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This impressive and pioneering work describes and analyses the management of the national debt of the United Kingdom from the Boer War (1899-1902) to the period of the Great Depression in the early 1930s. It therefore spans the expansion of the debt during the Great War of 1914-18 and the struggle to bring its structure and cost under control in the decade and a half following Armistice. The Management of the National Debt in the United Kingdom is the first definitive work on the subject. Using an impressive array of research, from archives and unpublished material, Jeremy Wormell has brought together material that is unavailable in any other form. It will be an invaluable resource for political and economic historians, as well as economists in general, civil servants, bankers and financial journalists.
The Bank of England and the Government Debt recounts the surprising history of the Bank of England's activities in the government securities market in the mid-twentieth century. The Bank's governor, Montagu Norman, had a decisive influence on government debt management policy until he retired in 1944, and established an auxiliary market in government securities outside the Stock Exchange during the Second World War. From the early 1950s, the Bank, concerned about inadequate market liquidity, became an increasingly active market-maker in government securities, rescuing the commercial market-makers in the Stock Exchange several times. The Bank's market-making activities often conflicted with its monetary policy objectives, and in 1971, it curtailed them substantially, while avoiding the damaging effects on liquidity in the government securities market that it had feared. Drawing heavily on archival research, William A. Allen sheds light on little-known aspects of central banking and monetary policy.
While it is central to today's politics, few people fully understand the National Debt and its role in shaping the course of British history. Without it, Britain would not have gained-and lost-two empires, nor won its wars against France and Germany. But Britain has also been molded by attempts to break free of the Debt, from postwar Keynesian economics to today's austerity. Martin Slater writes a vivid tale colored with some of the most dramatic incidents and personalities of Britain's past-from clashes between King and Parliament, American independence and war in Europe, to the abolition of slavery, the development of the Union and the role of leading figures such as Pitt, Gladstone, Adam Smith and Keynes. From medieval times to the 2008 financial crash and beyond, The National Debt explores the changing fortunes of the Debt, and so of Great Britain.
For the greater part of recorded history the most successful and powerful states were autocracies; yet now the world is increasingly dominated by democracies. In A Free Nation Deep in Debt, James Macdonald provides a novel answer for how and why this political transformation occurred. The pressures of war finance led ancient states to store up treasure; and treasure accumulation invariably favored autocratic states. But when the art of public borrowing was developed by the city-states of medieval Italy as a democratic alternative to the treasure chest, the balance of power tipped. From that point on, the pressures of war favored states with the greatest public creditworthiness; and the most creditworthy states were invariably those in which the people who provided the money also controlled the government. Democracy had found a secret weapon and the era of the citizen creditor was born. Macdonald unfolds this tale in a sweeping history that starts in biblical times, passes via medieval Italy to the wars and revolutions of the seventeenth and eighteenth centuries, and ends with the great bond drives that financed the two world wars.
“History writing at its best . . . teasing out extraordinary parallels between our current world and that of a century ago.” —Tim Butcher, author of Blood River A pandemic has killed millions. Violent uprisings are tearing apart the Middle East. Nationalism is on the march in Europe. An unlikely candidate is running for president in the US on a populist platform to put “America first.” The year is 1920. 1920: A Year of Global Turmoil tells the story of twelve months that set in motion one hundred years of history. From America to Asia, the events of 1920 foreshadowed the decline of empires, the coming of another global conflict, and the rise of an American president who would change his country's relationship with the world. Weaving personal accounts with grand narrative, it vividly illuminates a past that echoes the present.
“Stick it, Canada! Buy more Victory Bonds.” The First World War demanded deep personal sacrifice on the battlefield and on the home front – and it also made unrelenting financial demands. Boosters and Barkers is a highly original examination of the drive to finance Canadian participation in the conflict. David Roberts examines Ottawa’s calls for direct public contributions in the form of war bonds; the intersections with imperial funding, taxation, and conventional revenue; and the substantial fiscal implications of participation in the conflict during and after the war. Canada’s bond campaigns used print, images, and music to sell both the war and public engagement. They received an astounding response, generating revenue to cover almost a third of the country’s total war costs, which were estimated at $6.6 billion – a dramatic charge on a dominion so far from the front. This story is one of inexorable need, shrewd propaganda, resistance, engagement, and long-term consequences.
This book brings together two areas of inquiry, the history of tin and its role in producing countries and the history of cartelization as a solution to the inherent difficulties of primary commodity markets.
The complex relationships between ethno-nationality, rights to land, and territorial sovereignty have long fed disputes over territorial control and landed rights between different nations, ethnicities, and religions. These disputes raise a number of interesting issues related to the nature of land regimes and to their economic and political implications. The studies drawn together in this key volume explore these and related issues for a broad variety of countries and times. They illuminate the diverse causes of ethno-national land disputes, and the different forms of adjustment and accommodation to the power differences between the contesting groups. This is done within a framework outlined by the editors in their analytical overview, which offers contours for comparative examinations of such disputes, past and present. Providing conceptual and factual analyses of comparative nature and wealth of empirical material (both historical and contemporary), this book will appeal to economic historians, economists, political scientists, sociologists, anthropologists and all scholars interested in issues concerning ethno-nationality and land rights in historical perspective.