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Walter Bagehot
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Lombard Street, a Description of the Money Market: With a New Introd. by Frank C. Genovese. -- Hardcover – September 9, 2021

4.5 4.5 out of 5 stars 51 ratings
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This work has been selected by scholars as being culturally important and is part of the knowledge base of civilization as we know it.

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  1. Print length
    196 pages
  2. Language
    English
  3. Publisher
    Hassell Street Press
  4. Publication date
    September 9, 2021
  5. Dimensions
    6.14 x 0.5 x 9.21 inches
  6. ISBN-10
    1013490983
  7. ISBN-13
    978-1013490989
  8. See all details
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Product details

  • Publisher ‏ : ‎ Hassell Street Press (September 9, 2021)
  • Language ‏ : ‎ English
  • Hardcover ‏ : ‎ 196 pages
  • ISBN-10 ‏ : ‎ 1013490983
  • ISBN-13 ‏ : ‎ 978-1013490989
  • Item Weight ‏ : ‎ 1 pounds
  • Dimensions ‏ : ‎ 6.14 x 0.5 x 9.21 inches
  • Customer Reviews:
    4.5 4.5 out of 5 stars 51 ratings

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Walter Bagehot

Walter Bagehot

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Customer reviews

4.5 out of 5 stars
4.5 out of 5
51 global ratings

Top reviews from the United States

Eugene Mcmanus
5.0 out of 5 stars Crooks and thieves! Get your crooks and thieves right here!
Reviewed in the United States on April 23, 2010
Verified Purchase
Lombard Street: a description of the money market, by Walter Bagehot, should be required reading by every politician, voter and TV bobble head in no just the US, but in every country in the industrial world. Written in the late 1880s (yes, nineteenth century, not twentieth)it describes in great detail how London, and by extension, Lombard Street in London, became the financial capital of the world. Woven in amongst the descriptions of financial acumen are also suggestions of chicanery, double dealing and outright fraud.

If one were to change "Lombard Street" to "Wall Street", "the Bank of England" to "the Federal Reserve and the treasury", one would have a textbook on what's wrong with our financial system that's as current and up to date as this morning's sunrise. Wall Street and what goes on there isn't new: it's been going on for centuries, this small book (5 x 7, 132 pages) just describes it.

A caveat: the editors who and typesetters who published this book apparently didn't understand how accounting and account's minds work: as a result, what would appear to an accountant as an "accounting summary" is a paragraph of words and numbers. you'll have to spend some time constructing the accounting chart. personally, I think that's a good thing, but then, I'm not an accountant.

A fascinating insight that just "slips by" is that at the time the book was written, England's version of the US's Fed and Department of the Treasury were in one building, and were actually two different activities of the bank of England. Te US, in it's own inimitable way, developed these functions both separately in time and in structure: the Fed is essentially independent of government influence, the Treasury less so.

If you by this book, (and if I had my way, you'd have to read it before you could be allowed to vote or run for office), most likely you will do two things: annotate it with underlining and marginal notes, and fill a small notebook with working out the accounting.
11 people found this helpful
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Hernán
5.0 out of 5 stars Book
Reviewed in the United States on April 17, 2023
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Economic history is a relevant subject to me
One person found this helpful
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Eugene I.
5.0 out of 5 stars A Classic book
Reviewed in the United States on November 4, 2021
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A good book, but slow at times. A Classic on the money market and the adjustment to stress on the British Banking System.
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O'Rourke
4.0 out of 5 stars More Academic than Practical
Reviewed in the United States on August 29, 2021
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This book is a beautiful work for its time. The author’s grasp of the subject is unique for the mid 1800’s. It is marketed as having great incite into the workings of the money market which is true but what is left unsaid is that it is not an easy book to read. I’ve been a finance professional for 30 years and I wouldn’t recommend this if you are reading it to understand the markets. Similar to A Wealth of Nations it is written in a style most Americans will find only adds opaqueness to a complex subject.
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NJ
5.0 out of 5 stars Kind of Satoshi paper on "centralization"
Reviewed in the United States on January 30, 2022
Lombard Street is a much-needed, jargon-free treatise for those thinking about the viability of the cryptos, defi, and the like. While the messages here do not rule out a decentralized financial system without a lender of last resort or a centralized policymaker/rule-setter, the book will provoke many thoughts and spawn ideas in the minds of both their believers and skeptics.

Of course, the nineteenth-century authored book is simply the work of a genius; this aptly celebrated, landmark work helped found the first central banks and has influenced central banking ever since. Walter Bagehot's clarity of thoughts and writing in this book must have helped quash many needless policy debates before they reared their heads for decades while shaping conversations in many other directions.

For instance, the book cleared the way for the emergence of a central, government-owned, non-profit, competent person (as against a minister aka politician) led lender of last resort across the world. The book makes a comprehensive case for countercyclical policies by this institution in times of deep distress. It equally provides solid justifications for various lending or liquidity rules during normal times. As a result, the needs behind capital adequacy norms, reserve requirements, or central bank liquidity supporting/moping operations have rarely been debated even in highly non-capitalist systems until the arrival of the crypto crowd in recent times.

It may not matter how much of it all started with this book and the author to current readers. The leading utility of the book is in all its indirect messages when repurposed. The strongest crypto believers are highly dismissive of central banks for their fiat money issuer role. In some ways, the book has nothing on fiat currencies as it was published for a system that believed in the gold standard. Yet, the path paved here (by establishing the central banking processes that need the creation of reserves - aka money - from nothing when times are tough) was invariably going to lead to the emergence of fiat currencies a few decades hence.

That said, the book is the most lucid evidence of how history has been rather than the way many modern decentralized system proponents paint it. Centralization - through the central banks - was not borne out of the desire to print an unlimited amount of money or to invade anyone's privacy or because the intermediaries wanted to make more money. It happened because the decentralized financial world of the mid-nineteenth century (and before) had too volatile cycles borne out of regular market/liquidity/confidence forces. These cycles that first manifested themselves in money market flows and prices had to be pruned before they became circular and wreaked far more real-life damage when allowed to go on unchecked. As the author knew then and we all know now, central institutions like central banks do not solve all problems at all times, plus they come with their own "side effects," but a world without such institutions and attendant rules existed before this book was far worse.

Once again, this jargon-free book was the first paper that showed why a central institution was needed to bring order to a completely decentralized financial system that existed at the time. It was like that era's Satoshi paper! This reviewer cannot imagine how a decentralized system without such an institution can function for long in real life with repeated confidence and liquidity extremities that are a regular feature in trading markets. Real-life with real people and activities cannot afford impacts arising from unchecked financial gyrations because of the vicious cycles/circularities they create. Maybe, there is a decentralized system possible without such gyrations, but that's not what the crypto crowd is attempting to create when they discredit the current centralized system for its money printing and privacy-related flaws.
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Yishen Kuik
3.0 out of 5 stars Good book, but this edition is full of errors
Reviewed in the United States on July 8, 2008
Chances are if you are looking at this book, you are already familiar with the contents. It's a classic and it is excellent both as a piece of analysis which still holds up today and as a piece of 19th century source material.

This edition however is riddled with errors, and it appears it was scanned from an original but not cleaned. Many words are misspelled or stuck to their neighbours, so I cannot recommend this edition.
11 people found this helpful
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Top reviews from other countries

J Alexander Garcia F
5.0 out of 5 stars Excellent
Reviewed in Canada on September 11, 2020
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Excellent
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Graeme
5.0 out of 5 stars Banking, Financial panics and Remedies
Reviewed in Australia on October 30, 2020
Verified Purchase
Excellent for information on the developent of modern banking despite its (1873) publication date.
It was most interesting (to me) on the Overend & Gurney collapse and effect on english banking.
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