Catalogue


City of capital [electronic resource] : politics and markets in the English financial revolution /
Bruce G. Carruthers.
imprint
Princeton, N.J. : Princeton University Press, c1996.
description
xiv, 303 p. : ill. ; 25 cm.
ISBN
0691044554 (hbk. : alk. paper)
format(s)
Book
More Details
imprint
Princeton, N.J. : Princeton University Press, c1996.
isbn
0691044554 (hbk. : alk. paper)
restrictions
Licensed for access by U. of T. users.
catalogue key
8838652
 
Includes bibliographical references (p. [267]-298) and index.
A Look Inside
Full Text Reviews
Appeared in Choice on 1996-11-01:
Perhaps there are those who would doubt that British joint-stock companies acquired vested interests in the governments to whom they loaned large sums after the Glorious Revolution. To convince any disbelievers, Carruthers (sociologist, Northwestern Univ.) devotes six chapters to a survey of the financial revolution and a brief comparison of late Stuart fiscal politics with those on the Continent. That an intertwining of polity and economy in the late 17th century should result in market choices often guided by something other than purely economic considerations may not seem surprising, especially when such transactions could affect the control of monopolies so close to government as the Bank of England, the East India Company, and the South Sea Company. But chapter 7, based on evidence at the India Office Library, suggests that many of those selling East India shares in 1712 sold to members of their own party rather than the highest bidders. Carruthers offers this "endogamy" as another case of market activity "embedded in a highly politicized social context" (his emphasis). With a useful bibliography, this book is for libraries serving graduate students. G. F. Steckley Knox College
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This item was reviewed in:
Choice, November 1996
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Summaries
Unpaid Annotation
While many have examined how economic interests motivate political action, Bruce Carruthers explores the reverse relationship in political economy by focusing on how political interests shape a market. The author sets his inquiry within the context of late Stuart England, when an active stock market emerged and when Whig and Tory parties vied for control of a newly empowered Parliament. He examines the institutional linkage between politics and the market that consisted of three joint-stock companies - the Bank of England, the East India Company, and the South Sea Company - which all loaned large sums to the government and whose shares dominated trading on the stock market. Through innovative research that connects the voting behavior of individuals in parliamentary elections with their economic behavior in the stock market, Carruthers demonstrates that party conflict figured prominently during the company foundings as Whigs and Tories tried to dominate company directorships. For them, the national debt was,as much a political as a fiscal instrument. In 1712, the Bank was largely controlled by the Whigs, and the South Sea Company by the Tories. The two parties competed, however, for control of the East India Company, and so Whigs tended to trade shares only with Whigs, and Tories with Tories. Probing such connections between politics and markets at both institutional and individual levels, Carruthers ultimately argues that competitive markets are not inherently apolitical spheres guided by economic interest but rather ongoing creations of social actors pursuing multiple goals.
Unpaid Annotation
While many have examined how economic interests motivate political action, Bruce Carruthers explores the reverse relationship by focusing on how political interests shape a market. He sets his inquiry within the context of late Stuart England, when an active stock market emerged and when Whig and Tory parties vied for control of a newly empowered Parliament. Carruthers examines the institutional linkage between politics and the market that consisted of three joint-stock companies--the Bank of England, the East India Company, and the South Sea Company--which all loaned large sums to the government and whose shares dominated trading on the stock market. Through innovative research that connects the voting behavior of individuals in parliamentary elections with their economic behavior in the stock market, Carruthers demonstrates that party conflict figured prominently during the company foundings as Whigs and Tories tried to dominate company directorships. For them, the national debt was as much a political as a fiscal instrument.In 1712, the Bank was largely controlled by the Whigs, and the South Sea Company by the Tories. The two parties competed, however, for control of the East India Company, and so Whigs tended to trade shares only with Whigs, and Tories with Tories. Probing such connections between politics and markets at both institutional and individual levels, Carruthers ultimately argues that competitive markets are not inherently apolitical spheres guided by economic interest but rather ongoing creations of social actors pursuing multiple goals.
Table of Contents
Figuresp. ix
Tablesp. xi
Acknowledgmentsp. xiii
City of Capitalp. 2
Introductionp. 3
British Politics from 1672 to 1712p. 27
Finance and State-Formationp. 53
Britain in Comparative Perspectivep. 92
Financial Property Rights and the Statep. 115
Politics and the Joint-Stock Companiesp. 137
Trading on the London Stock Marketp. 160
Government Bonds and Political Bondsp. 195
Appendixp. 209
Notesp. 213
Bibliographyp. 267
Indexp. 299
Table of Contents provided by Publisher. All Rights Reserved.

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