City of capital : politics and markets in the English financial revolution / Bruce G. Carruthers.

Format:

Book

Author/Creator:

Carruthers, Bruce G., author.

Language:

English

Subjects (All):

Capital market--History--18th century.

Capital market.

Capital market--History--17th century.

Great Britain--Politics and government--18th century.

Great Britain.

Great Britain--Politics and government--1689-1702.

South Sea Company--History.

South Sea Company.

East India Company--History--18th century.

East India Company.

Bank of England--History--18th century.

Bank of England.

Physical Description:

1 online resource (318 p.)

Edition:

Course Book

Place of Publication:

Princeton, NJ : Princeton University Press, [1999]

Language Note:

English

Summary:

While many have examined how economic interests motivate political action, Bruce Carruthers explores the reverse relationship by focusing on how political interests shape a market. He sets his inquiry within the context of late Stuart England, when an active stock market emerged and when Whig and Tory parties vied for control of a newly empowered Parliament. Carruthers examines the institutional linkage between politics and the market that consisted of three joint-stock companies--the Bank of England, the East India Company, and the South Sea Company--which all loaned large sums to the government and whose shares dominated trading on the stock market. Through innovative research that connects the voting behavior of individuals in parliamentary elections with their economic behavior in the stock market, Carruthers demonstrates that party conflict figured prominently during the company foundings as Whigs and Tories tried to dominate company directorships. For them, the national debt was as much a political as a fiscal instrument.In 1712, the Bank was largely controlled by the Whigs, and the South Sea Company by the Tories. The two parties competed, however, for control of the East India Company, and so Whigs tended to trade shares only with Whigs, and Tories with Tories. Probing such connections between politics and markets at both institutional and individual levels, Carruthers ultimately argues that competitive markets are not inherently apolitical spheres guided by economic interest but rather ongoing creations of social actors pursuing multiple goals.

Contents:

Frontmatter

CONTENTS

FIGURES

TABLES

ACKNOWLEDGMENTS

CHAPTER ONE: Introduction

CHAPTER TWO: British Politics from 1672 to 1712

CHAPTER THREE: Finance and State-Formation

CHAPTER FOUR: Britain in Comparative Perspective

CHAPTER FIVE. Financial Property Rights and the State

CHAPTER SIX. Politics and the Joint-Stock Companies

CHAPTER SEVEN. Trading on the London Stock Market

CHAPTER EIGHT. Government Bonds and Political Bonds

APPENDIX

NOTES

BIBLIOGRAPHY

INDEX

Notes:

Description based upon print version of record.

Includes bibliographical references (p. [267]-298) and index.

Description based on online resource; title from PDF title page (publisher's Web site, viewed 08. Jul 2019)

ISBN:

9786612473227

9781400822102

1400822106

9781282473225

1282473220

9781400811182

140081118X

OCLC:

700682004