By Helen Paul
ISBN-10: 0415469732
ISBN-13: 9780415469739
The booklet is an fiscal background of the South Sea Bubble. It combines financial thought and quantitative research with ancient facts so as to supply a rounded account. It brings jointly scholarship from numerous diverse fields to replace the prevailing ancient paintings at the Bubble. Up in the past, fiscal background study has now not been built-in into mainstream histories of 1720. Technical paintings on proportion costs and ledgers has been inaccessible to a much broader viewers. in addition to delivering new facts opposed to the playing mania argument, the e-book additionally translates the present monetary heritage scholarship for non-specialists.
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Extra resources for The South Sea Bubble: An Economic History of its Origins and Consequences
Example text
Although histories of the Bubble use Hogarth’s prints and apposite quotations from Hutcheson’s tracts, these pieces of primary evidence are usually taken out of context. The South Sea scheme became a focus of worries about religious and national identity, misogyny and class prejudice. These contemporary concerns were more important, and more readily understood, than the newfangled stock market. All the writings of the landed elite should be considered with the following proviso: the elite were a largely anti- Semitic, xenophobic, anti-Catholic group who wished that servants and women would stay in their places.
However, contemporaries often disliked the stock market for reasons that had little to do with the economy. The presence of Jews, foreigners, women and servants in the markets was considered sufficient reason for condemnation. The novelty of the stock markets led to confusion. People drew a false analogy with gambling, which was something that they did understand. Conversely, whilst contemporary morals did not strongly condemn gift-giving to powerful political figures, this bribery is seen by modern writers as proof that the whole South Sea project was a fraud.
Hatton argued that as this behaviour cannot be simply condemned as corruption. She noted that the sale of offices was common in Europe. However, she also pointed out that the Hanoverians themselves wished for change. In George I’s time, no important place at court was for sale (Hatton 1978: 148). Both he and his son unsuccessfully tried to reform the system of purchasing military commissions (Brewer 1994: 57). The South Sea Company’s bribes to political The stock market in early modern England 15 figures have been taken as evidence of widespread corruption within the company.
The South Sea Bubble: An Economic History of its Origins and Consequences by Helen Paul
by Paul
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