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Calming the Storms - The Carry Trade, the Banking School and British Financial Crises Since 1825 (Hardcover, 1st ed. 2023)
Loot Price: R3,759
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Calming the Storms - The Carry Trade, the Banking School and British Financial Crises Since 1825 (Hardcover, 1st ed. 2023)
Series: Palgrave Studies in Economic History
Expected to ship within 10 - 15 working days
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This book exposes, for the first time in modern scholarship, the
role that the rise of the Carry Trade played in British financial
crises between 1825 and 1866, how in reaction the Bank of England
improved its management of monetary policy after 1866 and how those
lessons have been forgotten since the 1970s. Britain is one of the
few major capitalist economies in the world to have avoided
policy-induced systemic financial crises for more than 100 years of
its history-between 1866 and 1973. Beforehand, it suffered a series
of serious banking panics, in 1825, 1837, 1847, 1857-58 and 1866.
Since the 1970s banking instability has returned again, with the
global financial crisis of 2007-09 hitting Britain hard. Economists
and policymakers have asked what can be learnt from Britain's
experience of the disappearance and reappearance of crises to help
efforts to prevent future ones. This book answers that question
with a major reassessment of Britain's financial history over the
past two centuries. It does so by applying the long-neglected ideas
of the British Banking School to explain how crises can occur
because of the Carry Trade. This book is essential reading for
economists and historians of modern Britain, practitioners and
policymakers, as well as anyone who is affected by financial crises
and their consequences.
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