Over the decades of (relative) macroeconomic stab- ility in the second half of the 20th century, profit-seeking com- mercial banks and state-owned central banks worked together to lower the cash-to-asset ratios in the banking industry. An understanding grew that profitable and well-capitalised commercial banks should be able to borrow cash from the central bank if
‘All literature is, finally, autobiographical’, said Borges. ‘Every autobiography becomes an absorbing work of fiction’, responded H. L. Mencken, though not, you understand, directly. Certainly the fictional element in autobiography is evident; Trollope thought that nobody could ever tell the full truth about himself, and A. S. Byatt has said that ‘autobiographies tell more lies
Thomas Babington Macaulay’s early essays in the Edinburgh Review were an immediate success, and soon made him a respected figure in Whig society. Thomas Babington Macaulay’s early essays in the Edinburgh Review were an immediate success, and soon made him a respected figure in Whig society. In 1830 Lord Lansdowne offered him a seat in
Probably my opinion of this bold book is worthless. Peter Carey, having decided to write a novel about Alexis de Tocqueville’s visit to the United States in 1831-2, read, among many other works, my biography of Tocqueville, which was published two years ago in, he says, ‘the nick of time’. He is kind enough to
Blue Lightning (Macmillan, £16.99) is the fourth novel in Ann Cleeves’ excellent Shetland quartet. Blue Lightning (Macmillan, £16.99) is the fourth novel in Ann Cleeves’ excellent Shetland quartet. It is just as good as its predecessors. Cleeves has found a way to serve up many of the pleasures of the traditional mystery in an unusual
The years between the middle of the 18th century and the middle of the 19th century, argues Holger Hoock, ‘saw Britain evolve from a substantial international power yet relative artistic backwater into a global naval, commercial and imperial superpower as well as a leading cultural power in Europe. The years between the middle of the
Mr Gladstone’s career in politics was titanic. Mr Gladstone’s career in politics was titanic. He sat for over 60 years in the Commons, was in the cabinet before he was 35, was four times prime minister, almost solved the Irish question, set new standards for the conduct of public business and of foreign policy, and
Port-au-Prince, the Haitian capital, lies on a marshy bay encircled by mountains. It was founded in 1749 by the colonial French and named after a vessel, Le Prince, which anchored there about 1680 (and not, as the dictator ‘Papa Doc’ Duvalier apparently liked to believe, after The Prince by Machiavelli). Thousands subsist in shanties built
In November 1660, on a damp night at Gresham College in London, a young shaver named Christopher Wren gave a lecture on astronomy. In the clearly appreciative audience were 12 ‘prominent gentlemen’, who in discussions afterwards, possibly over a drink or two, decided they would meet every week to talk about science and perform experiments.
William Pitt the Elder, Earl of Chatham was hailed by Victorian schoolboys as the man who made England great. He was the patriot leader, the minister who steered the country through the Seven Years War, climaxing in the Year of Victories of 1759. General Wolfe heroically captured Quebec, British troops helped Frederick the Great of
Nobody who reads Nigel Farndale’s The Blasphemer is likely to complain about being short-changed. Nobody who reads Nigel Farndale’s The Blasphemer is likely to complain about being short-changed. It tackles five generations of the same family, three wars, Mahler’s ninth symphony and contemporary Islamic terrorism. Along the way, it ponders the nature of male courage,
Edmund White is among the most admired of living authors, his oeuvre consisting of 20-odd books of various forms — novels, stories, essays and biographies — though each one is imbued with his preferred subject, homosexuality. Edmund White is among the most admired of living authors, his oeuvre consisting of 20-odd books of various forms
The metaphors that come to us when we are sick, trapped in the no-man’s land bet- ween consciousness and oblivion, are often the most vivid of which our minds are capable. The metaphors that come to us when we are sick, trapped in the no-man’s land bet- ween consciousness and oblivion, are often the most
Any bright schoolchild could tell, from a glance at his or her atlas, where the Allies were going to land next, after they had conquered Tunis in 1943: it would have to be Sicily. The deception service persuaded the German highest command that Sicily was only the cover for an attack on southern Greece, after
A connection between poetry and blindness is a classical trope. Homer was thought to be blind — if indeed he was one person — and Milton of course suffered torture by going blind. Blindness is also associated with special powers of insight and intuition, very useful attributes for a poet. Blind poets had to develop
In this splendid, monumental slab of a book, Desmond Fitzgerald, the 29th Knight of Glin, has made the chronicle of his family epitomise the whole turbulent history of Ireland since the arrival of the Normans. The survey includes chapters by academic genealogists and other historians, with less formal contributions from the Knight himself and his
William Trevor’s collected short stories were published in 1992 and brought together seven collections. William Trevor’s collected short stories were published in 1992 and brought together seven collections. But since reaching the standard age for retirement, Trevor has produced four further volumes, and now Penguin has brought out a handsome new edition, in two slipcased
Last year, at a gathering in a London bookshop, the Nigerian writer Chinua Achebe read poetry and mused over his long career. The evening was a sell-out, the mood adoring. At the end, a Scandinavian blonde raised a hand to ask whether, if he could do it all again, there was anything about Things Fall
It’s lovely to be the child of a Chinese Revolutionary Martyr. It means your parent died especially heroically for the Communist cause. I had a friend who was such a son; his father, a high-ranking Chiang Kaishek army officer, came over to the Maoist cause and died fighting for it against his former comrades. The
This is John Michell’s last book, completed soon before he died in April last year. He regarded it as his magnum opus, summarising the principles of geometry that had preoccupied him for decades. I knew him for 25 years, but not until I read this book did I realise how coherent his vision had been,