Modern credit, developed during the financial
revolution of 1620 - 1720, laid the foundation for
England's political, military, and economic dominance in
the eighteenth century. Possessed of a generally
circulating credit currency, a modern national debt, and
sophisticated financial markets, England developed a
fiscal-military state that instilled fear in its foes
and facilitated the first industrial revolution. Yet a
number of casualties followed in the wake of this new
system of credit. Not only was it precarious and prone
to accidents, but it depended on trust, public opinion,
and ultimately violence. Carl Wennerlind reconstructs
the intellectual context within which the financial
revolution was conceived. He traces how the discourse on
credit evolved and responded to the Glorious Revolution,
the Scientific Revolution, the founding of the Bank of
England, the Great Recoinage, armed conflicts with Louis
XIV, the Whig-Tory party wars, the formation of the
public sphere, and England's expanded role in the slave
trade. Debates about credit engaged some of London's
most prominent turn-of-the-century intellectuals,
including Daniel Defoe, John Locke, Isaac Newton,
Jonathan Swift and Christopher Wren. Wennerlind guides
us through these conversations, toward an understanding
of how contemporaries viewed the precariousness of
credit and the role of violence - war, enslavement, and
executions - in the safeguarding of trust.
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