Temin / Voth | Prometheus Shackled: Goldsmith Banks and England's Financial Revolution After 1700 | Buch | sack.de

Temin / Voth Prometheus Shackled: Goldsmith Banks and England's Financial Revolution After 1700



Erscheinungsjahr 2013, 224 Seiten, Gebunden, Format (B × H): 160 mm x 236 mm, Gewicht: 567 g
ISBN: 978-0-19-994427-9
Verlag: OXFORD UNIV PR


Temin / Voth Prometheus Shackled: Goldsmith Banks and England's Financial Revolution After 1700

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.

Weitere Infos & Material


Temin, Peter
PT: Gray Professor Emeritus of Economics, MIT, author of many books, including, Engines of Enterprise: An Economic History of New England Press, Lessons from the Great Depression, and Did Monetary Forces Cause the Great Depression?
HV: ICREA Research Professor, Economics Department, Universitat Pompeu Fabra, Barcelona, author of Time and Work in England 1750-1830


Ihre Fragen, Wünsche oder Anmerkungen

Ihre Nachricht*
Wie möchten Sie kontaktiert werden?
Anrede*
Titel
Vorname*
Nachname*
Ihre E-Mail-Adresse*
Firma
Telefon
Fax
Bestellnr.
Kundennr.
Lediglich mit * gekennzeichnete Felder sind Pflichtfelder.
Wenn Sie die im Kontaktformular eingegebenen Daten durch Klick auf den nachfolgenden Button übersenden, erklären Sie sich damit einverstanden, dass wir Ihr Angaben für die Beantwortung Ihrer Anfrage verwenden. Selbstverständlich werden Ihre Daten vertraulich behandelt und nicht an Dritte weitergegeben. Sie können der Verwendung Ihrer Daten jederzeit widersprechen. Das Datenhandling bei Sack Fachmedien erklären wir Ihnen in unserer Datenschutzerklärung.