Bagehot, Walter
Portrait of Walter Bagehot.
Walter Bagehot (pronounced /ˈbædʒət/ BA-jət) (3 February 1826 – 24 March 1877) was an English businessman, essayist, and journalist who wrote extensively about literature, government, and economic affairs.
[edit] Early years
Bagehot was born in Langport, Somerset, England on 3 February 1826. His father, Thomas Walter Bagehot, was managing director and vice-chairman of Stuckey's Banking Company. He attended University College London, where he studied mathematics and in 1848 earned a master's degree in intellectual and moral philosophy.[1] In April 1848, Bagehot was sworn as a Special Constable in anticipation of Chartist riots in London.[2]
[edit] Career
Bagehot was called to the bar by Lincoln's Inn, but preferred to join his father in 1852 in his family's shipping and banking business. He wrote for various periodicals, and in 1855 founded the National Review with his friend Richard Holt Hutton.[3][4] Later becoming editor-in-chief of The Economist, which had been founded by his father-in-law, James Wilson, in 1860, Bagehot expanded The Economist's reporting on the United States and on politics and is considered to have increased its influence among policymakers over the seventeen years he served as editor. In honour of his contributions, the paper's weekly commentary on current affairs in the UK is entitled "Bagehot," just as its "Lexington" column addresses the United States, "Charlemagne" addresses Europe, "Banyan" addresses Asia, "Schumpeter" addresses business, and "Buttonwood" addresses financial markets.
In 1867, he wrote The English Constitution, a book that explored the nature of the constitution of the United Kingdom, specifically the functioning of Parliament and the British monarchy and the contrasts between British and American government. The book appeared at the same time that Parliament enacted the Reform Act of 1867, requiring Bagehot to write an extended introduction to the second edition, which appeared in 1872. The book became an instant classic, has been translated into many languages, and is still available in scholarly editions from Oxford Unviersity Press (in its "World's Classics" series) and Cambridge University Press.
Bagehot also wrote Physics and Politics (1872), in which he coined the still-current expression, "the cake of custom," to describe the tension between social institutions and innovations. In his contributions to sociological theory within historical studies, Bagehot may be compared to his contemporary, Henry James Sumner Maine.
Lombard Street (1873), explains the world of finance and banking and focuses particularly on issues in the management of financial crises. Bagehot’s observations on finance remain relevant and cited by central bankers, most recently in the wake of the global financial crisis that began in 2007.[5]
Collections of Bagehot's literary, political, and economic essays were published after his death. Their subjects ranged from Shakespeare and Disraeli to the price of silver.
Every year, the British Political Studies Association awards the Walter Bagehot Prize for the best dissertation in the field of government and public administration.
[edit] Works
- The Collected Works of Walter Bagehot: Volumes 1-15, ed. Norman S. John-Stevas, New York, Oxford U. Press, (1986) ISBN 0850580390
- Emily (Mrs Russell) Barrington, ed., The Works and Life of Walter Bagehot, in 10 vols. London, Longman, Green (1915) On line.
- The Postulates of English Political Economy, with a Preface by Alfred Marshall, London, Longmans Green & Co. (1885); Google Books, online
- Economic Studies, ed. Richard Holt Hutton, London, Bombay and Calcutta, Longmans, Green (1879); New York, Augustus M. Kelley (1998) ISBN 0678008523
[edit] Quotes
The Greatest pleasure in life is doing what people say you cannot do.
[edit] References
- Richard Holt Hutton, "Memoir" and "Second Memoir" (from Dictionary of National Biography), in Mrs Russell Barrington, ed., The Works and Life of Walter Bagehot, London, Longman, Green (1915)
- Hanley, Brian (2004). ""The Greatest Victorian" in the New Century: The Enduring Relevance of Walter Bagehot's Commentary on Literature, Scholarship, and Public Life". Papers on Language & Literature 40.
- Walter Bagehot by St. Norman John-Stevas THE BRITISH COUNCIL/NATIONAL BOOK LEAGUE/LONGMANS, GREEN & CO. London. (1963)
- Andrew King, John Plunkett (2005). Victorian Print Media: A Reader. Oxford University Press. p. 50. ISBN 0199270376. "National Review (1855-64) was one of the most prestigious quarterlies of mid-century"
- Paul Tucker, Deputy Governor, Financial Stability, Bank of England, The Repertoire of Official Sector Interventions in the Financial System: Last Resort Lending, Market-Making, and Capital, Bank of Japan 2009 International Conference, 27-28 May 2009, p. 5
[edit] Literature
- Brian Hanley, "'The Greatest Victorian' in the New Century: The Enduring Relevance of Walter Bagehot's Commentary on Literature, Scholarship, and Public Life", Papers on Language and Literature, (Spring 2004)
- The Pursuit of Reason: The Economist 1843-1993, Harvard Business School Press, Boston, Massachusetts ISBN 0-87584-608-4
John William Cousin, “Bagehot, Walter,” in A Short Biographical Dictionary of English Literature, London: J. M. Dent & Sons, 1910.
Chisholm, Hugh, ed (1911). "Bagehot, Walter". Encyclopædia Britannica (Eleventh ed.). Cambridge University Press.
[edit] External links
| Persondata |
| Name |
Bagehot, Walter |
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| Short description |
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| Date of birth |
3 February 1826 |
| Place of birth |
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| Date of death |
24 March 1877 |
| Place of death |
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