Progress and Poverty: An Economic and Social History of Britain, 1700-1850

By M. J. Daunton | Go to book overview

1850, the gold standard and the Bank Charter Act were articles of faith for mainstream economists, and part of the consensus of the mid-Victorian political system. After all, most economic disturbances had arisen from an over-expansion of credit rather than a deflation of commodity prices, and there were grounds for distrust of a 'banking' policy which gave discretion to a private, monopolistic Bank composed of City merchants. The contrast drawn by the anti-bullionists and banking school between productive debtors and parasitical creditors was too neat and schematic; after all, some industrialists were net debtors and some net creditors within the credit matrix; and some landowners were debtors who had borrowed to improve their estates while others had invested in government funds. Political mobilization was hampered because monetary policy did not have an immediate and straightforward economic impact on clearly defined groups, as the anti-bullionists and banking school liked to suggest. Even radical critics of the currency school accepted the Ricardian assumption that monetary policy could not affect the volume of income and employment, and they were suspicious of Attwood's motives. Changes in monetary policy and rising prices would relieve debtors at the expense of creditors, remarked the radical Henry Hetherington, but this was no more than 'a mere transfer of plunder from one set of schemers to another'. 24 Workers would not benefit, he felt, for prices of their purchases would rise faster than their wages, and he did not accept Attwood's argument that the volume of employment would increase. The gold standard and Bank Charter Act was far from a simple pro-City policy: it was part of the social contract of the Victorian, state which offered a rising standard of living to the working class from stable or falling prices.


Conclusion

The stark contrast between Scottish banks facilitating and English banks hindering industrialization does not stand up to close scrutiny. Both English and Scottish banks have been criticized as credit rather than investment banks, which neglected the needs of industry for long-term funds, in contrast to Germany in the late nineteenth century. This is to accept the principles espoused by bankers at face value without asking whether they were implemented in practice. In the eighteenth and early nineteenth centuries, there was a much closer connection between banks and the local business community than in the late nineteenth century when amalgamation led to a concentration of power in London. Although banks certainly had an incentive to remain liquid and to concentrate on short-term loans, this was not necessarily harmful to industry, which required credit in order to function. Neither did banks shun medium- and long-term loans, and there is little sign that industrial development was checked by an inadequate

-357-

Notes for this page

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Default project is now your active project.
Project items

Items saved from this book

This book has been saved
Highlights (0)
Some of your highlights are legacy items.

Highlights saved before July 30, 2012 will not be displayed on their respective source pages.

You can easily re-create the highlights by opening the book page or article, selecting the text, and clicking “Highlight.”

Citations (0)
Some of your citations are legacy items.

Any citation created before July 30, 2012 will labeled as a “Cited page.” New citations will be saved as cited passages, pages or articles.

We also added the ability to view new citations from your projects or the book or article where you created them.

Notes (0)
Bookmarks (0)

You have no saved items from this book

Project items include:
  • Saved book/article
  • Highlights
  • Quotes/citations
  • Notes
  • Bookmarks
Notes
Cite this page

Cited page

Style
Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

1

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited page

Bookmark this page
Progress and Poverty: An Economic and Social History of Britain, 1700-1850
Table of contents

Table of contents

  • Title Page iii
  • Acknowledgements vii
  • Contents ix
  • List of Figures xi
  • List of Tables xiii
  • Chapter I - Introduction: the Possibilities of Growth 1
  • Notes 19
  • Further Reading 21
  • Part I - Agriculture and Rural Society 23
  • Chapter 2 - Agricultural Production: the Limits of Growth? 25
  • Conclusion 56
  • Notes 57
  • Further Reading 58
  • Chapter 3 - The Rise of the Great Estates and the Decline of the Yeoman 61
  • Notes 87
  • Further Reading 88
  • Chapter 4 - Open Fields and Enclosure: the Demise of Commonality 92
  • Notes 117
  • Further Reading 119
  • Part II - Industry and Urban Society 123
  • Chapter 5 - Diversities of Industrialization 125
  • Notes 145
  • Further Reading 146
  • Chapter 6 - The Domestic System of Manufactures 148
  • Conclusion 169
  • Notes 170
  • Further Reading 171
  • Chapter 7 - The Coming of the Factory 201
  • Chapter 8 - Furnaces, Forges, and Mines 206
  • Conclusion 232
  • Further Reading 234
  • Chapter 9 - Capital and Credit: Financing Industrialization 260
  • Further Reading 261
  • Part III - Integrating the Economy 265
  • Chapter 10 - Integration and Specialization 267
  • Notes 283
  • Further Reading 283
  • Chapter II - Transport 285
  • Conclusion 314
  • Notes 314
  • Chapter 12 - Merchants and Marketing 318
  • Conclusion 338
  • Notes 338
  • Further Reading 339
  • Chapter 13 - Banks and Money 342
  • Conclusion 357
  • Notes 358
  • Further Reading 359
  • Further Reading 361
  • Further Reading 382
  • Further Reading 383
  • Part IV - Poverty, Prosperity, and Population 385
  • Chapter 15 - Births, Marriages, and Deaths 387
  • Notes 415
  • Further Reading 416
  • Chapter 16 - The Standard of Living and the Social History of Wages 441
  • Chapter 17 - Poor Relief and Charity 447
  • Notes 471
  • Further Reading 472
  • Part V - Public Policy and the State 475
  • Chapter 18 - The Visible Hand: the State and the Economy 477
  • Notes 502
  • Further Reading 503
  • Chapter 19 - Taxation and Public Finance 507
  • Further Reading 530
  • Further Reading 530
  • Notes 557
  • Further Reading 558
  • Chapter 21 - Conclusion 565
  • Notes 566
  • Chronology 567
  • Statistical Appendix 573
  • Index 591
Settings

Settings

Typeface
Text size Smaller Larger Reset View mode
Search within

Search within this book

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Full screen
/ 620

matching results for page

Cited passage

Style
Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited passage

Welcome to the new Questia Reader

The Questia Reader has been updated to provide you with an even better online reading experience.  It is now 100% Responsive, which means you can read our books and articles on any sized device you wish.  All of your favorite tools like notes, highlights, and citations are still here, but the way you select text has been updated to be easier to use, especially on touchscreen devices.  Here's how:

1. Click or tap the first word you want to select.
2. Click or tap the last word you want to select.

OK, got it!

Thanks for trying Questia!

Please continue trying out our research tools, but please note, full functionality is available only to our active members.

Your work will be lost once you leave this Web page.

For full access in an ad-free environment, sign up now for a FREE, 1-day trial.

Already a member? Log in now.