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Panic Of 1847
The Panic of 1847 was a minor British banking crisis associated with the end of the 1840s railway industry boom and the failure of many non-banks. Background As a means of stabilizing the British economy, the ministry of Robert Peel passed the Bank Charter Act of 1844. This Act fixed a maximum quantity of bank notes that could be in circulation at any one time and guaranteed that definite reserve funds of gold and silver would be held in reserve to back up the money in circulation. Furthermore, the Act required that the supply of money in circulation could be increased only when gold or silver reserves were proportionately increased. In 1847, the Act was suspended when the Bank of England was presented with a letter from the Prime Minister and Chancellor of the Exchequer indemnifying the Bank for a breach of the Act. The crisis in the money market ended almost immediately, without any breach of the Act. The panic of 1847 cleared away a vast number of unsound business houses, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Railway Mania
Railway Mania was an instance of a stock market bubble in the United Kingdom of Great Britain and Ireland in the 1840s. It followed a common pattern: as the price of railway shares increased, speculators invested more money, which further increased the price of railway shares, until the share price collapsed. The mania reached its zenith in 1846, when 263 Acts of Parliament for setting up new railway companies were passed, with the proposed routes totalling . About a third of the railways authorised were never built—the companies either collapsed due to poor financial planning, were bought out by larger competitors before they could build their line, or turned out to be fraudulent enterprises to channel investors' money into other businesses. Causes The world's first recognizably modern inter-city railway, the Liverpool and Manchester Railway (the L&M), opened its railway in 1830 and proved to be successful for transporting both passengers and freight. In the late 1830s an ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Robert Peel
Sir Robert Peel, 2nd Baronet, (5 February 1788 – 2 July 1850) was a British Conservative statesman who served twice as Prime Minister of the United Kingdom (1834–1835 and 1841–1846) simultaneously serving as Chancellor of the Exchequer (1834–1835) and twice as Home Secretary (1822–1827 and 1828–1830). He is regarded as the father of modern British policing, owing to his founding of the Metropolitan Police Service. Peel was one of the founders of the modern Conservative Party. The son of a wealthy textile manufacturer and politician, Peel was the first prime minister from an industrial business background. He earned a double first in classics and mathematics from Christ Church, Oxford. He entered the House of Commons in 1809, and became a rising star in the Tory Party. Peel entered the Cabinet as Home Secretary (1822–1827), where he reformed and liberalised the criminal law and created the modern police force, leading to a new type of officer known in tribute to ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bank Charter Act Of 1844
The Bank Charter Act 1844 (7 & 8 Vict. c. 32), sometimes referred to as the Peel Banking Act of 1844, was an Act of the Parliament of the United Kingdom, passed under the government of Robert Peel, which restricted the powers of British banks and gave exclusive note-issuing powers to the central Bank of England. It is one of the Bank of England Acts 1694 to 1892. Purpose Until the mid-nineteenth century, commercial banks in Britain and Ireland were able to issue their own banknotes, and notes issued by provincial banking companies were commonly in circulation. Under the 1844 Act, bullionism was institutionalized in Britain, creating a ratio between the gold reserves held by the Bank of England and the notes that the Bank could issue, and limited the issuance by English and Welsh banks of non-gold-backed Bank of England notes to up to £14 million. The Act also placed strict curbs on the issuance of notes by the country banks, barring any new "banks of issue" in any part of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bank Of England
The Bank of England is the central bank of the United Kingdom and the model on which most modern central banks have been based. Established in 1694 to act as the English Government's banker, and still one of the bankers for the Government of the United Kingdom, it is the world's eighth-oldest bank. It was privately owned by stockholders from its foundation in 1694 until it was nationalised in 1946 by the Attlee ministry. The Bank became an independent public organisation in 1998, wholly owned by the Treasury Solicitor on behalf of the government, with a mandate to support the economic policies of the government of the day, but independence in maintaining price stability. The Bank is one of eight banks authorised to issue banknotes in the United Kingdom, has a monopoly on the issue of banknotes in England and Wales, and regulates the issue of banknotes by commercial banks in Scotland and Northern Ireland. The Bank's Monetary Policy Committee has devolved responsibility for ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Jesús Huerta De Soto
Jesús Huerta de Soto Ballester (born December 23, 1956) is a Spanish economist of the Austrian School. He is a professor in the Department of Applied Economics at King Juan Carlos University of Madrid, Spain and a Senior Fellow at the Mises Institute.An Interview with Jesús Huerta de Soto in The Austrian Economics Newsletter. (Summer 1997; Volume 17, Number 2.) Education and career Huerta de Soto received a bachelor's degree in economics in 1978 and a PhD in economics in 1992, from |
Austrian School
The Austrian School is a heterodox school of economic thought that advocates strict adherence to methodological individualism, the concept that social phenomena result exclusively from the motivations and actions of individuals. Austrian school theorists hold that economic theory should be exclusively derived from basic principles of human action.Ludwig von Mises. Human Action, p. 11, "Purposeful Action and Animal Reaction". Referenced 2011-11-23. The Austrian School originated in late-19th- and early-20th-century Vienna with the work of Carl Menger, Eugen von Böhm-Bawerk, Friedrich von Wieser, and others. It was methodologically opposed to the Historical School (based in Germany), in a dispute known as ''Methodenstreit'', or methodology struggle. Current-day economists working in this tradition are located in many different countries, but their work is still referred to as Austrian economics. Among the theoretical contributions of the early years of the Austrian School are the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Great Depression
The Great Depression (19291939) was an economic shock that impacted most countries across the world. It was a period of economic depression that became evident after a major fall in stock prices in the United States. The economic contagion began around September and led to the Wall Street stock market crash of October 24 (Black Thursday). It was the longest, deepest, and most widespread depression of the 20th century. Between 1929 and 1932, worldwide gross domestic product (GDP) fell by an estimated 15%. By comparison, worldwide GDP fell by less than 1% from 2008 to 2009 during the Great Recession. Some economies started to recover by the mid-1930s. However, in many countries, the negative effects of the Great Depression lasted until the beginning of World War II. Devastating effects were seen in both rich and poor countries with falling personal income, prices, tax revenues, and profits. International trade fell by more than 50%, unemployment in the U.S. rose to 23% and ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bloomsbury Publishing
Bloomsbury Publishing plc is a British worldwide publishing house of fiction and non-fiction. It is a constituent of the FTSE SmallCap Index. Bloomsbury's head office is located in Bloomsbury, an area of the London Borough of Camden. It has a US publishing office located in New York City, an India publishing office in New Delhi, an Australia sales office in Sydney CBD and other publishing offices in the UK including in Oxford. The company's growth over the past two decades is primarily attributable to the ''Harry Potter'' series by J. K. Rowling and, from 2008, to the development of its academic and professional publishing division. The Bloomsbury Academic & Professional division won the Bookseller Industry Award for Academic, Educational & Professional Publisher of the Year in both 2013 and 2014. Divisions Bloomsbury Publishing group has two separate publishing divisions—the Consumer division and the Non-Consumer division—supported by group functions, namely Sales and Mar ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economic History Of The United Kingdom
The economic history of the United Kingdom relates the economic development in the British state from the absorption of Wales into the Kingdom of England after 1535 to the modern United Kingdom of Great Britain and Northern Ireland of the early 21st century. Scotland, England, and Wales shared a monarch from 1601 but their economies were run separately until they were unified in the 1707 Act of Union. Ireland was incorporated in the United Kingdom economy between 1800 and 1922; from 1922 the Irish Free State (the modern Republic of Ireland) became independent and set its own economic policy. Great Britain, and England in particular, became one of the most prosperous economic regions in the world between the late 1600s and early 1800s as a result of being the birthplace of the industrial revolution that began in the mid-eighteenth century. The developments brought by industrialization resulted in Britain becoming the premier European and global economic, political, and military ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
19th-century Economic History
The 19th (nineteenth) century began on 1 January 1801 ( MDCCCI), and ended on 31 December 1900 ( MCM). The 19th century was the ninth century of the 2nd millennium. The 19th century was characterized by vast social upheaval. Slavery was abolished in much of Europe and the Americas. The First Industrial Revolution, though it began in the late 18th century, expanding beyond its British homeland for the first time during this century, particularly remaking the economies and societies of the Low Countries, the Rhineland, Northern Italy, and the Northeastern United States. A few decades later, the Second Industrial Revolution led to ever more massive urbanization and much higher levels of productivity, profit, and prosperity, a pattern that continued into the 20th century. The Islamic gunpowder empires fell into decline and European imperialism brought much of South Asia, Southeast Asia, and almost all of Africa under colonial rule. It was also marked by the collapse of the large S ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
1847 In The United Kingdom
Events from the year 1847 in the United Kingdom. Incumbents * Monarch of the United Kingdom, Monarch – Queen Victoria, Victoria * Prime Minister of the United Kingdom, Prime Minister – John Russell, 1st Earl Russell, Lord John Russell (Whigs (British political party), Whig) * Foreign Secretary – Henry John Temple, 3rd Viscount Palmerston * Parliament of the United Kingdom, Parliament – List of MPs elected in the United Kingdom general election, 1841, 14th (until 23 July), List of MPs elected in the United Kingdom general election, 1847, 15th (starting 18 November) Events * 1 January – Britain's first Medical Officer of Health is appointed, Dr. William Henry Duncan in Liverpool. * 13 January – The Irish Confederation is formed by people in the Young Ireland movement who had broken away from the Repeal Association. * 14 January – all thirteen members of the Point of Ayr Lifeboat (rescue), life-boat crew are drowned when it capsizes off Rhyl. * 25–27 February – 18 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Financial Crises
A financial crisis is any of a broad variety of situations in which some financial assets suddenly lose a large part of their nominal value. In the 19th and early 20th centuries, many financial crises were associated with banking panics, and many recessions coincided with these panics. Other situations that are often called financial crises include stock market crashes and the bursting of other financial bubbles, currency crises, and sovereign defaults. Financial crises directly result in a loss of paper wealth but do not necessarily result in significant changes in the real economy (e.g. the crisis resulting from the famous tulip mania bubble in the 17th century). Many economists have offered theories about how financial crises develop and how they could be prevented. There is no consensus, however, and financial crises continue to occur from time to time. Types Banking crisis When a bank suffers a sudden rush of withdrawals by depositors, this is called a ''bank run''. Si ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
