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Panic Of 1847
The Panic of 1847 was a major British commercial and banking crisis, possibly triggered by the announcement in early March 1847 of government borrowing to pay for relief to combat the Great Famine in Ireland. It is also associated with the end of the 1840s railway industry boom and the failure of many non-bank lenders. The crisis was composed of two phases, one in April 1847 and one in October 1847, which was more serious and known as 'The Week of Terror'. Background As an attempt at stabilizing the British economy, the government, led by Prime Minister Robert Peel, passed the Bank Charter Act 1844. This act fixed a maximum quantity of Bank of England banknotes that could be in circulation at any one time, and guaranteed that definite reserve funds of gold and silver would be held in reserve to back up the money in circulation. Furthermore, the act required that the supply of money in circulation could be increased only when gold or silver reserves were proportionately increase ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
Great Famine (Ireland)
The Great Famine, also known as the Great Hunger ( ), the Famine and the Irish Potato Famine, was a period of mass starvation and disease in Ireland lasting from 1845 to 1852 that constituted a historical social crisis and had a major impact on Irish society and history as a whole. The most severely affected areas were in the western and southern parts of Ireland—where the Irish language was dominant—hence the period was contemporaneously known in Irish as , which literally translates to "the bad life" and loosely translates to "the hard times". The worst year of the famine was 1847, which became known as "Black '47".Éamon Ó Cuív – the impact and legacy of the Great Irish Famine The population of Ireland on the eve of the famine was about 8.5 million; by 1901, it was just 4.4 million. During the Great Hunger, roughly 1 million people died and more than 1 million more Irish diaspora, fled the country, causing the country's population to fall by 20–25% between 18 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
Austrian School
The Austrian school is a Heterodox economics, heterodox Schools of economic thought, school of economic thought that advocates strict adherence to methodological individualism, the concept that social phenomena result primarily from the motivations and actions of individuals along with their self interest. Austrian-school theorists hold that economic theory should be exclusively derived from basic principles of human action.Ludwig von Mises. Human Action, p. 11, "Purposeful Action and Animal Reaction". Referenced 2011-11-23. The Austrian school originated in 1871 in Vienna with the work of Carl Menger, Eugen von Böhm-Bawerk, Friedrich von Wieser, and others. It was methodologically opposed to the Historical school of economics, Historical school, in a dispute known as ''Methodenstreit'', or methodology quarrel. Current-day economists working in this tradition are located in many countries, but their work is still referred to as Austrian economics. Among the theoretical contribu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
1847 In The United Kingdom
Events from the year 1847 in the United Kingdom. Incumbents * Monarch – Victoria * Prime Minister – Lord John Russell ( Whig) * Foreign Secretary – Henry John Temple, 3rd Viscount Palmerston Events * 1 January – the UK's first Medical Officer of Health is appointed, Dr. William Henry Duncan in Liverpool. * 13 January – the Irish Confederation is formed by people in the Young Ireland movement who had broken away from the Repeal Association. * 14 January – all thirteen members of the Point of Ayr life-boat crew are drowned when it capsizes off Rhyl. * 25–27 February – 1847 University of Cambridge Chancellor election: Prince Albert is unsuccessfully challenged for the chancellorship of the University of Cambridge by The Earl of Powis. The winning margin is less than 120 votes. * 5 March – an explosion at The Oaks in the Barnsley seam in Yorkshire kills 73 men and boys. * 15 March – new system of county courts, with 60 judicial circuits and 491 co ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
19th Century In Economic History
19 (nineteen) is the natural number following 18 and preceding 20. It is a prime number. Mathematics Nineteen is the eighth prime number. Number theory 19 forms a twin prime with 17, a cousin prime with 23, and a sexy prime with 13. 19 is the fifth central trinomial coefficient, and the maximum number of fourth powers needed to sum up to any natural number (see, Waring's problem). It is the number of compositions of 8 into distinct parts. 19 is the eighth strictly non-palindromic number in any base, following 11 and preceding 47. 19 is also the second octahedral number, after 6, and the sixth Heegner number. In the Engel expansion of pi, 19 is the seventh term following and preceding . The sum of the first terms preceding 17 is in equivalence with 19, where its prime index (8) are the two previous members in the sequence. Prime properties 19 is the seventh Mersenne prime exponent. It is the second Keith number, and more specifically the first Keith prim ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
Economic History Of The United Kingdom
The economic history of the United Kingdom relates the economic development in the British state from the absorption of Wales into the Kingdom of England after Laws in Wales Acts 1535 and 1542, 1535 to the modern United Kingdom of Great Britain and Northern Ireland of the early 21st century. Scotland and England (including Wales, which had been treated as part of England since 1536) shared a monarch from 1603 but their economies were run separately until they were unified in the Act of Union 1707. Ireland was incorporated in the United Kingdom economy between 1800 and 1922; from 1922 the Irish Free State (the modern Republic of Ireland) became independent and set its own economic policy. Great Britain, and England in particular, became one of the most prosperous economic regions in the world between the late 1600s and early 1800s as a result of being the birthplace of the Industrial Revolution that began in the mid-eighteenth century. The developments brought by industrialisati ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
Bloomsbury Publishing
Bloomsbury Publishing plc is a British worldwide publishing house of fiction and non-fiction. Bloomsbury's head office is located on Bedford Square in Bloomsbury, an area of the London Borough of Camden. It has a US publishing office located in New York City, an India publishing office in New Delhi, an Australian sales office in Sydney CBD, and other publishing offices in the UK, including in Oxford. It is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index. History The company was founded in 1986 by Nigel Newton, who had previously been employed by other publishing companies. It was floated as a public registered company in 1994, raising £5.5 million, which was used to fund expansion of the company into paperback and children's books. A rights issue of shares in 1998 further raised £6.1 million, which was used to expand the company, in particular to found a U.S. branch. In 1998, Bloomsbury USA was established. Bloomsbury USA Books for Young Read ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
Mauritius
Mauritius, officially the Republic of Mauritius, is an island country in the Indian Ocean, about off the southeastern coast of East Africa, east of Madagascar. It includes the main island (also called Mauritius), as well as Rodrigues, Agaléga, and St. Brandon (Cargados Carajos shoals). The islands of Mauritius and Rodrigues, along with nearby Réunion (a French overseas department), are part of the Mascarene Islands. The main island of Mauritius, where the population is concentrated, hosts the capital and largest city, Port Louis. The country spans and has an exclusive economic zone covering approximately . The 1502 Portuguese Cantino planisphere has led some historians to speculate that Arab sailors were the first to discover the uninhabited island around 975, naming it ''Dina Arobi''. Called ''Ilha do Cirne'' or ''Ilha do Cerne'' on early Portuguese maps, the island was visited by Portuguese sailors in 1507. A Dutch fleet, under the command of Admiral Van War ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
James Wilson (businessman)
James Wilson (3 June 1805 – 11 August 1860) was a Scottish businessman, economist, and Liberal politician who founded ''The Economist'' weekly and the Chartered Bank of India, Australia and China, which merged with Standard Bank in 1969 to form Standard Chartered.''James Wilson'' by Ruth Dudley Edwards in Oxford DNB He was the first Finance Member of the Viceroy's Executive Council from December 1859 until his death in August 1860. Sent there to put order into the chaos that followed the " Sepoy Mutiny" of 1857, he presented India's first budget, and was responsible for the government accounting system, Pay Office, and audit, apart from government paper currency, Indian Police, a Military Finance Commission, and a Civil Finance Commission. Early life Wilson was born in Hawick in the Scottish Borders. His Quaker father William Wilson owned a hat manufactury, and his ancestors were local sheep farmers. He was the fourth of fifteen children, of whom ten reached adulthood. Hi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
Currency Board
In public finance, a currency board is a mechanism by which a monetary authority is required to maintain a fixed exchange rate with a foreign currency by fully backing the commitment with foreign holdings, or reserves. This policy objective requires the conventional objectives of a central bank to be subordinated to the exchange rate target. Although a currency board is a common (and simple) way of maintaining a fixed exchange rate, it is not the only way. Countries often keep exchange rates within a narrow band by regulating balance of payments through various capital controls, or though international agreements, among other methods. Thus, a rough peg may be maintained without a currency board. History In colonial administration, currency boards were popular because of the advantages of printing appropriate denominations for local conditions, and it also benefited the colony with the seigniorage revenue. The first such case was the Board of Commissioners of Currency of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
Henry Grey, 3rd Earl Grey
Henry George Grey, 3rd Earl Grey (28 December 18029 October 1894), known as Viscount Howick from 1807 until 1845, was an English statesman and cabinet minister in the government of the United Kingdom. Background Grey was the eldest son of Charles Grey, 2nd Earl Grey, who served as Prime Minister in the 1830s, by his wife The Honorable Mary Ponsonby, daughter of William Ponsonby, 1st Baron Ponsonby. He matriculated at Trinity College, Cambridge in 1821, graduating with a nobleman's MA in 1823. Political career He entered parliament in 1826, under the title of Viscount Howick, as Whig member for Winchelsea, and then briefly for Higham Ferrers before settling for a northern constituency. Northumberland in 1831 was followed by North Northumberland after the Great Reform Act 1832. He remained in the parliaments dominated by his party and later by Lord Melbourne as Prime Minister. On the accession of the Whigs to power in 1830, when his father became prime minister, he was ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
Financial Crisis
A financial crisis is any of a broad variety of situations in which some financial assets suddenly lose a large part of their nominal value. In the 19th and early 20th centuries, many financial crises were associated with Bank run#Systemic banking crises, banking panics, and many recessions coincided with these panics. Other situations that are often called financial crises include stock market crashes and the bursting of other financial Economic bubble, bubbles, currency crisis, currency crises, and sovereign defaults. Financial crises directly result in a loss of paper wealth but do not necessarily result in significant changes in the real economy (for example, the crisis resulting from the famous tulip mania bubble in the 17th century). Many economists have offered theories about how financial crises develop and how they could be prevented. There is little consensus and financial crises continue to occur from time to time. It is apparent however that a consistent feature of bo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
British Banking School
The British Banking School was a group of 19th century economists from the United Kingdom who wrote on monetary and banking issues. The school arose in opposition to the British Currency School; they argued that currency issue could be naturally restricted by the desire of bank depositors to redeem their notes for gold. According to Jacob Viner the main members of the Banking School were Thomas Tooke, John Fullarton, James Wilson and J. W. Gilbart. They believed: Thus they opposed the requirement in the Bank Charter Act 1844 for a reserve requirement on banknotes. Creation of Banking School versus Currency School During the early and mid 19th century Britain had been plagued economically due to the conversion of currency from gold to a paper currency. This switch to inconvertible currency spiraled Britain's economy into a financial crisis. Throughout this period of time two financial groups were formed, these groups were known as the British Banking School and the British ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
