He writes: ‘At almost every point at which banking and monetary policy might have been used constructively to promote economic growth, the authorities either made the wrong decision or took no action at all.’ See Cameron, R. (1967), (ed.) Banking in the Early Stages of Industrialization: A Study in Comparative Economic History, Oxford University Press, New York, p. 58.
7  For example, the Bank of England was granted its charter – establishing it as Britain’s first limited liability banking entity – in 1694 after raising £ million for the Government to fund expenditure in the war with France. 8  Bagehot, W. (1873), Lombard Street: A Description of the Money Market, Henry S. King and Co., London.