The First Crash: Lessons from the South Sea BubblePrinceton University Press, 2004 - 198 Seiten 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 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. |
Inhalt
Introduction | 1 |
Coffee Houses The Press and Misinformation | 7 |
Exchange Alley and the Evolution of Londons Securities Markets | 22 |
Origins of the South Sea Company | 40 |
John Law and the Mississippi Bubble | 56 |
The South Sea Scheme | 73 |
The Bubble | 96 |
The Crash | 125 |
Lessons from the South Sea Bubble | 155 |
Hutchesons South Sea Parable | 171 |
Technical Note on Stock and Subscription Price Data | 172 |
Conclusion | 178 |
Glossary | 185 |
Bibliography | 187 |
195 | |
Crisis Resolution | 140 |
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