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Casualties of Credit: The English Financial Revolution, 1620-1720

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  • Wennerlind, Carl

    (Barnard College)

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    Abstract

    Modern credit, developed during the financial revolution of 1620–1720, laid the foundation for England’s political, military, and economic dominance in the eighteenth century. Possessed of a generally circulating credit currency, a modern national debt, and sophisticated financial markets, England developed a fiscal–military state that instilled fear in its foes and facilitated the first industrial revolution. Yet a number of casualties followed in the wake of this new system of credit. Not only was it precarious and prone to accidents, but it depended on trust, public opinion, and ultimately violence. Carl Wennerlind reconstructs the intellectual context within which the financial revolution was conceived. He traces how the discourse on credit evolved and responded to the Glorious Revolution, the Scientific Revolution, the founding of the Bank of England, the Great Recoinage, armed conflicts with Louis XIV, the Whig–Tory party wars, the formation of the public sphere, and England’s expanded role in the slave trade. Debates about credit engaged some of London’s most prominent turn-of-the-century intellectuals, including Daniel Defoe, John Locke, Isaac Newton, Jonathan Swift and Christopher Wren. Wennerlind guides us through these conversations, toward an understanding of how contemporaries viewed the precariousness of credit and the role of violence—war, enslavement, and executions—in the safeguarding of trust.

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    This book is provided by Harvard University Press in its series Economics Books with number 9780674047389 and published in 2011.

    ISBN: 9780674047389
    Handle: RePEc:hup:pbooks:9780674047389

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    Web page: http://www.hup.harvard.edu/

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    Cited by:
    1. Carlos Eduardo Suprinyak, 2013. "Beyond Thomas Mun: the economic ideas of Edward Coke, Francis Bacon and Lionel Cranfield," Textos para Discussão Cedeplar-UFMG 473, Cedeplar, Universidade Federal de Minas Gerais.
    2. Margaret Schabas & Carl Wennerlind, 2011. "Retrospectives: Hume on Money, Commerce, and the Science of Economics," Journal of Economic Perspectives, American Economic Association, vol. 25(3), pages 217-30, Summer.
    3. Madarász, Aladár, 2012. "Adósság, pénz és szabadság
      [Taxation, money and freedom]
      ," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(5), pages 457-507.

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