Crisis, Crash, Rescue

  • Michael Moran
Part of the Studies in Policy-Making book series


Social calamities often have trivial immediate causes: an archduke assassinated, a message misunderstood or a chance indiscretion provoked. The reason is not difficult to fathom: peace and stability in social life rest on trust; where trust is weak a small mishap can destroy it. Bagehot put the point exactly in connection with banking: ‘The peculiar essence of our banking system is an unprecedented trust between man and man; and when that trust is much weakened by hidden causes, a small accident may greatly hurt it.’1


Banking System Money Market Bank Lending Property Market Banking Failure 
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Notes and References

  1. 1.
    Walter Bagehot, Lombard Street: a description of the money market, 14th edition (London: John Murray, 1915) pp. 151–2.Google Scholar
  2. 2.
    Department of Trade, London and County Securities Group, Inspectors’ Report (London: HMSO 1976) pp. 12–13.Google Scholar
  3. 8.
    Oliver Marriott, The Property Boom (London- Hamish Hamilton, 1967) p.11.Google Scholar
  4. 9.
    Committee on Invisible Exports, Economists Advisory Group, quoted in Michael Clarke, Fallen Idols: Elites and the Search for the Acceptable Face of Capitalism (London: Junction Books, 1981) p. 89.Google Scholar
  5. 12.
    David H. McKay and Andrew W. Cox, The Politics of Urban Change (London: Croom Helm, 1979) p. 143 has figures.Google Scholar
  6. 15.
    Statement to Department of Trade, Ferguson and General Investments Limited, Inspectors’ Report (London: HMSO, 1979) p. 7. The speaker was Mr S. M. Van Gelder, joint Managing Director of Keyser UllmannGoogle Scholar
  7. 17.
    For example in Derek F. Channon, British Banking Strategy and the International Challenge (London: Macmillan, 1977) p. 96.Google Scholar
  8. 23.
    Richard Lambert, ‘Banks in Turmoil’, The Sunday Times, 8 September 1974.Google Scholar
  9. 29.
    Tom Lester, ‘The Secondary Scandal’, Management Today, October 1974;Google Scholar
  10. Robert Heller and Norris Willatt, Can You Trust Your Bank? (London: Weidenfeld & Nicolson, 1977) pp. 96–105.Google Scholar
  11. 54.
    Harold L. Wilensky, Organisational Intelligence (New York: Basic Books, 1967) pp. 88–93.Google Scholar
  12. 57.
    Tom Hadden, Company Law and Capitalism (London: Weidenfeld & Nicolson, 1972) pp. 64–72.Google Scholar
  13. 58.
    Quoted in Department of Trade Inspectors’ Report, Peachey Property Corporation Limited (London: HMSO, 1979) pp. 24–5.Google Scholar
  14. 59.
    Roberta Wohlstetter, Pearl Harbor: Warning and Decision (Stanford University Press, 1962).Google Scholar
  15. 61.
    Cited in Charles Raw, Slater Walker: an investigation of a financial phenomenon (London: Andre Deutsch, 1977) p. 347.Google Scholar
  16. 70.
    Anne Segall, ‘Euromarket questions affect Bank’s thinking at home’, Investors Chronicle, 16 August 1974.Google Scholar

Copyright information

© Michael Moran 1984

Authors and Affiliations

  • Michael Moran

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