By Carl Wennerlind
Modern credits, constructed throughout the monetary revolution of 1620¬–1720, laid the basis for England’s political, army, and monetary dominance within the eighteenth century. Possessed of a often circulating credits foreign money, a contemporary nationwide debt, and complicated monetary markets, England built a fiscal-military nation that instilled worry in its foes and facilitated the 1st commercial revolution. but a couple of casualties within the wake of this new method of credits. not just was once it precarious and liable to injuries, however it relied on belief, public opinion, and eventually violence.
Carl Wennerlind reconstructs the highbrow context in which the monetary revolution used to be conceived. He strains how the discourse on credits developed and spoke back to the wonderful Revolution, the clinical Revolution, the founding of the financial institution of britain, the good Recoinage, armed conflicts with Louis XIV, the Whig-Tory celebration wars, the formation of the general public sphere, and England’s extended function within the slave alternate. Debates approximately credits engaged a few of London’s such a lot trendy turn-of-the-century intellectuals, together with Daniel Defoe, John Locke, Isaac Newton, Jonathan speedy and Christopher Wren. Wennerlind publications us via those conversations, towards an knowing of the way contemporaries seen the precariousness of credits and the function of violence—war, enslavement, and executions—in the safeguarding of trust.
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Additional info for Casualties of Credit: The English Financial Revolution, 1620-1720
In believing that only precious metals could serve as money, the neoAristotelians were limited to policies capable of expanding the quantity of coin in circulation. They thus paid scant attention to credit as a possible solution to the money shortage. Yet despite the fact that the neo-Aristotelians offered few insights as to the formation of credit per The Scarcity of Money Problem and the Birth of English Political Economy 21 se, their thinking nevertheless serves as the essential backdrop to this book in that subsequent credit proponents were forced to reckon with their philosophy of money.
102 Just as the physical body needed a certain amount of blood, not too much and not too little, to function well, so did the body The Scarcity of Money Problem and the Birth of English Political Economy 39 politic require a certain amount of money. . Hence, it may be easily conceiv’d that every State must have a quantity of Money, as every Body a quantity of Blood to circulate therein. But as the Blood stopping in the Head or the larger Vessels puts the Body naturally into a Consumption, Dropsy, or Apoplexy, &c.
In reality, I argue, they were trying to engineer an inflow of precious metals to facilitate the rebalancing of the body politic and thus restore order at a moment when England’s prosperity and stability were greatly threatened. 119 Although commercial conditions improved by the mid-1620s, an outbreak of the plague in 1625 set off another commercial slump. 120 Charles might very well have commenced his reign with a radical alteration of the coin had it not been for the powerful opposition spearheaded by the prominent Parliamentarian and royal advisor, Sir Robert Cotton (1571–1631).