IN THE 1873 EDITION OF THE ENGLISH Constitution, Walter Bagehot
argued that in order to "exercise a wide sway" over the "mixed population" enfranchised by the Reform Act of 1867, the British government must maintain both "dignified parts" and "efficient parts." The dignified parts were the tradition and pomp of the monarchy, which served to distract "the vacant many" from the workings of Parliament, the Cabinet, and the House of Commons--the efficient parts that were dull and incomprehensible to the "common ordinary mind." As he wrote, "[R]oyalty is a government in which the attention of the nation is concentrated on one person doing interesting actions.
On the whole, this report is proof of the great 19th-century journalist Walter Bagehot
's maxim: "The cure for admiring the House of Lords was to go and look at it."
"We must not let in daylight upon magic," British essayist Walter Bagehot
once wrote of the English monarchy in general, and Queen Victoria in particular.
a new literary genre, called by Walter Bagehot
the 'review-like essay and the essay-like review,"' Wilson writes.
Herbert Spencer, Walter Bagehot
, Adam Smith, David Hume, J.S.
These observations are in accordance with the prescription introduced by Walter Bagehot
in 1873 that collateral should be good in normal times, not necessarily during the crisis.
And Alexis de Tocqueville and Walter Bagehot
The complexities of financial metalepsis are disorienting, and Kombluh argues that this disorientation led financial journalists such as David Morier Evans and Walter Bagehot
to turn away from questions of the financial system's inherent representational instabilities and toward answers from the emerging field of Victorian psychology.
To illustrate their operation and explore their limits, this article examines three principled norms: (1) the real bills doctrine, which played a critical role shaping Fed policy from its 1913 founding through 1935; (2) the Taylor Rule, a formula proposed by Stanford economist John Taylor for setting interest rates in a way that balances the Fed's dual aims of promoting full employment and maintaining stable prices; and (3) Bagehot's dictum, a set of guidelines proposed by Walter Bagehot
in the nineteenth century regarding how a lender of last resort should respond to liquidity shortages.
There were many structural reasons why Bear Steams collapsed in March 2008, but perhaps the most fundamental reason, namely "perception," was diagnosed by 19th century British economist Walter Bagehot
: "Every banker knows that if he has to prove that he is worthy of credit, however good may be his arguments, in fact his credit has gone."
Glennon takes the book's central metaphor of "double government" from the 19th century British essayist Walter Bagehot
, longtime editor of The Economist.
LONDON -- Walter Bagehot
, in his 1867 book, "The English Constitution,'' famously described the key to a lasting monarchy as mystery and obfuscation.