2014 Reprint of 1962 Edition. Full facsimile of the original
edition, not reproduced with Optical Recognition Software. With an
introduction by Frank C. Genovese. "Lombard Street: A Description
of the Money Market" (1873) remains to this day an influential book
in the field of economics and trade. Bagehot was one of the first
writers to describe and explain the world of international and
corporate finance, banking, and money in understandable language.
Lombard Street is known for its analysis of the Bank of England's
response to the Overend-Gurney crisis. Bagehot's advice for the
lender of last resort during a credit crunch ("Bagehot's dictum")
is often summarized as follows: 1. Lend freely. 2. At a high rate
of interest. 3. On good banking securities.
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