Walter Bagehot was the author of the seminal 1873 book on banking Lombard Street: A Description of the Money Market (read online, buy), which seems often to be taken as a justification for the present monetary orthodoxy, including the actions of central banks: I know it will be said that in this work I have pointed out a deep malady, and only suggested a superficial remedy. I have tediously insisted that the natural system of banking is that of many banks […]

Tags: Bagehot, Banking, Central Banking, economics, Money