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Panic Of 1825
The Panic of 1825 was a stock market crash that originated in the Bank of England, arising partly from speculative investments in Latin America, including the fictitious country of Poyais. The crisis was felt most acutely in Britain, where it led to the closure of twelve banks, but also affected markets in Europe, Latin America and the United States. An infusion of gold reserves from the Banque de France saved the Bank of England from collapse. The panic has been called the first modern economic crisis not attributable to an external event such as war, marking the beginning of modern economic cycles. The Napoleonic Wars had been highly profitable for all sectors of the British financial system, and the Expansionary monetary policy, expansionist monetary actions adopted during the transition from war to peace brought a surge of prosperity and speculative ventures. The stock market boom became a bubble, and banks caught in the euphoria made risky loans. Britain's financial system de ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Stock Market Crash
A stock market crash is a sudden dramatic decline of stock prices across a major cross-section of a stock market, resulting in a significant loss of paper wealth. Crashes are driven by panic selling and underlying economic factors. They often follow speculation and economic bubbles. A stock market crash is a social phenomenon where external economic events combine with crowd psychology in a positive feedback loop where selling by some market participants drives more market participants to sell. Generally speaking, crashes usually occur under the following conditions: a prolonged period of rising stock prices (a bull market) and excessive economic optimism, a market where price–earnings ratios exceed long-term averages, and extensive use of margin debt and leverage by market participants. Other aspects such as wars, large corporate hacks, changes in federal laws and regulations, and natural disasters within economically productive areas may also influence a significant decline i ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Industrial Revolution
The Industrial Revolution, sometimes divided into the First Industrial Revolution and Second Industrial Revolution, was a transitional period of the global economy toward more widespread, efficient and stable manufacturing processes, succeeding the Second Agricultural Revolution. Beginning in Kingdom of Great Britain, Great Britain around 1760, the Industrial Revolution had spread to continental Europe and the United States by about 1840. This transition included going from craft production, hand production methods to machines; new Chemical industry, chemical manufacturing and Puddling (metallurgy), iron production processes; the increasing use of Hydropower, water power and Steam engine, steam power; the development of machine tools; and rise of the mechanisation, mechanised factory system. Output greatly increased, and the result was an unprecedented rise in population and population growth. The textile industry was the first to use modern production methods, and textiles b ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Ovington's Bank
''Ovington's Bank'' is a novel by the English historical novelist Stanley John Weyman, set during an 1825 banking crisis. It was published in London in 1922 by John Murray. It was revived in paperback 2012 and 2015 after the 2008 financial crisis. It was published in hardback in 2018 with a 24-page critical biography of Weyman. Setting and plot The novel is set immediately before and during the British Panic of 1825, which was caused largely by a fraud involving "Poyais", an invented South American country. As a result, about 70 banks failed. The novel follows the effects of the events on two fictional English communities named Aldersbury and Garth. Weyman, still a well-known novelist in the period when he wrote the book, describes the conflict between the old-established rural gentry, whose wealth is drawn as landowners exploiting large estates, and the striving business classes, drawing theirs from banking and industry. The novel, set a century before publication, has a co ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Stanley J
Stanley may refer to: Arts and entertainment Film and television * ''Stanley'' (1972 film), an American horror film * ''Stanley'' (1984 film), an Australian comedy * ''Stanley'' (1999 film), an animated short * ''Stanley'' (1956 TV series), an American situation comedy * ''Stanley'' (2001 TV series), an American animated series Other uses in arts and entertainment * ''Stanley'' (play), by Pam Gems, 1996 * Stanley Award, an Australian Cartoonists' Association award * '' Stanley: The Search for Dr. Livingston'', a video game Businesses * Stanley, Inc., an American information technology company * Stanley Aviation, an American aerospace company * Stanley Black & Decker, formerly The Stanley Works, an American hardware manufacturer ** Stanley Hand Tools, a division of Stanley Black & Decker * Stanley bottle, a brand of food and beverage containers * Stanley Electric, a Japanese manufacturer of electric lights * Stanley Furniture, an American furniture manufacturer * ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Thomas Babington Macaulay, 1st Baron Macaulay
Thomas Babington Macaulay, 1st Baron Macaulay, (; 25 October 1800 – 28 December 1859) was an English historian, poet, and Whig politician, who served as the Secretary at War between 1839 and 1841, and as the Paymaster General between 1846 and 1848. He is best known for his '' The History of England'', a seminal example of Whig history which expressed Macaulay's belief in the inevitability of sociopolitical progress and has been widely commended for its prose style. Macaulay also played a substantial role in determining India's education policy, in which he was guided by his conviction that Western European culture was superior to that of India and the Middle East. Early life Macaulay was born at Rothley Temple in Leicestershire on 25 October 1800, the son of Zachary Macaulay, a Scottish Highlander, who became a colonial governor and abolitionist, and Selina Mills of Bristol, a former pupil of Hannah More. They named their first child after his uncle Thomas Bab ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Business Cycle
Business cycles are intervals of general expansion followed by recession in economic performance. The changes in economic activity that characterize business cycles have important implications for the welfare of the general population, government institutions, and private sector firms. There are many definitions of a business cycle. The simplest defines recessions as two consecutive quarters of negative GDP growth. More satisfactory classifications are provided by, first including more economic indicators and second by looking for more data patterns than the two quarter definition. In the United States, the National Bureau of Economic Research oversees a Business Cycle Dating Committee that defines a recession as "a significant decline in economic activity spread across the market, lasting more than a few months, normally visible in real GDP, real income, employment, industrial production, and wholesale-retail sales." Business cycles are usually thought of as medium-term ev ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Convertibility
Convertibility is the quality that allows money or other financial instruments to be converted into other liquid stores of value. Convertibility is an important factor in international trade, where instruments valued in different currencies must be exchanged. Currency trading Freely convertible currencies have immediate value on the different international markets, and few restrictions on the manner and amount that can be traded for another currency. Free convertibility is a major feature of a hard currency. Some countries pass laws restricting the legal exchange rates of their currencies or requiring permits to exchange more than a certain amount. Some currencies, such as the North Korean won, the Transnistrian ruble, and the Cuban national peso, are officially nonconvertible and can only be exchanged on the black market. If an official exchange rate is set, its value on the black market is often lower. Convertibility controls may be introduced as part of an overall monetary ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Companies Act 1862
The Companies Act 1862 ( 25 & 26 Vict. c. 89) was an act of the Parliament of the United Kingdom regulating UK company law, whose descendant is the Companies Act 2006. Provisions *s 6 'Any seven or more persons associated for any lawful purpose may, by subscribing their names to a memorandum of association, and otherwise complying with the requisitions of this Act in respect of registration, form an incorporated company, with or without limited liability.' *s 8 'Where a company is formed on the principle of having the liability of its members limited to the amount unpaid on their shares, hereinafter referred to as a company limited by shares, the Memorandum of Association shall contain the following things' the third of which was 'objects for which the proposed company is to be established.' *s 11 'The memorandum of association... shall, when registered, bind the company and the members thereof to the same extent as if each member had subscribed his name and affixed his seal the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Companies Act 1856
The Joint Stock Companies Act 1856 ( 19 & 20 Vict. c. 47) was an act of the Parliament of the United Kingdom. It was a consolidating statute that was recognised as the founding piece of modern United Kingdom company law. Overview Unlike other acts of Parliament that preceded it, the 1856 act provided a simple administrative procedure by which any group of seven people could register a limited liability company for themselves. Companies involved in banking and insurance were explicitly excluded from the provisions of the act. Debate The Joint Stock Companies Bill was introduced to Parliament by the Vice President of the Board of Trade, Robert Lowe. In doing so, he proclaimed the right of every citizen to have freedom of contract and, with it, to obtain limited liability for operating a business. Companies had until recently been prohibited, as a result of the Bubble Act and the stock market panics of the early 18th century. There was still a lot of suspicion of companies, b ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Limited Liability Act 1855
The Limited Liability Act 1855 ( 18 & 19 Vict. c. 133) was an act of the Parliament of the United Kingdom that first expressly allowed limited liability for corporations that could be established by the general public in England and Wales as well as Ireland. The Act did not apply to Scotland, where the limited liability of shareholders for the debts company debts had been recognised since the mid-18th century with the decision in the case of ''Stevenson v McNair''. Although the validity of the decision in that case had come to be doubted by the mid-19th century, the Joint Stock Companies Act 1856, which applied across the UK, put the matter beyond doubt by settling that Scottish 'companies' could be possessed of both separate legal personality and limited liability. Overview Under the Act, shareholders were still liable directly to creditors for the unpaid portion of their shares. The modern principle that shareholders are liable to the corporation was introduced by the Joint S ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bank Restriction Act 1797
The Bank Restriction Act 1797 (37 Geo. 3. c. 45) was an Act of Parliament, Act of the Parliament of Great Britain which removed the requirement for the Bank of England to convert banknotes into gold. The period lasted until 1821, when convertibility was restored. The period between these two dates is known as the Restriction period. Reasons for restricting An increasing number of people were trading their banknotes for gold. The overprinting of banknotes caused the Bank of England to loose its supply of gold, and due to the gold standard, the value of each banknote was diminishing. The timing of the act, which had been under consideration for a few months owing to runs on banks in Newcastle-upon-Tyne, Sunderland, Tyne and Wear, Sunderland, and Durham, England, Durham that had in turn requested monetary support from the Bank of England, was the invasion of Britain on 22–24 February 1797 by French forces in Fishguard. When news of this event, now known as the Battle of Fishguard, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Progressive Income Tax
A progressive tax is a tax in which the tax rate increases as the taxable amount increases. The term ''progressive'' refers to the way the tax rate progresses from low to high, with the result that a taxpayer's average tax rate is less than the person's marginal tax rate. The term can be applied to individual taxes or to a tax system as a whole. Progressive taxes are imposed in an attempt to reduce the tax incidence of people with a lower ability to pay, as such taxes shift the incidence increasingly to those with a higher ability-to-pay. The opposite of a progressive tax is a regressive tax, such as a sales tax, where the poor pay a larger proportion of their income compared to the rich (for example, spending on groceries and food staples varies little against income, so poor pay similar to rich even while latter has much higher income). The term is frequently applied in reference to personal income taxes, in which people with lower income pay a lower percentage of that income ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
