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BAGEHOT, Walter.

Lombard Street:

A Description of the Money Market.

New York: Scribner, Armstrong & Co., 1873 Stock Code: 127113
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"An undying classic" (Keynes)

First US edition, published the same year as the first UK edition and bound to the same design except for the publisher's name in gilt at the foot of the spine. Scarce in commerce and described by J. M. Keynes as "an undying classic", Lombard Street analyses the operation of the British financial system, focusing on the economic role of the Bank of England. Bagehot's recommendation that the Bank alter gold reserves based on economic cycles was highly influential, and the book was considered authoritative into the 20th century. "The wonderful clearness of Bagehot's power of statement, his exact knowledge of the subject treated on, together with his firm grasp of economic theory, have caused this volume to exert an influence which few books on a subject naturally so dry have possessed" (Palgrave I, p. 81).

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Octavo. Original brown cloth, spine and boards lettered and ruled in gilt and black, yellow endpapers.


Armorial bookplate of John T. Davis to front pastedown. Extremities worn, spine ends chipped and half-title loose at gutter, Japanese tissue paper repairs to tears on pp. 345-8 (no loss to text), else a clean copy, the cloth and lettering notably bright.


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