When did the South Sea Bubble Pop?

1720
Three hundred years ago the South Sea Bubble burst. This was a big event in the history of the Atlantic trade, and it has again become a topic of interest with its 300th anniversary.

How long did South Sea Bubble last?

300 years
The South Sea Bubble has been a symbol of financial crisis for 300 years. But like other more modern crises, its public image diverges from the reality. The same probably can’t be said for the COVID-19 pandemic, which will have a much more deep and lasting effect on the world economy.

What led to the South Sea Bubble?

The origins of both episodes are complex. However, the South Sea Bubble was popularly supposed to have been caused by fraud and folly. The financial centres of Europe were interlinked and hence the South Sea Bubble had effects beyond the London market. The crash inspired plays, satirical prints and political writings.

What happened after the South Sea Bubble burst?

A parliamentary inquiry was held after the bursting of the bubble to discover its causes. A number of politicians were disgraced, and people found to have profited immorally from the company had personal assets confiscated proportionate to their gains (most had already been rich and remained so).

When did the South Sea Bubble start and end?

…what became known as the South Sea Bubble. The South Sea Company had been founded in 1711 as a trading and finance company.… In 1720 there was an incredible boom in South Sea stock, as a result of the company’s proposal, accepted by Parliament, to take over the national debt.

Who was the painter of the South Sea Bubble?

Painting of South Sea Bubble speculators by Edward Matthew Ward, Tate Gallery. Wikimedia Coronavirus has caused a great deal of stock market turbulence and, somewhat inevitably, comparisons have been made to the volatility caused by the South Sea Bubble 300 years ago.

Why did the South Sea Company collapse in 1720?

The Bubble Act 1720 ( 6 Geo I, c 18), which forbade the creation of joint-stock companies without royal charter, was promoted by the South Sea company itself before its collapse. In Great Britain, a considerable number of people were ruined by the share collapse, and the national economy greatly reduced as a result.

When did the South Sea Company sell its rights?

The South Sea Company itself survived until 1853, having sold most of its rights to the Spanish government in 1750. United Kingdom: The supremacy of the Whigs. …what became known as the South Sea Bubble. The South Sea Company had been founded in 1711 as a trading and finance company.