Lloyd's of London : information and influence in the nineteenth century.
Abstract
In the nineteenth century, Lloyd's of London, the largest marine insurance underwriting market in Great Britain, cultivated long-standing relationships with the Admiralty and other government bodies through personal, financial, and political networks to secure its dominance in the field. Its leadership and policies bridged a gap between the private sphere of finance and the public sphere at both ends of the societal spectrum, from orphaned children of soldiers and a news-hungry population to the ruling establishment. The institution also acted as a vital link between production and consumption by facilitating global shipping, particularly in times of war and conflict. As a private enterprise with an international reach, and not just within the British Empire, it came very close to conforming to Hobson's "internationalism." The members of the governing committee integrated cross border communications networks with public engagement, transnational conflict resolution and prevention, and government participation. They recognized the role informal networks could play in business dealings and as a source of power itself--much as the landed classes had done for centuries. They pioneered international information systems, recognizing its value not only for the carrying on of the underwriting business, but as a commodity in itself. The growth of the committee of Lloyd's influence in formal and informal contexts represented a fundamental shift concurrent with the Industrial Revolution that saw the rise of the financial elite as not only economic equals with the traditional governing classes in terms of wealth, but increasingly in terms of social and political power. While multiple books have been written on the subject, most were commissioned by Lloyd's, are quite dated, and often do not provide citations. The most definitive work on the underwriting house is Charles Wright and C. Ernest Fayle's A History of Lloyd's from the Founding of Lloyd's Coffee House to the Present Day, published in 1928. Even this text is heavily biased towards the corporation and often ignores external factors that might diminish the value of the organization's public engagement. Using archival and printed primary sources, many only available in the collections of the British Library and Guildhall Library in London, this thesis provides a more balanced study of Lloyd's of London. It highlights the personal networks, technological innovations, and political and economic climates that challenged and drove the organization's success. In doing so, it moves beyond a discussion of the underwriting business and draws attention to the professionalization of the industry and the growing influence of London's financial service industry and its elite leaders within the context of the Industrial Revolution and the growth of Great Britain's Second Empire.
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- UCO - Graduate Theses [722]