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The 1857–1858 Crisis

In: Calming the Storms

Author

Listed:
  • Charles Read

    (University of Cambridge)

Abstract

This chapter shows how the 1857–1858 crisis arose from interest-rate movements and a sudden halt in capital flows. The effect of the British government-guaranteed loans for Indian railways, the Crimean war and the American Civil War on capital flows is discussed. This chapter also describes how, in the aftermath of the crises of 1847, a culture war developed between the Bank of England and the newer joint-stock banks, in addition to competition between them for discounting business. The same moral divide extended to the attitudes of some adherents of the Currency School and the Banking School and influenced their interpretations of the crises of 1857–58.

Suggested Citation

  • Charles Read, 2023. "The 1857–1858 Crisis," Palgrave Studies in Economic History, in: Calming the Storms, chapter 0, pages 167-198, Palgrave Macmillan.
    • Handle: RePEc:pal:palscp:978-3-031-11914-9_6
    DOI: 10.1007/978-3-031-11914-9_6
    as

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