This book examines the development of a “culture of capital” in England during the period c. 1680–1760 (p. 5). Muldrew examines the transition from oral credit to financial capital. Rather than emphasizing the importance of the role of institutions in the transformation, Muldrew instead focuses on the introduction of paper currency, the role of assets, and social attitudes. For the purposes of this review, the book was examined independently, but Muldrew notes that it also serves as a companion to his well-known work The Economy of Obligation: The Culture of Credit and Social Relations in Early Modern England (Reference Muldrew1998), which examined oral credit. Some familiarity with that work is assumed, and readers who do not already own a copy of The Economy of Obligation might want to consider purchasing it to accompany this book.

The book is structured into eight chapters. The first two chapters of the book are largely contextual. Chapter 1 reviews the existing academic literature on the topic. As the study of capitalism is a broad and growing field, the summary of current debate is helpful. Chapter 2 has a broad scope, examining the ways in which circulating capital was “created and stored” from the medieval period up to and including the South Sea Bubble (p. 57). The purpose of Chapter 2 is to explain why a system of regional banks was not yet in place in England by c. 1680. Chapters 3 and 4 focus on the English regions, exploring first how “paper currency and inland bills of exchange” were created and, second, how their “circulation was secured with capital in the form of mortgages and bonds” (p. 100). Chapters 5 and 6 examine how social behavior adapted to the new financial processes. Chapter 5 focuses on attitudes to savings, basing its analysis on contemporary religious teachings. Chapter 6 focuses on how those ideas were “disseminated throughout English society” (p. 226). Chapter 7 examines how debt litigation worked, connecting it to concepts of trust and security for credit. Building on that, Chapter 8 addresses the emergence of the middle class who, Muldrew argues, were formed of “wealthier, more secure creditors who used the law to protect their capital, which they termed property” (p. 303). Chapters 9 and 10 then review the development of banking, first in Scotland, the American colonies, and France, and then in England.

A novel aspect of the book is its focus on the English regions. Evidence on the transition from oral credit to paper-based credit is drawn from locations including Essex, Hampshire, Kent, Lancashire, and Somerset. Muldrew argues that existing studies have often taken a London-centric approach. He suggests that developments in the City should be considered alongside the use of paper credit currency by provincial tradespeople. Rather than the introduction to the book containing a dedicated section on the regional primary sources, they are instead discussed in the individual chapter synopses presented in the introduction. As they are integral to the book’s argument, it would have been helpful if the sources could have been highlighted to a greater extent in the opening pages, although this may be of use for academics rather than the wider audience at which the book may be aimed.

The examination of social attitudes to the introduction of new financial instruments is a second key contribution of the book. Muldrew suggests that the transition to a “culture of capital” was only possible because individuals had both trust in the system and a personal interest in its success. The focus of the book is primarily on those groups that benefited from the changes. The use of individual case studies from the regions as supporting evidence in Chapters 8 and 9 is effective. Less attention is paid to the potential inequalities arising from the new processes. However, the threats of arrest and imprisonment for poorer members of society who failed to pay debts are mentioned, as are the risks of over-mortgaging and foreclosure.

Comparisons between England and other countries are a third feature of the book. Muldrew argues that debates about paper currency in Scotland, the American colonies, and France mean that there is a benefit in examining their experiences. The coverage of those countries in the existing literature means that the inclusion of a comparative chapter is of benefit to readers who are historians of capitalism. For those with a greater interest in the English examples, the comparative chapter could potentially have been sacrificed to allow greater elaboration of the regional primary sources.

Business historians who work on financial and banking history and on the history of capitalism will be interested in this book. A helpful feature of the book is that Muldrew has structured it so that the chapters can be read separately if desired. Readers with an interest in banking and financial history have the option to focus on Chapters 3 to 6 if they wish, while the book in its entirety will be appreciated by scholars working on the history of capitalism.