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Author: Peter Temin
Publisher: Oxford University Press
ISBN: 0199311528
Category : Business & Economics
Languages : en
Pages : 224
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Book Description
After 1688, Britain underwent a revolution in public finance, and the cost of borrowing declined sharply. Leading scholars have argued that easier credit for the government, made possible by better property-rights protection, lead to a rapid expansion of private credit. The Industrial Revolution, according to this view, is the result of the preceding revolution in public finance. In Prometheus Shackled, prominent economic historians Peter Temin and Hans-Joachim Voth examine this hypothesis using new, detailed archival data from 18th century banks. They conclude the opposite: the financial revolution led to an explosion of public debt, but it stifled private credit. This led to markedly slower growth in the English economy. Temin and Voth collected detailed data from several goldsmith banks: Child's, Gosling's, Freame and Gould, Hoare's, and Duncombe and Kent. The excellent records from Hoare's, founded by Sir Richard Hoare in 1672, offer particular insight. Numerous entrants into the banking business tried their hand at deposit-taking and lending in the early 17th century; few survived and fewer thrived. Hoare's and a small group of competitors did both. Temin and Voth chart the growth of the successful banks in the face of frequent wars and heavy-handed regulations. Their new data allows insights into the interaction between financial and economic development. Government regulations such as (a sharply lower) maximum interest rate caused severe misallocation of credit, and a misguided attempt to lighten the nation's debt burden led directly to the South Sea Bubble in 1720. Frequent wars caused banks to call in loans, resulting in a sharply slower economic growth rate. Based on detailed micro-data, the authors present conclusive evidence that wartime borrowing crowded out investment. Far from fostering economic development, England's financial revolution after 1688 did much to stifle it -- the Hanoverian "warfare state" was a key reason for slow growth during Britain's Industrial Revolution. Prometheus Shackled is a revealing new take on one of the most important periods of economic and financial development.
Author: Peter Temin
Publisher: Oxford University Press
ISBN: 0199311528
Category : Business & Economics
Languages : en
Pages : 224
Get Book
Book Description
After 1688, Britain underwent a revolution in public finance, and the cost of borrowing declined sharply. Leading scholars have argued that easier credit for the government, made possible by better property-rights protection, lead to a rapid expansion of private credit. The Industrial Revolution, according to this view, is the result of the preceding revolution in public finance. In Prometheus Shackled, prominent economic historians Peter Temin and Hans-Joachim Voth examine this hypothesis using new, detailed archival data from 18th century banks. They conclude the opposite: the financial revolution led to an explosion of public debt, but it stifled private credit. This led to markedly slower growth in the English economy. Temin and Voth collected detailed data from several goldsmith banks: Child's, Gosling's, Freame and Gould, Hoare's, and Duncombe and Kent. The excellent records from Hoare's, founded by Sir Richard Hoare in 1672, offer particular insight. Numerous entrants into the banking business tried their hand at deposit-taking and lending in the early 17th century; few survived and fewer thrived. Hoare's and a small group of competitors did both. Temin and Voth chart the growth of the successful banks in the face of frequent wars and heavy-handed regulations. Their new data allows insights into the interaction between financial and economic development. Government regulations such as (a sharply lower) maximum interest rate caused severe misallocation of credit, and a misguided attempt to lighten the nation's debt burden led directly to the South Sea Bubble in 1720. Frequent wars caused banks to call in loans, resulting in a sharply slower economic growth rate. Based on detailed micro-data, the authors present conclusive evidence that wartime borrowing crowded out investment. Far from fostering economic development, England's financial revolution after 1688 did much to stifle it -- the Hanoverian "warfare state" was a key reason for slow growth during Britain's Industrial Revolution. Prometheus Shackled is a revealing new take on one of the most important periods of economic and financial development.
Author: Cornel Zwierlein
Publisher: BRILL
ISBN: 9004431225
Category : Business & Economics
Languages : en
Pages : 563
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Book Description
Large city fires were a huge threat in premodern Central European every-day life; only quite late, institutional forms of fire insurances emerged as a post-disaster instrument of damage recovery. During the nineteenth century, insurance agencies spread through the World forming a plurality of modernities, safe or unsafe.
Author: Marcelo J. Sheppard Gelsi
Publisher: Springer Nature
ISBN: 3031599489
Category :
Languages : en
Pages : 427
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Book Description
Author: Peter Temin
Publisher: Oxford University Press
ISBN: 019994427X
Category : Business & Economics
Languages : en
Pages : 225
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Book Description
Using new archival data from goldsmith banks, Temin and Voth document how government regulation and wartime financing stifled the growth of private credit markets during the Industrial Revolution. They show how, after a turbulent start, banks adapted and found a way to grow, but how the economy at large lost out.
Author: Otto Karl Werckmeister
Publisher: University of Chicago Press
ISBN: 9780226893617
Category : Art
Languages : en
Pages : 228
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Book Description
"Citadel" evokes a rich mixture of associations—from images of urban centers of commerce and culture to war and the need to defend what is fortified within. Preserving its layered meanings, O. K. Werckmeister plucks the word from its usual moorings and employs it as a compelling metaphor in a brilliant retrospective of contemporary Western culture.
Author: Aeschylus
Publisher:
ISBN:
Category :
Languages : en
Pages : 64
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Book Description
Author: Thomas Levenson
Publisher: Random House Trade Paperbacks
ISBN: 0812987969
Category : Business & Economics
Languages : en
Pages : 481
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Book Description
The sweeping story of the world’s first financial crisis: “an astounding episode from the early days of financial markets that to this day continues to intrigue and perplex historians . . . narrative history at its best, lively and fresh with new insights” (Liaquat Ahamed, Pulitzer Prize–winning author of Lords of Finance) A Financial Times Economics Book of the Year ● Longlisted for the Financial Times/McKinsey Business Book of the Year Award In the heart of the Scientific Revolution, when new theories promised to explain the affairs of the universe, Britain was broke, facing a mountain of debt accumulated in war after war it could not afford. But that same Scientific Revolution—the kind of thinking that helped Isaac Newton solve the mysteries of the cosmos—would soon lead clever, if not always scrupulous, men to try to figure a way out of Britain’s financial troubles. Enter the upstart leaders of the South Sea Company. In 1719, they laid out a grand plan to swap citizens’ shares of the nation’s debt for company stock, removing the burden from the state and making South Sea’s directors a fortune in the process. Everybody would win. The king’s ministers took the bait—and everybody did win. Far too much, far too fast. The following crash came suddenly in a rush of scandal, jail, suicide, and ruin. But thanks to Britain’s leader, Robert Walpole, the kingdom found its way through to emerge with the first truly modern, reliable, and stable financial exchange. Thomas Levenson’s Money for Nothing tells the unbelievable story of the South Sea Bubble with all the exuberance, folly, and the catastrophe of an event whose impact can still be felt today.
Author: Christine Desan
Publisher: Oxford University Press, USA
ISBN: 0198709579
Category : Business & Economics
Languages : en
Pages : 501
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Book Description
In this revisionist history of the development of the modern monetary system, Christine Desan argues that money effectively creates economic activity rather than emerging from it. Her account demonstrates that money's design has been a project central to governance and formative to markets.
Author: Aeschylus
Publisher: New York Review of Books
ISBN: 1590178602
Category : Drama
Languages : en
Pages : 121
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Book Description
Prometheus Bound is the starkest and strangest of the classic Greek tragedies, a play in which god and man are presented as radically, irreconcilably at odds. It begins with the shock of hammer blows as the Titan Prometheus is shackled to a rock in the Caucasus. This is his punishment for giving the gift of fire to humankind and for thwarting Zeus’s decision to exterminate the human race. Prometheus’s pain is unceasing, but he refuses to recant his commitment to humanity, to whom he has also brought the knowledge of writing, mathematics, medicine, and architecture. He hints that he knows how Zeus will be brought low in the future, but when Hermes demands that Prometheus divulge his secret, he refuses and is sent spinning into the abyss by a divine thunderbolt. To whom does humanity look for guidance: to the supreme deity or to the rebel Titan? What law controls the cosmos? Prometheus Bound, one of the great poetic achievements of the ancient world, appears here in a splendid new translation by Joel Agee that does full justice to the harsh and keening music of the original Greek.
Author: Robert D. Cohen
Publisher: Troubador Publishing Ltd
ISBN: 184876796X
Category : Science
Languages : en
Pages : 153
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Book Description
Man and the Liver describes the development of man’s thinking about the role of the liver, from early times to the present. It considers both culinary and religious uses of the liver and describes the author’s contacts with distinguished scientists who have shaped his thinking. The book discusses many aspects of normal liver structure and function and how these are affected when diseased. It is written to provide scientific information – not as a textbook, but many sections could be used by those studying this field. The topics covered, including some mathematics, can be followed by anyone who has studied science at senior school level. It will appeal to readers interested in human biology, and covers science, medicine, history, hepatology and gastroenterology. Man and the Liver is an interesting and unusual hybrid of these subjects and the personalities involved. Author Robert is currently Emeritus Professor of Medicine at the University of London.
