‘A Year of Confusion, Dismay, and Distress’: The 1772–73 Financial Crisis and Its Potential Significance
Timeline and narrative of the crisis. Potential significance of the episode as a peacetime financial crisis of private credit, close to the beginning of the Industrial Revolution. Important claims about the episode, regarding the Free Banking experience in Scotland, the action of financial contagion, and the Lender of Last Resort (LOLR)-like actions of the Bank of England (BOE). Existing literature dealing with aspects of the episode—no comprehensive coverage exists up to now. Aims of the book: determining whether the run-up to the crisis was a genuine financial bubble, a ‘real’ or ‘pseudo’ crisis, and the presence of contagion and LOLR action in this period. A note on sources.