Magazine
Latest Issue

The way we were: financial crises

Extracts from memoirs and diaries

By Ian Irvine   February 2013

The collapse of the South Sea Bubble, 1720, by William Hogarth © AKG-Images

St John Brodrick, an Irish MP, tells his father, the Irish Lord Chancellor, of the collapse of the South Sea Bubble in 1720. The enterprise was founded in 1711 to consolidate and reduce the cost of national debt: “Various are the conjectures why the South Sea directors have suffered the cloud to break so early… They have stretched credit so far beyond what it would bear, that specie proves insufficient to support it. Their most considerable men have…

Register today to continue reading

You’ve hit your limit of three articles in the last 30 days. To get seven more, simply enter your email address below.

You’ll also receive our free e-book Prospect’s Top Thinkers 2020 and our newsletter with the best new writing on politics, economics, literature and the arts.

Prospect may process your personal information for our legitimate business purposes, to provide you with newsletters, subscription offers and other relevant information.

Click here to learn more about these purposes and how we use your data. You will be able to opt-out of further contact on the next page and in all our communications.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

We want to hear what you think about this article. Submit a letter to letters@prospect-magazine.co.uk

More From Prospect