By Richard A. Kleer
The 9 Years’ conflict with France was once a interval of significant institutional innovation in public finance and of serious financial turmoil for England. It observed the production of the financial institution of britain; a surprising sharp fall within the exterior price of the pound; a tremendous project to soften down and recoin lots of the nation’s silver foreign money; a failed try to create a countrywide Land financial institution as a competitor to the financial institution of britain; and the consequent outbreak of a pointy financial and monetary crisis.
Histories of this era frequently divide those occasions into major issues, taken care of in isolation from each other: the recoinage debate and resulting financial difficulty and a ‘battle of the banks’. the 1st is frequently interpreted because the pyrrhic victory of a creditor-dominated parliament over the nation’s borrowers, person who led very predictably to the consequent financial problem. the second one has been construed as a competition among whig-merchant and tory-gentry visions of the right kind position of banking in England’s destiny. This ebook binds the 2 strands right into a unmarried narrative, leading to a truly diverse interpretation of either. Parliamentary debate over the recoinage used to be superficial and deceptive; underneath the outside, it was once simply one other entrance for the conflict of the banks. And the latter had little to do with competing philosophies of financial improvement; it used to be really a practical fight for revenue and tool, regarding interlocking contests among teams of financiers and units of politicians in the royal management. The financial situation of summer season 1696 used to be now not the results of bad making plans by means of the Treasury; fairly it was once a continuation of the conflict of the banks, fought on new floor yet with an identical final reason – to set up dominance within the profitable company of personal lending to the crown.
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Additional info for Money, Politics and Power: Banking and Public Finance in Wartime England, 1694–96 (Financial History)
Money, Politics and Power: Banking and Public Finance in Wartime England, 1694–96 (Financial History) by Richard A. Kleer