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Montagu Norman: A ‘Monarch’ in the City

In: The Evolution of Modern Economic Theory

Author

Listed:
  • Lord Robbins

    (London School of Economics)

Abstract

In 1873 Walter Bagehot, the great editor of The Economist, wrote a book entitled Lombard Street about the organisation of the London money market. One of the chapters dealt with the government of the Bank of England; and a considerable part of it was devoted to the question whether the Governor should, or should not, be appointed for more than two years — which was then the customary period of office. Bagehot decided against; and one of the grounds for this decision was the belief that ‘a permanent Governor of the Bank of England would be one of the greatest men in England. He would be a little “monarch” in the City; he would be far greater than the Lord Mayor.’

Suggested Citation

  • Lord Robbins, 1970. "Montagu Norman: A ‘Monarch’ in the City," Palgrave Macmillan Books, in: The Evolution of Modern Economic Theory, chapter 14, pages 234-242, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-00876-6_14
    DOI: 10.1007/978-1-349-00876-6_14
    as

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