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- Panic_of_1847 abstract "The Panic of 1847 was a minor British banking crisis associated with the end of the 1840s railway industry boom and the failure of many non-banks. As a means of stabilizing the British economy the ministry of Robert Peel had passed the Bank Charter Act of 1844. This Act fixed a maximum quantity bank notes that could be in circulation at any one time and guaranteed that definite reserve funds of gold and silver would be held in reserve to back up the money in circulation. Furthermore, the Act required that the supply of money in circulation could only be increased when gold or silver reserves were proportionately increased. However, in 1847, the Peel Banking Act was suspended when the Bank of England was presented with a letter from the Prime Minister and Chancellor of the Exchequer indemnifying the Bank for a breach of the Bank Charter Act. The crisis in the money market ended almost immediately without any breach of the Act. Apparently Marx and Engels claimed that it was the suspension of the Peel Banking Act that caused the Panic of 1847, but this is not supported by the historical record.The panic of 1847 cleared away a vast number of unsound business houses, and trade generally became much more sound and healthy; this lasted until the year 1855. The explanation by Spanish economist, Jesus Huerta de Soto, of Austrian School, is based in Austrian Theory of the Business Cycle:"As of 1840 credit expansion resumed in the United Kingdom and spread throughout France and the United States. Thousands of miles of railroad track were built and the stock market entered upon a period of relentless growth which mostly favored railroad stock. Thus began a speculative movement which lasted until 1846, when economic crisis hit in Great Britain.It is interesting to note that on July 19, 1844, under the auspices of Peel, England had adopted the Bank Charter Act, which represented the triumph of Ricardo’s Currency School and prohibited the issuance of bills not backed 100 percent by gold. Nevertheless this provision was not established in relation to deposits and loans, the volume of which increased five-fold in only two years, which explains the spread of speculation and the severity of the crisis which erupted in 1846."".
- Panic_of_1847 wikiPageExternalLink WEO.doc.
- Panic_of_1847 wikiPageID "11493799".
- Panic_of_1847 wikiPageLength "4245".
- Panic_of_1847 wikiPageOutDegree "11".
- Panic_of_1847 wikiPageRevisionID "671436064".
- Panic_of_1847 wikiPageWikiLink Bank_Charter_Act.
- Panic_of_1847 wikiPageWikiLink Bank_Charter_Act_1844.
- Panic_of_1847 wikiPageWikiLink Bank_Charter_Act_of_1844.
- Panic_of_1847 wikiPageWikiLink Bank_of_England.
- Panic_of_1847 wikiPageWikiLink Category:1847_in_economics.
- Panic_of_1847 wikiPageWikiLink Category:1847_in_the_United_Kingdom.
- Panic_of_1847 wikiPageWikiLink Category:19th_century_in_economics.
- Panic_of_1847 wikiPageWikiLink Category:Economic_history_of_the_United_Kingdom.
- Panic_of_1847 wikiPageWikiLink Category:Financial_crises.
- Panic_of_1847 wikiPageWikiLink Great_Depression.
- Panic_of_1847 wikiPageWikiLink Railway_Mania.
- Panic_of_1847 wikiPageWikiLink Robert_Peel.
- Panic_of_1847 wikiPageWikiLinkText "1847".
- Panic_of_1847 wikiPageWikiLinkText "Panic of 1847".
- Panic_of_1847 wikiPageWikiLinkText "depression of 1847".
- Panic_of_1847 wikiPageWikiLinkText "economic crisis in 1847".
- Panic_of_1847 wikiPageWikiLinkText "economic crisis of 1847".
- Panic_of_1847 wikiPageWikiLinkText "financial crisis in Great Britain".
- Panic_of_1847 wikiPageWikiLinkText "trade depression of the late 1840s".
- Panic_of_1847 hasPhotoCollection Panic_of_1847.
- Panic_of_1847 wikiPageUsesTemplate Template:Cite_book.
- Panic_of_1847 wikiPageUsesTemplate Template:Economy-stub.
- Panic_of_1847 wikiPageUsesTemplate Template:History-stub.
- Panic_of_1847 wikiPageUsesTemplate Template:Reflist.
- Panic_of_1847 wikiPageUsesTemplate Template:Stock_market_crashes.
- Panic_of_1847 subject Category:1847_in_economics.
- Panic_of_1847 subject Category:1847_in_the_United_Kingdom.
- Panic_of_1847 subject Category:19th_century_in_economics.
- Panic_of_1847 subject Category:Economic_history_of_the_United_Kingdom.
- Panic_of_1847 subject Category:Financial_crises.
- Panic_of_1847 hypernym Crisis.
- Panic_of_1847 type MilitaryConflict.
- Panic_of_1847 type Crisis.
- Panic_of_1847 comment "The Panic of 1847 was a minor British banking crisis associated with the end of the 1840s railway industry boom and the failure of many non-banks. As a means of stabilizing the British economy the ministry of Robert Peel had passed the Bank Charter Act of 1844. This Act fixed a maximum quantity bank notes that could be in circulation at any one time and guaranteed that definite reserve funds of gold and silver would be held in reserve to back up the money in circulation.".
- Panic_of_1847 label "Panic of 1847".
- Panic_of_1847 sameAs Panika_roku_1847.
- Panic_of_1847 sameAs m.02rfs2w.
- Panic_of_1847 sameAs Q11802662.
- Panic_of_1847 sameAs Q11802662.
- Panic_of_1847 wasDerivedFrom Panic_of_1847?oldid=671436064.
- Panic_of_1847 isPrimaryTopicOf Panic_of_1847.