Description: With a circulating credit currency, a modern national debt, and sophisticated financial markets, England developed a fiscal-military state that instilled fear and facilitated the first industrial revolution. Yet this new system of credit was precarious and prone to accidents, and it depended on trust, public opinion, and ultimately violence.
Brief description: Carl Wennerlind is Professor of History at Barnard College, Columbia University, where he specializes in intellectual history and political economy. He is the author of Casualties of Credit: The English Financial Revolution, 1620-1720 and, with Margaret Schabas, A Philosopher's Economist: Hume and the Rise of Capitalism.
Review Quotes: Recent history makes Wennerlind's new intellectual history of England's long 'financial revolution' of the seventeenth century of more than ordinary interest. The book describes the rise of credit as a concept that enabled financial innovation on a heretofore unprecedented scale in seventeenth-century England, criticizing some of the assumptions that lay behind this new orientation and thereby exposing the 'casualties' of credit that give the book its name. Wennerlind links the history of credit with such diverse phenomena as alchemy, capital punishment, and slavery that have rarely been associated with it by previous historians. Wennerlind's book is both methodologically and chronologically innovative. He uses intellectual history to illuminate a topic more often explored by social and economic historians...Wennerlind does not simply use the work of financial historians to illuminate the idea of credit; he uses the intellectual history of credit to rethink the concept of the financial revolution itself. In so doing, he demonstrates that the expansion of credit, and the financial revolution engendered by that expansion, had a much more complicated history than previous accounts have realized... The book manages to offer insights into several key, and often unexplored, conceptual connections that can help us begin to understand the intellectual origins of the financial revolution.--Brian Cowan "Journal of Interdisciplinary History" (12/1/2012 12:00:00 AM)