Levenson, Thomas

Money For Nothing: The South Sea Bubble and the Invention of Modern Capitalism

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ISBN 13:
9781784973957
author:
Levenson, Thomas
format:
Paperback / softback
publisher:
Head of Zeus
language:
English
Publication Year:
2021
Pages:
480
Dimensions:
4.1 x 19.7 x 19.7 centimetres (0
Genre:
Business, Economic History, History,
Condition:
New
Availability:
Item usually sent within 10 working days
£12.01

Description

A brilliant narrative of early capitalism's most famous scandal, the South Sea Bubble nearly bankrupted the British state during the hot summer of 1720. The South Sea Company, formed to trade with Asian and Latin American countries, instead got into financial fraud on a massive scale, taking over the government's debt and promising to pay the state out of the money received from the shares it sold. The share price rocketed in the summer of 1720, and everyone was making money. However, the carousel stopped, and thousands lost their shirts. Isaac Newton, Alexander Pope, and others lost heavily. Thomas Levenson's superb account of the South Sea Bubble is not just the story of a huge scam, but also the story of the birth of modern financial capitalism: the idea that you can invest in future prosperity and that governments can borrow money to make things happen. These dreamers and fraudsters may have bankrupted Britain, but they made the world rich. This book offers a compelling and accessible account of a pivotal moment in financial history, revealing the complexities and consequences of the South Sea Bubble.

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