Not an ordinary bank but a great engine of state: The Bank of England and the British economy, 1694–1844
Autor(a) principal: | |
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Data de Publicação: | 2022 |
Outros Autores: | |
Tipo de documento: | Artigo |
Idioma: | eng |
Título da fonte: | Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
Texto Completo: | http://hdl.handle.net/10451/55054 |
Resumo: | From its foundation as a private corporation in 1694, the Bank of England extended large amounts of credit to support the British private economy and to support an increasingly centralised British state. The Bank helped the British state reach a position of geopolitical and economic hegemony in the international economic order. In this paper, we deploy recalibrated financial data to analyse an evolving trajectory of connections between the British economy, the state, and the Bank of England. We show how these connections contributed to form an effective and efficient fiscal–naval state and promote the development of a system of financial intermediation for the economy. This symbiotic relationship became stronger after 1793. The evidence that we consider here shows that although the Bank was nominally a private institution and profits were paid to its shareholders, it was playing a public role well before Bagehot’s doctrine. |
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Not an ordinary bank but a great engine of state: The Bank of England and the British economy, 1694–1844Bank of EnglandNational defenceState-building institutionsFrom its foundation as a private corporation in 1694, the Bank of England extended large amounts of credit to support the British private economy and to support an increasingly centralised British state. The Bank helped the British state reach a position of geopolitical and economic hegemony in the international economic order. In this paper, we deploy recalibrated financial data to analyse an evolving trajectory of connections between the British economy, the state, and the Bank of England. We show how these connections contributed to form an effective and efficient fiscal–naval state and promote the development of a system of financial intermediation for the economy. This symbiotic relationship became stronger after 1793. The evidence that we consider here shows that although the Bank was nominally a private institution and profits were paid to its shareholders, it was playing a public role well before Bagehot’s doctrine.Wiley-BlackwellRepositório da Universidade de LisboaO'Brien, Patrick K.Palma, Nuno2022-11-10T16:27:53Z20232023-01-01T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articleapplication/pdfhttp://hdl.handle.net/10451/55054engO'Brien, P.K. and Palma, N. (2023). Not an ordinary bank but a great engine of state: The Bank of England and the British economy, 1694–1844. Economic History Review, 76 (1), pp. 305-329. (Published online 2 set) https://doi.org/10.1111/ehr.1319110.1111/ehr.13191info:eu-repo/semantics/openAccessreponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAP2023-11-08T17:01:47Zoai:repositorio.ul.pt:10451/55054Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-19T22:05:45.829025Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãofalse |
dc.title.none.fl_str_mv |
Not an ordinary bank but a great engine of state: The Bank of England and the British economy, 1694–1844 |
title |
Not an ordinary bank but a great engine of state: The Bank of England and the British economy, 1694–1844 |
spellingShingle |
Not an ordinary bank but a great engine of state: The Bank of England and the British economy, 1694–1844 O'Brien, Patrick K. Bank of England National defence State-building institutions |
title_short |
Not an ordinary bank but a great engine of state: The Bank of England and the British economy, 1694–1844 |
title_full |
Not an ordinary bank but a great engine of state: The Bank of England and the British economy, 1694–1844 |
title_fullStr |
Not an ordinary bank but a great engine of state: The Bank of England and the British economy, 1694–1844 |
title_full_unstemmed |
Not an ordinary bank but a great engine of state: The Bank of England and the British economy, 1694–1844 |
title_sort |
Not an ordinary bank but a great engine of state: The Bank of England and the British economy, 1694–1844 |
author |
O'Brien, Patrick K. |
author_facet |
O'Brien, Patrick K. Palma, Nuno |
author_role |
author |
author2 |
Palma, Nuno |
author2_role |
author |
dc.contributor.none.fl_str_mv |
Repositório da Universidade de Lisboa |
dc.contributor.author.fl_str_mv |
O'Brien, Patrick K. Palma, Nuno |
dc.subject.por.fl_str_mv |
Bank of England National defence State-building institutions |
topic |
Bank of England National defence State-building institutions |
description |
From its foundation as a private corporation in 1694, the Bank of England extended large amounts of credit to support the British private economy and to support an increasingly centralised British state. The Bank helped the British state reach a position of geopolitical and economic hegemony in the international economic order. In this paper, we deploy recalibrated financial data to analyse an evolving trajectory of connections between the British economy, the state, and the Bank of England. We show how these connections contributed to form an effective and efficient fiscal–naval state and promote the development of a system of financial intermediation for the economy. This symbiotic relationship became stronger after 1793. The evidence that we consider here shows that although the Bank was nominally a private institution and profits were paid to its shareholders, it was playing a public role well before Bagehot’s doctrine. |
publishDate |
2022 |
dc.date.none.fl_str_mv |
2022-11-10T16:27:53Z 2023 2023-01-01T00:00:00Z |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/article |
format |
article |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
http://hdl.handle.net/10451/55054 |
url |
http://hdl.handle.net/10451/55054 |
dc.language.iso.fl_str_mv |
eng |
language |
eng |
dc.relation.none.fl_str_mv |
O'Brien, P.K. and Palma, N. (2023). Not an ordinary bank but a great engine of state: The Bank of England and the British economy, 1694–1844. Economic History Review, 76 (1), pp. 305-329. (Published online 2 set) https://doi.org/10.1111/ehr.13191 10.1111/ehr.13191 |
dc.rights.driver.fl_str_mv |
info:eu-repo/semantics/openAccess |
eu_rights_str_mv |
openAccess |
dc.format.none.fl_str_mv |
application/pdf |
dc.publisher.none.fl_str_mv |
Wiley-Blackwell |
publisher.none.fl_str_mv |
Wiley-Blackwell |
dc.source.none.fl_str_mv |
reponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação instacron:RCAAP |
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Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
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RCAAP |
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RCAAP |
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Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
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Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
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Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
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