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This book presents a wide range of new research on many aspects of naval strategy in the early modern and modern periods. Among the themes covered are the problems of naval manpower, the nature of naval leadership and naval officers, intelligence, naval training and education, and strategic thinking and planning. The book is notable for giving extensive consideration to navies other than those ofBritain, its empire and the United States. It explores a number of fascinating subjects including how financial difficulties frustrated the attempts by Louis XIV's ministers to build a strong navy; how the absence of centralised power in the Dutch Republic had important consequences for Dutch naval power; how Hitler's relationship with his admirals severely affected German naval strategy during the Second World War; and many more besides. The book is a Festschrift in honour of John B. Hattendorf, for more than thirty years Ernest J. King Professor of Maritime History at the US Naval War College and an influential figure in naval affairs worldwide.
N.A.M. Rodger is Senior Research Fellow at All Souls College, Oxford.
J. Ross Dancy is Assistant Professor of Military History at Sam Houston State University.
Benjamin Darnell is a D.Phil. candidate at New College, Oxford.
Evan Wilson is Caird Senior Research Fellow at the National Maritime Museum, Greenwich.
Contributors: Tim Benbow, Peter John Brobst, Jaap R. Bruijn, Olivier Chaline, J. Ross Dancy, Benjamin Darnell, James Goldrick, Agustín Guimerá, Paul Kennedy, Keizo Kitagawa, Roger Knight, Andrew D. Lambert, George C. Peden, Carla Rahn Phillips, Werner Rahn, Paul M. Ramsey, Duncan Redford, N.A.M. Rodger, Jakob Seerup, Matthew S. Seligmann, Geoffrey Till, Evan Wilson
There were three main phases of monetary policy in Britain in the period between the end of the Second World War and the adoption of Competition and Credit Control in 1971. The first was the era of cheap money, during which the government tried to hold down interest rates in order to encourage investment in reconstruction and enhancement of industrial capacity. The second phase began in 1951 when an increase in bank rate re-activated monetary policy as an instrument of domestic-demand management, and a series of controls was exercised through the banking system. The third phase of policy was in the 1960s. After a brief period in which all constraints had been relaxed, there was a return to controls, guidance and official intervention. There developed in this decade, however, a realisation that targeting the British clearing banks alone was an ineffective way to control domestic demand, but the inflationary, balance-of-payments and current-account pressures of the period were such that the authorities were unable to think their way out of the problem. From the mid 1960s, the Bank of England in particular became convinced that the policy of ‘leaning into the wind’ (purchasing gilts in the securities market) allowed them to stabilise domestic monetary conditions.
This paper explores the extent and nature of ‘Penny bank’ saving in Glasgow during the second half of the nineteenth century. Penny banks existed as part of the network of philanthropic organisations in the quintessential industrial city, and they were frequented by the poorer sections of the working class – those for whom saving represented a difficult and occasionally sacrificial effort. They were a voluntary and individualist decision to engage in saving, in contrast to the mutual organisations, such as friendly and industrial welfare societies which also proliferated in this period. The enormous success of penny banks in Glasgow, and throughout the United Kingdom, is powerful evidence that a great deal of saving was happening, even amongst the poorest sections of society. Careful examination of the activities of two penny banks suggests that they operated both as short-term liquidity stores and as vehicles for longer-term and larger-amount savings.