Notes oct 26
October 27, 2008 § Leave a comment
Reading Poovey’s Genres of the credit economy. The key point is that literature and written money (contacts paper), diverged in the 1700’s. Which means hat for a while they were the same!
economy supported not the nation as a whole but only people who benefited from Britain’s "funding system”: the directors of the Bank of England, stockholders, and the members of Parliament who protected them. Cobbett was also engaged in a debate, then, but, because most establishment writers wrote primarily to and for each other, he staged this debate in the pages of his writing. By incorporating the words of his opponents into his own texts, he tried to reverse the process by which the economic establishment tried to marginalize him. By highlighting the position of marginality that Cobbett simultaneously embraced and was assigned, I explain both the ambition and the limits of his campaign: he wanted to expose the fiction inherent in paper money to bring the government down, but members of the economic establishment simply insisted that paper was not fiction and that, even if it was, it was a fiction necessary to Britain’s prosperity. The third debate I consider in this chapter, the protracted discussions that led up to the passage of the 1844 Bank Act reveals how economic writers developed an increasingly technical vocabulary to account for phenomena that contemporaries found deeply troubling..
This is anoher amazing book from her, the first i read being The History of the Modern Fact.