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Credit, Morals and Sunspots: the Financial Boom of the 1860s and Trade Cycle Theory

In: Money and Power

Author

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  • P. L. Cottrell

Abstract

By the third quarter of the nineteenth century Victorians were becoming accustomed to outbreaks of financial panic, so much so that H. White wrote in the Fortnightly Review in 1876: It is a humiliating reflection that the Anglo-Saxon race are unable to subsist through a whole generation without two or three times breaking into a commercial and financial stampede, in which, figuratively speaking, hundreds of thousands of people are trampled to death, or left bruised and bleeding by the way side. These disgraceful routs have latterly assumed something of the regularity of clockwork, so that people pretend to know when to expect one by looking in the almanac.1

Suggested Citation

  • P. L. Cottrell, 1988. "Credit, Morals and Sunspots: the Financial Boom of the 1860s and Trade Cycle Theory," Palgrave Macmillan Books, in: P. L. Cottrell & D. E. Moggridge (ed.), Money and Power, chapter 2, pages 41-71, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-07173-9_2
    DOI: 10.1007/978-1-349-07173-9_2
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