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The Financial Revolution 1660-1750
The financial revolution marked the end of medieval England, and through the major institutions such as Lloyds and the Bank of England, laid the foundations on which England's emergence as a world power was based. The subsequent changes radically altered English politics, and this book aims to provide a concise guide to them. The series provides analysis of complex issues and problems in important A level Modern History topics. Using supporting documents, the books aim to give students a clear account of historical facts and an understanding of the central themes and differing interpretations. It is aimed at A level, first year university students and those at polytechnics and colleges of higher education. It should also be of interest to the general public who have an interest in British history.
136 pages, Textbook Binding
First published September 1, 1991
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April 29, 2016
An amazingly succinct and fascinating tour of the forgotten half of the "Industrial Revolution." While industry in this period surged ahead due to weaving machines and coal boilers, finance was reinvented when the government began maintaining and trading secure debts.
After Charles II's restoration in 1660, his Treasury, under Sir George Downing (yes, that's who the street is named after), gave Parliament a vital say in designing taxes and debts. Downing helped put Parliament, and not just the ever-flighty king, on the hook for the nation's borrowing, and thus made the debt more secure and more national. A series of newly powerful goldsmith banks sprung up to purchase and trade this newly secured debt, and they created a new kind of private currency. After the Parliamentarians gained control of the government in the 1690s, they further cemented the nation's identification with its finance. Parliament established the new Bank of England in 1694 to both soak up its debts and create a new national paper currency. The government also issued annuities, tontines, and lotteries to interest the middling sorts in finance. By 1750, Treasurer Henry Pelham could consolidate the nation's debt into "consols," debts that lasted literally forever and paid a solid 3% rate. England's credit was just that good, even while the French kings drowned under their debt.
This book skillfully combines the historical story with a selection of primary documents, including Daniel Defoe's attack on "Systems of Stock Jobbing," a pamphlet of "Proper Considerations for Persons Concerned in the Banking Business" (loans not to exceed six months, for instance), and detailed descriptions of the dividend rooms of the Bank of England. It gives one a sense of the political and economic debates of the period, debates that more often than not centered on the new financial world being birthed.
After Charles II's restoration in 1660, his Treasury, under Sir George Downing (yes, that's who the street is named after), gave Parliament a vital say in designing taxes and debts. Downing helped put Parliament, and not just the ever-flighty king, on the hook for the nation's borrowing, and thus made the debt more secure and more national. A series of newly powerful goldsmith banks sprung up to purchase and trade this newly secured debt, and they created a new kind of private currency. After the Parliamentarians gained control of the government in the 1690s, they further cemented the nation's identification with its finance. Parliament established the new Bank of England in 1694 to both soak up its debts and create a new national paper currency. The government also issued annuities, tontines, and lotteries to interest the middling sorts in finance. By 1750, Treasurer Henry Pelham could consolidate the nation's debt into "consols," debts that lasted literally forever and paid a solid 3% rate. England's credit was just that good, even while the French kings drowned under their debt.
This book skillfully combines the historical story with a selection of primary documents, including Daniel Defoe's attack on "Systems of Stock Jobbing," a pamphlet of "Proper Considerations for Persons Concerned in the Banking Business" (loans not to exceed six months, for instance), and detailed descriptions of the dividend rooms of the Bank of England. It gives one a sense of the political and economic debates of the period, debates that more often than not centered on the new financial world being birthed.
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