BAGEHOT, Walter.

Inquire · Offered by Peter Harrington

Lombard Street, A Description of the Money Market. Later edition of the work described by J. M. Keynes as "an undying classic". Lombard Street analyses the operation of the British financial system, focusing on the economic role of the Bank of England. Bagehot's recommendation that the Bank alter gold reserves based on economic cycles was highly influential, and the book was considered authoritative into the 20th century. It was originally published in 1873."The wonderful clearness of Bagehot's power of statement, his exact knowledge of the subject treated on, together with his firm grasp of economic theory, have caused this volume to exert an influence which few books on a subject naturally so dry have possessed" (Palgrave I, p. 81).

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