Cambridge Library Collection - British and Irish History, 19th Century Series

Lombard Street began as a series of articles the esteemed essayist and financial advisor, Walter Bagehot had written for The Economist during the 1850s. First published in book form in 1873, it is a vivid description of the money market that seamlessly brings together theoretical analyses, historical anecdotes, and incisive commentary on sociology, politics, and the Street's various personalities. Sharing his invaluable insights and unique observations, Bagehot touches on everything from the mechanics of deposit banking within a fractional reserve system to the nature of foreign deposits in Britain. Along with a clear explanation of why economic growth and rising living standards are dependent upon a well-managed financial system, he offers straightforward guidelines for the function of lender-of-last resort; a penetrating look at the consequences of uncontrolled credit and speculation; and an in-depth examination of the exchequer in the money market that includes a stimulating analysis of the interaction between the government's fiscal operations and the functioning of the Bank of England, the commercial banks, and the money market.
Perhaps most importantly, Lombard Street features Bagehot's prescription for crisis management, which after nearly 150 years, remains the formula of choice for containing-and curtailing-financial crises. Filled with descriptions of Lombard Street that still ring true today, this jewel of a book has withstood the test of time to become a true investment classic-one that will appeal as much to the readers of today as it did to those of years ago.

The English Constitution

by Walter Bagehot

Published December 1963

Walter Bagehot was one of the great political journalists of his-or indeed of any-age. Woodrow Wilson called his approach a "fresh and original method which has made the British system much ore intelligible to ordinary men than it was before."

For anyone who wants to understand the workings of British politics, this book, written in 1867, is still the best introduction available. It is a study of the classical period of Cabinet government before the extension of the suffrage, the creation of the party machines, and the emergence of an independent Civil Service administering a vast welfare state.

A thoughtful and provocative introduction by R. H. S. Crossman, M.P., gives biographical material on Bagehot, compares his political philosophy with those of his contemporaries, and contrasts Britain's parliamentary government today with that of the last century.