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John Locke was one of the first shareholders of the Bank of England and participated in parliamentary debates surrounding its creation. He had a key role in the monetary reform of 1696. This book examines Locke’s thought in relation to credit, banking regulation, the monetary and financial system, the gold standard and the principles of Natural Right. It also establishes a link between Locke’s economic and financial ideas and his political philosophy. John Locke and the Bank of England will be of interest to advanced students and researchers of central banking, financial history, the history of economic thought and political economy.
Modern credit, developed during the financial revolution of 1620–1720, laid the foundation for England’s political, military, and economic dominance in the eighteenth century. Possessed of a generally circulating credit currency, a modern national debt, and sophisticated financial markets, England developed a fiscal–military state that instilled fear in its foes and facilitated the first industrial revolution. Yet a number of casualties followed in the wake of this new system of credit. Not only was it precarious and prone to accidents, but it depended on trust, public opinion, and ultimately violence. Carl Wennerlind reconstructs the intellectual context within which the financial revolution was conceived. He traces how the discourse on credit evolved and responded to the Glorious Revolution, the Scientific Revolution, the founding of the Bank of England, the Great Recoinage, armed conflicts with Louis XIV, the Whig–Tory party wars, the formation of the public sphere, and England’s expanded role in the slave trade. Debates about credit engaged some of London’s most prominent turn-of-the-century intellectuals, including Daniel Defoe, John Locke, Isaac Newton, Jonathan Swift and Christopher Wren. Wennerlind guides us through these conversations, toward an understanding of how contemporaries viewed the precariousness of credit and the role of violence—war, enslavement, and executions—in the safeguarding of trust.
Tucker presents guiding principles for ensuring that central bankers and other unelected policymakers remain stewards of the common good.
At the height of the Great Depression a number of leading U.S. economists advanced a proposal for monetary reform that became known as the Chicago Plan. It envisaged the separation of the monetary and credit functions of the banking system, by requiring 100% reserve backing for deposits. Irving Fisher (1936) claimed the following advantages for this plan: (1) Much better control of a major source of business cycle fluctuations, sudden increases and contractions of bank credit and of the supply of bank-created money. (2) Complete elimination of bank runs. (3) Dramatic reduction of the (net) public debt. (4) Dramatic reduction of private debt, as money creation no longer requires simultaneous debt creation. We study these claims by embedding a comprehensive and carefully calibrated model of the banking system in a DSGE model of the U.S. economy. We find support for all four of Fisher's claims. Furthermore, output gains approach 10 percent, and steady state inflation can drop to zero without posing problems for the conduct of monetary policy.
Mary-Elaine Swanson has done an invaluable service for this and subsequent generations by resurrecting awareness and presenting an accurate knowledge of John Locke and his reasoning through an uncensored view of his life, writings, and incalculable influence on America. This book will help Americans understand the importance of Locke's thinking for American constitutionalism today. You will learn the real meaning of the "law of nature" as it was embraced in Colonial America, and the separation of church and state embraced in the Constitution. The Founding Fathers looked to Locke as the source of many of their ideas. Thomas Jefferson considered Locke as one of the three greatest men that ever lived. Locke's contributions to American Liberty can clearly be seen interwoven in our colonial Declarations of Rights, paraphrased in our Declaration of Independence, and incorporated into our Constitution and Bill of Rights. The Declaration is born of the extensively studied and widely taught Treatises On Civil Government by John Locke. There Locke reasoned the very purpose of forming civil government is the protection of property, and that "life, liberty, and property (pursuit of happiness)" are not three separate rights but intrinsically one great and inalienable right he called "property"--which begins with the life of the individual, then his liberty which is essential to his productivity, followed by the right to enjoy the fruits of his labors without fear that the government will confiscate his property. These inalienable rights are from God and legitimate government has no authority to take them away but is chartered in fact to preserve and protect liberty.
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Keen to learn but short on time? Get to grips with the philosophy of John Locke in next to no time with this concise guide. 50Minutes.com provides a clear and engaging analysis of John Locke. Inspired by great philosophers such as Hobbes and Descartes, Locke sought to respond to the problems of his era through his philosophy. Outraged at the persecution of Protestants by the monarchy in England, he advocated religious tolerance, and believed that power should be in the hands of the people to guarantee their individual rights and freedoms, a principle which is the basis of all modern-day democracies. In just 50 minutes you will: • Learn about the life, travels and works of the highly influential English philosopher, John Locke • Understand the principles of empiricism and economic liberalism • Discover Locke’s continued influence on modern democracies, including on the American Constitution and the French Declaration of the Rights of Man and of the Citizen ABOUT 50MINUTES.COM | History & Culture 50MINUTES.COM will enable you to quickly understand the main events, people, conflicts and discoveries from world history that have shaped the world we live in today. Our publications present the key information on a wide variety of topics in a quick and accessible way that is guaranteed to save you time on your journey of discovery.