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Finance and growth in the United Kingdom


Voth, Hans-Joachim (2018). Finance and growth in the United Kingdom. In: Beck, Thorsten; Levine, Ross. Handbook of finance and development. Cheltenham, UK, 173-193.

Abstract

England's financial revolution in the eighteenth century has long been hailed as a key contributor to the world's first Industrial Revolution. Later, in the nineteenth century, roles change in standard narratives – finance turns from hero into villain, with Victorian economic “failure” a result of excessive financial development. This survey argues for the exact opposite. England's financial revolution was strictly limited to public finance, enabling an explosion of public borrowing that stifled economic activity in the century up to 1815. It was only afterwards that finance began to fulfill its promise, enabling the country's rise to become the undisputed workshop of the world by the 1850s. Finally, there is no evidence of Victorian failure through excessive capital exports. In sum, the English case eloquently demonstrates the risks of financial repression – and the vast benefits from repealing outdated rules and regulations.

Abstract

England's financial revolution in the eighteenth century has long been hailed as a key contributor to the world's first Industrial Revolution. Later, in the nineteenth century, roles change in standard narratives – finance turns from hero into villain, with Victorian economic “failure” a result of excessive financial development. This survey argues for the exact opposite. England's financial revolution was strictly limited to public finance, enabling an explosion of public borrowing that stifled economic activity in the century up to 1815. It was only afterwards that finance began to fulfill its promise, enabling the country's rise to become the undisputed workshop of the world by the 1850s. Finally, there is no evidence of Victorian failure through excessive capital exports. In sum, the English case eloquently demonstrates the risks of financial repression – and the vast benefits from repealing outdated rules and regulations.

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Additional indexing

Item Type:Book Section, refereed, original work
Communities & Collections:03 Faculty of Economics > Department of Economics
Dewey Decimal Classification:330 Economics
Language:English
Date:2018
Deposited On:20 Feb 2019 11:19
Last Modified:17 Sep 2019 20:16
ISBN:978-1-78536-051-0
OA Status:Closed
Publisher DOI:https://doi.org/10.4337/9781785360510.00013
Official URL:https://books.google.ch/books?hl=en&lr=&id=X4dlDwAAQBAJ&oi=fnd&pg=PA173&ots=enu7iKIIZw&sig=dnvCYmDccbKkGyVLPRe4l1n6exQ#v=onepage&q&f=false

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