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'A knavish people…': London Jewry and the stock market during the South Sea Bubble

Author

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  • Ann Carlos
  • Karen Maguire
  • Larry Neal

Abstract

In an era when financial markets were only beginning the move from personal to impersonal relations, this paper examines the role of Jewish brokers in the market for Bank of England stock at a time when their status as recent immigrants, subject to constraints due to religion and ethnicity, made them unlikely intermediaries beyond their own communities. Using formal network analysis, an examination of their activity during the first half of 1720 suggests a marginal role. However, as the Bubble began to burst a few Jewish financiers became disproportionately involved as purchasers of a stock clearly on the decline.

Suggested Citation

  • Ann Carlos & Karen Maguire & Larry Neal, 2008. "'A knavish people…': London Jewry and the stock market during the South Sea Bubble," Business History, Taylor & Francis Journals, vol. 50(6), pages 728-748.
    • Handle: RePEc:taf:bushst:v:50:y:2008:i:6:p:728-748
    DOI: 10.1080/00076790802420039
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    References listed on IDEAS

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    1. Anne Laurence, 2008. "The emergence of a private clientele for banks in the early eighteenth century: Hoare's Bank and some women customers1," Economic History Review, Economic History Society, vol. 61(3), pages 565-586, August.
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    Citations

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    Cited by:

    1. Gary S. Shea, 2011. "(Re)financing the Slave Trade with the Royal African Company in the Boom Markets of 1720," CDMA Working Paper Series 201114, Centre for Dynamic Macroeconomic Analysis.
    2. Andrew Mays & Gary Shea, 2012. "Intermediation and the provision of liquidity services during the South Sea Bubble," Working Papers 12011, Economic History Society.
    3. Haggerty, John & Haggerty, Sheryllynne, 2011. "The life cycle of a metropolitan business network: Liverpool 1750-1810," Explorations in Economic History, Elsevier, vol. 48(2), pages 189-206, April.
    4. Andrew Mays & Gary S. Shea, 2011. "East India Company and Bank of England Shareholders during the South Sea Bubble: Partitions, Components and Connectivity in a Dynamic Trading Network," CDMA Working Paper Series 201109, Centre for Dynamic Macroeconomic Analysis.
    5. Madarász, Aladár, 2011. "Buborékok és legendák. Válságok és válságmagyarázatok - II/2. rész. A Déltengeri Társaság [Bubbles and myths, crises and explanations II/2: the South Sea bubble]," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(12), pages 1001-1028.
    6. Gary S. Shea, 2011. "A Social Network for Trade and Inventories of Stock during the South Sea Bubble," CDMA Working Paper Series 201110, Centre for Dynamic Macroeconomic Analysis.

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