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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 This book uses a variety of previously unpublished archival sources to question the bubble narrative usually associated with this crisis, and to identify the mechanisms of financial contagion that allowed the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.
Excerpt from Aberdeenshire Epitaphs and Inscriptions: With Historical, Biographical, Genealogical, and Antiquarian Notes It is to be observed that many matters and persons of considerable local importance have not been mentioned, either through the exigencies of space or because the facts are readily accessible in other publications. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.
Based on computer analysis of price quotes from the eighteenth-century financial press, this work reevaluates the evolution of financial markets.
JACK LONDON (1876-1916), American novelist, born in San Francisco, the son of an itinerant astrologer and a spiritualist mother. He grew up in poverty, scratching a living in various legal and illegal ways -robbing the oyster beds, working in a canning factory and a jute mill, serving aged 17 as a common sailor, and taking part in the Klondike gold rush of 1897. This various experience provided the material for his works, and made him a socialist. "The son of the Wolf" (1900), the first of his collections of tales, is based upon life in the Far North, as is the book that brought him recognition, "The Call of the Wild" (1903), which tells the story of the dog Buck, who, after his master ́s death, is lured back to the primitive world to lead a wolf pack. Many other tales of struggle, travel, and adventure followed, including "The Sea-Wolf" (1904), "White Fang" (1906), "South Sea Tales" (1911), and "Jerry of the South Seas" (1917). One of London ́s most interesting novels is the semi-autobiographical "Martin Eden" (1909). He also wrote socialist treatises, autobiographical essays, and a good deal of journalism.