Lombard Street: A Description of the Money Market
Walter Bagehot (1826-77), the influential political and economic essayist, wrote a number of books that became standards in their respective fields. He attended University College, London, where he studied mathematics and gained a master's degree in intellectual and moral philosophy. He was called to the bar, but instead chose a career in his father's banking business. He wrote widely on literature, economics and politics, co-founding the National Review in 1855. He became editor-in-chief of The Economist in 1860 and remained in that post until his death. This work, published originally in 1873 and described by J. M. Keynes as 'an undying classic', is a masterpiece of economics. It explains the world of finance and banking, concentrating on crisis management, and its ideas are as relevant today as ever, especially in the face of the global financial crisis that emerged in 2007.