By Charles P. Kindleberger
Publish 12 months note: First released in 1984 by way of OUP
This is the 1st historical past of finance - commonly outlined to incorporate cash, banking, capital markets, private and non-private finance, foreign transfers and so on. - that covers Western Europe (with an occasional look on the western hemisphere) and part a millennium.
Charles Kindleberger highlights the improvement of economic associations to satisfy rising wishes, and the similarities and contrasts within the dealing with of monetary difficulties corresponding to moving assets from one nation to a different, stimulating funding, or financing struggle and cleansing up the ensuing financial mess. the 1st 1/2 the ebook covers cash, banking and finance from 1450 to 1913; the second one bargains in significantly finer aspect with the 20 th century.
This significant paintings casts present concerns in old point of view and throws gentle at the interesting, and much from orderly, evolution of economic associations and the administration of monetary difficulties. accomplished, severe and cosmopolitan, this publication is either an excellent paintings of reference and crucial interpreting for all these inquisitive about the examine and perform of finance, be they fiscal historians, monetary specialists, scholarly bankers or scholars of cash and banking.
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Additional resources for A Financial History of Western Europe
Thus John Gilbert, a goldsmith who favored debasement in the depression of 1620 to relieve the tightness of the money market, bring bullion to the mint, and lower the rate of interest ('decrease the price of usury'), is called a Lord Keynes by de Roover (1949, p. 90) although de Roover finds Keynes's chapter on mercantilism in The General Theory (1936, ch. 23) full of inaccuracies and misinterpretations (de Roover, 1949, p. 287n). , p. 92). Among his interesting recommendations was one for the establishment of a 'bank' or stabilization fund to intervene in the exchange market and achieve the desired appreciation.
The claim seems excessive, but such an economic historian as Werner Sombart lent his reputation to it. The Quantity Theory of Money The first statement of the quantity theory of money in any complete form was made in 1568 by Jean Bodin, a Frenchman, writing a reply to the paradoxes of Malestroit concerning the price rise of the period. Malestroit had been fully aware that prices had risen, but ascribed that fact primarily to debasement of the coinage. Debasement had occurred in most countries-especially in England under Henry VIII and in France.
Gerald Malynes, the quintessential mercantilist, argued in favor of the Royal Exchanger with the mission of holding the exchange rate at par against the conspiracies of foreign dealers. ) A considerable part of the disputes of the period had their origin in the strong xenophobia of the English, especially against Italian exchange dealers, disliked by the City of London and thought to connive to drain England of her bullion. , p. 107). Controversy over the foreign exchanges in England occupied leading bankers and merchants over a number of years.