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The South Sea Bubble. Part 1
Manage episode 457314543 series 3613049
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The South Sea Bubble of 1720 was one of the first major financial crashes in history. It a story that mixes avarice, corruption, deceit and vast sums of other peoples money all topped off with political infighting and an unpopular monarch.
The company promised high returns and its stock price soared as investors rushed to buy shares. However, the company's 'profits' relied on speculation, bribing MPs and sale of its own stock to maintain high prices. The bubble burst in 1720 leading to widespread financial ruin for many investors.
The crash had significant economic and political repercussions, including the disgrace of several government officials and the rise of Robert Walpole, Britain's first Prime Minister.
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