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1873 Lombard Street: A Description of the Money Market
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Description
Early Edition, Publishers' Original Binding
The very scarce second edition of this work, published in the same year as the first edition.
Termed an 'undying classic' by Keynes, Bagehot's work was published in part as a reaction to the collapse of the Overend-Gurney bank, which caused widespread panic in England in the 1860s.
The economist Sir Paul Tucker analysed the message of Bagehot's work as relaying the message that: 'to avert panic, central banks should lend early and freely (ie without limit), to solvent firms, against good collateral, and at ‘high rates’'.
Bagehot's work lays out principles for the managing financial crises, including the need for prompt and decisive action by central banks, transparency in their operations, and the establishment of rules to guide their interventions.
The second edition of a classic work of economic theory; Bagehot's recommendation that the Bank alter gold reserves based on economic cycles was highly influential.
Condition
In the publisher's original cloth binding. Front board exceptionally bright, with light tide mark to the tail of the rear board. A touch of discolouration to back strip, with bumping to spine head and tail, and minor losses to the cloth in these regions. Internally, firmly bound. Pages lightly age toned, with instances of spotting throughout, most concentrated to first and last few leaves.
Very Good Indeed
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