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Lombard Street: A Description of the Money Market
The Government is necessarily at times possessed of large sums in cash. It is by far the richest corporation in the country; its annual revenue payable in money far surpasses that of any other body or person.... A modern Government is like a very rich man with very great debts which he cannot well pay; its credit is necessary to its prosperity, almost to its existence, and...more
Paperback, 404 pages
Published
March 1st 2006
by Cosimo Classics
(first published 1873)
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A great, surprisingly easy to read, description of the esoteric world of British banking in the 19th century.
I kept finding this book referenced in other books about Victorian England, and also, again surprisingly considering the subject, recommended just as a good general read. The reason is that Bagehot, an early reporter for the Economist, knows how to explain abstract concepts in simple language, and because of that I finally feel like I understand, sort of, things like "bills of exchange,"...more
I kept finding this book referenced in other books about Victorian England, and also, again surprisingly considering the subject, recommended just as a good general read. The reason is that Bagehot, an early reporter for the Economist, knows how to explain abstract concepts in simple language, and because of that I finally feel like I understand, sort of, things like "bills of exchange,"...more
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Read this book if you want to know the importance of keeping a healthy amount of capital reserve on top of liabilities. Really makes you wonder about our modern world. Massive amounts of derivatives, off balance sheet financing, financial voodoo has created an unbelievable amount of leverage-- Have we really gotten so much better at risk-management and liabilities management that we can now safely ignore the words of the pioneers of debt financing? I personally don't think so... after all modern...more
Mar 26, 2009
Ken
rated it
5 of 5 stars
·
review of another edition
Recommends it for:
connoisseurs of central banking
It's a lively and colorful description of the financial markets in Victorian England, and in particular the role of the Bank of England in maintaining financial stability. Bagehot is the first to articulate the idea of the "lender of last resort," which is just what the Fed (and other central banks) have been doing in recent months--though much expanded in scale and scope. Much has changed since then, of course, but not as much as you might think. Plus, who knew the Peel Act of 1844 could be so...more
Jan 13, 2011
Zachary Zhao
rated it
4 of 5 stars
·
review of another edition
Shelves:
nonfiction-economics-finance
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An incredibly modern book, though written in the 19th century. Bagehot is often cited for his dictum that in a crisis, the central bank should lend freely, at a penalty rate. I am not sure whether someone not interested in the history of central banking would agree, but I found the book quite lively and the descriptions of the 19th-century financial world colorful and engaging. Bagehot's understanding of contagion, liquidity, and the role of the central bank in a crisis is remarkable. Oddly enou...more
Not an easy read. Patient and repetitive, and the ideas it proffered are now widely (though not completely) accepted. Probably most useful these days for its history of the rise of currency and central banks, though still good to remember what a vital role ready lending plays in a crisis.
hard to understand, but at certain points, Bagehot give very powerful arguments about changing the banking system of England. I really like his arguments, but cutting out unnecessary details is very important to make this book more understandable.
Describes how a Central bank should cope with bank-runs. A must read for those interested in business cycles and fractional reserve banking.
Interesting view into the money market and how it came about. Many of the issues discussed are still important today, even if some of the historical elements are no longer terribly important.
I guess it's a classic
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Walter Bagehot was a British businessman, essayist, and journalist who wrote extensively about literature, government, and economic affairs.
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