Chapter

The Financial Revolution

Peter Temin and Hans-Joachim Voth

in Prometheus Shackled

Published in print January 2013 | ISBN: 9780199944279
Published online January 2013 | e-ISBN: 9780199980789 | DOI: http://dx.doi.org/10.1093/acprof:oso/9780199944279.003.0003
The Financial Revolution

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This chapter surveys the situation of England's finances after the Glorious Revolution. A tidal wave of new wars caused borrowing to rise rapidly. At the same time, the government succeeded to borrow more cheaply. Next, the chapter surveys the English financial system's key players—the Bank of England, the country banks, bill brokers, and goldsmith banks. It assesses these in terms of a financial system's functions.

Keywords: financial revolution; Bank of England; financial system; bill brokers; country banks; Hanoverian England; public borrowing; war

Chapter.  6610 words.  Illustrated.

Subjects: Economic History

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