Hutton’s business success and social mobility are viewed in the context of Birmingham’s industrial development, a booming land market, the lack of government regulation, and the diversity of religious practice. This chapter reveals the economic framework that allowed Hutton to amass wealth. Once he settled in Birmingham, he found new ways to develop business skills and make money. Early failure stiffened his resolve, taught him lessons, and led him to focus on selling paper, instead of books. Convinced of the future value of land, he made risky speculations and accumulated large debts. A case study compares Hutton’s response to the Industrial Revolution with that of his sister, Catherine Perkins. Hutton devoted all his energies to making money and buying estates. His sister found greater happiness in her religious faith and charity. Their opposing views about land, trade, money, and religion reveal a spectrum of personal responses to rapid economic change.
State-contingent bank regulation with unobserved actions and unobserved characteristics
