Walter Bagehot Explained

Walter Bagehot
Birth Date:1826 2, df=yes
Birth Place:Langport, Somerset, England
Death Place:Langport, Somerset, England
Party:Liberal[1]
Nationality:British
Alma Mater:University College London
Signature:File:Walter Bagehot signature.png

Walter Bagehot (; 3 February 1826 – 24 March 1877) was an English journalist, businessman, and essayist, who wrote extensively about government, economics, literature and race. He is known for co-founding the National Review in 1855, and for his works The English Constitution and (1873).

Life

Bagehot was born in Langport, Somerset, England, on 3 February 1826. His father, Thomas Watson Bagehot, was managing director and vice-chairman of Stuckey's Bank. He attended University College London (UCL), where he studied mathematics and, in 1848, earned a master's degree in moral philosophy.[2] Bagehot was called to the bar by Lincoln's Inn, but preferred to join his father in 1852 in his family's shipping and banking business.

In 1858, Bagehot married Elizabeth (Eliza) Wilson (1832–1921), whose father, James Wilson, was the founder and owner of The Economist. The couple were happily married until Bagehot's untimely death at age 51, but had no children.[3] A collection of their love-letters was published in 1933.[4]

Journalism

In 1855, Bagehot founded the National Review with his friend Richard Holt Hutton.[5] [6] In 1861, he became editor-in-chief of The Economist. In the 16 years he served as its editor, Bagehot expanded the reporting of politics by The Economist, and increased its influence among policy-makers. He was widely accepted by the British establishment and was elected to the Athenaeum in 1875.[7]

Works

In 1867, Bagehot wrote The English Constitution, a book that explores the nature of the constitution of the United Kingdom, specifically its Parliament and monarchy. It appeared at the same time that Parliament enacted the Reform Act of 1867, requiring Bagehot to write an extended introduction to the second edition which appeared in 1872.

Bagehot also wrote Physics and Politics (1872),[8] in which he examines how civilisations sustain themselves, arguing that, in their earliest phase, civilisations are very much in opposition to the values of modern liberalism, insofar as they are sustained by conformism and military success but, once they are secured, it is possible for them to mature into systems which allow for greater diversity and freedom.

His viewpoint was based on his distinction between the qualities of an "accomplished man" and those of a "rude man", which he considered to be the result of iterative inheritances by which the "nervous organisation" of the individual became increasingly refined down through the generations.[9] He regarded that distinction as a moral achievement whereby, through the actions of the will, the "accomplished" elite was able to morally differentiate themselves from "rude men" by a "hereditary drill". He equally applied such reasoning to develop a form of pseudoscientific racism, whereby those of mixed race lacked any "inherited creed" or "fixed traditional sentiments" upon which, he considered, human nature depended.

He attempted to provide empirical support for his views by citing John Lubbock and Edward Tylor although, in their writings on human evolution, neither of them accepted arguments for innate hereditary differences, as opposed to cultural inheritance. Tylor, in particular, rejected Bagehot's view of the centrality of physical heredity, or that the modern "savage" mind had become "tattooed over with monstrous images" by which base instincts had been preserved in crevices, as opposed to accomplished European man, for whom such instincts had been smoothed away through the inherited will to exercise reason.[9]

In (1873) Bagehot seeks to explain the world of finance and banking.[10] His observations on finance are often cited by central bankers, in particular in the period in wake of the global financial crisis which began in 2007. More specifically, there was particular popularity "Bagehot's Dictum" that in times of crisis of the financial system, central banks should lend freely to solvent depository institutions, yet only against sound collateral and at interest rates high enough to dissuade those borrowers that are not genuinely in need.[11]

Legacy

Bagehot never fully recovered from a bout of pneumonia he suffered in 1867, and he died in 1877 from complications of what was said to be a cold.[12] Collections of Bagehot's literary, political, and economic essays were published after his death. Their subjects ranged from Shakespeare and Disraeli to the price of silver. Every year, the British Political Studies Association awards the Walter Bagehot Prize for the best dissertation in the field of government and public administration.

Minor planet 2901 Bagehot, discovered by Luboš Kohoutek, is named in his honor.[13]

The Economist carries a weekly current affairs commentary entitled "Bagehot", which is named in his honour and is described as "an analysis of British life and politics, in the tradition of Walter Bagehot".[14] [15], the column has been written by Duncan Robinson, political editor of the publication.

Major publications

References

Bibliography

Further reading

External links

Notes and References

  1. Selinger . William . Conti . Greg . Reappraising Walter Bagehot's Liberalism: Discussion, Public Opinion, and the Meaning of Parliamentary Government . History of European Ideas . 2015 . 41 . 2 . 264. 10.1080/01916599.2014.926105 . 144027865 .
  2. [Richard Holt Hutton|Hutton, Richard Holt]
  3. Web site: Roberts. David H.. Walter Bagehot: A Brief Biography. The Victorian Web. 10 April 2016.
  4. Web site: Women's Studies Subject Guide: Eliza Wilson. University Archives. The University of Hull. 10 April 2016.
  5. https://www.questia.com/PM.qst?a=o&d=9428981 Walter Bagehot by St. Norman John-Stevas The British Council/National Book League/Longmans, Greene & Co.
  6. Book: Victorian Print Media: A Reader . https://archive.org/details/victorianprintme00plun . July 23, 2013 . limited . Andrew King, John Plunkett . 2005 . 978-0-19-927037-8 . https://archive.org/details/victorianprintme00plun/page/n66 50 . National Review (1855–64) one of the most prestigious quarterlies of mid-century . Oxford University Press.
  7. Web site: Walter Bagehot Key dates - A brief chronology of his life, family, work and legacy . 12 September 2022 . Langport Heritage Society. 6 January 2021 .
  8. Web site: Physics and Politics. No. I. The Pre-Economic Age. . Bagehot . Walter . November 1867 . Hathi Trust . Fortnightly Review . 17 July 2018 . This three-part article was published over the course of three years in the Fortnightly Review: the first section was published in November, 1867; the second section in April, 1868; and the third in July, 1869..
  9. Web site: Shilliam . Robbie . How Black Deficit Entered the British Academy . robbieshilliam.wordpress.com . Robbie Shilliam . 28 June 2019.
  10. "Bagehot and International Lending". by Professor M. Lipton. The Financial Times (London, England), Tuesday, June 12, 1984; p. 17; edition 29,344.
  11. Paul Tucker, Deputy Governor, Financial Stability, Bank of England, "The Repertoire of Official Sector Interventions in the Financial System: Last Resort Lending, Market-Making, and Capital", Bank of Japan 2009 International Conference, 27–28 May 2009, p. 5
  12. Roger Kimball, "The Greatest Victorian", The New Criterion October 1998.
  13. Book: (2901) Bagehot In: Dictionary of Minor Planet Names . 238. Springer . 2003 . 978-3-540-29925-7 . 10.1007/978-3-540-29925-7_2902. (2901) Bagehot.
  14. News: Adrian Wooldridge . . 19 June 2021.
  15. News: What can Britain today learn from Walter Bagehot? . The Economist . 3 January 2020 . 19 June 2021.

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