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| Author: | Knafo, S. |
| Title: | The state and the rise of speculative finance in England |
| Journal: | Economy and Society
2008 : MAY, VOL. 37:2, p. 172-192 |
| Index terms: | banking economic history economic policy finance gold standard speculation England |
| Language: | eng |
| Abstract: | English banking has come to be characterized by speculative configuration, and the origins of this are studied in this paper. Gerschenkron's view that early nineteenth-century English banking developed relatively autonomously from manufacturing is criticized here. The study points out that he misunderstood the specific nature of English finance and the reasons that explained the later shift towards speculation and shows how Gerschenkron and his followers have consistently underestimated the role of the state in shaping the nature of English finance. |
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