Lombard Street A Description of the Money Market Walter Bagehot 9781161440225 Books
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This scarce antiquarian book is a facsimile reprint of the original. Due to its age, it may contain imperfections such as marks, notations, marginalia and flawed pages. Because we believe this work is culturally important, we have made it available as part of our commitment for protecting, preserving, and promoting the world's literature in affordable, high quality, modern editions that are true to the original work.
Lombard Street A Description of the Money Market Walter Bagehot 9781161440225 Books
Lombard Street is a key historical text on central banking, written by Walter Bagehot (to whom The Economist's Bagehot column on UK current affairs gets its name) in 1873. Notable for being one of the first to describe the world of corporate finance, national and international banking, central banking (in particular the doings of the Bank Of England, then a very different institution than it is now, and the central banks of France and Germany) and money in plain and understandable language. The book is still a relatively easy read, despite its Victorian feel and relatively dry subject matter, and contains many ideas that are still relevant today. Indeed, many passages of the book seem to describe situations that arose in the first decade of the 21st century, more than 125 years after its writing. It describes the world of London joint stock and private (meaning privately-held) banks, both in rural areas (where they collect more money than can be put to use) and London (where they collect less money than can be put to use), as well as the role of the Bank of England as the issuer of the UK currency, and the holder of the government's bank reserves. It also gets into the art of lending, collateralisation against securities, and systemic risks that the lender of last resort must invariably be prepared for, ultimately attempting to define a further role for the Bank of England. A fascinating read from a very different time. And while the structure of the book and its arguments tends to meander quite a lot, the book is good fun and highly readable.Bagehot was a very interesting person, described as a "British journalist, businessman, and essayist, who wrote extensively about government, economics, and literature". In 1860 he became the third editor-in-chief of The Economist (of which two articles are quoted in full in Lombard Street), and he wrote books on the English Constitution, physics and politics, and other topics. In fact, The Economist had been established by Bagehot's father-in-law, James Wilson, in 1843, so he was clearly an important man of ideas of his time and is well represented by this book.
Many of the reviews of the NuVision publication (and other printings) of this edition come down hard on its many printing errors. Indeed, the publishers - which claim to specialise in "rare, out-of-print books still in demand" - do not do a good job with the reproduction of the text, which appears to have been transcribed from some sort of scanning software that works about 95% of the time. Problems arise with columns of numbers, which are no longer properly aligned, and reading the text requires some imagination and intuition to get by (the word "in" is represented by "m", which is a run-together of those two letters). But this is a relatively minor problem, and adds a bit to the colour of reading this archaic (yet curiously relevant) piece of finance history.
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Tags : Lombard Street: A Description of the Money Market [Walter Bagehot] on Amazon.com. *FREE* shipping on qualifying offers. This scarce antiquarian book is a facsimile reprint of the original. Due to its age, it may contain imperfections such as marks,Walter Bagehot,Lombard Street: A Description of the Money Market,Kessinger Publishing, LLC,1161440224
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Lombard Street A Description of the Money Market Walter Bagehot 9781161440225 Books Reviews
Very interesting read since it lays out some of the recommendations many central banks have used as guidelines to maintain a conservative, dependable institution.
An enjoyable introduction to modern banking, and especially the notion of the central bank as "lender of last resort." Helpful for understanding how governments respond to financial crises.
I'm about 1/3 into this book, and it's excellent. I wish I had read it many years ago. But I have to wince at the terrible job Echo Library did in printing it.
It's full of obvious missing spaces so that words run together, likethesewords.
This happens on almost every page. The author, Walter Bagehot, includes some actual balance sheets from the Bank of England as examples. Yet Echo Library fails to align the figures into columns. Instead it appears as a bunch of jibberish.
It appears that Echo Library somehow acquired a text file of the book, perhaps as a Word document or something, and then simply output that onto paper and binder, and then shipped the books, without even glancing at the results, let alone proof reading it.
Also, apparently to save paper, the publisher made the type size a bit small, and made the page column a bit wide. That saves paper alright, and makes it a thinner book, but it makes it harder to read. But it's still worth reading because Bagehot is so good.
MY RECOMMENDATION It's an excellent writing by Bagehot, first class. But buy it by another publisher.
The book is totally out of date yet lessons taught still apply.
Politicians and finance students should at least read the cliff notes on this, if it exists.
It’s really dry reading, but that’s what you have to deal with to learn something.
This book is about money and banking in Walter Bagehot's time, which was about 145 years ago. At that time, the UK (and the rest of the world) was on the gold standard, and the Bank of England had nowhere near the power it had just 50 years later. Indeed, the role of the central bank was neither clear, nor well understood, and many did not act as "lenders of last resort." There also wasn't much in the way of bank supervision. Consequently, bank failures and financial panics were frequent. This is the background to Bagehot's book. The book itself, is clear and readable as a description of how banking worked in the UK, with shorter descriptions of France and Germany. The author then continues with an analysis of this system and points out the short comings of the Bank of England, complete with recommendations for improvements.
Lombard Street is essential reading for those interested in economic history, and even more so, for readers interested in the history of money and banking. As such it would of course deserve five stars, because it is one of the classics on this subject. However,
I rated the book with four stars from the perspective of the general reader. Money and banking has changed so much since the 1870's that Bagehot's book is much less relevant, and the style is on the dry side.
Lombard Street is a key historical text on central banking, written by Walter Bagehot (to whom The Economist's Bagehot column on UK current affairs gets its name) in 1873. Notable for being one of the first to describe the world of corporate finance, national and international banking, central banking (in particular the doings of the Bank Of England, then a very different institution than it is now, and the central banks of France and Germany) and money in plain and understandable language. The book is still a relatively easy read, despite its Victorian feel and relatively dry subject matter, and contains many ideas that are still relevant today. Indeed, many passages of the book seem to describe situations that arose in the first decade of the 21st century, more than 125 years after its writing. It describes the world of London joint stock and private (meaning privately-held) banks, both in rural areas (where they collect more money than can be put to use) and London (where they collect less money than can be put to use), as well as the role of the Bank of England as the issuer of the UK currency, and the holder of the government's bank reserves. It also gets into the art of lending, collateralisation against securities, and systemic risks that the lender of last resort must invariably be prepared for, ultimately attempting to define a further role for the Bank of England. A fascinating read from a very different time. And while the structure of the book and its arguments tends to meander quite a lot, the book is good fun and highly readable.
Bagehot was a very interesting person, described as a "British journalist, businessman, and essayist, who wrote extensively about government, economics, and literature". In 1860 he became the third editor-in-chief of The Economist (of which two articles are quoted in full in Lombard Street), and he wrote books on the English Constitution, physics and politics, and other topics. In fact, The Economist had been established by Bagehot's father-in-law, James Wilson, in 1843, so he was clearly an important man of ideas of his time and is well represented by this book.
Many of the reviews of the NuVision publication (and other printings) of this edition come down hard on its many printing errors. Indeed, the publishers - which claim to specialise in "rare, out-of-print books still in demand" - do not do a good job with the reproduction of the text, which appears to have been transcribed from some sort of scanning software that works about 95% of the time. Problems arise with columns of numbers, which are no longer properly aligned, and reading the text requires some imagination and intuition to get by (the word "in" is represented by "m", which is a run-together of those two letters). But this is a relatively minor problem, and adds a bit to the colour of reading this archaic (yet curiously relevant) piece of finance history.
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