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The Practicals Take a Hand (Part II)

A London journalist writes a guide to central bankers and, in Britain, panics cease. The US charters a central bank of its own. (The second half of the previous episode)

Posted in 2007-08 Financial Crisis, History of economics Tagged with: , , , , ,

If the first half of the nineteenth century in Britain was dominated by the Napoleonic wars and their aftershocks – strikes, demonstrations, suffrage demands – the nation settled down after 1850 to the far happier decades of the Victorian Era.  One conception of revolution replaced another. What had been universally recognized as an age of democratic revolutions around the world gave way to an age of industrial revolutions, one following on the heels of another:  Adam Smith and the steam engine in the first instance (as the economic historian Arnold Toynbee put it in 1884); electricity. chemistry, the internal combustion