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- Title
L STREET: BAGEHOTIAN PRESCRIPTIONS FOR A 21ST CENTURY MONEY MARKET.
- Authors
Selgin, George
- Abstract
The article explores proposals by the author to aid in dealing with financial crises, with a focus on historical monetary policy lessons learned by Great Britain from the 19th century. The author refers to the British businessman Walter Bagehot's advice on bank reform for the Bank of England in 1873 after the country's financial crisis of 1886, in his book ''Lombard Street: A Description of the Money Market.'' The author contends that Bagehot's proposals for economic reform were not the best remedy, while asserting that a better solution was to substitute a decentralized banking system such as that from Scotland for the centralized banking system of England.
- Subjects
ENGLAND; UNITED Kingdom; CENTRAL banking industry; BRITISH banking industry; BANK of England; BAGEHOT, Walter, 1826-1877; LOMBARD Street: A Description of the Money Market (Book); HISTORY of the banking industry; ECONOMIC reform; CENTRAL banking industry -- Economic aspects; NINETEENTH century; HISTORY; ECONOMIC history
- Publication
CATO Journal, 2012, Vol 32, Issue 2, p303
- ISSN
0273-3072
- Publication type
Article