Lombard Street is Walter Bagehot's famous explanation of the
England central banking system established during the 19th century.
At the time Bagehot wrote, the United Kingdom was at the peak of
its influence. The Bank of England in London, was one of the most
powerful institutions in the world. Working as an economist at the
time, Walter Bagehot sets about explaining how the British
government and the Bank of England interact. Leading on from this,
he explains how the Bank of England and other banks - the
Joint-Stock and Private banking companies - do the business of
finance. Bagehot is not afraid to admit that life at the bank is
usually quite boring, albeit punctuated by short periods of sudden
excitement. The sudden boom of a market, or sudden fluctuations in
the credit system, can create an excited demand for money. The
eruption of an economic depression, which Bagehot aptly notes is
rapidly contagious around different sectors of the economy, can
also make working in the bank a lot less tedious.
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