Skip to main content

Banking in Crisis Wins the Wadsworth Prize

My book Banking in Crisis has recently been awarded the Wadsworth Prize by the Business Archives Council for the best business history book published in 2014. The list of previous winners can be viewed here. At the awards ceremony at Lloyds last week, the chair of the judging panel, Professor Richard Roberts, said the following:
Early on, Judith Rowbotham helpfully defined the book that should emerge as the winner as Q: ‘the book that we all felt it would puzzle everybody if it DIDN’T win.’ And the book that meets that criterion is: Banking in Crisis: The Rise and Fall of British Banking Stability, 1800 to the Present, by John Turner. Why was that? Well, this is both an original and an important book. It provides a lucid analysis and critique of the development of British banking over the last two centuries. It is the culmination and synthesis of a decade and a half of research on aspects of the history of banking, and of bank corporate structure, management and ownership. Banking in Crisis elucidates with admirable clarity complex financial concepts and debates as context for discussion of the long-term development of British banking. It presents original analyses of the significance of British banking crises and the lengthy stability of British banking over the 120 years from 1878 to 2007-8. It deploys history to propose reforms to the governance of banking to restore banking stability. Pessimistically, it concludes that a reversion to crises, as characterised British banking in the first half of the 19th century, is probably the new normal. In sum, it is a book that is original, insightful, persuasive, timely and highly readable. So, our congratulations to John Turner.

Popular posts from this blog

How Valuable Are Connections?

Daron Acemoglu, Simon Johnson, Amir Kermani, James Kwak and Todd Mitton have written a paper on whether firms connected to Timothy Geithner benefited from these connections. They do so by looking at how stocks of these firms reacted to the announcement that he was a nominee for Treasury Secretary in November 2008. They find that there were large abnormal returns for connected firms. Below is the paper's abstract and the full paper is available here . The announcement of Timothy Geithner as nominee for Treasury Secretary in November 2008 produced a cumulative abnormal return for financial firms with which he had a connection. This return was about 6% after the first full day of trading and about 12% after ten trading days. There were subsequently abnormal negative returns for connected firms when news broke that Geithner's confirmation might be derailed by tax issues. Excess returns for connected firms may reflect the perceived impact of relying on the advice of a small ne...

Boom and Bust: A Global History of Financial Bubbles

Boom and Bust: A Global History of Financial Bubbles, co-authored with my colleague Will Quinn , is forthcoming in August. It is published by Cambridge University Press and is available for pre-order at Amazon , Barnes and Noble , Waterstones and Cambridge University Press . 

Bank Runs in Greece

Deposit withdrawals in Greece have been substantial over the past two years.  However, the failure of Greece's politicians to form a coalition government has resulted in deposit withdrawals accelerating - click here and here for more on this.  Depositors are rightly concerned about the exit of Greece from the euro and the subsequent devaluation of their deposits.  The puzzle for me and many others is why are there so many deposits still remaining in the Greek banking system.  One reason is that the Greek banking system is being kept alive by massive injections of money from the ECB.  Will the ECB continue to support the Greek banking system in the face of a mass withdrawal of deposits?  I doubt that there is the political will in Germany for this as the Bundesbank already has a huge exposure to Greece (as well as Spain and Italy) through the ECB's internal Target 2 system.