Lombard Street: A Description of the Money Market.

BAGEHOT, Walter.

$1,500.00

Item Number: 133178

New York: Scribner, Armstrong and Co, 1873.

First edition of this “undying classic” (J.M. Keynes). Octavo, original cloth. In near fine condition. First editions are scarce, especially in this condition.

The English precursor to Wall Street, London's Lombard Street is the original district of finance and the birthplace of the money market. Fast-paced and highly-charged, it is a hotbed of financial activity whose impact is felt not just nationally, but globally. Though similar in many ways to its American counterpart, this "unequalled fund of floating money" nevertheless possesses a character all its own, the essence of which was brilliantly captured more than a century ago in Lombard Street. "Walter Bagehot was a great economist and a great writer-though there is a question as to which was the greater. Lombard Street, first published in 1873, is more than ever timely in the age of Asian financial flu, Long-Term Capital Management, problems in Russia, Brazil, and on the horizon elsewhere. Central bankers and finance ministers such as Alan Greenspan and Robert Rubin in the U.S., along with leading IMF officials should each sleep with a copy under his or her pillow" (Charles P. Kindleberger). It is a masterpiece of economics, described by J. M. Keynes as 'an undying classic'. It explains the world of banking and finance, particularly financial crisis management.