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Books > History > History of specific subjects > Economic history
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The First Crash - Lessons from the South Sea Bubble (Paperback)
Loot Price: R841
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The First Crash - Lessons from the South Sea Bubble (Paperback)
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For nearly three centuries the spectacular rise and fall of the
South Sea Company has gripped the public imagination as the most
graphic warning to investors of the dangers of unbridled
speculation. Yet history repeats itself and the same elemental
forces that drove up the price of South Sea shares to dizzying
heights in 1720 have in recent years produced the global crash of
1987, the Japanese stock market bubble of the 1980s/90s, and the
international dot.com boom of the 1990s. The First Crash throws
light on the current debate about investor rationality by
re-examining the story of the South Sea Bubble from the standpoint
of investors and commentators during and preceding the fateful
Bubble year. In absorbing prose, Richard Dale describes the trading
techniques of London's Exchange Alley (which included 'modern'
transactions such as derivatives) and uses new data, as well as the
hitherto neglected writings of a brilliant contemporary financial
analyst, to show how investors lost their bearings during the
Bubble period in much the same way as during the dot.com boom. The
events of 1720, as presented here, offer insights into the nature
of financial markets that, being independent of place and time,
deserve to be considered by today's investors everywhere. This book
is therefore aimed at all those with an interest in the behavior of
stock markets.
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