Calming the Storms

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The book reveals the significant impact of the Carry Trade on British financial crises from 1825 to 1866 and discusses the Bank of England's subsequent improvements in monetary policy management. It highlights Britain's unique ability to avoid systemic financial crises from 1866 to 1973, contrasting this with the resurgence of banking instability since the 1970s, particularly during the 2007-09 global financial crisis. By revisiting the ideas of the British Banking School, it offers crucial insights for economists, historians, and policymakers on preventing future crises.