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The Equivalent Societies of Edinburgh and London, the Formation of the Royal Bank of Scotland, and the Nature of the Scottish Financial Revolution

Abstract The historiography of the Financial Revolution in Scotland remains underdeveloped. This article addresses that gap by rounding out the rough sketch that currently represents our understanding of Scotland's Financial Revolution by focusing on the formation of the Royal Bank of Scotland, Scotland's first new financial institution in more than thirty years when it emerged in 1727. The case is made that the Scottish Financial Revolution was a complex movement, very often separated from the state and driven by the agency of Scotsmen at home and abroad, and that 1727 denoted a phase of the revolution in which financially innovative projects returned to the country after a period of absence. The article demonstrates how the progress of the Financial Revolution ebbed and flowed in the country, contingent upon political circumstances, from the nascent economic developments of the 1690s and on to the political upheaval of the early eighteenth century.