![]() ![]() ![]() The capital had done wonders for British industrial development, as a properly functioning financial market is necessary for any advanced country. (Known deposits in London in 1873 were 120,000,000 pounds, while New York was next with the equivalent of 40,000,000 pounds). Bagehot influenced those who would later create the Federal Reserve.Bagehot is examining the British financial system, then the biggest and most well-capitalized in the world. This is on Ben Bernanke's short-list of recommended books, and he quotes Bagehot often. ![]() Lombard Street: A Description of the Money Market by Walter Bagehot (1873, reprinted by Project Gutenberg).This is the original book about bank runs, financial crises, and the role of a central bank. ![]()
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