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‘The folly of particulars’: the political economy of the South Sea Bubble

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  • Kleer, Richard

Abstract

In 1720 Britain embarked on a project to convert a large part of the public debt into shares in the South Sea Company. Most narratives assume the Company stood to profit from an anticipated increase in the market price of its shares. Though some have noted that this assumption is incorrect, no one has yet tried to find an alternative explanation for the Company's motivation for entering into the project. In this article I argue that the Company had no need to profit directly from the conversion operation and instead saw it as an opportunity to establish dominance in the British banking industry.

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  • Kleer, Richard, 2012. "‘The folly of particulars’: the political economy of the South Sea Bubble," Financial History Review, Cambridge University Press, vol. 19(2), pages 175-197, August.
    • Handle: RePEc:cup:fihrev:v:19:y:2012:i:02:p:175-197_00
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    Cited by:

    1. Quinn, William & Turner, John D., 2020. "Bubbles in history," QUCEH Working Paper Series 2020-07, Queen's University Belfast, Queen's University Centre for Economic History.
    2. Richard A. Kleer, 2015. "Riding a wave: the Company's role in the South Sea Bubble," Economic History Review, Economic History Society, vol. 68(1), pages 264-285, February.
    3. Richard Kleer, 2014. "Riding a wave: the Company’s role in the South Sea Bubble," Working Papers 14017, Economic History Society.
    4. Acheson, Graeme G. & Aldous, Michael & Quinn, William, 2022. "The anatomy of a bubble company: The London Assurance in 1720," QUCEH Working Paper Series 22-08, Queen's University Belfast, Queen's University Centre for Economic History.
    5. Graeme Acheson & Michael Aldous & William Quinn, 2024. "The anatomy of a bubble company: The London Assurance in 1720," Economic History Review, Economic History Society, vol. 77(1), pages 160-184, February.

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