The Bank of England
1950s to 1979

“Outstanding scholarship . . . well written . . . and showing a fine independence of judgment.” – Lord Griffiths of Fforestfach

“Forrest Capie brings the sure hand of an economist to the task of describing the intellectual confusion that besieged the Bank of England as it tried to establish its role as a central bank responsible for easing the British economy through the difficult adjustments required between 1950 and 1979. But he also displays his talent as an historian in depicting the drama of the personal conflicts, compromises, and eventual triumphs that occurred within the leadership of the Bank as they confronted first the constraints of fixed exchange rates with capital controls while dealing with the demands of the Treasury, and then the collapse of both fixed exchange rates and capital controls in the 1970s. A compelling saga of the world’s oldest central bank as it tested various paths leading toward an effective role in financial globalization.” – Larry Neal, University of Illinois at Urbana-Champaign

“Forrest Capie provides what will certainly be the definitive account of the Old Lady of Threadneedle Street’s varying fortunes though the second third of the 20th century. The history is brought to life by its numerous portraits of the principal actors and its clear-eyed judgments on their work. A magnificent achievement.” – Robert Pringle, Founder and Chairman of Central Banking Publications

“A masterful, well-contextualised account of the Bank at the summit of its traditional responsibilities and the peak of its personnel. Authoritative and meticulous yet accessible and colourful, it is an indispensable addition to postwar financial and economic history. Along with forerunner volumes by Clapham, Sayers and Fforde, Capie’s study is destined to become a classic.” – Richard Roberts, Director, Centre for Contemporary British History, King's College, London

"Forrest Capie... has not only written a meticulously researched, scholarly account of the history of 'the Old Lady of Threadneedle Street' from Attlee to Thatcher, but he has produced a cogent analysis of how the bank managed the exchange rate and administered monetary policy controls before the banking instability and the raging inflation of the 1970s saw its powers curtailed. A potentially dry subject is enlivened by Mr Capie's insights on the personal conflicts and compromises among the bank's leaders as they grappled with the challenges of the day." - The Economist Intelligence Unit

"This thorough and interesting account is an indispensable reference for anyone who would understand the Bank of England, or more generally the theories, institutions, and politics of British economic policies before the changes that followed 1979." - John H. Wood, Wake Forest University, EH.net