Prometeus shackled. Goldsmith banks and england’s financial revolution after 1700

prometheus-sheckledPeter Temin y Hans-Joachim Voth
Prometeus shackled. Goldsmith banks and england’s financial revolution after 1700
Oxford, Oxford University Press, 2013
ISBN: 978-0199944279
Páginas: 194
Precio: 40,18 €

Sinopsis
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, and see the Industrial Revolution as a result of the preceding revolution in public finance. In this 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 resulted in 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 Duncome and Kent. The authors look closely at Hoare’s, founded by Sir Richard Hoare in 1672, because of its excellent records. Numerous entrants tried their hand at the new business of deposit banking; few survived and fewer thrived. Hoare’s and a small group of competitors did both. Temin and Voth chart their growth in the face frequent wars and heavy-handed regulations. This new data allows insights into the interaction between financial and economic development. Government regulations such as setting a maximum interest rate caused severe misallocation of credit; a misguided attempt to lighten the nation’s debt burden led directly to the South Sea Bubble in 1720-analyzed in detail here-and frequent wars caused banks to call in loans, leading to sharply slower economic growth rate. Wartime borrowing crowded out investment. Far from fostering economic development, England’s financial revolution after 1688 did much to slow it down-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 eras of financial development.

Recomendados

Orígenes de la globalización bancaria. Experiencias de España y América Latina

  Autores: Judith Clifton, Victor Leonardo De Araujo, Daniel Díaz Fuentes, Ana Lara Gómez, Mónica Gómez, Andrés Hoyo Aparicio, Mariano Iglesias, Wilfried Kisling, Pablo J. López, Miguel Ángel López-Martorell, Carlos

Catch Up. Developing Countries in the World Economy

Deepak Nayyar Catch Up. Developing Countries in the World Economy Oxford University Press, 2013 ISBN: 978-0-19-965298-3 Páginas: 240 Precio: 33,80 €

Austerity: 12 Myths Exposed

Autores: Dieter Plehwe , Moritz Neujeffski, Stephen McBride, Brian Evans Format: Kindle Edition File Size: 1776 KB Print Length: 91 pages Simultaneous Device Usage: Unlimited Publisher: SE Publishing (15 February 2019)

The Silk Roads. A New History of the World

The Silk Roads. A New History of the World Peter Frankopan New York, Alfred A. Knopf, 2016 ISBN: 9781101946329 672 páginas Precio: 31, 65 €

Inventing the future. Postcapitalism and a world without work

Inventing the future. Postcapitalism and a world without work Nick Srnicek and Alex Williams London, Verso Books, 2016 ISBN: 9781784786229 261 páginas Precio: 13,87 €

The Invisible Hand? «How Market Economies have Emerged and Declined Since AD 500»

Bas Van Bavel Editorial: Oxford University Press ISBN: 978-0-19-882045-1 Páginas: 352