walter bagehot lombard street a description of the money market

Bagehot’s book set down the principles that helped define the role of modern central banks, particularly in times of crisis-but the recent global financial meltdown has posed unforeseen challenges. It explains the world of banking and finance, particularly financial crisis management.Walter Bagehot’s Lombard Street, published in 1873 in the wake of a devastating London bank collapse, explained in clear and straightforward terms why central banks must serve as the lender of last resort to ensure liquidity in a faltering credit system. It is a masterpiece of economics, described by J. Central bankers and finance ministers such as Alan Greenspan and Robert Rubin in the U.S., along with leading IMF officials should each sleep with a copy under his or her pillow' (Charles P. Lombard Street, first published in 1873, is more than ever timely in the age of Asian financial flu, Long-Term Capital Management, problems in Russia, Brazil, and on the horizon elsewhere. 'Walter Bagehot was a great economist and a great writer-though there is a question as to which was the greater. Though similar in many ways to its American counterpart, this 'unequalled fund of floating money' nevertheless possesses a character all its own, the essence of which was brilliantly captured more than a century ago in Lombard Street. Fast-paced and highly-charged, it is a hotbed of financial activity whose impact is felt not just nationally, but globally. The English precursor to Wall Street, London's Lombard Street is the original district of finance and the birthplace of the money market. Housed in a custom half leather clamshell box. In 1904 he published Introduction to Economics in 1904, which he later developed into his main work Principles of Economics, published in 1913. Seager worked as economist was influenced by his training in “English classicism, in the German historical method and in the peculiar Austrian approach of the Austrian School” (Horton, 1968).

In 1905 he moved to the Columbia University, where he was appointed professor of political economy.

In 1894 Seager started his academic career as instructor in economics at the Wharton School of the University of Pennsylvania, and got promoted assistant professor in 1896 and to adjunct professor in 1902. Bookplate and signature of economist Henry Rogers Seager dated Philadelphia. In very good condition with some rubbing and wear to the extremities. New York: Scribner, Armstrong and Co, 1873.įirst edition of this “undying classic” (J.M. Lombard Street: A Description of the Money Market.īAGEHOT, Walter.

Walter bagehot lombard street a description of the money market