Customer Reviews

The South Sea Bubble (History/18th/19th Century History)

5 star:		(2)
4 star:		(0)
3 star:		(0)
2 star:		(0)
1 star:		(0)

 

 

Though written over 40 years ago, Carswell's study of the South Sea Bubble is brilliant. The South Sea Bubble was an ambitious scheme to simultaneously pay off the British government's enormous debts while simultaneously getting rich in London's newly created stock market. In essence, holders of government debt exchanged valuable bonds and annuities for stock which ultimately became worthless. Carswell teases out the details which are so important to understanding how the fraud worked, while at the same time capturing the big picture of British politics and society, and the fascinating personalities of the main actors in the government and the South Sea Company. Carswell writes with humor, insight, and a clarity few modern historians can match. Buy this classic study in preference to the recently published books on the subject, which are neither as readable nor as thorough.

Did you know that the Bank of England was formed originally by a bunch of businessmen wanting to use debt-collection methods on the English Government? That the Guinea was not always worth 21 shillings? And that the back of each London credit house had bundles of sticks representing debts?

Fascinating information and history of the start of the English economic rush that was so viciously stalled in 1720 when the country's biggest investment craze turned out to be an early Ponzi scheme. Learn how far King George I and his "nieces" were involved. Discover why stock is called "stock" (and it's nothing to do with cattle!)