Bankruptcy was a problem in Tudor times too
Release Date 25 March 2011
From the Lehman Brothers' Bank to Greece, bankruptcy is very much part and parcel of the recession. But for those that think this a modern phenomenon, history teaches us it is nothing new.
The lending and borrowing of money was as crucial in the past as now, and a talk at the University of Reading next week will examine bankruptcy from the first legislation of Henry VIII to the emergence of rights for bankrupts at the beginning of the 18th century.
Professor Ann Carlos, from the University of Colorado, will be speaking at the first joint event organised by Reading's economic historians who collaborate on different research across the University's departments. In particular the workshop will be looking at the use of data in historical studies.
Professor Carlos said: "Bankruptcy legislation is an often disregarded but fundamental component upon which complex exchange is based. Although bankruptcy deals with low probability events, the effectiveness of these rules affect the supply of loanable funds in terms not just of the number of people willing to lend but also the amount that individuals are willing to supply to the market. At the same time, the rules affect how many people are willing to borrow and the price at which this borrowing takes place. The rules form an integral part of the social infrastructure of an economy."
The workshop, on Wednesday 30 March, will also feature a talk by Professor Jane Humphries, President of the Economic History Society, on child labour in the industrial revolution.
Dr Margaret Yates, of the History Department at Reading, said this first event represented a major step for the study of economic history. "Bringing together economic historians from across the University means we have a large body of academics who can offer something different to other institutions. We are leading the way with our collaborative research and sharing of ideas."
ENDS
For more information please contact Rona Cheeseman, press officer, on 0118 378 7388 or email r.cheeseman@reading.ac.uk