Walter Bagehot

Walter Bagehot ( born February 3, 1826 in Langport, Somerset, † March 24, 1877 ) was a British economist, constitutional theorist and editor of the weekly "The Economist". Bagehot's analysis and writings have contributed much to the political system of England and to the understanding of parliamentary government and the rule of central banks.

Life

Bagehot visited the University College London, from which he graduated in 1848 with the master. Although admitted to the bar, he did not practice as such, but its working in the banking sector father joined them.

After he had written for various magazines, he ultimately achieved fame as one of the first publisher and editor of the weekly magazine "The Economist", founded by James Wilson, his father in law. In Bagehot's leadership from 1861, succeeded the magazine, among others through an expanded range of topics (United States, politics, etc. ) to increase their influence on policy makers.

In 1867 he wrote the book The English Constitution, in which the structure of the United Kingdom is examined, in particular the position of Parliament and the British monarchy and the contrasts between the British and American governments. The basic distinction in comparative government studies between presidentialism and parliamentarism dates back to Bagehot's essay. The English Constitution is regarded as a standard work and was translated into various languages.

Five years later, in 1872, he created Physics and Politics, in which he created the still- familiar expression " the cake of custom". 1873 appeared with Lombard Street economists for a highly useful work. As for his services concerned in the field of sociological theories - Bagehot wrote some historical studies - he can be compared with his contemporary Henry James Sumner Maine. Posthumously, ie after 1877, appeared a collection of bibliographic and economic essays.

Bagehot also contributed significantly to the development of modern racism and social Darwinism. His incisive remarks in relation to both reportedly lower races as to lower classes. So he said, " oriental " nations were always " whatthey are", " savage" "do not improve" and only " nations (...) of European origin advance". In terms of their own lower classes, he claimed there were in England, " crowds of people scarcely more civilized than the Majority of two thousand years ago ."

Bagehot in honor publishes The Economist weekly column about the British policy under his name and the "British Political Studies Association " has awarded the annual " Walter Bagehot Prize" for the best dissertation in the area of ​​government and public administration.