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Prometheus Shackled
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Prometheus Shackled: Goldsmith Banks and England's Financial Revolution after 1700

Peter Temin and Hans-Joachim Voth

Abstract

The book asks when financial development is good for growth. It turns to industrializing England for an answer, using London goldsmith bankers as a case study. The book traces the early history of domestic banking in eighteenth-century London. It reveals how goldsmiths learned to be bankers in the tumultuous early years of the century, how a few of them prospered in the South Sea Bubble, and how the banks operated after mid-century. Financial repression by the government—a response to the pressing need to finance ever longer and more expensive wars—was a key constraint for private financial de ... More

Keywords: financial development, economic growth, industrial revolution, Hoare’s Bank, usury laws, credit rationing

Bibliographic Information

Print publication date: 2013 Print ISBN-13: 9780199944279
Published to Oxford Scholarship Online: January 2013 DOI:10.1093/acprof:oso/9780199944279.001.0001

Authors

Affiliations are at time of print publication.

Peter Temin, author
MIT

Hans-Joachim Voth, author
Economics Department, Universitat Pompeu Fabra, Barcelona

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