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Product Description
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 just one reason this reprint of a 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 crisis "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."
With the U.S. savings-and-loans crisis and the Asian economic meltdown of the 1990s, Bagehot's words still ring as timely, even with dated references to British politics of the time. For example, he proposed allowing unstable banks to collapse and advocated for 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, Amazon.com
Financial Times, 4th December 1999
- " It is most welcome,..., that Walter Bagehot's Lombard Street has been republished by John Wiley. as part of its excellent series of investment classics."
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I VENTURE to call this Essay 'Lombard Street,' and not the "Money Market,' or any such phrase, because I wish to deal, and to show that I mean to deal, with concrete realities. Read the first page
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80% buy the item featured on this page: Lombard Street: A Description of the Money Market £9.79 |
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20% buy Lombard Street: A Description of the Money Market£6.49 |
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