By Charles P. Kindleberger
Publish yr note: First released in 1984 by way of OUP
This is the 1st background of finance - greatly outlined to incorporate funds, banking, capital markets, private and non-private finance, foreign transfers and so forth. - that covers Western Europe (with an occasional look on the western hemisphere) and part a millennium.
Charles Kindleberger highlights the improvement of monetary associations to fulfill rising wishes, and the similarities and contrasts within the dealing with of monetary difficulties akin to moving assets from one state to a different, stimulating funding, or financing warfare and cleansing up the ensuing financial mess. the 1st 1/2 the ebook covers cash, banking and finance from 1450 to 1913; the second one bargains in significantly finer aspect with the 20th century.
This significant paintings casts present matters in old standpoint and throws mild at the interesting, and much from orderly, evolution of monetary associations and the administration of economic difficulties. entire, serious and cosmopolitan, this publication is either a great paintings of reference and crucial analyzing for all these interested by the learn and perform of finance, be they fiscal historians, monetary specialists, scholarly bankers or scholars of cash and banking.
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Additional info for A Financial History of Western Europe
Gold went to a premium over bank notes in England during the Napoleonic Wars, arousing a debate over the cause of the agio on gold, depreciation of the pound, between the banking and currency schools-a debate which has its echoes in the twentieth century over the causes of German inflation in the 1920s, and in Europe as a whole in the 1970s and 1980s. The triumph of the currency school in Britain led to the Bank Act of 1844 which established the British monetary system down to 1914. As the gold standard evolved in Europe as a whole from 1870, the question was raised whether world monetary conditions reflected the quantity of gold in the system, or whether the gold standard was a managed system effectively run by the Bank of England from London.
On the few occasions it became gold's turn, the same procedure was followed. The result was a ratchet, with continuous depreciation of metallic coins. A troy pound of silver that originally was worth a pound sterling ended up in 1816 at a price of £3 6s. The Price Revolution? Since Hamilton's book came out in 1934, something ofaquestion has arisen whether the discovery of Spanish America produced a price revolution The Evolution of Money in Western Europe 29 de novo or whether it merely supported one already underway.
He used the most abundant and available source-records for municipal hospitalsin which prices may reflect long-term contracts with actual price fluctuations absorbed by changes in quality (Outhwaite, 1969, p. 32). Hamilton's faith in this source is not particularly convincing; he concludes from it that the level ofliving in early-eighteenth-century France was high. Ifpatients in charity hospitals were served beef, mutton, chicken, butter, eggs, fish and cheese, he asserts hospital administrators must believe that this is what they were accustomed to athome, rather than the bread and water on which most scholars thought they subsisted (Hamilton, 1969, p.
A Financial History of Western Europe by Charles P. Kindleberger