This book investigates how government regulation and the demands of wartime financing constrained the development of private credit markets in England following the year 1700. Peter Temin, an esteemed economic historian, utilizes previously unexamined archival data from goldsmith banks to construct his argument. He posits that while these financial institutions eventually adapted to a restrictive regulatory environment, the broader English economy suffered significant long-term growth limitations due to these institutional barriers.

Economic historians frequently cite this work for its rigorous use of primary archival data to challenge traditional narratives regarding early modern financial development. Experts highlight the text as a significant contribution to understanding the structural impediments that shaped the English economy during the 18th century.