Clasificación:
332.10941 T279
Título:
Prometheus shackled : Goldsmith Banks and England's financial revolution after 1700. --
Imp / Ed.:
Oxford, Inglaterra : Oxford University Press, c2013.
Descripción:
ix, 214 p. : il. ; 25 cm.
Contenido:
1. Earning and spending in eighteenth-century London. -- 2. The financial revolution. -- 3. Goldsmith Banks. -- 4. Borrowers, investors and usury laws. -- 5. The south sea bubble. -- 6. The triumph
of boring banking. -- 7. Finance and slow growth during the industrial revolution. -- 8. Conclusions. --
Resumen:
Tomado de Amazon: "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." --
ISBN:
9780199944279
Temas:
Notas:
Incluye referencias bibliográficas (p. [187]-202) e índice.