Money & Markets
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money & markets ton rring ter Ha o n Pe l o n d Peter Harrington 1 We are exhibiting at these fairs: 1–2 November 2019 chelsea (aba) Chelsea Old Town Hall King’s Road, London www.chelseabookfair.com 15–17 November boston Hynes Convention Center 900 Boylston St, Boston, MA http://bostonbookfair.com hong kong Sadly the China in Print fair has been cancelled. 11 January 2020 york (pbfa) York Racecourse Knavesmire Road, York https://www.pbfa.org/fairs/york-1 24–26 January stuttgart Württembergischer Kunstverein Schlossplatz 2, Stuttgart http://www.stuttgarter-antiquariatsmesse.de/ 7–9 February california Pasadena Convention Center 300 E. Green St, Pasadena, CA https://www.cabookfair.com/ MONEY & MARKETS VAT no. gb 701 5578 50 Peter Harrington Limited. Registered office: WSM Services Limited, Connect House, 133–137 Alexandra Road, Wimbledon, London sw19 7jy. Registered in England and Wales No: 3609982 Cover illustration from Antonio Petruccelli’s design for Fortune Magazine, June 1937, item 194. Design: Nigel Bents. Photography: Ruth Segarra. Peter Harrington 1969 london 2019 catalogue 156 MONEY & MARKETS mayfair chelsea Peter Harrington Peter Harrington 43 dover street 100 FulHam road london w1s 4FF london sw3 6Hs uk 020 3763 3220 uk 020 7591 0220 eu 00 44 20 3763 3220 eu 00 44 20 7591 0220 usa 011 44 20 3763 3220 www.peterharrington.co.uk usa 011 44 20 7591 0220 MONEY & MARKETS currency, and devaluation. A wonderful pamphlet volume (item 92) engages with the “Kipper und Wipper” debasement crisis at the outbreak of the Thirty Years’ War. The founding fathers of political arithmetic, Charles Dave- nant (item 31) and William Petty (items 143, 144), and pioneers of economic statistics William Fleetwood (item 57) and John Graunt (item 66), are all present. Together they and their successors advanced the science of applied economics, aiding those involved in financial institutions in the calculation of risk, be it through the calculation of life expectancy (items 37, In the present catalogue we are pleased to present a selection 105) or the measure of population growth (items 12, 38, 66). of books, prints, and manuscripts on banking, finance, political Commercial tables charted the history of commerce and its economy, and speculation in their many shapes and forms – contemporary state (items 44, 125). from Abraham de Moivre’s “De mensura sortis” (item 128), one of Discussions of economic watersheds such as the tulip mania his earliest works on chance, and Het Groote Tafereel der Dwaasheid in Holland (items 111, 183), the Mississippi and South Sea Bub- (item 176), the great collection of satirical engravings on specu- bles (items 170, 171), and the Wall Street Crash (items 61, 193) lation in 18th-century France and Holland, to 20th-century clas- feature prominently. They appear alongside Richard A. Daven- sics such as Frank Knight’s Risk, Uncertainty and Profit (item 93) port (item 32) and Charles Mackay’s (item 111) famous warnings and John von Neumann and Oskar Morgenstern’s Theory of Games about the dangers of speculative trading, filled with anecdotes and Economic Behaviour (item 190). of frauds, delusions, and deceptions. Biographies, fictionalized The catalogue includes several early banking proposals: memoirs, and a photographic carte-de-visite highlight some of John Cary’s Essay towards the Setlement [sic] of a National Credit the major players of the late 19th- and early 20th-century stock (item 21), John Law’s Money and Trade Considered (item 96), and market scene, such as Tennessee Claflin, America’s first female Henry Dunning Macleod’s Theory and Practice of Banking (item stockbroker (item 25), Hetty Green (item 67), Thomas W. Law- 114), plus accounts both printed and manuscript of banking in son (item 100), and Jesse Livermore (item 102). England, France, India, Malta, Spain, and elsewhere. John Law As well as printed books, we offer broadsides both satirical and his experiments in France with the Banque Génerale and and otherwise (items 174, 175), lantern slides depicting the the Mississippi project are particularly well represented (items Royal Exchange (item 158), a typed letter signed (item 90), a 97, 98, 99), with accounts written by supporters and opponents correspondence study course (item 80), and archives relating of his scheme, including Barthélemi Marmont du Hautch- to banking and bankruptcy (items 8, 9). amp’s investigation (item 119). The catalogue is in alphabetical order by author or topic of A number of works grapple with the ethics of finance, the interest. The subject index given on the facing page is intend- earliest being John of Segovia’s argument for the moral neu- ed as a finding aid. Full descriptions and further photographs trality of financial transactions, printed in 1472 (item 164). are available on our website. Please direct any enquiries to: Robert Filmer writes on the legality of interest-taking (50); John Locke (item 106), Jean Cherruyt de Malestroit (item 117), Ian Smith [email protected] and Samuel Pratt (item 150) write on the problems of coinage, Emma Walshe [email protected] SUBJECT INDEX Accounting, 69, 83, 110, 159, 168, 200 Life expectancy, 12, 37, 66, 105, 129, 130 Actuarial science, 129, 151 Lotteries 3, 17, 26, 143 Agriculture, 39, 48, 57, 78, 94, 104, 145, 155, 180 Manuscript or typed material, 8, 9, 90 Annuities, 37, 101, 105, 119, 129, 130, 151, 164 Mathematical economics, 4, 49, 51, 79 Bank of England, 5, 6, 15, 17, 41, 137, 155, 192, 195 Mercantilism, 136, 154, 159 Bank of Valletta, 7 Mississippi, bubble, scheme, & company, 20, 34, 97, 99, 111, Banking, 9, 29, 30, 64, 70, 96, 97, 98, 114, 137, 153, 160, 177, 178, 119, 140, 160, 175, 176 179, 197 Mortality (tables), 12, 37, 66, 129, 130 Bankruptcy, 8 Netherlands, the, 23, 24, 97, 175, 176 Banque de France, 10 Political arithmetic, 31, 143, 144, 151 Banque Génerale, 96, 97, 98 Poor, 48, 96, 151 Biography, 30, 49, 67, 70, 95 Political economy, 76, 94, 136, 191 Book-keeping, 69, 83, 110, 159, 168, 200 Population, 12, 20, 38, 66, 135, 151, 154, 155, 173 Broadside, 98, 174, 175 Printing and the Mind of Man, 48, 89, 136 Bubbles, 32, 42, 111, 119, 170, 174, 176 Probability, 88, 128, 129, 130, 139, 152, 165, 189 Business cycles, 84, 85, 127, 198 Provenance, notable, 13, 39, 42, 45, 52, 78, 93, 106, 146, 156, Capitalism, 15, 60, 104, 120, 121, 157, 169 165, 180, 181, 189, 196, Census, 135, 164, 173 Profit, theory of, 93, 143 Chance, 26, 128, 130, 165, 189 Reform, monetary & otherwise, 14, 94, 117, 141, 169, 186 China, 178 Risk, 9, 93, 123, 181 Circulation, 6, 14, 79, 97, 98, 109, 147, 148, 198 Russia, 104, 120 Coinage, 81, 92, 103, 108, 116, 125, 150 Signed or inscribed copies, 18, 40, 41, 43, 44, 53, 54, 65, 75, 80, Commerce, history of, 44, 125, 196 93, 100, 108, 131, 135, 138, 152, 169, 178, 179, 188, 191, 195, 197 Credit, 28, 34, 68, 114, 137, 147, 148, 178, 195, 199, 200 South Sea, company & bubble, 32, 33, 34, 111, 113, 168, 170, 171, Crises, 14, 82, 84, 85, 92, 137, 169, 170, 175, 199 174, 175, 176, Currency, 115, 153, 195, 198 Spain, 9, 110, 172, 173 Dictionaries, 145, 149, 160 Speculation, & the dangers of, 6, 9, 22, 32, 33, 59, 80, 92, 96, East India Company, 29, 31, 47, 116, 160, 163 100, 111, 115, 163, 170, 174, 175, 176 Exchange, theory of, foreign, 53, 79, 180, 200 Statistics, social or otherwise 12, 37, 48, 57, 66, 82, 128, 130, Ethics, 26, 50, 92, 106, 117, 150, 164 132, 135, 143, 144, 145, 152, 165 Fraud, 3, 32, 11, 168, 170, 193 Stock market, 25, 43, 56, 58, 59, 61, 67, 70, 80, 86, 100, 102, 111, Free trade, 153, 185 131, 142, 161, 162, 181 Game theory, 63, 130, 190 Taxation, 19, 31, 94, 98, 113, 119, 122, 133, 143, 155, 185, 186 India, 29, 78, 87, 136, 172, 179 Trade, & balance of 23, 30, 136, 182 Insurance, life & otherwise, 9, 65 Tulip mania, 111, 183 Interest, theory of, rates of, 1, 6, 13, 15, 21, 23, 24, 36, 40, 50, Tythes, 143, 186 52, 55, 114, 143, 184, 192 Usury, 11, 23, 24, 36, 40, 50, 97, 164, 184 Investment, 9, 18, 22, 42, 43, 49, 59, 72, 77, 80, 86, 93, 102, 123, Wages, 57, 132, 143, 155, 163, 191 131, 162, 167, 175, 197, 199 Wall Street, 25, 56, 58, 61, 67, 102, 131, 138, 142, 162, 193, 194 Kipper und Wipper, 92 Women, 8, 25, 59, 67, 70, 157 Law, John, 20, 34, 39, 46, 94, 95, 96, 97, 98, 99, 111, 119, 140, 160 1 1 ALLAIS, Maurice. Économie & Intérêt; Présentation nouvelle des problèmes fondamentaux relatives au rôle économique du taux de l’intérêt et de leurs solutions. Paris: Imprimerie Nationale, 1947 2 volumes, octavo. Original printed paper wrappers, with the wraparound band. Housed in a custom cloth solander case. A near-fine copy, faint tan- ning to wrappers from band and some minor chipping to extremities. first edition. Économie et Intérêt is Allais’s second major publica- tion, a massive work on capital and interest which has formed the basis for the so-called “golden rule of accumulation”. This states 3 that to maximize real income, the optimum rate of interest should equal the growth rate of the economy. Allais did not publish in Eng- a container for cards and notes. It was novel, and may conceivably lish until late in his career and as a result was slow to receive the have influenced the board game ‘Monopoly’, which appeared six international recognition that was his due.