Walter Bagehot
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Walter Bagehot ( ; 3 February 1826 – 24 March 1877) was an English journalist, businessman, and essayist, who wrote extensively about government, economics, literature and race. He is known for co-founding the ''
National Review ''National Review'' is an American conservative editorial magazine, focusing on news and commentary pieces on political, social, and cultural affairs. The magazine was founded by the author William F. Buckley Jr. in 1955. Its editor-in-chief ...
'' in 1855, and for his works '' The English Constitution'' and '' Lombard Street: A Description of the Money Market'' (1873).


Life

Bagehot was born in
Langport Langport is a small town and civil parish in Somerset, England, west of Somerton in the South Somerset district. The parish, which covers only part of the town, has a population of 1,081. Langport is contiguous with Huish Episcopi, a separate ...
,
Somerset ( en, All The People of Somerset) , locator_map = , coordinates = , region = South West England , established_date = Ancient , established_by = , preceded_by = , origin = , lord_lieutenant_office =Lord Lieutenant of Somerset , lord_ ...
,
England England is a country that is part of the United Kingdom. It shares land borders with Wales to its west and Scotland to its north. The Irish Sea lies northwest and the Celtic Sea to the southwest. It is separated from continental Europe b ...
, on 3 February 1826. His father, Thomas Watson Bagehot, was managing director and vice-chairman of
Stuckey's Bank Parr's Bank Limited was a bank that existed from 1782 to 1918. It was founded as Parr & Co. in Warrington, then in the county of Lancashire in the United Kingdom. In 1918 it was acquired by London County and Westminster Bank, and it was thus one ...
. He attended
University College London , mottoeng = Let all come who by merit deserve the most reward , established = , type = Public research university , endowment = £143 million (2020) , budget = ...
(UCL), where he studied mathematics and, in 1848, earned a master's degree in moral philosophy. Bagehot was called to the bar by Lincoln's Inn, but preferred to join his father in 1852 in his family's shipping and banking business. In 1858, Bagehot married Elizabeth (Eliza) Wilson (1832–1921), whose father,
James Wilson James Wilson may refer to: Politicians and government officials Canada *James Wilson (Upper Canada politician) (1770–1847), English-born farmer and political figure in Upper Canada * James Crocket Wilson (1841–1899), Canadian MP from Quebe ...
, was the founder and owner of ''
The Economist ''The Economist'' is a British weekly newspaper printed in demitab format and published digitally. It focuses on current affairs, international business, politics, technology, and culture. Based in London, the newspaper is owned by The Econo ...
''. The couple were happily married until Bagehot's untimely death at age 51, but had no children. A collection of their love-letters was published in 1933.


Journalism

In 1855, Bagehot founded the ''
National Review ''National Review'' is an American conservative editorial magazine, focusing on news and commentary pieces on political, social, and cultural affairs. The magazine was founded by the author William F. Buckley Jr. in 1955. Its editor-in-chief ...
'' with his friend
Richard Holt Hutton Richard Holt Hutton (2 June 1826 – 9 September 1897) was an English journalist of literature and religion. Life and work The son of Joseph Hutton, a Unitarian minister, Richard Holt Hutton was born at Leeds. His family moved to Londo ...
. In 1861, he became editor-in-chief of ''
The Economist ''The Economist'' is a British weekly newspaper printed in demitab format and published digitally. It focuses on current affairs, international business, politics, technology, and culture. Based in London, the newspaper is owned by The Econo ...
''. In the 17 years he served as its editor, Bagehot expanded the reporting of politics by ''The Economist'', and increased its influence among policy-makers. He was widely accepted by the British establishment and was elected to the
Athenaeum Athenaeum may refer to: Books and periodicals * ''Athenaeum'' (German magazine), a journal of German Romanticism, established 1798 * ''Athenaeum'' (British magazine), a weekly London literary magazine 1828–1921 * ''The Athenaeum'' (Acadia U ...
in 1875.


Works

In 1867, Bagehot wrote '' The English Constitution'', a book that explores the nature of the
constitution of the United Kingdom The constitution of the United Kingdom or British constitution comprises the written and unwritten arrangements that establish the United Kingdom of Great Britain and Northern Ireland as a political body. Unlike in most countries, no attemp ...
, specifically its
Parliament In modern politics, and history, a parliament is a legislative body of government. Generally, a modern parliament has three functions: representing the electorate, making laws, and overseeing the government via hearings and inquiries. Th ...
and
monarchy A monarchy is a form of government in which a person, the monarch, is head of state for life or until abdication. The political legitimacy and authority of the monarch may vary from restricted and largely symbolic (constitutional monarchy) ...
. It appeared at the same time that Parliament enacted the Reform Act of 1867, requiring Bagehot to write an extended introduction to the second edition which appeared in 1872. Bagehot also wrote ''
Physics and Politics Physics is the natural science that studies matter, its fundamental constituents, its motion and behavior through space and time, and the related entities of energy and force. "Physical science is that department of knowledge which relat ...
'' (1872), in which he examines how civilisations sustain themselves, arguing that, in their earliest phase, civilisations are very much in opposition to the values of modern liberalism, insofar as they are sustained by conformism and military success but, once they are secured, it is possible for them to mature into systems which allow for greater diversity and freedom. His viewpoint was based on his distinction between the qualities of an "accomplished man" and those of a "rude man", which he considered to be the result of iterative inheritances by which the "nervous organisation" of the individual became increasingly refined down through the generations. He regarded that distinction as a moral achievement whereby, through the actions of the will, the "accomplished" elite was able to morally differentiate themselves from "rude men" by a "hereditary drill". He equally applied such reasoning to develop a form of pseudoscientific
racism Racism is the belief that groups of humans possess different behavioral traits corresponding to inherited attributes and can be divided based on the superiority of one race over another. It may also mean prejudice, discrimination, or antagonism ...
, whereby those of
mixed race Mixed race people are people of more than one race or ethnicity. A variety of terms have been used both historically and presently for mixed race people in a variety of contexts, including ''multiethnic'', ''polyethnic'', occasionally ''bi-ethn ...
lacked any "inherited creed" or "fixed traditional sentiments" upon which, he considered, human nature depended. He attempted to provide empirical support for his views by citing John Lubbock and
Edward Tylor Sir Edward Burnett Tylor (2 October 18322 January 1917) was an English anthropologist, and professor of anthropology. Tylor's ideas typify 19th-century cultural evolutionism. In his works ''Primitive Culture'' (1871) and ''Anthropology'' (1 ...
although, in their writings on
human evolution Human evolution is the evolutionary process within the history of primates that led to the emergence of '' Homo sapiens'' as a distinct species of the hominid family, which includes the great apes. This process involved the gradual development o ...
, neither of them accepted arguments for innate hereditary differences, as opposed to cultural inheritance. Tylor, in particular, rejected Bagehot's view of the centrality of physical heredity, or that the modern "savage" mind had become "tattooed over with monstrous images" by which base instincts had been preserved in crevices, as opposed to accomplished European man, for whom such instincts had been smoothed away through the inherited will to exercise reason. In '' Lombard Street: A Description of the Money Market'' (1873) Bagehot seeks to explain the world of finance and banking. His observations on finance are often cited by
central bank A central bank, reserve bank, or monetary authority is an institution that manages the currency and monetary policy of a country or monetary union, and oversees their commercial banking system. In contrast to a commercial bank, a central b ...
ers, most recently in the wake of the
global financial crisis Global means of or referring to a globe and may also refer to: Entertainment * ''Global'' (Paul van Dyk album), 2003 * ''Global'' (Bunji Garlin album), 2007 * ''Global'' (Humanoid album), 1989 * ''Global'' (Todd Rundgren album), 2015 * Bruno ...
which began in 2007. Of particular importance is " Bagehot's Dictum" that in times of financial crisis central banks should lend freely to solvent
depository institutions Colloquially, a depository institution is a financial institution in the United States (such as a savings bank, commercial bank, savings and loan associations, or credit unions) that is legally allowed to accept monetary deposits from consumers. ...
, yet only against sound
collateral Collateral may refer to: Business and finance * Collateral (finance), a borrower's pledge of specific property to a lender, to secure repayment of a loan * Marketing collateral, in marketing and sales Arts, entertainment, and media * ''Collate ...
and at interest rates high enough to dissuade those borrowers that are not genuinely in need.


Legacy

Bagehot never fully recovered from a bout of
pneumonia Pneumonia is an inflammatory condition of the lung primarily affecting the small air sacs known as alveoli. Symptoms typically include some combination of productive or dry cough, chest pain, fever, and difficulty breathing. The severity ...
he suffered in 1867, and he died in 1877 from complications of what was said to be a cold. Collections of Bagehot's literary, political, and economic essays were published after his death. Their subjects ranged from
Shakespeare William Shakespeare ( 26 April 1564 – 23 April 1616) was an English playwright, poet and actor. He is widely regarded as the greatest writer in the English language and the world's pre-eminent dramatist. He is often called England's nation ...
and
Disraeli Benjamin Disraeli, 1st Earl of Beaconsfield, (21 December 1804 – 19 April 1881) was a British statesman and Conservative Party (UK), Conservative politician who twice served as Prime Minister of the United Kingdom. He played a centr ...
to the price of silver. Every year, the British
Political Studies Association The Political Studies Association (PSA) is a learned society in the United Kingdom which exists to develop and promote the study of politics. It is the leading association in its field in the United Kingdom, with an international membership includi ...
awards the Walter Bagehot Prize for the best dissertation in the field of government and
public administration Public Administration (a form of governance) or Public Policy and Administration (an academic discipline) is the implementation of public policy, administration of government establishment (public governance), management of non-profit establ ...
. Minor planet
2901 Bagehot 9 (nine) is the natural number following and preceding . Evolution of the Arabic digit In the beginning, various Indians wrote a digit 9 similar in shape to the modern closing question mark without the bottom dot. The Kshatrapa, Andhra and ...
, discovered by
Luboš Kohoutek Luboš Kohoutek (, born 29 January 1935) is a Czech astronomer and a discoverer of minor planets and comets, including Comet Kohoutek which was visible to the naked eye in 1973. He also discovered a large number of planetary nebulae. Biography ...
, is named in his honor. ''The Economist'' carries a weekly current affairs commentary entitled "Bagehot", which is named in his honour and is described as "an analysis of British life and politics, in the tradition of Walter Bagehot". , the column has been written by Duncan Robinson, political editor of the publication.


Major publications

* (1848)
"Principles of Political Economy,"
''The Prospective Review'', Vol. 4, No. 16, pp. 460–502. * (1858). ''Estimates of Some Englishmen and Scotchmen''. * (1867; second edition, 1872). ''The English Constitution''.
online
* (1872). ''Physics and Politics''
online
. * (1873). ''Lombard Street: A Description of the Money Market''.
online
* (1875)
"A New Standard of Value,"
''The Economist'', Vol. 33, No. 1682, pp. 1361–63. * (1877). ''Some Articles on the Depreciation of Silver and on Topics Connected with It''. * (1879). ''Literary Studies''. *
Vol I
*
Vol III
* (1880). ''Economic Studies''. * (1881). ''Biographical Studies''. * (1885). ''The Postulates of English Political Economy''. * (1889). ''The Works of Walter Bagehot''. * (1933). ''The Love Letters of Walter Bagehot and Eliza Wilson'' (with his spouse).


References


Bibliography

* Barrington, Emilie Isabel Wilson (1914)
''Life of Walter Bagehot''
London: Longmans, Green and Co. * Buchan, Alastair (1960). ''The Spare Chancellor: The Life of Walter Bagehot''. East Lansing: Michigan State University Press. * Grant, James (2019). ''Bagehot: The Life and Times of the Greatest Victorian''. New York: W. W. Norton & Company. * Orel, Harold (1984). ''Victorian Literary Critics''. London: Palgrave Macmillan. * Sisson C.H. (1972). ''The Case of Walter Bagehot''. London: Faber and Faber Ltd. * Stevas, Norman (1959). ''Walter Bagehot a Study of His Life and Thought''. Bloomington: Indiana University Press. * Sullivan, Harry R. (1975). ''Walter Bagehot''. Boston: Twayne Publishers. * *


Further reading

* Barrington, Emilie Isabel Wilson (1933). ''The Love-letters of Walter Bagehot and Eliza Wilson.'' London: Faber & Faber * Baumann, Arthur Anthony (1916)
"Walter Bagehot."
In: ''Persons & Politics of the Transition.'' London: Macmillan & Co., pp. 121–50 * Birrell, Augustine (1922)
"Walter Bagehot."
In: ''The Collected Essays and Addresses of the Rt. Hon. Augustine Birrell'', Vol. 2. London: J.M. Dent & Sons, pp. 213–35 * Briggs, Asa, “Trollope, Bagehot, and the English Constitution,” in Briggs, ''Victorian People'' (1955) pp. 87–115
online
* Brogan, Hugh (1977). "America and Walter Bagehot," ''Journal of American Studies,'' Vol. 11, No. 3, pp. 335–56 * Brinton, Crane (1962). "Walter Bagehot." In: ''English Plolitical Thought in the 19th Century.'' New York: Harper Torchbooks * Buchan, Alastair. "Walter Bagehot." ''History Today'' (Nov 1954) 4#11 pp 764–770 * Clinton, David (2003). "'Dash and Doubt': Walter Bagehot and International Restraint," ''The Review of Politics,'' Vol. 65, No. 1, pp. 89–109 * Cousin, John William (1910)
''A Short Biographical Dictionary of English Literature''
London: J.M. Dent & Sons, p. 20 * Easton, David (1949). "Walter Bagehot and Liberal Realism," ''The American Political Science Review,'' Vol. 43, No. 1, pp. 17–37 * Edwards, Ruth Dudley (1993). ''The Pursuit of Reason:'' The Economist ''1843–1993''. London: Hamish Hamilton * Grant Duff, M.E. (1903)
"Walter Bagehot: His Life and Works, 1826–1877."
In: ''Out of the Past.'' London: John Murray, pp. 1–34 * Halsted, John B. (1958). "Walter Bagehot on Toleration," ''Journal of the History of Ideas,'' Vol. 19, No. 1, pp. 119–28 * Hanley, Brian (2004). "'The Greatest Victorian' in the New Century: The Enduring Relevance of Walter Bagehot's Commentary on Literature, Scholarship, and Public Life", ''Papers on Language and Literature,'' Vol. 40, No. 2, pp. 167–98 * Irvine, William (1939). ''Walter Bagehot.'' London: Longmans, Green and Co. * Kolbe, F.C. (1908). "Walter Bagehot: An Appreciation," ''The Irish Monthly,'' Vol. 36, No. 419, pp. 282–87 * Lanchester, John, "The Invention of Money: How the heresies of two bankers became the basis of our modern economy", ''
The New Yorker ''The New Yorker'' is an American weekly magazine featuring journalism, commentary, criticism, essays, fiction, satire, cartoons, and poetry. Founded as a weekly in 1925, the magazine is published 47 times annually, with five of these issues ...
'', 5 & 12 August 2019, pp. 28–31. * Morgan, Forrest (1995). ''Collected Works of Walter Bagehot''. Routledge * Ostlund, Leonard A. (1956). "Walter Bagehot—Pioneer Social Psychology Theorist," ''Social Science,'' Vol. 31, No. 2, pp. 107–11 * Spring, David (1976). "Walter Bagehot and Deference," ''The American Historical Review,'' Vol. 81, No. 3, pp. 524–31 * Stephen, Leslie (1907)
"Walter Bagehot."
In: ''Studies of a Biographer,'' Vol. 3. New York: G.P. Putnam's Sons, pp. 144–74 * Stevas, Norman, ed. (1986). ''The Collected Works of Walter Bagehot: Volumes 1–15''. New York: Oxford University Press * Westwater, S.A.M. (1977). "Walter Bagehot: A Reassessment," ''The Antioch Review,'' Vol. 35, No. 1, pp. 39–49 *
Wilson, Woodrow Thomas Woodrow Wilson (December 28, 1856February 3, 1924) was an American politician and academic who served as the 28th president of the United States from 1913 to 1921. A member of the Democratic Party, Wilson served as the president of ...
(1895)
"A Literary Politician,"
''The Atlantic Monthly,'' Vol. 76, No. 457, pp. 668–80 * Wilson, Woodrow (1898)
"A Wit and a Seer,"
''The Atlantic Monthly,'' Vol. 82, No. 492, pp. 527–40


External links

* *
Works by Walter Bagehot
at
Hathi Trust HathiTrust Digital Library is a large-scale collaborative repository of digital content from research libraries including content digitized via Google Books and the Internet Archive digitization initiatives, as well as content digitized locally ...

Walter Bagehot
a
McMaster University Archive for the History of Economic Thought
* {{DEFAULTSORT:Bagehot, Walter British political scientists English constitutionalists Alumni of University College London Members of Lincoln's Inn The Economist editors English essayists People from Langport 1826 births 1877 deaths English historical school of economics Proponents of scientific racism