Walter Bagehot (1826-1877) was an English journalist, essayist, and economist, best known for his work as editor of The Economist and for his influential writings on finance and government. His analysis of banking systems and financial crises, particularly in Lombard Street, helped shape modern understanding of central banking and the management of liquidity during periods of economic stress. Bagehot's principles-especially the concept that central banks should lend freely at a penalty rate during crises-remain central to contemporary monetary policy. His work continues to be widely studied in economics, finance, and political science.