'It's easy to look back and think of the South Sea bubblers, like the tulip-mad Dutch of the 1630s, as financially naive - until you remember how many people jumped in on various other more recent crazes (from Beanie Babies to Pets.com and Bitcoin). This is not a new tale, but Levenson tells it with a light touch' Spectator
The South Sea Company was formed to trade with Asian and Latin American countries. But it had almost no ships and did precious little trade. Instead it got into financial fraud on a massive scale, taking over the government's debt and promising to pay the state out of the money received from the shares it sold.
And how they sold. In the summer of 1720 the share price rocketed and everyone was making money. Until the carousel stopped, and thousands lost their shirts. Isaac Newton, Alexander Pope and others lost heavily.
Thomas Levenson's superb account of the South Sea Bubble is not just the story of a huge scam, but is also the story of the birth of modern financial capitalism: the idea that you can invest in future prosperity and that governments can borrow money to make things happen, like funding the rise of British naval and mercantile power. These dreamers and fraudsters may have bankrupted Britain, but they made the world rich. 'The book has helped me better understand a number of different institutions ... If you want an embarkation point from which to understand the history of the City of London as a financial rather than simply mercantile or population centre then this book is a useful one, and one to whet your appetite' London Historian's Blog. 'Levenson is very fluent in his descriptions ... This is not a new tale, but Levenson tells it with a light touch' Spectator. 'An enthralling account of an economic revolution that emerged from a scandal' Kirkus, starred review. 'This erudite and entertaining history offers a fresh take on high finance' Publishers Weekly. 'A brilliant history of the South Sea Bubble, an astounding episode from the early days of financial markets that to this day continues to intrigue and perplex historians. Deeply researched and featuring a colorful cast of characters out of 18th century England - mathematical geniuses, unscrupulous financiers, greedy aristocrats, venal politicians - Money for Nothing is narrative history at its best, lively and fresh with new insights' Liaquat Ahamed. 'Thomas Levenson is a brilliant synthesizer with a grand view of history. Here is the birth of modern finance amid catastrophe and fraud - a gripping story of scientists and s
Money For Nothing