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Banking as an emerging technology: Hoare's Bank, 1702–1742

Published online by Cambridge University Press:  23 October 2006

PETER TEMIN  and
HANS-JOACHIM VOTH
PETER TEMIN
Affiliation:
Massachusetts Institute of Technology
HANS-JOACHIM VOTH
Affiliation:
ICREA/Universitat Pompeu Fabra
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Abstract

We document the transition from goldsmith to banker in the case of Richard Hoare and his successors and examine the operation of the London loan market during the early eighteenth century. Analysis of the financial revolution in England has focused on changes in public debt management and the interest rates paid by the state. Much less is known about the evolution of the financial system providing credit to individual borrowers. We show how this progress took time because operating a deposit bank was new and different from being a goldsmith. Learning how to use the relatively new technology of deposit banking was crucial for the bank's success and survival.

Type
Articles
Information
Financial History Review , Volume 13 , Issue 2 , October 2006 , pp. 149 - 178
Copyright
European Association for Banking and Financial History, 2006

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