"I have lost track of how many times over the years I have either reread this book in its entirety or dipped into it to refresh my memory of its wisdom."–From the Foreword by Peter L. Bernstein author of Against the Gods.
First published in 1873, this classic book is a timeless excursion through Lombard Street, the original district of finance and the birthplace of the money market. Written by esteemed British economist and historian Walter Bagehot, it delivers observations, insights, and truths that ring as true today as they did more than a century ago.
Acclaim for Lombard Street.
"Walter Bagehot was a great economist and a great writer–though there is a question as to which was the greater. Lombard Street, first published in 1873, is more than ever timely in the age of Asian financial flu, Long–Term Capital Management, problems in Russia, Brazil, and on the horizon elsewhere. Central bankers and finance ministers such as Alan Greenspan and Robert Rubin in the U.S., along with leading IMF officials should each sleep with a copy under his or her pillow."–Charles P. Kindleberger author of Manias, Panics and Crashes
"The briefest and truest way of describing Lombard Street is to say that it is by far the greatest combination of economical power and economical delicacy that the world has ever seen."–Walter Bagehot
The English precursor to Wall Street, London′s Lombard Street is the original district of finance and the birthplace of the money market. Fast–paced and highly–charged, it is a hotbed of financial activity whose impact is felt not just nationally, but globally. Though similar in many ways to its American counterpart, this "unequalled fund of floating money" nevertheless possesses a character all its own, the essence of which was brilliantly captured more than a century ago in Lombard Street.
The chef d′oeuvre of Walter Bagehot, Lombard Street began as a series of articles the esteemed essayist and financial advisor had written for the Economist during the 1850s. First published in book form in 1873, it is a vivid description of the money market that seamlessly brings together theoretical analyses, historical anecdotes, and incisive commentary on sociology, politics, and the Street′s various personalities.
Sharing his invaluable insights and unique observations, Bagehot touches on everything from the mechanics of deposit banking within a fractional reserve system to the nature of foreign deposits in Britain. Along with a clear explanation of why economic growth and rising living standards are dependent upon a well–managed financial system, he offers straightforward guidelines for the function of lender–of–last resort; a penetrating look at the consequences of uncontrolled credit and speculation; and an in–depth examination of the role of the exchequer in the money market that includes a stimulating analysis of the interaction between the government′s fiscal operations and the functioning of the Bank of England, the commercial banks, and the money market. Perhaps most importantly, Lombard Street features Bagehot′s prescription for crisis management, which after nearly 150 years, remains the formula of choice for containing–and curtailing–financial crises.
Filled with descriptions of Lombard Street that still ring true today, this jewel of a book has withstood the test of time to become a true investment classic–one that will appeal as much to the readers of today as it did to those of years ago.
Lombard Street began as a series of articles the esteemed essayist and financial advisor, Walter Bagehot had written for The Economist during the 1850s. First published in book form in 1873, it is a vivid description of the money market that seamlessly brings together theoretical analyses, historical anecdotes, and incisive commentary on sociology, politics, and the Street′s various personalities.
Sharing his invaluable insights and unique observations, Bagehot touches on everything from the mechanics of deposit banking within a fractional reserve system to the nature of foreign deposits in Britain. Along with a clear explanation of why economic growth and rising living standards are dependent upon a well–managed financial system, he offers straightforward guidelines for the function of lender–of–last resort; a penetrating look at the consequences of uncontrolled credit and speculation; and an in–depth examination of the exchequer in the money market that includes a stimulating analysis of the interaction between the government′s fiscal operations and the functioning of the Bank of England, the commercial banks, and the money market. Perhaps most importantly, Lombard Street features Bagehot′s prescription for crisis management, which after nearly 150 years, remains the formula of choice for containing–and curtailing–financial crises.
Filled with descriptions of Lombard Street that still ring true today, this jewel of a book has withstood the test of time to become a true investment classic–one that will appeal as much to the readers of today as it did to those of years ago.
Les informations fournies dans la section « A propos du livre » peuvent faire référence à une autre édition de ce titre.
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Buch. Etat : Neu. nach der Bestellung gedruckt Neuware - Printed after ordering - Much of what we consider modern economics is the work of British journalist and economist Walter Bagehot, one of the first editors of the influential newspaper The Economist and an early proponent of business cycles. Here, he develops his theory of central banking, much of which continues to impact financial thinking today. First published in 1873, this replica of the updated 1910 edition explores the history of London's Lombard Street, from how it came to be the traditional home of banks and moneylenders to how the value of money was determined by the institutions there. Joint stocks, private banking, and the regulation of the banking reserve: Bagehot's discussion of these fundamental economic issues makes this a vital resource for anyone wishing to understand financial history. WALTER BAGEHOT (1826-1877) also wrote The English Constitution (1867), Physics and Politics (1872), and The Postulates of English Political Economy (1885), among other works. N° de réf. du vendeur 9781602069534
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Etat : New. Dieser Artikel ist ein Print on Demand Artikel und wird nach Ihrer Bestellung fuer Sie gedruckt. KlappentextrnrnMuch of what we consider modern economics is the work of British journalist and economist Walter Bagehot, one of the first editors of the influential newspaper The Economist and an early proponent of business cycles. Here, he deve. N° de réf. du vendeur 4232581
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