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Panic Of 1825
The Panic of 1825 was a stock market crash that started in the Bank of England, arising in part out of speculative investments in Latin America, including an imaginary country: Poyais. The crisis was felt most acutely in Britain, where it led to the closure of twelve banks. It was also manifest in the markets of Europe, Latin America and the United States. Nation wide gold and silver confiscation ensued and an infusion of gold reserves from the Banque de France saved the Bank of England from collapse. The panic has been called the first modern economic crisis not attributable to an external event, such as a war, and so the start of modern economic cycles. The Napoleonic Wars had been highly profitable for all sectors of the British financial system, and the expansionist monetary actions taken during transition from war to peace brought a surge of prosperity and speculative ventures. The stock market boom became a bubble and banks caught in the euphoria made risky loans. Bank impr ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Stock Market Crash
A stock market crash is a sudden dramatic decline of stock In finance, stock (also capital stock) consists of all the shares by which ownership of a corporation or company is divided.Longman Business English Dictionary: "stock - ''especially AmE'' one of the shares into which ownership of a company ... prices across a major cross-section of a stock market, resulting in a significant loss of paper wealth. Crashes are driven by panic selling and underlying economic factors. They often follow speculation and economic bubbles. A stock market crash is a social phenomenon where external economic events combine with crowd psychology in a positive feedback loop where selling by some market participants drives more market participants to sell. Generally speaking, crashes usually occur under the following conditions: a prolonged period of rising stock prices (a Market trend#Market terminology, bull market) and excessive economic optimism, a market where price–earnings ratios exce ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Industrial Revolution
The Industrial Revolution was the transition to new manufacturing processes in Great Britain, continental Europe, and the United States, that occurred during the period from around 1760 to about 1820–1840. This transition included going from hand production methods to machines, new chemical manufacturing and iron production processes, the increasing use of steam power and water power, the development of machine tools and the rise of the mechanized factory system. Output greatly increased, and a result was an unprecedented rise in population and in the rate of population growth. Textiles were the dominant industry of the Industrial Revolution in terms of employment, value of output and capital invested. The textile industry was also the first to use modern production methods. The Industrial Revolution began in Great Britain, and many of the technological and architectural innovations were of British origin. By the mid-18th century, Britain was the world's leadi ... [...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] |
Victorian England
In the history of the United Kingdom and the British Empire, the Victorian era was the period of Queen Victoria's reign, from 20 June 1837 until her death on 22 January 1901. The era followed the Georgian period and preceded the Edwardian period, and its later half overlaps with the first part of the '' Belle Époque'' era of Continental Europe. There was a strong religious drive for higher moral standards led by the nonconformist churches, such as the Methodists and the evangelical wing of the established Church of England. Ideologically, the Victorian era witnessed resistance to the rationalism that defined the Georgian period, and an increasing turn towards romanticism and even mysticism in religion, social values, and arts. This era saw a staggering amount of technological innovations that proved key to Britain's power and prosperity. Doctors started moving away from tradition and mysticism towards a science-based approach; medicine advanced thanks to the adoption ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Middlemarch
''Middlemarch, A Study of Provincial Life'' is a novel by the English author Mary Anne Evans, who wrote as George Eliot. It first appeared in eight installments (volumes) in 1871 and 1872. Set in Middlemarch, a fictional English Midland town, in 1829 to 1832, it follows distinct, intersecting stories with many characters. Issues include the status of women, the nature of marriage, idealism, self-interest, religion, hypocrisy, political reform, and education. Despite comic elements, ''Middlemarch'' uses realism to encompass historical events: the 1832 Reform Act, early railways, and the accession of King William IV. It looks at medicine of the time and reactionary views in a settled community facing unwelcome change. Eliot began writing the two pieces that formed the novel in 1869–1870 and completed it in 1871. Initial reviews were mixed, but it is now seen widely as her best work and one of the great English novels. Background ''Middlemarch'' originates in two unfinished pie ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
George Eliot
Mary Ann Evans (22 November 1819 – 22 December 1880; alternatively Mary Anne or Marian), known by her pen name George Eliot, was an English novelist, poet, journalist, translator, and one of the leading writers of the Victorian era. She wrote seven novels: ''Adam Bede'' (1859), ''The Mill on the Floss'' (1860), ''Silas Marner'' (1861), ''Romola'' (1862–63), ''Felix Holt, the Radical'' (1866), ''Middlemarch'' (1871–72) and '' Daniel Deronda'' (1876). Like Charles Dickens and Thomas Hardy, she emerged from provincial England; most of her works are set there. Her works are known for their realism, psychological insight, sense of place and detailed depiction of the countryside. ''Middlemarch'' was described by the novelist Virginia Woolf as "one of the few English novels written for grown-up people"Woolf, Virginia. "George Eliot." ''The Common Reader''. New York: Harcourt, Brace, and World, 1925. pp. 166–76. and by Martin Amis and Julian Barnes as the greatest novel in ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Ovington's Bank
''Ovington's Bank'' is a novel by the English historical novelist Stanley John Weyman, set during an 1825 banking crisis. It was published in London in 1922 by John Murray. It was revived in paperback 2012 and 2015 on the back of an analogous crisis in 2008. It was published in hardback in 2018 with a 24-page critical biography of Weyman. Setting and plot The novel is set immediately before and during the British Panic of 1825, which was caused largely by a fraud involving "Poyais", an invented South American country. As a result, about 70 banks failed. The novel follows the effects of the events on two fictional English communities named Aldersbury and Garth. Weyman, still a well-known novelist in the period when he wrote the book, describes the conflict between the old-established rural gentry, whose wealth is drawn as landowners exploiting large estates, and the striving business classes, drawing theirs from banking and industry. The novel, set a century before publication, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Stanley J
Stanley may refer to: Arts and entertainment Film and television * ''Stanley'' (1972 film), an American horror film * ''Stanley'' (1984 film), an Australian comedy * ''Stanley'' (1999 film), an animated short * ''Stanley'' (1956 TV series), an American situation comedy * ''Stanley'' (2001 TV series), an American animated series Other uses in arts and entertainment * ''Stanley'' (play), by Pam Gems, 1996 * Stanley Award, an Australian Cartoonists' Association award * '' Stanley: The Search for Dr. Livingston'', a video game * Stanley (Cars), a character in ''Cars Toons: Mater's Tall Tales'' * ''The Stanley Parable'', a 2011 video game developed by Galactic Cafe, and its titular character, Stanley Businesses and organisations * Stanley, Inc., American information technology company * Stanley Aviation, American aerospace company * Stanley Black & Decker, formerly The Stanley Works, American hardware manufacturer ** Stanley knife, a utility knife * Stanley bottle, a bran ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Thomas Babington Macaulay, 1st Baron Macaulay
Thomas Babington Macaulay, 1st Baron Macaulay, (; 25 October 1800 – 28 December 1859) was a British historian and Whig politician, who served as the Secretary at War between 1839 and 1841, and as the Paymaster-General between 1846 and 1848. Macaulay's '' The History of England'', which expressed his contention of the superiority of the Western European culture and of the inevitability of its sociopolitical progress, is a seminal example of Whig history that remains commended for its prose style. Early life Macaulay was born at Rothley Temple in Leicestershire on 25 October 1800, the son of Zachary Macaulay, a Scottish Highlander, who became a colonial governor and abolitionist, and Selina Mills of Bristol, a former pupil of Hannah More. They named their first child after his uncle Thomas Babington, a Leicestershire landowner and politician, who had married Zachary's sister Jean. The young Macaulay was noted as a child prodigy; as a toddler, gazing out of the window f ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Convertibility
Convertibility is the quality that allows money or other financial instruments to be converted into other liquid stores of value. Convertibility is an important factor in international trade, where instruments valued in different currencies must be exchanged. Currency trading Freely convertible currencies have immediate value on the foreign exchange market, and few restrictions on the manner and amount that can be traded for another currency. Free convertibility is a major feature of a hard currency. Some countries pass laws restricting the legal exchange rates of their currencies or requiring permits to exchange more than a certain amount. Some currencies, such as the North Korean won, the Transnistrian ruble, and the Cuban national peso, are officially nonconvertible and can only be exchanged on the black market. If an official exchange rate is set, its value on the black market is often lower. Convertibility controls may be introduced as part of an overall monetary policy. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bank Restriction Act 1797
The Bank Restriction Act 1797 was an Act of the Parliament of Great Britain (37 Geo. III. c. 45) which removed the requirement for the Bank of England to convert banknotes into gold. The period lasted until 1821, when convertibility was restored. The period between these two dates is known as the Restriction period. Reasons for restricting An increasing number of people were trading their banknotes for gold. Due to the overprinting of banknotes, the Bank of England was losing its supply of gold, and due to the gold standard, the value of each banknote was diminishing. The timing of the act, which had been under consideration for a few months owing to runs on banks in Newcastle-upon-Tyne, Sunderland, and Durham that had in turn requested monetary support from the Bank of England, was the invasion of Britain on 22–24 February 1797 by French forces in Fishguard. When news of this event, now known as the Battle of Fishguard, became known in London, a much greater run on the Bank of E ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Progressive Income Tax
A progressive tax is a tax in which the tax rate increases as the taxable amount increases.Sommerfeld, Ray M., Silvia A. Madeo, Kenneth E. Anderson, Betty R. Jackson (1992), ''Concepts of Taxation'', Dryden Press: Fort Worth, TX The term ''progressive'' refers to the way the tax rate progresses from low to high, with the result that a taxpayer's average tax rate is less than the person's marginal tax rate.Hyman, David M. (1990) ''Public Finance: A Contemporary Application of Theory to Policy'', 3rd, Dryden Press: Chicago, ILJames, Simon (1998) ''A Dictionary of Taxation'', Edgar Elgar Publishing Limited: Northampton, MA The term can be applied to individual taxes or to a tax system as a whole. Progressive taxes are imposed in an attempt to reduce the tax incidence of people with a lower ability to pay, as such taxes shift the incidence increasingly to those with a higher ability-to-pay. The opposite of a progressive tax is a regressive tax, such as a sales tax, where the poor pay ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
