This book is concerned with developments in three main areas of monetary history: domestic commercial banking; monetary policy; and the UK’s international financial position. For ease of analysis the 160 years under study are arranged into three clear chronological divisons. Part 1 covers the years 1826-1913, a period in which the UK emerged as the world’s leading economic power. It was in these years that an extensive and fully-operative domestic banking system was established. Part 2 covers 1914 to 1939 – the years which marked a break in the traditional monetary arrangements of the Victorian and Edwardian eras. Part 3 covers 1939-1986 when the dominance of state influence within the domestic money markets was re-established by the Second World War and the acceptance by the authorities of the obligation to ‘manage’ the economy which meant that successive postwar governments took direct responsibility for the conduct of monetary and credit policy.
Table of Contents
Preface. Acknowledgements. Part 1: 1826-1913 1. Banking in the Early Nineteenth Century. 2. Growth of the Banking Sector 1826-1913. 3. The Commercial Banks: Institutional Change, 1826-1913. 4. The Business of Commercial Banking 1826-1913. 5. The Monetary Sector and the International Economy. 6. The Bank of England and Monetary Policy, 1826-1913. Part 2: 1914 – 1939 7. Deposit Banking and Other Financial Institutions, 1914-1939. 8. The Business of Commercial banking 1914-1939. 9. Monetary Policy, 1914-1939. Part 3: 1939-1986 10. War and Post-War Adjustments, 1939-1951. 11. Non-Clearing Banks and other Financial Intermediaries Since World War II. 12. The Clearing Banks, 1939-1986. 13. Monetary Policy in the 1950s and 1960s. 14. Monetary Policy in the 1970s and 1980s 15. The UK and International Financial Arrangements Since 1951. 16. Retrospective. Bibliography. General Index. Index of Names.
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