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Money, Politics and Power - Banking and Public Finance in Wartime England, 1694-96 (Paperback)
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Money, Politics and Power - Banking and Public Finance in Wartime England, 1694-96 (Paperback)
Series: Financial History
Expected to ship within 12 - 17 working days
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The Nine Years' War with France was a period of great institutional
innovation in public finance and of severe monetary turmoil for
England. It saw the creation of the Bank of England; a sudden sharp
fall in the external value of the pound; a massive undertaking to
melt down and recoin most of the nation's silver currency; a failed
attempt to create a National Land Bank as a competitor to the Bank
of England; and the ensuing outbreak of a sharp monetary and
financial crisis. Histories of this period usually divide these
events into two main topics, treated in isolation from one another:
the recoinage debate and ensuing monetary crisis and a 'battle of
the banks'. The first is often interpreted as the pyrrhic victory
of a creditor-dominated parliament over the nation's debtors, one
that led very predictably to the ensuing monetary crisis. The
second has been construed as a contest between whig-merchant and
tory-gentry visions of the proper place of banking in England's
future. This book binds the two strands into a single narrative,
resulting in a very different interpretation of both. Parliamentary
debate over the recoinage was superficial and misleading; beneath
the surface, it was just another front for the battle of the banks.
And the latter had little to do with competing philosophies of
economic development; it was rather a pragmatic struggle for profit
and power, involving interlocking contests between two groups of
financiers and two sets of politicians within the royal
administration. The monetary crisis of summer 1696 was not the
result of poor planning by the Treasury; rather it was a
continuation of the battle of the banks, fought on new ground but
with the same ultimate intent - to establish dominance in the
lucrative business of private lending to the crown.
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