Last May, the Bank organised an economic history workshop at the St Clere Estate, home of former governor Montagu Norman. In this guest post, one of the speakers Anne Murphy from the University of Hertfordshire, looks at what the Bank’s archives can tell historians about how business dealt with rapid organisational change at the start of the industrial revolution…
Industrialisation was not the only driver of change during the eighteenth century. Recent historiography has revealed more about the financial and organisational revolutions that helped to shape the British state and the country’s economic development. The Bank of England was at the forefront of these revolutions and a pioneer of new modes of business organisation. A business that started out in a small rented space with only seventeen clerks in 1694 was, by 1815, employing nearly 1,000 workers and occupying most of the Threadneedle Street block. Yet it has been sadly neglected as a case study. What might we find in the Bank’s archives to understand how business adapted to rapid and radical change during the eighteenth and nineteenth centuries?
Mark Egan, Gregor Matvos and Amit Seru
Earlier this year the Bank hosted a joint conference with ECB and the Federal Reserve Board on Gender and Career Progression. In this guest post, Mark Egan, Gregor Matvos and Amit Seru summarise the paper they presented on the differential punishment of male and females in the US financial industry.
The gender pay gap – that women earn lower wages than men – is well known. Is that where the disparity in the workplace ends? No. In a new working paper, we document the existence of the “gender punishment gap”. We study the career trajectories of more than 1.2 million men and women working in the US financial advisory industry and examine how their careers evolve following misconduct. Women face more severe punishment at both the firm and industry level for similar missteps. Following an incidence of misconduct, women are 20% more likely to lose their jobs and 30% less likely to find new jobs relative to their male counterparts. The punishment gap is especially prominent in firms with few female managers.
Tyler Curtis, from Hall Cross Academy, Doncaster is the winner of the Bank of England/Financial Times schools blogging competition. In his winning post, he looks at how artificial meat could reshape the economy and our environment…
Food, glorious food! But how glorious is it, especially meat, when its production is reminiscent of Mary Shelley’s Frankenstein? Traditionally, a significant portion of the world’s workforce has been employed in agriculture throughout history, forcing us to allocate massive amounts of scarce resources to the sector. Today, nearly 27 per cent of people work in agriculture worldwide, according to the World Bank (the figure is just 1 per cent in the UK). However, the industry is on the verge of a new revolution.