From its foundation as a private corporation in 1694 the Bank of England extended large amounts of credit to support the British private economy and to support an increasingly centralized British state. The Bank helped the British state reach a position of geopolitical and economic hegemony in...

The lender of last resort (LLR) function is a form of micro-management employed by central banks, usually in cooperation with or under the direction of governments, either to mitigate banking panics, or to prevent them from occurring. This paper considers the employment of the LLR function in...