Montagu Norman: A ‘Monarch’ in the City
In 1873 Walter Bagehot, the great editor of The Economist, wrote a book entitled Lombard Street about the organisation of the London money market. One of the chapters dealt with the government of the Bank of England; and a considerable part of it was devoted to the question whether the Governor should, or should not, be appointed for more than two years — which was then the customary period of office. Bagehot decided against; and one of the grounds for this decision was the belief that ‘a permanent Governor of the Bank of England would be one of the greatest men in England. He would be a little “monarch” in the City; he would be far greater than the Lord Mayor.’
KeywordsCentral Bank Federal Reserve Scientific Rule Modern Economic Theory Financial Morality
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- 2.Sir Henry Clay, Lord Norman (London: Macmillan, 1957).Google Scholar