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Walter Bagehot (3 February 1826 - 24 March 1877) was a British journalist, businessman, and essayist, who wrote extensively about government, economics, and literature. Bagehot was born in Langport, Somerset, England, on 3 February 1826. His father, Thomas Watson Bagehot, was managing director and vice-chairman of Stuckey's Banking Company. He attended University College London (UCL), where he studied mathematics, and in 1848 earned a master's degree in moral philosophy. Bagehot was called to the bar by Lincoln's Inn, but preferred to join his father in 1852 in his family's shipping and banking business. In 1867, Bagehot wrote The English Constitution, a book that explores the nature of the constitution of the United Kingdom, specifically its Parliament and monarchy. It appeared at the same time that Parliament enacted the Reform Act of 1867, requiring Bagehot to write an extended introduction to the second edition which appeared in 1872. Bagehot also wrote Physics and Politics (1872), in which he examines how civilisations sustain themselves, arguing that in their earliest phase civilisations are very much in opposition to the values of modern liberalism, insofar as they are sustained by conformism and military success, but once they are secured it is possible for them to mature into systems which allow for greater diversity and freedom. In Lombard Street: A Description of the Money Market (1873) Bagehot seeks to explain the world of finance and banking. His observations on finance are often cited by central bankers, most recently in the wake of the global financial crisis which began in 2007. Of particular importance is "Bagehot's Dictum" that in times of financial crisis central banks should lend freely to solvent depository institutions, only against good collateral and at interest rates that are high enough to dissuade those borrowers that are not genuinely in need.
Createspace Independent Publishing Platform
August 07, 2015
7.0 X 10.0 X 0.37 inches | 0.68 pounds
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About the Author
Walter Bagehot was an English journalist, businessman, and essayist who lived from 1826 to 1877. He was a prolific writer who wrote extensively about government, economics, literature, and race. He is best known for co-founding the National Review in 1855, a political magazine that aimed to promote conservative values. Bagehot's most famous works include The English Constitution, published in 1867, and Lombard Street: A Description of the Money Market, published in 1873. The English Constitution is considered one of the best accounts of the history and workings of the British political system ever written, while Lombard Street is a detailed analysis of the money market and the role of central banks in regulating it. Bagehot's writing style is characterized by its clarity, concision, and analytical rigor. He was a skilled observer of society and human behavior, and his insights into politics, economics, and culture continue to be relevant today.