far exceed their readily available assets. In short, credit works on trust, and the system, in the absence of trust, can fall apart rapidly.
What follows from these premises is a careful examination of how the money market came about, what its uses are, how its operations are connected to trade and country's overall welfare, and, most importantly, how central banks can deal with financial crises. Written elegantly, "Lombard Street" is, at the same time, an introductory overview of the market and a trenchant analysis of its most salient features.
But what makes "Lombard Street" timeless is that it deals with finance in its human form. Bagehot talks about power, prestige and perception as much as he does about interest, discount, and credit. Trust is based on institutions and people: the human features of finance-trust, anxiety, mania, optimism-are timeless and apply to the financial markets of the nineteenth, twentieth, or twenty-first century. That is why "Lombard Street" is an ever useful introduction and guide.
This book would be very beneficial to anyone doing research on, or working for some kind of central banking organization. Otherwise, I would suggest looking to any of the other Wiley Investment Classics for a more interesting and educational read about finance.
It's full of obvious missing spaces so that words run together, likethesewords.
This happens on almost every page. The author, Walter Bagehot, includes some actual balance sheets from the Bank of England as examples. Yet Echo Library fails to align the figures into columns. Instead it appears as a bunch of jibberish.
It appears that Echo Library somehow acquired a text file of the book, perhaps as a Word document or something, and then simply output that onto paper and binder, and then shipped the books, without even glancing at the results, let alone proof reading it.
Also, apparently to save paper, the publisher made the type size a bit small, and made the page column a bit wide. That saves paper alright, and makes it a thinner book, but it makes it harder to read. But it's still worth reading because Bagehot is so good.
MY RECOMMENDATION: It's an excellent writing by Bagehot, first class. But buy it by another publisher.
Bagehot was a very interesting person, described as a "British journalist, businessman, and essayist, who wrote extensively about government, economics, and literature".Read more ›
Most Recent Customer 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