Essays in Honour of Charles Goodhart, Volume Two
Edited by Paul Mizen
Discussion of ‘Charles Goodhart’s contributions to the history of monetary institutions’ and ‘Crises now and then’ Forrest Capie I am delighted to be part of this tribute. I must begin by saying that Charles on occasions describes himself as a monetary historian, and this can be a bit dispiriting for the rest of us monetary historians, since he knows more about money, monetary theory, monetary policy, and monetary practice. We can only thank David Ricardo for comparative advantage that allows us to carry on doing something moderately useful. Bordo and Schwartz have demonstrated the huge contribution to the subject Charles has made by focusing on just one strand in his portfolio of interests, the history of monetary institutions, with a heavy concentration on the Bank of England’s role in the ﬁnancial system over time. In this ﬁeld as in others his early interests have proved lasting and are almost invariably the big issues of today. In the football commentator’s cliché Bordo and Schwartz have produced a chapter of two halves. The ﬁrst surveys Charles’s earlier writing, and the second raises some large areas of serious disagreement with his more recent work. There are many interesting questions in the early research some of which remain unresolved and are still provoking research, but it is their criticisms of his views on the role of the central bank in relation to the banking system that are of chief interest. These views derive in part from his earlier work. They argue that Charles holds...
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