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The Banking Crisis, Nationalization of Banking and the Mixed Economy

In: Macroeconomics, Finance and Money

Author

Listed:
  • Yiannis Kitromilides

Abstract

The decision to nationalize the Northern Rock bank in February 2008 was presented by the British government as a temporary measure of last resort. The preferred option of keeping the bank in the private sector by selling it to a number of prospective buyers did not materialize. Bankruptcy, which would have resulted in the failure of a major bank, was ruled out because of the potential threat that it could pose to the stability of the entire financial system. Nationalization was, therefore, the only alternative course of action.

Suggested Citation

  • Yiannis Kitromilides, 2010. "The Banking Crisis, Nationalization of Banking and the Mixed Economy," Palgrave Macmillan Books, in: Giuseppe Fontana & John McCombie & Malcolm Sawyer (ed.), Macroeconomics, Finance and Money, chapter 10, pages 150-162, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-28558-3_10
    DOI: 10.1057/9780230285583_10
    as

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