The $1.4 Trillion Lie that Crushed Britain
Автор: The History Page
Загружено: 2026-01-02
Просмотров: 10375
Описание: In 1720, the "South Sea Bubble" was a massive stock market crash in Britain caused by speculation in the shares of the South Sea Company. The South Sea Company was established in 1711 specifically to trade with Spanish America, primarily in the slave trade. When the Treaty of Utrecht granted Britain rights to supply slaves to Spanish colonies in 1713, investors anticipated massive profits. The bubble peaked in May 1720 when shares reached £550 before collapsing to £124 by December. Beyond individual financial ruin like Newton's substantial loss, the scandal led to government inquiries that resulted in the imprisonment of company directors and the Chancellor of the Exchequer. This financial disaster created the political conditions for Robert Walpole to emerge as Britain's first prime minister, fundamentally reshaping British financial regulation and government accountability.
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