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Reconstruction of London after the Great fire of 1666

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Abstract

The dissertation vividly describes the impacts created by London's great fire that

significantly affected the city's economic, social, and political perspectives. The study considered

sources utilized to make the dissertation a success, where the primary sources and secondary

sources were used and analyzed for the study. The paper has several examinations of the impacts

created by the fire before and after the fire. However, the primary concern starts with the social-

cultural and political implications that resulted from the fire. The study examines the fire's cause

that the city's housing system is described concerning the city's economy before the outbreak.

The dissertation further makes an exploration of the transition from the medieval economy to

modernity. The modern city has several transitions from firefighting, architecture, and insurance

that weren't available before the great fire. Significantly, the town's economy was unstable and

low that infrastructure development was limited, making the city have bushes in the streets.

Simultaneously, the city was made of wooden house that signifies that the city's economy before

the great fire. Based on London's perception in the 16th century, this research was developed to

explore the English economy before and after the great fire, targeting London's economy's

overhaul. Simultaneously, the study focused on reconstructing the city with the success factors

that facilitated the modern city's development, like labor and financing models utilized. The
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reconstruction analysis is based on both the immediate and long-term consequences of London's

great fire of 1666 fire on the national economy. After the great fire, the economy of London

considerably changed. Despite the vast destruction of property, thousands of people lost

employment, translating to a revenue loss at an individual and national level. Several companies

lost their investments. However, after the fire, there was a significant economic development

creating profitable opportunities for real estate companies, insurance firms, and firefighting

industries. Among the great fire's long-term effects is the advancement of the insurance

companies, such as the Royal Sun Alliance (RSA) Insurance Group, revolutionizing the

firefighting industry, construction technology, and contract law advances. Moreover, jobs were

created for the reconstruction, leading to business development that got taxed, leading to the

city's economic development since the businesses were taxed to raise revenue and colossal

income.
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Contents

Abstract............................................................................................................................................1

Chapter one Research Plan..............................................................................................................3

1.1 Problem Statement and Thesis...............................................................................................4

1.2 Research Objectives...............................................................................................................4

1.3 Research Questions................................................................................................................5

1.4 Summary of Chapters.............................................................................................................5

2.0 Review of Sources.....................................................................................................................6

2.1 Primary sources......................................................................................................................7

2.2 Secondary sources..................................................................................................................8

2.3 Qualitative data......................................................................................................................8

Chapter Two: London before the Fire of 1666................................................................................9

1.1 London's Economy Before the 1666 Fire..............................................................................9

1.2 The expansive population of London and its boundaries....................................................11

1.2.1 London Population Prior to the Great Fire....................................................................11

1.3 International Migration and Settlement...............................................................................13

1.3.1 Settlement patterns........................................................................................................13

1.3.2 Migration in London.....................................................................................................14

1.4 The Expansive Population of London and Its Boundaries...................................................16

1.5 Key Shapers of London's Economy from 1600 to 1666......................................................17

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1.5.1 Trade and commerce in London....................................................................................18

1.5.2 The commercial cathedral.............................................................................................19

Chapters Three: London after the Fire of 1666.............................................................................20

1.1 The Immediate Economic Implications of the 1666 Fire....................................................20

1.1.1 Loss of revenue and employment..................................................................................20

1.1.2 Crime.............................................................................................................................23

1.2 The fire created Investment opportunities in London..........................................................23

1.3 Corporation of London Loans and Borrowing rates............................................................26

1.4 Financial Valuation and reconstruction of London..............................................................28

Chapter 4 Reconstruction of London.............................................................................................29

1.1 Financing the Reconstruction...............................................................................................29

1.2 Laborers in the Reconstruction............................................................................................36

1.3 Large Specialized Contractors.............................................................................................39

1.4 The Reconstruction of Churches..........................................................................................43

Conclusion.....................................................................................................................................47

Works Cited...................................................................................................................................50
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Chapter One: Research Plan

An interdisciplinary approach is essential in researching the London great fire's

implication in 1666 since no single disciplinary perspective can efficiently and adequately

address and highlight the historical implication. This dissertation comprehensively examines the

implications of the great 1666 fire that destroyed most parts of London's capital, a city regarded

as a tremendous cosmopolitan since it had a reputable commercial influence. It contained various

groups from various regions worldwide that thrived economically. This assessment aims to

examine the short and long-term effects of the great 1666 fire at the City of London on England's

economy. After the London fire, little attention had been accorded to the fire's implications to

London's economy and its effects on the residents of the City. The dissertation makes a critical

analysis of London's economy before and after the great fire of 1666. The great fire's negative

consequences to London's national economy illustrate the strategies and approaches to mitigate

future disasters. Moreover, the paper illustrates how London's economy could be revamped in

the shortest time possible. The paper extends beyond the historical perspectives of the pre-great

1666 fire. During the time and post great 1666 fire, the historical events significant in the

reconstruction that led to crating implications on London's economy are discussed. This

dissertation entails investigating the implications of London's 1666 great fire to the economy of

the city and England's economy. Despite utilizing diverse author's work as secondary sources,

none of the authors succeeded in analyzing the implications of London's great fire to the

economy of City. In this regard, this dissertation aims to pinpoint the short and long-term

impacts of the great fire in the London capital on England's economy.

The research has a gap that requires to be addressed. The study will be conducted by

reviewing previous relevant literature regarding the economic implications resulting from the
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1666 fire at the City of London to grasp the specific short and long-term impacts on England's

economy. This review will be conducted by examining London's economy before the fire, after

the fire, and during the reconstruction process (Waddell, Writing History From Below 241). The

process of achieving accurate outcomes does the research to rely on literature pieces that

concentrated on the critical shapers of the city between 1600 and 1666, migration and settlement

patterns before the fire, immediate economic implications after the fire, and fund allocation to

curb the consequences that resulted from the fire (Dzelzainis 6). Further, a review of the

literature regarding the entire reconstruction process after the fire will help achieve the research

objectives. Once an insightful review of relevant literature is conducted, the researcher hopes to

develop a conclusive summary that will highlight the short and long-term impacts of the great

fire on the English economy, a gap that still exists since the fire incident the reconstruction

process.

1.1 Problem Statement and Thesis

The problem under investigation is that while the economy of London has been the main

center of focus during the reconstruction of London amid the 1666 fire (Reddaway, The

Rebuilding of London after the Great Fire: A Rediscovered Plan 156), previous researchers have

failed to investigate the impact of the 1666 fire to the national economy. While considering

London's perception from the 16th century as the central commercial hub of the English

economy, the great 1666 fire posed severe short and long-term implications to the national

economy, thus formulating the base with which this thesis will be conducted. 

1.2 Research Objectives 

The main objectives of undertaking these investigation areas listed below:

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i. To examine the success factors in the reconstruction of the City of London following the

1666 fire.

ii. To explore the consequences of the 1666 fire on the national economy as reflected during

London's reconstruction.

iii. To explore the strategies implemented to reinforce growth and strengthen the national

economy during London's reconstruction after the 1666 fire. 

1.3 Research Questions

The main research questions to guide this thesis are:

i. What were the critical shapers of London's economy between 1600 and 1666?

ii. What were the short-term and long-term implications of the 1666 fire to the national

economy?

iii. What were approaches used to finance the reconstruction of London after the 1666 fire?

1.4 Summary of Chapters

This dissertation comprises four main chapters. Chapter one describes the research plan,

the problem statement, research objectives, research questions, and chapters' summary—the

research questions and objectives in chapter one act as the guide to achieving the intended

research outcomes.

Chapter two examines literature that focused on London's economy before the 1666 fire.

Achieving more detailed information in this chapter led to more focus placed on London's

economy's critical shapers between 1600 and 1666, the pattern of migration and settlement, and

the state of London's economy before the 1666 fire.

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Chapter three encompasses the state of London after the 1666 fire. In this context, more

focus will be placed on the immediate economic impacts of the 1666 fire in London, with more

emphasis on the loss of employment and revenue.

Chapter three further reviews how funds were allocated to curb the effects of the 1666

fire. Chapter four encompasses the entire reconstruction process in the City of London after the

destruction of the 1666 fire. In particular, the reconstruction process's financing, types of

laborers utilized, and the critical institutions reconstructed will be the center of focus.

Lastly, the dissertation will have a conclusive part that will record the short and long-

term implications that accrued after London's great fire, which could tend to answer the research

questions and fulfill the research objectives. 

2.0 Review of Sources

The literature utilized historical books that significantly focused on the London great fire

in 1666, becoming the primary sources for the study. The books are practical since most of the

authors were well equipped with information about the great fire that they managed to receive

first-hand information on the impacts caused to the economy and people of London. However,

other historical books from the recent past were ignored. The writers and creators of modern

content and books lack sufficient educational perspectives of London's great fire but rely on

handled works from the 1700s. The sources also give a fractional view of the past due to the

authors' lack of knowledge about the past and the surviving sources to develop their arguments.

Despite utilizing historical books from the time of the great fire's occurrence, most of the authors

failed to capture the implications caused on the economy.

The dissertation utilized primary and secondary sources. The study's primary sources
included images and artifacts, documents that provided first-hand information, testimonies, and
direct evidence of the 1666 great fire that affected London's economy. However, the primary
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sources used included original documents experienced and created in the historical research's
contemporaneous events. Secondary data was used for the dissertation that it entailed created
information later than the first-hand testimonies and participation in the research events (Morgan
Edwards et al., 235). Simultaneously, primary sources used for the paper engaged one-on-one
interviews and used focus groups who have experience in the history of the 1666 great fire

2.1 Primary sources

The research's primary sources were images of events that had taken place pre and after

the great fire that led to economic stress in London. The images included the geographical

portraits, photos, and editorial news pictures for the city before the great fire and the old and new

St Paul's Cathedral. Moreover, the primary sources were made of photos, portraits, and pictures

collected from the United Kingdom National archives. The United Kingdom National archive

appraises, preserves, and identify long-term values and documentary that serve as indisputable

evidence to the public and organization. The United Kingdom government's official publications

and England data are also kept in the National archive for the blog, image library, podcast and

videos, and the United Kingdom web archive. Most of the images retrieved from the storage

facility gave a comprehensive description of the great fire and the following events to its

reconstruction. However, the main primary sources used to collect the dissertation's literature

included historical newspapers, magazines, and public compilations written on the great fire and

retrieved from the National archives and the National Library (Van Nieuwenhuyse, 49). The

resources are created by courts of federal laws governing and kept in their Libraries and National

archives to act as historic sites for the nation and future reference. Some of The primary data

utilized in the study include the journal articles by JSTOR, University articles, and public

compilations by London Journal (Barton 746).

The primary sources were significant in the dissertation as they helped acquire the

historical event required information. The sources offered benefits because the great fire's past
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events were easily understood with a more profound knowledge of history as a series of human

events. Despite providing reference materials, it's substantial that the primary sources were

limited with shallow data. The shallow data posed a great challenge in acquiring enough

referencing data; hence, the need for utilization of secondary data. The available information

included short notes written on diaries and summaries of the whole event on just a piece of paper

with minor drawings (King et al., 51). The sources were also limited as some of the images were

not clear, and public compilations were not clearly kept and could not be accessed regularly.

Initially, technology was limited, that the sources could not be well maintained. Among the

images collected are the two images during the time of the great fire.

The Great Fire of London, 1666', (c1675).

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'The Great Fire of London, 1666', (c1675). Photo by Museum of London/ Getty Images/

Heritage images. The view of the picture faces the west façade of old St Paul's Cathedral, which

is viewed from the Blackfriars to the right of St Ane's Blackfire and South of Ludgate. Most

individuals in the foreground collect their positions as they make preparations to flee in the face

of the progressing flames that had already engulfed Ludgate on the left, that is a ate in London.

The Great Fire of London, 1666', (c1666).

'The Great Fire of London, 1666', (c1666). ). Photo by Museum of London/ Getty

Images/ Heritage images. The photo shows the scene portraying the fire as it used to appear

between eight and nine o'clock on the evening of Tuesday 4th September. The image was taken

from a boat in the neighborhood of Tower Wharf. In the Centre, St Paul's Cathedral is

consumed with flames. However, the pier before the Tower didn't in any circumstance exist.
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2.2 Secondary sources

Most of the research utilized the secondary data to give information that was analyzed to

provide an excellent complement and conclusions on London's great fire. The secondary sources

used included articles and books that have given a vivid description of the life before, during,

and after the great fire (Morgan Edwards et al., 235). The articles and books are scholarly

reviewed and approved that they are published and uploaded online for references. Most of the

secondary sources are listed in the dissertation's references. The secondary sources offered

significant benefits to the dissertation's accomplishment since they were used to interpret,

describe, and synthesize the primary sources used to give more details on London's history and

the events underlying the great fire of 1666. The secondary sources included documentaries,

reports, scholarly journal articles, and dictionaries that completed the literature review (Marcus

109). Unlike the primary sources, the secondary sources provided various insights and expert

perspectives of quality and intensive information. However, the secondary resources utilized in

the literature are limited. It was ambiguous to obtain the targeted information that dwelt on the

impact of the London Great Fire 1666 on London's economy and its relation to the pre-fire

economy.
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Chapter Two: London before the Fire of 1666

1.1 London's Economy before the 1666 Fire

In the 1660s, most people in London were not aware of the risks and dangers of fire.

Most of the London buildings were made from timber covered with a pitch that is a highly

flammable substance and roofed with thatch that was tightly packed with a regard for the

planning. Also, approximately 350,000 people stayed in the city. However, the city's economy

significantly strained the citizens' living standards for low-income families, which led to

economic shrinking that made the city fail to develop sufficiently (Harvey). However, the City of

London was one of the largest cities in Europe. Due to the low economic growth, the citizens'

houses and homes arched over the streets that most people were buzzing due to poverty and

limited resources to develop. Several animals lived in the city too, since there were no buses,

cars, lorries back then. The city's houses were significantly shredded, with several sheds and

yards packed with hay and straw that are also flammable (Ogilvie 43). Following along the dry

summers of London and most parts of Europe, drought was expected, resulting in water scarcity.

The city's situation was significantly from a low economic city. The wooden houses had dried

out and torn, that they also become a recipe for disaster as the houses could quickly burn.

Additionally, the primary pointer to the economy of London before the fire was

population growth. The population began growing from the influx of foreigners settling in

different parts of London, pushing trade to a new level. The population rapidly grew since many

foreigners migrated and settled in England, mainly lived in Tudor London (Zahedieh, The
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Capital and the Colonies 4). The vast population was significant to the economy as they could

pay taxes to engage in business. However, most immigrants who had impacted London's

economy were skilled in construction, maintenance, and repair of ships, a skill that Englishmen

never possessed (Grajzl and Murrell 115). The sailing ships cruised to quays just before the

Bridge of London, while smaller boats also transported the population along the River to their

workplaces (Grajzl and Murrell 115). Providing ready labor in the city was also a significant

indicator of a growing economy since goods significantly increased to be exported. The

monarchs of Tudor and other wealthy families owned their barges (Lincoln 22). Moreover,

London's economy had many fishermen who were teemed with fish like perch, salmon, flounder,

and trout by Thames River. They could engage in fishing activities that they depended on to raise

revenue hence developing the city. According to Field, London was growing steadily before the

fire, with many wealthy families having built houses along the Strand that connected London and

Westminster (101). Over River Thames was the London Bridge with several buildings along its

length. These buildings mainly consisted of shops and business premises on their ground floors

for traders who made a living from selling products and offering skilled services to the

population (Stephenson, The Organization of Work and Wages in the London Building Trades in

the Long Eighteenth Century 5). Many of these foreigners used Tudor London, the largest port in

England, while River Thames provided its major transport route.

1.2 The expansive population of London and its boundaries

1.2.1 London Population Prior to the Great Fire

London's population was made of 300,000 people living in the city and its outlying suburbs by

1666 before the time of the great fire. However, London has consisted of three cities: the City of

Southward that lay on the River's southern sides (Reese p, 43). To the north, the River was the
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City of Westminster and the City of London, a center of trade and economics contributing to the

enormous population. London had an estimated 100,000 people in the city in 1666, with a total

area covering 677 acres (Lahav p, 110). Despite being a vast city, it was ranked in the third

position after Constantinople and Paris, which were relatively bigger than London. With the

significant massive population distribution, the city's economy rose over the six centuries that it

had been constructed before getting destroyed by the great fire. The trade and economic growth

were growing that the city had attained 2,000 ships on the Thames before the fire and engaged

crafts of all shapes and sizes from the globe to suit London's people's lifestyle (Lahav p, 121

Before London's great fire, the London population was affected by the Great plague in the 1665

summer, killing 70-100,000 people in the year (Lahav, p 1108). The massive death and plague

affected the city's population and economy that the population dropped from 400,000 people to

approximately 300,000 during the great fire. However, the plague's peak killed 8,000 people

weekly, which was evident in the September of 1665 (Harding Vanessa, P 122). The economy

was affected as the labor output decreased since the plague created a threat to the persons who

stopped working, reducing the city's income. Lifestyles and social class defined the economic

status of London suburbs. City populations in the upper and middle classes enjoyed a more

comfortable life, while most youths in these social classes were into luxury lifestyles. For the

more impoverished population, life continued to become difficult, going by the increased prices

of commodities, higher living standards, and a more robust economy characterized by the rise in

the number of imported commodities (Wohl 21). Approximately 30% of the population could

afford a healthy meal at least two times a day. The parish appointed overseers through the Act of

1601 to compel the rest of the population to pay local taxes to feed the poor (Harding Vanessa, P

120). A section of the population that could not work, such as the old and the disabled, was also
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provided with food and shelter (Ogilvie 43). The overseers were responsible for providing work

for the able-bodied poor population. Any individual who refused to work was punished, and after

1610, they were kept in correctional facilities. The children of paupers were sent to local

employers to work as apprentices

Besides, the status of the merchants of London was improving steadily. In support of

Stephenson, Garrioch opined that the people regarded trade as an increasingly crucial part of the

city's wealth, making merchants more respected (37). However, political influence and power

continued to be held by wealthy families and rich landowners. The people of high social status

played a significant part in the running of the economy of London. The nobility made much

influence at the top of the society while the gentry was well off, though they were not that rich

(Wohl 12). Below them were the yeomen farmers, who owned pieces of land for domestic

feeding, while the common populations were mainly tenant farmers, craftsmen, and laborers. By

1715, the London population was almost 630,000 people, a significant increase from 500,000 in

1674. The population in London had a constant increase after the great fire of 1666 (Wareing

72). However, it has a verge of becoming the largest city in the western part of Europe that Paris

challenged. The city had more than its sheer size, resulting in the city population increasing as

more people moved to the city. In contrast, the national population stagnated in the decades,

ensuring London could hold the fast-growing population for the Welsh and the English

population as a whole. Almost 10 % of England's population and Wales had moved to London

city in the eighteenth century (Wohl 12). The significant pointer to the economy of London

before the fire was population growth. The population began growing from the influx of

foreigners settling in different parts of London, pushing trade to a new level. The City of London

was populated with several houses across the streets. These buildings mainly consisted of shops
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and business premises on their ground floors for traders who made a living from selling products

and offering skilled services to the population (Stephenson, The Organization of Work and

Wages in the London Building Trades in the Long Eighteenth Century 5). London's population

was also significantly growing since various immigrants moved to the city to engage in trade

activities and work. The city being a center of European business could attract many traders

globally who could settle in the town, making the population high.

1.3 International Migration and Settlement 

1.3.1 Settlement patterns

London's settlement patterns were significantly made of the nuclear population as several

people moved to the city, overstaying in the city's suburbs and outskirts. The settlement pattern

resulted since most people were concerned about their security and engaging in business

common in London. However, an overlying settlement had the east-west and north-south

distinctions that had a simple concentric ring pattern. The pattern represented London's historical

phases that more visitors settled the central London since they were familiar with the area than

the other parts of the city. According to Crymle et al., London experienced a rapid increase in

population, thereby affecting residents' settlement patterns in the early 17 th century (15). From a

population of about 150,000 in the early 1600s, the city tripled its population digits, leading to an

expansion of settlement regions (Crymble et al., 171). The rise in population was experienced in

all cities across Britain, resulting from the influx of foreigners and citizens seeking employment

opportunities and a better quality of life (Friedman and Lindsey 13). Increasing leisure and

holiday time, access to automobiles and shorter working hours freed the residents from the ties of

proximity to their places of work. 

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           In the view of Crymle et al., families moved in and out of the city in search of greener

pastures as firms also moved outskirts in search of accessible sites and more functional space

(170). As the remainder of the city's population spread itself comfortably in dwelling stocks, the

three-generational household became dormant except for minority races (Crymble et al. 171).

Individual gratification of terraced houses and mass housing initiatives tended, in equal

measures, to reduce the population density of London. The steepest falls occurred in the densest

regions. The inner London boroughs lost close to one-third of their population in the early 16th

century. In the mid-1600s, the slump was eased by a decreasing rate of out-migration and

increased new immigrant families.

1.3.2 Migration in London

Studies by Scotto demonstrated that the City of London possessed the most prominent

foreign immigrants in Britain in the 16th and 17th centuries (7). Most foreigners came to London

due to political and religious upheavals in the Spanish Netherlands, Dutch Republic, France, and

other European boundaries. McIlwaine and Diego support this sentiment by asserting that an

increasing wave of refugees streamed into England and by the 1620s, consisting of about 10% of

foreigners in London (11). Such an increasing influx of foreigners in London resulted in rapid

demographic growth. Moreover, the city utilized its resources at an alarming rate, yet its

economy declined due to foreign trade disruptions (McIlwaine and Diego 13). The Mayor made

additional London efforts to establish new settlements for foreigners in provincial towns to

reduce pressure in the City (McIlwaine and Diego 17). Scotto agreed with McIlwaine and Diego

that the craftsmen of the 16th century were mainly refugees and Protestants (159). Their

contribution was significant because most of them came with technical skills that were either

scarce or unknown among the locals (McIlwaine and Diego 13). Such foreigners were favored
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and highly welcomed to the city because they were beneficial to the locals who could learn the

trade from the foreigners' skills and services. Settlement pattern was greatly determined by the

population distribution that many foreigners who had migrated and settled in England mainly

lived in Tudor London (Zahedieh, The Capital and the Colonies 4). This was because they were

mainly skilled in construction, maintenance, and repair of ships, a skill that Englishmen never

possessed (Grajzl and Murrell 115). The sailing ships cruised to quays before the Bridge of

London, where they ferried foreigners to the City. At the same time, smaller boats also

transported the population along the River to their places of work, creating the settlement

patterns of people in diverse ecological settings. However, it's significant that the immigrants

contributed to the population of Tudor. Most of these foreigners used Tudor London, the largest

port in England, while River Thames provided its major transport route. The monarchs of Tudor

and other wealthy families owned their barges (Lincoln 22). London also had many fishermen

teemed with fish like perch, salmon, flounder, and trout by Thames River. According to Field,

London was growing steadily before the fire, with many wealthy families having built houses

along the Strand that connected London and Westminster (101). Over River Thames was the

London Bridge with several buildings along its length

McIlwaine and Diego documented that throughout the 16th century, the age of sea travel

and exploration opened avenues of discovery, conquest, and trade in Britain, mainly London

(19). This phenomenon increased people's migration and settlement in various regions in

London's City (Scotto 163). Close to 50,000 Huguenot immigrants migrated and settled in

regions such as the Spitalfields in the east of London and were granted citizenship, thereby being

referred to as 'Britain First refugees' (Delgado‐Angulo 393). Besides, the slave trade brought

blacks from Africa to live and work in Britain, mainly London (McIlwaine and Diego 17). Also,
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the East India Company brought sailors from India, known as lascars, to work on their ships. The

lascars also settled in the suburbs of London and other port towns. On the contrary, Zaiceva and

Zimmermann explained that similar to immigration, there was also emigration in Britain and the

more prominent London in the early 16th century (34). The search for political and religious

freedom forced people to leave London for other parts of the globe by the start of the century. 

1.4 The Expansive Population of London and Its Boundaries

           According to Bhagat, London's expansion beyond boundaries was the main activity in the

17th century (33). The city's immediate environment was considered unconducive for health

since there were limited healthcare services. Water and air pollution due to the emission of

dangerous gases was experienced in the city. Moreover, the areas were insecure since most

security officers concentrated on safeguarding people in town over those who come from the

suburbs, making the areas unfit; hence, the city attracts more people to search for a good life fit

for living. Immigration occupied the neighborhoods and supported each other with distinctive

characters (Scotto 21). Bhagat and Scotto agreed when they documented that migrants and

immigration patterns changed with generations after generations as new waves of both hopeful

and desperate migrants from Britain and across the globe came to settle in the dingy courts and

the brighter streets of the City of London (McIlwaine and Diego 21). Many of the conflicts and

emotions that fueled the initial inhabitants' crimes had to be dealt with (De Genova 45). 

          In Lutz's view, London's population overshadowed those of other regions in Britain, going

by the influx of foreigners and Englishmen who came to seek greener pastures in the city (101).

After the great fire, London's population surged more than any other city in Britain, thereby

forming an urban machine for living that was unprecedented in humankind's history (Lutz, 71).
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Friedman and Lindsey supported this statement by opining that from a population of around

100,000 when the publication of proceedings was carried out in 1624, London recorded a

staggering population of 300,000 towards the end of the 17th century (13). London marched

across a massive landscape from a City that was beginning to expand beyond the confines of a

square mile, some ten miles from end to end. Besides, Massey pointed out that the population

growth pattern was steady and was not attributed to any single factor. This population was

characterized by a decline in child mortality and in-migration from the British Isles, Europe, and

other parts of the globe (Meissner 54). By then, London was marked by youth and a higher

proportion of women drawn to the capital by domestic services. 

1.5 Key Shapers of London's Economy from 1600 to 1666 

London enjoyed total prosperity, early in the 16th century, with the presence of several

guilds that symbolized the city's wellbeing (Brockbank 3). The city experienced significant trade

and commerce growth that was mainly boosted by monopolies, small businesses owned by

foreigners, and merchants' activities (Jansma 365). In the view of Jansma, the city's population

also grew from between 100,000 and 200,000 at the beginning of the 16th century to over

300,000 fifty years later (366). Villani and Schaff elucidated that the surging population found

living space in religious institutions such as churches that were mainly seized during the

Reformation by Henry VIII (218). The city provided grains for relief during food scarcity times

and promoted five royal hospitals' reconstitution (Brockbank 4). As a result, it can be deduced

that the key shapers of the thriving economy of London before the 1666 great fire of London

revolved around the city's commercial activities, population and migration, religious institutions,

and administration. 
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1.5.1 Trade and commerce in London

In the view of Jansma, London was described as a polycentric City due to the trading and

commercial activities that were carried out in the city before the Great Fire (361). London's

economy was characterized by unique commercial opportunities encompassing merchandising,

shipping, and craft trade (Stephenson, Real Contracts, and Mistaken Wages 4). The economy

evolved through the vigorous trading activities conducted by small business owners, merchants,

and foreigners (Jansma 366). Jansma clarified that the expansion of London beyond its

boundaries was extensively witnessed in the early 16th century, during the reign of Charles Ι. By

the start of the century, London's economic environment was considered deplorable (365),

considering that as Brewster stated, the North of the City was patched with beggars (2).

According to Stephenson, the streets of London were full of retail and small businesses. One of

the most common businesses in the city was coffeehouses, which functioned as shops where the

population could post and receive emails in the 16th century (Looking for Work? Or Looking for

Workers? 5). Ellison echoed this sentiment by stating that coffeehouses acted as multi-functional

venues where people would meet, debate, socialize, trade, gossip, and carryout other commercial

activities. In the 1660s, an expansion of other businesses was experienced, with commercial

buildings erected across London's streets (91). By the mid-16th century, London had transformed

into the globe's leading financial center, superseding other financial centers across Europe

(Stephenson, Real Contracts and Mistaken Wages 6). By this time, London was handling a

majority of English imports, exports, and re-exports. Luxury goods such as tobacco, tea, and silk

were the most imported from America and Asia (Ellison 98). Later, the number of artisans

increased coupled with an increase in the number of factories, though the city's economic

performance was not based primarily on industrialization. Instead, it became a vital trading and
 23

redeployment hub. Jansma added that with the increasing number of merchants, goods were

brought into London, not only for domestic consumption but also for re-export even beyond the

European borders (367). Trade and commerce were also an economic pointer of the time. As

Stephenson stated, London became steadily richer in the 16th century as trade and commerce

became the city's economy's backbone (The Organization of Work and Wages in the London

Building Trades in the Long Eighteenth Century 5). In the initial years of the century, industries

such as iron, brick making, glass, and coal mining expanded rapidly (Stephenson, Looking for

work? Or looking for workers? 236).

1.5.2 The commercial cathedral

The church played a pivotal role in England's medieval economy (Waddell, Writing

History From Below 29). The construction of monasteries, crusades, and participation in

pilgrimages were examples of Catholicism's implications on Englishmen's lives. By the 16th

century, Britain freed itself from the Roman Catholic Church, characterized mainly by religious

conflicts (Waddell, Writing History From Below 252). According to Stephenson, religious

entities such as the Old St Paul's Cathedral presented a crucial function in shaping London's

economy before the 1666 fire (Looking for work? Or looking for workers? 11). The Old St.

Paul's Cathedral was the general meeting point for London residents during the day. In the

churches, merchants conducted their business activities in aisles; lawyers received customers in

pillars, while the church fonts were used to make payments (Allbeson 534). Allbeson's

sentiments were in line with Stephenson's assertion documenting that St. Paul's Cathedral was

perceived as the economic hub. Simultaneously, entertainment activities were undertaken at

Fleet Street (The Organization of Work and Wages in the London Building Trades in the Long

Eighteenth Century 23). Besides, the Old St Paul's Cathedral acted as the main tourist attraction
 24

center of the time (Stephenson, Looking for work? Or looking for workers? 25). Foreigners

worldwide came to London to view the oldest church with attractive features such as the clock,

the bell, vintage photographs, and the dome installed at the church's center (Allbeson 532). 

Chapters Three: London after the Fire of 1666

1.1 The Immediate Economic Implications of the 1666 Fire

1.1.1 Loss of revenue and employment

The destruction of the more significant part of London elicited immediate negative

implications for employment and revenue. The destruction resulted in thousands of people with

no place to stay. Equally, as Garrioch asserted, the populations did not have jobs since the fire

had destroyed workplaces, investments, and other employments institutions (319). The royalty,

Charles II, was demonstrated to help people establish new homes by encouraging the homeless

to relocate outside of London to establish new settlements in other cities. According to

Stephenson, Charles II further issued a proclamation commanding for tax waiver in all cities and

towns where the internally displaced persons sought to settle, allowing the said distressed

persons to trade freely (233). The proclamation was a strategic approach from the government

seeking to reinforce the local communities to establish new employment sources and create

revenue (Rawlings 246). The directive commanded free exercise, permitting the affected people

to engage in their manual trade freely.

The unique Fire Court setting was geared towards developing an amicable strategy of

addressing financial issues between landlords and their tenants and establishing who was liable

to rebuild the destroyed property based on the capacity to pay (Carlson 40). Different cases were

presented, and verdict provided in the shortest time possible, generally within a day, to avert

lengthy legal processes that would have otherwise deferred the rebuilding processes seriously. It
 25

was a requirement for London and Londoners to recover. Rebuilding was the most

straightforward approach to restore revenue and create a growth trend in employment (Bell 19).

As a result, radical rebuilding schemes were designed and implemented as one of Charles II's

plans.

The government, as a whole, suffered a severe financial crisis with decreased revenue,

which was a consequence of the great fire. Stewart-Brown points to the revenue problems that

Charles II suffered during his reign associated with the loss of revenue to finance his remaining

tenure (454). After the fire, the parliament and Charles II identified the questionable and

exploitative taxes abolished to facilitate rebuilding (Fel 21). Some of the legal taxes were

permanently abolished since they were considered abusive to the people. However, the

abolishment was an oversight since the government required these revenue sources for proper

functioning.

Consequently, the government experienced major struggles searching for sufficient

revenue. This financial struggle increased the tension between the King and the capital, which

constituted the London merchants as the primary government creditors. Equally, McKellar

pointed to Charles II seeking financial assistance from France's King Louis XIV (28).

Considering the expansive xenophobia against the French and the Dutch, Charles II experienced

calamitous and obstinate impacts from the great fire towards financing the government. It was

evident that London had become the primary trading partner with England as a manufacturing

hub. The destructive effects of the fire diminished the tax revenues for the government due to

mass displacement. In mid-1667, Samuel Pepys commented that following the economic

downturn, the King's Counsel advised designing an army to levy taxes equivalent to France's

loans (Bell 23). Whereas these plan plans were rumored extensively, opposition intensified
 26

argument with discontent from the public and the parliament. Eventually, the King made

decisions against arbitrary taxation. The dismissal of the Clarendon by Charles II brought the

possibility of enacting new legislation on entailing importation of wine and spirits. The tax was

insignificant to the revenue needs.

Securing funds to finance the reconstruction of London was another major problem with

Charles II's government. While various investors, homeowners, and tenants were liable for

reconstructing their property (Corfield 304), the government had a pivotal role in reconstructing

public institutions that were destroyed. Revenue was also required to enact various construction

regulations to avert future fires, such as the ban of timber frames and the presence of wider

streets (Walker 124). Following the relocation of homeless masses to other neighboring cities

and towns, it was imperative to commence reconstruction to prevent total relocation (Coates

133). As a remedy, the parliament ratified the Rebuilding of the City of London Act of 1667,

which amalgamated various construction regulations and imposed a tax on imported coal into

London. The revenue garnered from the tax was directly applied to the city's reconstruction

agenda (N. Hanson 176). While reconstruction commenced, the implications of lost revenue

were eminent in the wake of several proposals to redesign the city's physical planning. As a

result of the financial constraints, all redesign plans were rejected, leading to the city's

reconstruction with minimal changes to modern functionalities.

The proportion of people that did not return to London was equivalent to 25%, based on a census

report conducted in 1673. It translated to a loss of approximately 12% of revenue collected in

London from an economic viewpoint. Rawlings demonstrated that the Bill of Mortality remained

unpublished for three weeks considering that the printing press facility that was exploited in

making the publications was gutted down following the yielding of the Parish Clerk's Hall to the
 27

fire (246). Colvin estimated that every homeless Londoner could borrow £12,000 as financial aid

(48). Further, one could borrow approximately £800 targeting to rebuild homes, of which they

were awarded only £10. In addition to Colvin's estimates, Weiss established that the cost to

contractors of clearance work was approximately £103, where £100 was compensated by the

King (Weiss 9).

1.1.2 Crime

Amid the ruins and ensuing confusion, the trend in the rate of crime was increasing.

Robbers and assassins increased, resulting in laws against crime enacted to curb the negative

economic and social implications (McSheffrey 483). The threshold for theft crime was 1 shilling,

equivalent to 12 pence, while any crime above that was punishable through hanging (J. Hanson

28). An amnesty of 8 days was awarded to theft suspects to return the stolen procession to the

Fins bury armory without any legal consequences (Field 16). There is no account provided on the

number of suspects that responded. The crime was expanded to the government officials, as

evidenced by the conviction of Lord Mayor Sir William Bolton, who was placed as the custodian

of the funds collected in aid of the fire victim (Hanson 31). Approximately £20,000 was

embezzled while £1,800 was withheld by Lord Bolton.

1.2 The fire created Investment opportunities in London

The fire outbreak resulted in an extensive expansion of London's investment

opportunities that saw the development of businesses, the insurance industry's birth, and the

introduction of fire brigades. Diverse investors were attracted to constructing new businesses in

London that are signed up to date. Investors constructed iconic buildings in London such as St

Pauls that initially had a different image in London and had been in place for more than 500

years. Investing in construction projects was a significant implication of the fire, a long-term
 28

impact for London. However, the Cathedral construction attracted smaller business in London as

it attracted more believers over to the city. Simultaneously, following the destruction of

thousands of buildings, the insurance industry thrived on cushioning investors from such losses.

Prior to the fire, insurance was inexistent (Larkham and Lilley 2). The initial developments were

the Fire Court formation, which targeted to address property disputes for the decade that

followed the fire, identifying who carried the associated liabilities (Cooper 166). Physician

Nicholas Barbon noted the gap in business safety and security to property investors, including

their tenants. Consequently, Barbon invested in setting up an insurance company in 1667 known

as the Fire Office. Considering that London needed immediate reconstruction after the fire to

revert to the government's initial or comparable revenue. King Charles II decreed the collection

of financial aid at churches in the entire country through the Lord Mayor of London as a surety

to the hundreds of thousands of the destitute and homeless Londoners (Pearson, Mutuality

tested: The rise and fall of mutual fire insurance offices in eighteenth-century London 8).

Different suburbs donated very little, with the village of Cowfold bequeathing 53 shillings and 9

pence, which was equivalent to £400 in today's economy, in November 1666. The financial aid

collected due to Charles II's decree was £16,400, cushioning only 0.13% of the total damage

(Pearson, Insuring the industrial revolution: fire insurance in Great Britain, 1700–1850 3).

Besides, the renting contracts of 1666 required tenants to be liable for house repairs,

indemnifying the property landlords (Pearson, Mutuality tested: The rise and fall of mutual fire

insurance offices in eighteenth-century London 11). The contracts also obligated the tenants to

continue paying rent during the reconstruction period as the burnt houses were under

construction (Kunreuther 29). The tenability was unsustainable, leading to the emergence of the

Fire Court to mitigate disputes. The court judges had powers of deciding who was to take the
 29

rebuilding liability based on the capacity to pay. The judges also had the power of enforcing or

canceling the tenancy contracts in eliminating dispute drag and allowing speedy reconstruction

where possible. Conflagrations destroying major houses in London were common at the time

since houses were built of wood, which led to investors contemplating better fire measures and

safety (Clark and Clark 17). Consequently, the Fire Office was set up as the first property

insurance with policy number 1403 signed by Barbon for a Barbican house. Many insurance

companies were set up in the following ten years, covering approximately 10% of all London

houses (Rawlings 246).

By the start of the 1700s, the insurance companies noted that putting out fires and

carrying out repairs was much cheaper than compensating for rebuilding. The companies

commenced employing fire brigades as evidenced (Carlson 39) to assist policyholders in times of

destructive catastrophes. The plaques of fire mark plates were designed and set up in

policyholders' homes to facilitate the identification of policyholder buildings to put out fires in

catastrophic events. These identification numbers were especially significant in the city before

developing street numbers much later in the 1760s (Outreville 16). Various insurance companies

made reciprocal arrangements to cover more expansive areas. When a fire brigade from one

company engaged its services in putting out a fire in a house covered by a different insurance

company, the first company is reimbursed by the second (Manes 36). The great fire constituted a

revolution in the modern insurance industry and a wake-up call to the firefighting industry.

Reconstruction of London set out a business opportunity leading to the establishment of

the first real estate companies. Initially, the reconstruction was managed by wealthy investors in

London, leading to the uneven reconstruction of various districts and transforming West End into

a noble quarter while deteriorating Seven Dials into a slum situated within the central business
 30

district. The 1667 Act for Rebuilding the City of London set out reconstruction standards of new

buildings to be followed by real estate companies, creating a market for new companies

supplying construction materials. The Rebuilding Act of 1667 impacted the building materials

such that no buildings, whether small or big, were to be constructed using materials other than

stone or bricks (Whinney 707). Buildings that violated the directive were demolished as a

penalty. Physical planners and designers, such as Christopher Wren, benefited primarily from the

reconstruction. Their works and contributions integrated the design and widening of the streets,

stone, and bricks and eliminating hay roofs. Competition from real estate companies and markets

grew significantly as progressive entrepreneurs invested in the profitable market, building fancy

houses to lease to returning Londoners with tenancy contracts spanning 30 years to secure

significant and long-term revenue (Hibbert 35). An increasing number of people ventured into

real estate with houses and the surrounding environments being developed with attractive

designs, necessitating the entire city's styling into contemporary designs that included market

spaces and recreational gardens and parks.

Chapter Four: Reconstruction of London

1.3 Corporation of London Loans and Borrowing rates

The great fire was associated with an episode of financial development in the larger

England when financial growth was in infancy. According to Sussman, the Glorious revolution

accentuated its success (3). Following the fire, the Corporation of London, whose roots

originated in the 12th century, was chartered as a Corporation to lead economic revival and

London progression. Marmot and Worthington demonstrated the corporation's governance

structure to entail the Court of Common Council as an independent institutional member, the

Court of Aldermen as an executive entity, and the lord mayor's lead (226). The historical authors
 31

like Campbell (22), and Whinney (71), suggests that personal debt contracts were signed

between the Corporation of London and accounts holders leading to the delineation of a time

series that is continuous on the interest rates that were remitted the corporation to the accounts of

its lenders between 1638 and 1683. After the fire, these contracts exhibited their significance to

financial development, especially across the 17th century during and after the reconstruction

(Habakkuk 28). It was shown that between the 1630s and 1680s, London's trend of interest rates

was simultaneous to that of Amsterdam. This economic hub was regarded as a financial center

that was most developed during the time. By 1680, the spread between them had decreased

parallel to that of other competing cities, reaching zero when the borrowing cost attained a 4%

rate value (Sussman 2).

McKellar further argued that the decrease's determinants were estimated by the London

borrowing rate (4). Considering the congruency of the English and Dutch borrowing costs, it was

assumed that two economies were merged and consistently shared parity equation in the simple

interest rate between London and Amsterdam, especially with the inclusion of liquidity

premiums and risk premiums. The maturity of debts was relatively five years, and an associated

fixed exchange rate between the two cities eliminated the exchange rate expectations (Sussman

3). After the fire, the borrowing rates exhibited a continuous decline in London as controlled by

the Dutch economy's financial developments and a concomitant decline in the financial market's

liquidity premium under the English economy.

The loans offered were primarily unsecured, with the financial capital being acquired to

rebuild the city as a City bond. According to Roseveare, the debt secured by the Corporation of

London was increased as an approach to funding the development of public infrastructure and

public works towards the reconstruction of London (7). There was a surge in demand for capital
 32

during the reconstruction process, which espoused an economic opportunity to the wealthy

investors for commercial investment. The decrease in the rates at which these investors could

borrow depicted an increase in the assets' demand. Moreover, Quinn shared the perspective of

evidence arguing that the 1672 default of the Crown coupled with the ensuing financial crisis

affecting the goldsmith-bankers was only meant to impart a temporary influence of the rapid

stock's growth on financial assets owned by the civic investors (416). The implication of the two

was a significant correlation between economic growth and financial development. The study by

Roseveare (7) demonstrated that the short time series did not rebuild outside the causation

direction but within the precincts of the significant factors driving a decline in interest rates,

particularly exogenous to the British institutional change and economic growth. Clark affirmed

the two factors are noting the weakening of the Dutch borrowing rates and the financial crisis.

The results were from the increase in financial asset supply for London's rebuilding due to the

Great Fire catastrophe (1309).

1.4 Financial Valuation and reconstruction of London

Financial institutions' capacity to finance reconstruction faced diverse criticism, mainly

on borrowing power and financial markets. The question of investment engagement in the

aftermath of the 1666 fire, reputation, reliability, liability, and fiscal capacity in the corporation's

borrowing cost was equally considered. Based on the original perspective developed by North

and Weingast, it was stipulated that reliable checks be performed on investors and other

borrowers while defining the rights of property protection to establish trust, prudential

management, and effective contracts on assets after the reconstruction (809). The corporation

built the background to enable credible borrowers, who have strong financial standing and

incentives to invest, to seek lending at relatively low costs.

 33

The corporation was evaluated on its fiscal capacity to provide the significant types of

lending at the time, particularly secured borrowing via a parliament-approved tax and unsecured

borrowing respective of the reputation of the Corporation of London. Whereas it lacked

prudential management and governance until 1683, the corporation was known to repay its loans,

making it credible for borrowing (Sussman 7). Sussman and Yafeh argued that the position to

and history of repaying was an important consideration for investors instead of institutional

settings (924). Early in the 17th century, financial institutions offering leveraged finance were

more advanced than those of the 1690s, though an overstatement considering the English

banking sectors' scope as categorized in goldsmith banks' standards scriveners. On the other

hand, Masters suggested that the financial markets were well developed, with municipalities

eliciting particularly advanced strategies of creating revenue at the time (5). The first attribute of

municipal financing throughout England, among other European economies, was through

differentiation of annuities led by municipalities and the provision of short-term lending to viable

institutions and investors. The analysis showed a risk of insolvency in the annual cash flows of

the Corporation accounts earlier mid-16th century, while a recovery had been achieved when

there was a great fire (Waddell, Writing History From Below 172).

 34

Chapter 4 Reconstruction of London

1.1 Financing the Reconstruction 

  By the mid-17th century, the City of London had expanded beyond its earlier borders.

The Great Fire of London 1666 broke out in a baker's shop in Pudding Lane in September of

1666. The great fire took four days consuming buildings and destroying seven-eighths of the city

to that covered 373 acres before it could be extinguished. By consuming 13,000 homes and the

St Paul's Cathedral, the city's economy was at stake, and more resources were needed to

reconstruct the income. However, the city had a financing plan for the loss despite lacking

insurance companies that could have financed the city's reconstruction. After the fire, Sir

Christopher Wren, an architect, presented plans to reconstruct the destroyed City to Charles II.

However, the plan was not taken up because the city lacked enough finances. According to
 35

historians, Sussman et al. (4) saw the great fire's aftermath was reasonably well managed despite

being uncharacterized by the city's governance. Rebuilding was managed since the disaster didn't

impact institutions, wealth, and the economy. Other trade activities remained constant as the city

was constructed to fight through the economic struggles that the losses had caused. Although the

great fire of London led to unprecedented challenges for the city's administration, its residents,

and the London Corporation, the disaster was managed within the capacity and capability of its

citizens, parliament, the common council, and the charitable donations within the English

borders and abroad (Coffman et al. 4). The event presented King Charles I with an opportunity to

demonstrate his ability and generosity. The City and its Crown jointly appointed six

commissioners responsible for spearheading the reconstruction, supervision, and survey for

rebuilding the city. Two acts were also passed by parliament for financing the reconstruction

from tax on sea-coal and additional taxes (Sussman et al. 5). These were the Act establishing the

Fire Court in 1666 and an act that set out new building regulation in February 1667 (Coffman et

al. 5). The new building regulation act was mainly formulated to protect the city from more

disasters and provide the new city with the best design and materials for the rebuilding process. 

           In the view of most historians and scholars, the aftermath of the 1666 great fire of London

was perfectly governed (Sussman et al., 6). The rebuilding process did not tamper with the city's

initial institutions, wealth, and economy. Although the commissioners were criticized for

misusing an opportunity to reinvent a new architectural legacy as a modern City, this was due to

the presence of property rights that had to be respected (Coffman et al. 6). The fire courts were

effective, and private property owners finished the rebuilding task in line with strict policies and

regulations within the set boundaries. The enforcement of these policies and regulations involved

the commissioners and the London Corporation for rebuilding that prevailed over various private
 36

interests (Wolmar 13). Additionally, the enforcement of these rights and regulations was

operated by the narratives that the city's rebuilding would face financial challenges (Jenner 4).

This narrative existed because even before the fire, the city was already experiencing financial

challenges leading to severe fears that financial pressures would compromise the rebuilding

process. Before the 1666 fire, the city was already in financial turmoil throughout the early 17th

century (Jenner 6). Besides, the 1665 plague wreaked havoc, and by the time the city was under a

fire attack, the city did not have the expenditure required to rebuild and restore it. By the time

city was experiencing the great fire, it was short of reserves, and the challenges that it confronted

in the late Tudor period were still besetting the city. 

           In the 1660s, London was financially unstable and characterized by political wrangles and

postures between different divides concerning the restoration process (Wolmar 21). The incomes

of the London Corporation were not stable, and its expenditures were not adequate. The city's

indebtedness to the Orphan fund and expenditures on other City services were recycled in the

1670s and 1680s to confront the corporation's pillage of the Orphans fund. The city's treasury

accounts were mainly funded with incomes from rent through the 1600s and closely followed by

fines (Morel 222). Other sources were fines and fees from apprentice, market incomes, and the

sale of positions. The most significant finding of the city's account was the Orphan's fund (Field

7). The fund accrued most of its interests and returns from the city's independent investors and

their ability to borrow at their preferred rates. 

           By the time the fire was ravaging the city, the city's accounts had not shown any signs of

improvement, and the expenditures were exceeding its incomes (Rawlings 246). London

reconstruction's primary source of funding was proposed to be from coal tax that could be

accrued over time as the income was expected to be relatively massive and able to manage and
 37

finance the project of rebuilding infrastructure. However, a later increase in duration and rates

significantly lagged London City's revenue source beyond the expected expenditures. Coal

imports fluctuated, making the tax on caldrons provide substantial income and unreliable. The

commissioners estimated the expenses that were to be involved in the city to be heavy (Jenner 9).

Various calls were made to have a complete, impartial survey to enable the planning and

improvements to be made as part of the rebuilding process. However, it was apparent that the

city's accounts did not have the financial resources required to conduct the survey. The city was

compelled to appeal to the English parliament to support it through the requirements by passing

the Rebuilding Act of 1667 (Jenner 8). This Act allocated a one shilling per ton on sea-coal that

landed at the Customs House to finance London's reconstruction. Parliament partitioned the tax

collected with strict instructions to allocate 25% to reconstruct the city, 56% to rebuild churches,

and 19% to rebuild St. Paul's Cathedral (Wolmar 23). The city's administrators were also

compelled to act quickly to facilitate all the additional work that had to be done to facilitate a

complete reconstruction process (Field 13). The additional work included repairing the Guildhall

and its Chapel, the conduits, comports, the quays, and the markets. Other projects become

pressing due to lack of adequate financing compelling the London Corporation to spend £10,000

on fortification against the Dutch just after the 1667 Medway Battle (Corrigan 11). Since all the

rental incomes in the city's treasury accounts would be curtailed until new structures were

erected and occupied, the city found itself with even lesser income than before the great fire

happened. It could not resort to guilds either because it was not expected that it would be a

strategy since event these companies had to rebuild their halls and business premises (Wolmar

17). In response, the Common Council of London reconsidered the city's financial position and

the available capital. It formulated a report on finances as the reconstructed challenge was
 38

confronted, highlighting the city's seriousness. The proposed source of finances was from coal

tax accrued over time, leading to lagging in revenue behind the expenditures (Hebbert 13). Later,

coal import began to fluctuate, and taxes on the caldrons provided a substantial income that

varied unreliably. 

          Financing was obtained from borrowing citizens at relatively low rates than the financial

historians and the London Corporation. The low rates at the excellent fire crisis in all social and

political institutions significantly contributed to the reconstruction's success and facilitated

economic growth despite the stress. However, research carried out by Sussman et al. (3)

Illustrated that the citizens could manage to raise finances to finance the reconstruction through

trade, unlike the finances that the city had relied on that was accrued from Coal Cash. The city

relied upon coal, but the finances couldn't manage to reconstruct the city as the market had been

affected by the loss of properties and damages for their main buyers. The city's coal cash

financing model encountered an eventual default in 1683 as the source's mechanics deficit.

Simultaneously, London's City had a reliance on taxes collected in the suburbs and city but was

significantly inadequate. The fall of the London economy resulted from relatively low taxes

imposed n traders. The revenue collected could not significantly impact the reconstruction

budget as the finance and revenues collected were low. The city's taxation revenues had been

affected since immigration and trade from foreigners had been reduced and almost halted since

they believed the fire had consumed everything the market offered (Castel-Branco et al. 196).

The traders believed the market could not be of any efficiency, nor could the product manage

their high demand as the supply had reduced. The city's economy had been affected, creating the

need to borrow finances to aid in the reconstruction. Simultaneously, there were inadequate

taxes, a deficit of the relied source: the coal finances in the overrun of the expenditure that
 39

necessitated the borrowing from a citizen. The motivation to borrow from the citizens was due

to the citizens' loan's low rates. The London Corporation's financial maneuvering allowed the

city to defer default for some years. Private and public funding played a role in funding

infrastructure projects before creating modern banking finances. The city's private rebuilding was

financed by a reduction in rents for leaseholders, who could afford to build, thereby displacing

thousands of community members. This implied that wealthier residents were privileged to

return to the city while more impoverished families were permanently displaced (Field 15). Over

13,000 residential houses were rebuilt and improved, with the estimated amount invested in

housing ranging between £1.3m and £4m (Hebbert 12). The housing expenditure dwarfed the

cost of rebuilding St. Paul's Cathedral, built for under £1m, the churches for £250,000, or any

Corporation project (Hebbert 19). The costs of rebuilding the city and its completion remained

unclear, and it wasn't easy to estimate how the funds were used in the entire rebuilding period. A

summary sheet in the London archives and the Chamberlain's accounts revealed that the

Guildhall, its Chapel, the Sessions House, Ludgate, Bridewell Aldersgate, Fleet Bridge, Wood

street, Newgate, Billingsgate Dock, Poultry Compter's total funding borrowed from the

Chamberlain for the rebuilding was estimated at £83,557 in 1673 (Coffman et al. 7). The Fleet

ditch's wharfing, where Thomas Fitch led the work in 1671–1674, cost an estimate of £51,360,

exclusive of the purchase of any lands, while the monument was accomplished in 1677 cost

£13,500 (Coffman et al. 8). Close to 9000 houses were rebuilt by 1673, and that more than 70%

percent of the public buildings to be rebuilt was completed by then 9

Financing used in rebuilding the city was from borrowing municipal finances and

taxations by cities and provinces of early modern Europe. The city's economic stress led to its

creating debt from municipals and utilizing taxations as trade and businesses were still running
 40

across Europe despite the challenges faced. However, according to Black (594). The grants were

facilitated by economic elites and political elites in the municipal debt markets. The borrowing

literature as a financing model intersects the city's credible commitment that contrasts the sub-

sovereign institutions and experiences borrowed from the citizenry from parliament and crowns

of Europe. The borrowing to finance the city's reconstruction created a minimal impact on

modern Europe and the city since the loans were granted with low interest that could be repaid

with accruing penalties for delayed repayments. Moreover, the prevailing interest rates and other

aspects of the municipal borrowing created a possibility of changing to modern Europe with

modernized buildings in the city, unlike the significant wooden housing before the excellent fire

outbreak (Coffman et al. 7). Debates on the financing model were focused on representing

institutions and supply chain roles that included tendering processes and contracting for the

reconstruction. The tenders offered for the reconstruction were awarded regarding the budget set

by Charles II by taking the cheaper suppliers to avoid economic stresses after the reconstruction.

Reconstruction was closely interconnected with expenditure on the service boom that

covered modern Europe's output growth. The expenditure was favorable since the supply of

capital for infrastructure development, secondary markets, and fiscal centralization got their

contributions to London's growth. The rates of interest paid from the financing model of loans

from Municipality to the Corporation of London were profitable, unlike the interest from

informal markets across London. The study by Hatcher and Stephenson (147). saw the interest

paid to London's informal credit markets to finance the reconstruction to be favorable for

maintaining the economic growth and nascent literature for financing infrastructure to create a

modern Europe with a stabilized economy essential in contextualizing political-institutional that

 41

supported the loaning plans. The political embeddedness created a critical role in financing the

reconstruction before it got to ascribing path-dependence.

1.2 Laborers in the Reconstruction

After the destruction of London by the great fire of 1666, notably the Old St. Paul's

Cathedral church was completely rebuilt into a baroque masterpiece between 1672 and 1711

under Sir's guidance Christopher Wren (Steinberg 131). The mega-project and reconstruction of

other parts of London left a supreme legacy and a detailed record of construction laborers'

employment patterns and remuneration. The reconstruction process structured employment that

targeted retaining laborers and reduced their turnover by issuing a core group of workers more

work, prioritizing to rehire after slowdowns, and issuing them access to additional earning

avenues (Crinson 201). Despite the volatility that characterized the pre-industrial demand for

labor, these strategies implied that the London Corporation established a stable labor force by

rewarding longstanding laborers and incentivizing tenures (Hatcher and Stephenson 147). The

London workers' skills levels in the early 17th century were primarily described as flexible since

it was composed of skilled and unskilled labor who had knowledge and experience of more than

a single task (Hatcher and Stephenson 148). They were also ready to undertake new duties. 

The reconstruction of London city shaped London and Europe's modern city since the

aftermath created modern technology that is significant today. The city's housing system changed

from the construction of wooden houses with the aid of the construction act that banned such

buildings in London. The changes promoted the economy since the modern houses saved on the

risk and disaster management finances. The modern housing system entails constructing houses

with brick and stone that are unlikely to spread fire, unlike the old wooden houses. The

contractors rebuilding London became financially stable, that they developed new businesses
 42

that led to economic development since they were taxed in the businesses, raising revenue.

Moreover, the great fire affected the modern economy of the city by facilitating the development

of high-end buildings, which consumes a vast amount of finances

The reconstruction helped define the hierarchical structure in the workplace. Skilled

laborers were rewarded with promotions or allowed to undertake new duties. Specifically, skilled

laborers were composed mainly of masons, carpenters, and engineers (Lewis 68). Masons had

the procedural and propositional skills about engineering aspects, the compositional requirement

of building foundations, and the weight-bearing abilities of vaults and arches. Such knowledge

has been expanded into the current civil and structural engineering allowing vast design types of

skyscrapers to be developed at different load-bearing capacities and spanning different widths

and heights (Steinberg 132). Having vast knowledge in the construction industry translated to

speciation in construction, and the knowledge had limited applications in other business and

trading avenues. It could not be easily duplicated by individuals who never underwent special

training. Similarly, unless one has training in different industries, skilled laborers in construction

or structural engineering are mainly helpful in a particular field. While professional practice to

acquire construction knowledge required dexterity and physical strength, advances in technology

have transferred physical strength to hydraulic machines and computer-aided robots (Lewis 79).

Workers seeking masonry, which was the primarily skilled labor, were required to pass through

different stages to acquire adequate knowledge on the job (Lewis 76). Quarrying and stone-

cutting from the ground necessitated knowledge of rocks and additional geological information.

Stone-sawing was a physically and principally demanding and dangerous job performed in pairs

using long curved saws (Charlesworth and Iftekhar 104). The knowledge has been transferred to

modern quarrying through using modern machines.

 43

Another significant long-term effect of the fire was the developments in contract law

defining employment. Initially, the description of laborers at construction sites, especially at St.

Paul's Cathedral between 1674 and 1710 and at the Westminster Abbey between 1712 to1719,

was mainly through ledgers (Steinberg 134). Every contractor in all the relevant trades during the

reconstruction period listed laborers in bills from one period to another (Robins 66). It was not

obvious the laborers were present in the bills. Furthermore, construction sites and clients hired

laborers through laboring contractors and clerks of works. William Meredith was among the

laboring contractors who specialized in supplying workers to various project sites (Moura 13).

Significant businesses have borrowed this concept as recruitment and employment bureaus in

Europe and the West. At the Bridge House project, laborers were categorized into two major

types: those regularly employed at the project seven days a week and those who worked for two

or three days in a week depending on the availability of work at the sites (Moura 17). These

laborers were responsible for moving loads of building materials to assist the carpenters and

masons knowledgeably at the sites. The terms of employment have been truncated to later

economies, including the contemporary environment in employment contracts. The

categorization changes to permanent employees versus the casual workers recalled and paid

depending on work availability. The short-term and casual laborers had mixed roles that they

were only needed when additional work was available that necessitates additional employees to

accomplish (Charlesworth and Iftekhar 106).

Other long-term effects were working hours and wage rates being defined depending on

the contractor, type of employment, and skill level. During London's reconstruction, all workers'

working hours were scheduled six days a week, with every shift taking twelve hours. For

instance, security guards were paid one shilling for a night at St. Paul's during the reconstruction
 44

period for seven days in a week (Burch 21). Even though they were paid relatively lower

amounts than their counterparts, they earned enough money to help them afford moral living

standards in the City (Hatcher and Stephenson 151). At the Bridge House and St. Paul's

Cathedral, the day rates and tide rates were considerably lower than other ongoing project sites in

London concerning wages. At the time, the wage rate at Bolton was 36 sterling pounds for craft

and 24 sterling pounds for labor, while the rates at St. Paul's Cathedral and Bridge House ranged

from 18 to 26 sterling pounds for carpenters and masons, and up to 24 sterling pounds for

bricklayers (Moura 19). This implies that tide pay increased the day pay for some workers, but

not all of them. Tides were regarded as an overtime arrangement, but their numbers in a week

were often variable in different periods (Beebe 301). Besides, a regular number of working days

were not guaranteed for all workers (McMillan 101). Evidently, there was a set standard

allowing the pay offered to a worker to cater to every-day needs and afford the city lifestyle.

With the evolution of the employment terms in different sectors of the economy, London set

employment laws defining minimum wage irrespective of skill level. Similarly, remuneration for

contemporary employees is based on various factors but cuts across job groups. 

1.3 Large Specialized Contractors

The first principal specialized contractor was the Corporation of London, which formally

governed the city. The corporation was managed by the Lord Mayor of London, the Court of

Common Council, and Aldermen's Court (Teske 14). The elected Aldermen made the selection

of the Lord Mayor from the 26 city wards. Across the 17th and 18th centuries, the Court of

Aldermen was managed by the Guildhall and awarded the modern Court of Common Council's

supplemental roles. The corporation was mainly contracted to perform major government works,

particularly London's rebuilding after the 1666 fire. According to Teske, other major contractors
 45

working with the government included London's livery companies, which were primarily

involved in regulating trade practices within the City (68). The livery companies, including the

Worshipful Company of Drapers and the Worshipful Company of Goldsmiths, were wealthy and

influential. The companies were comprised of 110 trade associations of liverymen who took part

in Lord mayor's election. Whereas the companies imparted local influence in the precincts of

parish churches and company meeting halls, they operated as charity organizations and nodes of

patronage.

The great fire changed the trend in contractors by focusing on intelligent, discreet

persons. Among these contractors included the Lord Mayor of London, who headed the

Rebuilding Commission. The Lord Mayor represented the Londoners' public interests during the

parish churches' reconstruction across the City (Aliakbarlou et al. 78). Irrespective of the lord

mayor's rotational feature on the Rebuilding Commission's leadership, the leadership of 1667 to

1675 by three Lord Mayors pursued the goal of actuating and completing the reconstruction in

the shortest time possible. It was evident that most of the Committee orders to complete

reconstruction fast were directly under the Lord mayor's supervision.

Gilbert Sheldon was another important elite contractor, an Archbishop of Canterbury. He

was a preeminent churchman contracted in the Rebuilding Commission and accorded a

significant role in parish churches' reconstruction (Teske 81). Sheldon was mainly concerned

with repairing St. Paul's Cathedral even before the fire. On the other hand, he pushed for

rebuilding the parochial churches and further interest in the Rebuilding Commission's property

management and funding issues. Together with other commissioners, such as Humphrey

Henchman, the Bishop of London, made the Rebuilding Commission a principal specialized
 46

contractor. However, it primarily manifested being under-qualified to achieve the practical needs

of actuating reconstruction of a major city.

The success in London's rebuilding was mainly attributed to specialized contractors,

particularly the Royal Commissioners for the Rebuilding (Teske 83). These contractors were

obligated to supply building materials to these large projects in London under Christopher

Wren's leadership, the King's work surveyor. Wren was the master craftsman responsible for

building St. Paul's Cathedral, Greenwich Hospital, Westminster Abbey towers, and the Middle

Temple, where merchants managed large labor teams and made huge profits (Aliakbarlou et al.

77). These merchants considered themselves architects and contractors themselves. Under the

leadership of Sir Christopher Wren, these contractors were different from the previous

contractors. The latter had constructed the old St Paul's Cathedral because they sold building

services other than designing and overseeing buildings' construction (Aliakbarlou et al. 78). In

essence, they worked mainly for architects rather than working directly for clients. Some of the

specialized contractors that gave their services to the reconstruction process included Joseph

Cartwright, Joshua Marshall, William Gray, Thomas Wise, Thomas Russell, Braithwaite,

Hathaway, Tho Burton, Thomas Wilmor, Jeremy Bower, Bartholomew Sparruck, and Jos Nixon

(Stephenson, "Contractors." Contracts and Pay 69).

Joshua Marshall was another most popular specialized contractor, the eldest son of

Edward Marshall. His father, Edward Marshall, was solely responsible for training Joshua

Marshall. Like his father, Joshua had his office in Mason's Company and became the master of

the organization in 1670 (Hwang et al. 762). During the rebuilding of London, he conducted

much of his duties from royal palaces. Joshua utilized his father's constituent formulae where a

bust of admirable vivacity and the hand and draperies would be outstandingly rendered. Another
 47

widespread use of recurring formula made use of panel architrave segmental top overcame by

little pediments and resonant along the lower edge to make room for a winged cherub's head

(Hwang et al. 758). The first design that utilized the use of this formula was the monument of Sir

John Gore. Joshua employed a massive labor force and was extensively involved in the city's

rebuilding program, where he handled large sums of money for 17 years (Hwang et al. 759). He

also helped rebuild six of the City churches under Wren's supervision, where he employed Henry

Phillips and John Oliver, who worked under him. In 1674, he started work as one of the

prominent contractor masons at St. Paul's Cathedral and was primarily tasked with laying the

church's foundation.

Joseph Cartwright was a specialized contractor at St Paul's Cathedral who worked on

rebuilding the Holborn Bridge and the River above it. His masonry services were recognized

during the reconstruction of the Christopher Church at the New Cathedral. Cartwright was one of

the salaried contractors that began work at the cathedral in 1681 with an annual salary of £4.

Joseph Cartwright was Thomas Cartwright, one of the most renowned sculpture contractors in

the mid-17th century (Stephenson 69). He was also responsible for supervising the construction

of the St. Thomas Hospital in 1702. Furthermore, the chief carpenter for this project was William

Gray, who also acted as the main contractor to all the City churches in the new London

(Stephenson, Contracts and Pay at St Paul's Cathedral, and the Office of the King's Works 143).

However, in 1706, Thomas Wilmor paid £322 for his position, and for his successors and

descendants, Thomas, William, and William Wilmor who received a salary of £4 every year for

working at the Bridge House (Stephenson, "Contractors." Contracts and Pay 70). Unlike the

contractors, a change occurred over time, that by the mid-18th century, contractors were no

longer individuals but corporations that employed experts in different fields. For instance, the
 48

construction industry contractors employed mansions, engineers, project managers, designers,

electricians, among others which have turned into a multinational business seeking both public

and private contracts.

The transformation of the individual to become a company was contracting

revolutionized with the Bridge House that was often related and connected through

apprenticeship or related by marriage. Family and dynastic social and financial capital was the

primary factor boosting their connections (Stephenson, "Contractors." Contracts and Pay 70).

However, non-familiar connections also made them thrive in the construction business. Besides,

there were various partnerships between the famously known contracting entities (Stephenson

61). One indication of existing partnerships was demonstrated in how the reconstruction of the

churches in London was organized. Of the forty-four churches in London, eighteen of the

masonry agreements were given to conglomerates (Batsford 69). The chief carpenter at St. Paul's

Cathedral, John Longland, carried out the carpentry work as a singular contractor on nine

churches. Still, he was in partnership with six other contractors of churches in London, with

different combinations with other contractors. Most of the contractors were in four or more

partnerships. For instance, Mathew Banks was involved in close to twelve contracts. Still, an

additional five were awarded to his firm (Stephenson, Working Days in a London Construction

Team in the Eighteenth Century 409). William Gray was awarded just a single contract which he

undertook in partnership with Israel Knowles. Besides, Knowles himself was solely involved in

nine partnerships as a contractor in five project sites. 

1.4 The Reconstruction of Churches

The 1666 London great fire burnt down 87 parish churches and St. Pauls Cathedral. Upon

the devastating losses experiences, London started its reconstruction in 1677, including 51
 49

churches and St Pauls Cathedral. An engraving of Wren's great model for St Pauls Cathedral was

proposed to see a more significant benefit to London as the design could promote economic

development by attracting more worshippers that could increase its population's increased

revenue collection taxation. Before the fire, the church building had already been in a poor state

of repair. Days before the rebuilding process's conflagration, King Charles II commissioned

three surveyors, including Christopher Wren, to come up with ways to patch up the medieval

church. Wren and his team came up with radical and controversial solutions, which involved the

replacement of the square tower with a massive dorm. The architectural design of church

buildings has significantly changed over time. After the destruction of the Old St Paul's

Cathedral, King Charles II requested Sir Christopher Wren to produce a design church model

that took about a year to create. The new model reflected an ultimate change that could attract

investors to the city to increase the city's economy, making it easier to repay the reconstruction

debts from Municipalities and private citizen loans. In the modern-day church, this model is kept

in the trophy room at St. Paul's (Stephenson 71). The 17th-century church design was mainly a

single room showing everything in the church. Over time, the protestant churches assumed the

design. The churches rebuilt by Christopher Wren are an example of the architecture showing the

pulpit and alters. Wren and his team came up with radical and controversial solutions, replacing

the square tower with a massive dorm (Batsford 66). In 1669, Wren's appointment by the King

replaced John Denham as the critical surveyor of St. Paul's Church. To successfully rebuild the

Cathedral Church, Wren considered wealthy business people who acted as supply agents to avail

materials for constructing the new church. The leading suppliers to the church construction site

were the Strongs, the Kempsters, and the Beauchamps (Campbell 273). This construction took

33 years and spanned the reign of five monarchs. 

 50

           From 1668, Wren was assisted by Edward Woodroffe, who later died in 1675. As the

rebuilding of the Cathedral Church progressed, Wren personally supervised the developments

every Saturday. The Octagon Chapter, constructed in the 14th century and survived in part until

1714, was mainly used as his site office (Batsford 71). Despite various challenges, such as the

shortage of construction labor, Wren strived to hire only the best craftsmen and artists to

complete the project. As the project site's work progressed, Wren often utilized King Charles's

provision to amend some design blueprints without the clergy's knowledge (Stephenson 76). The

final building had a minimal resemblance to the final church building, notably reverting to the

massive dome of the initial Greek cross design and added towers and the grand west main

entrance to the church. Besides, Wren had intended to change the designs from the great fire time

designs and designing stages by laying out eight key central pillars with strong foundations and

greater diameters than the old London churches.

           The most distinctive feature of Wren's post-fire St. Paul's Cathedral Church was the great

dome. In the beginning, it was not clear even to Wren how the great copula was going to be

achieved since he had never done a structure that could be compared to it. Later, he demonstrated

that the model was similar to Istanbul's Hagia Sophia mosque (Schofield 43). One of his

principal aides, Joseph Grelot, a Frenchman, had visited the mosque where he took the

measurements for references to the Cathedral Church under construction. Eventually, plans for

the church's construction were made of the Hagia Sophia measurements, partially due to the

conversations by Wren, John Chardin, and Joseph Grelot (Schofield 54). While overseeing the

new Cathedral Church's building, Wren often discussed technical challenges with King Charles,

his trusted friends, and the immediate colleagues. One of his trusted friends was Robert Hooke,

who frequently visited the church site to discuss and consult with Wren on technical engineering
 51

matters. More often, Hooke was involved in the relevant calculation of the church design and the

dome's construction, albeit it was not well finalized until 1703 (Schofield 57). Hooke and Wren

extensively researched various loads and stone-type properties for several years (Cruickshank

104). In 16790, Wren demonstrated the Royal Society's load distribution, while Hooke followed

suit with experiments, producing calculations and a vigorous representation of the dome a year

later. However, Wren's challenge was to create and fix a light but durable outer skin of the dome.

He chose to lead, but the challenge was how it could be fastened to lead, and other fixings would

not rust. 

           Suppliers of building materials also played a vital part in St. Paul's Cathedral Church's

successful rebuilding since they supplied building stones and bricks, which would be played

later. The suppliers presented to the construction site were adequate to the economy as the

suppliers could pay revenue to undertake their trade; hence increasing trade activities promoted

the city's economy. The leading suppliers of bricks and buildings stones for the project were the

Strongs, the Kempsters, and the Beauchamps, all of who came from wealthy families (Beckett

211). These businessmen shared common traits that were not common to every supplier in

London. For instance, these businessmen were dynastic (Schofield 49). The business's nature

hugely depended on access to social and financial capital transferred across generations to deal

with fluctuating prices, later payment, and other uncertainties. From the list of these

businessmen, it could be viewed that the Kempers and the Strongs all worked in dynastic

business empires (Beckett 213). Furthermore, they existed as wealthy entrepreneurs who had

financial resources that funded their business activities over time. The Strongs and the Kempers

had quarries, while the Marshalls and the Stantons had massive statuary businesses with multiple

premises (Schofield 52). They required supplier networks that were well established and
 52

financial incentives to finance projects conducted under the King's Office and the city's frequent

late payments. Besides, many of these entrepreneurs, popularly known as 'master craftsmen,'

came from outside London and utilized their livery organizations to establish and naturalize

themselves to work in London (Beckett 217). The Kempers are documented to have brought

freedom by redemption, while the Strongs bought it for others who worked close to their family.

Conclusion

The London great fire of 1666 was a true catastrophe that occurred for four days from 2 nd

to 5th September 1666. The fire created significant impacts on the economy of London. However,

the literature on London's great fire ascertains the economic revolution in England, creating the

link between economic and financial development in the early era of modernization. The impacts

created by the London fire on the economy had a focus on the immediate and long-term effects.

The dissertation examined London's economy before the great fire of 1666, the fire's events, and

the short-term and long-term effects of the fire on the national economy. Before the fire

outbreak, London city was significantly experiencing economic instabilities since its income was

relatively low despite being one of the largest cities in Europe. London's economic growth was
 53

low that the citizens' houses and homes arched over the streets. Most people were buzzing due to

high poverty levels since they come from low-income families with limited resources to develop

the city to the modernized and technological setting. London's streets had several animals living

there since no buses, cars, or lorries were back before the fire. The city's houses were

considerably shredded, with several sheds and yards packed with hay and straw that are also

flammable. The city's situation was significantly from a low economic city that had led to the

wooden houses dying out and torn. They also become a recipe for disaster as the houses could

quickly burn. Several authors have explored the city in the context of London's national

economy, arguing for the significant increase in commercial trade with significant boosts from

the small investments and monopolies from merchants and foreigners. The beginnings of the

1600s were marked with population growth in the city from 100,000 to 200,000 and doubling by

the fire's time in the 1660s.

The city greatly depended on tax, rent, and commercial markets as the main revenue

source that it experienced an increasing migration and religious institutions. Trade and

commercial activities thrived significantly, with the streets of London markedly exhibiting retail

and small businesses. The trading activities led to creating a primary pointer of the economy

before the fire as population growth since the traders moved to London as a center of performing

trade activities. The population started growing from the influx of foreigners settling in different

parts of London, pushing trade to a new level. It is characterized by overseeing the majority of

European exports and imports. The major trade with Asia and America was luxury products,

mainly tea, tobacco, and silk. A significant influx of foreign merchants was witnessed in 1660,

with many foreigners considering London as a cosmopolitan city hyped by commercial

activities. The church was also noted as a significant contribution to the economy. For instance,
 54

the old St. Paul's Cathedral, among other significant churches, functioned as commercial centers

where merchants met their customers in church isles. Legal advisors received their clients in

pillars, using church fonts for revenue, and using the old church building as tourism attraction

centers. The great fire led to a significant destruction of property, creating an immediate effect

on the national economy and the economy of London. The great fire led to the loss of more than

13000 private and public buildings, markets, jails, Guildhall, 89 parish churches, the Royal

Exchange, and 57 commercial halls. More than 100,000 people were left homeless and were

forced to seek immediate refugee in neighboring suburbs and townships, which triggered the

immediate need for London reconstruction to avert the long-term economic depression of the

city. The social and economic impact of the fire was massive. The number of deaths disoriented

the progress of economic growth as 80% of the city was razed down. The subsequent

impoverishment and homelessness exacerbated the situation. Many people scrambled for

anything of the economic value they could save from the fire as others relocated to other cities

creating an economic impact and stress after the fire. The destruction of tens of thousands of

buildings significantly impacted negatively on employment. Some companies were reduced to

zero financial capacity, while others were affected to not function until after the reconstruction.

Literature has evidenced that the migration of the homeless translated to migration of the

workforce. Subsequently, revenue to the individual, corporate, and government was lost. The

recovery process of the lost revenues was significantly a challenge that the economy affected as

the flow of cash within the city reduced. However, the city started plans for its reconstruction

that the finances were raised from taxes and selling coal. However, the main reconstruction

budget was significantly more than the coal trade and taxes' revenues. During Charles II's reign,

the fire's effects were felt in the economy, with the government compelled to commence the
 55

city's reconstruction. While the need to rebuilt London was there, several economic, legal

reforms were developed, particularly the Rebuilding Act of 1667, which targeted developing

buildings in a risk-free design against fire. The City of London opted to takin loans from citizens

at a relatively low interest and got financing from donations and municipality loans governed by

the London Corporation. Some of the modern advancements expected from the reconstruction

included using bricks or stone for walls and restricting upper house floors to jut out over the

lower floors. The government commissioned the Corporation of London to rebuild the major

public entities. The consideration was made since the corporation had increased its value on debt

viability, although the government's economic standing could not finance the reconstruction. As

a result, revenue was generated from the introduction of import duty on coal into London.

London's economy was characterized by unique commercial opportunities encompassing

merchandising, shipping, and craft trade. London's streets were full of retail and small

businesses, with several coffee houses creating revenues for the city since they were traced. As a

result, London's economy significantly improved, leading to its current economic developments

significant in the city. The coffeehouses acted as multi-functional venues where people would

meet, debate, socialize, trade, gossip, and carryout other commercial activities. In the 1660s, an

expansion of other industries was experienced, with marketable buildings erected across

London's streets and infrastructure creation. As a result, London's great fire marked the

beginning of a new architectural era where constructors were expected to conform to new

building regulations to reduce catastrophe casualties associated with the fires. The architectural

activities led to significant improvements in the economy as the outsourcing of materials led to

infrastructure development, reducing other expenses that could be incurred today. The

reconstruction had labor output that the mega project improved the economy of the city. The
 56

reconstruction process structured employment of the city that targeted retaining laborers and

reduced their turnover by issuing a core group of workers more work, prioritizing to rehire after

slowdowns, and issuing them access to additional earning avenues. The revenue earned by the

laborers was used in starting up businesses and creating modern houses for the laborers. This

resulted in a greater development t of the city and economy growing as there was the circulation

of finances and income creation through taxation. However, the fire identified various

institutional changes that demonstrated the government's poor preparedness and identified

investors' support, as represented by the Corporation, evaluating the revenue return and

economic growth over these institutional settings. Simultaneously, there were significant

developments of firefighting and insurance that were started due to the great fire. The insurance

and firefighting institutions have been evolving with time, consistent with advances in

technology, financial banking systems, and legal framework to the new insurance companies.

Evaluation of the reconstruction process, the Corporation of London formed the case study

identifying with the financial systems. Policies regarding lending, assessments for debt validity,

and interest rates have been reformed consistently with market needs and economic standing.

These changes have a notable implication on modern financial systems' perceptions, interest

rates on loans, and risk-based management processes and systems. Finally, the great fire

motivated various institutional changes whose dimensions have shaped the modern economy,

entrepreneurship, contract law, and government preparedness for adverse disasters.

 57

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