Knowledge is Power
Knowledge is Power

Author: David A. Wells

Publisher: BoD – Books on Demand

Published: 2024-01-04

Total Pages: 509

ISBN-13: 3375178611

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Reprint of the original, first published in 1856.

The 1772–73 British Credit Crisis
The 1772–73 British Credit Crisis

Author: Paul Kosmetatos

Publisher: Springer

Published: 2018-03-21

Total Pages: 351

ISBN-13: 3319709089

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Nowadays remembered mostly through Adam Smith’s references to the short-lived Ayr Bank in the Wealth of Nations, the 1772-3 financial crisis was an important historical episode in its own right, taking place during a pivotal period in the development of financial capitalism and coinciding with the start of the traditional industrialisation narrative. It was also one of the earliest purely financial crises occurring in peacetime, and its progress showed an impressive geographical reach, involving England, Scotland, the Netherlands and the North American colonies. This book uses a variety of previously unpublished archival sources to question the bubble narrative usually associated with this crisis, and to identify the mechanisms of financial contagion that allowed the failure of a small private bank in London to cause rapid and severe distress throughout the 18th century financial system. It re-examines the short and turbulent career of the Ayr Bank, and concludes that its failure was the result of cavalier liability management akin to that of Northern Rock in 2007, rather than the poor asset quality alleged in existing literature. It furthermore argues that the Bank of England’s prompt efforts to contain the crisis are evidence of a Lender of Last Resort in action, some thirty years before the classical formulation of the concept by Henry Thornton.

Scotland and the Sea
Scotland and the Sea

Author: Nick Robins

Publisher: Pen and Sword

Published: 2014-01-21

Total Pages: 278

ISBN-13: 1473834414

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Scotland's maritime heritage is a highly significant one, embracing as it does a quite outstanding contribution to Britain's development both as an empire and as the world's leading maritime power in the nineteenth century.Scottish engineering, ship-owning and operating, as well as business and entrepreneurial skills, played a major part in the success of the Merchant Navy, while Scottish emigrants took skills to every corner of the world, creating trade and wealth both abroad and at home. In terms of engineering, 'Clyde-built' was the Kitemark for the shipbuilding industry the world over. Scottish shipowners included household names such as Allan, Anchor, Donaldson and Henderson, while Scotsmen were instrumental in founding and, for much of the time, managing Cunard, British India, P & O, Orient, Glen and many other 'English' companies.The author tells an exhilarating story of energy and inventiveness, describing the remarkable navigational skills of the highlanders and the technological and business skills of the lowlanders, and relates the early development of the steamship, the impact of emigration, the involvement with exploration and the development of trade routes, and the final flowering of the world's last great iron sailing ships. And the evidence is still here, in the Cutty Sark, the Denny test tank at Dumbarton, and the Burrell Collection at Pollock, all reminders of a remarkable story.As seen in Scottish Memories Magazine.