Introduction

Charles Read ()
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Charles Read: University of Cambridge

Chapter Chapter 1 in Calming the Storms, 2023, pp 1-20 from Palgrave Macmillan

Abstract: Abstract This chapter introduces the main themes of the book and its principal arguments about British financial history over the past two centuries. The chapter reviews the literature on the Carry Trade, the Banking School and the rise and fall of British banking stability. What scholars in the recent past have missed is that the Banking School in the early nineteenth century saw financial crises as connected to flows of investment capital now called the Carry Trade, and that this insight has some explanatory power for the course of British financial history since 1825. The contention of this book is that the rise, fall and return of the Carry Trade can explain why there were regular financial crises in Britain between 1825 and 1866, then why there were hardly any systemically important ones until the early 1970s, but then two significant ones in 1973–1975 and 2007–2009.

Keywords: British financial history; Financial crisis; Carry Trade; Banking School; Currency School; John Maynard Keynes (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palscp:978-3-031-11914-9_1

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DOI: 10.1007/978-3-031-11914-9_1

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