Cyberpunk Victoria: The credibility of computers and the first digital revolution, 1848–83

Abstract

British capitalism was a knowledge economy that lived on reliable numerical information. We argue that human computers and the algorithms they used played a vital intermediation role and supported the growth of the British capital market, because they resolved digital information asymmetries. Given the lack of an archive for 'Cyberpunk Victoria', we demonstrate the computers' role as financial intermediaries by identifying their imprint on the production of data by a prominent numerical factory, the Investor's Monthly Manual, a companion publication of the Economist. Our study underscores the import of digital mechanization and the relevance of human cybernetics to the development of financial capitalism. K E Y W O R D Scomputers, financial regulation, interest rates, media, scandals 'Steampunk' is a retro-futuristic science fiction specialty that incorporates technology, politics, and aesthetics inspired by the nineteenth century. In The difference engine, a novel by William Gibson and Bruce Sterling that is credited with having popularized the genre, the authors imagine an alternative Victorian era sparked by successful implementation of Charles Babbage's computer, which would have left the drawing board where it remained in fact to be actually implemented, leading to the dawn of the information age, one century ahead of schedule. 1 In this article, we suggest that the nineteenth century did witness a numerical revolution and the birth of an early form of cybernetics, which have been thus far overlooked. Speaking of 'cybernetics' in the nineteenth century may seem strange to some and deserves an explanation. As we show, the digital 1 Gibson and Sterling, Difference engine.

Sovereign Collateral

“…This was expected to render data in prospectus more credible. Indeed, when asked about the economic logic underpinning the bill, Sheridan responded that if investors could 44 On the episode, see Flandreau (2016), Miranda (2017), andFlandreau andLegentilhomme (2021). 45 48 See Solicitors' Journal, 3 November 1877: "Where false or untrue in any material particular, the person willfully making such a false declaration would be deemed guilty of misdemeanor."…”

“…This important adjustment is typically not done in the current literature (at best, authors take maturity alone into consideration). It is made possible here because we obtained the original documentation, enabling us to calculate rigorous yield-to-maturity (see Flandreau and Legentilhomme (2021) for detail). Last, we computed spreads using Klovland (1994) for returns on British consols.…”

“…3Other studies emphasizing “digital innovation” in nineteenth-century finance include Thakor (2020), Flandreau and Legentilhomme (2021), and Flandreau (2003). …”

“…Other studies emphasizing "digital innovation" in nineteenth-century finance include Thakor (2020),Flandreau andLegentilhomme (2021), andFlandreau (2003).4 In this sense, a corporate counterpart of sovereign hypothecation might be the governance institutions relied upon in railway finance(Frydman and Hilt 2017).…”

Pari Passu Lost and Found: The Origins of Sovereign Bankruptcy 1798-1873

“…that "the dividends of the first loan were paid out of the produce of the second." 127 SeeFlandreau & Legentilhomme (2021) for detail.…”