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class="vector-toc-list"> <li id="toc-Conception_of_the_company" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Conception_of_the_company"> <div class="vector-toc-text"> <span class="vector-toc-numb">1.1</span> <span>Conception of the company</span> </div> </a> <ul id="toc-Conception_of_the_company-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Initial_speculation" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Initial_speculation"> <div class="vector-toc-text"> <span class="vector-toc-numb">1.2</span> <span>Initial speculation</span> </div> </a> <ul id="toc-Initial_speculation-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Flotation" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Flotation"> <div class="vector-toc-text"> <span class="vector-toc-numb">1.3</span> <span>Flotation</span> </div> </a> <ul id="toc-Flotation-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-The_slave_trade" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#The_slave_trade"> <div class="vector-toc-text"> <span class="vector-toc-numb">1.4</span> <span>The slave trade</span> </div> </a> <ul id="toc-The_slave_trade-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Changes_of_management" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Changes_of_management"> <div class="vector-toc-text"> <span class="vector-toc-numb">1.5</span> <span>Changes of management</span> </div> </a> <ul id="toc-Changes_of_management-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-War" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#War"> <div class="vector-toc-text"> <span class="vector-toc-numb">1.6</span> <span>War</span> </div> </a> <ul id="toc-War-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Refinancing_government_debt" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Refinancing_government_debt"> <div class="vector-toc-text"> <span class="vector-toc-numb">2</span> <span>Refinancing government debt</span> </div> </a> <button aria-controls="toc-Refinancing_government_debt-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Refinancing government debt subsection</span> </button> <ul id="toc-Refinancing_government_debt-sublist" class="vector-toc-list"> <li id="toc-Trading_more_debt_for_equity" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Trading_more_debt_for_equity"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.1</span> <span>Trading more debt for equity</span> </div> </a> <ul id="toc-Trading_more_debt_for_equity-sublist" class="vector-toc-list"> <li id="toc-Public_announcement" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Public_announcement"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.1.1</span> <span>Public announcement</span> </div> </a> <ul id="toc-Public_announcement-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Inflating_the_share_price" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Inflating_the_share_price"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.2</span> <span>Inflating the share price</span> </div> </a> <ul id="toc-Inflating_the_share_price-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Bubble_Act" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Bubble_Act"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.3</span> <span>Bubble Act</span> </div> </a> <ul id="toc-Bubble_Act-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Top_reached" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Top_reached"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.4</span> <span>Top reached</span> </div> </a> <ul id="toc-Top_reached-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Recriminations" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Recriminations"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.5</span> <span>Recriminations</span> </div> </a> <ul id="toc-Recriminations-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Quotations_prompted_by_the_collapse" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Quotations_prompted_by_the_collapse"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.6</span> <span>Quotations prompted by the collapse</span> </div> </a> <ul id="toc-Quotations_prompted_by_the_collapse-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-A_trading_company" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#A_trading_company"> <div class="vector-toc-text"> <span class="vector-toc-numb">3</span> <span>A trading company</span> </div> </a> <button aria-controls="toc-A_trading_company-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle A trading company subsection</span> </button> <ul id="toc-A_trading_company-sublist" class="vector-toc-list"> <li id="toc-Slave_trade_under_the_Asiento" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Slave_trade_under_the_Asiento"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.1</span> <span>Slave trade under the Asiento</span> </div> </a> <ul id="toc-Slave_trade_under_the_Asiento-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-The_annual_ship" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#The_annual_ship"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.2</span> <span>The annual ship</span> </div> </a> <ul id="toc-The_annual_ship-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Arctic_whaling" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Arctic_whaling"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.3</span> <span>Arctic whaling</span> </div> </a> <ul id="toc-Arctic_whaling-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Government_debt_after_the_Seven_Years'_War" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Government_debt_after_the_Seven_Years'_War"> <div class="vector-toc-text"> <span class="vector-toc-numb">4</span> <span>Government debt after the Seven Years' War</span> </div> </a> <ul id="toc-Government_debt_after_the_Seven_Years'_War-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Armorials" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Armorials"> <div class="vector-toc-text"> <span class="vector-toc-numb">5</span> <span>Armorials</span> </div> </a> <ul id="toc-Armorials-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Officers_of_the_South_Sea_Company" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Officers_of_the_South_Sea_Company"> <div class="vector-toc-text"> <span class="vector-toc-numb">6</span> <span>Officers of the South Sea Company</span> </div> </a> <ul id="toc-Officers_of_the_South_Sea_Company-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-In_fiction" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#In_fiction"> <div class="vector-toc-text"> <span class="vector-toc-numb">7</span> <span>In fiction</span> </div> </a> <ul id="toc-In_fiction-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-See_also" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#See_also"> <div class="vector-toc-text"> <span class="vector-toc-numb">8</span> <span>See also</span> </div> </a> <ul id="toc-See_also-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Notes" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Notes"> <div class="vector-toc-text"> <span class="vector-toc-numb">9</span> <span>Notes</span> </div> </a> <ul id="toc-Notes-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-References" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#References"> <div class="vector-toc-text"> <span class="vector-toc-numb">10</span> <span>References</span> </div> </a> <ul id="toc-References-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-External_links" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#External_links"> <div class="vector-toc-text"> <span class="vector-toc-numb">11</span> <span>External links</span> </div> </a> <ul id="toc-External_links-sublist" class="vector-toc-list"> </ul> </li> </ul> </div> </div> </nav> </div> </div> <div class="mw-content-container"> <main id="content" class="mw-body"> <header class="mw-body-header vector-page-titlebar"> <nav aria-label="Contents" class="vector-toc-landmark"> <div id="vector-page-titlebar-toc" class="vector-dropdown vector-page-titlebar-toc vector-button-flush-left" > <input type="checkbox" id="vector-page-titlebar-toc-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-vector-page-titlebar-toc" class="vector-dropdown-checkbox " aria-label="Toggle the table of contents" > <label id="vector-page-titlebar-toc-label" for="vector-page-titlebar-toc-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--icon-only " aria-hidden="true" ><span class="vector-icon mw-ui-icon-listBullet mw-ui-icon-wikimedia-listBullet"></span> <span class="vector-dropdown-label-text">Toggle the table of contents</span> </label> <div class="vector-dropdown-content"> <div id="vector-page-titlebar-toc-unpinned-container" class="vector-unpinned-container"> </div> </div> </div> </nav> <h1 id="firstHeading" class="firstHeading mw-first-heading"><span class="mw-page-title-main">South Sea Company</span></h1> <div id="p-lang-btn" class="vector-dropdown mw-portlet mw-portlet-lang" > <input type="checkbox" id="p-lang-btn-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-p-lang-btn" class="vector-dropdown-checkbox 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Available in 24 languages" > <label id="p-lang-btn-label" for="p-lang-btn-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--action-progressive mw-portlet-lang-heading-24" aria-hidden="true" ><span class="vector-icon mw-ui-icon-language-progressive mw-ui-icon-wikimedia-language-progressive"></span> <span class="vector-dropdown-label-text">24 languages</span> </label> <div class="vector-dropdown-content"> <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li class="interlanguage-link interwiki-ar mw-list-item"><a href="https://ar.wikipedia.org/wiki/%D8%B4%D8%B1%D9%83%D8%A9_%D8%A7%D9%84%D8%A8%D8%AD%D8%B1_%D8%A7%D9%84%D8%AC%D9%86%D9%88%D8%A8%D9%8A" title="شركة البحر الجنوبي – Arabic" lang="ar" hreflang="ar" data-title="شركة البحر الجنوبي" data-language-autonym="العربية" data-language-local-name="Arabic" class="interlanguage-link-target"><span>العربية</span></a></li><li class="interlanguage-link interwiki-az mw-list-item"><a href="https://az.wikipedia.org/wiki/C%C9%99nub_d%C9%99nizl%C9%99r_%C5%9Firk%C9%99ti" title="Cənub dənizlər şirkəti – Azerbaijani" lang="az" hreflang="az" data-title="Cənub dənizlər şirkəti" data-language-autonym="Azərbaycanca" data-language-local-name="Azerbaijani" class="interlanguage-link-target"><span>Azərbaycanca</span></a></li><li class="interlanguage-link interwiki-et mw-list-item"><a href="https://et.wikipedia.org/wiki/L%C3%B5unamere_kompanii" title="Lõunamere kompanii – Estonian" lang="et" hreflang="et" data-title="Lõunamere kompanii" data-language-autonym="Eesti" data-language-local-name="Estonian" class="interlanguage-link-target"><span>Eesti</span></a></li><li class="interlanguage-link interwiki-es mw-list-item"><a href="https://es.wikipedia.org/wiki/Compa%C3%B1%C3%ADa_del_Mar_del_Sur" title="Compañía del Mar del Sur – Spanish" lang="es" hreflang="es" data-title="Compañía del Mar del Sur" data-language-autonym="Español" data-language-local-name="Spanish" class="interlanguage-link-target"><span>Español</span></a></li><li class="interlanguage-link interwiki-fr mw-list-item"><a href="https://fr.wikipedia.org/wiki/Compagnie_de_la_mer_du_Sud" title="Compagnie de la mer du Sud – French" lang="fr" hreflang="fr" data-title="Compagnie de la mer du Sud" data-language-autonym="Français" data-language-local-name="French" class="interlanguage-link-target"><span>Français</span></a></li><li class="interlanguage-link interwiki-ga mw-list-item"><a href="https://ga.wikipedia.org/wiki/Baothchuideachta_na_Farraige_Theas" title="Baothchuideachta na Farraige Theas – Irish" lang="ga" hreflang="ga" data-title="Baothchuideachta na Farraige Theas" data-language-autonym="Gaeilge" data-language-local-name="Irish" class="interlanguage-link-target"><span>Gaeilge</span></a></li><li class="interlanguage-link interwiki-gl mw-list-item"><a href="https://gl.wikipedia.org/wiki/Compa%C3%B1%C3%ADa_dos_Mares_do_Sur" title="Compañía dos Mares do Sur – Galician" lang="gl" hreflang="gl" data-title="Compañía dos Mares do Sur" data-language-autonym="Galego" data-language-local-name="Galician" class="interlanguage-link-target"><span>Galego</span></a></li><li class="interlanguage-link interwiki-ko mw-list-item"><a href="https://ko.wikipedia.org/wiki/%EB%82%A8%ED%95%B4%ED%9A%8C%EC%82%AC" title="남해회사 – Korean" lang="ko" hreflang="ko" data-title="남해회사" data-language-autonym="한국어" data-language-local-name="Korean" class="interlanguage-link-target"><span>한국어</span></a></li><li class="interlanguage-link interwiki-it mw-list-item"><a href="https://it.wikipedia.org/wiki/South_Sea_Company" title="South Sea Company – Italian" lang="it" hreflang="it" data-title="South Sea Company" data-language-autonym="Italiano" data-language-local-name="Italian" class="interlanguage-link-target"><span>Italiano</span></a></li><li class="interlanguage-link interwiki-he mw-list-item"><a href="https://he.wikipedia.org/wiki/%D7%97%D7%91%D7%A8%D7%AA_%D7%94%D7%99%D7%9D_%D7%94%D7%93%D7%A8%D7%95%D7%9E%D7%99" title="חברת הים הדרומי – Hebrew" lang="he" hreflang="he" data-title="חברת הים הדרומי" data-language-autonym="עברית" data-language-local-name="Hebrew" class="interlanguage-link-target"><span>עברית</span></a></li><li class="interlanguage-link interwiki-nl mw-list-item"><a href="https://nl.wikipedia.org/wiki/South_Sea_Company" title="South Sea Company – Dutch" lang="nl" hreflang="nl" data-title="South Sea Company" data-language-autonym="Nederlands" data-language-local-name="Dutch" class="interlanguage-link-target"><span>Nederlands</span></a></li><li class="interlanguage-link interwiki-ja mw-list-item"><a href="https://ja.wikipedia.org/wiki/%E5%8D%97%E6%B5%B7%E4%BC%9A%E7%A4%BE" title="南海会社 – Japanese" lang="ja" hreflang="ja" data-title="南海会社" data-language-autonym="日本語" data-language-local-name="Japanese" class="interlanguage-link-target"><span>日本語</span></a></li><li class="interlanguage-link interwiki-no mw-list-item"><a href="https://no.wikipedia.org/wiki/South_Sea_Company" title="South Sea Company – Norwegian Bokmål" lang="nb" hreflang="nb" data-title="South Sea Company" data-language-autonym="Norsk bokmål" data-language-local-name="Norwegian Bokmål" class="interlanguage-link-target"><span>Norsk bokmål</span></a></li><li class="interlanguage-link interwiki-ps mw-list-item"><a href="https://ps.wikipedia.org/wiki/%D8%AF_%D8%B3%D9%88%DB%8C%D9%84%D9%8A_%D8%B3%D9%85%D9%86%D8%AF%D8%B1_%D8%B4%D8%B1%DA%A9%D8%AA" title="د سویلي سمندر شرکت – Pashto" lang="ps" hreflang="ps" data-title="د سویلي سمندر شرکت" data-language-autonym="پښتو" data-language-local-name="Pashto" class="interlanguage-link-target"><span>پښتو</span></a></li><li class="interlanguage-link interwiki-pl mw-list-item"><a href="https://pl.wikipedia.org/wiki/Kompania_M%C3%B3rz_Po%C5%82udniowych" title="Kompania Mórz Południowych – Polish" lang="pl" hreflang="pl" data-title="Kompania Mórz Południowych" data-language-autonym="Polski" data-language-local-name="Polish" class="interlanguage-link-target"><span>Polski</span></a></li><li class="interlanguage-link interwiki-pt mw-list-item"><a href="https://pt.wikipedia.org/wiki/Companhia_dos_Mares_do_Sul" title="Companhia dos Mares do Sul – Portuguese" lang="pt" hreflang="pt" data-title="Companhia dos Mares do Sul" data-language-autonym="Português" data-language-local-name="Portuguese" class="interlanguage-link-target"><span>Português</span></a></li><li class="interlanguage-link interwiki-ru mw-list-item"><a href="https://ru.wikipedia.org/wiki/%D0%9A%D0%BE%D0%BC%D0%BF%D0%B0%D0%BD%D0%B8%D1%8F_%D0%AE%D0%B6%D0%BD%D1%8B%D1%85_%D0%BC%D0%BE%D1%80%D0%B5%D0%B9" title="Компания Южных морей – Russian" lang="ru" hreflang="ru" data-title="Компания Южных морей" data-language-autonym="Русский" data-language-local-name="Russian" class="interlanguage-link-target"><span>Русский</span></a></li><li class="interlanguage-link interwiki-fi mw-list-item"><a href="https://fi.wikipedia.org/wiki/Etel%C3%A4meren_kupla" title="Etelämeren kupla – Finnish" lang="fi" hreflang="fi" data-title="Etelämeren kupla" data-language-autonym="Suomi" data-language-local-name="Finnish" class="interlanguage-link-target"><span>Suomi</span></a></li><li class="interlanguage-link interwiki-th mw-list-item"><a href="https://th.wikipedia.org/wiki/%E0%B8%9A%E0%B8%A3%E0%B8%B4%E0%B8%A9%E0%B8%B1%E0%B8%97%E0%B9%80%E0%B8%8B%E0%B8%B2%E0%B8%98%E0%B9%8C%E0%B8%8B%E0%B8%B5" title="บริษัทเซาธ์ซี – Thai" lang="th" hreflang="th" data-title="บริษัทเซาธ์ซี" data-language-autonym="ไทย" data-language-local-name="Thai" class="interlanguage-link-target"><span>ไทย</span></a></li><li class="interlanguage-link interwiki-tr mw-list-item"><a href="https://tr.wikipedia.org/wiki/G%C3%BCney_Denizi_%C5%9Eirketi" title="Güney Denizi Şirketi – Turkish" lang="tr" hreflang="tr" data-title="Güney Denizi Şirketi" data-language-autonym="Türkçe" data-language-local-name="Turkish" 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searchaux" style="display:none">18th-century economic speculation bubble</div> <style data-mw-deduplicate="TemplateStyles:r1236090951">.mw-parser-output .hatnote{font-style:italic}.mw-parser-output div.hatnote{padding-left:1.6em;margin-bottom:0.5em}.mw-parser-output .hatnote i{font-style:normal}.mw-parser-output .hatnote+link+.hatnote{margin-top:-0.5em}@media print{body.ns-0 .mw-parser-output .hatnote{display:none!important}}</style><div role="note" class="hatnote navigation-not-searchable">"South Sea Bubble" redirects here. For the Noël Coward play, see <a href="/wiki/South_Sea_Bubble_(play)" title="South Sea Bubble (play)">South Sea Bubble (play)</a>.</div> <p class="mw-empty-elt"> </p> <style data-mw-deduplicate="TemplateStyles:r1257001546">.mw-parser-output .infobox-subbox{padding:0;border:none;margin:-3px;width:auto;min-width:100%;font-size:100%;clear:none;float:none;background-color:transparent}.mw-parser-output .infobox-3cols-child{margin:auto}.mw-parser-output .infobox .navbar{font-size:100%}@media screen{html.skin-theme-clientpref-night .mw-parser-output .infobox-full-data:not(.notheme)>div:not(.notheme)[style]{background:#1f1f23!important;color:#f8f9fa}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .infobox-full-data:not(.notheme) div:not(.notheme){background:#1f1f23!important;color:#f8f9fa}}@media(min-width:640px){body.skin--responsive .mw-parser-output .infobox-table{display:table!important}body.skin--responsive .mw-parser-output .infobox-table>caption{display:table-caption!important}body.skin--responsive .mw-parser-output .infobox-table>tbody{display:table-row-group}body.skin--responsive .mw-parser-output .infobox-table tr{display:table-row!important}body.skin--responsive .mw-parser-output .infobox-table th,body.skin--responsive .mw-parser-output .infobox-table td{padding-left:inherit;padding-right:inherit}}</style><style data-mw-deduplicate="TemplateStyles:r1242257876">.mw-parser-output .ib-company .infobox-label{padding-right:0.5em}.mw-parser-output .ib-company .infobox-data,.mw-parser-output .ib-company .infobox-below{line-height:1.35em}.mw-parser-output .ib-company-logo img{background-color:#f8f9fa}.mw-parser-output .ib-company-locality,.mw-parser-output .ib-company-country{display:inline}</style><table class="infobox ib-company vcard"><caption class="infobox-title fn org">South Sea Company</caption><tbody><tr><td colspan="2" class="infobox-image ib-company-logo logo"><span class="mw-default-size" typeof="mw:File/Frameless"><a href="/wiki/File:Arms_of_the_South_Sea_Company.svg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/2/2e/Arms_of_the_South_Sea_Company.svg/220px-Arms_of_the_South_Sea_Company.svg.png" decoding="async" width="220" height="264" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/2/2e/Arms_of_the_South_Sea_Company.svg/330px-Arms_of_the_South_Sea_Company.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/2/2e/Arms_of_the_South_Sea_Company.svg/440px-Arms_of_the_South_Sea_Company.svg.png 2x" data-file-width="450" data-file-height="541" /></a></span><div class="infobox-caption">Arms of the South Sea Company: <i>Azure, a globe whereon are represented the <a href="/wiki/Straits_of_Magellan" class="mw-redirect" title="Straits of Magellan">Straits of Magellan</a> and <a href="/wiki/Cape_Horn" title="Cape Horn">Cape Horn</a> all <a href="/wiki/Tincture_(heraldry)" title="Tincture (heraldry)">proper</a> and in <a href="/wiki/Dexter_and_sinister" title="Dexter and sinister">sinister</a> chief point two herrings haurient in saltire argent crowned or, in a <a href="/wiki/Canton_(heraldry)" title="Canton (heraldry)">canton</a> the <a href="/wiki/Royal_coat_of_arms_of_the_United_Kingdom" class="mw-redirect" title="Royal coat of arms of the United Kingdom">united arms of Great Britain</a></i></div></td></tr><tr><th scope="row" class="infobox-label">Company type</th><td class="infobox-data category"><a href="/wiki/Joint-stock_company" title="Joint-stock company">Public</a></td></tr><tr><th scope="row" class="infobox-label">Industry</th><td class="infobox-data category"><a href="/wiki/History_of_slavery" title="History of slavery">Slave trade</a>, <a href="/wiki/Speculation" title="Speculation">Speculation</a>, <a href="/wiki/Whaling" title="Whaling">Whaling</a></td></tr><tr><th scope="row" class="infobox-label">Founded</th><td class="infobox-data">January 1711<span class="noprint">; 313 years ago</span><span style="display:none"> (<span class="bday dtstart published updated">1711-01</span>)</span></td></tr><tr><th scope="row" class="infobox-label">Defunct</th><td class="infobox-data">1853<span class="noprint">; 171 years ago</span><span style="display:none"> (<span class="dtend">1853</span>)</span></td></tr><tr><th scope="row" class="infobox-label">Headquarters</th><td class="infobox-data adr"><div class="ib-company-locality locality">London</div>, <div class="ib-company-country country-name">Great Britain</div></td></tr></tbody></table> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:SouthSeaHouse_Stowe%27sSurveyOfLondon_1754.PNG" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/b/b9/SouthSeaHouse_Stowe%27sSurveyOfLondon_1754.PNG/220px-SouthSeaHouse_Stowe%27sSurveyOfLondon_1754.PNG" decoding="async" width="220" height="164" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/b/b9/SouthSeaHouse_Stowe%27sSurveyOfLondon_1754.PNG/330px-SouthSeaHouse_Stowe%27sSurveyOfLondon_1754.PNG 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/b/b9/SouthSeaHouse_Stowe%27sSurveyOfLondon_1754.PNG/440px-SouthSeaHouse_Stowe%27sSurveyOfLondon_1754.PNG 2x" data-file-width="2036" data-file-height="1518" /></a><figcaption>1754 engraving of Old South Sea House, the headquarters of the South Sea Company, which burned down in 1826,<sup id="cite_ref-1" class="reference"><a href="#cite_note-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> on the corner of <a href="/wiki/Bishopsgate_Street" class="mw-redirect" title="Bishopsgate Street">Bishopsgate Street</a> and <a href="/wiki/Threadneedle_Street" title="Threadneedle Street">Threadneedle Street</a> in the <a href="/wiki/City_of_London" title="City of London">City of London</a></figcaption></figure> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:Microcosm_of_London_Plate_101_-_South_Sea_House,_Dividend_Hall_(tone).jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/2/2c/Microcosm_of_London_Plate_101_-_South_Sea_House%2C_Dividend_Hall_%28tone%29.jpg/220px-Microcosm_of_London_Plate_101_-_South_Sea_House%2C_Dividend_Hall_%28tone%29.jpg" decoding="async" width="220" height="167" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/2/2c/Microcosm_of_London_Plate_101_-_South_Sea_House%2C_Dividend_Hall_%28tone%29.jpg/330px-Microcosm_of_London_Plate_101_-_South_Sea_House%2C_Dividend_Hall_%28tone%29.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/2/2c/Microcosm_of_London_Plate_101_-_South_Sea_House%2C_Dividend_Hall_%28tone%29.jpg/440px-Microcosm_of_London_Plate_101_-_South_Sea_House%2C_Dividend_Hall_%28tone%29.jpg 2x" data-file-width="2842" data-file-height="2158" /></a><figcaption>The <a href="/wiki/Dividend" title="Dividend">Dividend</a> Hall of South Sea House, 1810</figcaption></figure> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:South_Sea_House_-_Portal.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/8/86/South_Sea_House_-_Portal.jpg/220px-South_Sea_House_-_Portal.jpg" decoding="async" width="220" height="164" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/8/86/South_Sea_House_-_Portal.jpg/330px-South_Sea_House_-_Portal.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/8/86/South_Sea_House_-_Portal.jpg/440px-South_Sea_House_-_Portal.jpg 2x" data-file-width="1843" data-file-height="1370" /></a><figcaption>Heraldic grouping above main entrance to the surviving South Sea House, Threadneedle Street, rebuilt after the fire of 1826</figcaption></figure> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:SouthSeaCompany_TradeLabel.png" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/3/3c/SouthSeaCompany_TradeLabel.png/220px-SouthSeaCompany_TradeLabel.png" decoding="async" width="220" height="290" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/3/3c/SouthSeaCompany_TradeLabel.png/330px-SouthSeaCompany_TradeLabel.png 1.5x, //upload.wikimedia.org/wikipedia/commons/3/3c/SouthSeaCompany_TradeLabel.png 2x" data-file-width="389" data-file-height="512" /></a><figcaption>An early trade label of the South Sea Company, for export of finest English <a href="/wiki/Serge_(fabric)" title="Serge (fabric)">serge</a> cloth. The letters circumscribing the seal below should read "SS&FC", for "South Sea and Fishery Company"<sup id="cite_ref-2" class="reference"><a href="#cite_note-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup></figcaption></figure> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:ShareCertificate_SouthSeaCompany_1733.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/3/33/ShareCertificate_SouthSeaCompany_1733.jpg/220px-ShareCertificate_SouthSeaCompany_1733.jpg" decoding="async" width="220" height="339" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/3/33/ShareCertificate_SouthSeaCompany_1733.jpg/330px-ShareCertificate_SouthSeaCompany_1733.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/3/33/ShareCertificate_SouthSeaCompany_1733.jpg 2x" data-file-width="382" data-file-height="589" /></a><figcaption>1723 pro-forma power of attorney signed by a shareholder of the South Sea Company showing the Company's coat of arms and the Latin motto <span title="Latin-language text"><i lang="la">A Gadibus usque Auroram</i></span> ("From <a href="/wiki/Cadiz" class="mw-redirect" title="Cadiz">Cadiz</a> to Dawn", <a href="/wiki/Juvenal" title="Juvenal">Juvenal</a>, <a href="/wiki/Satires_(Juvenal)" title="Satires (Juvenal)"><i>Satires</i></a>, 10)</figcaption></figure> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:Edward_Matthew_Ward_(1816-1879)_-_The_South_Sea_Bubble,_a_Scene_in_%27Change_Alley_in_1720_-_N00432_-_National_Gallery.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/c/c2/Edward_Matthew_Ward_%281816-1879%29_-_The_South_Sea_Bubble%2C_a_Scene_in_%27Change_Alley_in_1720_-_N00432_-_National_Gallery.jpg/220px-Edward_Matthew_Ward_%281816-1879%29_-_The_South_Sea_Bubble%2C_a_Scene_in_%27Change_Alley_in_1720_-_N00432_-_National_Gallery.jpg" decoding="async" width="220" height="150" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/c/c2/Edward_Matthew_Ward_%281816-1879%29_-_The_South_Sea_Bubble%2C_a_Scene_in_%27Change_Alley_in_1720_-_N00432_-_National_Gallery.jpg/330px-Edward_Matthew_Ward_%281816-1879%29_-_The_South_Sea_Bubble%2C_a_Scene_in_%27Change_Alley_in_1720_-_N00432_-_National_Gallery.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/c/c2/Edward_Matthew_Ward_%281816-1879%29_-_The_South_Sea_Bubble%2C_a_Scene_in_%27Change_Alley_in_1720_-_N00432_-_National_Gallery.jpg/440px-Edward_Matthew_Ward_%281816-1879%29_-_The_South_Sea_Bubble%2C_a_Scene_in_%27Change_Alley_in_1720_-_N00432_-_National_Gallery.jpg 2x" data-file-width="964" data-file-height="658" /></a><figcaption><i><a href="/wiki/The_South_Sea_Bubble" title="The South Sea Bubble">The South Sea Bubble</a></i> by <a href="/wiki/Edward_Matthew_Ward" title="Edward Matthew Ward">Edward Matthew Ward</a>, 1847. A <a href="/wiki/William_Hogarth" title="William Hogarth">Hogarthian</a> image of the 1720 "South Sea Bubble" now in the <a href="/wiki/Tate_Britain" title="Tate Britain">Tate Britain</a></figcaption></figure> <p>The <b>South Sea Company</b> (officially: <b>The Governor and Company of the merchants of Great Britain, trading to the South Seas and other parts of America and for the encouragement of the Fishery</b>)<sup id="cite_ref-3" class="reference"><a href="#cite_note-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> was a British <a href="/wiki/Joint-stock_company" title="Joint-stock company">joint-stock company</a> founded in January 1711, created as a <a href="/wiki/Public-private_partnership" class="mw-redirect" title="Public-private partnership">public-private partnership</a> to <a href="/wiki/Debt_consolidation" title="Debt consolidation">consolidate</a> and reduce the cost of the <a href="/wiki/National_debt" class="mw-redirect" title="National debt">national debt</a>. To generate income, in 1713 the company was granted a monopoly (the <a href="/wiki/Asiento_de_Negros" title="Asiento de Negros">Asiento de Negros</a>) to supply African slaves to the islands in the "<a href="/wiki/South_Seas" title="South Seas">South Seas</a>" and <a href="/wiki/South_America" title="South America">South America</a>.<sup id="cite_ref-:0_4-0" class="reference"><a href="#cite_note-:0-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> When the company was created, Britain was involved in the <a href="/wiki/War_of_the_Spanish_Succession" title="War of the Spanish Succession">War of the Spanish Succession</a> and Spain and Portugal controlled most of South America. There was thus no realistic prospect that trade would take place, and as it turned out, the Company never realised any significant profit from its monopoly. However, Company stock rose greatly in value as it expanded its operations dealing in government debt, and peaked in 1720 before suddenly collapsing to little above its original <a href="/wiki/Flotation_(shares)" class="mw-redirect" title="Flotation (shares)">flotation</a> price. The notorious <a href="/wiki/Economic_bubble" title="Economic bubble">economic bubble</a> thus created, which ruined thousands of investors, became known as the <b>South Sea Bubble</b>. </p><p>The <a href="/wiki/Bubble_Act_1720" class="mw-redirect" title="Bubble Act 1720">Bubble Act 1720</a> (<a href="/wiki/6_Geo._1" class="mw-redirect" title="6 Geo. 1">6 Geo. 1</a> c. 18), which forbade the creation of joint-stock companies without <a href="/wiki/Royal_charter" title="Royal charter">royal charter</a>, was promoted by the South Sea Company itself before its collapse. </p><p>In Great Britain, many investors were ruined by the share-price collapse, and as a result, the national economy diminished substantially. The founders of the scheme engaged in <a href="/wiki/Insider_trading" title="Insider trading">insider trading</a>, by using their advance knowledge of the timings of national debt consolidations to make large profits from purchasing debt in advance. Huge bribes were given to politicians to support the <a href="/wiki/Acts_of_Parliament" class="mw-redirect" title="Acts of Parliament">Acts of Parliament</a> necessary for the scheme.<sup id="cite_ref-5" class="reference"><a href="#cite_note-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup> Company money was used to deal in its own shares, and selected individuals purchasing shares were given cash loans backed by those same shares to spend on purchasing more shares. The expectation of profits from trade with South America was talked up to encourage the public to purchase shares, but the bubble prices reached far beyond what the actual profits of the business (namely the slave trade) could justify.<sup id="cite_ref-:1_6-0" class="reference"><a href="#cite_note-:1-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup> </p><p>A parliamentary inquiry was held after the bursting of the bubble to discover its causes. A number of politicians were disgraced, and people found to have profited immorally from the company had personal assets confiscated proportionate to their gains (most had already been rich and remained so). Finally, the Company was restructured and continued to operate for more than a century after the Bubble. The headquarters were in <a href="/wiki/Threadneedle_Street" title="Threadneedle Street">Threadneedle Street</a>, at the centre of the <a href="/wiki/City_of_London" title="City of London">City of London</a>, the financial district of the capital. At the time of these events, the <a href="/wiki/Bank_of_England" title="Bank of England">Bank of England</a> was also a private company dealing in national debt, and the crash of its rival confirmed its position as banker to the British government.<sup id="cite_ref-7" class="reference"><a href="#cite_note-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup> </p> <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="Foundation">Foundation</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=South_Sea_Company&action=edit&section=1" title="Edit section: Foundation"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>When in August 1710 <a href="/wiki/Robert_Harley,_1st_Earl_of_Oxford_and_Earl_Mortimer" title="Robert Harley, 1st Earl of Oxford and Earl Mortimer">Robert Harley</a> was appointed <a href="/wiki/Chancellor_of_the_Exchequer" title="Chancellor of the Exchequer">Chancellor of the Exchequer</a>, the government had already become reliant on the <a href="/wiki/Bank_of_England" title="Bank of England">Bank of England</a>, a privately owned company chartered 16 years previously, which had obtained a monopoly as the lender to the government. The government had become dissatisfied with the service it was receiving and Harley was actively seeking new ways to improve the national finances. </p><p>A new parliament met in November 1710 resolved to attend to the national finances, which were suffering from the pressures of <a href="/wiki/List_of_wars_involving_Great_Britain" class="mw-redirect" title="List of wars involving Great Britain">two simultaneous wars</a>: the <a href="/wiki/War_of_the_Spanish_Succession" title="War of the Spanish Succession">War of the Spanish Succession</a> with France, which ended in 1713, and the <a href="/wiki/Great_Northern_War" title="Great Northern War">Great Northern War</a>, which was not to end until 1721. Harley came prepared, with detailed accounts describing the situation of the national debt, which was customarily a piecemeal arrangement, with each government department borrowing independently as the need arose. He released the information steadily, continually adding new reports of debts incurred and scandalous expenditure, until in January 1711 the House of Commons agreed to appoint a committee to investigate the entire debt. The committee included Harley himself, the two <a href="/wiki/Auditor_of_the_Imprests" class="mw-redirect" title="Auditor of the Imprests">Auditors of the Imprests</a> (whose task was to investigate government spending), <a href="/wiki/Edward_Harley_(1664%E2%80%931735)" title="Edward Harley (1664–1735)">Edward Harley</a> (the Chancellor's brother), Paul Foley (the Chancellor's brother-in-law), the <a href="/wiki/Secretary_to_the_Treasury" title="Secretary to the Treasury">Secretary of the Treasury</a>, <a href="/wiki/William_Lowndes_(British_politician)" class="mw-redirect" title="William Lowndes (British politician)">William Lowndes</a> (who had had significant responsibility for reminting the entire debased British coinage in 1696) and <a href="/wiki/John_Aislabie" title="John Aislabie">John Aislabie</a> (who represented the <a href="/wiki/October_Club" class="mw-redirect" title="October Club">October Club</a>, a group of about 200 MPs who had agreed to vote together).<sup id="cite_ref-8" class="reference"><a href="#cite_note-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup> </p><p>Harley's first concern was to find £300,000 for the next quarter's payroll for the British army operating on the Continent under the <a href="/wiki/Duke_of_Marlborough" class="mw-redirect" title="Duke of Marlborough">Duke of Marlborough</a>. This funding was provided by a private consortium of Edward Gibbon (grandfather of <a href="/wiki/Edward_Gibbon#Early_life:_1737–1752" title="Edward Gibbon">the historian</a>), <a href="/wiki/George_Caswall" title="George Caswall">George Caswall</a>, and <a href="/wiki/Hoare%27s_Bank" class="mw-redirect" title="Hoare's Bank">Hoare's Bank</a>. The Bank of England had been operating a <a href="/wiki/Lottery" title="Lottery">lottery</a> on behalf of the government, but in 1710 this had produced less revenue than expected and another begun in 1711 was also performing poorly; Harley granted the authority to sell tickets to <a href="/wiki/Sir_John_Blunt,_1st_Baronet" class="mw-redirect" title="Sir John Blunt, 1st Baronet">John Blunt</a>, a director of the <a href="/wiki/Hollow_Sword_Blade_Company" title="Hollow Sword Blade Company">Hollow Sword Blade Company</a>, which despite its name was an unofficial bank. Sales commenced on 3 March 1711 and tickets had completely sold out by 7 March, making it the first truly successful English state lottery.<sup id="cite_ref-9" class="reference"><a href="#cite_note-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup> </p><p>The success was shortly followed by another larger lottery, "The Two Million Adventure" or "The Classis", with tickets costing £100, with a top prize of £20,000 and every ticket winning a prize of at least £10. Although prizes were advertised by their total value, they were in fact paid out by installments in the form of a fixed <a href="/wiki/Annuity" title="Annuity">annuity</a> over a period of years, so that the government effectively held the prize money as borrowings until the whole value had been paid out to the winners. Marketing was handled by members of the Sword Blade syndicate, Gibbon selling £200,000 of tickets and earning £4,500 commission, and Blunt selling £993,000. Charles Blunt (a relative) was made Paymaster of the lottery with expenses of £5,000. </p> <div class="mw-heading mw-heading3"><h3 id="Conception_of_the_company">Conception of the company</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=South_Sea_Company&action=edit&section=2" title="Edit section: Conception of the company"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The national debt investigation concluded that a total of £9 million was owed by the government, with no specifically allocated income to pay it off. Robert Harley and John Blunt had jointly devised a scheme to consolidate this debt in much the same way that the Bank of England had consolidated previous debts, although the Bank still held the monopoly for operating as a bank. All holders of the debt (creditors) would be required to surrender it to a new company formed for the purpose, the South Sea Company, which in return would issue them shares in itself to the same nominal value. The government would make an annual payment to the Company of £568,279, equating to 6% interest plus expenses, which would then be redistributed to the shareholders as a dividend. The company was also granted a monopoly to trade with South America, a potentially lucrative enterprise, but one controlled by Spain – with which Britain was at war.<sup id="cite_ref-auto2_10-0" class="reference"><a href="#cite_note-auto2-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup> </p><p>At that time, when the continent of America was being explored and colonized, Europeans applied the term "South Seas" only to South America and surrounding waters. The concession both held out the potential for future profits and encouraged a desire for an end to the war, necessary if any profits were to be made. The original suggestion for the South Sea scheme came from <a href="/wiki/William_Paterson_(banker)" title="William Paterson (banker)">William Paterson</a>, one of the founders of the Bank of England and of the financially disastrous <a href="/wiki/Darien_Scheme" class="mw-redirect" title="Darien Scheme">Darien Scheme</a>.<sup id="cite_ref-auto2_10-1" class="reference"><a href="#cite_note-auto2-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup> </p><p>Harley was rewarded for delivering the scheme by being created Earl of Oxford on 23 May 1711 and was promoted to <a href="/wiki/Lord_High_Treasurer" title="Lord High Treasurer">Lord High Treasurer</a>. With a more secure position, he began secret peace negotiations with France. </p> <div class="mw-heading mw-heading3"><h3 id="Initial_speculation">Initial speculation</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=South_Sea_Company&action=edit&section=3" title="Edit section: Initial speculation"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The scheme to thus consolidate all government debt and to manage it better in the future held out the prospect of all existing creditors being repaid the full nominal value of their loans, which at the time before the scheme was publicised were valued at a discounted rate of £55 per £100 nominal value, as the lotteries were discredited and the government's ability to repay in full was widely doubted. Thus bonds representing the debt intended to be consolidated under the scheme were available for purchase on the open market at a price that allowed anyone with advance knowledge to buy and resell in the immediate future at a high profit, for as soon as the scheme became publicised the bonds would once again be worth at least their nominal value, as repayment was now more certain a prospect. This anticipation of gain made it possible for Harley to bring further financial supporters into the scheme, such as James Bateman and <a href="/wiki/Theodore_Janssen" title="Theodore Janssen">Theodore Janssen</a>.<sup id="cite_ref-11" class="reference"><a href="#cite_note-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup> </p><p><a href="/wiki/Daniel_Defoe" title="Daniel Defoe">Daniel Defoe</a> commented:<sup id="cite_ref-12" class="reference"><a href="#cite_note-12"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup><br /> </p> <style data-mw-deduplicate="TemplateStyles:r1244412712">.mw-parser-output .templatequote{overflow:hidden;margin:1em 0;padding:0 32px}.mw-parser-output .templatequotecite{line-height:1.5em;text-align:left;margin-top:0}@media(min-width:500px){.mw-parser-output .templatequotecite{padding-left:1.6em}}</style><blockquote class="templatequote"><p>Unless the Spaniards are to be divested of common sense, infatuate, and given up, abandoning their own commerce, throwing away the only valuable stake they have left in the world, and in short, bent on their own ruin, we cannot suggest that they will ever, on any consideration, or for any equivalent, part with so valuable, indeed so inestimable a jewel, as the exclusive trade to their own plantations.</p><div class="templatequotecite">— <cite><i>An Essay on the South-Sea Trade</i></cite></div></blockquote> <p>The originators of the scheme knew that there was no money to invest in a trading venture, and no realistic expectation that there would ever be a trade to exploit, but nevertheless the potential for great wealth was widely publicised at every opportunity, so as to encourage interest in the scheme. The objective for the founders was to create a company that they could use to become wealthy and that offered scope for further government deals.<sup id="cite_ref-13" class="reference"><a href="#cite_note-13"><span class="cite-bracket">[</span>13<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Flotation">Flotation</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=South_Sea_Company&action=edit&section=4" title="Edit section: Flotation"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <figure class="mw-default-size mw-halign-right" typeof="mw:File/Thumb"><a href="/wiki/File:Bubble.folly.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/d/d4/Bubble.folly.jpg/220px-Bubble.folly.jpg" decoding="async" width="220" height="261" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/d/d4/Bubble.folly.jpg/330px-Bubble.folly.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/d/d4/Bubble.folly.jpg/440px-Bubble.folly.jpg 2x" data-file-width="597" data-file-height="707" /></a><figcaption>A bubble-era stock promoter, caricatured as a "<a href="/wiki/Pump_and_dump" title="Pump and dump">night wind hawker</a>" (<i>The Great Picture of Folly</i>, 1720)</figcaption></figure> <p>The <a href="/wiki/Royal_charter" title="Royal charter">royal charter</a> for the company, based on that of the Bank of England, was drawn up by Blunt who was paid £3,846 for his services in setting up the company. Directors would be elected every three years and shareholders would meet twice a year. The company employed a cashier, secretary and accountant. The governor was intended as an honorary position, and was later customarily held by the monarch. The charter allowed the full court of directors to nominate a smaller committee to act on any matter on its behalf. Directors of the Bank of England and of the <a href="/wiki/East_India_Company" title="East India Company">East India Company</a> were barred from being directors of the South Sea Company. Any ship of more than 500 tons owned by the company was to have a Church of England clergyman on board. </p><p>The surrender of government debt for company stock was to occur in five separate lots. The first two of these, totaling £2.75 million from about 200 large investors, had already been arranged before the company's charter was issued on 10 September 1711. The government itself surrendered £0.75 million of its own debt held by different departments (at that time individual office holders were at liberty to invest government funds under their control to their own advantage before it was required for government expenditure). Harley surrendered £8,000 of debt and was appointed Governor of the new company. Blunt, Caswall and Sawbridge together surrendered £65,000, Janssen £25,000 of his own plus £250,000 from a foreign consortium, Decker £49,000, Sir Ambrose Crawley £36,791. The company had a Sub-Governor, Bateman; a Deputy Governor, Ongley; and 30 ordinary directors. In total, nine of the directors were politicians, five were members of the Sword Blade consortium, and seven more were financial magnates who had been attracted to the scheme.<sup id="cite_ref-14" class="reference"><a href="#cite_note-14"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup> </p><p>The company created a coat of arms with the motto <i>A Gadibus usque ad Auroram</i> ("from Cadiz to the dawn", from <a href="/wiki/Juvenal" title="Juvenal">Juvenal</a>, <a href="/wiki/Satires_(Juvenal)" title="Satires (Juvenal)">Satires</a>, 10) and rented a large house in the City of London as its headquarters. Seven sub-committees were created to handle its everyday business, the most important being the "committee for the affairs of the company". The Sword Blade company was retained as the company's banker and on the strength of its new government connections issued notes in its own right, notwithstanding the Bank of England's monopoly. The task of the Company Secretary was to oversee trading activities; the Accountant, Grigsby, was responsible for registering and issuing stock; and the Cashier, Robert Knight, acted as Blunt's personal assistant at a salary of £200 per annum.<sup id="cite_ref-15" class="reference"><a href="#cite_note-15"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="The_slave_trade">The slave trade</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=South_Sea_Company&action=edit&section=5" title="Edit section: The slave trade"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:Slavers-4496.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/9/98/Slavers-4496.jpg/220px-Slavers-4496.jpg" decoding="async" width="220" height="132" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/9/98/Slavers-4496.jpg/330px-Slavers-4496.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/9/98/Slavers-4496.jpg/440px-Slavers-4496.jpg 2x" data-file-width="4496" data-file-height="2699" /></a><figcaption>African slaves taken aboard a slave ship</figcaption></figure> <p>The <a href="/wiki/Treaty_of_Utrecht" class="mw-redirect" title="Treaty of Utrecht">Treaty of Utrecht</a> of 1713 granted Britain an <i><a href="/wiki/Asiento_de_Negros" title="Asiento de Negros">Asiento de Negros</a></i> lasting 30 years to supply the Spanish colonies with 4,800 slaves per year. Britain was permitted to open offices in <a href="/wiki/Buenos_Aires" title="Buenos Aires">Buenos Aires</a>, <a href="/wiki/Caracas" title="Caracas">Caracas</a>, <a href="/wiki/Cartagena,_Colombia" title="Cartagena, Colombia">Cartagena</a>, <a href="/wiki/Havana" title="Havana">Havana</a>, <a href="/wiki/Panama" title="Panama">Panama</a>, <a href="/wiki/Portobelo,_Col%C3%B3n" title="Portobelo, Colón">Portobello</a> and <a href="/wiki/Veracruz_(city)" title="Veracruz (city)">Vera Cruz</a> to arrange the <a href="/wiki/Atlantic_slave_trade" title="Atlantic slave trade">Atlantic slave trade</a>. One ship of no more than 500 tons could be sent to one of these places each year (the <i>Navío de Permiso</i>) with general trade goods. One quarter of the profits were to be reserved for the King of Spain. There was provision for two extra sailings at the start of the contract. The Asiento was granted in the name of <a href="/wiki/Anne,_Queen_of_Great_Britain" title="Anne, Queen of Great Britain">Queen Anne</a> and then contracted to the company.<sup id="cite_ref-16" class="reference"><a href="#cite_note-16"><span class="cite-bracket">[</span>16<span class="cite-bracket">]</span></a></sup> </p><p>By July the company had arranged contracts with the <a href="/wiki/Royal_African_Company" title="Royal African Company">Royal African Company</a> to supply the necessary African slaves to Jamaica. Ten pounds was paid for a slave aged over 16, £8 for one under 16 but over 10. Two-thirds were to be male, and 90% adult. The company trans-shipped 1,230 slaves from Jamaica to America in the first year, plus any that might have been added (against standing instructions) by the ship's captains on their own behalf. On arrival of the first cargoes, the local authorities refused to accept the Asiento, which had still not been officially confirmed there by the Spanish authorities. The slaves were eventually sold at a loss in the West Indies.<sup id="cite_ref-17" class="reference"><a href="#cite_note-17"><span class="cite-bracket">[</span>17<span class="cite-bracket">]</span></a></sup> </p><p>In 1714 the government announced that a quarter of profits would be reserved for <a href="/wiki/Anne,_Queen_of_Great_Britain" title="Anne, Queen of Great Britain">Queen Anne</a> and a further 7.5% for a financial adviser, Manasseh Gilligan. Some company board members refused to accept the contract on these terms, and the government was obliged to reverse its decision.<sup id="cite_ref-18" class="reference"><a href="#cite_note-18"><span class="cite-bracket">[</span>18<span class="cite-bracket">]</span></a></sup> </p><p>Despite these setbacks, the company continued, having raised £200,000 to finance the operations. In 1714 2,680 slaves were carried, and for 1716–17, 13,000 more, but the trade continued to be unprofitable. An import duty of 33 <a href="/wiki/Pieces_of_eight" class="mw-redirect" title="Pieces of eight">pieces of eight</a> was charged on each slave (although for this purpose some slaves might be counted only as a fraction of a slave, depending on quality). One of the extra trade ships was sent to Cartagena in 1714 carrying woollen goods, despite warnings that there was no market for them there, and they remained unsold for two years.<sup id="cite_ref-19" class="reference"><a href="#cite_note-19"><span class="cite-bracket">[</span>19<span class="cite-bracket">]</span></a></sup> </p><p>It has been estimated that the company transported a little over 34,000 slaves with mortality losses comparable to its competitors, showing that slave trading was a significant part of the company's work, and that it was carried out to the standards of the day.<sup id="cite_ref-:0_4-1" class="reference"><a href="#cite_note-:0-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> Its trading activities therefore offered a financial motivation for investment in the company.<sup id="cite_ref-:0_4-2" class="reference"><a href="#cite_note-:0-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Changes_of_management">Changes of management</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=South_Sea_Company&action=edit&section=6" title="Edit section: Changes of management"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The company was heavily dependent on the goodwill of government; when the government changed, so too did the company board. In 1714 one of the directors who had been sponsored by Harley, Arthur Moore, had attempted to send 60 tons of private goods on board the company ship. He was dismissed as a director, but the result was the beginning of Harley's fall from favour with the company. On 27 July 1714, Harley was replaced as Lord High Treasurer as a result of a disagreement that had broken out within the Tory faction in parliament. Queen Anne died on 1 August 1714; and at the election of directors in 1715 the Prince of Wales (the future King <a href="/wiki/George_II_of_Great_Britain" title="George II of Great Britain">George II</a>) was elected as Governor of the company. The new King <a href="/wiki/George_I_of_Great_Britain" title="George I of Great Britain">George I</a> and the Prince of Wales both had large holdings in the company, as did some prominent Whig politicians, including <a href="/wiki/James_Craggs_the_Elder" title="James Craggs the Elder">James Craggs the Elder</a>, the Earl of Halifax and Sir Joseph Jekyll. James Craggs, as Postmaster General, was responsible for intercepting mail on behalf of the government to obtain political and financial information. All Tory politicians were removed from the board and replaced with businessmen. The Whigs Horatio Townshend, brother in law of <a href="/wiki/Robert_Walpole" title="Robert Walpole">Robert Walpole</a>, and the <a href="/wiki/John_Campbell,_2nd_Duke_of_Argyll" title="John Campbell, 2nd Duke of Argyll">Duke of Argyll</a> were elected directors. </p><p>The change of government led to a revival of the company's share value, which had fallen below its issue price. The previous government had failed to make the interest payments to the company for the preceding two years, owing more than £1 million. The new administration insisted that the debt be written off, but allowed the company to issue new shares to stockholders to the value of the missed payments. At around £10 million, this now represented half the share capital issued in the entire country. In 1714 the company had 2,000 to 3,000 shareholders, more than either of its rivals.<sup id="cite_ref-20" class="reference"><a href="#cite_note-20"><span class="cite-bracket">[</span>20<span class="cite-bracket">]</span></a></sup> </p><p>By the time of the next directors' elections in 1718 politics had changed again, with a schism within the Whigs between Walpole's faction supporting the Prince of Wales and <a href="/wiki/James_Stanhope,_1st_Earl_Stanhope" title="James Stanhope, 1st Earl Stanhope">James Stanhope</a>'s supporting the King. Argyll and Townshend were dismissed as directors, as were surviving Tories Sir Richard Hoare and George Pitt, and King George I became governor. Four MPs remained directors, as did six people holding government financial offices. The Sword Blade Company remained bankers to the South Sea, and indeed had flourished despite the company's dubious legal position. Blunt and Sawbridge remained South Sea directors, and they had been joined by Gibbon and Child. Caswall had retired as a South Sea director to concentrate on the Sword Blade business. In November 1718 Sub-Governor Bateman and Deputy Governor Shepheard both died. Leaving aside the honorary position of Governor, this left the company suddenly without its two most senior and experienced directors. They were replaced by <a href="/wiki/Sir_John_Fellowes" class="mw-redirect" title="Sir John Fellowes">Sir John Fellowes</a> as Sub-Governor and Charles Joye as Deputy.<sup id="cite_ref-21" class="reference"><a href="#cite_note-21"><span class="cite-bracket">[</span>21<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="War">War</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=South_Sea_Company&action=edit&section=7" title="Edit section: War"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In 1718 war broke out with Spain once again, in the <a href="/wiki/War_of_the_Quadruple_Alliance" title="War of the Quadruple Alliance">War of the Quadruple Alliance</a>. The company's assets in South America were seized, at a cost claimed by the company to be £300,000. Any prospect of profit from trade, for which the company had purchased ships and had been planning its next ventures, disappeared.<sup id="cite_ref-22" class="reference"><a href="#cite_note-22"><span class="cite-bracket">[</span>22<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Refinancing_government_debt">Refinancing government debt</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=South_Sea_Company&action=edit&section=8" title="Edit section: Refinancing government debt"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Events in France now came to influence the future of the company. A Scottish economist and financier, <a href="/wiki/John_Law_(economist)" title="John Law (economist)">John Law</a>, exiled after killing a man in a duel, had travelled around Europe before settling in France. There he founded a bank, which in December 1718 became the Banque Royale, national bank of France, while Law himself was granted sweeping powers to control the economy of France, which operated largely by royal decree. Law's remarkable success was known in financial circles throughout Europe, and now came to inspire Blunt and his associates to make greater efforts to grow their own concerns.<sup id="cite_ref-23" class="reference"><a href="#cite_note-23"><span class="cite-bracket">[</span>23<span class="cite-bracket">]</span></a></sup> </p><p>In February 1719 Craggs explained to the House of Commons a new scheme for improving the national debt by converting the annuities issued after the 1710 lottery into South Sea stock. By Act of Parliament, the company was granted the right to issue £1,150 of new stock for every £100 per annum of annuity which was surrendered. The government would pay 5% per annum on the stock created, which would halve their annual bill. The conversion was voluntary, amounting to £2.5 million new stock if all converted. The company was to make an additional new loan to the government pro rata up to £750,000, again at 5%.<sup id="cite_ref-24" class="reference"><a href="#cite_note-24"><span class="cite-bracket">[</span>24<span class="cite-bracket">]</span></a></sup> </p><p>In March there was an abortive attempt to restore the Old Pretender, <a href="/wiki/James_Edward_Stuart" class="mw-redirect" title="James Edward Stuart">James Edward Stuart</a>, to the throne of Britain, with a small landing of troops in Scotland. They were defeated at the <a href="/wiki/Battle_of_Glen_Shiel" title="Battle of Glen Shiel">Battle of Glen Shiel</a> on 10 June. The South Sea company presented the offer to the public in July 1719. The Sword Blade company spread a rumour that the Pretender had been captured, and the general euphoria induced the South Sea share price to rise from £100, where it had been in the spring, to £114. Annuitants were still paid out at the same money value of shares, the company keeping the profit from the rise in value before issuing. About two-thirds of the in-force annuities were exchanged. </p> <div class="mw-heading mw-heading3"><h3 id="Trading_more_debt_for_equity">Trading more debt for equity</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=South_Sea_Company&action=edit&section=9" title="Edit section: Trading more debt for equity"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <figure class="mw-default-size mw-halign-right" typeof="mw:File/Thumb"><a href="/wiki/File:William_Hogarth_-_The_South_Sea_Scheme.png" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/1/17/William_Hogarth_-_The_South_Sea_Scheme.png/350px-William_Hogarth_-_The_South_Sea_Scheme.png" decoding="async" width="350" height="291" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/1/17/William_Hogarth_-_The_South_Sea_Scheme.png/525px-William_Hogarth_-_The_South_Sea_Scheme.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/1/17/William_Hogarth_-_The_South_Sea_Scheme.png/700px-William_Hogarth_-_The_South_Sea_Scheme.png 2x" data-file-width="2524" data-file-height="2102" /></a><figcaption><a href="/wiki/William_Hogarth" title="William Hogarth">William Hogarth</a>, <i><a href="/wiki/Emblematical_Print_on_the_South_Sea_Scheme" title="Emblematical Print on the South Sea Scheme">Emblematical Print on the South Sea Scheme</a></i> (1721). In the bottom left corner are Protestant, Catholic, and Jewish figures gambling, while in the middle there is a huge machine, like a merry-go-round, which people are boarding. At the top is a goat, written below which is "Who'l Ride". The people are scattered around the picture with a sense of disorder, while the progress of the well-dressed people towards the ride in the middle represents the foolishness of the crowd in buying stock in the South Sea Company, which spent more time issuing stock than anything else. Honor at left is dismembered; Honesty in center is <a href="/wiki/Broken_on_the_wheel" class="mw-redirect" title="Broken on the wheel">broken on the wheel</a> and at lower right trade lies dead.</figcaption></figure> <p>The 1719 scheme was a distinct success from the government's perspective, and they sought to repeat it. Negotiations took place between Aislabie and Craggs for the government and Blunt, Cashier Knight and his assistant and Caswell. Janssen, the Sub Governor and Deputy Governor were also consulted but negotiations remained secret from most of the company. News from France was of fortunes being made investing in Law's bank, whose shares had risen sharply. Money was moving around Europe, and other flotations threatened to soak up available capital (two insurance schemes in December 1719 each sought to raise £3 million).<sup id="cite_ref-25" class="reference"><a href="#cite_note-25"><span class="cite-bracket">[</span>25<span class="cite-bracket">]</span></a></sup> </p><p>Plans were made for a new scheme to take over most of the unconsolidated national debt of Britain (£30,981,712) in exchange for company shares. Annuities were valued as a lump sum necessary to produce the annual income over the original term at an assumed interest of 5%, which favoured those with shorter terms still to run. The government agreed to pay the same amount to the company for all the fixed-term repayable debt as it had been paying before, but after seven years the 5% interest rate would fall to 4% on both the new annuity debt and also that assumed previously. After the first year, the company was to give the government £3 million in four quarterly installments. New stock would be created at a face value equal to the debt, but the share price was still rising and sales of the remaining stock, i.e. the excess of the total market value of the stock over the amount of the debt, would be used to raise the government fee plus a profit for the company. The more the price rose in advance of conversion, the more the company would make. Before the scheme, payments were costing the government £1.5 million per year.<sup id="cite_ref-auto_26-0" class="reference"><a href="#cite_note-auto-26"><span class="cite-bracket">[</span>26<span class="cite-bracket">]</span></a></sup> </p><p>In summary, the total government debt in 1719 was £50 million: </p> <ul><li>£18.3m was held by three large corporations: <ul><li>£3.4m by the <a href="/wiki/Bank_of_England" title="Bank of England">Bank of England</a></li> <li>£3.2m by the <a href="/wiki/British_East_India_Company" class="mw-redirect" title="British East India Company">British East India Company</a></li> <li>£11.7m by the South Sea Company</li></ul></li> <li>Privately held redeemable debt amounted to £16.5m</li> <li>£15m consisted of irredeemable annuities, long-fixed-term annuities of 72–87 years, and short annuities of 22 years remaining to expiry.</li></ul> <p>The purpose of this conversion was similar to the old one: debt holders and annuitants might receive less return in total, but an illiquid investment was transformed into shares that could be readily traded. Shares backed by national debt were considered a safe investment and a convenient way to hold and move money, far easier and safer than metal coins. The only alternative safe asset, land, was much harder to sell and transfer of its ownership was legally much more complex. </p><p>The government received a cash payment and lower overall interest on the debt. Importantly, it also gained control over when the debt had to be repaid, which was not before seven years but then at its discretion. This avoided the risk that debt might become repayable at some future point just when the government needed to borrow more, and could be forced into paying higher interest rates. The payment to the government was to be used to buy in any debt not subscribed to the scheme, which although it helped the government, also helped the company by removing possibly competing securities from the market, including large holdings by the Bank of England.<sup id="cite_ref-auto_26-1" class="reference"><a href="#cite_note-auto-26"><span class="cite-bracket">[</span>26<span class="cite-bracket">]</span></a></sup> </p><p>Company stock was now trading at £123, so the issue amounted to an injection of £5 million of new money into a booming economy just as interest rates were falling. <a href="/wiki/Gross_Domestic_Product" class="mw-redirect" title="Gross Domestic Product">Gross Domestic Product</a> (GDP) for Britain at this point was estimated as £64.4 million.<sup id="cite_ref-27" class="reference"><a href="#cite_note-27"><span class="cite-bracket">[</span>27<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading4"><h4 id="Public_announcement">Public announcement</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=South_Sea_Company&action=edit&section=10" title="Edit section: Public announcement"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:South_Sea_Annuities_share_certificate,_issued_November_13,_1784._On_display_at_the_British_Museum_in_London.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/4/49/South_Sea_Annuities_share_certificate%2C_issued_November_13%2C_1784._On_display_at_the_British_Museum_in_London.jpg/220px-South_Sea_Annuities_share_certificate%2C_issued_November_13%2C_1784._On_display_at_the_British_Museum_in_London.jpg" decoding="async" width="220" height="169" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/4/49/South_Sea_Annuities_share_certificate%2C_issued_November_13%2C_1784._On_display_at_the_British_Museum_in_London.jpg/330px-South_Sea_Annuities_share_certificate%2C_issued_November_13%2C_1784._On_display_at_the_British_Museum_in_London.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/4/49/South_Sea_Annuities_share_certificate%2C_issued_November_13%2C_1784._On_display_at_the_British_Museum_in_London.jpg/440px-South_Sea_Annuities_share_certificate%2C_issued_November_13%2C_1784._On_display_at_the_British_Museum_in_London.jpg 2x" data-file-width="3588" data-file-height="2764" /></a><figcaption>South Sea Annuities share certificate, issued 13 November 1784. On display at the British Museum in London</figcaption></figure> <p>On 21 January the plan was presented to the board of the South Sea Company, and on 22 January <a href="/wiki/Chancellor_of_the_Exchequer" title="Chancellor of the Exchequer">Chancellor of the Exchequer</a> <a href="/wiki/John_Aislabie" title="John Aislabie">John Aislabie</a> presented it to Parliament. The House was stunned into silence, but on recovering proposed that the Bank of England should be invited to make a better offer. In response, the South Sea increased its cash payment to £3.5 million, while the Bank proposed to undertake the conversion with a payment of £5.5 million and a fixed conversion price of £170 per £100 face-value Bank stock. On 1 February, the company negotiators led by Blunt raised their offer to £4 million plus a proportion of £3.5 million depending on how much of the debt was converted. They also agreed that the interest rate would decrease after four years instead of seven, and agreed to sell on behalf of the government £1 million of Exchequer bills (formerly handled by the Bank). The House accepted the South Sea offer. Bank stock fell sharply.<sup id="cite_ref-28" class="reference"><a href="#cite_note-28"><span class="cite-bracket">[</span>28<span class="cite-bracket">]</span></a></sup> </p><p>Perhaps the first sign of difficulty came when the South Sea Company announced that its Christmas 1719 dividend would be deferred for 12 months. The company now embarked on a show of gratitude to its friends. Select individuals were sold a parcel of company stock at the current price. The transactions were recorded by Knight in the names of intermediaries, but no payments were received and no stock issued – indeed the company had none to issue until the conversion of debt began. The individual received an option to sell his stock back to the company at any future date at whatever market price might then apply. Shares went to the Craggs: <a href="/wiki/James_Craggs_the_Elder" title="James Craggs the Elder">the Elder</a> and <a href="/wiki/James_Craggs_the_Younger" title="James Craggs the Younger">the Younger</a>; <a href="/wiki/John_Leveson-Gower,_1st_Earl_Gower" title="John Leveson-Gower, 1st Earl Gower">Lord Gower</a>; <a href="/wiki/George_Granville,_1st_Baron_Lansdowne" title="George Granville, 1st Baron Lansdowne">Lord Lansdowne</a>; and four other MPs. <a href="/wiki/Charles_Spencer,_3rd_Earl_of_Sunderland" title="Charles Spencer, 3rd Earl of Sunderland">Lord Sunderland</a> would gain £500 for every pound that stock rose; George I's mistress, their children and Countess Platen £120 per pound rise, Aislabie £200 per pound, <a href="/wiki/James_Stanhope,_1st_Earl_Stanhope" title="James Stanhope, 1st Earl Stanhope">Lord Stanhope</a> £600 per pound. Others invested money, including the <a href="/wiki/Richard_Hampden_(1674%E2%80%931728)" class="mw-redirect" title="Richard Hampden (1674–1728)">Treasurer to the Navy, Hampden</a>, who invested £25,000 of government money on his own behalf.<sup id="cite_ref-29" class="reference"><a href="#cite_note-29"><span class="cite-bracket">[</span>29<span class="cite-bracket">]</span></a></sup> </p><p>The proposal was accepted in a slightly altered form in April 1720. Crucial in this conversion was the proportion of holders of irredeemable annuities who could be tempted to convert their securities at a high price for the new shares. (Holders of redeemable debt had effectively no other choice but to subscribe.) The South Sea Company could set the conversion price but could not diverge much from the market price of its shares. The company ultimately acquired 85% of the redeemables and 80% of the irredeemables. </p> <div class="mw-heading mw-heading3"><h3 id="Inflating_the_share_price">Inflating the share price</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=South_Sea_Company&action=edit&section=11" title="Edit section: Inflating the share price"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <figure class="mw-default-size mw-halign-right" typeof="mw:File/Thumb"><a href="/wiki/File:South-sea-bubble-chart.png" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/e/ef/South-sea-bubble-chart.png/220px-South-sea-bubble-chart.png" decoding="async" width="220" height="266" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/e/ef/South-sea-bubble-chart.png 1.5x" data-file-width="250" data-file-height="302" /></a><figcaption>Chart of company stock prices.</figcaption></figure> <p>The company then set to talking up its stock with "the most extravagant rumours" of the value of its potential trade in the New World; this was followed by a wave of "speculating frenzy". The share price had risen from the time the scheme was proposed: from £128 in January 1720, to £175 in February, £330 in March and, following the scheme's acceptance, £550 at the end of May.<sup id="cite_ref-30" class="reference"><a href="#cite_note-30"><span class="cite-bracket">[</span>30<span class="cite-bracket">]</span></a></sup> </p><p>What may have supported the company's high multiples (its <a href="/wiki/P/E_ratio" class="mw-redirect" title="P/E ratio">P/E ratio</a>) was a fund of credit (known to the market) of £70 million available for commercial expansion which had been made available through substantial support, apparently, by Parliament and the King.<sup id="cite_ref-31" class="reference"><a href="#cite_note-31"><span class="cite-bracket">[</span>31<span class="cite-bracket">]</span></a></sup> </p><p>Shares in the company were "sold" to politicians at the current market price; however, rather than paying for the shares, these recipients simply held the shares, with the option of selling them back to the company at any time, receiving the increase in market price. This method, as well as winning over the heads of government, the King's mistress, <i>et al.</i>, had the advantage of binding their interests to the interests of the company: in order to secure profits, the stock needed to rise. Meanwhile, by publicising the names of their elite stockholders, the company managed to clothe itself in an aura of legitimacy, which attracted and kept other buyers.<sup id="cite_ref-32" class="reference"><a href="#cite_note-32"><span class="cite-bracket">[</span>32<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Bubble_Act">Bubble Act</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=South_Sea_Company&action=edit&section=12" title="Edit section: Bubble Act"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Bubble_Act" title="Bubble Act">Bubble Act</a></div> <p>The South Sea Company was by no means the only company seeking to raise money from investors in 1720. A large number of other joint-stock companies, making extravagant (sometimes fraudulent) claims about foreign or other ventures or bizarre schemes, had been created. Others represented potentially sound, although novel, schemes, such as for founding insurance companies. These were nicknamed "Bubbles". Some of the companies had no legal basis, while others (such as the Hollow Sword Blade Company, which acted as the South Sea Company's banker), used existing chartered companies for purposes entirely different from those designated at their creation. The York Buildings Company was set up to provide water to London, but was purchased by Case Billingsley who used it to purchase confiscated Jacobite estates in Scotland, which then formed the assets of an insurance company.<sup id="cite_ref-auto1_33-0" class="reference"><a href="#cite_note-auto1-33"><span class="cite-bracket">[</span>33<span class="cite-bracket">]</span></a></sup> </p><p>On 22 February 1720, John Hungerford raised the question of bubble companies in the House of Commons, and persuaded the House to set up a committee, which he chaired, to investigate. He identified a number of companies which between them sought to raise £40 million in capital. The committee investigated the companies, establishing a principle that companies should not be operating outside the objects specified in their charters. A potential embarrassment for the South Sea was avoided when the question of the Hollow Sword Blade Company arose. Difficulty was avoided by flooding the committee with MPs who were supporters of the South Sea, and voting down by 75 to 25 the proposal to investigate the Hollow Sword. (At this time, committees of the House were either 'Open' or 'secret'. A secret committee was one with a fixed set of members who could vote on its proceedings. By contrast, any MP could join in with an 'open' committee and vote on its proceedings.) Stanhope, who was a member of the committee, received £50,000 of the 'resaleable' South Sea stock from Sawbridge, a director of the Hollow Sword, at about this time. Hungerford had previously been expelled from the Commons for accepting a bribe.<sup id="cite_ref-auto1_33-1" class="reference"><a href="#cite_note-auto1-33"><span class="cite-bracket">[</span>33<span class="cite-bracket">]</span></a></sup> </p><p>Amongst the bubble companies investigated were two supported by Lords Onslow and Chetwynd respectively, for insuring shipping. These were criticised heavily, and the questionable dealings of the Attorney-General and Solicitor-General in trying to obtain charters for the companies led to both being replaced. However, the schemes had the support of <a href="/wiki/Robert_Walpole" title="Robert Walpole">Walpole</a> and <a href="/wiki/James_Craggs_the_Younger" title="James Craggs the Younger">Craggs</a>, so that the larger part of the Bubble Act (which finally resulted in June 1720 from the committee's investigations) was devoted to creating charters for the <a href="/wiki/Royal_Exchange_Assurance_Corporation" title="Royal Exchange Assurance Corporation">Royal Exchange Assurance Corporation</a> or London Assurance Corporation. The companies were required to pay £300,000 for the privilege. The Act required that a joint stock company could be incorporated only by Act of Parliament or <a href="/wiki/Royal_charter" title="Royal charter">royal charter</a>. The prohibition on unauthorised joint stock ventures was not repealed until 1825.<sup id="cite_ref-34" class="reference"><a href="#cite_note-34"><span class="cite-bracket">[</span>34<span class="cite-bracket">]</span></a></sup> </p><p>The passing of the Act gave a boost to the South Sea Company, its shares leaping to £890 in early June. This peak encouraged people to start to sell; to counterbalance this the company's directors ordered their agents to buy, which succeeded in propping the price up at around £750. </p> <div class="mw-heading mw-heading3"><h3 id="Top_reached">Top reached</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=South_Sea_Company&action=edit&section=13" title="Edit section: Top reached"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:South_Sea_Bubble_Cards-Tree.png" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/2/2d/South_Sea_Bubble_Cards-Tree.png/220px-South_Sea_Bubble_Cards-Tree.png" decoding="async" width="220" height="344" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/2/2d/South_Sea_Bubble_Cards-Tree.png/330px-South_Sea_Bubble_Cards-Tree.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/2/2d/South_Sea_Bubble_Cards-Tree.png/440px-South_Sea_Bubble_Cards-Tree.png 2x" data-file-width="2328" data-file-height="3645" /></a><figcaption>Tree caricature from Bubble Cards.</figcaption></figure> <p>The price of the stock went up over the course of a single year from about £100 to almost £1,000 per share. Its success caused a country-wide frenzy—<a href="/wiki/Herd_behavior" title="Herd behavior">herd behavior</a><sup id="cite_ref-:1_6-1" class="reference"><a href="#cite_note-:1-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup>—as all types of people, from peasants to lords, developed a feverish interest in investing: in South Seas primarily, but in stocks generally. One famous apocryphal story is of a company that went public in 1720 as "a company for carrying out an undertaking of great advantage, but nobody to know what it is".<sup id="cite_ref-35" class="reference"><a href="#cite_note-35"><span class="cite-bracket">[</span>35<span class="cite-bracket">]</span></a></sup> </p><p>The price finally reached £1,000 in early August 1720, and the level of selling was such that the price started to fall, dropping back to £100 per share before the year was out.<sup id="cite_ref-36" class="reference"><a href="#cite_note-36"><span class="cite-bracket">[</span>36<span class="cite-bracket">]</span></a></sup> This triggered <a href="/wiki/Bankruptcies" class="mw-redirect" title="Bankruptcies">bankruptcies</a> amongst those who had bought on credit, and increased sales, including <a href="/wiki/Short_selling" class="mw-redirect" title="Short selling">short selling</a><sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (January 2018)">citation needed</span></a></i>]</sup> (i.e., selling borrowed shares in the hope of buying them back at a profit if the price fell). </p><p>Also, in August 1720, the first of the installment payments of the first and second money subscriptions on new issues of South Sea stock were due. Earlier in the year John Blunt had come up with an idea to prop up the share price: the company would lend people money to buy its shares. As a result, many shareholders could not pay for their shares except by selling them.<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (January 2018)">citation needed</span></a></i>]</sup> </p><p>Furthermore, a scramble for liquidity appeared internationally as "bubbles" were also ending in Amsterdam and Paris. The collapse coincided with the fall of the <a href="/wiki/Mississippi_Company" title="Mississippi Company">Mississippi Company</a> of <a href="/wiki/John_Law_(economist)" title="John Law (economist)">John Law</a> in France. As a result, the price of South Sea shares began to decline.<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (November 2023)">citation needed</span></a></i>]</sup> </p> <div class="mw-heading mw-heading3"><h3 id="Recriminations">Recriminations</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=South_Sea_Company&action=edit&section=14" title="Edit section: Recriminations"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>By the end of September the stock had fallen to £150. Company failures now extended to <a href="/wiki/Bank" title="Bank">banks</a> and <a href="/wiki/Goldsmith" title="Goldsmith">goldsmiths</a>, as they could not collect loans made on the stock, and thousands of individuals were ruined, including many members of the British <a href="/wiki/Elite" title="Elite">elite</a>. With investors outraged, <a href="/wiki/Parliament_of_the_United_Kingdom" title="Parliament of the United Kingdom">Parliament</a> was recalled in December and an investigation began. Reporting in 1721, it revealed widespread <a href="/wiki/Fraud" title="Fraud">fraud</a> amongst the company directors and corruption in the Cabinet. Among those implicated were <a href="/wiki/John_Aislabie" title="John Aislabie">John Aislabie</a> (the Chancellor of the Exchequer), <a href="/wiki/James_Craggs_the_Elder" title="James Craggs the Elder">James Craggs the Elder</a> (the <a href="/wiki/Postmaster_General_of_the_United_Kingdom" title="Postmaster General of the United Kingdom">Postmaster General</a>), <a href="/wiki/James_Craggs_the_Younger" title="James Craggs the Younger">James Craggs the Younger</a> (the <a href="/wiki/Southern_Secretary" class="mw-redirect" title="Southern Secretary">Southern Secretary</a>), and even <a href="/wiki/James_Stanhope,_1st_Earl_Stanhope" title="James Stanhope, 1st Earl Stanhope">Lord Stanhope</a> and <a href="/wiki/Charles_Spencer,_3rd_Earl_of_Sunderland" title="Charles Spencer, 3rd Earl of Sunderland">Lord Sunderland</a> (the heads of the Ministry). Craggs the Elder and Craggs the Younger both died in disgrace; the remainder were <a href="/wiki/Impeachment_in_the_United_Kingdom" title="Impeachment in the United Kingdom">impeached</a> for their corruption. The Commons found Aislabie guilty of the "most notorious, dangerous and infamous corruption", and he was imprisoned.<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (January 2023)">citation needed</span></a></i>]</sup> </p><p>The newly appointed <a href="/wiki/First_Lord_of_the_Treasury" title="First Lord of the Treasury">First Lord of the Treasury</a>, <a href="/wiki/Robert_Walpole" title="Robert Walpole">Robert Walpole</a>, successfully restored public confidence in the financial system. However, public opinion, as shaped by the many prominent men who lost money, demanded revenge. Walpole supervised the process, which removed all 33 of the company directors and stripped them of, on average, 82% of their wealth. The money went to the victims and the stock of the South Sea Company was divided between the Bank of England and the East India Company. Walpole made sure that King George and his mistresses were protected, and by a margin of three votes he managed to save several key government officials from impeachment. In the process, Walpole won plaudits as the savior of the financial system while establishing himself as the dominant figure in British politics; historians credit him for rescuing the Whig government, and indeed the Hanoverian dynasty, from total disgrace.<sup id="cite_ref-37" class="reference"><a href="#cite_note-37"><span class="cite-bracket">[</span>37<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-38" class="reference"><a href="#cite_note-38"><span class="cite-bracket">[</span>38<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-39" class="reference"><a href="#cite_note-39"><span class="cite-bracket">[</span>39<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Quotations_prompted_by_the_collapse">Quotations prompted by the collapse</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=South_Sea_Company&action=edit&section=15" title="Edit section: Quotations prompted by the collapse"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Joseph Spence wrote that <a href="/wiki/Earl_of_Radnor" title="Earl of Radnor">Lord Radnor</a> reported to him "When Sir <a href="/wiki/Isaac_Newton" title="Isaac Newton">Isaac Newton</a> was asked about the continuance of the rising of South Sea stock ... He answered 'that he could not calculate the madness of people'."<sup id="cite_ref-40" class="reference"><a href="#cite_note-40"><span class="cite-bracket">[</span>40<span class="cite-bracket">]</span></a></sup> He is also quoted as stating, "I can calculate the movement of the stars, but not the madness of men".<sup id="cite_ref-41" class="reference"><a href="#cite_note-41"><span class="cite-bracket">[</span>41<span class="cite-bracket">]</span></a></sup> Newton himself owned nearly £22,000 in South Sea stock in 1722, but it is not known how much he lost, if anything.<sup id="cite_ref-42" class="reference"><a href="#cite_note-42"><span class="cite-bracket">[</span>42<span class="cite-bracket">]</span></a></sup> There are, however, numerous sources stating he lost up to £20,000<sup id="cite_ref-43" class="reference"><a href="#cite_note-43"><span class="cite-bracket">[</span>43<span class="cite-bracket">]</span></a></sup> (equivalent to £4.37 million in 2024).<sup id="cite_ref-inflation-UK_44-0" class="reference"><a href="#cite_note-inflation-UK-44"><span class="cite-bracket">[</span>44<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="A_trading_company">A trading company</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=South_Sea_Company&action=edit&section=16" title="Edit section: A trading company"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The South Sea Company was created in 1711 to reduce the size of public debts, but was granted the commercial privilege of exclusive rights of trade to the Spanish Indies, based on the treaty of commerce signed by Britain and the <a href="/wiki/Charles_VI,_Holy_Roman_Emperor" title="Charles VI, Holy Roman Emperor">Archduke Charles</a>, candidate to the Spanish throne during the <a href="/wiki/War_of_the_Spanish_Succession" title="War of the Spanish Succession">War of the Spanish Succession</a>. After <a href="/wiki/Philip_V_of_Spain" title="Philip V of Spain">Philip V</a> became the King of Spain, Britain obtained at the 1713 <a href="/wiki/Treaty_of_Utrecht" class="mw-redirect" title="Treaty of Utrecht">Treaty of Utrecht</a> the rights to the slave trade to the Spanish Indies (or <a href="/wiki/Asiento_de_Negros" title="Asiento de Negros">Asiento de Negros</a>) for 30 years. Those rights were previously held by the Compagnie de Guinée et de l'Assiente du Royaume de la France. </p><p>The South Sea Company board opposed taking on the slave trade, which had showed little profitability when chartered companies had engaged in it. To increase the profitability, the Asiento contract included the right to send one yearly 500-ton ship to the fairs at Portobello and <a href="/wiki/Veracruz,_Veracruz" class="mw-redirect" title="Veracruz, Veracruz">Veracruz</a> loaded with duty-free merchandises, called the <i>Navío de Permiso</i>. The Crown of England and the King of Spain were each entitled to 25% of the profits, according to the terms of the contract, that was a copy of the French Asiento contract, but <a href="/wiki/Anne,_Queen_of_Great_Britain" title="Anne, Queen of Great Britain">Queen Anne</a> soon renounced her share. The King of Spain did not receive any payments due to him, and this was one of the sources of contention between the Spanish Crown and the South Sea Company. </p><p>As was the case for previous holders of the Asiento, the Portuguese and the French, the profit was not in the slave trade but in the illegal contraband goods smuggled in the slave ships and in the annual ship. Those goods were sold at the Spanish colonies at a handsome price, for they were in high demand; and constituted unfair competition with taxed goods, proving a large drain on the Spanish Crown's trade income. The relationship between the South Sea Company and the Government of Spain was always bad, and worsened with time. The company complained of searches and seizures of goods, lack of profitability, and confiscation of properties during the wars between Britain and Spain of 1718–1723 and 1727–1729, during which the operations of the company were suspended. The Government of Spain complained of the illegal trade, failure of the company to present its accounts as stipulated by the contract, and non-payment of the King's share of the profits. These claims were a major cause of deteriorating relations between the two countries in 1738; and although the Prime Minister <a href="/wiki/Robert_Walpole" title="Robert Walpole">Walpole</a> opposed war, there was strong support for it from the King, the House of Commons, and a faction in his own Cabinet. Walpole was able to negotiate a treaty with the King of Spain at the <a href="/wiki/Convention_of_Pardo" title="Convention of Pardo">Convention of Pardo</a> in January 1739 that stipulated that Spain would pay British merchants £95,000 in compensation for captures and seized goods, while the South Sea Company would pay the Spanish Crown £68,000 in due proceeds from the Asiento. The South Sea Company refused to pay those proceeds and the King of Spain retained payment of the compensation until payment from the South Sea Company could be secured. The break-up of relations between the South Sea Company and the Spanish Government was a prelude to the <i><a href="/wiki/War_of_Jenkins%27_Ear" title="War of Jenkins' Ear">Guerra del Asiento</a></i>, as the first <a href="/wiki/Royal_Navy" title="Royal Navy">Royal Navy</a> fleets departed in July 1739 for the Caribbean, prior to the declaration of war, which lasted from October 1739 until 1748. This war is known as the <a href="/wiki/War_of_Jenkins%27_Ear" title="War of Jenkins' Ear">War of Jenkins' Ear</a>.<sup id="cite_ref-45" class="reference"><a href="#cite_note-45"><span class="cite-bracket">[</span>45<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-46" class="reference"><a href="#cite_note-46"><span class="cite-bracket">[</span>46<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-47" class="reference"><a href="#cite_note-47"><span class="cite-bracket">[</span>47<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Slave_trade_under_the_Asiento">Slave trade under the Asiento</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=South_Sea_Company&action=edit&section=17" title="Edit section: Slave trade under the Asiento"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Asiento_de_Negros" title="Asiento de Negros">Asiento de Negros</a></div> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:1713_Asiento_contract.png" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/d/d7/1713_Asiento_contract.png/220px-1713_Asiento_contract.png" decoding="async" width="220" height="300" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/d/d7/1713_Asiento_contract.png/330px-1713_Asiento_contract.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/d/d7/1713_Asiento_contract.png/440px-1713_Asiento_contract.png 2x" data-file-width="521" data-file-height="711" /></a><figcaption>Cover of the English translation of the Asiento contract signed by Britain and Spain in 1713 as part of the Utrecht treaty that ended the War of Spanish Succession. The contract granted exclusive rights to Britain to sell slaves in the Spanish Indies.</figcaption></figure> <p>Under the <a href="/wiki/Treaty_of_Tordesillas" title="Treaty of Tordesillas">Treaty of Tordesillas</a>, Spain was the only European power that could not establish factories in Africa to purchase slaves. The slaves for Spanish America were provided by companies that were granted exclusive rights to their trade. This monopoly contract was called the slave Asiento. Between 1701 and 1713 the Asiento contract was granted to France. In 1711 Britain had created the South Sea Company to reduce debt and to trade with Spanish America, but that commerce was illegal without a permit from Spain, and the only existing permit was the Asiento for the slave trade, so at the <a href="/wiki/Treaty_of_Utrecht" class="mw-redirect" title="Treaty of Utrecht">Treaty of Utrecht</a> in 1713 Britain obtained the transfer of the Asiento contract from French to British hands for the next 30 years. </p><p>The board of directors was reluctant to take on the slave trade, which was not an object of the company and had shown little profitability when carried out by chartered companies, but they finally agreed on 26 March 1714. The Asiento set a sale quota of 4,800 units of slaves per year. An adult male slave counted as one unit; females and children counted as fractions of a unit. Initially the slaves were provided by the <a href="/wiki/Royal_African_Company" title="Royal African Company">Royal African Company</a>. </p><p>The South Sea Company established slave reception factories at <a href="/wiki/Cartagena,_Colombia" title="Cartagena, Colombia">Cartagena, Colombia</a>, <a href="/wiki/Veracruz,_Veracruz" class="mw-redirect" title="Veracruz, Veracruz">Veracruz</a>, Mexico, Panama, <a href="/wiki/Portobelo,_Col%C3%B3n" title="Portobelo, Colón">Portobello</a>, <a href="/wiki/La_Guaira" title="La Guaira">La Guaira</a>, <a href="/wiki/Buenos_Aires" title="Buenos Aires">Buenos Aires</a>, <a href="/wiki/La_Havana" class="mw-redirect" title="La Havana">La Havana</a> and <a href="/wiki/Santiago_de_Cuba" title="Santiago de Cuba">Santiago de Cuba</a>, and slave deposits at <a href="/wiki/Jamaica" title="Jamaica">Jamaica</a> and <a href="/wiki/Barbados" title="Barbados">Barbados</a>. Despite problems with speculation, the South Sea Company was relatively successful at <a href="/wiki/Atlantic_slave_trade" title="Atlantic slave trade">slave trading</a> and meeting its quota (it was unusual for other, similarly chartered companies to fulfill their quotas). According to records compiled by David Eltis and others, during the course of 96 voyages in 25 years, the South Sea Company purchased 34,000 slaves, of whom 30,000 survived the voyage across the Atlantic.<sup id="cite_ref-48" class="reference"><a href="#cite_note-48"><span class="cite-bracket">[</span>48<span class="cite-bracket">]</span></a></sup> (Thus about 11% of the slaves died on the voyage: a relatively low mortality rate for the <a href="/wiki/Middle_Passage" title="Middle Passage">Middle Passage</a>.<sup id="cite_ref-49" class="reference"><a href="#cite_note-49"><span class="cite-bracket">[</span>49<span class="cite-bracket">]</span></a></sup>) The company persisted with the slave trade through two wars with Spain and the calamitous 1720 commercial <a href="/wiki/Economic_bubble" title="Economic bubble">bubble</a>. The company's slave trading peaked during 1725, five years after the bubble burst.<sup id="cite_ref-50" class="reference"><a href="#cite_note-50"><span class="cite-bracket">[</span>50<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="The_annual_ship">The annual ship</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=South_Sea_Company&action=edit&section=18" title="Edit section: The annual ship"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The slave Asiento contract of 1713 granted a permit to send one vessel of 500 tons per year, loaded with duty-free merchandise to be sold at the fairs of <a href="/wiki/New_Spain" title="New Spain">New Spain</a>, <a href="/wiki/Cartagena,_Colombia" title="Cartagena, Colombia">Cartagena</a> and <a href="/wiki/Portobelo,_Col%C3%B3n" title="Portobelo, Colón">Portobello</a>. This was an unprecedented concession that broke two centuries of strict exclusion of foreign merchants from the Spanish Empire, although a quarter of the profit was to be paid to the Spanish Crown.<sup id="cite_ref-51" class="reference"><a href="#cite_note-51"><span class="cite-bracket">[</span>51<span class="cite-bracket">]</span></a></sup> </p><p>The first ship to head for the Americas, the <i>Royal Prince</i>, was scheduled for 1714 but was delayed until August 1716. In consideration of the three annual ships missed since the date of the Asiento, the permitted tonnage of the next ten ships was raised to 650.<sup id="cite_ref-52" class="reference"><a href="#cite_note-52"><span class="cite-bracket">[</span>52<span class="cite-bracket">]</span></a></sup> Only seven annual ships sailed during the Asiento, the last one being the <i>Royal Caroline</i> in 1732. The company's failure to produce accounts for all the annual ships but the first one, and lack of payment of the proceeds to the Spanish Crown from the profits for all the annual ships, resulted in no permits being granted after the <i>Royal Caroline</i> trip of 1732–1734. </p><p>In contrast to the "legitimate" trade in slaves, the regular trade of the annual ships generated healthy returns, in some case profits were over 100%.<sup id="cite_ref-53" class="reference"><a href="#cite_note-53"><span class="cite-bracket">[</span>53<span class="cite-bracket">]</span></a></sup> Accounts for the voyage of the <i>Royal Prince</i> were not presented until 1733, following continuous demands by Spanish officials. They reported profits of £43,607.<sup id="cite_ref-54" class="reference"><a href="#cite_note-54"><span class="cite-bracket">[</span>54<span class="cite-bracket">]</span></a></sup> Since the King of Spain was entitled to 25% of the profits, after deducting interest on a loan he claimed £8,678. The South Sea Company never paid the amount due for the first annual ship to the Spanish Crown, nor did it pay any amount for any of the other six trips.<sup id="cite_ref-55" class="reference"><a href="#cite_note-55"><span class="cite-bracket">[</span>55<span class="cite-bracket">]</span></a></sup><sup class="reference nowrap"><span title="Page / location: 341">: 341 </span></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Arctic_whaling">Arctic whaling</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=South_Sea_Company&action=edit&section=19" title="Edit section: Arctic whaling"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Whaling_in_the_United_Kingdom#The_northern_whale_fishery" title="Whaling in the United Kingdom">Whaling in the United Kingdom § The northern whale fishery</a></div> <p>The <a href="/w/index.php?title=Greenland_Company&action=edit&redlink=1" class="new" title="Greenland Company (page does not exist)">Greenland Company</a> had been established by act of Parliament<sup class="noprint Inline-Template" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Avoid_weasel_words" class="mw-redirect" title="Wikipedia:Avoid weasel words"><span title="The material near this tag possibly uses too vague attribution or weasel words. (July 2024)">which?</span></a></i>]</sup> in 1693 with the object of catching whales in the Arctic. The products of their "whale-fishery" were to be free of customs and other duties. Partly due to maritime disruption caused by wars with France, the Greenland Company failed financially within a few years. In 1722 Henry Elking published a proposal, directed at the governors of the South Sea Company, that they should resume the "Greenland Trade" and send ships to catch whales in the Arctic. He made very detailed suggestions about how the ships should be crewed and equipped.<sup id="cite_ref-56" class="reference"><a href="#cite_note-56"><span class="cite-bracket">[</span>56<span class="cite-bracket">]</span></a></sup> </p><p>The British Parliament confirmed that a British Arctic "whale-fishery" would continue to benefit from freedom from customs duties, and in 1724 the South Sea Company decided to commence whaling. They had 12 whale-ships built on the River Thames and these went to the Greenland seas in 1725. Further ships were built in later years, but the venture was not successful. There were hardly any experienced whalemen remaining in Britain, and the company had to engage Dutch and Danish whalemen for the key posts aboard their ships: for instance all commanding officers and harpooners were hired from the <a href="/wiki/North_Frisia" title="North Frisia">North Frisian</a> island of <a href="/wiki/F%C3%B6hr" title="Föhr">Föhr</a>.<sup id="cite_ref-57" class="reference"><a href="#cite_note-57"><span class="cite-bracket">[</span>57<span class="cite-bracket">]</span></a></sup> Other costs were badly controlled and the catches remained disappointingly few, even though the company was sending up to 25 ships to <a href="/wiki/Davis_Strait" title="Davis Strait">Davis Strait</a> and the <a href="/wiki/Greenland" title="Greenland">Greenland</a> seas in some years. By 1732 the company had accumulated a net loss of £177,782 from their eight years of Arctic whaling.<sup id="cite_ref-58" class="reference"><a href="#cite_note-58"><span class="cite-bracket">[</span>58<span class="cite-bracket">]</span></a></sup> </p><p>The South Sea Company directors appealed to the British government for further support. Parliament had passed an Act in 1732 that extended the duty-free concessions for a further nine years. In 1733 an Act was passed that also granted a government subsidy to British Arctic whalers, the first in a long series of such Acts that continued and modified the whaling subsidies throughout the 18th century. This, and the subsequent Acts, required the whalers to meet conditions regarding the crewing and equipping of the whale-ships that closely resembled the conditions suggested by Elking in 1722.<sup id="cite_ref-59" class="reference"><a href="#cite_note-59"><span class="cite-bracket">[</span>59<span class="cite-bracket">]</span></a></sup> In spite of the extended duty-free concessions, and the prospect of real subsidies as well, the Court and Directors of the South Sea Company decided that they could not expect to make profits from Arctic whaling. They sent out no more whale-ships after the loss-making 1732 season. </p> <div class="mw-heading mw-heading2"><h2 id="Government_debt_after_the_Seven_Years'_War"><span id="Government_debt_after_the_Seven_Years.27_War"></span>Government debt after the Seven Years' War</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=South_Sea_Company&action=edit&section=20" title="Edit section: Government debt after the Seven Years' War"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The company continued its trade (when not interrupted by war) until the end of the <a href="/wiki/Seven_Years%27_War" title="Seven Years' War">Seven Years' War</a> (1756–1763). However, its main function was always managing government debt, rather than trading with the Spanish colonies. The South Sea Company continued its management of part of the <a href="/wiki/National_debt" class="mw-redirect" title="National debt">national debt</a> until it was disestablished in 1853, at which point the debt was reconsolidated. The debt was not paid off by the time of the <a href="/wiki/First_World_War" class="mw-redirect" title="First World War">First World War</a>, at which point it was consolidated again, under terms that allowed the government to avoid repaying the principal. </p> <div class="mw-heading mw-heading2"><h2 id="Armorials">Armorials</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=South_Sea_Company&action=edit&section=21" title="Edit section: Armorials"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The armorials of the South Sea Company, according to a <a href="/wiki/Grant_of_arms" title="Grant of arms">grant of arms</a> dated 31 October 1711, were: <i>Azure, a globe whereon are represented the Straits of Magellan and Cape Horn all proper and in sinister chief point two herrings haurient in saltire argent crowned or, in a canton the united arms of Great Britain</i>. Crest: <i>A ship of three masts in full sail</i>. Supporters, dexter: <i>The emblematic figure of Britannia, with the shield, lance etc all proper</i>; sinister: <i>A fisherman completely clothed, with cap boots fishing net etc and in his hand a string of fish, all proper</i>.<sup id="cite_ref-60" class="reference"><a href="#cite_note-60"><span class="cite-bracket">[</span>60<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Officers_of_the_South_Sea_Company">Officers of the South Sea Company</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=South_Sea_Company&action=edit&section=22" title="Edit section: Officers of the South Sea Company"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The South Sea Company had a governor (generally an honorary position), a subgovernor, a deputy governor and 30 directors (reduced in 1753 to 21).<sup id="cite_ref-61" class="reference"><a href="#cite_note-61"><span class="cite-bracket">[</span>61<span class="cite-bracket">]</span></a></sup> </p> <table class="wikitable"> <tbody><tr> <th>Year</th> <th>Governor</th> <th>Subgovernor</th> <th>Deputy governor </th></tr> <tr> <td>July 1711</td> <td rowspan="3"><a href="/wiki/Robert_Harley,_1st_Earl_of_Oxford" class="mw-redirect" title="Robert Harley, 1st Earl of Oxford">Robert Harley, 1st Earl of Oxford</a></td> <td rowspan="5">Sir James Bateman</td> <td><a href="/wiki/Samuel_Ongley_(died_1726)" title="Samuel Ongley (died 1726)">Samuel Ongley</a> </td></tr> <tr> <td>August 1712</td> <td><a href="/wiki/Ambrose_Crowley" title="Ambrose Crowley">Sir Ambrose Crowley</a> </td></tr> <tr> <td>October 1713</td> <td rowspan="4"><a href="/wiki/Samuel_Shepheard_(died_1719)" title="Samuel Shepheard (died 1719)">Samuel Shepheard</a> </td></tr> <tr> <td>February 1715</td> <td><a href="/wiki/George_II_of_Great_Britain" title="George II of Great Britain">George, Prince of Wales</a> </td></tr> <tr> <td>February 1718</td> <td rowspan="4"><a href="/wiki/George_I_of_Great_Britain" title="George I of Great Britain">King George I</a> </td></tr> <tr> <td>November 1718</td> <td rowspan="2">John Fellows </td></tr> <tr> <td>February 1719</td> <td><a href="/w/index.php?title=Charles_Joye&action=edit&redlink=1" class="new" title="Charles Joye (page does not exist)">Charles Joye</a> </td></tr> <tr> <td>February 1721</td> <td rowspan="3"><a href="/wiki/Sir_John_Eyles,_2nd_Baronet" title="Sir John Eyles, 2nd Baronet">Sir John Eyles, Bt</a></td> <td rowspan="2">John Rudge </td></tr> <tr> <td>July 1727</td> <td rowspan="6"><a href="/wiki/George_II_of_Great_Britain" title="George II of Great Britain">King George II</a> </td></tr> <tr> <td>February 1730</td> <td><a href="/wiki/John_Hanbury_(1664%E2%80%931734)" title="John Hanbury (1664–1734)">John Hanbury</a> </td></tr> <tr> <td>February 1733</td> <td><a href="/wiki/Richard_Hopkins_(died_1736)" title="Richard Hopkins (died 1736)">Sir Richard Hopkins</a></td> <td rowspan="2"><a href="/wiki/John_Bristow" title="John Bristow">John Bristow</a> </td></tr> <tr> <td>February 1735</td> <td><a href="/wiki/Peter_Burrell_(1692%E2%80%931756)" title="Peter Burrell (1692–1756)">Peter Burrell</a> </td></tr> <tr> <td>March 1756</td> <td rowspan="3"><a href="/wiki/John_Bristow" title="John Bristow">John Bristow</a></td> <td><a href="/w/index.php?title=John_Philipson&action=edit&redlink=1" class="new" title="John Philipson (page does not exist)">John Philipson</a> </td></tr> <tr> <td>February 1756</td> <td rowspan="2">Lewis Way </td></tr> <tr> <td>January 1760</td> <td rowspan="9"><a href="/wiki/King_George_III" class="mw-redirect" title="King George III">King George III</a> </td></tr> <tr> <td>February 1763</td> <td rowspan="2">Lewis Way</td> <td>Richard Jackson </td></tr> <tr> <td>March 1768</td> <td><a href="/wiki/Thomas_Coventry_(died_1797)" class="mw-redirect" title="Thomas Coventry (died 1797)">Thomas Coventry</a> </td></tr> <tr> <td>January 1771</td> <td rowspan="3"><a href="/wiki/Thomas_Coventry_(politician)" title="Thomas Coventry (politician)">Thomas Coventry</a></td> <td>vacant (?) </td></tr> <tr> <td>January 1772</td> <td>John Warde </td></tr> <tr> <td>March 1775</td> <td><a href="/wiki/Samuel_Salt" title="Samuel Salt">Samuel Salt</a> </td></tr> <tr> <td>January 1793</td> <td rowspan="2"><a href="/wiki/Benjamin_Way" title="Benjamin Way">Benjamin Way</a></td> <td><a href="/w/index.php?title=Robert_Dorrell&action=edit&redlink=1" class="new" title="Robert Dorrell (page does not exist)">Robert Dorrell</a> </td></tr> <tr> <td>February 1802</td> <td><a href="/w/index.php?title=Peter_Pierson&action=edit&redlink=1" class="new" title="Peter Pierson (page does not exist)">Peter Pierson</a> </td></tr> <tr> <td>February 1808</td> <td rowspan="5"><a href="/wiki/Charles_Bosanquet" title="Charles Bosanquet">Charles Bosanquet</a></td> <td rowspan="2">Benjamin Harrison </td></tr> <tr> <td>1820</td> <td rowspan="2"><a href="/wiki/King_George_IV" class="mw-redirect" title="King George IV">King George IV</a> </td></tr> <tr> <td>January 1826</td> <td rowspan="3">Sir Robert Baker </td></tr> <tr> <td>1830</td> <td><a href="/wiki/King_William_IV" class="mw-redirect" title="King William IV">King William IV</a> </td></tr> <tr> <td>July 1837</td> <td rowspan="2"><a href="/wiki/Queen_Victoria" title="Queen Victoria">Queen Victoria</a> </td></tr> <tr> <td>January 1838</td> <td>Charles Franks</td> <td><a href="/wiki/Thomas_Vigne" class="mw-redirect" title="Thomas Vigne">Thomas Vigne</a> </td></tr></tbody></table> <style data-mw-deduplicate="TemplateStyles:r1251242444">.mw-parser-output .ambox{border:1px solid #a2a9b1;border-left:10px solid #36c;background-color:#fbfbfb;box-sizing:border-box}.mw-parser-output .ambox+link+.ambox,.mw-parser-output .ambox+link+style+.ambox,.mw-parser-output .ambox+link+link+.ambox,.mw-parser-output .ambox+.mw-empty-elt+link+.ambox,.mw-parser-output .ambox+.mw-empty-elt+link+style+.ambox,.mw-parser-output .ambox+.mw-empty-elt+link+link+.ambox{margin-top:-1px}html body.mediawiki .mw-parser-output .ambox.mbox-small-left{margin:4px 1em 4px 0;overflow:hidden;width:238px;border-collapse:collapse;font-size:88%;line-height:1.25em}.mw-parser-output .ambox-speedy{border-left:10px solid #b32424;background-color:#fee7e6}.mw-parser-output .ambox-delete{border-left:10px solid #b32424}.mw-parser-output .ambox-content{border-left:10px solid #f28500}.mw-parser-output .ambox-style{border-left:10px solid #fc3}.mw-parser-output .ambox-move{border-left:10px solid #9932cc}.mw-parser-output .ambox-protection{border-left:10px solid #a2a9b1}.mw-parser-output .ambox .mbox-text{border:none;padding:0.25em 0.5em;width:100%}.mw-parser-output .ambox .mbox-image{border:none;padding:2px 0 2px 0.5em;text-align:center}.mw-parser-output .ambox .mbox-imageright{border:none;padding:2px 0.5em 2px 0;text-align:center}.mw-parser-output .ambox .mbox-empty-cell{border:none;padding:0;width:1px}.mw-parser-output .ambox .mbox-image-div{width:52px}@media(min-width:720px){.mw-parser-output .ambox{margin:0 10%}}@media print{body.ns-0 .mw-parser-output .ambox{display:none!important}}</style><table class="plainlinks metadata ambox mbox-small-left ambox-notice" role="presentation" style="width: auto;"><tbody><tr><td class="mbox-image"><span typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/1/1d/Information_icon4.svg/20px-Information_icon4.svg.png" decoding="async" width="20" height="20" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/1/1d/Information_icon4.svg/30px-Information_icon4.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/1/1d/Information_icon4.svg/40px-Information_icon4.svg.png 2x" data-file-width="620" data-file-height="620" /></span></span></td><td class="mbox-text" style="width: auto;"><div class="mbox-text-span">This list is <a href="/wiki/Wikipedia:WikiProject_Lists#Incomplete_lists" title="Wikipedia:WikiProject Lists">incomplete</a>; you can help by <a class="external text" href="https://en.wikipedia.org/w/index.php?title=South_Sea_Company&action=edit">adding missing items</a>. <span class="date-container"><i>(<span class="date">January 2010</span>)</i></span></div></td></tr></tbody></table> <div class="mw-heading mw-heading2"><h2 id="In_fiction">In fiction</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=South_Sea_Company&action=edit&section=23" title="Edit section: In fiction"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><a href="/wiki/David_Liss" title="David Liss">David Liss</a>' historical-mystery novel <i><a href="/wiki/A_Conspiracy_of_Paper" title="A Conspiracy of Paper">A Conspiracy of Paper</a></i>, set in 1720 London, is focused on the South Sea Company at the top of its power, its fierce rivalry with the <a href="/wiki/Bank_of_England" title="Bank of England">Bank of England</a> and the events leading up to the collapse of the "bubble".</li> <li><a href="/wiki/Charles_Lamb" title="Charles Lamb">Charles Lamb</a>'s essay <i>The South-Sea House</i> (1820) in <i><a href="/wiki/Essays_of_Elia" title="Essays of Elia">Essays of Elia</a></i> – Lamb once worked in the South Sea House, and adopted his pseudonym (Elia) from a coworker there.</li> <li><a href="/wiki/Charles_Dickens" title="Charles Dickens">Charles Dickens</a> novels are littered with stock-market speculations, villains, swindlers and fictional speculators: <ul><li><i><a href="/wiki/Nicholas_Nickleby" title="Nicholas Nickleby">Nicholas Nickleby</a></i> (1839) – Ralph Nickleby's great Joint Stock Company, United Metropolitan Improved Hot Muffin and Crumpet Baking and Punctual Delivery Company.</li> <li><i><a href="/wiki/Martin_Chuzzlewit" title="Martin Chuzzlewit">Martin Chuzzlewit</a></i> (1844) – Anglo-Bengalee Disinterested Loan and Life Company, modeled loosely on the South Sea Bubble, is in essence a classic <a href="/wiki/Ponzi_scheme" title="Ponzi scheme">Ponzi scheme</a>.</li> <li><i><a href="/wiki/David_Copperfield" title="David Copperfield">David Copperfield</a></i> (1850) – The false accounting by the sycophant Uriah Heep, clerk to lawyer Mr Wickfield.</li> <li><i><a href="/wiki/Little_Dorrit" title="Little Dorrit">Little Dorrit</a></i> (1857) – The financial house of Mr Merdle.</li></ul></li> <li><a href="/wiki/Robert_Goddard_(novelist)" title="Robert Goddard (novelist)">Robert Goddard</a>'s novel <i>Sea Change</i> (2000) covers the aftermath of the "bubble" and the attempts by politicians to evade responsibility and prevent a <a href="/wiki/Jacobitism" title="Jacobitism">Jacobite</a> restoration.</li></ul> <div class="mw-heading mw-heading2"><h2 id="See_also">See also</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=South_Sea_Company&action=edit&section=24" title="Edit section: See also"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><a href="/wiki/List_of_stock_market_crashes_and_bear_markets" title="List of stock market crashes and bear markets">List of stock market crashes and bear markets</a></li> <li><a href="/wiki/SSC_coinage" title="SSC coinage">SSC coinage</a></li> <li><a href="/wiki/Tulip_mania" title="Tulip mania">Tulip mania</a></li> <li><a href="/wiki/History_of_company_law_in_the_United_Kingdom" title="History of company law in the United Kingdom">History of company law in the United Kingdom</a></li> <li><a href="/wiki/Whaling_in_the_United_Kingdom" title="Whaling in the United Kingdom">Whaling in the United Kingdom</a></li> <li><a href="/wiki/Mississippi_Bubble" class="mw-redirect" title="Mississippi Bubble">Mississippi Bubble</a></li> <li><a href="/wiki/Buttonwood_Agreement" title="Buttonwood Agreement">Buttonwood Agreement</a> USA 1792</li> <li><a href="/wiki/Bern_banking_crisis_of_1720" title="Bern banking crisis of 1720">Bern banking crisis of 1720</a></li></ul> <div class="mw-heading mw-heading2"><h2 id="Notes">Notes</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=South_Sea_Company&action=edit&section=25" title="Edit section: Notes"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1239543626">.mw-parser-output .reflist{margin-bottom:0.5em;list-style-type:decimal}@media screen{.mw-parser-output .reflist{font-size:90%}}.mw-parser-output .reflist .references{font-size:100%;margin-bottom:0;list-style-type:inherit}.mw-parser-output .reflist-columns-2{column-width:30em}.mw-parser-output .reflist-columns-3{column-width:25em}.mw-parser-output .reflist-columns{margin-top:0.3em}.mw-parser-output .reflist-columns ol{margin-top:0}.mw-parser-output .reflist-columns li{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .reflist-upper-alpha{list-style-type:upper-alpha}.mw-parser-output .reflist-upper-roman{list-style-type:upper-roman}.mw-parser-output .reflist-lower-alpha{list-style-type:lower-alpha}.mw-parser-output .reflist-lower-greek{list-style-type:lower-greek}.mw-parser-output .reflist-lower-roman{list-style-type:lower-roman}</style><div class="reflist reflist-columns references-column-width" style="column-width: 30em;"> <ol class="references"> <li id="cite_note-1"><span class="mw-cite-backlink"><b><a href="#cite_ref-1">^</a></b></span> <span class="reference-text">Thornbury, Walter, <i>Old and New London</i>, vol. 1, p. 538</span> </li> <li id="cite_note-2"><span class="mw-cite-backlink"><b><a href="#cite_ref-2">^</a></b></span> <span class="reference-text"><style data-mw-deduplicate="TemplateStyles:r1238218222">.mw-parser-output cite.citation{font-style:inherit;word-wrap:break-word}.mw-parser-output .citation q{quotes:"\"""\"""'""'"}.mw-parser-output .citation:target{background-color:rgba(0,127,255,0.133)}.mw-parser-output .id-lock-free.id-lock-free a{background:url("//upload.wikimedia.org/wikipedia/commons/6/65/Lock-green.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-limited.id-lock-limited a,.mw-parser-output .id-lock-registration.id-lock-registration a{background:url("//upload.wikimedia.org/wikipedia/commons/d/d6/Lock-gray-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-subscription.id-lock-subscription a{background:url("//upload.wikimedia.org/wikipedia/commons/a/aa/Lock-red-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .cs1-ws-icon a{background:url("//upload.wikimedia.org/wikipedia/commons/4/4c/Wikisource-logo.svg")right 0.1em center/12px no-repeat}body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-free a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-limited a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-registration a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-subscription a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .cs1-ws-icon a{background-size:contain;padding:0 1em 0 0}.mw-parser-output .cs1-code{color:inherit;background:inherit;border:none;padding:inherit}.mw-parser-output .cs1-hidden-error{display:none;color:var(--color-error,#d33)}.mw-parser-output .cs1-visible-error{color:var(--color-error,#d33)}.mw-parser-output .cs1-maint{display:none;color:#085;margin-left:0.3em}.mw-parser-output .cs1-kern-left{padding-left:0.2em}.mw-parser-output .cs1-kern-right{padding-right:0.2em}.mw-parser-output .citation .mw-selflink{font-weight:inherit}@media screen{.mw-parser-output .cs1-format{font-size:95%}html.skin-theme-clientpref-night .mw-parser-output .cs1-maint{color:#18911f}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .cs1-maint{color:#18911f}}</style><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.bagseals.org/gallery/main.php?g2_itemId=3246">"Cloth Seal, Company, 1711–1853, South Seas & Fisheries"</a>. <i>www.bagseals.org</i>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=www.bagseals.org&rft.atitle=Cloth+Seal%2C+Company%2C+1711%E2%80%931853%2C+South+Seas+%26+Fisheries&rft_id=http%3A%2F%2Fwww.bagseals.org%2Fgallery%2Fmain.php%3Fg2_itemId%3D3246&rfr_id=info%3Asid%2Fen.wikipedia.org%3ASouth+Sea+Company" class="Z3988"></span></span> </li> <li id="cite_note-3"><span class="mw-cite-backlink"><b><a href="#cite_ref-3">^</a></b></span> <span class="reference-text"><i>Journals of the House of Commons</i>, volume 16: 1708–1711, p. 685.</span> </li> <li id="cite_note-:0-4"><span class="mw-cite-backlink">^ <a href="#cite_ref-:0_4-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-:0_4-1"><sup><i><b>b</b></i></sup></a> <a href="#cite_ref-:0_4-2"><sup><i><b>c</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFPaul2009" class="citation journal cs1">Paul, Helen (2009). <a rel="nofollow" class="external text" href="https://www.southampton.ac.uk/assets/imported/transforms/content-block/UsefulDownloads_Download/326F907A8F434B05B2199578407AA4B6/0924.pdf">"The South Sea Company's slaving activities"</a> <span class="cs1-format">(PDF)</span>. <i>Discussion Papers in Economics and Econometrics</i>. <a href="/wiki/ISSN_(identifier)" class="mw-redirect" title="ISSN (identifier)">ISSN</a> <a rel="nofollow" class="external text" href="https://search.worldcat.org/issn/0966-4246">0966-4246</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Discussion+Papers+in+Economics+and+Econometrics&rft.atitle=The+South+Sea+Company%27s+slaving+activities&rft.date=2009&rft.issn=0966-4246&rft.aulast=Paul&rft.aufirst=Helen&rft_id=https%3A%2F%2Fwww.southampton.ac.uk%2Fassets%2Fimported%2Ftransforms%2Fcontent-block%2FUsefulDownloads_Download%2F326F907A8F434B05B2199578407AA4B6%2F0924.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3ASouth+Sea+Company" class="Z3988"></span></span> </li> <li id="cite_note-5"><span class="mw-cite-backlink"><b><a href="#cite_ref-5">^</a></b></span> <span class="reference-text">Marshall, Dorothy (1962). <i>Eighteenth Century England</i>, pp. 121–130.</span> </li> <li id="cite_note-:1-6"><span class="mw-cite-backlink">^ <a href="#cite_ref-:1_6-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-:1_6-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFPaul2013" class="citation book cs1">Paul, Helen J. (2013). <a rel="nofollow" class="external text" href="https://www.worldcat.org/oclc/925312648"><i>The South Sea Bubble: an economic history of its origins and consequences</i></a>. London. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-415-70839-5" title="Special:BookSources/978-0-415-70839-5"><bdi>978-0-415-70839-5</bdi></a>. <a href="/wiki/OCLC_(identifier)" class="mw-redirect" title="OCLC (identifier)">OCLC</a> <a rel="nofollow" class="external text" href="https://search.worldcat.org/oclc/925312648">925312648</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=The+South+Sea+Bubble%3A+an+economic+history+of+its+origins+and+consequences&rft.place=London&rft.date=2013&rft_id=info%3Aoclcnum%2F925312648&rft.isbn=978-0-415-70839-5&rft.aulast=Paul&rft.aufirst=Helen+J.&rft_id=https%3A%2F%2Fwww.worldcat.org%2Foclc%2F925312648&rfr_id=info%3Asid%2Fen.wikipedia.org%3ASouth+Sea+Company" class="Z3988"></span><span class="cs1-maint citation-comment"><code class="cs1-code">{{<a href="/wiki/Template:Cite_book" title="Template:Cite book">cite book</a>}}</code>: CS1 maint: location missing publisher (<a href="/wiki/Category:CS1_maint:_location_missing_publisher" title="Category:CS1 maint: location missing publisher">link</a>)</span></span> </li> <li id="cite_note-7"><span class="mw-cite-backlink"><b><a href="#cite_ref-7">^</a></b></span> <span class="reference-text">Thornbury, Walter. "Threadneedle Street". <a rel="nofollow" class="external text" href="http://www.british-history.ac.uk/old-new-london/vol1/pp531-544"><i>Old and New London</i></a>. Volume 1 (London, 1878). pp. 531–544 – via British History Online. Accessed 21 July 2016.</span> </li> <li id="cite_note-8"><span class="mw-cite-backlink"><b><a href="#cite_ref-8">^</a></b></span> <span class="reference-text">Carswell, pp. 40, 48–50</span> </li> <li id="cite_note-9"><span class="mw-cite-backlink"><b><a href="#cite_ref-9">^</a></b></span> <span class="reference-text">Carswell, pp. 50–51</span> </li> <li id="cite_note-auto2-10"><span class="mw-cite-backlink">^ <a href="#cite_ref-auto2_10-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-auto2_10-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text">Carswell, pp. 52–54</span> </li> <li id="cite_note-11"><span class="mw-cite-backlink"><b><a href="#cite_ref-11">^</a></b></span> <span class="reference-text">Carswell, pp. 54–55</span> </li> <li id="cite_note-12"><span class="mw-cite-backlink"><b><a href="#cite_ref-12">^</a></b></span> <span class="reference-text">Defoe, Daniel, <i>An Essay on the South-Sea Trade</i> ... , 2nd ed., (London, England: J. Baker, 1712), <a rel="nofollow" class="external text" href="https://books.google.com/books?id=NZ5VAAAAcAAJ&pg=PA40">pp. 40–41.</a></span> </li> <li id="cite_note-13"><span class="mw-cite-backlink"><b><a href="#cite_ref-13">^</a></b></span> <span class="reference-text">Carswell, p. 56</span> </li> <li id="cite_note-14"><span class="mw-cite-backlink"><b><a href="#cite_ref-14">^</a></b></span> <span class="reference-text">Carswell, pp. 57, 58</span> </li> <li id="cite_note-15"><span class="mw-cite-backlink"><b><a href="#cite_ref-15">^</a></b></span> <span class="reference-text">Carswell, pp. 60–63</span> </li> <li id="cite_note-16"><span class="mw-cite-backlink"><b><a href="#cite_ref-16">^</a></b></span> <span class="reference-text">Carswell, pp. 64–66</span> </li> <li id="cite_note-17"><span class="mw-cite-backlink"><b><a href="#cite_ref-17">^</a></b></span> <span class="reference-text">Carswell, pp. 65–66</span> </li> <li id="cite_note-18"><span class="mw-cite-backlink"><b><a href="#cite_ref-18">^</a></b></span> <span class="reference-text">Carswell, p. 67</span> </li> <li id="cite_note-19"><span class="mw-cite-backlink"><b><a href="#cite_ref-19">^</a></b></span> <span class="reference-text">Carswell, pp. 66–67</span> </li> <li id="cite_note-20"><span class="mw-cite-backlink"><b><a href="#cite_ref-20">^</a></b></span> <span class="reference-text">Carswell, pp. 67–70</span> </li> <li id="cite_note-21"><span class="mw-cite-backlink"><b><a href="#cite_ref-21">^</a></b></span> <span class="reference-text">Carswell, pp. 73–75</span> </li> <li id="cite_note-22"><span class="mw-cite-backlink"><b><a href="#cite_ref-22">^</a></b></span> <span class="reference-text">Carswell, pp. 75–76</span> </li> <li id="cite_note-23"><span class="mw-cite-backlink"><b><a href="#cite_ref-23">^</a></b></span> <span class="reference-text">Carswell, pp. 88–89</span> </li> <li id="cite_note-24"><span class="mw-cite-backlink"><b><a href="#cite_ref-24">^</a></b></span> <span class="reference-text">Carswell, pp. 89–90</span> </li> <li id="cite_note-25"><span class="mw-cite-backlink"><b><a href="#cite_ref-25">^</a></b></span> <span class="reference-text">Carswell, pp. 100–102</span> </li> <li id="cite_note-auto-26"><span class="mw-cite-backlink">^ <a href="#cite_ref-auto_26-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-auto_26-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text">Carswell, pp. 102–107</span> </li> <li id="cite_note-27"><span class="mw-cite-backlink"><b><a href="#cite_ref-27">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://web.archive.org/web/20110728044409/http://www.ukpublicspending.co.uk/budget_pie_ukgs.php?span=ukgs302&year=1717&view=1&expand=&units=b&fy=2010&state=UK">"UK Budget Pie Chart for 2010 – Charts"</a>. Archived from <a rel="nofollow" class="external text" href="http://www.ukpublicspending.co.uk/budget_pie_ukgs.php?span=ukgs302&year=1717&view=1&expand=&units=b&fy=2010&state=UK#ukgs302">the original</a> on 28 July 2011.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=UK+Budget+Pie+Chart+for+2010+%E2%80%93+Charts&rft_id=http%3A%2F%2Fwww.ukpublicspending.co.uk%2Fbudget_pie_ukgs.php%3Fspan%3Dukgs302%26year%3D1717%26view%3D1%26expand%3D%26units%3Db%26fy%3D2010%26state%3DUK%23ukgs302&rfr_id=info%3Asid%2Fen.wikipedia.org%3ASouth+Sea+Company" class="Z3988"></span></span> </li> <li id="cite_note-28"><span class="mw-cite-backlink"><b><a href="#cite_ref-28">^</a></b></span> <span class="reference-text">Carswell, pp. 112–113</span> </li> <li id="cite_note-29"><span class="mw-cite-backlink"><b><a href="#cite_ref-29">^</a></b></span> <span class="reference-text">Carswell, pp. 114–118</span> </li> <li id="cite_note-30"><span class="mw-cite-backlink"><b><a href="#cite_ref-30">^</a></b></span> <span class="reference-text">Cowles, ch. II, IV (esp. pp. 151, 168–169 for share prices)</span> </li> <li id="cite_note-31"><span class="mw-cite-backlink"><b><a href="#cite_ref-31">^</a></b></span> <span class="reference-text">Cowles, ch. IV</span> </li> <li id="cite_note-32"><span class="mw-cite-backlink"><b><a href="#cite_ref-32">^</a></b></span> <span class="reference-text">Cowles, chapter IV (esp. p. 146 for "bribe shares")</span> </li> <li id="cite_note-auto1-33"><span class="mw-cite-backlink">^ <a href="#cite_ref-auto1_33-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-auto1_33-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text">Carswell, pp. 116–117</span> </li> <li id="cite_note-34"><span class="mw-cite-backlink"><b><a href="#cite_ref-34">^</a></b></span> <span class="reference-text">Carswell, pp. 138–140</span> </li> <li id="cite_note-35"><span class="mw-cite-backlink"><b><a href="#cite_ref-35">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFOdlyzko" class="citation web cs1">Odlyzko, Andrew. <a rel="nofollow" class="external text" href="http://www.dtc.umn.edu/~odlyzko/doc/mania17.pdf">"An undertaking of great advantage, but nobody to know what it is: Bubbles and gullibility"</a> <span class="cs1-format">(PDF)</span>. <i>University of Minnesota</i><span class="reference-accessdate">. Retrieved <span class="nowrap">22 October</span> 2020</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=University+of+Minnesota&rft.atitle=An+undertaking+of+great+advantage%2C+but+nobody+to+know+what+it+is%3A+Bubbles+and+gullibility&rft.aulast=Odlyzko&rft.aufirst=Andrew&rft_id=http%3A%2F%2Fwww.dtc.umn.edu%2F~odlyzko%2Fdoc%2Fmania17.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3ASouth+Sea+Company" class="Z3988"></span></span> </li> <li id="cite_note-36"><span class="mw-cite-backlink"><b><a href="#cite_ref-36">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFAlter2018" class="citation magazine cs1 cs1-prop-foreign-lang-source"><a href="/wiki/Peter_Alter" title="Peter Alter">Alter, Peter</a> (2018). "Der geplatzte Traum vom schnellen Geld". <i><a href="/wiki/Damals" title="Damals">Damals</a></i> (in German). Vol. 50, no. 8. pp. 72–76.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Damals&rft.atitle=Der+geplatzte+Traum+vom+schnellen+Geld&rft.volume=50&rft.issue=8&rft.pages=72-76&rft.date=2018&rft.aulast=Alter&rft.aufirst=Peter&rfr_id=info%3Asid%2Fen.wikipedia.org%3ASouth+Sea+Company" class="Z3988"></span></span> </li> <li id="cite_note-37"><span class="mw-cite-backlink"><b><a href="#cite_ref-37">^</a></b></span> <span class="reference-text">Marshall, pp. 127–130.</span> </li> <li id="cite_note-38"><span class="mw-cite-backlink"><b><a href="#cite_ref-38">^</a></b></span> <span class="reference-text">Richard A. Kleer (2015), "Riding a wave: the Company's role in the South Sea Bubble", p. 165.</span> </li> <li id="cite_note-39"><span class="mw-cite-backlink"><b><a href="#cite_ref-39">^</a></b></span> <span class="reference-text">Stephen Taylor (2008), "Walpole, Robert, first earl of Orford (1676–1745)", <i>Oxford Dictionary of National Biography</i></span> </li> <li id="cite_note-40"><span class="mw-cite-backlink"><b><a href="#cite_ref-40">^</a></b></span> <span class="reference-text">Spence, <i>Anecdotes</i>, 1820, p. 368.</span> </li> <li id="cite_note-41"><span class="mw-cite-backlink"><b><a href="#cite_ref-41">^</a></b></span> <span class="reference-text">John O'Farrell (2007), <i>An Utterly Impartial History of Britain – Or 2000 Years of Upper Class Idiots In Charge</i>, Doubleday, <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-385-61198-5" title="Special:BookSources/978-0-385-61198-5">978-0-385-61198-5</a></span> </li> <li id="cite_note-42"><span class="mw-cite-backlink"><b><a href="#cite_ref-42">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFWestfall1983" class="citation book cs1">Westfall, Richard S. (1983). <span class="id-lock-registration" title="Free registration required"><a rel="nofollow" class="external text" href="https://archive.org/details/neveratrestbiogr00west"><i>Never at Rest: A Biography of Isaac Newton</i></a></span>. Cambridge University Press. pp. <a rel="nofollow" class="external text" href="https://archive.org/details/neveratrestbiogr00west/page/861">861</a>–862. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-521-27435-7" title="Special:BookSources/978-0-521-27435-7"><bdi>978-0-521-27435-7</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Never+at+Rest%3A+A+Biography+of+Isaac+Newton&rft.pages=861-862&rft.pub=Cambridge+University+Press&rft.date=1983&rft.isbn=978-0-521-27435-7&rft.aulast=Westfall&rft.aufirst=Richard+S.&rft_id=https%3A%2F%2Farchive.org%2Fdetails%2Fneveratrestbiogr00west&rfr_id=info%3Asid%2Fen.wikipedia.org%3ASouth+Sea+Company" class="Z3988"></span></span> </li> <li id="cite_note-43"><span class="mw-cite-backlink"><b><a href="#cite_ref-43">^</a></b></span> <span class="reference-text">Holodny, Elena (10 November 2017). <a rel="nofollow" class="external text" href="https://www.businessinsider.com/isaac-newton-lost-a-fortune-on-englands-hottest-stock-2016-1">"Isaac Newton Was a Genius, but Even He Lost Millions in the Stock Market"</a>. <i>Business Insider</i>.</span> </li> <li id="cite_note-inflation-UK-44"><span class="mw-cite-backlink"><b><a href="#cite_ref-inflation-UK_44-0">^</a></b></span> <span class="reference-text">UK <a href="/wiki/Retail_Price_Index" title="Retail Price Index">Retail Price Index</a> inflation figures are based on data from <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFClark2017" class="citation web cs1">Clark, Gregory (2017). <a rel="nofollow" class="external text" href="https://measuringworth.com/datasets/ukearncpi/">"The Annual RPI and Average Earnings for Britain, 1209 to Present (New Series)"</a>. <i><a href="/wiki/MeasuringWorth" title="MeasuringWorth">MeasuringWorth</a></i><span class="reference-accessdate">. Retrieved <span class="nowrap">7 May</span> 2024</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=MeasuringWorth&rft.atitle=The+Annual+RPI+and+Average+Earnings+for+Britain%2C+1209+to+Present+%28New+Series%29&rft.date=2017&rft.aulast=Clark&rft.aufirst=Gregory&rft_id=https%3A%2F%2Fmeasuringworth.com%2Fdatasets%2Fukearncpi%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3ASouth+Sea+Company" class="Z3988"></span></span> </li> <li id="cite_note-45"><span class="mw-cite-backlink"><b><a href="#cite_ref-45">^</a></b></span> <span class="reference-text">Nelson (1945) states that the substantial illicit trade pursued by the South Sea Company officials under the Asiento "must be considered as a major cause of the War of Jenkins' Ear because it threatened to destroy the entire commercial framework of the Spanish Empire ... Unable to accept the destruction of its commercial system, Spain attempted to negotiate but requested that the company, as an evidence of good faith, should open its accounts for inspection by the Spanish representatives. Naturally, the directors refused, for compliance would have meant the complete exposure of the illegal traffic. Neither Spain nor the South Sea Company would yield. War was the inevitable result".</span> </li> <li id="cite_note-46"><span class="mw-cite-backlink"><b><a href="#cite_ref-46">^</a></b></span> <span class="reference-text">Brown (1926, p. 663) says that The failure to comply with the accounting provisions of the Asiento treaty (in the context of Spanish knowledge of secret accounts kept by the South Sea Company which would prove clandestine trading) was a constant source of the friction which culminated in armed conflict.</span> </li> <li id="cite_note-47"><span class="mw-cite-backlink"><b><a href="#cite_ref-47">^</a></b></span> <span class="reference-text">For Hildner (1938), the war of 1739 might have been averted if the issues addressed by the commission established in 1732 to settle disputes over the Asiento had been resolved.</span> </li> <li id="cite_note-48"><span class="mw-cite-backlink"><b><a href="#cite_ref-48">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://archive.today/20091020132439/http://www.historycooperative.org/cgi-bin/justtop.cgi?act=justtop&url=http://www.historycooperative.org/journals/wm/58.1/eltis.html">"History Cooperative – A Short History of Nearly Everything!"</a>. <i>History Cooperative</i>. Archived from <a rel="nofollow" class="external text" href="http://www.historycooperative.org/cgi-bin/justtop.cgi?act=justtop&url=http://www.historycooperative.org/journals/wm/58.1/eltis.html">the original</a> on 20 October 2009.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=History+Cooperative&rft.atitle=History+Cooperative+%E2%80%93+A+Short+History+of+Nearly+Everything%21&rft_id=http%3A%2F%2Fwww.historycooperative.org%2Fcgi-bin%2Fjusttop.cgi%3Fact%3Djusttop%26url%3Dhttp%3A%2F%2Fwww.historycooperative.org%2Fjournals%2Fwm%2F58.1%2Feltis.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3ASouth+Sea+Company" class="Z3988"></span></span> </li> <li id="cite_note-49"><span class="mw-cite-backlink"><b><a href="#cite_ref-49">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFPaul" class="citation web cs1">Paul, Helen. <a rel="nofollow" class="external text" href="https://archive.today/20121209151433/http://www.ehs.org.uk/ehs/conference2004/assets/paul.doc">"The South Sea Company's slaving activities"</a>. Archived from <a rel="nofollow" class="external text" href="http://www.ehs.org.uk/ehs/conference2004/assets/paul.doc">the original</a> on 9 December 2012.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=The+South+Sea+Company%27s+slaving+activities&rft.aulast=Paul&rft.aufirst=Helen&rft_id=http%3A%2F%2Fwww.ehs.org.uk%2Fehs%2Fconference2004%2Fassets%2Fpaul.doc&rfr_id=info%3Asid%2Fen.wikipedia.org%3ASouth+Sea+Company" class="Z3988"></span></span> </li> <li id="cite_note-50"><span class="mw-cite-backlink"><b><a href="#cite_ref-50">^</a></b></span> <span class="reference-text">Paul, H. J. (2010). <i>The South Sea Bubble</i>.</span> </li> <li id="cite_note-51"><span class="mw-cite-backlink"><b><a href="#cite_ref-51">^</a></b></span> <span class="reference-text">Walker, G. J. (1979), p. 101</span> </li> <li id="cite_note-52"><span class="mw-cite-backlink"><b><a href="#cite_ref-52">^</a></b></span> <span class="reference-text">Archivo General de Indias, Seville, Spain IG2785</span> </li> <li id="cite_note-53"><span class="mw-cite-backlink"><b><a href="#cite_ref-53">^</a></b></span> <span class="reference-text">McLachlan, (1940), pp. 130–131</span> </li> <li id="cite_note-54"><span class="mw-cite-backlink"><b><a href="#cite_ref-54">^</a></b></span> <span class="reference-text">Archivo General de Indias, Seville, Spain C266L3</span> </li> <li id="cite_note-55"><span class="mw-cite-backlink"><b><a href="#cite_ref-55">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFHildner1938" class="citation journal cs1">Hildner, Ernest G. (August 1938). "The Role of the South Sea Company in the Diplomacy Leading to the War of Jenkins' Ear, 1729–1739". <i>The Hispanic American Historical Review</i>. <b>18</b> (3): 322–341. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.2307%2F2507151">10.2307/2507151</a>. <a href="/wiki/JSTOR_(identifier)" class="mw-redirect" title="JSTOR (identifier)">JSTOR</a> <a rel="nofollow" class="external text" href="https://www.jstor.org/stable/2507151">2507151</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+Hispanic+American+Historical+Review&rft.atitle=The+Role+of+the+South+Sea+Company+in+the+Diplomacy+Leading+to+the+War+of+Jenkins%27+Ear%2C+1729%E2%80%931739&rft.volume=18&rft.issue=3&rft.pages=322-341&rft.date=1938-08&rft_id=info%3Adoi%2F10.2307%2F2507151&rft_id=https%3A%2F%2Fwww.jstor.org%2Fstable%2F2507151%23id-name%3DJSTOR&rft.aulast=Hildner&rft.aufirst=Ernest+G.&rfr_id=info%3Asid%2Fen.wikipedia.org%3ASouth+Sea+Company" class="Z3988"></span></span> </li> <li id="cite_note-56"><span class="mw-cite-backlink"><b><a href="#cite_ref-56">^</a></b></span> <span class="reference-text">Elking, Henry [1722](1980). <i>A view of the Greenland Trade and whale-fishery</i>. Reprinted: Whitby: Caedmon. <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/0-905355-13-X" title="Special:BookSources/0-905355-13-X">0-905355-13-X</a></span> </li> <li id="cite_note-57"><span class="mw-cite-backlink"><b><a href="#cite_ref-57">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFZacchi1986" class="citation book cs1 cs1-prop-foreign-lang-source">Zacchi, Uwe (1986). <i>Menschen von Föhr. Lebenswege aus drei Jahrhunderten</i> (in German). Heide: Boyens & Co. p. 13. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-3-8042-0359-4" title="Special:BookSources/978-3-8042-0359-4"><bdi>978-3-8042-0359-4</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Menschen+von+F%C3%B6hr.+Lebenswege+aus+drei+Jahrhunderten&rft.place=Heide&rft.pages=13&rft.pub=Boyens+%26+Co.&rft.date=1986&rft.isbn=978-3-8042-0359-4&rft.aulast=Zacchi&rft.aufirst=Uwe&rfr_id=info%3Asid%2Fen.wikipedia.org%3ASouth+Sea+Company" class="Z3988"></span></span> </li> <li id="cite_note-58"><span class="mw-cite-backlink"><b><a href="#cite_ref-58">^</a></b></span> <span class="reference-text">Anderson, Adam [1801](1967). <i>The Origin of Commerce</i>. Reprinted: New York: Kelley.</span> </li> <li id="cite_note-59"><span class="mw-cite-backlink"><b><a href="#cite_ref-59">^</a></b></span> <span class="reference-text">Evans, Martin H. (2005). Statutory requirements regarding surgeons on British whale-ships. <i>The Mariner's Mirror</i> <b>91</b> (1) 7–12.</span> </li> <li id="cite_note-60"><span class="mw-cite-backlink"><b><a href="#cite_ref-60">^</a></b></span> <span class="reference-text">National Maritime Museum, Greenwich, catalogue entry for sculpture of arms, object ID: HRA0043 <a rel="nofollow" class="external autonumber" href="http://collections.rmg.co.uk/collections/objects/605213.html">[1]</a></span> </li> <li id="cite_note-61"><span class="mw-cite-backlink"><b><a href="#cite_ref-61">^</a></b></span> <span class="reference-text">See, for 1711–21, J Carswell, <i>South Sea Bubble</i> (1960) 274–279; and for 1721–1840, see British Library, Add. MSS, 25544-9.</span> </li> </ol></div> <div class="mw-heading mw-heading2"><h2 id="References">References</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=South_Sea_Company&action=edit&section=26" title="Edit section: References"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <dl><dt>Historical</dt></dl> <ul><li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBrown1926" class="citation cs2">Brown, V.L. (1926), "The South Sea Company and Contraband Trade", <i><a href="/wiki/The_American_Historical_Review" title="The American Historical Review">The American Historical Review</a></i>, <b>31</b> (4): 662–678, <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.2307%2F1840061">10.2307/1840061</a>, <a href="/wiki/JSTOR_(identifier)" class="mw-redirect" title="JSTOR (identifier)">JSTOR</a> <a rel="nofollow" class="external text" href="https://www.jstor.org/stable/1840061">1840061</a></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+American+Historical+Review&rft.atitle=The+South+Sea+Company+and+Contraband+Trade&rft.volume=31&rft.issue=4&rft.pages=662-678&rft.date=1926&rft_id=info%3Adoi%2F10.2307%2F1840061&rft_id=https%3A%2F%2Fwww.jstor.org%2Fstable%2F1840061%23id-name%3DJSTOR&rft.aulast=Brown&rft.aufirst=V.L.&rfr_id=info%3Asid%2Fen.wikipedia.org%3ASouth+Sea+Company" class="Z3988"></span></li> <li>Carlos, Ann M. and Neal, Larry. (2006) "The Micro-Foundations of the Early London Capital Market: Bank of England shareholders during and after the South Sea Bubble, 1720–25", <i>Economic History Review</i> 59 (2006), pp. 498–538. <a rel="nofollow" class="external text" href="https://www.researchgate.net/publication/227708231_The_micro-foundations_of_the_early_London_capital_market_Bank_of_England_shareholders_during_and_after_the_South_Sea_Bubble_1720-251">online</a></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFCarswell1960" class="citation cs2">Carswell, John (1960), <i>The South Sea Bubble</i>, London: Cresset Press</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=The+South+Sea+Bubble&rft.place=London&rft.pub=Cresset+Press&rft.date=1960&rft.aulast=Carswell&rft.aufirst=John&rfr_id=info%3Asid%2Fen.wikipedia.org%3ASouth+Sea+Company" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFCowles1960" class="citation cs2">Cowles, Virginia (1960), <i>The Great Swindle: The Story of the South Sea Bubble</i>, New York: Harper</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=The+Great+Swindle%3A+The+Story+of+the+South+Sea+Bubble&rft.place=New+York&rft.pub=Harper&rft.date=1960&rft.aulast=Cowles&rft.aufirst=Virginia&rfr_id=info%3Asid%2Fen.wikipedia.org%3ASouth+Sea+Company" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFDale2005" class="citation cs2">Dale, Richard S.; et al. (2005), "Financial markets can go mad: evidence of irrational behaviour during the South Sea Bubble", <i>Economic History Review</i>, <b>58</b> (2): 233–271, <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1111%2Fj.1468-0289.2005.00304.x">10.1111/j.1468-0289.2005.00304.x</a>, <a href="/wiki/S2CID_(identifier)" class="mw-redirect" title="S2CID (identifier)">S2CID</a> <a rel="nofollow" class="external text" href="https://api.semanticscholar.org/CorpusID:154836178">154836178</a></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Economic+History+Review&rft.atitle=Financial+markets+can+go+mad%3A+evidence+of+irrational+behaviour+during+the+South+Sea+Bubble&rft.volume=58&rft.issue=2&rft.pages=233-271&rft.date=2005&rft_id=info%3Adoi%2F10.1111%2Fj.1468-0289.2005.00304.x&rft_id=https%3A%2F%2Fapi.semanticscholar.org%2FCorpusID%3A154836178%23id-name%3DS2CID&rft.aulast=Dale&rft.aufirst=Richard+S.&rfr_id=info%3Asid%2Fen.wikipedia.org%3ASouth+Sea+Company" class="Z3988"></span></li> <li>Dale, Richard (2004). <i>The First Crash: Lessons from the South Sea Bubble</i> (Princeton University Press)</li> <li>Freeman, Mark, Robin Pearson, and James Taylor. (2013) "Law, politics and the governance of English and Scottish joint-stock companies, 1600–1850", <i>Business History</i> 55#4 (2013): 636–652. <a rel="nofollow" class="external text" href="http://www.tandfonline.com/doi/full/10.1080/00076791.2012.741971">online</a></li> <li>Harris, Ron (1994). "The Bubble Act: Its Passage and its Effects on Business Organization", <i>The Journal of Economic History</i>, 54 (3), 610–627</li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFHildner1938" class="citation cs2">Hildner, E.G. Jr. (1938), "The Role of the South Sea Company in the Diplomacy leading to the War of Jenkins' Ear, 1729–1739", <i>The Hispanic American Historical Review</i>, <b>18</b> (3): 322–341, <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.2307%2F2507151">10.2307/2507151</a>, <a href="/wiki/JSTOR_(identifier)" class="mw-redirect" title="JSTOR (identifier)">JSTOR</a> <a rel="nofollow" class="external text" href="https://www.jstor.org/stable/2507151">2507151</a></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+Hispanic+American+Historical+Review&rft.atitle=The+Role+of+the+South+Sea+Company+in+the+Diplomacy+leading+to+the+War+of+Jenkins%27+Ear%2C+1729%E2%80%931739&rft.volume=18&rft.issue=3&rft.pages=322-341&rft.date=1938&rft_id=info%3Adoi%2F10.2307%2F2507151&rft_id=https%3A%2F%2Fwww.jstor.org%2Fstable%2F2507151%23id-name%3DJSTOR&rft.aulast=Hildner&rft.aufirst=E.G.+Jr.&rfr_id=info%3Asid%2Fen.wikipedia.org%3ASouth+Sea+Company" class="Z3988"></span></li> <li>Hoppit, Julian. (2002) "The Myths of the South Sea Bubble", <i>Transactions of the Royal Historical Society</i>, (2002) 12#1 pp. 141–165 <a rel="nofollow" class="external text" href="https://www.jstor.org/stable/3679343">in JSTOR</a></li> <li>Kleer, Richard A. (2015) "Riding a wave: the Company's role in the South Sea Bubble", <i>The Economic History Review</i> 68.1 (2015): 264–285. <a rel="nofollow" class="external text" href="https://www.researchgate.net/profile/Richard_Kleer/publication/264537000_Riding_a_wave_The_Company's_role_in_the_South_Sea_Bubble/links/564b825208ae3374e5ddba9a.">online</a></li> <li>Löwe, Kathleen (2021) <i><a rel="nofollow" class="external text" href="http://www.reimer-mann-verlag.de/controller.php?cmd=detail&titelnummer=103047&verlag=4">Die Südseeblase in der englischen Kunst des 18. und 19. Jahrhunderts. Bilder einer Finanzkrise</a></i>, Berlin: Reimer.</li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFMcLachlan1940" class="citation cs2">McLachlan, J.O. (1940), <i>Trade and Peace With Old Spain, 1667–1750</i>, Cambridge: Cambridge University Press</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Trade+and+Peace+With+Old+Spain%2C+1667%E2%80%931750&rft.place=Cambridge&rft.pub=Cambridge+University+Press&rft.date=1940&rft.aulast=McLachlan&rft.aufirst=J.O.&rfr_id=info%3Asid%2Fen.wikipedia.org%3ASouth+Sea+Company" class="Z3988"></span><sup class="noprint Inline-Template" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citing_sources" title="Wikipedia:Citing sources"><span title="Please supply an ISBN for this book.">ISBN missing</span></a></i>]</sup></li> <li>McColloch, William E. (2013) "A shackled revolution? The Bubble Act and financial regulation in eighteenth-century England", <i>Review of Keynesian Economics</i> 1.3 (2013): 300–313. <a rel="nofollow" class="external text" href="https://www.researchgate.net/profile/Valerio_Cerretano/publication/286423413_Economic_crises_and_the_development_of_the_industrial_state_the_industrial_intervention_of_the_Bank_of_Italy_and_the_Bank_of_England_1918-1939/links/5804b91208ae73d9d6149867/Economic-crises-and-the-development-of-the-industrial-state-the-industrial-intervention-of-the-Bank-of-Italy-and-the-Bank-of-England-1918-1939.pdf#page=38">online</a></li> <li>Mackay, C. <i><a href="/wiki/Extraordinary_Popular_Delusions_and_the_Madness_of_Crowds" title="Extraordinary Popular Delusions and the Madness of Crowds">Extraordinary Popular Delusions and the Madness of Crowds</a></i> (1841)</li> <li>Marshall, Dorothy. (1962) <i>Eighteenth Century England</i> Longman. pp. 121–130.<sup class="noprint Inline-Template" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citing_sources" title="Wikipedia:Citing sources"><span title="Please supply an ISBN for this book.">ISBN missing</span></a></i>]</sup></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFMichie2001" class="citation cs2">Michie, R.C. (2001), "From Market to Exchange, 1693–1801", <i>The London Stock Exchange</i>, Oxford: Oxford University Press, <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-19-924255-9" title="Special:BookSources/978-0-19-924255-9"><bdi>978-0-19-924255-9</bdi></a></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=bookitem&rft.atitle=From+Market+to+Exchange%2C+1693%E2%80%931801&rft.btitle=The+London+Stock+Exchange&rft.place=Oxford&rft.pub=Oxford+University+Press&rft.date=2001&rft.isbn=978-0-19-924255-9&rft.aulast=Michie&rft.aufirst=R.C.&rfr_id=info%3Asid%2Fen.wikipedia.org%3ASouth+Sea+Company" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFNelson1945" class="citation cs2">Nelson, G.H. (1945), "Contraband Trade Under the Asiento", <i><a href="/wiki/The_American_Historical_Review" title="The American Historical Review">The American Historical Review</a></i>, <b>51</b> (1): 55–67, <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.2307%2F1843076">10.2307/1843076</a>, <a href="/wiki/JSTOR_(identifier)" class="mw-redirect" title="JSTOR (identifier)">JSTOR</a> <a rel="nofollow" class="external text" href="https://www.jstor.org/stable/1843076">1843076</a></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+American+Historical+Review&rft.atitle=Contraband+Trade+Under+the+Asiento&rft.volume=51&rft.issue=1&rft.pages=55-67&rft.date=1945&rft_id=info%3Adoi%2F10.2307%2F1843076&rft_id=https%3A%2F%2Fwww.jstor.org%2Fstable%2F1843076%23id-name%3DJSTOR&rft.aulast=Nelson&rft.aufirst=G.H.&rfr_id=info%3Asid%2Fen.wikipedia.org%3ASouth+Sea+Company" class="Z3988"></span></li> <li>Paul, Helen Julia (2010) <i>The South Sea Bubble: an economic history of its origins and consequences</i>, <i>Routledge Explorations in Economic History</i> <a rel="nofollow" class="external text" href="http://ieg-ego.eu/en/threads/european-media/european-media-events/helen-j-paul-the-south-sea-bubble-1720">online</a> short summary</li> <li>Paul, Helen. (2013) <i>The South Sea Bubble: An Economic History of its Origins and Consequences</i> Routledge, 176 pp. <sup class="noprint Inline-Template" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citing_sources" title="Wikipedia:Citing sources"><span title="Please supply an ISBN for this book.">ISBN missing</span></a></i>]</sup></li> <li>Paul, Helen, <a rel="nofollow" class="external text" href="http://ieg-ego.eu/de/threads/europaeische-medien/europaeische-medienereignisse/the-south-sea-bubble-1720-south-sea-bubble-be-freigabe"><i>The "South Sea Bubble", 1720</i></a>, <a rel="nofollow" class="external text" href="http://www.ieg-ego.eu/">EGO – European History Online</a>, Mainz: <a rel="nofollow" class="external text" href="http://www.ieg-mainz.de/likecms/index.php">Institute of European History</a>, 2015, retrieved: 17 March 2021 (<a rel="nofollow" class="external text" href="https://d-nb.info/1125542748/34">pdf</a>).</li> <li>Plumb, J. H. (1956) <i>Sir Robert Walpole, vol. 1, The Making of a Statesman</i>. ch 8</li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFShea2007" class="citation cs2">Shea, Gary S. (2007), <a rel="nofollow" class="external text" href="http://www.st-andrews.ac.uk/~wwwecon/CDMA/papers/wp0512.pdf">"Understanding financial derivatives during the South Sea Bubble: The case of the South Sea subscription shares"</a> <span class="cs1-format">(PDF)</span>, <i>Oxford Economic Papers</i>, <b>59</b> (Supplement 1): i73–i104, <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1093%2Foep%2Fgpm031">10.1093/oep/gpm031</a></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Oxford+Economic+Papers&rft.atitle=Understanding+financial+derivatives+during+the+South+Sea+Bubble%3A+The+case+of+the+South+Sea+subscription+shares&rft.volume=59&rft.issue=Supplement+1&rft.pages=i73-i104&rft.date=2007&rft_id=info%3Adoi%2F10.1093%2Foep%2Fgpm031&rft.aulast=Shea&rft.aufirst=Gary+S.&rft_id=http%3A%2F%2Fwww.st-andrews.ac.uk%2F~wwwecon%2FCDMA%2Fpapers%2Fwp0512.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3ASouth+Sea+Company" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFTeminVoth2004" class="citation cs2">Temin, Peter; Voth, Hans-Joachim (2004), <a rel="nofollow" class="external text" href="http://www.aeaweb.org/articles.php?doi=10.1257/0002828043052268">"Riding the South Sea Bubble"</a>, <i><a href="/wiki/American_Economic_Review" title="American Economic Review">American Economic Review</a></i>, <b>94</b> (5): 1654–1668, <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1257%2F0002828043052268">10.1257/0002828043052268</a></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=American+Economic+Review&rft.atitle=Riding+the+South+Sea+Bubble&rft.volume=94&rft.issue=5&rft.pages=1654-1668&rft.date=2004&rft_id=info%3Adoi%2F10.1257%2F0002828043052268&rft.aulast=Temin&rft.aufirst=Peter&rft.au=Voth%2C+Hans-Joachim&rft_id=http%3A%2F%2Fwww.aeaweb.org%2Farticles.php%3Fdoi%3D10.1257%2F0002828043052268&rfr_id=info%3Asid%2Fen.wikipedia.org%3ASouth+Sea+Company" class="Z3988"></span></li> <li>Stratmann, Silke (2000) <i>Myths of Speculation: The South Sea Bubble and 18th-century English Literature</i>. Munich: Fink</li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFWalker1979" class="citation cs2">Walker, G.J. (1979), <i>Política Española y Comercio Colonial 1700–1789</i>, Barcelona: Editorial Ariel</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Pol%C3%ADtica+Espa%C3%B1ola+y+Comercio+Colonial+1700%E2%80%931789&rft.place=Barcelona&rft.pub=Editorial+Ariel&rft.date=1979&rft.aulast=Walker&rft.aufirst=G.J.&rfr_id=info%3Asid%2Fen.wikipedia.org%3ASouth+Sea+Company" class="Z3988"></span></li></ul> <dl><dt>Fiction</dt></dl> <ul><li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFLiss2000" class="citation cs2">Liss, David (2000), <span class="id-lock-registration" title="Free registration required"><a rel="nofollow" class="external text" href="https://archive.org/details/conspiracyofpape00liss"><i>A Conspiracy of Paper</i></a></span>, New York: Random House, <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-375-50292-7" title="Special:BookSources/978-0-375-50292-7"><bdi>978-0-375-50292-7</bdi></a></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=A+Conspiracy+of+Paper&rft.place=New+York&rft.pub=Random+House&rft.date=2000&rft.isbn=978-0-375-50292-7&rft.aulast=Liss&rft.aufirst=David&rft_id=https%3A%2F%2Farchive.org%2Fdetails%2Fconspiracyofpape00liss&rfr_id=info%3Asid%2Fen.wikipedia.org%3ASouth+Sea+Company" class="Z3988"></span>. <i>Novel set in the South Sea Company bubble.</i></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFGoddard2000" class="citation cs2">Goddard, Robert (2000), <i>Sea Change</i>, London: Bantam Press, p. 416, <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-593-04667-8" title="Special:BookSources/978-0-593-04667-8"><bdi>978-0-593-04667-8</bdi></a></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Sea+Change&rft.place=London&rft.pages=416&rft.pub=Bantam+Press&rft.date=2000&rft.isbn=978-0-593-04667-8&rft.aulast=Goddard&rft.aufirst=Robert&rfr_id=info%3Asid%2Fen.wikipedia.org%3ASouth+Sea+Company" class="Z3988"></span>. <i>Novel set against the background of the South Sea bubble.</i></li></ul> <div class="mw-heading mw-heading2"><h2 id="External_links">External links</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=South_Sea_Company&action=edit&section=27" title="Edit section: External links"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1235681985">.mw-parser-output .side-box{margin:4px 0;box-sizing:border-box;border:1px solid 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src="//upload.wikimedia.org/wikipedia/commons/thumb/f/fa/Wikiquote-logo.svg/13px-Wikiquote-logo.svg.png" decoding="async" width="13" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/fa/Wikiquote-logo.svg/20px-Wikiquote-logo.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/fa/Wikiquote-logo.svg/27px-Wikiquote-logo.svg.png 2x" data-file-width="300" data-file-height="355" /></a></span> Quotations related to <a href="https://en.wikiquote.org/wiki/Special:Search/South_Sea_Company" class="extiw" title="wikiquote:Special:Search/South Sea Company">South Sea Company</a> at Wikiquote</li> <li><a rel="nofollow" class="external text" href="http://www.library.hbs.edu/hc/ssb/index.html">South Sea Bubble collection at Harvard University</a></li> <li><a rel="nofollow" class="external text" href="https://sites.google.com/site/davesmant/monetary-economics/famous-first-bubbles/south-sea-bubble">Famous First Bubbles – South Sea Bubble</a></li> <li><a rel="nofollow" class="external text" href="https://web.archive.org/web/20140106143016/http://www.thesouthseabubble.com/">Charles McKay's Account of The South Sea Bubble in Modern English</a> at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a> (archived 6 January 2014)</li> <li><a rel="nofollow" class="external text" href="https://archive.today/20121209151433/http://www.ehs.org.uk/ehs/conference2004/assets/paul.doc">Helen Paul's Account of The South Sea Company's slave trading activities</a> at <a href="/wiki/Archive.today" title="Archive.today">archive.today</a> (archived 2012-12-09)</li> <li><a rel="nofollow" class="external text" href="https://www.bbc.co.uk/programmes/b01pcs5g">The South Sea Bubble</a>, audio programming with Melvyn Bragg and guests, BBC Radio 4.</li></ul> <div class="navbox-styles"><style data-mw-deduplicate="TemplateStyles:r1129693374">.mw-parser-output .hlist dl,.mw-parser-output .hlist ol,.mw-parser-output .hlist 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.navbar{display:none!important}}</style><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Corporate_scandals" title="Template:Corporate scandals"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Corporate_scandals" title="Template talk:Corporate scandals"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Corporate_scandals" title="Special:EditPage/Template:Corporate scandals"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="Corporate_scandals" style="font-size:114%;margin:0 4em"><a href="/wiki/List_of_corporate_collapses_and_scandals" title="List of corporate collapses and scandals">Corporate scandals</a></div></th></tr><tr><td colspan="2" class="navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><span class="nowrap"><a class="mw-selflink selflink">South Sea Company</a> (1720)</span></li> <li><span class="nowrap"><a href="/wiki/Baring_crisis" title="Baring crisis">Panic of 1890 (Baring crisis)</a> (1890)</span></li> <li><span class="nowrap"><a href="/wiki/Salad_Oil_scandal" class="mw-redirect" title="Salad Oil scandal">Salad Oil</a> (1963)</span></li> <li><span class="nowrap"><a href="/wiki/Kinney_National_Company#Financial_scandal" title="Kinney National Company">Kinney Services, Inc.</a> (1971)</span></li> <li><span class="nowrap"><a href="/wiki/Banco_Ambrosiano" title="Banco Ambrosiano">Banco Ambrosiano</a> (1982)</span></li> <li><span class="nowrap"><a href="/wiki/Carrian_Group" title="Carrian Group">Carrian Group</a> (1983)</span></li> <li><span class="nowrap"><a href="/wiki/Guinness_share-trading_fraud" title="Guinness share-trading fraud">Guinness</a> (1986)</span></li> <li><span class="nowrap"><a href="/wiki/Bofors_scandal" title="Bofors scandal">Bofors scandal</a> (1990) </span></li> <li><span class="nowrap"><a href="/wiki/Polly_Peck" title="Polly Peck">Polly Peck</a> (1990)</span></li> <li><span class="nowrap"><a href="/wiki/Bank_of_Credit_and_Commerce_International" title="Bank of Credit and Commerce International">Bank of Credit and Commerce International</a> (1990)</span></li> <li><span class="nowrap"><a href="/wiki/Robert_Maxwell" title="Robert Maxwell">Robert Maxwell</a> (1991)</span></li> <li><span class="nowrap"><a href="/wiki/1992_Indian_stock_market_scam" title="1992 Indian stock market scam">Indian stock market scam</a> (1992)</span></li> <li><span class="nowrap"><a href="/wiki/Banesto#1993_crisis_&_intervention" title="Banesto">Banesto</a> (1993)</span></li> <li><span class="nowrap"><a href="/wiki/Metallgesellschaft#Hedging_debacle" title="Metallgesellschaft">Metallgesellschaft</a> (1993)</span></li> <li><span class="nowrap"><a href="/wiki/Towers_Financial_Corporation" title="Towers Financial Corporation">Towers Financial Corporation</a> (1993)</span></li> <li><span class="nowrap"><a href="/wiki/Barings_Bank" title="Barings Bank">Barings Bank</a> (1995)</span></li> <li><span class="nowrap"><a href="/wiki/Sumitomo_copper_affair" title="Sumitomo copper affair">Sumitomo Corporation</a> (1996)</span></li> <li><span class="nowrap"><a href="/wiki/Lysine_price-fixing_conspiracy" title="Lysine price-fixing conspiracy">Lysine price-fixing conspiracy</a> (1997)</span></li> <li><span class="nowrap"><a href="/wiki/Daewoo_dissolution_and_corruption_scandal" title="Daewoo dissolution and corruption scandal">Daewoo</a> (1999-2006)</span></li> <li><span class="nowrap"><a href="/wiki/Long-Term_Capital_Management" title="Long-Term Capital Management">Long-Term Capital Management</a> (2000)</span></li> <li><span class="nowrap"><a href="/wiki/CINAR_scandal" title="CINAR scandal">CINAR</a> (2000)</span></li> <li><span class="nowrap"><a href="/wiki/One.Tel" title="One.Tel">One.Tel</a> (2001)</span></li> <li><span class="nowrap"><a href="/wiki/Enron_scandal" title="Enron scandal">Enron</a> (2001)</span></li> <li><span class="nowrap"><a href="/wiki/Adelphia_Communications_Corporation" title="Adelphia Communications Corporation">Adelphia</a> (2002)</span></li> <li><span class="nowrap"><a href="/wiki/WorldCom_scandal" title="WorldCom scandal">WorldCom</a> (2002)</span></li> <li><span class="nowrap"><a href="/wiki/Parmalat_bankruptcy_timeline" title="Parmalat bankruptcy timeline">Parmalat</a> (2003-2005)</span></li> <li><span class="nowrap"><a href="/wiki/Tyco_International#Corporate_scandal_of_2002" title="Tyco International">Tyco</a> (2004)</span></li> <li><span class="nowrap"><a href="/wiki/Bayou_Hedge_Fund_Group" title="Bayou Hedge Fund Group">Bayou Hedge Fund Group</a> (2005)</span></li> <li><span class="nowrap"><a href="/wiki/2008_Soci%C3%A9t%C3%A9_G%C3%A9n%C3%A9rale_trading_loss" title="2008 Société Générale trading loss">Société Générale</a> (2008)</span></li> <li><span class="nowrap"><a href="/wiki/Bear_Stearns#Subprime_mortgage_hedge_fund_crisis" title="Bear Stearns">Bear Stearns</a> (2008)</span></li> <li><span class="nowrap"><a href="/wiki/Libor_scandal" title="Libor scandal">Libor</a> (2008–2012)</span></li> <li><span class="nowrap"><a href="/wiki/Anglo_Irish_Bank_hidden_loans_controversy" title="Anglo Irish Bank hidden loans controversy">Anglo Irish Bank</a> (2008–2011)</span></li> <li><span class="nowrap"><a href="/wiki/Volkswagen_emissions_scandal" title="Volkswagen emissions scandal">Volkswagen emissions scandal</a> (2008–2015)</span></li> <li><span class="nowrap"><a href="/wiki/Satyam_scandal" title="Satyam scandal">Satyam</a> (2009)</span></li> <li><span class="nowrap"><a href="/wiki/2G_spectrum_case" title="2G spectrum case">2G spectrum case</a> (2010–2019) </span></li> <li><span class="nowrap"><a href="/wiki/National_Herald_corruption_case" title="National Herald corruption case">National Herald corruption case</a> (2010–ongoing) </span></li> <li><span class="nowrap"><a href="/wiki/News_Corporation_scandal" class="mw-redirect" title="News Corporation scandal">News Corporation scandal</a> (2011)</span></li> <li><span class="nowrap"><a href="/wiki/Olympus_scandal" title="Olympus scandal">Olympus</a> (2011)</span></li> <li><span class="nowrap"><a href="/wiki/Indian_coal_allocation_scam" title="Indian coal allocation scam">Indian coal allocation scam</a> (2012) </span></li> <li><span class="nowrap"><a href="/wiki/OCZ#Accounting_practices" title="OCZ">OCZ</a> (2012–2013)</span></li> <li><span class="nowrap"><a href="/wiki/Saradha_Group_financial_scandal" title="Saradha Group financial scandal">Saradha Group financial scandal</a> (2013–ongoing) </span></li> <li><span class="nowrap"><a href="/wiki/Forex_scandal" title="Forex scandal">Forex</a> (2013–ongoing)</span></li> <li><span class="nowrap"><a href="/wiki/Toshiba#2015_accounting_scandal" title="Toshiba">Toshiba</a> (2015)</span></li> <li><span class="nowrap"><a href="/wiki/1Malaysia_Development_Berhad_scandal" title="1Malaysia Development Berhad scandal">1Malaysia Development Berhad</a> (2015–ongoing)</span></li> <li><span class="nowrap"><a href="/wiki/Wells_Fargo_account_fraud_scandal" class="mw-redirect" title="Wells Fargo account fraud scandal">Wells Fargo account fraud scandal</a> (2016–ongoing)</span></li> <li><span class="nowrap"><a href="/wiki/Facebook%E2%80%93Cambridge_Analytica_data_scandal" title="Facebook–Cambridge Analytica data scandal">Facebook–Cambridge Analytica data scandal</a> (2018)</span></li> <li><span class="nowrap"><a href="/wiki/Moser_Baer" title="Moser Baer">Moser Baer</a> (2019)</span></li> <li><span class="nowrap"><a href="/wiki/Wirecard_scandal" title="Wirecard scandal">Wirecard</a> (2020)</span></li> <li><span class="nowrap"><a href="/wiki/Nikola_Corporation#Fraud_allegations" title="Nikola Corporation">Nikola</a> (2020)</span></li> <li><span class="nowrap"><a href="/wiki/2021_Facebook_leak" title="2021 Facebook leak">Facebook company files leak</a> (2021)</span></li></ul> </div></td></tr><tr><td class="navbox-abovebelow" colspan="2"><div> <dl><dt><span class="nowrap">See also</span></dt> <dd><span class="nowrap"><a href="/wiki/Accounting_scandals" title="Accounting scandals">Accounting scandals</a></span></dd></dl> </div></td></tr></tbody></table></div> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236075235"></div><div role="navigation" class="navbox" aria-labelledby="Chartered_companies" style="padding:3px"><table class="nowraplinks hlist mw-collapsible autocollapse navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="2"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231"><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Chartered_companies" title="Template:Chartered companies"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Chartered_companies" title="Template talk:Chartered companies"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Chartered_companies" title="Special:EditPage/Template:Chartered companies"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="Chartered_companies" style="font-size:114%;margin:0 4em"><a href="/wiki/Chartered_company" title="Chartered company">Chartered companies</a></div></th></tr><tr><th scope="row" class="navbox-group" style="width:1%">British</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/African_Company_of_Merchants" title="African Company of Merchants">African Company of Merchants</a></li> <li><a href="/wiki/Barbary_Company" title="Barbary Company">Barbary Company</a></li> <li><a href="/wiki/British_American_Land_Company" title="British American Land Company">British American Land Company</a></li> <li><a href="/wiki/Imperial_British_East_Africa_Company" title="Imperial British East Africa Company">British East Africa Company</a></li> <li><a href="/wiki/Canada_Company" title="Canada Company">Canada Company</a></li> <li><a href="/wiki/Company_of_Merchant_Adventurers_of_London" title="Company of Merchant Adventurers of London">Company of Merchant Adventurers of London</a></li> <li><a href="/wiki/Company_of_Merchant_Adventurers_to_New_Lands" title="Company of Merchant Adventurers to New Lands">Company of Merchant Adventurers to New Lands</a></li> <li><a href="/wiki/Company_of_Scotland" title="Company of Scotland">Company of Scotland</a></li> <li><a href="/wiki/East_India_Company" title="East India Company">East India Company</a></li> <li><a href="/wiki/Eastern_Archipelago_Company" title="Eastern Archipelago Company">Eastern Archipelago Company</a></li> <li><a href="/wiki/Eastland_Company" title="Eastland Company">Eastland Company</a></li> <li><a href="/wiki/Guinea_Company_(London)" title="Guinea Company (London)">Guinea Company</a></li> <li><a href="/wiki/Hudson%27s_Bay_Company" title="Hudson's Bay Company">Hudson's Bay Company</a></li> <li><a href="/wiki/Levant_Company" title="Levant Company">Levant Company</a></li> <li><a href="/wiki/London_and_Bristol_Company" title="London and Bristol Company">London and Bristol Company</a></li> <li><a href="/wiki/Massachusetts_Bay_Colony" title="Massachusetts Bay Colony">Massachusetts Bay Company</a></li> <li><a href="/wiki/Muscovy_Company" title="Muscovy Company">Muscovy Company</a></li> <li><a href="/wiki/New_Zealand_Company" title="New Zealand Company">New Zealand Company</a></li> <li><a href="/wiki/North_Borneo_Chartered_Company" title="North Borneo Chartered Company">North Borneo Company</a></li> <li><a href="/wiki/Providence_Island_Company" title="Providence Island Company">Providence Island Company</a></li> <li><a href="/wiki/Royal_African_Company" title="Royal African Company">Royal African Company</a></li> <li><a href="/wiki/Royal_British_Bank" title="Royal British Bank">Royal British Bank</a></li> <li><a href="/wiki/Royal_Niger_Company" title="Royal Niger Company">Royal Niger Company</a></li> <li><a href="/wiki/British_South_Africa_Company" title="British South Africa Company">South Africa Company</a></li> <li><a href="/wiki/Sierra_Leone_Company" title="Sierra Leone Company">Sierra Leone Company</a></li> <li><a href="/wiki/Somers_Isles_Company" title="Somers Isles Company">Somers Isles Company</a></li> <li><a href="/wiki/South_Australian_Company" title="South Australian Company">South Australian Company</a></li> <li><a class="mw-selflink selflink">South Sea Company</a></li> <li><a href="/wiki/Spanish_Company" title="Spanish Company">Spanish Company</a></li> <li><a href="/wiki/Venice_Company" title="Venice Company">Venice Company</a></li> <li><a href="/wiki/Virginia_Company" title="Virginia Company">Virginia Company</a> <ul><li><a href="/wiki/Plymouth_Company" title="Plymouth Company">Plymouth Company</a></li> <li><a href="/wiki/Virginia_Company_of_London" title="Virginia Company of London">Virginia Company of London</a></li></ul></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">French</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><i><a href="/wiki/Compagnie_de_l%27Occident" title="Compagnie de l'Occident">Compagnie de l'Occident</a></i></li> <li><i><a href="/wiki/Company_of_the_American_Islands" title="Company of the American Islands">Compagnie des Îles de l'Amérique</a></i></li> <li><a href="/wiki/Company_of_Habitants" title="Company of Habitants">Company of Habitants</a></li> <li><a href="/wiki/Company_of_One_Hundred_Associates" title="Company of One Hundred Associates">Company of One Hundred Associates</a></li> <li><a href="/wiki/French_East_India_Company" title="French East India Company">East India Company</a></li> <li><a href="/wiki/Mississippi_Company" title="Mississippi Company">Mississippi Company</a></li> <li><a href="/wiki/Compagnie_du_S%C3%A9n%C3%A9gal" title="Compagnie du Sénégal">Senegal Company</a></li> <li><a href="/wiki/French_West_India_Company" title="French West India Company">West India Company</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">German</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Brandenburger_Gold_Coast" title="Brandenburger Gold Coast">Brandenburg African Company</a></li> <li><a href="/wiki/German_East_Africa_Company" title="German East Africa Company">East Africa Company</a></li> <li><a href="/wiki/Emden_Company" title="Emden Company">Emden Company</a></li> <li><a href="/wiki/German_New_Guinea_Company" title="German New Guinea Company">New Guinea Company</a></li> <li><a href="/wiki/German_West_African_Company" title="German West African Company">West African Company</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Portuguese</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Cacheu_and_Cape_Verde_Company" title="Cacheu and Cape Verde Company">Cacheu and Cape Verde Company</a></li> <li><a href="/wiki/Portuguese_East_India_Company" title="Portuguese East India Company">East India Company</a></li> <li><a href="/wiki/Gr%C3%A3o_Par%C3%A1_and_Maranh%C3%A3o_Company" title="Grão Pará and Maranhão Company">Grão Pará and Maranhão Company</a></li> <li><a href="/wiki/Casa_da_Guin%C3%A9" title="Casa da Guiné">Company of Guinea</a></li> <li><a href="/wiki/Casa_da_%C3%8Dndia" title="Casa da Índia">House of India</a></li> <li><a href="/wiki/Mozambique_Company" title="Mozambique Company">Mozambique Company</a></li> <li><a href="/wiki/Zambezia_Company" title="Zambezia Company">Zambezia Company</a></li> <li><a href="/wiki/Niassa_Company" title="Niassa Company">Niassa Company</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Austrian and<br />Low Countries</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Brabantsche_Compagnie" title="Brabantsche Compagnie">Brabantsche Compagnie</a></li> <li><a href="/wiki/Dutch_East_India_Company" title="Dutch East India Company">Dutch East India Company</a></li> <li><a href="/wiki/Austrian_East_India_Company" title="Austrian East India Company">Imperial Company of Trieste and Antwerp</a></li> <li><a href="/wiki/Imperial_Privileged_Oriental_Company" title="Imperial Privileged Oriental Company">Imperial Privileged Oriental Company</a></li> <li><a href="/wiki/New_Netherland_Company" title="New Netherland Company">New Netherland Company</a></li> <li><a href="/wiki/Noordsche_Compagnie" title="Noordsche Compagnie">Noordsche Compagnie</a></li> <li><a href="/wiki/Ostend_Company" title="Ostend Company">Ostend Company</a></li> <li><a href="/wiki/Dutch_West_India_Company" title="Dutch West India Company">Dutch West India Company</a></li> <li><a href="/wiki/Compagnie_van_Verre" title="Compagnie van Verre">Compagnie van Verre</a></li> <li><a href="/wiki/Compagnie_van_De_Moucheron" title="Compagnie van De Moucheron">Compagnie van De Moucheron</a></li> <li><a href="/wiki/Veerse_Compagnie" title="Veerse Compagnie">Veerse Compagnie</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Spanish</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Barcelona_Trading_Company" title="Barcelona Trading Company">Barcelona Trading Company</a></li> <li><a href="/wiki/Guipuzcoan_Company_of_Caracas" title="Guipuzcoan Company of Caracas">Guipuzcoan Company of Caracas</a></li> <li><a href="/wiki/Royal_Company_of_the_Philippines" title="Royal Company of the Philippines">Royal Company of the Philippines</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Swedish</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Swedish_Africa_Company" title="Swedish Africa Company">Swedish Africa Company</a></li> <li><a href="/wiki/Swedish_East_India_Company" title="Swedish East India Company">Swedish East India Company</a></li> <li><a href="/wiki/Swedish_Levant_Company" title="Swedish Levant Company">Swedish Levant Company</a></li> <li><a href="/wiki/Swedish_South_Company" title="Swedish South Company">Swedish South Company</a></li> <li><a href="/wiki/Swedish_West_India_Company" title="Swedish West India Company">Swedish West India Company</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Danish</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Danish_Asiatic_Company" title="Danish Asiatic Company">Danish Asiatic Company</a></li> <li><a href="/wiki/Danish_East_India_Company" title="Danish East India Company">Danish East India Company</a></li> <li><a href="/wiki/Danish_West_India_Company" title="Danish West India Company">Danish West India Company</a></li> <li><a href="/wiki/Royal_Greenland_Trading_Department" title="Royal Greenland Trading Department">Royal Greenland Trading Department</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Russian</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Russian-American_Company" title="Russian-American Company">Russian-American Company</a></li></ul> </div></td></tr><tr><td class="navbox-abovebelow" colspan="2"><div> <ul><li><span class="noviewer" typeof="mw:File"><span title="Category"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/16px-Symbol_category_class.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/23px-Symbol_category_class.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/31px-Symbol_category_class.svg.png 2x" data-file-width="180" data-file-height="185" /></span></span> <a href="/wiki/Category:Chartered_companies" title="Category:Chartered companies">Category</a></li></ul> </div></td></tr></tbody></table></div> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236075235"></div><div role="navigation" class="navbox" aria-labelledby="Financial_bubbles" style="padding:3px"><table class="nowraplinks hlist mw-collapsible mw-collapsed navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="2"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231"><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Financial_bubbles" title="Template:Financial bubbles"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Financial_bubbles" title="Template talk:Financial bubbles"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Financial_bubbles" title="Special:EditPage/Template:Financial bubbles"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="Financial_bubbles" style="font-size:114%;margin:0 4em"><a href="/wiki/Economic_bubble" title="Economic bubble">Financial bubbles</a></div></th></tr><tr><td class="navbox-abovebelow" colspan="2"><div> <ul><li><a href="/wiki/Market_trend" title="Market trend">Market trend</a></li> <li><a href="/wiki/Credit_cycle" title="Credit cycle">Credit cycle</a></li> <li><a href="/wiki/Irrational_exuberance" title="Irrational exuberance">Irrational exuberance</a></li> <li><a href="/wiki/Social_contagion" title="Social contagion">Social contagion</a></li> <li><a href="/wiki/Real-estate_bubble" title="Real-estate bubble">Real-estate bubble</a></li> <li><a href="/wiki/Stock_market_bubble" title="Stock market bubble">Stock market bubble</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Commercial_revolution" title="Commercial revolution">Commercial revolution</a><br />(1000–1760)</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Tulip_mania" title="Tulip mania">Tulip mania</a> (1634–1637)</li> <li><a href="/wiki/Mississippi_Company" title="Mississippi Company">Mississippi bubble</a> (1684–1720)</li> <li><a class="mw-selflink selflink">South Sea bubble</a> (1711–1720)</li> <li><a href="/wiki/Bengal_Bubble_of_1769" title="Bengal Bubble of 1769">Bengal Bubble of 1769</a> (1757–1769)</li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Industrial_Revolution" title="Industrial Revolution">1st Industrial Revolution</a><br />(1760–1840)</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Canal_Mania" title="Canal Mania">Canal Mania</a> (c. 1790–c. 1810)</li> <li><a href="/wiki/Carolina_gold_rush" title="Carolina gold rush">Carolina gold rush</a> (1802–1825)</li> <li><a href="/wiki/Alabama_real_estate_bubble_of_the_1810s" title="Alabama real estate bubble of the 1810s">1810s Alabama real estate bubble</a></li> <li><a href="/wiki/Georgia_Gold_Rush" title="Georgia Gold Rush">Georgia Gold Rush</a> (1828–c. 1840)</li> <li><a href="/wiki/Chicago_real_estate_bubble_of_the_1830s" title="Chicago real estate bubble of the 1830s">1830s Chicago real estate bubble</a></li> <li><a href="/wiki/Chilean_silver_rush" title="Chilean silver rush">Chilean silver rush</a> (1830–1850)</li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">1840–1870</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Railway_Mania" title="Railway Mania">Railway Mania</a> (c. 1840–c. 1850)</li> <li><a href="/wiki/California_gold_rush" title="California gold rush">California gold rush</a> (1848–1855)</li> <li><a href="/wiki/Queen_Charlottes_Gold_Rush" title="Queen Charlottes Gold Rush">Queen Charlottes Gold Rush</a> (1851)</li> <li><a href="/wiki/Victorian_gold_rush" title="Victorian gold rush">Victorian gold rush</a> (1851–c. 1870)</li> <li><a href="/wiki/New_South_Wales_gold_rush" title="New South Wales gold rush">New South Wales gold rush</a> (1851–1880)</li> <li><a href="/wiki/Australian_gold_rushes" title="Australian gold rushes">Australian gold rushes</a> (1851–1914)</li> <li><a href="/wiki/Fraser_Canyon_Gold_Rush" title="Fraser Canyon Gold Rush">Fraser Canyon Gold Rush</a> (1858)</li> <li><a href="/wiki/Pike%27s_Peak_gold_rush" title="Pike's Peak gold rush">Pike's Peak gold rush</a> (1858–1861)</li> <li><a href="/wiki/Rock_Creek_Gold_Rush" title="Rock Creek Gold Rush">Rock Creek Gold Rush</a> (1859)</li> <li><a href="/wiki/Pennsylvania_oil_rush" title="Pennsylvania oil rush">Pennsylvania oil rush</a> (1859–1891)</li> <li><a href="/wiki/Similkameen_Gold_Rush" title="Similkameen Gold Rush">Similkameen Gold Rush</a> (1860)</li> <li><a href="/wiki/Stikine_Gold_Rush" title="Stikine Gold Rush">Stikine Gold Rush</a> (1861)</li> <li><a href="/wiki/Steamboats_of_the_Colorado_River" title="Steamboats of the Colorado River">Colorado River mining boom</a> (1861–1864)</li> <li><a href="/wiki/Otago_gold_rush" title="Otago gold rush">Otago gold rush</a> (1861–1864)</li> <li><a href="/wiki/Cariboo_Gold_Rush" title="Cariboo Gold Rush">Cariboo Gold Rush</a> (1861–1867)</li> <li><a href="/wiki/Gold_mining_in_Nova_Scotia" title="Gold mining in Nova Scotia">First Nova Scotia Gold Rush</a> (1861–1874)</li> <li><a href="/wiki/West_Coast_gold_rush" title="West Coast gold rush">West Coast gold rush</a> (1864–1867)</li> <li><a href="/wiki/Big_Bend_Gold_Rush" title="Big Bend Gold Rush">Big Bend Gold Rush</a> (c. 1865)</li> <li><a href="/wiki/Vermilion_Lake_gold_rush" title="Vermilion Lake gold rush">Vermilion Lake gold rush</a> (1865–1867)</li> <li><a href="/wiki/Kildonan_Gold_Rush" title="Kildonan Gold Rush">Kildonan Gold Rush</a> (1869)</li> <li><a href="/wiki/Omineca_Gold_Rush" title="Omineca Gold Rush">Omineca Gold Rush</a> (1869)</li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Second_Industrial_Revolution" title="Second Industrial Revolution">2nd Industrial Revolution</a><br />(1870–1914)</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Lapland_gold_rush" title="Lapland gold rush">1870s Lapland gold rush</a></li> <li><a href="/wiki/Coromandel_Gold_Rushes" title="Coromandel Gold Rushes">Coromandel Gold Rushes</a> (c. 1870–c. 1890)</li> <li><a href="/wiki/Cassiar_Country" title="Cassiar Country">Cassiar Gold Rush</a> (c. 1870–c. 1890)</li> <li><a href="/wiki/Black_Hills_gold_rush" title="Black Hills gold rush">Black Hills gold rush</a> (1874–1880)</li> <li><a href="/wiki/Colorado_Silver_Boom" title="Colorado Silver Boom">Colorado Silver Boom</a> (1879–1893)</li> <li><a href="/wiki/Western_Australian_gold_rushes" title="Western Australian gold rushes">Western Australian gold rushes</a> (c. 1880–c. 1900)</li> <li><a href="/wiki/Indiana_gas_boom" title="Indiana gas boom">Indiana gas boom</a> (c. 1880–1903)</li> <li><a href="/wiki/Petroleum_industry_in_Ohio" title="Petroleum industry in Ohio">Ohio oil rush</a> (c. 1880–c. 1930)</li> <li><a href="/wiki/Tierra_del_Fuego_gold_rush" title="Tierra del Fuego gold rush">Tierra del Fuego gold rush</a> (1883–1906)</li> <li><a href="/wiki/Cayoosh_Gold_Rush" title="Cayoosh Gold Rush">Cayoosh Gold Rush</a> (1884)</li> <li><a href="/wiki/Witwatersrand_Gold_Rush" title="Witwatersrand Gold Rush">Witwatersrand Gold Rush</a> (1886)</li> <li><a href="/wiki/Encilhamento" title="Encilhamento">Encilhamento</a> (1886–1890)</li> <li><a href="/wiki/Cripple_Creek_Gold_Rush" title="Cripple Creek Gold Rush">Cripple Creek Gold Rush</a> (c. 1890–c. 1910)</li> <li><a href="/wiki/Klondike_Gold_Rush" title="Klondike Gold Rush">Klondike Gold Rush</a> (1896–1899)</li> <li><a href="/wiki/Gold_mining_in_Nova_Scotia" title="Gold mining in Nova Scotia">Second Nova Scotia Gold Rush</a> (1896–1903)</li> <li><a href="/wiki/Kobuk_River_Stampede" title="Kobuk River Stampede">Kobuk River Stampede</a> (1897–1899)</li> <li><a href="/wiki/Mount_Baker_gold_rush" title="Mount Baker gold rush">Mount Baker gold rush</a> (1897–c. 1925)</li> <li><a href="/wiki/Nome_Gold_Rush" title="Nome Gold Rush">Nome Gold Rush</a> (1899–1909)</li> <li><a href="/wiki/Fairbanks_Gold_Rush" title="Fairbanks Gold Rush">Fairbanks Gold Rush</a> (c. 1900–1918)</li> <li><a href="/wiki/Texas_oil_boom" title="Texas oil boom">Texas oil boom</a> (1901–1918)</li> <li><a href="/wiki/Cobalt_silver_rush" title="Cobalt silver rush">Cobalt silver rush</a> (1903–1918)</li> <li><a href="/wiki/Porcupine_Gold_Rush" title="Porcupine Gold Rush">Porcupine Gold Rush</a> (1909–1918)</li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Interwar_period" title="Interwar period">Interwar period</a><br />(1918–1939)</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Florida_land_boom_of_the_1920s" title="Florida land boom of the 1920s">1920s Florida land boom</a> (c. 1920–1925)</li> <li><a href="/wiki/Fairbanks_Gold_Rush" title="Fairbanks Gold Rush">Fairbanks Gold Rush</a> (1918–c. 1930)</li> <li><a href="/wiki/Texas_oil_boom" title="Texas oil boom">Texas oil boom</a> (1918–1945)</li> <li><a href="/wiki/Cobalt_silver_rush" title="Cobalt silver rush">Cobalt silver rush</a> (1918–c. 1930)</li> <li><a href="/wiki/Porcupine_Gold_Rush" title="Porcupine Gold Rush">Porcupine Gold Rush</a> (1918–1945)</li> <li><a href="/wiki/Kakamega_gold_rush" title="Kakamega gold rush">1930s Kakamega gold rush</a></li> <li><a href="/wiki/Gold_mining_in_Nova_Scotia" title="Gold mining in Nova Scotia">Third Nova Scotia Gold Rush</a> (1932–1942)</li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Post%E2%80%93World_War_II_economic_expansion" title="Post–World War II economic expansion">Post–WWII expansion</a><br />(1945–1973)</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Texas_oil_boom" title="Texas oil boom">Texas oil boom</a> (1945–c. 1950)</li> <li><a href="/wiki/Porcupine_Gold_Rush" title="Porcupine Gold Rush">Porcupine Gold Rush</a> (1945–c. 1960)</li> <li><a href="/wiki/Poseidon_bubble" title="Poseidon bubble">Poseidon bubble</a> (1969–1970)</li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Stagflation" title="Stagflation">The Great Inflation</a><br />(1973–1982)</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/1970s_commodities_boom" title="1970s commodities boom">1970s commodities boom</a></li> <li><a href="/wiki/Mexican_oil_boom" title="Mexican oil boom">Mexican oil boom</a> (1977–1981)</li> <li><a href="/wiki/Silver_Thursday" title="Silver Thursday">Silver Thursday</a> (1980)</li> <li><a href="/wiki/New_Zealand_property_bubble" title="New Zealand property bubble">New Zealand property bubble</a> (c. 1980–1982)</li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Great_Moderation" title="Great Moderation">Great Moderation</a>/<br /><a href="/wiki/Great_Regression" class="mw-redirect" title="Great Regression">Great Regression</a><br />(1982–2007)</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/1980s_oil_glut" title="1980s oil glut">1980s oil glut</a></li> <li><a href="/wiki/New_Zealand_property_bubble" title="New Zealand property bubble">New Zealand property bubble</a> (1982–)</li> <li><a href="/wiki/Spanish_property_bubble" title="Spanish property bubble">Spanish property bubble</a> (1985–2008)</li> <li><a href="/wiki/Japanese_asset_price_bubble" title="Japanese asset price bubble">Japanese asset price bubble</a> (1986–1990)</li> <li><a href="/wiki/Dot-com_bubble" title="Dot-com bubble">Dot-com bubble</a> (1995–2000)</li> <li><a href="/wiki/Baltic_states_housing_bubble" title="Baltic states housing bubble">Baltic states housing bubble</a> (2000–2006)</li> <li><a href="/wiki/Irish_property_bubble" title="Irish property bubble">Irish property bubble</a> (c. 2000–2007)</li> <li><a href="/wiki/2000s_commodities_boom" title="2000s commodities boom">2000s commodities boom</a> (2000–2008)</li> <li><a href="/wiki/Danish_property_bubble_of_2000s" title="Danish property bubble of 2000s">2000s Danish property bubble</a> (2001–2006)</li> <li><a href="/wiki/2000s_United_States_housing_bubble" title="2000s United States housing bubble">United States housing bubble</a> (2002–2006)</li> <li><a href="/wiki/Romanian_property_bubble" title="Romanian property bubble">Romanian property bubble</a> (2002–2007)</li> <li><a href="/wiki/Polish_property_bubble" title="Polish property bubble">Polish property bubble</a> (2002–2008)</li> <li><a href="/wiki/Canadian_property_bubble" title="Canadian property bubble">Canadian property bubble</a> (2002–)</li> <li><a href="/wiki/Chinese_property_bubble_(2005%E2%80%932011)" title="Chinese property bubble (2005–2011)">Chinese property bubble</a> (2005–2011)</li> <li><a href="/wiki/Lebanese_housing_bubble" title="Lebanese housing bubble">Lebanese housing bubble</a> (2005–2008)</li></ul> <ul><li><a href="/wiki/Chinese_stock_bubble_of_2007" title="Chinese stock bubble of 2007">Chinese stock bubble of 2007</a></li> <li><a href="/wiki/Uranium_bubble_of_2007" title="Uranium bubble of 2007">Uranium bubble of 2007</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Information_Age" title="Information Age">Information Age</a><br />(2007–present)</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/2000s_commodities_boom" title="2000s commodities boom">2000s commodities boom</a> (2008–2014)</li> <li><a href="/wiki/Lebanese_housing_bubble" title="Lebanese housing bubble">Lebanese housing bubble</a> (2008–)</li> <li><a href="/wiki/Corporate_debt_bubble" title="Corporate debt bubble">Corporate debt bubble</a> (2008–)</li> <li><a href="/wiki/Australian_property_bubble" title="Australian property bubble">Australian property bubble</a> (2010–)</li> <li><a href="/wiki/Cryptocurrency_bubble" title="Cryptocurrency bubble">Cryptocurrency bubble</a> (2011–)</li> <li><a href="/wiki/Everything_bubble" title="Everything bubble">Everything bubble</a> (2020–21)</li></ul> </div></td></tr><tr><td class="navbox-abovebelow" colspan="2"><div> <ul><li><a href="/wiki/Carbon_bubble" title="Carbon bubble">Carbon bubble</a></li> <li><a href="/wiki/Green_bubble" title="Green bubble">Green bubble</a></li> <li><a href="/wiki/Social_media_stock_bubble" title="Social media stock bubble">Social media stock bubble</a></li> <li><a href="/wiki/Unicorn_bubble" title="Unicorn bubble">Unicorn bubble</a></li> <li><a href="/wiki/Higher_education_bubble_in_the_United_States" title="Higher education bubble in the United States">U.S. higher education bubble</a></li></ul> </div></td></tr></tbody></table></div> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236075235"></div><div role="navigation" class="navbox" aria-labelledby="Financial_crises" style="padding:3px"><table class="nowraplinks hlist mw-collapsible mw-collapsed navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="2"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231"><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Financial_crises" title="Template:Financial crises"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Financial_crises" title="Template talk:Financial crises"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Financial_crises" title="Special:EditPage/Template:Financial crises"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="Financial_crises" style="font-size:114%;margin:0 4em"><a href="/wiki/Financial_crisis" title="Financial crisis">Financial crises</a></div></th></tr><tr><td class="navbox-abovebelow" colspan="2"><div> <ul><li><span class="nowrap"><a href="/wiki/Bank_run" title="Bank run">Bank run</a></span></li> <li><span class="nowrap"><a href="/wiki/Commodity_price_shocks" title="Commodity price shocks">Commodity price shocks</a></span></li> <li><span class="nowrap"><a href="/wiki/Credit_crunch" title="Credit crunch">Credit crunch</a></span></li> <li><span class="nowrap"><a href="/wiki/Credit_cycle" title="Credit cycle">Credit cycle</a></span></li> <li><span class="nowrap"><a href="/wiki/Currency_crisis" title="Currency crisis">Currency crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Debt_crisis" title="Debt crisis">Debt crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Energy_crisis" title="Energy crisis">Energy crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Financial_contagion" title="Financial contagion">Financial contagion</a></span> <ul><li><span class="nowrap"><a href="/wiki/Social_contagion" title="Social contagion">Social contagion</a></span></li></ul></li> <li><span class="nowrap"><a href="/wiki/Flash_crash" title="Flash crash">Flash crash</a></span></li> <li><span class="nowrap"><a href="/wiki/Hyperinflation" title="Hyperinflation">Hyperinflation</a></span></li> <li><span class="nowrap"><a href="/wiki/Liquidity_crisis" title="Liquidity crisis">Liquidity crisis</a></span> <ul><li><span class="nowrap"><a href="/wiki/Accounting_liquidity" title="Accounting liquidity">Accounting</a></span></li> <li><span class="nowrap"><a href="/wiki/Liquid_capital" title="Liquid capital">Capital</a></span></li> <li><span class="nowrap"><a href="/wiki/Funding_liquidity" title="Funding liquidity">Funding</a></span></li> <li><span class="nowrap"><a href="/wiki/Market_liquidity" title="Market liquidity">Market</a></span></li></ul></li> <li><span class="nowrap"><a href="/wiki/Minsky_moment" title="Minsky moment">Minsky moment</a></span></li> <li><span class="nowrap"><a href="/wiki/Social_crisis" title="Social crisis">Social crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Stock_market_crash" title="Stock market crash">Stock market crash</a></span></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Pre-<a href="/wiki/Commercial_revolution" title="Commercial revolution">1000</a></th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><span class="nowrap"><a href="/wiki/Financial_crisis_of_33" title="Financial crisis of 33">Financial crisis of 33 CE</a></span></li> <li><span class="nowrap"><a href="/wiki/Crisis_of_the_Third_Century" title="Crisis of the Third Century">Crisis of the Third Century</a> (235–284 CE)</span></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Commercial_revolution" title="Commercial revolution">Commercial revolution</a><br />(1000–1760)</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><span class="nowrap"><a href="/wiki/Great_Bullion_Famine" title="Great Bullion Famine">Great Bullion Famine</a> (c. 1400–c. 1500)</span></li> <li><span class="nowrap"><a href="/wiki/The_Great_Debasement" title="The Great Debasement">The Great Debasement</a> (1544–1551)</span></li> <li><span class="nowrap"><a href="/wiki/Financial_history_of_the_Dutch_Republic" title="Financial history of the Dutch Republic">Dutch Republic stock market crashes</a> (c. 1600–1760)</span></li> <li><span class="nowrap"><i><a href="/wiki/Kipper_und_Wipper" title="Kipper und Wipper">Kipper und Wipper</a></i> (1621–1623)</span></li> <li><span class="nowrap"><a href="/wiki/Tulip_mania" title="Tulip mania">Tulip mania crash</a> (1637)</span></li> <li><span class="nowrap"><a class="mw-selflink selflink">South Sea bubble crash</a> (1720)</span></li> <li><span class="nowrap"><a href="/wiki/Mississippi_Company" title="Mississippi Company">Mississippi bubble crash</a> (1720)</span></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Industrial_Revolution" title="Industrial Revolution">1st Industrial Revolution</a><br />(1760–1840)</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><span class="nowrap"><a href="/wiki/Amsterdam_banking_crisis_of_1763" title="Amsterdam banking crisis of 1763">Amsterdam banking crisis of 1763</a></span></li> <li><span class="nowrap"><a href="/wiki/Bengal_Bubble_of_1769" title="Bengal Bubble of 1769">Bengal bubble crash</a> (1769–1784)</span></li> <li><span class="nowrap"><a href="/wiki/British_credit_crisis_of_1772%E2%80%931773" title="British credit crisis of 1772–1773">British credit crisis of 1772–1773</a></span></li> <li><span class="nowrap"><a href="/wiki/Financial_history_of_the_Dutch_Republic" title="Financial history of the Dutch Republic">Dutch Republic financial collapse</a> (c. 1780–1795)</span></li> <li><span class="nowrap"><a href="/wiki/Copper_Panic_of_1789" title="Copper Panic of 1789">Copper Panic of 1789</a></span></li> <li><span class="nowrap"><a href="/wiki/Panic_of_1792" title="Panic of 1792">Panic of 1792</a></span></li> <li><span class="nowrap"><a href="/wiki/Panic_of_1796%E2%80%931797" title="Panic of 1796–1797">Panic of 1796–1797</a></span></li> <li><span class="nowrap"><a href="/wiki/Danish_state_bankruptcy_of_1813" title="Danish state bankruptcy of 1813">Danish state bankruptcy of 1813</a></span></li> <li><span class="nowrap"><a href="/wiki/Commodity_price_shocks" title="Commodity price shocks">Post-Napoleonic Irish grain price and land use shocks</a> (1815–1816)</span></li> <li><span class="nowrap"><a href="/wiki/Panic_of_1819" title="Panic of 1819">Panic of 1819</a></span></li> <li><span class="nowrap"><a href="/wiki/Panic_of_1825" title="Panic of 1825">Panic of 1825</a></span></li> <li><span class="nowrap"><a href="/wiki/Panic_of_1837" title="Panic of 1837">Panic of 1837</a></span></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">1840–1870</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><span class="nowrap"><a href="/wiki/European_potato_failure" title="European potato failure">European potato failure</a> (1845–1856)</span> <ul><li><span class="nowrap"><a href="/wiki/Great_Famine_(Ireland)" title="Great Famine (Ireland)">Great Irish Famine</a></span></li> <li><span class="nowrap"><a href="/wiki/Highland_Potato_Famine" title="Highland Potato Famine">Highland Potato Famine</a></span></li></ul></li> <li><span class="nowrap"><a href="/wiki/Panic_of_1847" title="Panic of 1847">Panic of 1847</a></span></li> <li><span class="nowrap"><a href="/wiki/Panic_of_1857" title="Panic of 1857">Panic of 1857</a></span></li> <li><span class="nowrap"><a href="/wiki/Panic_of_1866" title="Panic of 1866">Panic of 1866</a></span></li> <li><span class="nowrap"><a href="/wiki/Black_Friday_(1869)" title="Black Friday (1869)">Black Friday</a> (1869)</span></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Second_Industrial_Revolution" title="Second Industrial Revolution">2nd Industrial Revolution</a><br />(1870–1914)</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><span class="nowrap"><a href="/wiki/Panic_of_1873" title="Panic of 1873">Panic of 1873</a></span></li> <li><span class="nowrap"><a href="/wiki/Paris_Bourse_crash_of_1882" title="Paris Bourse crash of 1882">Paris Bourse crash of 1882</a></span></li> <li><span class="nowrap"><a href="/wiki/Panic_of_1884" title="Panic of 1884">Panic of 1884</a></span></li> <li><span class="nowrap"><a href="/wiki/Arendal_crash" title="Arendal crash">Arendal crash</a> (1886)</span></li> <li><span class="nowrap"><a href="/wiki/Baring_crisis" title="Baring crisis">Baring crisis</a> (1890)</span></li> <li><span class="nowrap"><a href="/wiki/Encilhamento" title="Encilhamento">Encilhamento</a> (1890–1893)</span></li> <li><span class="nowrap"><a href="/wiki/Panic_of_1893" title="Panic of 1893">Panic of 1893</a></span></li> <li><span class="nowrap"><a href="/wiki/Australian_banking_crisis_of_1893" title="Australian banking crisis of 1893">Australian banking crisis of 1893</a></span></li> <li><span class="nowrap"><a href="/wiki/Black_Monday_(1894)" title="Black Monday (1894)">Black Monday</a> (1894)</span></li> <li><span class="nowrap"><a href="/wiki/Panic_of_1896" title="Panic of 1896">Panic of 1896</a></span></li> <li><span class="nowrap"><a href="/wiki/Panic_of_1901" title="Panic of 1901">Panic of 1901</a></span></li> <li><span class="nowrap"><a href="/wiki/Panic_of_1907" title="Panic of 1907">Panic of 1907</a></span></li> <li><span class="nowrap"><a href="/wiki/Shanghai_rubber_stock_market_crisis" title="Shanghai rubber stock market crisis">Shanghai rubber stock market crisis</a> (1910)</span></li> <li><span class="nowrap"><a href="/wiki/Panic_of_1910%E2%80%9311" title="Panic of 1910–11">Panic of 1910–11</a></span></li> <li><span class="nowrap"><a href="/wiki/Financial_crisis_of_1914" title="Financial crisis of 1914">Financial crisis of 1914</a></span></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Interwar_period" title="Interwar period">Interwar period</a><br />(1918–1939)</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><span class="nowrap"><a href="/wiki/Hyperinflation_in_early_Soviet_Russia" title="Hyperinflation in early Soviet Russia">Early Soviet hyperinflation</a> (1917–1924)</span></li> <li><span class="nowrap"><a href="/wiki/Hyperinflation_in_the_Weimar_Republic" title="Hyperinflation in the Weimar Republic">Weimar Republic hyperinflation</a> (1921–1923)</span></li> <li><span class="nowrap"><a href="/wiki/Sh%C5%8Dwa_financial_crisis" title="Shōwa financial crisis">Shōwa financial crisis</a> (1927)</span></li> <li><span class="nowrap"><a href="/wiki/Wall_Street_Crash_of_1929" class="mw-redirect" title="Wall Street Crash of 1929">Wall Street Crash of 1929</a></span></li> <li><span class="nowrap"><a href="/wiki/Panic_of_1930" title="Panic of 1930">Panic of 1930</a></span></li> <li><span class="nowrap"><a href="/wiki/Chinese_hyperinflation" title="Chinese hyperinflation">Chinese hyperinflation</a> (1937-1950)</span></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/World_War_II" title="World War II">Wartime period</a><br />(1939–1945)</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><span class="nowrap"><a href="/wiki/Hyperinflation_in_Greece" title="Hyperinflation in Greece">Greek hyperinflation</a> (1941–1946)</span></li> <li><span class="nowrap"><a href="/wiki/Chinese_hyperinflation" title="Chinese hyperinflation">Chinese hyperinflation</a> (1937-1950)</span></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Post%E2%80%93World_War_II_economic_expansion" title="Post–World War II economic expansion">Post–WWII expansion</a><br />(1945–1973)</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><span class="nowrap"><a href="/wiki/Hungarian_peng%C5%91#Hyperinflation" title="Hungarian pengő">Hungarian pengő hyperinflation</a> (1945–1946)</span></li> <li><span class="nowrap"><a href="/wiki/Kennedy_Slide_of_1962" title="Kennedy Slide of 1962">Kennedy Slide of 1962</a></span></li> <li><span class="nowrap"><a href="/w/index.php?title=1963%E2%80%931965_Indonesian_hyperinflation&action=edit&redlink=1" class="new" title="1963–1965 Indonesian hyperinflation (page does not exist)">1963–1965 Indonesian hyperinflation</a></span></li> <li><span class="nowrap"><a href="/wiki/Chinese_hyperinflation" title="Chinese hyperinflation">Chinese hyperinflation</a> (1937-1950)</span></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Stagflation" title="Stagflation">Great Inflation</a><br />(1973–1982)</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><span class="nowrap"><a href="/wiki/1970s_energy_crisis" title="1970s energy crisis">1970s energy crisis</a> (1973–1980)</span></li> <li><span class="nowrap"><a href="/wiki/1973_oil_crisis" title="1973 oil crisis">1973 oil crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/1973%E2%80%931974_stock_market_crash" title="1973–1974 stock market crash">1973–1974 stock market crash</a></span></li> <li><span class="nowrap"><a href="/wiki/Secondary_banking_crisis_of_1973%E2%80%931975" title="Secondary banking crisis of 1973–1975">Secondary banking crisis of 1973–1975</a></span></li> <li><span class="nowrap"><a href="/wiki/Steel_crisis" title="Steel crisis">Steel crisis</a> (1973–1982)</span></li> <li><span class="nowrap"><a href="/wiki/Latin_American_debt_crisis" title="Latin American debt crisis">Latin American debt crisis</a> (1975–1982)</span></li> <li><span class="nowrap"><a href="/wiki/1976_sterling_crisis" title="1976 sterling crisis">1976 British currency crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/1979_oil_crisis" title="1979 oil crisis">1979 oil crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Hyperinflation_in_Brazil" title="Hyperinflation in Brazil">Brazilian hyperinflation</a> (1980–1982)</span></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Great_Moderation" title="Great Moderation">Great Moderation</a>/<br /><a href="/wiki/Great_Regression" class="mw-redirect" title="Great Regression">Great Regression</a><br />(1982–2007)</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><span class="nowrap"><a href="/wiki/Hyperinflation_in_Brazil" title="Hyperinflation in Brazil">Brazilian hyperinflation</a> (1982–1994)</span></li> <li><span class="nowrap"><a href="/wiki/Souk_Al-Manakh_stock_market_crash" title="Souk Al-Manakh stock market crash">Souk Al-Manakh stock market crash</a> (1982)</span></li> <li><span class="nowrap"><a href="/wiki/Crisis_of_1982" title="Crisis of 1982">Chilean crisis of 1982</a></span></li> <li><span class="nowrap"><a href="/wiki/1983_Israel_bank_stock_crisis" title="1983 Israel bank stock crisis">1983 Israel bank stock crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Black_Saturday_(1983)" title="Black Saturday (1983)">Black Saturday (1983)</a></span></li> <li><span class="nowrap"><a href="/wiki/Savings_and_loan_crisis" title="Savings and loan crisis">Savings and loan crisis</a> (1986–1995)</span></li> <li><span class="nowrap"><a href="/wiki/Cameroonian_economic_crisis" title="Cameroonian economic crisis">Cameroonian economic crisis</a> (1987–2000s)</span></li> <li><span class="nowrap"><a href="/wiki/Black_Monday_(1987)" title="Black Monday (1987)">Black Monday (1987)</a></span></li> <li><span class="nowrap"><a href="/wiki/1988%E2%80%931992_Norwegian_banking_crisis" title="1988–1992 Norwegian banking crisis">1988–1992 Norwegian banking crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Japanese_asset_price_bubble" title="Japanese asset price bubble">Japanese asset price bubble crash</a> (1990–1992)</span></li> <li><span class="nowrap"><a href="/wiki/Rhode_Island_banking_crisis" title="Rhode Island banking crisis">Rhode Island banking crisis</a> (1990–1992)</span></li> <li><span class="nowrap"><a href="/wiki/1991_Indian_economic_crisis" title="1991 Indian economic crisis">1991 Indian economic crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Sweden_financial_crisis_1990%E2%80%931994" class="mw-redirect" title="Sweden financial crisis 1990–1994">1990s Swedish financial crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/1990s_Finnish_banking_crisis" title="1990s Finnish banking crisis">1990s Finnish banking crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Armenian_energy_crisis_of_1990s" class="mw-redirect" title="Armenian energy crisis of 1990s">1990s Armenian energy crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Special_Period" title="Special Period">Cuban Special Period</a> (1991–2000)</span></li> <li><span class="nowrap"><a href="/wiki/Black_Wednesday" title="Black Wednesday">Black Wednesday (1992 Sterling crisis)</a></span></li> <li><span class="nowrap"><a href="/wiki/Hyperinflation_in_the_Federal_Republic_of_Yugoslavia" title="Hyperinflation in the Federal Republic of Yugoslavia">Yugoslav hyperinflation</a> (1992–1994)</span></li> <li><span class="nowrap"><a href="/wiki/1994_bond_market_crisis" title="1994 bond market crisis">1994 bond market crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Venezuelan_banking_crisis_of_1994" title="Venezuelan banking crisis of 1994">Venezuelan banking crisis of 1994</a></span></li> <li><span class="nowrap"><a href="/wiki/Mexican_peso_crisis" title="Mexican peso crisis">Mexican peso crisis</a> (1994–1996)</span></li> <li><span class="nowrap"><a href="/wiki/1997_Asian_financial_crisis" title="1997 Asian financial crisis">1997 Asian financial crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/October_27,_1997,_mini-crash" title="October 27, 1997, mini-crash">October 1997 mini-crash</a></span></li> <li><span class="nowrap"><a href="/wiki/1998_Russian_financial_crisis" title="1998 Russian financial crisis">1998 Russian financial crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/1998%E2%80%931999_Ecuador_economic_crisis" title="1998–1999 Ecuador economic crisis">1998–1999 Ecuador economic crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/1998%E2%80%932002_Argentine_great_depression" title="1998–2002 Argentine great depression">1998–2002 Argentine great depression</a></span></li> <li><span class="nowrap"><a href="/wiki/Samba_effect" title="Samba effect">Samba effect</a> (1999)</span></li> <li><span class="nowrap"><a href="/wiki/Dot-com_bubble" title="Dot-com bubble">Dot-com bubble crash</a> (2000–2004)</span></li> <li><span class="nowrap"><a href="/wiki/Economic_effects_of_the_September_11_attacks" title="Economic effects of the September 11 attacks">9/11 stock market crash</a> (2001)</span></li> <li><span class="nowrap"><a href="/wiki/2001_Turkish_economic_crisis" title="2001 Turkish economic crisis">2001 Turkish economic crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/South_American_economic_crisis_of_2002" title="South American economic crisis of 2002">South American economic crisis of 2002</a></span></li> <li><span class="nowrap"><a href="/wiki/Stock_market_downturn_of_2002" title="Stock market downturn of 2002">Stock market downturn of 2002</a></span></li> <li><span class="nowrap"><a href="/wiki/2002_Uruguay_banking_crisis" title="2002 Uruguay banking crisis">2002 Uruguay banking crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/2003_Myanmar_banking_crisis" title="2003 Myanmar banking crisis">2003 Myanmar banking crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/2000s_energy_crisis" title="2000s energy crisis">2000s energy crisis</a> (2003–2008)</span></li> <li><span class="nowrap"><a href="/wiki/2004_Argentine_energy_crisis" title="2004 Argentine energy crisis">2004 Argentine energy crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Chinese_stock_bubble_of_2007" title="Chinese stock bubble of 2007">2007 Chinese stock bubble crash</a></span></li> <li><span class="nowrap"><a href="/wiki/Hyperinflation_in_Zimbabwe" title="Hyperinflation in Zimbabwe">Zimbabwean hyperinflation</a> (2007–present)</span></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Great_Recession" title="Great Recession">Great Recession</a><br />(2007–2009)</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><span class="nowrap"><a href="/wiki/2007%E2%80%932008_financial_crisis" title="2007–2008 financial crisis">2007–2008 financial crisis</a></span> <ul><li><span class="nowrap"><a href="/wiki/Global_financial_crisis_in_September_2008" title="Global financial crisis in September 2008">September 2008</a></span></li> <li><span class="nowrap"><a href="/wiki/Global_financial_crisis_in_October_2008" title="Global financial crisis in October 2008">October 2008</a></span></li> <li><span class="nowrap"><a href="/wiki/Global_financial_crisis_in_November_2008" title="Global financial crisis in November 2008">November 2008</a></span></li> <li><span class="nowrap"><a href="/wiki/Global_financial_crisis_in_December_2008" title="Global financial crisis in December 2008">December 2008</a></span></li> <li><span class="nowrap"><a href="/wiki/Global_financial_crisis_in_2009" title="Global financial crisis in 2009">2009</a></span></li> <li><span class="nowrap"><a href="/wiki/Subprime_mortgage_crisis" title="Subprime mortgage crisis">Subprime mortgage crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/2000s_United_States_housing_market_correction" title="2000s United States housing market correction">2000s U.S. housing market correction</a></span></li> <li><span class="nowrap"><a href="/wiki/United_States_bear_market_of_2007%E2%80%932009" title="United States bear market of 2007–2009">U.S. bear market of 2007–2009</a></span></li> <li><span class="nowrap"><a href="/wiki/2008_Latvian_financial_crisis" title="2008 Latvian financial crisis">2008 Latvian financial crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/2008%E2%80%932009_Belgian_financial_crisis" title="2008–2009 Belgian financial crisis">2008–2009 Belgian financial crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Great_Recession_in_Russia" title="Great Recession in Russia">2008–2009 Russian financial crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/2008%E2%80%932009_Ukrainian_financial_crisis" title="2008–2009 Ukrainian financial crisis">2008–2009 Ukrainian financial crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/2008%E2%80%932011_Icelandic_financial_crisis" title="2008–2011 Icelandic financial crisis">2008–2011 Icelandic financial crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Post-2008_Irish_banking_crisis" title="Post-2008 Irish banking crisis">2008–2011 Irish banking crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/2008%E2%80%932014_Spanish_financial_crisis" title="2008–2014 Spanish financial crisis">2008–2014 Spanish financial crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Blue_Monday_Crash_2009" title="Blue Monday Crash 2009">Blue Monday Crash 2009</a></span></li> <li><span class="nowrap"><a href="/wiki/European_debt_crisis" title="European debt crisis">European debt crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Greek_government-debt_crisis" title="Greek government-debt crisis">Greek government-debt crisis</a></span></li></ul></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Information_Age" title="Information Age">Information Age</a><br />(2009–present)</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><span class="nowrap"><a href="/wiki/Dubai_World" title="Dubai World">2009 Dubai debt standstill</a></span></li> <li><span class="nowrap"><a href="/wiki/Venezuelan_banking_crisis_of_2009%E2%80%932010" title="Venezuelan banking crisis of 2009–2010">Venezuelan banking crisis of 2009–2010</a></span></li> <li><span class="nowrap"><a href="/wiki/2010%E2%80%932014_Portuguese_financial_crisis" title="2010–2014 Portuguese financial crisis">2010–2014 Portuguese financial crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Energy_crisis_in_Venezuela" title="Energy crisis in Venezuela">Energy crisis in Venezuela</a> (2010–present)</span></li> <li><span class="nowrap"><a href="/wiki/Economy_of_Syria" title="Economy of Syria">Syrian economic crisis</a> (2011–present)</span></li> <li><span class="nowrap"><a href="/wiki/August_2011_stock_markets_fall" title="August 2011 stock markets fall">August 2011 stock markets fall</a></span></li> <li><span class="nowrap"><a href="/wiki/2011_Bangladesh_share_market_scam" title="2011 Bangladesh share market scam">2011 Bangladesh share market scam</a></span></li> <li><span class="nowrap"><a href="/wiki/2012%E2%80%932013_Cypriot_financial_crisis" title="2012–2013 Cypriot financial crisis">2012–2013 Cypriot financial crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Chinese_Banking_Liquidity_Crisis_of_2013" title="Chinese Banking Liquidity Crisis of 2013">2013 Chinese banking liquidity crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/2013%E2%80%93present_economic_crisis_in_Venezuela" title="2013–present economic crisis in Venezuela">Venezuela economic crisis</a> (2013–present)</span></li> <li><span class="nowrap"><a href="/wiki/2014_Brazilian_economic_crisis" title="2014 Brazilian economic crisis">2014–2016 Brazilian economic crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Puerto_Rican_government-debt_crisis" title="Puerto Rican government-debt crisis">Puerto Rican government-debt crisis</a> (2014–2022)</span></li> <li><span class="nowrap"><a href="/wiki/Russian_financial_crisis_(2014%E2%80%932016)" title="Russian financial crisis (2014–2016)">Russian financial crisis (2014–2016)</a></span></li> <li><span class="nowrap"><a href="/wiki/2015_Nepal_blockade" title="2015 Nepal blockade">2015 Nepal blockade</a></span></li> <li><span class="nowrap"><a href="/wiki/2015%E2%80%932016_Chinese_stock_market_turbulence" title="2015–2016 Chinese stock market turbulence">2015–2016 Chinese stock market turbulence</a></span></li> <li><span class="nowrap"><a href="/wiki/2015%E2%80%932016_stock_market_selloff" title="2015–2016 stock market selloff">2015–2016 stock market selloff</a></span></li> <li><span class="nowrap"><a href="/wiki/Economic_effects_of_Brexit" title="Economic effects of Brexit">Brexit stock market crash</a> (2016)</span></li> <li><span class="nowrap"><a href="/wiki/Hyperinflation_in_Venezuela" title="Hyperinflation in Venezuela">Venezuelan hyperinflation</a> (2016–2022)</span></li> <li><span class="nowrap"><a href="/wiki/2017_Sri_Lankan_fuel_crisis" title="2017 Sri Lankan fuel crisis">2017 Sri Lankan fuel crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Ghana_banking_crisis" title="Ghana banking crisis">Ghana banking crisis</a> (2017–2018)</span></li> <li><span class="nowrap"><a href="/wiki/Turkish_economic_crisis_(2018%E2%80%93current)" title="Turkish economic crisis (2018–current)">Turkish economic crisis</a> (2018–present)</span></li> <li><span class="nowrap"><a href="/wiki/Lebanese_liquidity_crisis" title="Lebanese liquidity crisis">Lebanese liquidity crisis</a> (2019–present)</span></li> <li><span class="nowrap"><a href="/wiki/Sri_Lankan_economic_crisis_(2019%E2%80%93present)" title="Sri Lankan economic crisis (2019–present)">Sri Lankan economic crisis</a> (2019–present)</span></li> <li><span class="nowrap"><a href="/wiki/Economic_impact_of_the_COVID-19_pandemic" title="Economic impact of the COVID-19 pandemic">COVID-19 pandemic</a></span> <ul><li><span class="nowrap"><a href="/wiki/Financial_market_impact_of_the_COVID-19_pandemic" title="Financial market impact of the COVID-19 pandemic">Financial market impact</a></span></li> <li><span class="nowrap"><a href="/wiki/2020_stock_market_crash" title="2020 stock market crash">2020 stock market crash</a></span></li> <li><span class="nowrap"><a href="/wiki/Early_2020s_recession" class="mw-redirect" title="Early 2020s recession">Recession</a></span></li></ul></li> <li><span class="nowrap"><a href="/wiki/Chinese_property_sector_crisis_(2020%E2%80%93present)" title="Chinese property sector crisis (2020–present)">Chinese property sector crisis</a> (2020–present)</span></li> <li><span class="nowrap"><a href="/wiki/2021%E2%80%932023_inflation_surge" title="2021–2023 inflation surge">2021–2023 inflation surge</a></span></li> <li><span class="nowrap"><a href="/wiki/Economic_impact_of_the_Russian_invasion_of_Ukraine" title="Economic impact of the Russian invasion of Ukraine">2022 Russian financial crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Pakistani_economic_crisis_(2022%E2%80%93present)" title="Pakistani economic crisis (2022–present)">Pakistani economic crisis</a> (2022–present)</span></li> <li><span class="nowrap"><a href="/wiki/2022_stock_market_decline" title="2022 stock market decline">2022 stock market decline</a></span></li> <li><span class="nowrap"><a href="/wiki/German_economic_crisis_(2022%E2%80%93present)" title="German economic crisis (2022–present)">2022–2024 German economic crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/2023_United_States_banking_crisis" title="2023 United States banking crisis">2023 United States banking crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/2023%E2%80%932024_Egyptian_financial_crisis" title="2023–2024 Egyptian financial crisis">2023–2024 Egyptian financial crisis</a></span></li></ul> </div></td></tr><tr><td class="navbox-abovebelow" colspan="2"><div> <ul><li><span class="nowrap"><a href="/wiki/List_of_banking_crises" title="List of banking crises">List of banking crises</a></span></li> <li><span class="nowrap"><a href="/wiki/List_of_economic_crises" title="List of economic crises">List of economic crises</a></span></li> <li><span class="nowrap"><a href="/wiki/List_of_sovereign_debt_crises" title="List of sovereign debt crises">List of sovereign debt crises</a></span></li> <li><span class="nowrap"><a href="/wiki/List_of_stock_market_crashes_and_bear_markets" title="List of stock market crashes and bear markets">List of stock market crashes and bear markets</a></span></li></ul> </div></td></tr></tbody></table></div> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236075235"><style data-mw-deduplicate="TemplateStyles:r1038841319">.mw-parser-output .tooltip-dotted{border-bottom:1px dotted;cursor:help}</style></div><div role="navigation" class="navbox authority-control" aria-labelledby="Authority_control_databases_frameless&#124;text-top&#124;10px&#124;alt=Edit_this_at_Wikidata&#124;link=https&#58;//www.wikidata.org/wiki/Q1210696#identifiers&#124;class=noprint&#124;Edit_this_at_Wikidata" style="padding:3px"><table class="nowraplinks hlist mw-collapsible autocollapse navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="2"><div id="Authority_control_databases_frameless&#124;text-top&#124;10px&#124;alt=Edit_this_at_Wikidata&#124;link=https&#58;//www.wikidata.org/wiki/Q1210696#identifiers&#124;class=noprint&#124;Edit_this_at_Wikidata" style="font-size:114%;margin:0 4em"><a href="/wiki/Help:Authority_control" title="Help:Authority control">Authority control databases</a> <span class="mw-valign-text-top noprint" typeof="mw:File/Frameless"><a href="https://www.wikidata.org/wiki/Q1210696#identifiers" title="Edit this at Wikidata"><img alt="Edit this at Wikidata" src="//upload.wikimedia.org/wikipedia/en/thumb/8/8a/OOjs_UI_icon_edit-ltr-progressive.svg/10px-OOjs_UI_icon_edit-ltr-progressive.svg.png" decoding="async" width="10" height="10" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/8/8a/OOjs_UI_icon_edit-ltr-progressive.svg/15px-OOjs_UI_icon_edit-ltr-progressive.svg.png 1.5x, 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href="https://d-nb.info/gnd/4462750-6">Germany</a></span></li><li><span class="uid"><a rel="nofollow" class="external text" href="https://id.loc.gov/authorities/n50077698">United States</a></span></li><li><span class="uid"><a rel="nofollow" class="external text" href="https://catalogue.bnf.fr/ark:/12148/cb11956439g">France</a></span></li><li><span class="uid"><a rel="nofollow" class="external text" href="https://data.bnf.fr/ark:/12148/cb11956439g">BnF data</a></span></li><li><span class="uid"><a rel="nofollow" class="external text" href="https://nla.gov.au/anbd.aut-an36094856">Australia</a></span></li><li><span class="uid"><span class="rt-commentedText tooltip tooltip-dotted" title="South Sea Company"><a rel="nofollow" class="external text" href="https://aleph.nkp.cz/F/?func=find-c&local_base=aut&ccl_term=ica=ko2018977463&CON_LNG=ENG">Czech Republic</a></span></span></li><li><span class="uid"><a rel="nofollow" class="external text" href="https://authority.bibsys.no/authority/rest/authorities/html/9001990">Norway</a></span></li><li><span class="uid"><a rel="nofollow" class="external text" href="http://olduli.nli.org.il/F/?func=find-b&local_base=NLX10&find_code=UID&request=987007580805705171">Israel</a></span></li></ul></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Academics</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"><ul><li><span class="uid"><a rel="nofollow" class="external text" href="https://ci.nii.ac.jp/author/DA01776418?l=en">CiNii</a></span></li></ul></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Other</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"><ul><li><span class="uid"><a rel="nofollow" class="external text" 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