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The British Credit Crisis of 1772 and The American Colonies

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  • Sheridan, Richard B.

Abstract

Few stones have remained unturned in an effort to reconstruct Anglo-American history in the critical years from the Treaty of Paris in 1763 to the outbreak of the Revolution in 1775. Much has been learned by investigating such problems as public finance, colonial administration, and mercantile policy within the context of an expanded British empire. It is not always realized, however, that by the Treaty of 1763 Great Britain acquired new fields for capital investment as well as vast new lands to govern. In addition to taxation and public expenditure, such problems were raised as capital recruitment and allocation, the modification of financial institutions, and the adjustment of debtor-creditor relationships. Though distinct in certain respects, public and private finance impinged upon each other in the period from 1763 to 1775. This was especially the case after the British credit crisis of 1772, when, in addition to the controversy over tea, debtor-creditor relations between the thirteen colonies and the mother country underwent marked deterioration.

Suggested Citation

  • Sheridan, Richard B., 1960. "The British Credit Crisis of 1772 and The American Colonies," The Journal of Economic History, Cambridge University Press, vol. 20(2), pages 161-186, June.
  • Handle: RePEc:cup:jechis:v:20:y:1960:i:02:p:161-186_11
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    Cited by:

    1. Markus K. Brunnermeier & Isabel Schnabel, 2014. "Bubbles and Central Banks: Historical Perspectives," Working Papers 1411, Gutenberg School of Management and Economics, Johannes Gutenberg-Universität Mainz, revised 31 Oct 2014.
    2. Farley Grubb, 2012. "Is Paper Money just Paper Money/ Experimentation and Local Variation in the Fiat Paper Monies Issued by the Colonial Government of British North America, 1690-1775: Part I," Working Papers 12-07, University of Delaware, Department of Economics.
    3. Grubb, Farley, 2004. "The circulating medium of exchange in colonial Pennsylvania, 1729-1775: new estimates of monetary composition, performance, and economic growth," Explorations in Economic History, Elsevier, vol. 41(4), pages 329-360, October.
    4. Hugh Rockoff, 2009. "Upon Daedalian Wings of Paper Money: Adam Smith and the Crisis of 1772," NBER Working Papers 15594, National Bureau of Economic Research, Inc.
    5. Md. Abu Issa Gazi & Md. Nahiduzzaman & Iman Harymawan & Abdullah Al Masud & Bablu Kumar Dhar, 2022. "Impact of COVID-19 on Financial Performance and Profitability of Banking Sector in Special Reference to Private Commercial Banks: Empirical Evidence from Bangladesh," Sustainability, MDPI, vol. 14(10), pages 1-23, May.
    6. Farley Grubb, 2016. "Is Paper Money Just Paper Money? Experimentation and Variation in the Paper Monies Issued by the American Colonies from 1690 to 1775," Research in Economic History, in: Research in Economic History, volume 32, pages 147-224, Emerald Group Publishing Limited.
    7. Hugh Rockoff, 2010. "Parallel Journeys: Adam Smith and Milton Friedman on the Regulation of Banking," Departmental Working Papers 201004, Rutgers University, Department of Economics.
    8. Farley Grubb, 2003. "Two Theories of Money Reconciled: The Colonial Puzzle Revisited with New Evidence," Working Papers 03-03, University of Delaware, Department of Economics.

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