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Richard D. Richards
The Early History of Banking in England

Hey all,

I'm reading Robert A Caro's books at the moment and it goes into a lot of detail on how crap the labour conditions were and how hated the railyways, monopolies and tariffs were. I was wondering if anyone could recommend a book that explores this period. I have read Robert Gordon's the rise and fall of american growth and enjoyed that. Ideally a book although its a bit of an ask would be available as an audiobook.

Thanks!

https://economics.mit.edu/sites/default/files/2022-08/teminExplorEconHist2002.pdf

I read several articles on the goldsmiths, data and balance sheets shows there was no fractional reserve banking system but, authors insists on it. I think that the goldsmith-bankers could expand his lending by issuing notes or crediting accounts.

What do you think in this issue?

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📉 Today marks the 95th anniversary of Black Thursday, October 24, 1929—a day that signaled the beginning of one of the most severe economic crises in history: the Great Depression. The collapse of Wall Street on that fateful day plunged the world into a decade-long recession, leaving deep scars on the global economy. But how did it all come to this? 🏦💸

To understand what happened, we need to go back to the years following the end of World War I. The U.S. economy experienced a period of significant growth and optimism, known as the "Roaring Twenties." The Federal Reserve's easy credit policies led to a rapid increase in borrowing, fueling a culture of debt. The phrase "Buy now, pay later" became popular as many people eagerly invested in the stock market, taking advantage of the abundance of cheap credit. 💵📈

The U.S. government had initially issued "Liberty Bonds" to finance the war, demonstrating the appeal of investment to the American public. Soon, companies followed suit, issuing their own bonds, while banks introduced new financial products that made speculation accessible to a wide range of investors. There were few limits to this speculation, with individuals even borrowing money to buy stocks. By some estimates, two-thirds of all stock market investments were made with borrowed funds, creating a massive financial bubble. 🌐📝

Since 1924, the stock market had tripled in value due to widespread euphoria and rising prices. However, by 1928, there were signs that the good times were running out. Factories and warehouses were overflowing with unsold goods, leading to layoffs. The real economy showed clear signs of slowing down, yet stock prices continued to climb, disconnected from economic reality. It was a recipe for disaster. 📉🚨

On October 24, 1929, known as Black Thursday, panic gripped Wall Street. Investors began selling off their shares en masse, fearing a dramatic drop in prices. Within hours, millions of shares changed hands, but there were not enough buyers to support the market. The result was a brutal collapse in prices that continued over the next few days, known as Black Monday (October 28) and Black Tuesday (October 29). 📉🗓️

The stock market crash did not just affect investors—it triggered a global economic crisis. Banks failed, businesses closed, and unemployment soared. The Great Depression stretched throughout the 1930s, leaving a legacy of poverty and hardship that only ended with the onset of World War II. 🌍💔

The story of Black Thursday is a lesson in the dangers of unchecked speculation and excessive debt. Today, 95 years later, it serves as a reminder that prudence in financial markets is essential to prevent history from repeating itself. 📊✍️