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Research on South Sea Bubble

Author: LiuZuoZuo
Tutor: JieYuJun
School: Shandong University
Course: World History
Keywords: Britain Stock Speculation Bubble Act
CLC: K561.4
Type: Master's thesis
Year: 2011
Downloads: 70
Quote: 0
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Abstract


The South Seas Bubble is one of history’s most notorious market bubbles and the first market crash in the English history. It involves the government, finance, people, referring to government corruption and financial fraud. It is closely related to politics, not a pure economic event. After years of wars, having spent lots of money, the kingdom bears a heavy burden of the huge national debt, and the public confidence also erodes. In order to solve the debt problem, in 1711, the Parliament adopted the Chancellor of the Exchequer, Robert Harry’s proposal to authorize formation of the South Sea Company. In 1720, the South Sea Company proposed a debt conversion scheme, solving the debt of up to 31 million once and for all. It won the approval of Parliament and the Royal soon. According to the plan, south sea company organized four times stock subscription in crash and twice in debt. Under the passionately adored, the price of south sea stock soared, from 128 pounds per share in Jan to over 1000 pounds in July, share price goes up panel height is amounted to 700% in six months. The bubble expanded from time to time. However, in fact, the south sea plan based on unrealistic foundation, the share price slumped, and bubble burst eventually, which badly affected the politic, economic and society. The parliament saved and returned to normal later.This article introduces the whole story of south sea bubble in detail, through comprehensive analysis, in hopes that systematic describes the reason and effect and enlightenment. The text includes three parts.Part one, the whole story of south sea bubble. This part describes the brief history of south sea bubble, from the formation of south sea company, south sea pan, bubble shaped and burst to the end.Part two, the reason of south sea bubble. Bubble is a product of multi aspect, attribute to only one reason is improper. This part analyses from some aspects, including politics, economics, the cheat of south sea company and the common people, interpret the reason of bubble.Part three, the effect of south sea bubble. The bubble expanded to a peak and then burst, affected the county in politics, economics and other aspects from double-faced.

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CLC: > History, geography > European History > Western Europe > Britain > In the past,the modern history ( 1640 ~)
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