October 9, 2009
Murphy, Anne L. (2006) “Dealing with Uncertainty: Managing Personal Investment in the Early English National Debt”, History, 91/302, 200-17.

The sums involved in the so-called English Financial Revolution following the arrival on the throne of William III were altogether not that important: £6.9m from 1688 to 1702 while the government budget over the period reached £72m. However, “the impact of those novel methods of fund-raising was considerable”. In particular because small wealth-owners represented a large share of these early investors (p.201). Samuel Jeake, a merchant from Rye (East Sussex) was one of those small investors. He recorded his thought and his transactions in a diary and a few letters (p.202). Read the rest of this entry »
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Early Modern, Economic History, Europe, reading notes | Tagged: Bank of England, behavioral economics, behavioral finance, capital, capital market, central bank, early finance, England, finance, financial markets, financial revolution, London, lottery, portfolio, portfolio management, public finance, Rye, small investors, stock-market, stocks, uncertainty, William III |
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August 12, 2009
Quinn, Stephen (2001) “The Glorious Revolution’s Effect on English Private Finance: A Microhistory 1680-1705”, The Journal of Economic History, 61/3: 593-615.



Disclaimer: this summary is written by the contributors of the blog and not by the author of the article. Any mistake is Manuel’s fault (and he shall be punished).
Introduction
According to North and Weingast’s famous thesis, the investiture of William III of England in 1688, the “Glorious Revolution”, triggered a quick modernization of the British financial system – prompting in turn a fall of the interest rates. But the arrival of the new king also led the realm into a new war against France which lasted nine years and increased public debt from £1 million to £19 million (⅓ of the national income; p.593). Read the rest of this entry »
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Early Modern, Economic History, Europe, reading notes | Tagged: 1600s, 1700s, bank, Bank of England, banker, crowding out, Douglass North, early finance, East India Company, England, finance, financial history, financial market, financial revolution, Glorious Revolution, goldsmith, Great Britain, institution, interest rates, investment, loan, London, modernization, New Institutional Economics, Nobel prize, Parliament, public finance, William III |
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Posted by Ben