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Nowadays remembered mostly through Adam Smith’s references to the short-lived Ayr Bank in the Wealth of Nations, the 1772-3 financial crisis was an important historical episode in its own right, taking place during a pivotal period in the development of financial capitalism and coinciding with the start of the traditional industrialisation narrative. It was also one of the earliest purely financial crises occurring in peacetime, and its progress showed an impressive geographical reach, involving England, Scotland, the Netherlands and the North American colonies. This book uses a variety of previously unpublished archival sources to question the bubble narrative usually associated with this crisis, and to identify the mechanisms of financial contagion that allowed the failure of a small private bank in London to cause rapid and severe distress throughout the 18th century financial system. It re-examines the short and turbulent career of the Ayr Bank, and concludes that its failure was the result of cavalier liability management akin to that of Northern Rock in 2007, rather than the poor asset quality alleged in existing literature. It furthermore argues that the Bank of England’s prompt efforts to contain the crisis are evidence of a Lender of Last Resort in action, some thirty years before the classical formulation of the concept by Henry Thornton.
Adam Smith is considered the founding father of economics. Yet to form an accurate picture of the theoretical basis of his work, it is necessary to know what influenced him. This book is the most up-to-date and comprehensive guide to all the books which were in Adam Smith's library at the time of his death. An invaluable reference work, this book will be of enormous interest to all those interested in the genesis of early economic thought.
Adam Smith’s contribution to economics is well recognised, yet scholars have recently been exploring anew the multidisciplinary nature of his works. The Adam Smith Review is a rigorously refereed annual review that provides a unique forum for interdisciplinary debate on all aspects of Adam Smith’s works, his place in history, and the significance of his writings to the modern world. It is aimed at facilitating debate among scholars working across the humanities and social sciences, thus emulating the reach of the Enlightenment world which Smith helped to shape. This twelfth volume brings together leading scholars from across several disciplines and contributes to two particular themes. First, there is a focus on Adam Smith’s moral and political philosophy, exploring how Smith’s approach finds expression in both abstract philosophy and practical judgment. Second, there is a focus on epistemology, economics, and law, with innovative interpretations of Smithian theories.
From 1716 to 1845, Scotland’s banks were among the most dynamic and resilient in Europe, effectively absorbing a series of adverse economic shocks that rocked financial markets in London and on the continent. Legislating Instability explains the seeming paradox that the Scottish banking system achieved this success without the government controls usually considered necessary for economic stability. Eighteenth-century Scottish banks operated in a regulatory vacuum: no central bank to act as lender of last resort, no monopoly on issuing currency, no legal requirements for maintaining capital reserves, and no formal limits on bank size. These conditions produced a remarkably robust banking system, one that was intensely competitive and served as a prime engine of Scottish economic growth. Despite indicators that might have seemed red flags—large speculative capital flows, a fixed exchange rate, and substantial external debt—Scotland successfully navigated two severe financial crises during the Seven Years’ War. The exception was a severe financial crisis in 1772, seven years after the imposition of the first regulations on Scottish banking—the result of aggressive lobbying by large banks seeking to weed out competition. While these restrictions did not cause the 1772 crisis, Tyler Beck Goodspeed argues, they critically undermined the flexibility and resilience previously exhibited by Scottish finance, thereby elevating the risk that another adverse economic shock, such as occurred in 1772, might threaten financial stability more broadly. Far from revealing the shortcomings of unregulated banking, as Adam Smith claimed, the 1772 crisis exposed the risks of ill-conceived bank regulation.
This aim of this open access book is to launch an international, cross-disciplinary conversation on fatherhood engagement. By integrating perspective from three sectors -- Health, Social Policy, and Work in Organizations -- the book offers a novel perspective on the benefits of engaged fatherhood for men, for families, and for gender equality. The chapters are crafted to engaged broad audiences, including policy makers and organizational leaders, healthcare practitioners and fellow scholars, as well as families and their loved ones.
Would you like to develop some strategies to manage knowledge deficits, near misses and mistakes in practice? Are you looking to improve your reflective writing for your portfolio, essays or assignments? Reflective practice enables us to make sense of, and learn from, the experiences we have each day and if nurtured properly can provide skills that will you come to rely on throughout your nursing career. Using clear language and insightful examples, scenarios and case studies the third edition of this popular and bestselling book shows you what reflection is, why it is so important and how you can use it to improve your nursing practice. Key features: · Clear and straightforward introduction to reflection directly written for nursing students and new nurses · Full of activities designed to build confidence when using reflective practice · Each chapter is linked to relevant NMC Standards and Essential Skills Clusters
This lively and erudite cultural history of Scotland, from the Jacobite defeat of 1745 to the death of an icon, Sir Walter Scott, in 1832, examines how Scottish identity was experienced and represented in novel ways. Weaving together previously unpublished archival materials, visual and material culture, dress and textile history, Viccy Coltman re-evaluates the standard clichés and essentialist interpretations which still inhibit Scottish cultural history during this period of British and imperial expansion. The book incorporates familiar landmarks in Scottish history, such as the visit of George IV to Edinburgh in August 1822, with microhistories of individuals, including George Steuart, a London-based architect, and the East India Company servant, Claud Alexander. It thus highlights recurrent themes within a range of historical disciplines, and by confronting the broader questions of Scotland's relations with the rest of the British state it makes a necessary contribution to contemporary concerns.