In ‘Lombard Street: A Description of the Money Market, ‘ Walter Bagehot offers a meticulous examination of the financial mechanisms underlying Victorian England’s banking system. Through a blend of rigorous analysis and clear prose, Bagehot elucidates the functions of the money market, emphasizing the importance of liquidity and the intricate relationships among banks and their role in economic stability. Written in the wake of the financial crises of the 19th century, the work is a seminal text that combines economic theory with a descriptive narrative, making it a crucial reference for understanding the historical context and evolution of modern banking practices. Walter Bagehot, a prominent Victorian journalist, and economist, brought unique insights to the financial landscape of his time. As the co-editor of the ‘The Economist, ‘ his firsthand experience with economic issues and a deep interest in the intersection of finance and society informed his analytical perspective. His advocacy for sound monetary policy and an understanding of psychology’s role in economics shaped the thoughtful critique found within ‘Lombard Street.’ This book is essential for scholars, historians, and practitioners interested in the development of financial systems and economic theory. Bagehot’s penetrating insights and articulate prose render it a timeless study that remains relevant in today’s complex economic environment.
A propos de l’auteur
Walter Bagehot (1826–1877) was an esteemed British journalist, economist, and editor who made significant contributions to the fields of politics, economics, and literature during the 19th century. Bagehot was the third editor of ‘The Economist’, a position through which he gained considerable influence in British public life. Born in Langport, Somerset, he was educated at University College London and pursued a career in banking before turning his attention to writing. His unique ability to articulate complex financial matters in accessible prose is epitomized in his seminal work, ‘Lombard Street: A Description of the Money Market’ (1873), which remains a foundational text in the understanding of the functioning of financial institutions and the money market. This book is considered a classic in economic literature, providing shrewd observations on the banking system and crisis management still relevant today. Bagehot is also known for his works on the English constitution and political system, showcasing his expansive intellectual range. His literary style combines practical insights with a clear analytical approach, reflecting his belief in the importance of both empirical evidence and theoretical frameworks. His contributions have left an enduring legacy in both economic thought and journalism, with the annual ‘Bagehot Lecture’ delivered in his honor by prominent figures in finance and politics.
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