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Books > History > World history > 1750 to 1900
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The Secret History of the South Sea Bubble - The World's First Great Financial Scandal (Paperback, American ed)
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The Secret History of the South Sea Bubble - The World's First Great Financial Scandal (Paperback, American ed)
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List price R348
Loot Price R286
Discovery Miles 2 860
You Save R62 (18%)
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“Balen reminds us that the murky tale of the first bubble
stands as a cautionary tale for our time." --Lisa Jardine, London
Times The greatest financial scandal in history was not the
collapse of Enron or WorldCom, not a piece of insider trading from
the 1980s, not a hedge fund leveraged to a trillion dollars or a
crooked offshore account. It was bigger than all of them combined.
So vast, in fact, that it threatened to bankrupt an entire nation's
wealth, transforming old monied families with centuries of
affluence into the newly destitute. The South Sea Bubble was a
share scheme allowed to run crazily out of control. Modeled on the
share trading that had just transformed the rival French economy,
it was masterminded by an unscrupulous Englishman who saw a route
to untold riches selling shares in a valueless company. The South
Sea Company was supposed to establish a lucrative trade in silver
and spices between England and the Americas. But there was a
problem hidden from investors: for almost the entire duration of
its sorry history the Company didn't even own a boat. For the first
time Malcom Balen tells the dramatic full story of how the fraud
was carried out and covered up. Although set in the mazy back
alleys of the newly inaugurated financial districts of London and
Paris of the 1720s it remains utterly a tale of our times.
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