イングランド銀行と産業革命

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概要

• 論文の詳細を見る

• The highly developed financial system, as is described Bagehot's classic Lombard Street, was gradually moulded during the Industrial Revolution. Peel's Bank Charter Act 1844 marked the completion of the frama-work of that financial structure. In the process towards the formation of this classical money market, the Bank of England has come to play an important role as a central bank, both in banking (discounting and re-discounting bills) and monetary (suppling of money) sides of financialfunctions. The present author examines the evolution of the behaviour of the English central banking against the background of the economic development. Central banking is here investigated as a growth-inducing as well as a growth-induced, and as a pattern-of-growth-deciding as well as a pattern-of-growth-decided factor. One of the essential features which characterized the monetary system after the Industrial Revolution was the centralization of the note-issue to a single institution, i. e. The Bank of England. This system of single-issue was accompanied with the strict control of the supply of money, the sum of Bank-note issue being rigidly relation to the amount of the gold-reserve, or in terms of the cash-ratio. In contrast with this, the Bank of England in the 18th and early 19th centuries had behaved itself as an active contriver of the <<Paper Money Mercantilism>>. Supplying money by a positive credit-creation without much adherence to the cash-ratio, the Bank had then contributed to prepare one of the pre-conditions for the Industrial Revolution (or "take-off"). With this in view, an emphasis is laid in this paper to follow the trial-and-error process of the change in Bank's issuinga-ttitudes-a change from the policy for development (or "internal equilibrium") to that for monetary stability (or "international equilibrium"). This alteration in the direction of monetary policy means a decided step towards the establishment of international gold-standard system. In the letter part of this article, it is analysed that there was a specially adequate relationship between this system and the economic interests of the Lancashire cotton industry, in rivarly with the other economic sectors or with the then developing backward countries. The commercial banks in Japan could not serve the foreign trade sector at that time because of the high interest rate compared with that of foreign countries. The Bank of Japan made loans to the Yokohama Species Bank at a low rate, and enabled the back to service the needs of this sector.

• 社会経済史学会の論文
• 1972-07-30

著者

• 関口 尚志

  東京大学

関連論文

• 中央銀行政策形成史の一断章 : イングランド銀行バーミンガム支店長の視点
• 工業化と経済史 : ヒューズ著・角山栄ほか訳『世界経済史』
• 松尾太郎著, 『先資本主義的生産様式論』, 論創社、一九七八年、一三〇〇円
• イングランド銀行と産業革命
• J・D・チェンバーズ著, 宮崎犀一・米川伸一訳 『世界の工場 : イギリス経済史一八二〇-一八八〇』, (岩波書店、一九六六年)

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