Lombard Street: A Description; Of the Money Market (Classic Reprint), by Walter Bagehot
Find out the strategy of doing something from many sources. Among them is this publication qualify Lombard Street: A Description; Of The Money Market (Classic Reprint), By Walter Bagehot It is an effectively recognized publication Lombard Street: A Description; Of The Money Market (Classic Reprint), By Walter Bagehot that can be referral to check out now. This recommended publication is one of the all excellent Lombard Street: A Description; Of The Money Market (Classic Reprint), By Walter Bagehot compilations that remain in this site. You will likewise locate various other title as well as themes from various authors to search here.
Lombard Street: A Description; Of the Money Market (Classic Reprint), by Walter Bagehot
Ebook PDF Lombard Street: A Description; Of the Money Market (Classic Reprint), by Walter Bagehot
Excerpt from Lombard Street: A Description; Of the Money MarketThe composition of this little book has occupied a much longer time than, perhaps, my readers may think its length or its importance deserves. It was begun as long ago as the autumn of 1870; and though its progress has been often suspended by pressing occupations and imperfect health, I have never ceased to work at it when I could. But I fear that in consequence, in some casual illustrations at least, every part of the book may not seem, as the lawyers would say, 'to speak from the same time.' The figures and the examples which it is most natural to use at one time are not quite those which it is most natural to use at another; and a slowly written book on a living and changing subject is apt a little to want unity in this respect.I fear that I must not expect a very favourable reception for this work.About the PublisherForgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.comThis book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.
Lombard Street: A Description; Of the Money Market (Classic Reprint), by Walter Bagehot- Published on: 2015-09-27
- Original language: English
- Number of items: 1
- Dimensions: 9.02" h x .78" w x 5.98" l, 1.11 pounds
- Binding: Paperback
- 376 pages
Amazon.com Review 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 only one reason this reprint of the 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 crises: "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."
In terms of the U.S. savings-and-loan crisis and the Asian economic meltdown of the 1990s, Bagehot's words still ring as timely, even with the dated references to British politics of the time. For example, he proposed allowing unstable banks to collapse and advocated 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
Review "...classic account of the money market...makes vivid reading" (Spectator Business, November 2008)
From the Inside Flap "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.
Where to Download Lombard Street: A Description; Of the Money Market (Classic Reprint), by Walter Bagehot
Most helpful customer reviews
16 of 16 people found the following review helpful. The human face of finance By N. Tsafos Can a book about finance written in 1873 be helpful in a world with complex financial markets and plenty of information about how they work? The answer is yes. It is not that "Lombard Street" is a classic that one finds quoted many a time; the reader's interest should transcend historical inquiry or curiosity; "Lombard Street" should be read and revered by anyone interested in the underlying, abiding features of financial markets.But what are those characteristics? Bagehot, then editor of The Economist, writes that credit centers on trust: "Credit means that a certain confidence is given, a certain trust reposed." And, banks always have on-demand liabilities that far exceed their readily available assets. In short, credit works on trust, and the system, in the absence of trust, can fall apart rapidly.What follows from these premises is a careful examination of how the money market came about, what its uses are, how its operations are connected to trade and country's overall welfare, and, most importantly, how central banks can deal with financial crises. Written elegantly, "Lombard Street" is, at the same time, an introductory overview of the market and a trenchant analysis of its most salient features.But what makes "Lombard Street" timeless is that it deals with finance in its human form. Bagehot talks about power, prestige and perception as much as he does about interest, discount, and credit. Trust is based on institutions and people: the human features of finance-trust, anxiety, mania, optimism-are timeless and apply to the financial markets of the nineteenth, twentieth, or twenty-first century. That is why "Lombard Street" is an ever useful introduction and guide.
19 of 20 people found the following review helpful. A classic must-read By R. Nord Walter Bagehot was the first editor of the now world-famous Economist magazine, which has in many ways remained faithful to the liberal philosophy (in a European sense)of its founder. Lombard Street might be difficult to read at first, but as with Charles Dickens once you get used to the style the tale is riveting. And his advice on how a central bank, as the lender of last resort, should behave in the face of a banking crisis remains valid to this day.
10 of 10 people found the following review helpful. Good book -- but not this edition By Dean Scrimgeour This is an excellent book. But this edition is extremely poorly produced. There are far too many typos, and little information about the original publication of the book, for example. The layout is ugly. It's great the book is cheap, but I wish I had paid a little more for a nicer version.
See all 13 customer reviews... Lombard Street: A Description; Of the Money Market (Classic Reprint), by Walter BagehotLombard Street: A Description; Of the Money Market (Classic Reprint), by Walter Bagehot PDF
Lombard Street: A Description; Of the Money Market (Classic Reprint), by Walter Bagehot iBooks
Lombard Street: A Description; Of the Money Market (Classic Reprint), by Walter Bagehot ePub
Lombard Street: A Description; Of the Money Market (Classic Reprint), by Walter Bagehot rtf
Lombard Street: A Description; Of the Money Market (Classic Reprint), by Walter Bagehot AZW
Lombard Street: A Description; Of the Money Market (Classic Reprint), by Walter Bagehot Kindle
Tidak ada komentar:
Posting Komentar