Walter Bagehot

Biographical details

Portrait of Walter Bagehot Walter Bagehot The English Constitution

The nation is forced to hear two sides—all the sides, perhaps, of that which most concerns it. And it likes to hear—it is eager to know. Human nature despises long arguments which come to nothing—heavy speeches which precede no motion—abstract disquisitions which leave visible things where they were. But all men heed great results, and a change of Government is a great result. It has a hundred ramifications; it runs through society; it gives hope to many, and it takes away hope from many. It is one of those marked events which, by its magnitude and its melodrama, impress men even too much.
Source: Gutenberg

Portrait of Walter Bagehot Walter Bagehot Lombard Street: A Description of the Money Market

A permanent Governor of the Bank of England would be one of the greatest men in England. He would be a little 'monarch' in the City; he would be far greater than the 'Lord Mayor.' He would be the personal embodiment of the Bank of England; he would be constantly clothed with an almost indefinite prestige. Everybody in business would bow down before him and try to stand well with him, for he might in a panic be able to save almost anyone he liked, and to ruin almost anyone he liked. A day might come when his favour might mean prosperity, and his distrust might mean ruin.
Source: Gutenberg

Portrait of Walter Bagehot Walter Bagehot Physics and Politics, or, Thoughts on the application of the principles of "natural selection" and…

The most melancholy of human reflections, perhaps, is that, on the whole, it is a question whether the benevolence of mankind does most good or harm. Great good, no doubt, philanthropy does, but then it also does great evil. It augments so much vice, it multiplies so much suffering, it brings to life such great populations to suffer and to be vicious, that it is open to argument whether it be or be not an evil to the world, and this is entirely because excellent people fancy that they can do much by rapid action—that they will most benefit the world when they most relieve their own feelings
Source: Gutenberg

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