Download or read book Bagehot The Life and Times of the Greatest Victorian written by James Grant and published by W. W. Norton & Company. This book was released on 2019-07-23 with total page 428 pages. Available in PDF, EPUB and Kindle. Book excerpt: “Excellent… and written in a gripping style.” —The Economist During the upheavals of 2007–09, the chairman of the Federal Reserve had the name of one Victorian icon on the tip of his tongue: Walter Bagehot. Banker, man of letters, and inventor of the Treasury bill, Bagehot prescribed the doctrines that—decades later—inspired the radical responses to the world’s worst financial crises. Persuasive and precocious, he was also the esteemed editor of the Economist. He offered astute commentary on the financial issues of his day, held sway in political circles, made as many high-profile friends as enemies, and won the admiration of Matthew Arnold and Woodrow Wilson. Drawing on a wealth of historical documents, correspondence, and publications, James Grant paints a vivid portrait of the banker and his world.

Download or read book Till Time s Last Sand written by David Kynaston and published by Bloomsbury Publishing. This book was released on 2017-09-07 with total page 897 pages. Available in PDF, EPUB and Kindle. Book excerpt: ____________________ The authorised history of the Bank of England by the bestselling David Kynaston, 'the most entertaining historian alive' (Spectator). 'Kynaston's aim is to provide a history of the Bank for the general reader and in this he triumphantly succeeds, providing a worthy complement to the notable series of books on different periods of the Bank's history ... wonderfully readable' Financial Times 'Not an ordinary bank, but a great engine of state,' Adam Smith declared of the Bank of England as long ago as 1776. The Bank is now over 320 years old, and throughout almost all that time it has been central to British history. Yet to most people, despite its increasingly high profile, its history is largely unknown. Till Time's Last Sand by David Kynaston is the first authoritative and accessible single-volume history of the Bank of England, opening with the Bank's founding in 1694 in the midst of the English financial revolution and closing in 2013 with Mark Carney succeeding Mervyn King as Governor. This is a history that fully addresses the important debates over the years about the Bank's purpose and modes of operation and that covers such aspects as monetary and exchange-rate policies and relations with government, the City and other central banks. Yet this is also a narrative that does full justice to the leading episodes and characters of the Bank, while taking care to evoke a real sense of the place itself, with its often distinctively domestic side. Deploying an array of piquant and revealing material from the Bank's rich archives, Till Time's Last Sand is a multi-layered and insightful portrait of one of our most important national institutions, from one of our leading historians. ____________________ 'The Old Lady of Threadneedle Street has been waiting for a biographer who could do justice to the richness of her story ... This is the work of a scholar with a gift for illuminating every square inch of each enormous canvas he chooses to paint ... Kynaston brings characters large and small to life' Literary Review 'full of human detail ... an exemplary narrative history, with the archives plundered judiciously and plenty of focus on people and their quirks ... rendered on an entertainingly human scale' The Times 'A triumph ... this portrait of the Bank of England really is fascinating, at times even gripping' Sunday Telegraph

Download or read book The Forgotten Depression written by James Grant and published by Simon and Schuster. This book was released on 2014 with total page 272 pages. Available in PDF, EPUB and Kindle. Book excerpt: "By the publisher of the prestigious Grant's Interest Rate Observer, an account of the deep economic slump of 1920-21 that proposes, with respect to federal intervention, "less is more." This is a free-market rejoinder to the Keynesian stimulus applied by Bush and Obama to the 2007-09 recession, in whose aftereffects, Grant asserts, the nation still toils. James Grant tells the story of America's last governmentally-untreated depression; relatively brief and self-correcting, it gave way to the Roaring Twenties. His book appears in the fifth year of a lackluster recovery from the overmedicated downturn of 2007-2009. In 1920-21, Woodrow Wilson and Warren G. Harding met a deep economic slump by seeming to ignore it, implementing policies that most twenty-first century economists would call backward. Confronted with plunging prices, wages, and employment, the government balanced the budget and, through the Federal Reserve, raised interest rates. No "stimulus" was administered, and a powerful, job-filled recovery was under way by late in 1921. In 1929, the economy once again slumped--and kept right on slumping as the Hoover administration adopted the very policies that Wilson and Harding had declined to put in place. Grant argues that well-intended federal intervention, notably the White House-led campaign to prop up industrial wages, helped to turn a bad recession into America's worst depression. He offers the experience of the earlier depression for lessons for today and the future. This is a powerful response to the prevailing notion of how to fight recession. The enterprise system is more resilient than even its friends give it credit for being, Grant demonstrates"--

Download or read book A History of Central Banking in Great Britain and the United States written by John H. Wood and published by Cambridge University Press. This book was released on 2005-06-06 with total page 464 pages. Available in PDF, EPUB and Kindle. Book excerpt: This 2005 treatment compares the central banks of Britain and the United States.

Download or read book The Evolution of Central Banking Theory and History written by Stefano Ugolini and published by Springer. This book was released on 2017-11-20 with total page 339 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is the first complete survey of the evolution of monetary institutions and practices in Western countries from the Middle Ages to today. It radically rethinks previous attempts at a history of monetary institutions by avoiding institutional approach and shifting the focus away from the Anglo-American experience. Previous histories have been hamstrung by the linear, teleological assessment of the evolution of central banks. Free from such assumptions, Ugolini’s work offers bankers and policymakers valuable and profound insights into their institutions. Using a functional approach, Ugolini charts an historical trajectory longer and broader than any other attempted on the subject. Moving away from the Anglo-American perspective, the book allows for a richer (and less biased) analysis of long-term trends. The book is ideal for researchers looking to better understand the evolution of the institutions that underlie the global economy.

Download or read book Moral Hazard written by Juan Flores Zendejas and published by Routledge. This book was released on 2021-12-30 with total page 167 pages. Available in PDF, EPUB and Kindle. Book excerpt: Moral Hazard is a core concept in economics. In a nutshell, moral hazard reflects the reduced incentive to protect against risk where an entity is (or believes it will be) protected from its consequences, whether through an insurance arrangement or an implicit or explicit guarantee system. It is fundamentally driven by information asymmetry, arises in all sectors of the economy, including banking, medical insurance, financial insurance, and governmental support, undermines the stability of our economic systems and has burdened taxpayers in all developed countries, resulting in significant costs to the community. Despite the seriousness and pervasiveness of moral hazard, policymakers and scholars have failed to address this issue. This book fills this gap. It covers 200 years of moral hazard: from its origins in the 19th century to the bailouts announced in the aftermath of the COVID-19 outbreak. The book is divided into three parts. Part I deals with the ethics and other fundamental issues connected to moral hazard. Part II provides historical and empirical evidence on moral hazard in international finance. It examines in turn the role of the export credit industry, the international lender of last resort, and the IMF. Finally, Part III examines specific sectors such as automobile, banking, and the US industry at large. This is the first book to provide an interdisciplinary analysis of moral hazard and explain why addressing this issue has become crucial today. As such, it will attract interest from scholars across different fields, including economists, political scientists and lawyers.

Download or read book The Rationale of Central Banking written by Vera Constance Smith and published by . This book was released on 1981 with total page 63 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Beyond Banks written by Dan Awrey and published by Princeton University Press. This book was released on 2024-10-22 with total page 304 pages. Available in PDF, EPUB and Kindle. Book excerpt: How new technology is rapidly changing the nature of money and the way we pay A diverse and growing range of financial institutions and platforms—from PayPal and Venmo to WeChat, Alipay, and the brave new world of stablecoins—has harnessed new technology to disrupt the system of money and payments as we know it. Beyond Banks explains why this disruption holds out the promise of faster, cheaper, more convenient, and more secure payments, but also how it increasingly risks exposing consumers, businesses, and governments to the problem of bad money. Dan Awrey traces the origins of our current bundled system of banking, money, and payments. He explains why the problem of bad money—the result of antiquated and inadequate laws and regulation that fail to establish credible commitments to hold, transfer, or return a customer’s money on demand—requires that policymakers fundamentally rethink their approach toward the design of the laws and institutions at the heart of this system. He presents ways to effectively unbundle banking from money and payments, ensure the credibility of monetary commitments, and promote the stability of this system. Awrey also envisions a more forward-looking role for policymakers in encouraging greater technological experimentation, competition, and innovation in the realm of payments. Beyond Banks sheds critical light on the important but too often dysfunctional relationship among technology, regulation, and money, and lays the foundations for a safer, more nimble, and more inclusive system of money and payments.

Download or read book Financial Crises Contagion and the Lender of Last Resort A Reader written by Charles Goodhart and published by OUP Oxford. This book was released on 2002-01-17 with total page 570 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book A Modern Utopia written by Herbert George Wells and published by U of Nebraska Press. This book was released on 1967-01-01 with total page 432 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Well's uncanny ability to highlight the problems which are now most acute and supply tentative solutions that allow a maximum of individual freedom merits serious consideration. Recommended reading for students and teachers dealing with government, science, and the contemporary dilemma of a world facing war, famine, and racial unrest."--Choice A Modern Utopia is one of the first important blueprints for the modern welfare state and an early major statement of Wells's idea of the World State, an idea that is perhaps his greatest contribution to the intellectual history of this century. In this "quintessential utopia," as Lewis Mumford calls it, Wells "sums up and clarifies the utopias of the past, and brings them into contact with the world of the present." The Bison Books edition, with an introduction by Mark R. Hillegas, associate professor of English at Southern Illinois University, brings back into print a work that has stimulated three generations of thinkers. "This is not flight into fancy no voyage into whimsy. It is a sober attempt to imagine what kind of society men would create if they really used their heads and worked at it. The result is one of the most plausible utopias ever written."--Chad Walsh, From Utopia to Nightmare "It is a beautiful Utopia beautifully seen and beautifully thought: and it has in it some of that flavor of airy unrestraint one finds in News from Nowhere."--Van Wyck Brooks, The World of H.G. Wells

Download or read book The Predator State written by James K. Galbraith and published by Simon and Schuster. This book was released on 2008-08-05 with total page 420 pages. Available in PDF, EPUB and Kindle. Book excerpt: The cult of the free market has dominated economic policy-talk since the Reagan revolution of nearly thirty years ago. Tax cuts and small government, monetarism, balanced budgets, deregulation, and free trade are the core elements of this dogma, a dogma so successful that even many liberals accept it. But a funny thing happened on the bridge to the twenty-first century. While liberals continue to bow before the free-market altar, conservatives in the style of George W. Bush have abandoned it altogether. That is why principled conservatives -- the Reagan true believers -- long ago abandoned Bush. Enter James K. Galbraith, the iconoclastic economist. In this riveting book, Galbraith first dissects the stale remains of Reaganism and shows how Bush and company had no choice except to dump them into the trash. He then explores the true nature of the Bush regime: a "corporate republic," bringing the methods and mentality of big business to public life; a coalition of lobbies, doing the bidding of clients in the oil, mining, military, pharmaceutical, agribusiness, insurance, and media industries; and a predator state, intent not on reducing government but rather on diverting public cash into private hands. In plain English, the Republican Party has been hijacked by political leaders who long since stopped caring if reality conformed to their message. Galbraith follows with an impertinent question: if conservatives no longer take free markets seriously, why should liberals? Why keep liberal thought in the straitjacket of pay-as-you-go, of assigning inflation control to the Federal Reserve, of attempting to "make markets work"? Why not build a new economic policy based on what is really happening in this country? The real economy is not a free-market economy. It is a complex combination of private and public institutions, including Social Security, Medicare and Medicaid, higher education, the housing finance system, and a vast federal research establishment. The real problems and challenges -- inequality, climate change, the infrastructure deficit, the subprime crisis, and the future of the dollar -- are problems that cannot be solved by incantations about the market. They will be solved only with planning, with standards and other policies that transcend and even transform markets. A timely, provocative work whose message will endure beyond this election season, The Predator State will appeal to the broad audience of thoughtful Americans who wish to understand the forces at work in our economy and culture and who seek to live in a nation that is both prosperous and progressive.

Download or read book The Price of Time written by Edward Chancellor and published by Grove Press. This book was released on 2022-08-16 with total page 375 pages. Available in PDF, EPUB and Kindle. Book excerpt: A comprehensive and profoundly relevant history of interest from one of the world’s leading financial writers, The Price of Time explains our current global financial position and how we got here In the beginning was the loan, and the loan carried interest. For at least five millennia people have been borrowing and lending at interest. The practice wasn’t always popular—in the ancient world, usury was generally viewed as exploitative, a potential path to debt bondage and slavery. Yet as capitalism became established from the late Middle Ages onwards, denunciations of interest were tempered because interest was a necessary reward for lenders to part with their capital. And interest performs many other vital functions: it encourages people to save; enables them to place a value on precious assets, such as houses and all manner of financial securities; and allows us to price risk. All economic and financial activities take place across time. Interest is often described as the “price of money,” but it is better called the “price of time:” time is scarce, time has value, interest is the time value of money. Over the first two decades of the twenty-first century, interest rates have sunk lower than ever before. Easy money after the global financial crisis in 2007/2008 has produced several ill effects, including the appearance of multiple asset price bubbles, a reduction in productivity growth, discouraging savings and exacerbating inequality, and forcing yield starved investors to take on excessive risk. The financial world now finds itself caught between a rock and a hard place, and Edward Chancellor is here to tell us why. In this enriching volume, Chancellor explores the history of interest and its essential function in determining how capital is allocated and priced.

Download or read book The Collected Works of Walter Bagehot written by Walter Bagehot and published by . This book was released on 1978 with total page 504 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Economic Tracts written by and published by . This book was released on 1881 with total page 446 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Laissez faire Banking written by Kevin Dowd and published by Psychology Press. This book was released on 1996 with total page 400 pages. Available in PDF, EPUB and Kindle. Book excerpt: An assessment and survey of current approaches in service provision to the elderly with psychological problems emphasizing every day clinical techniques currently used in the UK and the US. The 14 contributors evaluate general health care issues and psychogeriatric management as well as specific practices dealing with a range of disorders from Alzhemier's to Pick's disease concentrating on team approaches, community work, and individual therapy. Ten appendices supply suggested formats for statistical recording, consent forms, staff questionnaires, procedures, and outcome measures. Annotation copyrighted by Book News, Inc., Portland, OR

Download or read book Monetary Theory and Policy from Hume and Smith to Wicksell written by Arie Arnon and published by Cambridge University Press. This book was released on 2010-11-22 with total page 449 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides a comprehensive survey of the major developments in monetary theory and policy from David Hume and Adam Smith to Walter Bagehot and Knut Wicksell. In particular, it seeks to explain why it took so long for a theory of central banking to penetrate mainstream thought. The book investigates how major monetary theorists understood the roles of the invisible and visible hands in money, credit and banking; what they thought about rules and discretion and the role played by commodity-money in their conceptualizations; whether or not they distinguished between the two different roles carried out via the financial system - making payments efficiently within the exchange process and facilitating intermediation in the capital market; how they perceived the influence of the monetary system on macroeconomic aggregates such as the price level, output and accumulation of wealth; and finally, what they thought about monetary policy.

Download or read book The End of Alchemy Money Banking and the Future of the Global Economy written by Mervyn King and published by W. W. Norton & Company. This book was released on 2016-03-21 with total page 214 pages. Available in PDF, EPUB and Kindle. Book excerpt: “Mervyn King may well have written the most important book to come out of the financial crisis. Agree or disagree, King’s visionary ideas deserve the attention of everyone from economics students to heads of state.” —Lawrence H. Summers Something is wrong with our banking system. We all sense that, but Mervyn King knows it firsthand; his ten years at the helm of the Bank of England, including at the height of the financial crisis, revealed profound truths about the mechanisms of our capitalist society. In The End of Alchemy he offers us an essential work about the history and future of money and banking, the keys to modern finance. The Industrial Revolution built the foundation of our modern capitalist age. Yet the flowering of technological innovations during that dynamic period relied on the widespread adoption of two much older ideas: the creation of paper money and the invention of banks that issued credit. We take these systems for granted today, yet at their core both ideas were revolutionary and almost magical. Common paper became as precious as gold, and risky long-term loans were transformed into safe short-term bank deposits. As King argues, this is financial alchemy—the creation of extraordinary financial powers that defy reality and common sense. Faith in these powers has led to huge benefits; the liquidity they create has fueled economic growth for two centuries now. However, they have also produced an unending string of economic disasters, from hyperinflations to banking collapses to the recent global recession and current stagnation. How do we reconcile the potent strengths of these ideas with their inherent weaknesses? King draws on his unique experience to present fresh interpretations of these economic forces and to point the way forward for the global economy. His bold solutions cut through current overstuffed and needlessly complex legislation to provide a clear path to durable prosperity and the end of overreliance on the alchemy of our financial ancestors.