5 ▁study ▁on ▁Fin an cial ▁Re const ruction ▁in ▁England , ▁ 1 8 1 5 – 1 8 2 2 , ▁argued ▁that ▁it ▁was ▁the ▁government ▁and ▁the ▁Bank ▁of ▁England ' s ▁severe ▁def lation ary ▁policy ▁which ▁ex ac erb ated ▁the ▁troubles ▁associated ▁with ▁the ▁shift ▁from ▁a ▁w art ime ▁to ▁a ▁pe ac etime ▁economy . ▁ ▁Econom ists ▁like ▁David ▁Ric ardo ▁critic ized ▁the ▁Bank ' s ▁actions ▁as ▁the ▁result ▁of ▁ignor ance . ▁ ▁However , ▁later ▁academ ics ▁have ▁maintained ▁that ▁the ▁Bank ▁was ▁not ▁ignor ant , ▁but ▁angry ▁over ▁the ▁government ' s ▁effort ▁to ▁restrict ▁its ▁aut onomy ▁and ▁limit ▁its ▁control ▁over ▁its ▁level ▁of ▁li abilities . ▁ ▁Other ▁anal yst s ▁have ▁emphas ized ▁not ▁the ▁war - to - pe ace ▁transition ▁but ▁the ▁role ▁of ▁British ▁spec ulation , ▁under ▁expansion ary ▁Mon et ary ▁policy , ▁in ▁Latin ▁American ▁mark ets ▁ ▁Alexander ▁Dick ▁emphas izes ▁that ▁the ▁crisis ▁was ▁unique ▁in ▁that ▁it ▁was ▁not ▁sole ly ▁caused ▁by ▁external ▁events ▁like ▁war ▁or ▁spec ulation ▁in ▁foreign ▁mark ets , ▁although ▁those ▁certainly ▁played ▁a ▁role . ▁Instead , ▁he ▁maintain s ▁that ▁the ▁crisis ▁stem med ▁from ▁the ▁divers ification ▁of ▁the ▁financial ▁economy . ▁ ▁Larry ▁Ne al ' s ▁notable ▁analysis ▁of ▁the ▁crash ▁arg ues ▁that ▁neither ▁spec ulation ▁nor ▁the ▁Bank ▁of ▁England ▁nor ▁the ▁country ▁banks ▁alone ▁are ▁responsible . ▁Instead , ▁he