The First Crash

Lessons from the South Sea Bubble

Richard Dale

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English

Princeton University Pres
31 May 2016

Economics & Business; Financial crises & disasters; Economic history

For nearly three centuries the spectacular rise and fall of the South Sea Company has gripped the public imagination as the most graphic warning to investors of the dangers of unbridled speculation. Yet history repeats itself and the same elemental forces that drove up the price of South Sea shares to dizzying heights in 1720 have in recent years produced the global crash of 1987, the Japanese stock market bubble of the 1980s/90s, and the international dot.com boom of the 1990s. The First Crash throws light on the current debate about investor rationality by re-examining the story of the South Sea Bubble from the standpoint of investors and commentators during and preceding the fateful Bubble year. In absorbing prose, Richard Dale describes the trading techniques of London's Exchange Alley (which included 'modern' transactions such as derivatives) and uses new data, as well as the hitherto neglected writings of a brilliant contemporary financial analyst, to show how investors lost their bearings during the Bubble period in much the same way as during the dot.com boom.

The events of 1720, as presented here, offer insights into the nature of financial markets that, being independent of place and time, deserve to be considered by today's investors everywhere. This book is therefore aimed at all those with an interest in the behavior of stock markets.

By: Richard Dale
Imprint: Princeton University Pres
Country of Publication: United States
Dimensions: Height: 235mm, Width: 152mm, Spine: 12mm
Weight: 312g
ISBN: 9780691170947
ISBN 10: 0691170940
Pages: 192
Publication Date: 31 May 2016
Audience: Professional and scholarly , College/higher education , Undergraduate , Primary
Format: Paperback
Publisher's Status: Active

Richard Dale is Emeritus Professor of International Banking at Southampton University, United Kingdom. His books include Risk & Regulation in Global Securities Markets; International Banking Deregulation; and The Regulation of International Banking. He has been a Parliamentary advisor in the United Kingdom on financial regulatory policy and has testified before U.S. Congressional Committees on regulatory issues.

Reviews for The First Crash: Lessons from the South Sea Bubble

"""Richard Dale ... picks a scholarly but readable path through the events that led to the collapse of shares in the infamous South Sea Company in 1720. Only the purblind could fail to draw some important parallels between the events of that year and the bubbles of the more recent past, not least the dot.com mania of five years ago.""--Jonathan Davis, The Independent"