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The Crises of 1825 and 1837

In: Calming the Storms

Author

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  • Charles Read

    (University of Cambridge)

Abstract

This chapter shows how the Banking School’s ideas about crises developed as a result of those of 1825 and 1837–1839 and provides new narratives about the causes and consequences of these events. The bullion drain and subsequent crisis in 1825 were to an extent caused by commodity trading, but, as the Banking School identified, investment flows were also influential and increasingly so through the next decades. The origins of the crisis were British, not Latin American, in origin. It was a consequence of interest rates between Britain and elsewhere converging, leading to investment flows to Latin America ceasing, triggering a chain of defaults on debts there that then spread back to London. The chapter also shows that the development of the 1837 and 1839 crises was contributed to by the distribution of a large amount of capital paid out as compensation to former slave owners in the British Empire in exchange for emancipation.

Suggested Citation

  • Charles Read, 2023. "The Crises of 1825 and 1837," Palgrave Studies in Economic History, in: Calming the Storms, chapter 0, pages 91-136, Palgrave Macmillan.
    • Handle: RePEc:pal:palscp:978-3-031-11914-9_4
    DOI: 10.1007/978-3-031-11914-9_4
    as

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