Lombard Street, a Description of the Money Market

By Walter Bagehot,

Book cover of Lombard Street, a Description of the Money Market

Book description

This work has been selected by scholars as being culturally important and is part of the knowledge base of civilization as we know it.

This work is in the public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and…

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Why read it?

1 author picked Lombard Street, a Description of the Money Market as one of their favorite books. Why do they recommend it?

Lombard Street is the classic statement of how central banks began functioning to insure the private bank system against bank panics. Walter Bagehot wrote this at the time of a revolution in banking that came about after the Joint Stock Companies Act of 1862 allowed private banks to have limited liability. Banking then boomed in England, and the Bank of England went from being a private bank to a bank also serving the Crown of England, and finally into a central bank as we see them today. 

The Bank of England would hold reserves for the entire private banking system…

From Max's list on Walter Bagehot’s challenge.

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