![]() ![]() When confronted with the 1866 crisis, the Bank adopted a pragmatic stance towards the market, which accommodated the credit needs of the City without sacrificing either its privileged legal status or its shareholders' interests. By assessing the correspondence, speeches, and publications of Governors, City figures, and financial journalists, the article finds that the Bank's evolving approach to crisis lending was decisively shaped by its commercial objectives and a prolonged struggle to preserve its autonomy. This article investigates the politics of the Bank's liquidity provision during the 1866 crisis, and in the ensuing months of financial stringency. The banking panic triggered by the collapse of the prominent British discount house became one of the Bank's most tumultuous modern crises. News of the insolvency of Overend, Gurney, & Company on generated a scramble for funds in the City of London and urgent appeals to the Bank of England. The fourth section suggests that we need to take merchant capitalism more seriously as a historical category as well as one of theory, rejecting the idea that merchant's capital 'exclusively inhabits the circulation sphere'. The key category here is vertical integration as a form/strategy of accumulation chiefly characteristic of the latter. The third section proposes a wider taxonomy, where the differences between commercial and industrial capital and their respective forms of domination of the countryside are laid out. The second section builds a model of how commercial capitalism worked in the produce trades of the nineteenth and early twentieth centuries. ![]() The first section summarizes the arguments of Bernstein's essay and relates them to key passages of A.V. It uses the ideas in that essay to construct a general argument about the ways in which capitalism dominates household producers. ![]() ![]() My paper underscores the theoretical contribution of an early essay by Henry Bernstein, 'Notes on Capital and Peasantry', published in 1977. ![]()
0 Comments
Leave a Reply. |
Details
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |