Financial History Issue 130 (Summer 2019) | Page 34
“The immense
fluctuations in our
commerce, caused
by protection, were
aggravated by immense
fluctuations in our
credit, and the combined
result was unspeakably
disastrous.”
— Walter Bagehot
on the commercial
and monetary conditions
prevailing in England
around the time of his birth
32 FINANCIAL HISTORY | Summer 2019 | www.MoAF.org