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A brilliant narrative of early capitalism's most famous scandal, a speculative frenzy that nearly bankrupted the British state during the hot summer of 1720 - and paradoxically led to the birth of modern finance.
The South Sea Company was formed to trade with Asian and Latin American countries. But it had almost no ships and did precious little trade. Instead it 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.
And how they sold. In the summer of 1720 the share price rocketed and everyone was making money. Until 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 is 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, like funding the rise of British naval and mercantile power. These dreamers and fraudsters may have bankrupted Britain, but they made the world rich.
Info autore
Thomas Levenson is the author of Newton and the Counterfeiter, a bestselling book about Newton's time as Master of the Royal Mint. He published The Hunt for Vulcan with Head of Zeus in 2016, a book shortlisted for the Science Book Prize. He teaches at the Massachusetts Institute of Technology and is a frequent visitor to London.
Riassunto
A narrative of early capitalism's most famous scandal, a speculative frenzy that nearly bankrupted the British state during the hot summer of 1720 – and paradoxically led to the birth of modern finance.
Prefazione
A brilliant narrative of early capitalism's most famous scandal, a speculative frenzy that nearly bankrupted the British state during the hot summer of 1720 - and paradoxically led to the birth of modern finance.
Testo aggiuntivo
'A beautifully written account of the seminal bubble of capitalism' Financial Times.
Relazione
'Superb, fascinating and totally timely, Money for Nothing is a gripping history of the South Sea Bubble by a scholar who makes complicated and subtle matters not just accessible but fun - the story of a world crisis with a flashy cast of grifters, scientists, politicians and charlatans that Levenson makes utterly relevant to the 2008 financial crisis and 2020 pandemic. Essential reading' Simon Sebag Montefiore
